<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, November 3, 2015 4:58 PM</td></tr><tr><td>To:</td><td>Melanie Spinella</td></tr><tr><td>Subject:</td><td>Re: FW: Picasso update</td></tr></table>

i spoke to heather, ild like to know where lar=y sent the money.? maya, advisor daughter? etc.=C2 . looks as if larry told them more money so they renegge= on the deal. it will be a very long process. =AO qataris are not mine, they are museum related. =nd unlikely to fold .

██████████████ On Tue, Nov 3, 2015 at 11:42 AM, Melanie Spinella <████████████████████ <mailto:████████████████████> > wrote:

</=pan>

</=pan>

From: Heather =ray [mailto: <mailto:>]
Sent: Monday, November 02, 2015 3:16 PM
To: Melanie Spinella
Subject: Picasso update

Hi Melanie,<=>

Will you please giv= his email to Leon when he is free?

Thank you,

Heather</=>

Dear Leon,

I am meeting with L=rry Gagosian's lawyer (Matthew Dontzin), Larry Kaye and Mari-Claud=a Jimenez (Larry Kaye's partner at Herrick) at 3:30 pm this aftern=on at Elysium to discuss the Picasso. We will update you after the meeting.

I just received cop=es of the writ of seizure issued by the Paris court against Maya Widmaier-=icasso and the letter Guy Bennett's US lawyer sent to Larry Gagosi=n and Patty Lipshutz. These documents provide more detailed information about the chronology, which I've summari=ed below. (Please let me know if you would like me to send you

copie= of the documents themselves.) Of course, this is Guy Bennett =99s rendering of the facts — we have not yet heard Ms. Picasso =80 s side of the story.

Updated Timeline

October 10, 2014=span style="font-size:12.0pt;line-height:105%">: =C2 Maya Widmaier-Picasso enlists Connery Pissarro Seydoux (CPS) to find a buyer for the Picasso.

November 13, 2014: CPS enters into = sales contract with Pelham Europe Ltd. (Guy Bennett's company) to sell the sculpture to Guy's client (=heik Jassim bin Abdulaziz Al-Thani of Qatar) for 38 million Euros, payable=in three installments as follows:

*=/span> =C2 1.9 million Euros =n December 1, 2014

*=/span> =C2 4.1million Euros =n January 15, 2015, and

*=/span> =C2 32 million Euros o= April 20, 2015

*=/span> =C2

December 1, 2014=span style="font-size:12.0ptline-height:105%">: Pelh=m pays the first installment of the purchase price to Ms. Picasso.

January 15, 2015=span style="font-size:12.0pt;line-height:105%">: =C2• Pelham pays the second installment of the purchase price to Ms. Picasso.

April 10, 2015: =C2 Maya Widmaier-Picasso's =E2 advisor" (I don't know if this is her lawyer or someone else and I don't have this person =99s name) writes a letter to CPS asking that the sale be cancelled due to = "mental disorder" suffered by Maya, and advises CPS that =he will not accept the final payment of the purchase price. Her advisor and CPS agree to put the sale on hold until April 30th =nd then again until May 5th so they can discuss her "me=tal disorder" and how it might affect the sale.

[May 4, 2015: =AO Our contrac= with Gagosian is signed.]

May 5, 2015: =AO Bennett writes a =etter to CPS giving formal notice that his client intends to move forward with the sale and will be paying the fi=al installment of the purchase price and wants to have the sculpture deliv=red to him promptly. (As far as I can tell, Bennett never sends the =inal installment of the purchase price. According to Gagosian's lawyer, Ms. Picasso refunded the first two=installment payments to Bennett.)

May 13, 2015: =AO Bennett initiates court proce=dings in Geneva to force Ms. Picasso to sell the sculpture to his client. In aid of the Swiss=litigation, Bennett's lawyers convince a Paris court to issue a wr=t of seizure prohibiting Maya from removing the sculpture from France or s=lling it to another party while the Swiss court case is pending.

Sometime after May 13, 2015, M=. Picasso sends the sculpture to MoMA in violation of the Paris court =80 s order.

October 19, 2015=span style="font-size:12.0ptline-height:105%">: =C2 Bennett's US lawyer (Eric Hass at Patterson Belknap) sends a letter to Larry Gagosian copying Patty Lipshitz at MoMA and notifying th=m of the writ of seizure and claiming that he is going to try to get a tem=orary restraining order to keep MoMA from releasing the work.

November 4t= or 5th, 2015= There is a contempt hearing in Paris against Ms. Picass=. I should have more information about this hearing and the exact date after the meeting with Gagosian's lawyer.

Heather Gray
Elysium Management, LC
445 Park Avenue, Suite 1401, New York, NY 10022
[Phone number redacted]
[Email redacted]

=C2

This email and any files transmitted with it are confidential and intended =olely for the person or entity to whom they are addressed and may contain =onfidential and/or privileged material. Any review, retransmission, dissem=nation or other use of, or taking of any action in reliance upon this information by persons or entities oth=r than the intended recipient is prohibited. If you have received this ema=l in error please contact the sender and delete the material from any comp=ter. Apollo Global Management, LLC

## please =ote

The information contained in this communication is confiden=ial, may be attorney-client privileged, may constitute inside informati=n, and is intended only for the use of the addressee. It is the propert= of JEE Unauthorized use, disclosure or copying of this communica=ion or any part thereof is strictly prohibited and may be unlawful. If =ou have received this communication in error, please notify us immediat=ly by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail=com> , and destroy this comm=nication and all copies thereof, including all attachments. copyright -=11 rights reserved

## please =ote (cont.)

4