From: "Jeffrey E." <[email protected]> To: Melanie Spinella Subject: Fwd: Fire Drill Date: Fri, 18 Mar 2016 12:07:17 +0000 Attachments: Estate_Overview_&_Executive_Summary_12.31.15_@$15.215.pdf if you print it for him ask him if he make heads or tails Forwarded message From: Ada Clapp <1 Date: Wed, Mar 9, 2016 at 2:02 PM Subject: Fire Drill To: "jeffrey E." <[email protected]> Cc: "Halperin, Alan S" >, Brad Wechsler - Jeffrey, Attached is the updated Estate Overview for Leon and Debra, together with a separate 3 page Executive Summary. Please note the following: I. Both presentations were prepared by Paul Weiss's fiduciary accountant under my direction and Alan's overall supervision. 2. 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 alternative Overview showing the AGM stock at $30/share. 3. The Detailed Presentation is based on the old US Trust format (somewhat reorganized) for familiarity/continuity with the last Overview. 4. We learned yesterday from Brad that he believes the real estate numbers are understated by approximately $40-50 million. This information is not incorporated into the Overview. Once you have had a chance to review the attached, I suggest that you, Alan and I get on the phone together to discuss any questions you might have and so that we can point out various aspects of the presentation. Thank you. Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue Suite 1401 EFTA00831369

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