August 14, 2014 Mr. Ralph Lerner Art World Advisors, LLC 590 Madison Avenue New York, NY 10022 Re: LDB Foundation Dear Ralph: I hope that you have had an enjoyable summer. As you know, Leon recently established his own family office. One of its main functions is to assist with the administration and management of Leon's various family entities and charitable foundations. Accordingly, the management structure of these entities will be reorganized so as to permit the family office to take over many of the tasks currently performed by officers and directors of these entities. In that regard, we are making changes to the officers and directors of the LDB Foundation. To assist us in accomplishing this, we ask that you please sign and date the enclosed resignation letter, whereby you resign your positions as Director and Assistant Secretary of the LDB Foundation. Leon is grateful for your performance in these roles and thanks you for your service. Once you have signed and dated the enclosed letter, please return it to me for forwarding to Leon. Please also return the foundation's checkbook and any books and records you may have for the LDB Foundation. If you let me know when you have signed the letter, I can arrange to have it and the other items picked up from your office. Should you have any questions regarding the foregoing, please do not hesitate to contact me. Very truly yours, Ada Clapp Enclosures EFTA00693661