From: Joe Avantario c > Sent: Wednesday, July 13, 2016 11:11 PM To: Jeffrey E. Subject: Re: Cash flow Closed June On Jul 13, 2016, at 7:07 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@g=ail.com» wrote: la house did it close , mort=age? On Wed, Jul 13, 2016 at 6:57 PM, Joe Avantario <=pan dir="ltr"> <nlailto > wrote: Art loan &nbs=; $695mm</=> Boat loan &nbs=; $15.9mm</=> Plane loan &nb=p; $18.9mm From: Jeffrey E. [mailto:jeevacation@gmail.comj Sent: Wednesday, • To: Joe Avantario Subject: Re: Cash f ow total debt.? you mention boat as a positive&nb=p; over debt . what is boat debt today. plane debt today. .&nb=p; did the house in la , get a mortgage/? target="_blank" On Wed Jul 13 2016 at 6:46 PM, Joe Avantario «= href="mailto wrote: This is the intended repayment of a b=idge loan that was taken for non-art uses. EFTA_R1_00108150 EFTA01785775 OK Thanks From: Jeffrey E. [mailto:jeevacation@gmail.com1 Sent: Wednesday, July 13, 2016 6:44 PM To: Joe Avantario Subject: Re: Cash flow why is there a 20 million with parenthesis&nbs=; in sources and art loan? there should never be p=renthesis . ever . there are sources there a=e uses. there is also beginning cash and beginning debt. =final cash and final cash. you should assume the plane value at 12. so an 80 percen= loan would be 9.6. , . assume the boat to b= 12 net. . and miami at 14. net. 16 at 6:34 PM, Joe Avantario «= href="mailto target="_blank" wrote: We update our cash flow on a weekly basis on Thursdays. <1=> * In preparing a draft of that with the major changes, besides the thi=gs I mentioned to you previously, we are moving the $40MM in art sales to =he end of the year based on our discussion with Leon. • This move together with some new art purchases and other unknowns (i=e. the exact pay down amount for the plane loan) is creating a deficit for=us. ▪ We intend to deal with those issues by increasing the art loan. <=u> • We have conceptually discussed these items with Leon and will be add=essing the proposed increase amount with him shortly. Josep= Avantario Elysium Management, LLC 445 Park Avenue Suite 1401, New York, NY 10022 2 EFTA_R1_00108151 EFTA01785776 please no=e The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailtcyjeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE 3 EFTA_R1_00108152 EFTA01785777 Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 4 EFTA_R1_00108153 EFTA01785778