CITY OF JERSEY CITY Office of the Corporation Counsel an Jersey City, New Jersey 07302 ‘Telephone: (201) 547-4667 Fax: (201) 547-6230 Jerramiah Healy, Mayor Bill Matsikoudis, Corporation Counsel April 12, 2011 James Kobak, Jr., Director Mark S. Rodrick, Vice President, Investments, Jersey City Museum UBS Financial Services, Inc. 350 Montgomery Street 89 Laurel Drive P.O. Box 428 Springfield, NJ.-07081 Jersey City, NJ. 07303-0428 Dear Messrs, Kobak & Rodrick: ‘Thank you for taking the time to speak with us on Thursday and I regret that our conversation was not more productive. As you know, the purpose of the call was to explore an alternative arrangement for the disposition of the museum building since the planned sale to United Way has been aborted and foreclosure by Sovereign Bank is imminent. In light of the failure to make even preliminary positive steps toward reaching an alternative accommodation, we are demanding that the museum provide the City with an accurate inventory of all art work that is within the possession of the museum. Per our discussion, we expect this inventory to include the lease agreement with the storage facility in Secaucus. The City of Jersey City will be making arrangements for the temporary storage of this art work. Please confirm that the museum will cooperate with the City in its endeavor to acquire this art work, which is now in jeopardy due to the museum’s precarious financial state. Very truly yours, WILLIAM M CORPORATION CO! WMijt John Kelly, Business Administrator Joanne Monahan, First Assistant Corporation Counsel Kevin Lyons, Mayor's Office Maryanne Kelleher, Cultural Affairs