payments. Black. Brad Wechsler Officers: President: Leon D. Black Vice President: Debra R. Black Secretary and Treasurer: Eileen Alexanderson Friends Ventures LLC Members: Leon D. Black and Ronald S. Lauder Members: Leon D. Black and Eileen Alexanderson Members, acting unanimously, manage the compan

e art investment yet Friends LLC is accrual basis? 2) insurance expense should be added to basis each year not expensed as amount is not deductible Friends Ventures Lit 1) why is accounting method accrual basis? what were accrued expenses at end of 2014 that were paid in 2015 2 schedule B-1- remove . from Leon

o reflect LDB comments Attachments: 49362141v11_HF_ - Friends Ventures Draft LLC Agreement.doc; Blackline 8.13.14 to 9.8.14.pdf; 9.8.14 Summary of Friends Ventures LLC Agreement.pdf Jeffrey, When I met with Leon, he wanted to have the following subs=antive changes made to the Schwitters agreement: •&nbs=; Le

pstein ([email protected]) Cc: Eileen Alexanderson; Ada Clapp Subject: Schwitters agreement and summary Attachments: Operating Agreement of Friends Ventures LLC 8.13.14 draft.pdt Summary of Friends Ventures LLC Agreement.pdf Jeffrey, Attached is a draft of the proposed LLC agreement wi=h Ronald Lauder

e art investment yet Friends LLC is accrual basis? 2) insurance expense should be added to basis each year not expensed as amount is not deductible Friends Ventures Lit 1) why is accounting method accrual basis? what were accrued expenses at end of 2014 that were paid in 2015 2 schedule B-1- remove . from Leon