From: Richard Joslin < Sent: Wednesday, October 8, 2014 10:54 PM To: jeffrey E. Subject: FW: new collateral items on 2014 BAC - Narrows Pledge Agreement Compliance officer his=rionics From: Richard Joslin Sent: Wednesday, October 08, 2014 6:49 PM To: Richard D'Agostino; Ada Clapp; Heather Gray; Eileen Alexanderson= lawrence delson Subject: RE: new collateral items on 2014 MC - Narrows Pledge Agree=ent Leon increased the lin= slightly in April. The art inventory lists were immediately updated=to reflect the updated required collateral. (More collateral w=s required). The financial statements were also updated to reflect the higher amount of debt. It was also stated in the may mock f=re drill estate planning financials. All addressees have full access=to this information You can see the collat=ral/security in the fine art file in the O drive Art folder here: O: \ Art \ A=4 ARTWORK - LISTS \Fine ArtO:\ Art \Art \ ARTWORK - LISTS \ Fine Art — file=called HEATHER GRAY AUG 2014. Column M in the tab when you open file. The documents Ada refe=s to are saved here O: \ Art\ Art \ Financing - BOFA Art Loan \ Docum=ntation. My bad for not naming better; they were saved in a cl=ar folder after the fact as that is when I reed copies.<=span> Not clear why I was om=tted from the email below but it runs contrary to improving communication,=imho. From: Ada Clapp Sent: Wednesday, October 08, 2014 5:09 PM To: Eileen Alexanderson Cc: Idelson; Richard D'Agostino; Heather Gray Subject: RE: new collateral items on 2014 BAC - Narrows Pledge Agree=ent EFTA_R1_01775933 EFTA02592830

Thank you. =/span> Ada Clapp Elysium Management LLC=o:p> This communication =nd any attachment is for the intended recipient(s) only and may contain in=ormation that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further dissemina=ion of this communication and its attachments is prohibited. Please =elete all copies of this communication and its attachments and notify me i=mediately that you have received them in error. Thank you. From: Eileen Alexanderson Sent: Wednesday, October 08, 2014 4:56 PM To: Ada Clapp Cc: Idelson Subject: RE: new collateral items on 2014 MC - Narrows Pledge Agree=ent Every other Monday 2pm= Next week's meeting will be on Tuesday due to the Columbus Day holi=ay. From: Ada Clapp Sent: Wednesday, October 08, 2014 4:30 PM To: Eileen Alexanderson; Lawrence Delson ([email protected] <mailto:Idelson@=elsonintl.com> ) Cc: Heather Gray; Richard D'Agostino Subject: RE: new collateral items on 2014 MC - Narrows Pledge Agree=ent Eileen and Larry,=/o:p> 2 EFTA_R1_01775934 EFTA02592831

Below is a typical exa=ple of how some of us spin our wheels due to a general lack of information=flow in the office. I just happen to learn (because I was in t=e right place at the right time) that the BAC loan agreement, Pledge agreement and Note were amended in April of this ye=r and that the four items Heather has been trying to chase down since Augu=t (noted in her emails below) were in fact added to the collateral list la=t April. Neither of us was even aware of the new draw-down--even though it bears on what we do (and we are=asked questions about the BAC financing and collateral all the time).=/o:p> I wanted to raise this=issue to emphasize the extreme importance of frequent office meetings.&nbs=; There is simply no other way to ensure that we all are privy to essentia= information or transactions that affect our ability to do our jobs effectively. None of us has the time to d=ily scour the O drive for new documents (which in this case were entitled =#8220;Document", "Document 1", "Document 5")=that might alert us to this information and folks don't seem to want=to notify others when they post things. I don't just speak for my=elf in this regard. A few of us would really appreciate a short weekly meeting—where we each just go around the t=ble and discuss the 5 or 6 immediate things we are working on so eve=yone is in the loop as to what is generally happening. We don&=8217;t need to go into the timing of completion or the details of what everyone is doing at this meeting. Rather, those of us that =eed to know details can follow up directly with the individual working on =he transaction—now that we know about it! Can you please let me =now when our next meeting is scheduled? Thank you for your tim=. Ada Clapp Elysium Management LLC=o:p> This communication =nd any attachment is for the intended recipient(s) only and may contain in=ormation that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further 3 EFTA_R1_01775935 EFTA02592832