Contract analysis

I. Purpose and Background This memorandum documents the most recent 90-day periodic status check for matter 1034-00001, performed as of January 5, 2024, in accordance with the monitoring protocol established by your Matter Dormancy Memorandum dated March 31, 2023. The purpose of this memorandum is to report the results of the status check inquiries, to confirm the current posture of the matter, and to set forth recom

II. Status Check Protocol Pursuant to the Matter Dormancy Memorandum issued by Conrad Ashby on March 31, 2023, matters placed in dormant status in the White Collar & Investigations practice group are subject to periodic status checks at 90-day intervals. The status check protocol is designed to ensure that any material developments that could affect the client's interests — including renewed government interest, publ

1. Government Contact — Calderwood & Harkness. Whether Calderwood & Harkness LLP has received any new contact from the U.S. Attorney's Office for the Southern District of New York, the grand jury, or any other government agency relating to this matter, including but not limited to subpoenas, letters, telephone calls, emails, or informal communications of any kind.

2. Government Contact — Client. Whether Mr. Caldwell has reported any new government contact or inquiry, including service of any subpoena, receipt of any letter or communication, or any request for an interview or voluntary appearance.

3. PACER / Court Docket Search. A search of the Public Access to Court Electronic Records ("PACER") system for the U.S. District Court for the Southern District of New York (500 Pearl Street, New York, NY 10007), examining the public docket for any filings related to Grand Jury No. 22-GJ-4481 or any filings naming Jonathan R. Caldwell or Marcus W. Stavros in connection with matters that appear related to the underlyi

4. Public Filings and Regulatory Searches. A review of publicly available sources, including SEC EDGAR filings, state regulatory databases, and court dockets, for any filings, indictments, complaints, enforcement actions, or media reports naming Mr. Caldwell or referencing the investigation in connection with Mr. Caldwell or his affiliated entities.

5. Stavros Indictment / Charging Document Monitor. A specific check for any indictment, information, or criminal complaint filed against Marcus W. Stavros in the Southern District of New York or related jurisdictions, given Mr. Stavros's status as the apparent target of the investigation and the potential implications of a public charging decision for our client's ongoing exposure. Prior periodic status checks under

III. Findings — January 5, 2024 Status Check Set forth below are the findings from each component of the 90-day periodic status check performed as of January 5, 2024. A. Government Contact — Calderwood & Harkness I have confirmed that no new communications, subpoenas, letters, emails, or telephone calls have been received by Calderwood & Harkness LLP from AUSA Miriam T. Goldfarb, any other representative of the U.S.

IV. Billing and Administrative Status The following reflects the current billing and administrative status of the matter: Matter Classification. Matter 1034-00001 remains classified in dormant status within the firm's matter management system (Halcyon Data Systems, matter code 1034-00001, practice group: White Collar & Investigations). No request to close or reactivate the matter has been submitted, and no change in

V. Recommendations Based on the findings of the January 5, 2024 status check, I respectfully submit the following recommendations for your consideration:

1. Maintain Dormant Status. No developments of any kind have been identified that would warrant reactivation of the matter or any change in its current dormant classification. The matter should remain in dormant status in the firm's matter management system under the existing billing and administrative parameters.

2. Next Periodic Status Check. The next 90-day periodic status check should be scheduled for approximately April 5, 2024, following the same protocol and inquiry framework described in Section II of this memorandum. I will calendar this date and ensure that the check is performed on or about that date.

3. No Client Outreach Required. Unless you determine otherwise, no affirmative outreach to Mr. Caldwell is recommended at this time. The closing status letter of March 22, 2023, clearly instructs Mr. Caldwell to contact the firm immediately if any government contact or inquiry occurs, and no such contact has been reported. Should you wish to authorize a courtesy call or written communication to Mr. Caldwell — for exa

4. Continue Monitoring for Stavros Indictment. The potential indictment or other public charging of Marcus W. Stavros remains the most likely catalyst for renewed government interest in Mr. Caldwell. Should an indictment, information, or criminal complaint be filed against Mr. Stavros, the government may seek to schedule Mr. Caldwell's grand jury testimony, issue additional subpoenas, or otherwise re-engage with our

5. Document Retention. All matter files, attorney work product, document productions (Bates numbers CALDWELL-00001 through CALDWELL-03633), the privilege log (214 entries), internal memoranda, correspondence with the government, and all other materials generated or collected during the course of the representation should continue to be preserved in accordance with the firm's document retention policy. The litigation

6. Privilege Log Integrity. In the event the government challenges any of the privilege assertions reflected in the privilege log covering the 214 withheld documents at some future date, the firm should be prepared to brief the issue on an expedited basis. The privilege review guidelines memorandum prepared by Conrad Ashby and circulated to the document review team on December 14, 2022, together with the underlying p

VI. Conclusion Based on the 90-day periodic status check performed on January 5, 2024, there are no new developments in the federal investigation related to Grand Jury No. 22-GJ-4481 that affect Jonathan R. Caldwell or that require any action by Calderwood & Harkness LLP at this time. No government contact with the firm or the client has occurred. No public filings, indictments, informations, criminal complaints, enf