<table><tr><th>From:</th><th>Barry J. Cohen &lt;</th></tr><tr><td>Sent:</td><td>Friday, April 28, 2017 2:57 PM</td></tr><tr><td>To:</td><td>Leon Black; jeffrey E.</td></tr><tr><td>Cc:</td><td>Brad Wechsler</td></tr><tr><td>Subject:</td><td>2012 Reconciliation</td></tr></table>

We mentioned to you that we had an approach to recon=iliation, but there was a difference of opinion whether the numbers used c=me exclusively from the 2012 return that was filed with the IRS. Tom=is insisting that this is the case. For some bizarre reason, the client copy of the return we were seeing was diff=rent from the copy actually filed (mainly in form), and this resulted in t=e conclusion.

We won't have a reconciliation package to show=you until Monday, but we are hoping that we can soon show you some sample =ages that will convey to you our approach. Our approach is to start =ith the BRH K-1 numbers that the IRS sent in its notice and show that numbers on the return foot to those K-1numbers.<=:p>

Barry J. Cohen =|
Elysium Management,=LLC |
445 Park Avenue Suite 1401
New York, NY 10022&=bsp;|