From: Ada Clapp

From: Ada Clapp To: jeffrey E. <[email protected]> CC: Eileen Alexanderson , "Bradley J. Wechsler Subject: RE: Art Entity Date: Mon, 24 Nov 2014 14:19:38 +0000 Hi Jeffrey, I just spoke to Alan and he told me you and he agreed to go with the two-tiered structure that Alan and I worked out last week and over the weekend. I will map it out for the rest of the team but need to clarify: As I understand your discussion with Alan, Leon's initial contribution to the new entity (let's call it Narrows III to get the benefit of a series of art entities called Narrows) will consist of only non-collateralized art? Once Narrows III is set up and Leon and the trusts have contributed their interests, the plan it to then go to BAC to tell them that Leon wants to distribute the collateralized art still in Narrows I to Narrows III and to replace the guaranty and pledge of the art by Narrows I with his personal guaranty and a pledge of his non-managing member interests in Narrows III. Is that correct? Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 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: jeffrey E. [[email protected]] Sent: Monday, November 24, 2014 8:45 AM To: Eileen Alexanderson; Ada Clapp; Brad Wechsler; Melanie Spinella; Richard Joslin Subject: alan and I have agreed 90 percent of new structure admin and mechanics. leon still to decide on few issues value, person that will ok use. ? , notification to bank ONLY after complete. documents ? 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 EFTA01001554 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 EFTA01001555