<table><tr><th>From:</th><th>Richard Joslin &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, August 26, 2014 7:31 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: LDB 2011 LLC</td></tr></table>

So much for telling the truth....the compliance Officer title still cracks =e up

-----Original Message-----
From: Richard Joslin
Sent: Tuesday, August 26, 2014 3:13 PM
To: Ada Clapp
Subject: RE: LDB 2011 LLC

I am on a call with Scott and he indicated you and he spoke over the phone =nd you and he reviewed the Sotheby's valuation engagement letter with you.=fyi

-----Original Message-----
From: Ada Clapp
Sent: Thursday, August 14, 2014 9:39 AM
To: Richard Joslin
Cc: Eileen Alexanderson; Lawrence Delson ); jeffrey =.
Subject: RE: LDB 2011 LLC

Rich--you are misreading my email. I was not inferring anything--just tryi=g to understand the status of the LLC valuation to complete the restructur=ng.

I did not speak with Scott. He left me a voicemail. As you know, I alread= told him that you were responsible for valuations which is why I have not=returned his call.

-----Original Message-----
From: Richard Joslin
Sent: Thursday, August 14, 2014 9:25 AM
To: Ada Clapp
Cc: Eileen Alexanderson; Lawrence Delson ); jeffrey =.
Subject: RE: LDB 2011 LLC

To give you an another update - Scott and David were brought up to speed on=Phaidon and since then the plan worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandwith to assign two to=ms to our account. The accounting group is gathering documentation and p=rforming its valuation preliminaries on LDB 2011 LLC assets and the proces= developed has been strongly supported by Empire. Given that I am convers=ng daily with the Empire team and we are exchanging reports, I have a clea= grasp of the status. Your last question seems to infer I am not organize= or on top of this effort. I am not privy to your conversation with Scot= and I would have preferred that you indicate to him that this was my resp=nsibility and ask that he speak to me directly. I will speak to him to=ay.

-----Original Message-----
From: Ada Clapp
Sent: Thursday, August 14, 2014 8:50 AM
To: Richard Joslin
Cc: Eileen Alexanderson; Lawrence Delson
Subject: RE: LDB 2011 LLC

Hi Rich,

Scott left me a voicemail about this. I am not really sure I understand yo=r response to his email. Who is reviewing the engagement letter-Alan? 1= sounded like Scott has moved forward with the valuation despite the lack =f engagement letter. Is that correct?

Thanks.

Ada Clapp
Elysium Management LLC
445 Park Avenue
Suite 1401
New York, New York 10022

This communication and any attachment is for the intended recipient(s) only=and may contain information that is privileged, confidential and/or propri=tary. If you are not the intended recipient, you are hereby notified th=t further dissemination of this communication and its attachments is prohi=ited. Please delete all copies of this communication and its attachment= and notify me immediately that you have received them in error. Thank =ou.

-----Original Message-----
From: Richard Joslin
Sent: Wednesday, August 13, 2014 10:43 AM
To: Nammacher, Scott
Cc: Ada Clapp; Halperin, Alan S
Subject: RE: LDB 2011 LLC

The engagement letter is under review. I have spoke to Alan about the scop= of the valuation and once the BFP LP valuation team is set to focus on LD= 2011LLC we will finalize this. I have asked Alan to join me to follow u= with you regarding our last phone conversation. I will get times from A=an and circle back.

-----Original Message-----
From: Nammacher, Scott [mailto: ]
Sent: Wednesday, August 13, 2014 10:38 AM
To: Richard Joslin
Cc: Ada Clapp; Halperin, Alan S
Subject: RE: LDB 2011 LLC

Richard,

I hope all is well.

We had sent the engagement letter for the LDB work back in May (5/30). Ala= thinks he may have signed his part and sent it over for Leo's signature. =1 just wanted to follow up and get the status of the letter. Let me know=timing on its return so we can be official in moving forward.

Thanks for your assistance.

Best regards,

Scott

Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultan=s, LLC 350 Fifth Ave., Suite 6115 We have moved up to a new su=te! New York, NY 10118-5513

Experience Excellence
www.empireval.com
Bio

-----Original Message-----
From: Richard Joslin [mailto: ]
Sent: Tuesday, June 24, 2014 5:15 PM
To: Nammacher, Scott
Cc: Ada Clapp
Subject: RE: LDB 2011 LLC

I need to go back to Sotheby's and get a better valuation. No issue abo=t willingness.

-----Original Message-----
From: Nammacher, Scott [mailto: ]
Sent: Tuesday, June 24, 2014 4:39 PM
To: Richard Joslin
Cc: Ada Clapp
Subject: RE: LDB 2011 LLC

Richard,

This is really nothing they seem willing to go to audit on to defend, and i= is being used as part of a transaction. Also,
the value is a material pa=t of the likely total value of the LLC. Ada agreed with me, that it makes=sense to get a more
formal valuation.

Are they not willing to do a formal valuation?

Scott


Scott Nammacher - From the Road

Cell:███████████

Empire Valuation Consultants, LLC

From: Richard Joslin
Sent: Tuesday, June 24, 2014 3:45 PM
To: Nammacher, Scott; Thompson, David
Subject: LDB 2011 LLC

Items iii and iv.

-----Original Message-----
From: Melanie Spinella [mailto: ]
Sent: Tuesday, June 24, 2014 3:36 PM
To: Richard Joslin
Subject: FW: Scan from a Xerox Color

Rich - here is the Valuation Agreement

-----Original Message-----
From: Color 560 [mailto:NY_43_XRX_MAILROOM_BW@apollolp.com]
Sent: Tuesday, June 24, 2014 3:19 PM
To: Melanie Spinella
Subject: Scan from a Xerox Color

Please open the attached document. It was scanned and sent to you using a =erox Color.

Number of Images: 2
Attachment File Type: PDF

Device Name: Color 560
Device Location:

For more information on Xerox products and solutions, please visit http://w=w.xerox.com/

This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain =onfidential and/or privileged material. Any review, retransmission, disse=ination or other use of, or taking of any action in reliance upon this inf=rmation by persons or entities other than the intended recipient is prohib=ted. If you have received this email in error please contact the sender a=d delete the material from any computer.

Apollo Global Management, LLC

Pursuant to U.S. Treasury regulations, any federal tax advice contained in =his communication, including attachments and enclosures, is not intended o= written to be used, and may not be used, for the purpose of (i) avoiding =ax-related tax-related penalties matters under the addressed=herein. Internal Revenue Code or (ii) promoting, ma=keting, or recommending to another party any

Pursuant to U.S. Treasury regulations, any federal tax advice contained in =his communication, including attachments and enclosures, is not intended o= written to be used, and may not be used, for the purpose of (i) avoiding =ax-related tax-related penalties matters under addressed=herein. the Internal Revenue Code or (ii) promoting, ma=keting, or recommending to another party any

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