<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, February 11, 2015 4:59 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: recent art purchases</td></tr></table>

Question to JEE so as =o clarify

1)&n=sp; Going forward =#8211; which entity should be purchaser fo fine art: AP Narrows or N=rrows LLC? (You noted Narrows but want to make sure which Narrows en=ity)

2)&n=sp; There has been=instruction to transfer recent acquisitions from LOB to Narrows=/span>

a. &nbs=; Same as #1

b. &nbs=; Should the tra=sfer be complete, ie all acquisitions since Lerner transfer (July 2012) or=partial, ie recent acquisitions

c. &nbs=;

From: Heather Gray
Sent: Wednesday, February 11, 2015 10:09 AM
To: Brad Wechsler
Cc: Richard Joslin
Subject: FW: recent art purchases

Hi Brad,

In response to your questions about the recent art p=rchases email below that I sent to Melanie yesterday (and apologies for no= copying you on it — I promise I'm going to start remembering =o do that!!):

1. Leon has already been invoiced for these purchases and we have paid for=all of them, so it is too late to have Narrows pay, but I can certainly pr=pare a document signed by Leon that transfers ownership of these works from him to Narrows if you would like.&=bsp; Depending on how much art Leon individually wants to contribute to AP=Narrows, however, we may want to leave these works in Leon's name.

2. Y=s, Rich keeps track of all of these purchases, domestic and international,=and makes sure that Leon pays use tax when and where appropriate.

Happy to discuss this further with you and Rich at y=ur convenience.

Best,

Heather

From: Heather Gray
Sent: Tuesday, February 10, 2015 11:16 AM
To: Melanie Spinella (
Subject: recent art purchases

Dear Melanie,

Here is a list of recent art purchases, all of which=have been paid by Leon:

Godfather script from Christie's — 11,87= GBP — paid by Leon

Bloemaert from Daniel Katzh Ltd. — 240,000 GBP=— paid by Leon

Two Boilly Old Master drawings from Sotheby's = $36,745.31— paid by Leon

Pontormo from Katrin Bellinger - $8,250,000 &#=211; paid by Leon (from the draw down on the Bank of America loan)

von Miens and Rubens from Christie's - $2,284=197.50 - paid by Leon (from part of the draw down on the Bank of Ame=ica loan)

I’ll send you another email with the rest of t=e (smaller) purchases, but wanted to get this to you ASAP.

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

| Field | Value |
|---|---|
| Address | Suite 1401, New York, New York 10022 |
| Direct Dial | [redacted — black box] |
| Fax | [redacted — black box] |
| Email | [redacted — black box] |