ART ENTITY: TERM SHEET I. Form A. LLC B. Amended and Restated Narrows Holdings LLC C. Subject to working out loan/pledge arrangements (alternative: Amended and Restated Narrows Holdings II LLC and fund with art not pledged) II. Governance A. Manager: APO I Trust, by its Trustees 1. Distribution 2. Use 3. Liquidation 4. Appoints/oversees officers and committee members B. Officers 1. Chief Financial Officer: Leon 2. Treasurer: Eileen 3. Secretary: Diana C. Finance Committee 1. Chief Financial Officer as Chair 2. Makes investment decisions, including financial investments and investments in art, other tangible property and real estate 3. Makes recommendations to Manager regarding capital calls 4. Finance Committee provides to Manager and Members: (a) Annual reports describing investments and sales, investment policy statements and overview of market (b) Quarterly reports, including schedule of investments and sales Does: USI:9534405v5 EFTA00644849