Bear Steams Liquid Funding Holdings Inc. 383 Madison Avenue New York, N.Y. 10179 March 10, 2011 To the holders of the Class A Voting Units (as defined in the within-mentioned LLC Agreement): Re: Class A Voting Units issued by Liquid Funding Holdings, LLC, a Delaware limited liability company (Holdings), under the Limited Liability Company Agreement, dated as of November 9, 2001 (the LLC Agreement) Ladies and Gentlemen: We refer to our letter of September 15, 2010, indicating our interest in purchasing all of the Class A Voting Units in a single transaction (or series of related transactions) on the terms and conditions set forth in such letter (the Transaction). Unless otherwise indicated, capitalized terms used herein without definition have the meanings given to such terms in the LLC Agreement. 1. Closing Schedule We can now confirm that we have received responses from each holder of Class A Units confirming its interest in participating in the Transaction. This letter is to notify you that we intend to close the Transaction on the terms set forth in our letter and the attached Purchase and Sale Agreement, in accordance with the following schedule: No later than March 24, Each holder returns a signed copy of the Purchase and 2011: Sale Agreement (attached to this letter) and the Transfer_Agreement attached thgreto a Annex B. Even if you returned your signature page to the draft of the Purchase and Sale Agreement distributed with our letter of September 15, 2010, you must re-execute the attached Purchase and Sale Agreement and the Tra 4fcs &greet-tient. Any holder that has not already provided its account And contact details_per Annex A of the Purchase and $file ,flreementnuatdamtlaterinaMarch144 2011. Any Wilder that fails to provide such detaiIwill receive payment_in accordance with the account Each member of the Management Committee or officeholder that is affiliated with a Class A Unitholder shall have tendered its resign