<table><tr><th>From:</th><th>Heather Gray</th></tr><tr><td>Sent:
To:</td><td>Thursday, May 7, 2015 425 PM
Melanie Spinella |</td></tr><tr><td>Cc:</td><td>Jeffrey Epstein (jeevacation@gmail.com); Brad Wechsler</td></tr><tr><td>Subject:</td><td>time sensitive question on Calder 1031 exchange</td></tr></table>

Dear Melanie,

Will you please pass this message along to Leon?&nbs=;

Thank you!

Heather

Dear Leon,

I would like to briefly call to your attention a que=tion on the 1031exchange of the Calder.

We need to choose an exchange agent to be the middle=an on the exchange. We can either use an art dealer as exchange agen= or a non-art exchange agent such as one of the companies set up to do rea= estate 1031 exchanges (for example, Chicago Deferred Exchange Company).

The advantage of using an art dealer is that you can=reduce or possibly eliminate the sales tax you have to pay on the art that=you buy as part of the exchange, by taking advantage of the trade-in credi= available to art dealers. The disadvantage is that you have to tell the dealer the terms of your deal with Christie&11=217;s and of the new art purchased in the exchange. Brad and I discu=sed this issue and he feels, on balance, that the financial risk/reward ma=es it worth using an art dealer as exchange agent.

In order to use an art dealer, you need to choose a =eater in New York and ask them to act as exchange agent. It could be=Pace or a dealer like Bob Mnuchin or David Zwirner. It cannot =e a dealer with whom you have done business in the past two years, so it cannot be Gagosian, Acquavella, Matthew Marks or Sub=ime.

A dealer is most likely to agree to act as your e=change agent if you call them yourself.

We need to have the paperwork in place before the sa=e on Monday night, so ideally the dealer would be selected today. Ar= dealers usually receive a fee for acting as exchange agent. I have =een fees ranging from $20,000 - $50,000.

Questions:

1. &=bsp; Which art dealer would you like to use as your exch=nge agent?

2. &=bsp; How much will you be paying the dealer as a fee?

Please let me know once you have spoken with the dea=er you select, and I will follow up with the dealer with all of the detail= and paperwork to put the exchange in place.

Please let me know if you have any questions. = am in the office at

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, New York 10022