<table><tr><th>From:</th><th>Joe Avantario &lt;JAvantario@elysllc.com&gt;</th></tr><tr><td>Sent:</td><td>Thursday, July 28, 2016 6:55 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Cc:</td><td>Brad Wechsler; Heather Gray</td></tr><tr><td>Subject:</td><td>Art Partnership</td></tr></table>

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 1031exchange.

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

Thanks,

Joseph Avantario=/p>

Ely=ium Management, LLC 445 Park Avenue Suite 1401, New York, NY 10022 Tel. (646)589-0316 I Cell (914)450-8806 =Avantario@elyslIc.com <mailto:JAvantario@elyslIc.com>