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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>AGREED AS WELL. Do not object to having subcommittees and I even volunteer to be on the 709/706 subcommittee but find that formal subcommittee breakouts at the meetings really disrupt interesting discussions which could occur with the whole group and/or I have eltl really torn that I am really missing something important which I am interested in because issues have arisen since the last meeting but relate to another subcommittee that I am not on. I totally dislike subcommittee breakouts. Work on subcommittees can be done ex parte so to speak separately or even at our meetings but at different times.. I do admit that oftentimes a formal subcommittee project devolves on just a few people in a subcommittee but I do not believe that will change in any event. When I was chair of the Business Planning Committee, I myself ended up doing most all of the work on the Appraisal Manual which had a subcommittee. In fact as chariman you will find that you will have to do a lot of the work on any committee project that is under your aegis. However, when I was on the Decanting Subcommittee for this Committee I did no where near the work of Jonathan, Carlyn, Diana or George. However, since my state had enacted decanting legislation, I feel that I what little imput I was able to provide helped especially related to the formulation of thoughts in finetuning the legislation in my own state based on what I learned from others. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><table class=MsoNormalTable border=0 cellpadding=0 width="100%" style='width:100.0%'><tr><td style='padding:.75pt .75pt .75pt .75pt'><div class=MsoNormal align=center style='text-align:center'><span style='color:#1F497D'><hr size=2 width="100%" align=center></span></div></td></tr><tr><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><b><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:#1F497D'>If the above contains any tax advice, please read the Required Disclosure below.</span></b><span style='color:#1F497D'><o:p></o:p></span></p></td></tr></table><p class=MsoNormal><span style='color:#1F497D;display:none'><o:p> </o:p></span></p><table class=MsoNormalTable border=0 cellpadding=0><tr><td style='padding:2.25pt 2.25pt 2.25pt 2.25pt'></td><td style='padding:2.25pt 2.25pt 2.25pt 2.25pt'><p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:#1F497D'>Susan K. Smith<br>Attorney-at-Law<br>Certified Tax Law Specialist<br>Certified Estate and Trust Law Specialist <br><br>Olsen-Smith, Ltd. <br>301 East Virginia Avenue <br>Suite 3300 <br>Phoenix, Arizona 85004<br><br>Phone: (602) 254-1040 <br>Facsimile: (602) 254-1041 </span><span style='color:#1F497D'><o:p></o:p></span></p></td></tr></table><p class=MsoNormal><span style='color:#1F497D;display:none'><o:p> </o:p></span></p><table class=MsoNormalTable border=0 cellpadding=0 width="100%" style='width:100.0%'><tr><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:#1F497D'><br><b>Required Disclosure Pursuant to U.S. Department of Treasury Circular 230.</b> <br><br>To ensure compliance with requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code; or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication. <br><br><b>Confidential Information.</b><br><br>This message and any attached documents may contain confidential and/or privileged information from the law firm of Olsen-Smith, Ltd. If you are not the intended recipient, please do not read, copy, distribute, or use this information. Please notify the sender by reply e-mail and delete this message. No privilege has been waived by your inadvertent receipt. </span><span style='color:#1F497D'><o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> john.porter@bakerbotts.com [mailto:john.porter@bakerbotts.com] <br><b>Sent:</b> Tuesday, March 19, 2013 7:53 AM<br><b>To:</b> jblattmachr@hotmail.com; ldetzel@deanmead.com; mickey@daviswillms.com<br><b>Cc:</b> estgift@actec.org<br><b>Subject:</b> Re: [EstGift] [filtered] Re: Estate and Gift Tax Committee Matters<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif";color:blue'>Agreed. </span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'><o:p> </o:p></span></p><div class=MsoNormal align=center style='text-align:center'><span style='font-family:"Calibri","sans-serif"'><hr size=2 width="100%" align=center></span></div><p class=MsoNormal style='margin-bottom:12.0pt'><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> <a href="mailto:estgift-bounces@actec.org">estgift-bounces@actec.org</a> [<a href="mailto:estgift-bounces@actec.org">mailto:estgift-bounces@actec.org</a>] <b>On Behalf Of </b>Jonathan Blattmachr<br><b>Sent:</b> Tuesday, March 19, 2013 9:48 AM<br><b>To:</b> Lauren Detzel; Mickey Davis<br><b>Cc:</b> ACTEC EstateandGift<br><b>Subject:</b> Re: [EstGift] [filtered] Re: Estate and Gift Tax Committee Matters</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'>I appreciate that what I am about to say runs counter to the current trend but I'm not sure subcommittees are the way to go. I want to hear about tall the topics but because we will break down at the meetings into subcommittees for the last hour (of only 2.5 hours), I won't hear the geniuses of all topics. Also, I think its best if we ask for volunteers each time something on a topic comes up.<br> <br>I appreciate the trend is otherwise but I think the committee has been greatly appreciated (as shown by attendance) and I wouldn't change it.