<table><tr><th>From:</th><th>Heather Gray</th></tr><tr><td>Sent:</td><td>Friday, May 8, 2015 5:50 PM</td></tr><tr><td>To:</td><td>Melanie Spinella</td></tr><tr><td>Cc:</td><td>Brad Wechsler; le rey Epstein Oeevacation@gmail.com)</td></tr><tr><td>Subject:</td><td>Calder 1031</td></tr></table>

Hi Melanie,

Will you please print this and give it to Leon?

Thanks!

Heather

Hi Leon,

Have you spoken with the dealer that you would like =o use for the Calder exchange? Just as a reminder, it needs to be so=eone you haven't worked with in the last two years, so it could be P=ce or Mnuchin Gallery or Zwirner & Wirth (as examples), but it cannot be Gagosian, Acquavella, Matthew Marks or Sublime=

I'm going to go ahead and have our outside 103= counsel draft the exchange documents for the Calder. Please let me =now once you have spoken with the dealer, so I can get the exchange paperw=rk out to him/her.

As a reminder, you and the dealer will need to sign =he paperwork before the Christie's auction on Monday night in order =or the exchange to work.

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

Best,

Heather

Heather Gray

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