From: jeffrey E. <[email protected]> Sent: Wednesday, March 9, 2016 8:31 PM To: Ada Clapp Subject: Re: Fire Drill can you send it it word file? On Wed, Mar 9, 2016 at 2:02 PM, Ada =lapp Jeffrey, > wrote: Attached is the update= Estate Overview for Leon and Debra, together with a separate 3 page Execu=ive Summary. Please note the following: 1. =AO Both presentations were prepared by Paul Weiss =99s fiduciary accountant under my direction and Alan's overall sup=rvision. 2. =AO The attached are based on a 12/31/15 balance sheet and=AGM stock at $15.21/share. We are in the process of preparing an alt=rnative Overview showing the AGM stock at $30/share. 3. =AO The Detailed Presentation is based on the old US Trust=format (somewhat reorganized) for familiarity/continuity with the last Ove=view. 4. =AO We learned yesterday from Brad that he believes the re=l estate numbers are understated by approximately $40-50 million. Th=s information is not incorporated into the Overview. Once you have had a chance to review the attached, l=suggest that you, Alan and I get on the phone together to discuss any ques=ions you might have and so that we can point out various aspects of the pr=sentation. Thank you. Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue Suite 1401 EFTA_R1_01580723 EFTA02469998