NAR INVESTMENTS LLC: TERM SHEET

NAR INVESTMENTS LLC: TERM SHEET As of February 2, 2015 I. Entity. NAR Investments LLC ("NAR") will be created by Black Family Partners, L.P. ("BFP") to hold its non-Apollo related investments. II. Members. Initial Member: BFP. Eventual Member: AP Narrows LP. III. Governance. Leon is the Manager of NAR. IV. Withdrawal and Transfer Rights. A. A Member may withdraw all or part of its capital account. B. Limitations on transfers: 1. Transfers to family members (or trusts or other entities for their benefit) permitted. 2. Transfers to non-family members (or trusts or other entities for their benefit) subject to rights of first refusal granted to the Members. V. Steps/Eventual Ownership of NAR. Step I: 13FP NAR embership interest to REP partner% V Leon DRAT, .% Step 2: NAR Leo,' Member- ship interests as in-kind annuity payment LP Interests (P 1 LDB 2014 LLC NAR Atemberihip interests Step 3: Contribution of NAR interests in exchange for LP interests r AP Narrows LP Eventual on nership: NAR Investments LLC AP Narrows LP LDB 2014 LLC EFTA00584379