EFTA02375278

From: Joe Avantario <JAvantario@elysllc.com> Sent: Thursday, July 28, 2016 6:55 PM To: jeffrey E. Cc: Brad Wechsler; Heather Gray Subject: Art Partnership 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=/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> EFTA_R1_01383026 EFTA02375278