DOCUMENT SUMMARY To: Jeffrey Epstein From: Ada Clapp Cc: Eileen Alexanderson, Bradley Wechsler Date: December 5, 2014 Re: Summary of Proposed LLC Agreement of NAR Investments LLC Following is a summary of the proposed Limited Liability Company Agreement of NAR Investments LLC (the "Company"). I. Members. A. Initial Member. Black Family Partners, M. ("BFP") will be the initial Member. B. Substituted Members. BFP will distribute its interests in the Company to each of its partners, pro rata in accordance with their BFP ownership percentages: I. Leon D. Black ("Leon"); 2. APO2 Declaration; 3. LDB 2014 LLC; and 4. APOI GRATs Nos. 1-6 (which will distribute their interests in the Company to Leon as part of his quarterly annuity payments). C. Eventual Member. Each of the Substituted Members will contribute its interests in the Company to Narrows Holdings III M., which will eventually be the sole Member of the Company. II. Formation/Purpose. The Company was formed in Delaware on October 3, 2014 so that Members may pool their funds to share in investments, facilitate diversification, broaden investment opportunities, ease administrative burden and reduce transaction costs. III. Management. Leon is the initial Manager. A. A majority-in-interest of Members may designate an additional or successor Manager. Members holding 2/3rds Membership interests may remove a Manager. B. A Manager serves until death, incapacity, resignation, removal or gratuitous transfer of Membership interests in the Company. If disqualified as a result of a gratuitous transfer, a Manager may participate in the election of a successor Manager only if the successor is not related or subordinate to the disqualified Manager. EFTA00588810