From: "Jeffrey E." <[email protected]> To: Melanie Spinella Subject: Fwd: Art Investment Entity Date: Tue, 16 Sep 2014 19:52:48 +0000 Forwarded message --------- From: Jeffrey E. <[email protected]> Date: Tue, Sep 16, 2014 at 3:50 PM Subject: Re: Art Investment Entit To: Ada Clapp Cc: Eileen Alexanderson , "Halperin, Alan S" < >, Heather Gray at whose direction did you have these conversations. !eons? On Tue, Sep 16, 2014 at 2:30 PM, Ada Clapp < wrote: Heather and I had a call with Richard, Barry and John today to discuss the proposal that the trusts invest art and other assets in the restructured Narrows. The Trustees are generally on board with the idea but would like additional information to be fully comfortable with it. Richard, in particular asked for the following: I. That we put together the type of marketing materials that an art fund would issue when soliciting investors. Richard would be happy with a one-page document describing Leon's experience as an art investor, together with information showing Leon's "track record" (let's discuss whether we limit the performance to the art currently owned by Narrows and Leon individually or whether we include Leon's track record as an informal consultant to the trusts). The marketing materials will also include a break-down of the investment proposal for the new art investment entity—based on the art asset classes in which the trusts and Narrows are currently invested (e.g., the new fund will be invested in a portfolio of fine art consisting of approximately X% contemporary art, Y% impressionist art, Z% old masters, etc.). 2. A List of the assets we are asking the trusts to contribute, including the dollar value of each asset. 3. A statement for each trust showing what percentage of each trust would be invested in the new Narrows if each trust contributes the assets noted in 2. 4. That each trust have a specified capital commitment after the initial capital contribution. Richard