Re:

Attached is a current draft of the shareholder letter for your weekend reading. A= you read it, think about:

• Do we cover the businesses and key messages completely and clearly

Are the arguments rational and reasonable

• Are the statements made with enough clarity so as not to be taken out of contex= (I don't mind saying what we believe)

You can e-mail me or call me with your final comments — either at home (212.876.0890) or at work on Sat. & Sunday from Noon — 5pm.

Thanks, Jamie

This email is confidential and subject to important disclaimers and conditi=ns including on offers for the purchase or sale of securities, accuracy an= completeness of information, viruses, confidentiality, legal privilege, a=d

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too much emphasis on succession.. too much we did this because we were r=quested as opposed to joined in the effort. less I and more we.