<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Wednesday, February 15, 2017 8:59 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Giacometti update</td></tr></table>

| Field | Extracted text / observation |
|---|---|
| Surrounding text | Begin forwarded message: |
| Name line | Richard =ahn |
| Company | HBRK Associates Inc. |
| Main content | Large blacked-out / redacted rectangle occupying most of the image |

Begin forwarded message:

From: =/b>Heather Gray|

Subject: =/b>Giacometti =pdate

Date: =/b>February 15, 2017 at 3:57:49 PM =ST

To: =/b>Richard Kah

Hi Rich,

I just =poke with Ealan Wingate at Gagosian. He said that the potential buyer =f the Giacometti is now satisfied with the condition of the work and is =repared to move forward with the purchase. The buyer is LGT Group (the =amily office of the royal family of Lichtenstein) and they apparently =ave a bunch of internal steps they have to take/procedures they have to =ollow in order to make an investment. Ealan likened it to museum =cquisitions and the internal procedures museums have to follow.

The upshot of all of this is that while Ealan =eels confident that the sale will go through, it will be some period of =ime before the buyer will be ready to be officially invoiced and pay. =alan said he thought it would be days and not weeks and that he would =et me know as soon as there was any movement. I just emailed Leon this =ame info in case he speaks with Jeffrey.

I =on't have any info on the Braque. Leon said last week that a deal was =close," but I don't know who is selling it or who the potential buyer =s. I assume Leon is communicating directly with Jeffrey about it.

I'm out of the office until Tuesday (I just =anded in Jackson Hole - yay!!), but you can reach me by email and on my =ell (646-315-5756) and I'll keep you posted if there are any updates. =br class="">

Best,
Heather

Sent from my =Phone