Please let me know if =ou have any questions. Thanks, Heather From: Heather Gray Sent: Tuesday, August 19, 2014 1:59 PM To: Eileen Alexanderson ([email protected] <mailto:[email protected]=> ) Cc: Ada Clapp (AClapp@elysllc.=om <mailto:[email protected]> ) Subject: new collateral items on 2014 BAC - Narrows Pledge Agreement= Eileen, As we mentioned in the meeting this morning, there a=e four works of art listed as collateral on the 2014 Amendment to Amended =nd Restated Pledge Agreement between Narrows Holdings LLC and Bank of Amer=ca that were not listed as collateral on the 2013 amendment to the pledge agreeme=t (or on the 2012 amendment). The works are not new acquisitions, so=l am not sure why they were not on last year's collateral list but a=e on the collateral list we just received from the bank. The four works are: 1. Henri Matisse Marocaine en jaune, 1912 Oil on canvas 32 x 25 in. Location: New York, New York Value per 2013=Sotheby's appraisal: $20 million 2. Pablo Picasso Buste de femme, 1907 Oil on canvas 28 % x 23 % in. Location: New York, New York Value per 2013 Sotheby's appraisal: $18 million 5 EFTA_R1_01775937 EFTA02592834

3. Edouard Manet Portrait de Berthe Morisot, 1874 Oil on canvas 24 x 19 5/8 in. Location: New York, New York Value per 2013 Sotheby's appraisal: $15 million 4. Giorgio de Chirico The Surprise, 1913 Oil on canvas 511/4 x 16% in. Location: New York, New York Value per 2013 Sotheby's appraisal: $8 million Please let me know if you have any questions, or if =here is anything else you would like me to do at this time. Best, Heather Heather Gray Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: 646-589-0315 Fax: 646-589.0330 Email: [email protected] <mailto:[email protected]> 6 EFTA_R1_01775938 EFTA02592835