<table><tr><th>From:</th><th>Heather Gray</th></tr><tr><td>Sent:</td><td>Monday, June 22, 2015 6:54 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>Picasso - second payment</td></tr></table>

Dear Jeffrey,

The second payment on the Picasso Buste de Femme =Marie Therese) in the amount of $34.5 million is due to Gagosian Gallery on Tuesday, J=ne 30th.

I recommend that we handle this payment the same way=we did the first payment — that is, have Leon draw the entire $34.5 =illion from the Bank of America line, transfer the funds to Narrows Holdin=s LLC, and then have Narrows make the payment to Gagosian.

Okay with you?

Thanks,

Heather

| Field | Value |
|---|---|
| Name | Heather Gray |
| Company | Elysium Management LLC |
| Address | 445 Park Avenue |
| Suite | 1401 |
| City / State / ZIP | New York, New York 10022 |
| Direct Dial | [redacted — black bar] |
| Fax | [redacted — black bar] |
| Email | [redacted — black bar] |