<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, April 29, 2015 10:54 PM</td></tr><tr><td>To:</td><td>Heather Gray</td></tr><tr><td>Subject:</td><td>Re: Picasso - Gagosian comments</td></tr></table>

well done

On Wed, Apr 29, 2015 at 6:48 PM, Heather Gray mailtca > wrote:

Hi Jeffrey,

I've received comments from Gagoisan =99s lawyer on the Picasso agreement. Attached is a redline showing t=e changes Gagosian wants (called "RevisedMarked"). A=so attached is a memo describing my recommendations as to which modificati=ns we should make to the agreement, and a revised draft of the agreement inco=porating my recommended changes. Brad is giving Leon a copy of the m=mo and revised draft tonight.

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, New York 10022

New York, New York 10022

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## please =ote

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