<table><tr><th>From:</th><th>Heather Gray &lt;MIMI</th></tr><tr><td>Sent:</td><td>Wednesday, December 9, 2015 10:34 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: FW: Narrow Holdings Payments -JOINT DEFENSE COMMON INTEREST PRIVILEGE</td></tr></table>

Thanks, that's what I thought. I'll go back to him for more.

Invoice is coming tomorrow (Larry's lawyer is going to give it to me along with the motion they plan to file).

From: jeffrey E. [mailto:jeevacation@gmail.comj Sent: Wednesday, <u>December 09 2015 5:32</u> PM To: Heather Gray Subject: Re: FW: Narrow Holdings Payments -JOINT DEFENSE COMMON INTEREST PRIVILEGE

wires larry can redact his own account info. i want to see where the money went with specificity what was the account name. ? what type and the invoice we now heard about

On Wed, Dec 9, 2015 at 6:11 PM, Heather Gray > wrote: Jeffrey,

Just received this from Larry Gagosian's attorney. He has provided the chart below showing the movement of the funds, but we still don't have actual bank wire info for payments from Gagosian to Picasso — I assume you still want to see actual wires?

Best,

Heather

From: Matthew Dontzin Sent: Wednesday, December 09, 2015 5:04 PM To: Heather Gray Subject: FW: Narrow Holdings Payments -JOINT DEFENSE COMMON INTEREST PRIVILEGE

I actually thought I sent this to you previously but no matter and apologies if I didn't. Larry of course wanted me to continue to be totally transparent with Leon and his team.

Here is a record of payments received and transmitted by GG.

Date: 5/12/15
Amount: $23 M
Sender: Narrow Holdings ("Narrow")
Recipient: GG

Date: 5/19/15
Amount: $21.16 M
Sender: GG
Recipient: Maya

Date: 6/29/15
Amount: $34.5 M
Sender: Narrow
Recipient: GG

Date: 7/1/15
Amount: $31.74M (split into 2 wires of $20 M and $11.74 M)
Sender: GG
Recipient: Maya

10/1/15
$28.75 M
Narrow
GG
10/2/15
$25 M
GG
Maya

Total paid by Narrow: $86.25 M
Total paid by GG: $77.9 M

As the chart and attachments reflect here is the narrative:

Larry transferred funds to Maya more or less as Leon made payments on the sculpture. Specifically:

• On May 12, 2015, Narrow Holdings LLC made a payment of $23 million to Gagosian Gallery Inc. A week later, on May 19, 2015, Gagosian Gallery Inc. made a payment of $21.16 million to an account held by Maya Widmaier at Banque Leonardo.

- On June 29, 2015, Narrow Holdings LLC made a payment of $34.5 million to Gagosian Gallery Inc. On July 1, 2015, Gagosian Gallery Inc. made a payment of $20 million to an account held by Maya Widmaier at Banque Leonardo. On the same day Gagosian Gallery Inc. made a second payment of $11.74 million to an account held by Maya Widmaier at Banque Leonardo.

• On October 1, 2015, Narrow Holdings LLC made a payment of $28.75 million to Gagosian Gallery Inc. The next day, on October 2, 2015, Gagosian Gallery Inc. made a payment of $25 million to an account held by Maya

Widmaier at Banque Leonardo. On the same day Gagosian Gallery Inc. made a second payment of $1.45 million to an account held by Maya Widmaier at Banque Leonardo.

Thanks for taking my call today.

Best Regards

Matthew

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