l (Note payable to APO 1 Tr $1.64bi1) Apollo Colnvest VI $42.2 mil (Note payable to LBF $86.6m11) L8F Holdings: Apollo Value Colnvest $7.8 mil Narrows Holdings $1.638bil Investment Partnershios:$26mi (Bal due for OFH Purchase8.3mil) Apollo Investment Corp $ 7m11 SOMA Colnvest $2.8 mil BronzesBooksCollec

t Fund. B. Tangible Personal Property. 1. Certain Works of Art/Collections. Your works of art owned in your individual name (rather than through Narrows Holdings) your collection of first edition books and your collection of canes will be held in a Marital Trust for Debra (described below), or if she predece

ate: Thu, 09 Jan 2014 16:53:56 +0000 Attachments: Memo re Narrowsi.pdf Hi Jeffrey and Rich I reviewed the documents we have in our files regarding Narrows Holdings and put together the attached as background for you and Rich Hope you find it helpful. Best regards, Ada Clapp Black Family Partners New York,

Is understood and agreed that the NAMED INSUREDS are hereby amended to read as follows: Leon Black and Debra Black and/or Pent Holdings, Inc. and/or Narrows Holdings, LLC and/or Black Family 1997 Trust (Debra Black, John Hannan, Anthony Ressler, Barry Cohen, Trustees) and/or Leon D. Black Investment Trust A (Leo

is understood and agreed that the NAMED INSUREDS are hereby amended to read as follows: Leon Black and Debra Black and/or Pent Holdings, Inc. and/or Narrows Holdings, LLC and/or Black Family 1997 Trust (Debra Black, John Hannan, Anthony Ressler, Barry Cohen, Trustees) and/or Leon D. Black Investment Trust A (Leo

is understood and agreed that the NAMED INSUREDS are hereby amended to read as follows: Leon Black and Debra Black and/or Pent Holdings, Inc. and/or Narrows Holdings, LLC and/or Black Family 1997 Trust (Debra Black, John Hannan, Anthony Ressler, Barry Cohen, Trustees) and/or Leon D. Black Investment Trust A (Leo

). The questions you raised dealt with (1) the potential tax effect of the contribution of encumbered works of art to the Partnership by Leon (from Narrows Holdings, LLC, a single member LLC owned by Leon) and (2) what happens to the tax basis of the works of art contributed to the Partnership upon Leon's death

.000 Sources • Transfer 51.003.885.030 of art to sandy. n part. debt of SI.438 bilion owng to (emery. truslanStos pnduding riterests in AP Narrows. Narrows Holdings US. Narrows Holdings II LLC and Pont Noldngs Inc.)' • Sell $431.277.000 worth of art and datnbute proceeds to busts lo minty. in part debt 51.438 b

l (Note payable to APO 1 Tr $1.64bi1) Apollo Colnvest VI $42.2 mil (Note payable to LBF $86.6m11) L8F Holdings: Apollo Value Colnvest $7.8 mil Narrows Holdings $1.638bil Investment Partnershios:$26mi (Bal due for OFH Purchase8.3mil) Apollo Investment Corp $ 7m11 SOMA Colnvest $2.8 mil BronzesBooksCollec

Signature Page to AP Warm., LP Agreement IA*:-USI:9754$08v4Doc.: USI:9754808v8 EFTA00587568 Schedule A as of PARTNERS Class A General Partner: Narrows Holdings LLC Class B General Partner: Leon D. Black Limited Partners: Leon D. Black Narrows Holdings LLC ADDRESS do Elysium Management LLC 445 Park A

n D. Black 36 Signature Page to AP Narrows LP Agreement Doc/4: USI:9754808v8 EFTA00587528 Schedule A as of PARTNERS Class A General Partner: Narrows Holdings LLC Class B General Partner: Leon D. Black Limited Partners: Leon D. Black Narrows Holdings LLC ADDRESS do Elysium Management LLC 445 Park Av

Total Net worth Page 1 of 1 EFTA02678710 Net Worth Statement - Leon D. Black Art Entities & Tangible Personal Property - Detail' Art Entities Narrows Holdings, LLC Fine Al Narrows Holdings, II, LLC Fine Ad Pent Holdings, Inc. Fine Al Total Art Entities Collectibles Rare Books Walking Sticks/Canes

is understood and agreed that the NAMED INSUREDS are hereby amended to read as follows: Leon Black and Debra Black and/or Pent Holdings, Inc. and/or Narrows Holdings, LLC and/or Black Family 1997 Trust (Debra Black, John Hannan, Anthony Ressler, Barry Cohen, Trustees) and/or Leon D. Black Investment Trust A (Leo

with those entities having the right to assign the work to any of Leon, De=ra, the kids or trusts for any of their benefit. I think we should have Narrows Holdings make the fir=t payment, with the understanding that if AP Narrows is up and running bef=re the next installment payment (on June 30, 2015) and Leon

onday, September 8, 2014 7:25 PM To: jeffrey E. Subject: RE: New Family Investment Entity Hi Jeffrey, To answer your question below, initially, Narrows Holdings association with Phaidon will consist of its ownership of PLB LLC (which will be contributed to Narrows by the APO2 Declaration). We discussed possi