time sensitive questions for Leon

Good morning, Melanie,

Charlie Moffett just told me that if Leon wants to sell any works in Sotheby's Impressionist & Modern Art Day Sale in November, we would need to let him know by close of business tomorrow.

Here are the details:

Impressionist & Modern Art Day Sale November 5. 2014 Pierre Bonnard Marthe sur un divan Circa 1900 Oil on cardboard 17 1/8 x 16 1/8 inches Sotheby's estimate: $300,000 -400,000 Leon's tax cost: $300,000 (per Rich Joslin, for each work)

Max Beckmann Taubstumme 1921 Pencil on paper laid down on paper 104 by 7 3/8 inches Sotheby's estimate: $50,000 -70,000 Leon's tax cost: $84,435

Juan Gris Nature morte a Jo cafetiere 1917 Pencil and charcoal on paper 18 7/8 by 12 5/8 inches Sotheby's estimate: $300,000 -500,000 Leon's tax cost: $123,891

In Charlie's July 25th email to you, he offered 106% for the full group (the three works above, plus all of the works listed below). If Leon decides to sell less than the whole group, this number may come down.

Question for Leon:

Does he want to sell (1) the Bonnard, (2) the Beckmann and/or (3) the Gris in Sotheby's Impressionist & Modern Art Day Sale in November with the estimates set forth above? (Sotheby's needs an answer by end of day tomorrow.)

Here are the rest of the works potentially for sale with Sotheby's estimates. We can wait until next week to make a decision on these.

Contemporary Art EveningSale New York November 11 2014 Isamu Noguchi

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Personnage III, 1984 Basalt with granite base Sotheby's estimates: $800,000 -1,200,000 Leon's tax cost: $2,147,500

Contemporary Art Day Sale New York November 12 2014 Joseph Cornell

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Sotheby's estimates: $175,000 - 225,000 Leon's tax cost: $435,500

Joseph Cornell Untitled (Bird Box), 1958 Sotheby's estimates: $150,000 - 200,000 Leon's tax cost: $435,500

American Art, New York, November 20, 2014 Milton Avery Early Spring Sotheby's estimates: $500,000 - 700,000 (pending inspection — they have not previously seen this work) Leon's tax cost: $125,000

Contemporary Art London February 2015 Gino Severini L'Autobus Estimates: GBP 400,000 - GBP 600,000 ($680,000 - $1,020,000) Leon's cost basis: $1,418,229

Sale date/venue to be determined (because we missed the deadline for the November 19th Century European Works of Art sale) James Tissot La Soeur Ainee Watercolor and gouache on paper Sotheby's estimates: $80,000 - 120,000 Leon's cost basis: $125,000

Sotheby's has not yet provided estimates or sale venue information for Lucio Fontana Concetto Spaziale Sotheby's estimates: TBD Leon's tax cost: $1,284,948 This would either be offered in November in New York or in February in London. *This work is owned by APO2.

Old Master Paintings Old Master Drawings London December 2014 Frans Hals Portrait of a Man Holding a Book Sotheby's estimates: $3,500,000 - 5,000,000 Leon's tax cost: $5,263,016

Claude Lorrain

2 works on paper:

• View of Civitavecchia with a Draughtsman and Figures

• View of Santa Marinella with Riders on Horseback

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Sotheby's estimates: $800,000 - 1,200,000 (for the pair); they would be offered as two separate lots, $400,000 - 600,000 each.

Leon's tax cost: $2,443,856

Pierre Paul Prud'hon Portrait de Madame P4an de Saint-Gilles Sotheby's estimates: $200,000 - 300,000 Leon's tax cost: $453,688

** Charlie and I agree that Christie's should be asked for estimates because Sotheby's numbers are so low and evidence a lack of confidence in the works. We may also want to request estimates from Christie's for the Contemporary works, as Sotheby's numbers are pretty far below Leon's tax cost. Unfortunately, I think Sotheby's is probably right on the Cornells and the Noguchi, but it doesn't hurt to get a second opinion.

Question for Leon:

May I reach out to Christie's on his behalf to request estimates and terms for the above Old Masters?

If possible, I would like to meet with Leon early next week to discuss the rest of the works potentially being sold (i.e., everything other than the Impressionist works, which we need to decide now about) and a few other things. I am available all day, every day next week except for Tuesday, when I am only available from 11-11:30 am or from 5 pm on.

Please let me know if Leon has any questions or if he would like to discuss any of this on the phone. [ ] in the office and available all day ().

Best,
Heather

Heather Gray Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax: Email: