From: Richard Joslin Sent: Wednesday, June 11, 2014 6:57 PM To: jeffrey E.; lawrence delson Subject: incentive fee deferral redux? 457A and 409A are comp=icated areas — I will look into and revert http://www.b=oomberg.com/news/2014-06-11/investors-seeking-to-alter-hedge-fund-fees-bac=ed-by-irs.html <http://www.bloomberg.com/news/2014-06-11/=nvestors-seeking-to-alter-hedge-fund-fees-backed-by-irs.html> http://www.irs.gov/pub/irs-drop/rr-14-18.pdf <http://www.irs.gov/pub/irs-drop/rr-14-18.=df> Richard Joslin CFO Elysium Management LLC 445 Park Ave Ste. 1401 New York, NY 10022 1 EFTA_R1_01447867 EFTA02406174