Trustees Meeting

Trustees Meeting Date/Time: Attendees: November 12, 2014 Location: Elysium Management LLC445 4:00PM (EST) Park Avenue, Suite 1401 Eileen Alexanderson Ada Clapp Barry J. Cohen John J. Hannan Richard Joslin Richard Ressler Presenters: Richard D'Agostino (CashPro) Heather Gray (Art Entity) John Murphy (Phaidon) Dial In: Agenda Items: 1. Review of 9/30 Financial Statements for the Trusts 2. Status of Art Investment Entity — Narrows Holdings LLC 3. Phaidon: • Year-to-date overview (new management team, Regan Arts, Artspace) • Business plan and direction for 2014 • Cash needs and repayment of credit facility draw-down 4. Online Bill Payment - Bank of America Cash Pro Meeting Handouts: 1. Financial Statements for the Trusts for the period ending September 30, 2014 2. List of Art owned by the Trusts 3. Schedule of realized/unrealized gains with respect to art held in the Trusts. EFTA01138463