DUGAN, P.C. LAW OFFICES Brattleboro Of?ce Wilmington Of?ce 111 Main Street 3 South Main Street 2'?1 Floor. Suite 2 Wilmington, Vermont 05363 Brattleboro, Vermont 05301 Mailing Address Mailing Address P.O. Box 2341 PO. Box 1114 Brattleboro. Vermont 05303 lNIlmington. Vermont 05363 Telephone (802) 251-0099 Telephone (802) 464-0875 Facsimile (866) 840-3827 Facsimile (866) 840-3827 Reply to Brattleboro Office Writer's email: chris@cadgdugan.com July 6, 2017 To: All Known Unsecured Creditors of Arena Football One, L.L.C. Dear Creditor, Please be advised that this ?rm has been appointed Trustee of the AF Creditors? Trust dated effective April 3, 2017, a Massachusetts Business Trust. Enclosed please ?nd the following: 1. Notice of Trust for the Benefit of Creditors of Arena Football One, 2. Proof of Claim; and 3. Assignment of Claim, Release and Covenant Not to Sue. Please review these documents and if you agree to the terms, please execute and return the: (1) Proof of Claim; and (2) Assignment of Claim, Release and Covenant Not to Sue, to Cady Dugan. P.C.. PO. Box 2341. Brattleboro. VT 05303. no later than October 15. 2017. Best regards, CADY DUGAN, P.C. Christopher S. Dugan, gsq. enc. NOTICE OF TRUST FOR BENEFIT OF CREDITORS OF ARENA FOOTBALL ONE. L.L.C. TO: ALL KNOWN UNSECURED CREDITORS OF ARENA FOOTBALL ONE, L.L.C. Please take notice, that in connection with the restructuring of its business (the ?Restructuring?), Arena Football One, L.L.C. is seeking to settle certain outstanding claims (the ?Claims?) of its creditors (the ?Unsecured Creditors?). In order to facilitate settlement of the Claims, AFL and its senior secured creditor (the ?Secured Creditor?) have established the AFL Creditors? Trust, a Massachusetts Business Trust (the ?Trust?), for the benefit of Unsecured Creditors and the Secured Creditor has agreed to contribute funds to the Trust to be used to acquire the Claims from the Unsecured Creditors. Please take further notice, that Cady Dugan, PC. has been appointed Trustee of the Trust (the ?Trustee?) and shall, in accordance with that certain Agreement for Creation of a Creditors Trust, dated as of April 3, 2017: administer the Trust?s assets; (ii) evaluate the claims submitted by the Creditors; and make payments to participating Creditors holding valid claims as soon as practicable. Please take further notice, that the Trustee has evaluated the amount which the Trust will have for distribution and determined a likely distribution to participating Creditors upon ?nal administration will be at least ten percent but not more than ?fteen percent of the principal amount of each Claim. Please take further notice, that you are requested to complete the attached Proof of Claim and Release form, which provides evidence of your claim, and deliver it to the Trustee by October 15. 2017 (the ?Claim Deadline?). NO DISTRIBUTION WILL BE MADE TO ANY CREDITOR WHICH HAS NOT FILED A COMPLETED PROOF OF CLAIM AND RELEASE FORM. Please take further notice, that if the Trustee does not receive executed Proof of Claim and Release forms from creditors representing not less than sixty-seven percent of the aggregate Claims shown on balance sheet as of the Claim Deadline, the Trustee has the option to reject all Claims, terminate the Trust and return all assets of the Trust to the Secured Creditor. Please take further notice, that all communications regarding AFL should be directed to the Trustee using the following information: Dated: July 6, 2017 CADY DUGAN, P.C., Trustee of AFL Creditors? Trust By: WW 5. PW Name: Christopher S. Dugaii Title: Partner