<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Monday, March 20, 2017 5:51 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Braque I Update</td></tr></table>

christies is currently at 4.5mm guarantee and is proposing a =0/30 split as compared to 80/20 we proposed up to 7mm sotheby's is at 3.5mm guarantee and is proposing the same =0/30 split

heather thinks chrisities deal is better and would in best =ase only be able to get sotheby's up to 4mm guarantee she is comfortable moving forward with christies

shall i counter =hristies 70/30 with 75/25 or accept as is as christies would like to =inalize this today please advise thank you

Richard =ahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022

Begin forwarded message:

From: =/█>"███████████" <█████████████████████>

Subject: =/█>Re: Braque | =pdate

Date: =/█>March 20, 2017 at 12:34:12 PM =DT

To: =/█>Richard Kahn <███████████████████████████>

Dear Richard,

We have $4.5m net to you with 70/30 split from $6m. =nbsp;Please confirm and we will send paperwork asap.

Best,
Sharon

On Mar 20, 2017, at 9:59 AM, Richard Kahn < > wrote:

i am free all day
please call me
thank you

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel
fax
cell

On Mar 17, 2017, at 5:14 PM, > =rote:

Dear Richard,

Thank you =or your email. If you have a moment can you call me on my cell =

Best wishes,

From: =ichard Kahn [mailto:
Sent: Friday, March 17, 2017 4:45 <u>PM</u>
To:
Subject: Re: Braque | Update

The $4.5 million is acceptable =or the guarantee if the overage is divided as follows:

80/20 up to 7 million and then =0/30 above 7 million

Please let me know if =cceptable

Thank you

=

Richard=Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel
fax
cell

On Mar 16, 2017, at 10:38 PM, =im, Sharon <mailto:  > wrote:

Dear Richard,

Thank you for your call =oday. We are in the process of securing a guarantee for =effrey's Braque. We greatly appreciate your exclusivity =nd are close to securing your guarantee, however at $4.5m.

Regarding clarity of timeline, we =o to press with our May 15th Evening Sale catalogue April 7. We =ave already started our scholarly note with comparative images for a =ix page spread in our catalogue.

We are pushing to expedite the =erms and contract as we do not want to delay this further. In =rder to secure best financials for you we do require laser focus and =ime but I have noted your expiration to deliver before opening to the competition. I hope to update you tomorrow but ask that we have a =ew more days to finalize.

Please do not hesitate to contact =e with any questions and speak tomorrow.

With best wishes,

███████

██████████ | International =irector | Impressionist & =odern Art

CHRISTIE'S | 20 Rockefeller =laza | New York, NY =0020

tel ███████████ | fax ███████████ | e-mail ███████████████

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - =

Visit www.christies.com <http://www.christies.com/> to explore special multi-media sale =romotions, browse our illustrated catalogues and leave absentee bids =hrough LotFinder(R), Christie's online search engine, and register for Internet bidding with Christie's Live(TM).

This message and any attachment are confidential. If you are not the =ntended recipient, please telephone or email the sender and delete the =essage and any attachment from your system. If you are not the intended =ecipient you must not copy this message or attachment or disclose the contents to any other person.

Visit www.christies.com <http://www.christies.com/> to explore special multi-media sale =romotions, browse our illustrated catalogues and leave absentee bids =hrough lotFinder(R), Christie's online search engine, and register for Internet bidding with Christie's Live(TM).

This message and any attachment are confidential. If you are not the =ntended recipient, please telephone or email the sender and delete the =essage and any attachment from your system. If you are not the intended =ecipient you must not copy this message or attachment or disclose the contents to any other person.

Visit www.christies.com <http://www.christies.com/> to explore special multi-media sale =romotions, browse our illustrated catalogues and leave absentee bids =hrough LotFinder(R), Christie's online search engine, and register for =nternet bidding with Christie's live(TM).

4

This message and any attachment are confidential. If you are not the =ntended recipient, please telephone or email the sender and delete the =essage and any attachment from your system. If you are not the intended =ecipient you must not copy this message or attachment or disclose the =ontents to any other person.