From: Heather Gray < r Sent: Monday, May 11, 2015 2:22 PM To: Jeffrey Epstein ([email protected]) Cc: Brad Wechsler Subject: buyer of Picasso - question Hi Jeffrey, We're going to need to pay the first installme=t of $23 million on the Picasso this Thursday, May 14th. =s you know, the contract is structured with the buyer as either Narrows Ho=dings LLC or AP Narrows LP (the new art partnership), with those entities having the right to assign the work to any of Leon, De=ra, the kids or trusts for any of their benefit. I think we should have Narrows Holdings make the fir=t payment, with the understanding that if AP Narrows is up and running bef=re the next installment payment (on June 30, 2015) and Leon wants the Pica=so in AP Narrows, we can assign the contract to AP Narrows at that time and have it repay Narrows the $23 mill=on. Do you agree that Narrows Holdings should make the f=rst installment payment? Thanks, Heather Heather Gray Elysium Management LLC EFTA_R1_01631977 EFTA02503249

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