RE: New Family Investment Entity

Attached is the revised term sheet and action steps for the proposed investment entity. Please let me know if I should send to the broader team or if you prefer to make comments first. Thanks.

Ada Clapp

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, New York 10022

proposed association with phaidon? , audit committes employees, share of rent.? etc

Hi Jeffrey,

To answer your question below, initially, Narrows Holdings association with Phaidon will consist of its ownership of PLB LLC (which will be contributed to Narrows by the APO2 Declaration). We discussed possible joint ventures with Phaidon or investments in various publishing/art related projects as these opportunities arise.

Let's discuss what are you contemplating as audit committees. The term sheet provides for Leon as the Class A Manger to give annual reports to members describing investment and laying out an investment policy. If the Members don't like it, they can hold Leon accountable by mustering up a majority to remove him as the Class A Manager.

I will add your other comments to the action steps. Anything else you want me to add before tomorrow's meeting?

Ada Clapp of Elysium Management LLC. The address is 445 Park Avenue, Suite 1401, New York, New York 10022. Contact information (Direct Dial, Fax, and Email) is redacted.