<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, November 5, 2014 10:30 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: Boat</td></tr></table>

Amounts below do not i=clude payment of principal FY 2014. Also the 2013 expenses do not sh=w (one-time) certification costs -700K.

Net expense per my pro=ection FY 2014 is consistent with the below.

FY 2015 I projected $2=4MM of net operational loss. FY 2015 amounts shown below show larger=loss then FY 2014 so then either charter income will be lower or costs wil= go up. I will liaise with captian/ EA.

From: Eileen Alexanderson
Sent: Wednesday, November 05, 2014 3:37 PM
To: Richard Joslin
Subject: FW: Boat

Sorry, Forgot to cc yo=.

From: Eileen Alexanderson
Sent: Wednesday, November 05, 2014 3:35 PM
To: 'jeffrey E.'
Subject: Boat

<table><tr><th colspan="7">EXPENSES = CHARTER REV &amp;n=sp; NET EXPENSE</th></tr><tr><td>2012
renovations </td><td>$5.6M1L&amp;nbs=;</td><td>&amp;=bsp; $1.6M1L</td><td>&amp;n=sp;</td><td>$4.0MIL</td><td>&amp;nb=p;</td><td>this was the year of th= major</td></tr><tr><td>2013
ad=ance</td><td>$5.0MIL&amp;nbs=;
of certification</td><td>&amp;=bsp; 51.1MIL</td><td>&amp;n=sp;</td><td>$53.9MIL</td><td>&amp;n=sp;</td><td>spending somewhat high in</td></tr><tr><td>2014
+more</td><td>$4.5M1L-est=
normal expenses=/o:p&gt;</td><td>$2.0MIL =nbsp;</td><td>$2.5M1L</td><td>&amp;=bsp;</td><td>&amp;nbs=; more</td><td>charters made a big difference</td></tr></table>

Captain did not respond yet but I believe run rate i= 2015 should be be $2.5.3.0 net operational expense-will let you know if h= says otherwise

Eileen Alexander=on

Elysium Management<=:p>

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