<table><tr><th>From:</th><th>Heather Gray &lt; r </th></tr><tr><td>Sent:</td><td>Monday, May 11, 2015 2:22 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Brad Wechsler</td></tr><tr><td>Subject:</td><td>buyer of Picasso - question</td></tr></table>

Hi Jeffrey,

We're going to need to pay the first installme=t of $23 million on the Picasso this Thursday, May 14th. =s you know, the contract is structured with the buyer as either Narrows Ho=dings LLC or AP Narrows LP (the new art partnership), with those entities having the right to assign the work to any of Leon, De=ra, the kids or trusts for any of their benefit.

I think we should have Narrows Holdings make the fir=t payment, with the understanding that if AP Narrows is up and running bef=re the next installment payment (on June 30, 2015) and Leon wants the Pica=so in AP Narrows, we can assign the contract to AP Narrows at that time and have it repay Narrows the $23 mill=on.

Do you agree that Narrows Holdings should make the f=rst installment payment?

Thanks,

Heather

Heather Gray

Elysium Management LLC