From: Ada Clapp To: jeffrey E. <[email protected]> CC: Eileen Alexanderson Subject: RE: Art Investment Entity Date: Tue, 16 Sep 2014 20:22:14 +0000 Apologies if we misunderstood your instructions. How do you wish to proceed from here? Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax: Email: This communication and any attachment is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. Thank you. From: jeffrey E. [[email protected]] Sent: Tuesday, September 16, 2014 4:17 PM To: Ada Clapp Subject: Re: Art Investment Entity forwared them the term sheet was my instructions as i recall. no more no less On Tue, Sep 16, 2014 at 4:07 PM, Ada Clapp < w. rote: Hi Jeffrey, We were following the instructions we understood you to give us at the last team meeting—which was to forward the art entity proposal to the Trustees and solicit their input. After that meeting, we had a preliminary discussion with Barry Cohen about the art entity and he asked that we have a broader discussion with the other Trustees included— hence today's call. I also understood you to say at our last team meeting that Alan should start drafting the documents to restructure Narrows and the you wanted the art investment entity funded by October 15th. Alan is working on the documents but from a practical standpoint, I am not sure the October 15th date is feasible. That will depend on Rich J, as much of the information the Trustees are requesting will require his input/assistance and I understand that he is currently occupied with tax matters. Ada Clapp Elysium Management LLC 4