PRIVILEGED & CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION; ATTORNEY WORK PRODUCT January 31, 2017 INVOICE NUMBER: 810161-01 Mark J. Watkins Associate VP for Business Services University of Louisville 2301 South Third Street Louisville, KY 40292 Re: The University of Louisville Foundation Forensic Review (the “Matter”) For professional services rendered on behalf of the University of Louisville From inception through December 31, 2016 Hours 347.8 Rate $ 275 Fees $ 95,640 Total Fees $ 95,640 Out-of-Pocket Expenses $ 10,504 Net Fees and Expenses $ 106,144 Due and payable upon receipt Wiring Instructions: Wells Fargo Bank, N.A. 12 East 49th Street New York, NY 10017 ABA #: For further credit of: $106,144 Account Name: Alvarez & Marsal Disputes and Investigations, LLC Account #: Mailing Instructions: Alvarez & Marsal Attn: Liz Carrington 600 Madison Avenue, 8th Floor New York, NY 10022 Reference #: Invoice 810161-01 PRIVILEGED & CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION; ATTORNEY WORK PRODUCT February 16, 2017 INVOICE NUMBER: 810161-02 Mark J. Watkins Associate VP for Business Services University of Louisville 2301 South Third Street Louisville, KY 40292 Re: The University of Louisville Foundation Forensic Review (the “Matter”) For professional services rendered on behalf of the University of Louisville From January 1, 2017 through January 31, 2017 Hours 845.2 Rate $ 275 Fees $ 232,435 Total Fees Out-of-Pocket Expenses $ 232,435 $ 23,320 Net Fees and Expenses $ 255,755 Due and payable upon receipt Wiring Instructions: Wells Fargo 420 Montgomery San Francisco, CA 94104 ABA #: For further credit of: $255,755 Account Name: Alvarez & Marsal Disputes and Investigations, LLC Account #: Mailing Instructions: Alvarez & Marsal Attn: Liz Carrington 600 Madison Avenue, 8th Floor New York, NY 10022 Reference #: Invoice 810161-02 PRIVILEGED & CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION; ATTORNEY WORK PRODUCT March 13, 2017 INVOICE NUMBER: 810161-03 Mark J. Watkins Associate VP for Business Services University of Louisville 2301 South Third Street Louisville, KY 40292 Re: The University of Louisville Foundation Forensic Review (the “Matter”) For professional services rendered on behalf of the University of Louisville From February 1, 2017 through February 28, 2017 Hours 1081.2 Rate $ 275 Fees $297,330 Total Fees $ 297,330 Out-of-Pocket Expenses $ 30,212 Net Fees and Expenses $ 327,542 Due and payable upon receipt Wiring Instructions: Wells Fargo 420 Montgomery San Francisco, CA 94104 ABA #: For further credit of: $327,542 Account Name: Alvarez & Marsal Disputes and Investigations, LLC Account #: Mailing Instructions: Alvarez & Marsal Attn: Liz Carrington 600 Madison Avenue, 8th Floor New York, NY 10022 Reference #: Invoice 810161-03 PRIVILEGED & CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION; ATTORNEY WORK PRODUCT April 11, 2017 INVOICE NUMBER: 810161-04 Mark J. Watkins Associate VP for Business Services University of Louisville 2301 South Third Street Louisville, KY 40292 Re: The University of Louisville Foundation Forensic Review (the “Matter”) For professional services rendered on behalf of the University of Louisville From March 1, 2017 through March 31, 2017 Hours 1042.8 Rate $ 275 Fees $286,765 Total Fees $ 286,765 Out-of-Pocket Expenses $ 19,953 Net Fees and Expenses $ 306,718 Due and payable upon receipt Wiring Instructions: Wells Fargo 420 Montgomery San Francisco, CA 94104 ABA #: For further credit of: $306,718 Account Name: Alvarez & Marsal Disputes and Investigations, LLC Account #: Mailing Instructions: Alvarez & Marsal Attn: Liz Carrington 600 Madison Avenue, 8th Floor New York, NY 10022 Reference #: Invoice 810161-04 PRIVILEGED & CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION; ATTORNEY WORK PRODUCT May 15, 2017 INVOICE NUMBER: 810161-05 Mark J. Watkins Associate VP for Business Services University of Louisville 2301 South Third Street Louisville, KY 40292 Re: The University of Louisville Foundation Forensic Review (the “Matter”) For professional services rendered on behalf of the University of Louisville From April 1, 2017 through April 30, 2017 Hours 1275.9 Rate $ 275 Fees $350,865 Total Fees $ 350,865 Out-of-Pocket Expenses $ 33,411 Net Fees and Expenses $ 384,276 Due and payable upon receipt Wiring Instructions: Wells Fargo 420 Montgomery San Francisco, CA 94104 ABA #: For further credit of: $384,276 Account Name: Alvarez & Marsal Disputes and Investigations, LLC Account #: Mailing Instructions: Alvarez & Marsal Attn: Liz Carrington 600 Madison Avenue, 8th Floor New York, NY 10022 Reference #: Invoice 810161-05 PRIVILEGED & CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION; ATTORNEY WORK PRODUCT June 20, 2017 INVOICE NUMBER: 810161-06 Mark J. Watkins Associate VP for Business Services University of Louisville 2301 South Third Street Louisville, KY 40292 Re: The University of Louisville Foundation Forensic Review (the “Matter”) For professional services rendered on behalf of the University of Louisville From May 1, 2017 through June 8, 2017 Hours 1,799.0 Rate $ 275 Fee Discount Fees $ 494,725 (148,376) Total Fees $ 346,349 Out-of-Pocket Expenses $ 33,216 Net Fees and Expenses $ 379,565 Due and payable upon receipt Wiring Instructions: Wells Fargo 420 Montgomery San Francisco, CA 94104 ABA #: For further credit of: $379,565 Account Name: Alvarez & Marsal Disputes and Investigations, LLC Account #: Mailing Instructions: Alvarez & Marsal Attn: Liz Carrington 600 Madison Avenue, 8th Floor New York, NY 10022 Reference #: Invoice 810161-06