LLC PASI LLC BLACK FAMILY GP LLC BLACK FAMILY PARTNERS, LP ELYSIUM MANAGEMENT LLC LBF HOLDINGS, LLC LDB 2011 LLC LDB 2014 LLC AP NARROWS LP NAR INVESTMENTS LLC NARROWS HOLDINGS II LLC NARROWS HOLDINGS LLC NOEL CALB LLC (PRE- 12/14/15) BV 70TH LLC DONALBANE HOUSE LLC HYDRANGEA ESTATES LLC NY 70TH STREE

NAR INVESTMENTS LLC: TERM SHEET As of February 2, 2015 I. Entity. NAR Investments LLC ("NAR") will be created by Black Family Partners, L.P. ("BFP") to hold its non-