Trustees Meeting

Trustees Meeting Date/Time: Attendees: Presenters: 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 Richard D'Agostino (CashPro) Heather--Gray-(Act-Entity) John Murphy (Phaidon) Dial In: Agenda Items: 1. Review of 9/30 Financial Statements for the Trusts ( Toslin) 2. Status-ef-Afi-Inyesinient-Entity—NeFFOWS-Heldings-LLGReview of status of intra- family Notes to/from Trusts (Alexanderson) 3. Status of fine art insurance policies for Trust owned art (Joslin) 34. Phaidon: (Murphy/Alexanderson) • Year-to-date overview (new management team, Regan Arts. Artspace) • Business plan and direction for 2014 • Proiected cash flow for 2015 • Cash needs and repayment of credit facility draw-down 45. Online Bill Payment - Bank of America Gesh-PfeCashPm4DIAgostino) 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. EFTA01138486