Re: Meeting Confirmation

Im told that AYH has 3million of cash. im happy to take some

What is the story with the attached?

Andrew-

AYH does have $3MM in cash. We have discussed in the past with Jeffrey that the docks need some work and we rehabilitate p-dock quite nicely using mostly Paeiwonsky and Hoffman's money. That was our test case as we have explained to his guys in the past. We are in the process of costing a similar rehabilitation to our AYH docks and some other upgrades — and additionally the availability of a federal infrastructure grant to supplement some of our money. This will be completed in around 6- weeks. ATM is completing some engineering work and we want to get someone underwater to look at some of the structural pilings. We would also like to see if we are getting higher rates on the new P-dock to see the extent of the ROI associated with the spend. There are some other upgrades/refurbishments on the land as well that are being costed. We also needed to close our loan extension to make sure this money was available. That just closed last week.

The nuance here is that AYH's EDC benefits expire at year end. I spoke to Darren Indyke yesterday about this and that we now feel we have a viable path for getting around the IGY shareholder disclosures based on advice from a different law firm. I would have to step in as the disclosing party based on my role as the primary manager of the business. Jeffrey would still be required to make detailed financial disclosures and background disclosures (this is what I raised with Darren to determine if, in particular, he was ok providing his tax returns to the EDA). Part of a renewal application will have to include a 5.10 year capital plan that goes beyond life safety and refurbishment. This plan is aligned with what we are costing above. Once we understand the total cost to revitalize the docks, the ROI involved — we can look at the scope and cost, our cash balances, grant availability and our anticipated cash flows (based on the new financing) to see what to financial commitments are appropriate for the EDC application (and over what time period). This will result in the appropriate submission to the EDC and will lead us to the appropriate distribution.

IGY wants the money too — we are close. I am sorry this is taking a while. BPPR took a year —

If you want, we can push out a few hundred thousand without compromising the plan above ($200K each) — I would feel ok with that.

Tom

ill take the 200k

Hi Jane,

Just confirming our meeting scheduled for tomorrow at 3 PM.

Best,
John

Hi John,

Thanks for the confirmation. See you tomorrow.

Best,
Jane