From: Richard Joslin •: ,
Sent: Thursday, October 1, 2015 5:38 PM
To: Jeffrey E.
Subject: use tax

Below is sales tax pay=ble date/ amount for Picasso (see email )

Use tax payable @ 9/30=15 - 2015 acquisitions

LDB= 1.55 million

Nar=ows $2.5 million

Use tax paid 4/15 $1.9=million (with extension)

From: Heather Gray
Sent: Wednesday, May 13, 2015 4:27 PM
To: Richard Joslin <josing@elysian.com>; Richard D'Agostino & <REDACTED>; Samantha Proietto <REDACTED>
Cc: Brad Wechsler <BWechsler@elysllc.com>
Subject: Picasso - payment schedule

Accounting Team,

The purchase price for the Picasso Buste de femme.(Marie-Therese) is $115 million, plus $10,206,250 in NY sales tax. The payment sc=edule is as follows:

## 1. $23 million paid on May 12, 2015

## 1. $23 million paid on May 12, 2015 (cont.)

2. $34.5 million due on June 30, 2015

3. $28.75 million due on October 1, 2015

4. New York State & City sales tax of $10,206,250 =ue in February 2016 upon transfer of title to and possession of the Work t= Leon

5. $28.75 million due on April 15, 2016

I'll remind you about each of the upcoming pay=ents two weeks before the payment is due.

I know that you are all very careful about confident=ality, but Leon has emphasized to me several times how very confidential t=is purchase is, so I just want to remind you again to please not discuss t=is work or the details of the purchase with anyone outside of Elysium.

Please let me know if you have any questions. =o:p>

Best,

Heather

Heather Gray is affiliated with Elysium Management LLC, located at 445 Park Avenue, Suite 1401, New York, NY 10022. Contact information, including direct dial, fax, and email, has been redacted.