From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Melanie Spinella Subject: Fwd: New Narrows Date: Fri, 12 Sep 2014 15:09:41 +0000 Forwarded message From: Ada Clapp <1 Date: Fri, Sep 12, 2014 at 10:05 AM Subject: New Narrows To: "jeffrey E." <[email protected]> Hi Jeffrey, We met with Barry Cohen yesterday and he was very positive about having the trusts invest their art and other assets into the new Narrows LLC. I am about to send the term sheets and power point to the other trustees but wanted to first confirm with you that the plan was still for the trusts to contribute their interests in Phaidon (specifically PLB LLC). After the discussion about Phaidon at our last meeting, we are wondering if you preference is now to keep ownership of Phaidon separate from the new Narrows. Please let me know. In the meantime, I asked Alan to start drafting the documents. As soon as Leon decides what he will contribute and what he will leave out of the new Narrows, we can have the entity valued and sell the managing member interest to one of the trusts. Thanks. Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax: Emai EFTA00996599 This communication and any attachment is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. Thank you. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00996600