eement") is made and entered into as of , 2014 by and between Black Family Partners, L.P., a Delaware limited partnership (the "Contributor"), and NAR Investments LLC, a Delaware limited liability company (the "Company"). RECITALS WHEREAS, the Contributor owns the property as set forth in Schedule A (the "Proper

, When we last spoke you indicated that we should move forward with having Black Family Partners transfer certain non- Apollo related investments to NAR Investments LLC. I want to be sure you approve of the LLC Agreement Paul Weiss prepared for NAR before I send it to Leon for signature. Attached is the proposed agr

_Agreement_(2.2.pdf; AP_Narrows_LP_Agreement_(3) (2.2.15_Execution_Copy).doc Jeffrey, Attached are the governing instruments for AP Narrows LP and NAR Investments LLC, together with summary term sheets. There are no substantive changes from the last drafts sent to you. I am getting ready to send the documents to

s B GP interest in AP Narrows LP from Leon to APO- B Trust II. Art use Agreement with AP Narrows LP 12. BFP Resolution to contribute investments to NAR Investments LLC and to distribute interests in NAR to BFP's partners 13. Contribution Agreement - BFP to contribute investments to NAR Investments LLC 14. Assignme

1 LLC to APO1 (this asset will not be contributed to the new Narrows); • Contribution Agreement transferring the non•=pollo related investments to NAR Investments LLC. Assignment distributing interests in NAR Inv=stments LLC pro rata to BFP partners (including the GRATs); Contribution Agreements whereby the trust