From: Heather Gray Sent: Friday, May 8, 2015 5:50 PM To: Melanie Spinella Cc: Brad Wechsler; le rey Epstein [email protected]) Subject: Calder 1031 Hi Melanie, Will you please print this and give it to Leon? Thanks! Heather Hi Leon, Have you spoken with the dealer that you would like =o use for the Calder exchange? Just as a reminder, it needs to be so=eone you haven't worked with in the last two years, so it could be P=ce or Mnuchin Gallery or Zwirner & Wirth (as examples), but it cannot be Gagosian, Acquavella, Matthew Marks or Sublime= I'm going to go ahead and have our outside 103= counsel draft the exchange documents for the Calder. Please let me =now once you have spoken with the dealer, so I can get the exchange paperw=rk out to him/her. As a reminder, you and the dealer will need to sign =he paperwork before the Christie's auction on Monday night in order =or the exchange to work. Please let me know if you have any questions.</=:p> Best, Heather Heather Gray EFTA_R1_01630947 EFTA02502580

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