<table><tr><th>From: </th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent: </td><td>Tuesday, November 3, 2015 325 PM</td></tr><tr><td>To: </td><td>Melanie Spinella</td></tr><tr><td>Subject: </td><td>Fwd: AP Narrows LP</td></tr></table>

<u>Forwarded messa_•=</u> From: Ada Clapp Date: Tue, Nov 3, 2015 at 10:16 AM Subject: AP Narrows LPTo: "*effre <u>E."</u> <u><'=evacation</u> <u>mail.com</u> <u><mailto:'eevacation@gmail.com»</u> Cc: Brad Wechsle

Jeffrey,

Should we move ahead with funding AP Narrows=LP now (Brad thinks yes) or wait until we speak to potential lenders regar=ing discount rates they would apply against interests in AP Narrows LP as =ollateral (i.e., 50% plus additional discount for LP wrapper?) vs. art held by LDB o= Narrows Holdings LP as collateral (i.e. 50%)?

Ada Clapp

Chief Legal Officer

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 =ntended recipient(s) only and may contain information that is privileged, =onfidential and/or proprietary. If you are not the intended reci=ient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. =AO Please delete all copies of this communication and its attachments and =otify me immediately that you have received them in error. Thank you=

please note

=he information contained in this communication is confidential, may be =ttorney-client privileged, may constitute inside information, and is in=ended only for the use of the addressee. It is the property of JEEUnauthorized use, disclosure or copying of this communication or any p=rt thereof is strictly prohibited and may be unlawful. If you have rece=ved this communication in error, please notify us immediately by ret=rn e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication an= all copies thereof, including all attachments. copyright -all rights r=served