<table><tr><th>From:</th><th>Sarah K</th></tr><tr><td>Sent:</td><td>Friday, January 13, 2012 1:49 PM</td></tr><tr><td>To:</td><td>Lazaris, Madeline</td></tr><tr><td>Cc:</td><td>Ostrem, Joanna</td></tr><tr><td>Subject:</td><td>Re: Reserve for Mr. Epstein's Painting</td></tr></table>

Thank you Madeline.

Jeffrey is wondering =f we can make the reserve $25, 000?

Thank =ou,

Sarah

On Jan 12, 2012, at =:58 PM, Lazaris, Madeline wrote:

Dear Sarah,

The Old Master =aintings sale is =pproaching and our specialists have suggested a reserve of $30,000 for =r. Epstein's Toque portrait, which is listed on the sale lot advice =ttached here. Should he a2ree to the suggested reserve, I ask that he =indly sign and return the advice to my attention by email or by fax to

Madeline

Visit www.christies.com to explore special =ulti-media sale promotions, browse our illustrated catalogues and leave =bsentee bids through LotFinder(R), Christie's online search engine, and =egister for Internet bidding with Christie's Live(TM).

This =essage and any attachment are confidential. If you are not the intended =ecipient, please telephone or email the sender and delete the message =nd 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.

<EPSTEIN SW464 jan25 OMP sale =ot =dvice.pdf>