(no subject)

Hi Jeffrey,

I updated the attached chart to show three possible scenarios for the AP Narrows exchange: (i) a sale of the Giacometti at $30 million by November 20 (the end of the exchange period), (ii) a sale of the Giacometti for $25 million by November 20, and (iii) a sale of the Giacometti for $30 million after November 23rd (assuming it is not rolled into a new exchange).

Best,
Heather

Heather Gray
Elysium Management LLC
445 Park Avenue
Suite 1401
New York, NY10022
646-589-0315

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