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

From: "jeffrey E." <[email protected]> To: Ada Clapp Subject: Re: Art Partnership documents Date: Wed, 22 Oct 2014 22:58:05 +0000 please put it in checklist form. quarterly list. with a space for check. melanie will keep On Wed, Oct 22, 2014 at 6:10 PM, Ada Clapp < - wrote: Hi again. Alan noted that the last email attachment was corrupt. Resending. Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax: Email: 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. From: Ada Clapp Sent: Wednesday, October 22, 2014 5:49 PM To: jeffrey E. Cc: Halperin, Alan S; Eileen Alexanderson Subject: FW: Art Partnership documents Jeffrey, EFTA00999359 Attached are (i) a draft of the revised LLC Agreement for Narrows, together with a summary of the document, (ii) a draft of LLC Agreement for NAR Investments--the entity that will hold the non-Apollo related investments currently held in BFP and (ii) the "checklist" of Leon's obligations as the Class A Managing Member of the revised Narrows. With regard to the reporting obligations of the Class A Manger—only item C is required by the LLC Agreement. The reporting noted in D as "general practice" is aspirational. We are not contemplating more than annual appraisals of the art but Heather thought we could put together quarterly market overview pieces for the Members (along the lines of what other art funds are providing). Best regards, Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax Email: 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. its attachments and notify us immediately. please note The information contained in this communication is confidential, may be attorney-client privileged, may EFTA00999360 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 EFTA00999361