<table><tr><th>From:</th><th>Heather Gray</th></tr><tr><td>Sent:</td><td>Wednesday, September 17, 2014 6:30 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: total value of works being consigned to Sotheby's</td></tr></table>

Yes. Leon was originally thinking about consigning an additional 6 works of art to Sotheby's (one of which had auction estimates of $3.5 million - 5 million, another of which had estimates of $800,000 — 1.2 million), but this morning Melanie told us that he was only consigning the smaller group of 7, mostly less valuable, works.

From: jeffrey E. [mailto:jeevacation@gmail.comj Sent: Wednesday, September 17, 2014 2:27 PM To: Heather Gray Subject: Re: total value of works being consigned to Sotheby's

Is that all

On Wednesday, September 17, 2014, Heather Gray la > wrote:

Jeffrey and Rich,

Please note that the aggregate auction estimates for the group of seven works that Leon has decided to sell through Sotheby's are $2,405,000 - 3,565,000.

In terms of timing, six of the works will be sold in November 2014 and the seventh (the Severini, estimates GBP 400,000- 600,000/approx. USD $680,000 - 1,020,000) will be sold in February 2015.

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, New York 10022

Direct Dial: 
Fax: 
Email:

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved