From: Ada Clapp Sent: Wednesday, September 3, 2014 10:10 PM To: jeffrey E. Subject: New Family Investment Entity Attachments: BLACK Art Entity Action Steps (9.3.14).docx; Art Entity Term Sheet (9.3.14).docx Hi Jeffrey, Attached is the revised term sheet and

: jeffrey E. <[email protected]> Sent: Thursday, September 4, 2014 7:22 PM To: Ada Clapp; Eileen Alexanderson; Richard Joslin Subject: Re: New Family Investment Entity proposed association with phaidon? , audit committes =employees, share of rent.? etc On Wed, Sep 3, 2014 at 6:09 PM, Ada=Clapp < > wrote: Hi Jeff

From: Ada Clapp < Sent: Monday, 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 wi