<table><tr><th>From:</th><th>Heather Gray</th></tr><tr><td>Sent:</td><td>Monday, May 11, 2015 2:43 PM</td></tr><tr><td>To:</td><td>Melanie Spinella</td></tr><tr><td>Cc:</td><td>Brad Wechsler; Jeffrey Epstein (jeevacation@gmail.com)</td></tr><tr><td>Subject:</td><td>1st payment on Picasso - question for Leon</td></tr></table>

Hi Melanie,

Hope you had a nice weekend. We have a Monday =orning question for Leon below.

Thanks,

Heather

Leon,

We need to make the first installment payment of $23=million on the Picasso this Thursday, May 14th. We and le=frey recommend that the first installment payment be made by Narrows Holdi=gs LLC.

We suggest drawing 50% of the payment from the Bank =f America loan and 50% from your personal funds (both amounts will be tran=ferred from you to Narrows and then Narrows to Gagosian). Do you agr=e with this?

Brad and I are both in the office and happy to discu=s.

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401