AP NARROWS LP -- TIMELINE OF ACTION STEPS As of May 15, 2015 I. Week of May 18th A. Monday, May 18h I. HG identifies works of art to contribute ($100 MM — LDB/Holdings; $100MM-- LDB (books); $200MM--APOI/APO2) and confirm with LDB. 2. BJW/RJ identify financial assets to contribute to AP Narrows: $10 MM--LDB; $15-20 MM--APOI/APO2. 3. BJW/RJ source $5 MM cash contribution to AP Narrows from APO1/APO2. 4. BJW/RJ source cash (equal to value of Class B GP interest) to decant from APOI or APO2 to APO-B Trust. 5. LDB signs paperwork to open AP Narrows bank account-RI/RD process it 6. JEE signs off on APO-B Trust Agreement and Art Use Agreement. 7. PW sends draft Assignment and Nominee Agreements for transfer of financial assets (to AP Narrows and to NAR Investments) to AC for review. B. Tuesday, May 191° 1. BJW decides whether partners will contribute interests in NAR Investments to AP Narrows on initial "funding date" (if not, "funding date" will be May 291°; if so, funding date will be June 3rd). If so, BJW identifies financial assets for BFP to contribute to NAR Investments. 2. RJ/RD prepare assignments and obtain consents required for all partners to transfer financial assets to AP Narrows and for BFP to transfer financial assets to NAR Investments. 3. LDB/BJW sign APO-B Trust Agreement. 4. Brad signs paperwork to open bank account for APO-B Trust—RJ/RD process it. C. Wednesday, May 20th 1. PW updates all Contribution, Assignment and Nominee Agreements to list art and financial assets (including or excluding NAR interests) to be contributed-as confirmed by LDB. 2. RR/BC/JH are sent Trustees Resolution approving decanting cash (equal to value of Class B GP interest) from APOI or APO2 to APO-B Trust. EFTA00287386