Status of Action Step-Documents Art Investment Entity As of 11.25.14 A. Provide Trustees with Information Status of Document 1. Inventory of Trust assets and percentage of overall trust assets to be invested in Narrows-based on current holdings Received by all Trustees at 11.21.14 Trustees meeting. 2. Schedule of purchases/sales/gains/losses with breakdown of asset class Received by all Trustees at 11.21.14 Trustees meeting. 3. Projected Cash Needs for Narrows and anticipated capital call requirements Assume $2 million per year of cash needs. Rich J. to project capital calls anticipated. B. Restructure Narrows I 4. Amended and Restated LLC Agreement for Narrows • Need bank consent to amend Operating Agt PW to revise draft sent 10.22.14 5. LDB Contribution Confirmation-confirming each work of art he contributed to Narrows I • LDB to decide what art, if any, should be distributed out of Narrows I before contributing art to Narrows III Heather to confirm with LDB and work with PW to complete draft sent 10.22.14 C. Creation and Funding of Narrows Holdings III, LP 6. Certificate of Formation Paul Weiss to draft 7. Agreement of Limited Partnership Paul Weiss to draft 8. Contribution Agreement. - Narrows Ito contribute art for a Class A GP interest and LP interest • LDB to decide what art Narrows I will contribute to Narrows III • Give bank 3-days' notice and comply with substitution/release of collateral provisions Paul Weiss to draft 9. Contribution Agreement - LDB to contribute art (not in Narrows I) for a Class B GP interest and LP interests • LDB to decide what art to contribute to Narrows III Paul Weiss to draft 10 Appraised value of art contributed Heather to retain Sotheby's EFTA01190911