<br> <br>Jonathan<br> <o:p></o:p></span></p><div><div class=MsoNormal align=center style='text-align:center'><span style='font-family:"Calibri","sans-serif"'><hr size=2 width="100%" align=center id=stopSpelling></span></div><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:"Calibri","sans-serif"'>From: <a href="mailto:LDetzel@deanmead.com">LDetzel@deanmead.com</a><br>To: <a href="mailto:mickey@daviswillms.com">mickey@daviswillms.com</a><br>Date: Tue, 19 Mar 2013 11:48:11 +0000<br>CC: <a href="mailto:estgift@actec.org">estgift@actec.org</a><br>Subject: [EstGift] [filtered] Re: Estate and Gift Tax Committee Matters<o:p></o:p></span></p><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'>Mickey great email. Looking forward to your leadership I would work on either marital deduction or portability subcommittee per your choice or anywhere else you might think I could help. See u in Philly!<br><br>Sent from my iPhone<o:p></o:p></span></p></div><div><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:"Calibri","sans-serif"'><br>On Mar 14, 2013, at 1:05 PM, "Mickey Davis" <<a href="mailto:mickey@daviswillms.com">mickey@daviswillms.com</a>> wrote:<o:p></o:p></span></p></div><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Dear Committee Members,</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>I am writing to you as the new chair of the Estate and Gift Tax Committee and to ask for your help in Committee matters. I apologize in advance for the length of this e-mail, and appreciate your time in reviewing it. </span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>First, let me say that I am honored to succeed Diana Zeydel as Chair. The Committee has greatly benefitted from Diana's leadership over the last three years, and I would like to express my thanks for all of her hard work. Second, there is one matter that requires your immediate response, relating to input into the IRS Priority Guidance Plan for next year. Finally, I would like to share some thoughts about the organization of the Committee, and some ideas about increasing the level of input by Members.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><u><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Recommendations for Regulations/Guidance Projects</span></u><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>At the meeting in Maui, we were reminded that ACTEC’s Washington Affairs Committee is seeking proposals for possible recommendations for the Treasury-IRS Priority Guidance Plan for next year (which will likely be released in the fall). This would include suggestions for regulations or other guidance from the Treasury and/or IRS. One topic that I view as being of high importance is guidance about the applicability of Rev. Proc. 2001-38 as it may relate to QTIP elections made on estate tax returns filed to maximize the use of the DSUE amount. We should aim to submit any recommendations that we have by the end of March. The Washington Affairs Committee wants a brief description of the recommended project, why it is important, its relative urgency, and how the project might be helped by partnering with other organizations. Please let me know any recommendations that you have as soon as possible, but by Wednesday, March 27 at the latest. Please send them to me at: </span><span style='font-family:"Calibri","sans-serif"'><a href="mailto:mickey@daviswillms.com"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>mickey@daviswillms.com</span></a></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><u><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Increased Committee Involvement</span></u><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>One of my priorities as Chair is to increase the level of involvement by Committee Members. The Estate and Gift Tax Committee is one of the College's largest and it covers a broad range of topics. There is certainly value in hearing in-depth reports on selected topics, and I believe that some Members are content to come to meetings to hear remarks from a few frequent contributors. It is my personal view, however, that being a member of a committee involves a commitment to participate actively. One of the greatest benefits of being a Fellow is the ability to listen to and learn from the diverse views of practitioners from all over. I firmly believe that broad participation by Committee Members is the best way for us all to learn from each others' wisdom, experience, triumphs, and even failures.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Fellows that prefer to remain passive during Committee meetings can certainly do that from the visitors' seats. If we are to occupy seats at the table as Members, however, I believe that we should be willing to share our ideas, and take an active part in the discussions. Let's face it: None of us became a Fellow by being too shy to share our ideas with other practitioners.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>The Substantive Chairs Committee has had numerous discussions about the best way to increase involvement by committee members, and has come to no real consensus. It has been my experience, though, that committees that have active subcommittees and workgroups tend to have a higher degree of involvement. To that end, I propose to ask each of you to join (or lead!) a newly formed subcommittee or workgroup of the Estate and Gift Tax Committee. I have set out below some preliminary group headings, but I certainly invite each of you to let me know if there are any other areas in which you have a special interest. </span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>It is my intention to ask subcommittee members to give updates, recent development reports, and make other substantive contributions at future meetings. While participation in a subcommittee is not mandatory, I believe that it should be a factor in considering which Members continue to serve on the Committee, and which should be asked to make room for other Fellows who are more interested in taking an active role in advancing discussions at Committee meetings.