<table><tr><th>From:</th><th>Joe Avantario</th></tr><tr><td>Sent:</td><td>Monday, December 7, 2015 9:33 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Cc:</td><td>Brad Wechsler</td></tr><tr><td>Subject:</td><td>2016 sales and use tax projection of 14MM</td></tr></table>

Jeffrey,

• = Approximately $10MM of the=sales and use tax projected for 2016 is related to the Picasso and will be=paid to Gagosian Gallery

• = The remaining amount of $4=M is related to various works and is payable to NYS

Joseph Avantario

Elysium Management, LLC
445 Park Avenue Suite 1401, New York, NY 10022 Tel Cell
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