EFTA01001577.txt

"From: Jeffrey E. Sent: Monday, November 24, 2014 12:06 PM To: Brad Wechsler"

"Jeffrey-as currently contemplated how will decisions abt art acquisition, disposition, contributing, lending, etc be made....and documented?"

"alan and I have agreed 90 percent of new structure admin and mechanics"

"leon as gp woudl make all"

"Leon's initial contribution to the new entity (let's call it Narrows III... will consist of only non-collateralized art"

"replace the guaranty and pledge of the art by Narrows I with his personal guaranty"