From: jeffrey E. <jeevacation@gmail.com>
Sent: Thursday, July 28, 2016 6:57 PM
To: Joe Avantario
Subject: Re: Art Partnership

planes?

On Thu, Jul 28, 2016 at 2:54 PM, Joe Avantari nerote:

The quarter ending 6/30/16 was the first active quar=er for AP Narrows LP (the art partnership).

During that period, the partnership sold 4 pieces of=art, bought one and loaned $30MM to an exchange agent (to purchase a Cezan=e) in connection with the partnership's 1031 exchange.</=>

We are in the process of preparing financial stateme=ts and will forward you a copy of them upon completion.

Thanks,

Joseph Avantario

Ely=ium Management, LLC 445 Park Avenue Suite 1401, New York, NY 10022

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