From: jeffrey E. <[email protected]> Sent: Thursday, October 1, 2015 6:35 PM To: Melanie Spinella Subject: Fwd: use tax Forwarded messag= From: Richard Joslin < > > Date: Thu, Oct 1, 2015 at 1:37 PM Subject: use taxTo: "jeffrey E." <[email protected] <mailto:[email protected]» Below is sales tax pay=ble date/ amount for Picasso (see email ) </=pan> Use tax payable @ 9/30=15 - 2015 acquisitions LDB= 1.55 million Nar=ows $2.5 million </=pan> Use tax paid 4/15 $1.9=million (with extension) </=pan> </=pan> </=pan> </=pan> </=pan> From: Heather Gray Sent: Wednesda Ma 13, 2015 4:27 PM To Subject: Picasso - payment schedule Accounting Team, EFTA_R1_01605721 EFTA02486657

The purchase price for the Picasso Buste de femme=(Marie-Therese) is $115 million, plus $10,206,250 in NY sales tax. The payment sc=edule is as follows: 1. $23 million paid on May 12, 2015 2. $34.5 million due on June 30, 2015 3. $28.75 million due on October 1, 2015 4. New York State & City sales tax of $10,206,250 due=in February 2016 upon transfer of title to and possession of the Work to L=on 5. $28.75 million due on April 15, 2016 I'll remind you about each of the upcoming p=yments two weeks before the payment is due. I know that you are all very careful about confident=ality, but Leon has emphasized to me several times how very confidential t=is purchase is, so I just want to remind you again to please not discuss t=is work or the details of the purchase with anyone outside of Elysium. Please let me know if you have any questions. =u> Best, Heather Heather Gray Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 2 EFTA_R1_01605722 EFTA02486658

please note =he information contained in this communication is confidential, may be =ttorney-client privileged, may constitute inside information, and is in=ended only for the use of the addressee. It is the property of JEEUnauthorized use, disclosure or copying of this communication or any p=rt thereof is strictly prohibited and may be unlawful. If you have rece=ved this communication in error, please notify us immediately by ret=rn e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication an= all copies thereof, including all attachments. copyright -all rights r=served 3 EFTA_R1_01605723 EFTA02486659