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Some of you may be thinking, "Uh on. This new guy is already a trouble maker," or "Why is he stirring the pot?" I understand that change can be uncomfortable. If you think that I am out of line, or have other ideas for increasing involvement, I welcome you to share your thoughts, either publicly with the Committee or privately with me. I view this change as a worthwhile experiment, but I am happy to consider other views and alternatives. I am hopeful that most of you will welcome a chance to get more from your Committee by giving more to your Committee. </span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Below is a preliminary list of possible subgroups, in no particular order. Some of these obviously overlap, and I am certainly not married to this list. Please let me know if one of these areas strikes your fancy, or if you have other ideas. I would be especially appreciative of volunteers willing to act as initial leaders of these (or other) groups. Co-leaders are not out of the question. Please let me know your interest as either a member or a leader as soon as possible.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Generation-Skipping Transfer Taxes</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Chapter 14</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Marital Deduction Issues </span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Debts and Administration Expenses</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Special Use Valuation/Alt. Val./Section 6166</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Portability</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>706/709 Reporting Issues</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Gifts and Disclaimers</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>New Legislation/Legislative Proposals</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:-.25in'><span style='font-size:10.0pt;font-family:Symbol'>·</span><span style='font-size:7.0pt'> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>IRS Regulations/Guidance</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>I truly appreciate your input, both on the Priority Guidance Plan and on efforts to increase Committee involvement. I hope to have an initial framework for subcommittees in place for the Summer Meeting. I look forward to seeing you in Philadelphia.</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Regards,</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Mickey</span><span style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p></div></div></blockquote><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'> <o:p></o:p></span></p><div><table class=MsoNormalTable border=1 cellpadding=0 width=431 style='width:323.25pt;background:white;border:solid black 1.0pt'><tr><td width=143 colspan=2 style='width:107.25pt;border:none;padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><span style='font-size:7.0pt;font-family:"Arial","sans-serif";color:black'><a href="http://www.deanmead.com/" target="_blank"><span style='text-decoration:none'><img border=0 id="_x0000_i1027" src="http://cid:imaged92803.GIF@128b9b13.46a44604"></span></a><o:p></o:p></span></p></td><td width="70%" style='width:70.0%;border:none;padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><b><span style='font-size:9.0pt;font-family:"Arial","sans-serif";color:black'>Lauren Y.</span></b><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:black'> </span><b><span style='font-size:9.0pt;font-family:"Arial","sans-serif";color:black'>Detzel</span></b><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:black'><br>Board Certified Wills, Trusts & Estates Lawyer; <br>Fellow, American College of Trust and Estate Counsel<br>407-428-5114<br><a href="mailto:LDetzel@deanmead.com">LDetzel@deanmead.com</a></span><span style='font-size:7.5pt;font-family:"Verdana","sans-serif";color:black'><o:p></o:p></span></p><table class=MsoNormalTable border=0 cellpadding=0><tr><td style='padding:.75pt .75pt .75pt .75pt'></td></tr></table></td></tr><tr><td width="5%" style='width:5.0%;border:none;padding:.75pt .75pt .75pt .75pt'></td><td colspan=2 style='border:none;padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:black'>Dean, Mead, Egerton, Bloodworth, Capouano & Bozarth, P.A.<br>800 North Magnolia Avenue, Suite 1500<br>Orlando, Florida 32803<br>407-841-1200 <strong><sup><span style='font-family:"Arial","sans-serif"'>.</span></sup></strong> Fax 407-423-1831<br><a href="http://www.deanmead.com/" target="_blank">www.deanmead.com</a></span><span style='font-size:7.0pt;font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></p></td></tr><tr style='height:7.5pt'><td valign=bottom style='border:none;padding:.75pt .75pt .75pt .75pt;height:7.5pt'></td><td colspan=2 valign=bottom style='border:none;padding:.75pt .75pt .75pt .75pt;height:7.5pt'><p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:black'>Orlando | Fort Pierce | Viera | Gainesville</span><span style='font-size:7.0pt;font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></p></td></tr><tr height=0><td width=24 style='border:none'></td><td width=108 style='border:none'></td><td width=299 style='border:none'></td></tr></table></div><div class=MsoNormal align=center style='text-align:center'><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'><hr size=2 width="100%" align=center></span></div><p class=MsoNormal><b><u><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:gray'>PRIVILEGED INFORMATION DISCLAIMER</span></u></b><b><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:gray'>:</span></b><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:gray'> This email is intended solely for the use of the individual to whom it is addressed and may contain information that is privileged, confidential or otherwise exempt from disclosure under applicable law. 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