From: Richard Joslin -4

From: Richard Joslin -4 To: lawrence delson CC: jeffrey E. <jeevacation®gmail.com> Subject: Fwd: Art Investment Entity Date: Tue, 11 Nov 2014 14:07:25 +0000 LD: I hope you are feeling better. VWe had discussed a bi-weekly FO team meeting. We are due for one this week. Can you facilitate arranging this please? I think Thursday works best for you. I should be in early afternoon if you wish to schedule today. With regard to the below: I'd like to get ahead of the planning here. I have been focussing on reports to get trustees signed off, eg historical performance reports and not NAR LLC funding. The cash flow reports for 2015 can be drawn upon to determine liquidity for NAR LLC to pay salaries etc as well as to help in the selection of non-art to be contributed to NAR LLC. An art acquisition budget is entirely separate model. Begin forwarded message: From: Richard Joslin < Date: November 10, 2014 at 5:52:24 PM EST To: Eileen Alexanderson Cc: Richard Subject: FW: Art Investment Entity Let's discuss this art partnership funding analysis when you have a second so I am on same page. Thanks From: Richard Sent: Monday, November 10, 2014 5:48 PM To: Richard Joslin Subject: FW: Art Investment Entity I will prepare tomorrow and include you From: Ada Clapp Sent: Monday, November 10, 2014 4:49 PM To: Richard Cc: Eileen Alexanderson; Lawrence Delson Subject: Art Investment Entity Hi Rich, In connection with the art investment entity, do you have a list of the non-Apollo related investments held in BFP (with approximate values) that will be transferred to NAR Investments that you can share? Sorry to ask but I do not have access to this information on the public drive. Also, I believe a few of these investments may have outstanding capital commitments. If so, we will need to focus on those in connection with projected cash needs for the art investment EFTA01000602 entity. I understand that you and Rich J. are preparing this cash flow projection in response to the Trustee's request regarding anticipated capital calls. Would you please share this as well when it is ready? Thanks in advance. Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Email: This communication and any attachment is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. Thank you. EFTA01000603