Message From: Stackman, Scott I Sent: 4/3/2014 10:55:22 PM To: Ghislaine Maxwell '1; CC: Casriel, Lyle I-I; Garcia, Camille I I; Klein, Matthew I j; Ramdeen, Vijai I j; Shkreli, Juliana ; Waldron, Chelsey Devon ( I Subject: FW: Maxwell: Revised Proposal Attachments: Maxwell Proposal 4.3.14.pdf Ghislaine, Attached is the revised proposal from our conversation. Note on our changes are below: I . The overall proposal depicts the cash levels AFTER withdrawing $2M to invest in the hedge fund investment. i.e. its showing a 12mm aggregate balance vs. the 14mm that is here now. 2. We removed the allocations to Doubleline and Angel Oak given your concern for the mortgage market. 3. The proposal illustrates that we would like to ultimately sell down the concentrated equity holdings over time to get you better diversification. However, with tax sensitivity in mind we can raise about 1.1mm of the 4.5mm in concentrated equities (by offsetting gains with losses) to redistribute proceeds with little capital gains impact. The problem with this approach is that the majority of the losses are in the international equities, and we would not want to redeploy those proceeds into US equities which if done would severely overweight you to US. Furthermore, if you allow for the modest gains among the small mutual fund positions (about 60k and mostly long-term gains) , we can raise about 1.8mm which would be slightly better, but again the vast majority of the cash raised would be from international equities, and while we prefer our international managers to JPM, we still would not have a meaningful amount of liquidity to diversify your US exposure. Our strongest recommendation is to discuss a plan to systematically sell down your US equities (over one or more years) in order to build a more diversified US equity portfolio. We would like to discuss what amount in gains you feel may be most appropriate for you in 2014, but we would suggest that allowin