<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:
To:</td><td>Wednesday, April 5, 2017 9:48 PM
jeffrey E.</td></tr><tr><td>Subject:</td><td>strange update on giacometti</td></tr></table>

i spoke with heather regarding 14,500,000 euro bid received =hich is approximately $15,464,250 USD. heather initially said bid =as interesting and that depending on jee time value of money factor he =ay want to consider taking it yet her preference was to hear from both =uction houses tomorrow. i questioned heather as i was concerned =hat bid was deemed interesting when we paid 25,000,000. heather =nformed me that leon 100% believed that larry gagosian had a buyer at =8,000,000 net and that we would close the second week of December. =nbsp;it appears market has changed or is different from october 2016 as =t is now 4 months later and we have no buyers...heather thinks we =hould wait to hear from auction houses and depending on their =uarantees maybe we can negotiate 14,500,000 bid higher. heather =ays that leon strongly believes auction houses are way to low on their =anges. regardless we are still looking at a substantial loss on =ale...

Richard =ahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022