Contract analysis

1. Purpose The purpose of this memorandum is to document the contents, Bates range, format, and delivery logistics of the first rolling production of documents made on behalf of our client, Jonathan R. Caldwell, in response to the federal grand jury subpoena issued under Grand Jury No. 22-GJ-4481 by the United States Attorney's Office for the Southern District of New York. The subpoena was issued on November 18, 2022

2. Production Summary 2.1 Bates Range and Document Count The first rolling production consists of a total of 1,842 documents, Bates-stamped sequentially from CALDWELL-00001 through CALDWELL-01842. For purposes of this memorandum, a "document" refers to a single logical unit, meaning that an email and its attachments may constitute multiple documents where each attachment was assigned a separate Bates range, consisten

3. Categories of Documents Included The documents produced in Production 1 fall into three principal categories, as described below. The categorization is based on document type and source rather than subject matter, and there is some overlap among categories where, for example, scanned paper copies of documents also exist as email attachments. 3.1 Emails and Email Attachments Approximately 1,210 documents in Product

1. Mr. Caldwell's personal residence, located at 1140 Park Avenue, Apartment 14C, New York, NY 10128. Paper files at this location were collected by Daniel Obi and Lisa Morrow on December 2, 2022, in the presence of Mr. Caldwell. The collection consisted of three bankers' boxes of documents maintained by Mr. Caldwell in a home office, primarily comprising executed originals and copies of investment-related documents.

2. The offices of Caldwell Capital Advisors LLC, located at 590 Madison Avenue, 22nd Floor, New York, NY 10022. Paper files at this location were collected by Lisa Morrow on December 6, 2022. The collection consisted of five folders of transactional documents maintained in Mr. Caldwell's office, including executed agreements, closing binders, and correspondence files. All collected paper files were transported to Cle

4. Responsiveness Review Notes All 1,842 documents included in Production 1 were reviewed for responsiveness to the grand jury subpoena by Daniel Obi (Lead Associate) and Lisa Morrow (Working Associate) in accordance with the Document Review Protocol and Search Term Memorandum dated December 14, 2022, which was prepared by Conrad Ashby and distributed to the review team at the outset of the document review process. T

5. Privilege Review Notes All documents included in this production tranche underwent a second-pass privilege review conducted by Daniel Obi and Lisa Morrow, in accordance with the Privilege Review Guidelines Memorandum issued by Conrad Ashby on December 14, 2022. The privilege review was designed to identify and withhold from production any documents protected by the attorney-client privilege, the work product doctr

1. Communications with Whitmore & Kessler LLP. Documents reflecting communications between Mr. Caldwell and Patricia Sheldon, Partner at Whitmore & Kessler LLP, regarding the 2019 separation negotiation between Mr. Caldwell and Mr. Stavros relating to their joint venture interests and the unwinding of certain co-investment arrangements. These communications are protected by the attorney-client privilege as they refle

2. Communications with Thornberg & Whitfield CPAs. Documents reflecting communications between Mr. Caldwell and Helen R. Thornberg, Senior Partner at Thornberg & Whitfield CPAs, where tax advice was rendered at the direction of counsel in connection with the structuring and tax treatment of certain of Mr. Caldwell's investments. These communications are protected under the attorney-client privilege to the extent they

6. Issues Encountered During Production The following issues were encountered during the collection, processing, review, and production of the documents in Production 1. Each issue is described below, together with the steps taken to address it. 6.1 Duplicate Documents During the processing phase, Clearpath Document Solutions identified approximately 83 near-duplicate documents within the collected document universe.

7. Delivery Confirmation Production 1 was delivered to AUSA Miriam T. Goldfarb of the Complex Frauds & Cybercrime Unit, United States Attorney's Office for the Southern District of New York, located at 500 Pearl Street, New York, NY 10007, on January 20, 2023. The delivery was made via secure electronic file transfer using Clearpath Document Solutions' encrypted file transfer platform. A unique download link and acce

8. Remaining Production Status As of the date of this memorandum, the status of the overall document collection, review, and production effort is as follows: • Total Document Universe: The total universe of documents collected from all custodians and sources (including Mr. Caldwell's email account, the Caldwell Capital Advisors shared drive, and the physical paper files) is approximately 14,200 documents, comprising

9. Document Retention All documents collected, processed, and reviewed in connection with this matter are hosted on the Clearpath Document Solutions platform under matter reference 1034-00001. Access to the Clearpath platform for this matter is restricted to authorized members of the Calderwood & Harkness engagement team (Conrad Ashby, Bernard Crawford, Daniel Obi, and Lisa Morrow) and to designated Clearpath project

10. Distribution of This Memorandum This memorandum is for internal use by the Calderwood & Harkness LLP engagement team only and is intended solely for the following individuals: • Conrad Ashby, Partner, White Collar & Investigations • Bernard Crawford, Partner, White Collar & Investigations • Daniel Obi, Associate, Banking & Finance • Lisa Morrow, Associate, Banking & Finance This memorandum constitutes attorney wo