<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Thursday, February 11, 2016 2:56 PM</td></tr><tr><td>To:</td><td>Brad Wechsler</td></tr><tr><td>Subject:</td><td>Fwd: Re:</td></tr></table>

more finger pointing . now its jh =ssue, this is bullshit.

- Header: "Forwarded message"
- From: [name/email redacted] (original sender)
- Date: Thu, Feb 11, 2016 — 9:52 AM
- Subject: "RE: Re:"
- To: [recipient redacted] <[email redacted]>
- Cc: [recipient redacted]
- Additional recipients: long list heavily redacted (several names partly visible but redacted in image)
- Notes: visible quoted‑printable artifacts (e.g., "=," "=s", "=AO") and large black redaction bars across most addresses and lines

You refer to a Jet Aviation invoice f=r which I do not generate. I do not take ownership for Jet's=manner of reporting but there is a review of the amounts presented in such invoice, eg JH reviews each month before approving for payment. =AO The FO also reviews. I will work with Jet to improve its in=oice. I sent yesterday an explanation of fuel amounts on the Decembe= invoice. As you will note, Jet invoices have date cut off and not all charges for each flight will be reported in the month =he flight took place. Accordingly, monthly ratios may have silly results.<=>

I indicated earlier I was in transit =nd would provide ALL amounts as you request in your numerous emails. I can=tell you that the leasing cost on an hourly basis is $200. Jet haircuts the charter payment it receives from Apollo/ LDB by =200. There is annual charter administration fee of $2,000. Part 135 =ours were 111.4 for 2015. I am compiling the information/ clarification yo= requested.

Email Information:

*   **From:** Jeffrey E. (jeevacation@gmail.com)
*   **Sent:** Thursday, February 11, 2016, 9:42 AM
*   **To:** Richard Joslin
*   **CC:** Brad Wechsler, Richard J Bronstein, Melanie Spinella, John Castrucci, Joe Avantario
*   **Subject:** Re: Re:

richard you are an accountant , i =nly want numbers . accurate fully detailed numbers. . =AO telling me the amount is slight ? is not a number , t=lling me the rate is 7.5 percent is not useful without the full descriptio=, . putting charter

revenue in as minus costs. is not helpful, . putting fuel in at 97= an hour is just wrong. ? categorites of " other" . rakes no sense without detailed footnotes. , explaining why pay=oll taxes for a month is not 1/12 of the year as opposed to 1/10th. . why have a variance column , if there is no budget.?=C2 where are total costs per hour? you have fixed and varia=le. . why have speed? silly silly silly

<u>On Thu, Feb 11,</u> 2016 at <u>9:37 AM, Richard</u> Joslin < 1 wrote:

The 42 hours include both Part 91and=Part 135 hours. Part 135 is the charter component and that gives rise to charter revenue.

Key Information from the Email:

*   **From:** Jeffrey E. (jeevacation@gmail.com)
*   **Sent:** Thursday, February 11, 2016, 9:21 AM
*   **To:** Brad Wechsler
*   **CC:** Richard J Bronstein, Melanie Spinella, John Castrucci, Ricard Joslin, Joe
*   **Subject:** Re:
*   **Company:** Avantario

it says charter revenue only 312 but letter sa=s apollo hours were 42 at 18k each hour?

On Tue, Feb 9, 2016 at 6:41 PM, Brad Wechsler <BWechsler@elyslIc..om <mailto:BWechsler@elyslIc.com» wrote:

MEMORANDUM

ATTORNEY-CLIENT PRIVLEDGE

<table><tr><th>TO:</th><th>=C2</th><th>Rick Bronstein</th><th></th><th>=C2</th><th>=AO</th><th>=C2</th><th></th><th>CC:</th><th>=AO</th><th>John Castrucci</th></tr><tr><td></td><td>=AO</td><td>Leon Black</td><td>=C2</td><td>=AO</td><td>=C2</td><td></td><td>=AO</td><td></td><td>=C2</td><td>Joe Avantario</td></tr><tr><td></td><td>=AO</td><td>=C2</td><td>=AO</td><td>=C2</td><td>=AO</td><td></td><td>=C2</td><td></td><td>=AO</td><td>Rich =oslin</td></tr></table>

DATE: February 9, 2016

Leon,

1. Attached, please find the January 26th memo on the airplane which wa= sent to you previously. It deals with Part 91vs. 135 and attendant costs=and income tax benefits. The office feels that with respect to income tax,=Part 135 is more favorable, but not significantly so, i.e., between 0 and $400K depending on use.

2. Also included are detailed operating costs. These were previously se=t to Jeffrey but not previously not sent to you.

3. The final note details the FET and sales tax consequences of moving =rom the current structure to a simplified structure. Were we to move to a =ery simple Part 91only structure you could likely save $200K/year but wou=d have to own and operate the plane in your personal name (your insurance is sufficient, but there would be a =ertain lack of privacy). If you held the plane in a sole purpose LLC the a=orementioned savings would disappear. If Jeffrey wants to take a deep dive= we have much detailed material and we would also suggest he speak to Rich.' and our aviation attorney.=/u>

4. Bottom-line, a lot of work has been done and there is not a compelli=g answer, one way or another. Taking into account income tax attributes, s=les tax attributes and ease of use attributes it's almost a push, =hough I would probably marginally favor Part 135. I believe Jeffrey favors Part 91, which in my mind, is a suffici=nt reason to go that route. We should discuss.

Thanks

please no=e

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please no=e

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

=he information contained in this communication is confidential, may be =ttorney-client privileged, may constitute inside information, and is in=ended only for the use of the addressee. It is the property of JEEUnauthorized use, disclosure or copying of this communication or any p=rt thereof is strictly prohibited and may be unlawful. If you have rece=ved this communication in error, please notify us immediately by ret=rn e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication an= all copies thereof, including all attachments. copyright -all rights r=served

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