MEMORANDUM To: Jeffrey Epstein From: Ada Clapp Cc: Eileen Alexanderson; Rich Joslin Date: January 9, 2014 Re: Narrows II. I. Organizational Structure/Purpose of Narrows II. Narrows Holdings II LLC ("Narrows II") was formed on July 25, 2012 as a Delaware Limited Liability Company by McDermott Will & Emory. Narrows II was formed to engage in any activities for which limited liability companies may be formed under Delaware law. Narrows II is managed by the Manger. Leon is the Manager. Leon is also the sole Member. The principal office for Narrows II is Black Family Partners, ■. c/o Apollo Management, 9 West 57th Street, New York, New York, 10019. The original intention was to have Narrows II owned by Narrows Holdings LLC ("Narrows I"), but Ralph felt that Leon would have more flexibility if the entities remained separate. III. July 2012 Addition of Art to Narrows On July 30, 2012, Leon, as sole Member of Narrows II, executed a Resolution by Consent of the Manager agreeing to the contribution of The Scream by Leon to Narrows. He also executed a Contribution Agreement on that date contributed to Narrows Edvard Munch's The Scream. EFTA01125881