<table><tr><th>From:</th><th>Heather Gray</th></tr><tr><td>Sent:</td><td>Tuesday, April 28, 2015 3:37 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein (jeevacation@gmail.com)</td></tr><tr><td>Subject:</td><td>Picasso - collateral</td></tr></table>

Hi Jeffrey,

I asked if Leon will be using the Picasso as collate=al and he said "not right now."

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

- Address: Suite 1401, New York, New York 10022
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