From: Ada Clapp < > Sent: Monday, March 14, 2016 11:06 PM To: Jeffrey E. Cc: Brad Wechsler Subject: Estate Overview at AGM $30/share Hi Jeffrey, We have run the Estate Overview assuming AGM stock i= at $30/share. This results show: an increase in assets (net of liabilities) o= about $887 MM (from $1.38B to $2.266); an increase in estate taxes of approxi=ately $440MM; and an increase in assets passing to the childre= of about $665 million. Based upon our cash raise assumptions (which are fle=ible, of course), the increase in BFP interests results in less art having=to be sold on the second death, with the result that additional art (about=nbsp; $447 MM) would pass to the Legacy Trusts. Would you like to see the presentation? <=o:p> Ada Clapp Chief Legal Officer Elysium Management LLC EFTA_R1_01346901 EFTA02358949

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