<table><tr><th>From:</th><th>Heather Gray &lt;a</th></tr><tr><td>Sent:</td><td>Wednesday, April 29, 2015 10:58 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Picasso - Gagosian comments</td></tr></table>

Thanks

From: jeffrey E. [mailto:jeevacation@gmail.com] Sent: Wednesday, April 29, 2015 6:54 PM To: Heather Gray Subject: Re: Picasso - Gagosian comments

well done

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

Hi Jeffrey,

I've received comments from Gagoisan's lawyer on the Picasso agreement. Attached is a redline showing the changes Gagosian wants (called "RevisedMarked"). Also attached is a memo describing my recommendations as to which modifications we should make to the agreement, and a revised draft of the agreement incorporating my recommended changes. Brad is giving Leon a copy of the memo and revised draft tonight.

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

| Field | Value |
|---|---|
| City / ZIP | New York, New York 10022 |
| Direct Dial | [redacted — black bar] |
| Fax | [redacted — black bar] |
| Email | [redacted — black bar]

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