To: Lou Kreisber - Eagle Rive From: Sent: Tue 4/9/2013 7:28:33 PM Subject: Re: PPPVUL Product Information ok, thanks. I will relay... On Apr 9, 2013, at 3:21 PM, Lou Kreisberg - Eagle Rive wrote: This summarizes the opinion that they will write. I shared with Jeffrey that we have not completed our first deal(we have been in the market for 3 months) and they will write the opinion on each deal. We are happy to put him in touch with the specific attorney at Mayer Brown if he would like to speak with them. Sorry for any confusion but I believe that is what my partner Alan was attempting to say. I probably should have mentioned this to Jeffrey yesterday to avoid confusion. From: Sent: Tuesday, April 09, 2013 02:58 PM To: Lou Kreisberg - Eagle River Subject: Re: PPPVUL Product Information Hi Lou...Jeffrey says he was told that "they had an opinion...and this is not one..." On Apr 9, 2013, at 2:07 PM, Lou Krcisbcr - Eagle River wrote: Jeffrey- As a follow up to our discussions, I wanted to share additional information on the Evergreen PPVUL policy with you. Summary information regarding a $1 billion investment in two different policies is attached. The first is a $500 million 7702(a) compliant policy (Kingswood), and the second is a $500 million 7702(g) compliant policy (Cedarwood). You'll see that breakeven is achieved in the year following issuance. By year 20, the after-tax value of the Evergreen policies exceeds taxable account performance by $1.4 billion ($3.8 billion vs. $2.4 billion). By year 30, the Evergreen policies outperform the taxable account by $3 billion ($7.4 billion vs. $3.4 billion). The above numbers assume the following fees and charges. Upfront fees consist of the following: EFTA_R1_00798552 EFTA02142684