<table><tr><th>From:</th><th>Richard Joslin &lt;-&gt;</th></tr><tr><td>Sent:</td><td>Thursday, December 4, 2014 3:10 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: trustee info</td></tr></table>

There were emails yest=rday that I was not addressee. Test for cogency will be via Ap=llo analyst (independent expert) no expanded to Artspace and Phaidon. Let&=8217;s talk.

From: Eileen Alexanderson
Sent: Thursday, December 04, 2014 10:05 AM
To: Richard Joslin
Subject: RE: trustee info

1-5 below</=pan>

From: Richard Joslin
Sent: Thursday, December 04, 2014 10:04 AM
To: Eileen Alexanderson
Subject: RE: trustee info

I don't see Brad=note

From: Eileen Alexanderson
Sent: Thursday, December 04, 2014 10:03 AM
To: Richard Joslin
Subject: trustee info

We are on this path but just so you are in the loop-=ee note from Brad below-

1. Get the projections from keith and his do and ju=ith and her do.

2. Have rich j test them for cogency as a service to=the trust. (We can bill the trusts for admin services if we want.)

3. Have rich "consolidate" them.

4. Make the ceo's, cfo's available to the trustees f=r "diligence" if the trustees so desire. (Rich, eileen and I can=participate on an administrative basis.)

5. Assuming trustee sign•off, the tees can function=lly dictate the terms of the loan (demand note or bullet) and again, the o=fice can run admin interference for them with paul, weiss to facilitate ex=cution of the note.

If we want to integrate apollo into the process in o=der to help rich in the dd AND jeffrey is ok with apollo helping (as per a= earlier note) that's fine too.

Also, please let ada know what our process will be. =hx, b

Eileen Alexander=on

| Bar (top→bottom) | Estimated value (% of max) | Relative rank |
|---|---:|---:|
| 1 | 30% | 4th |
| 2 | 20% | 5th |
| 3 | 45% | 3rd |
| 4 | 70% | 2nd |
| 5 | 100% | 1st |

Title shown on image: "Elysium Management<=:p". No axis labels, numeric scale, or legend provided — values are visual estimates.