From: Heather Gray

From: Heather Gray To: jeffrey E. <[email protected]> CC: Brad Wechsler < >, Joe Avantario Subject: bronzes Date: Thu, 02 Jun 2016 21:19:59 +0000 Attachments: Bronzet-net_proeeeds_on_sale_at_400.xlsx Hi Jeffrey, If Leon were to sell all of his bronzes for $400 million net after commission, the after-tax proceeds would be $295 million as indicated on the attached spreadsheet. This assumes that all of the bronzes are sold (i.e., those owned by Leon, Narrows and Noel Calb), but none of the Southeast Asian works of art are sold (of which there are only a handful). The aggregate basis number is based on the best available information we have, although in some instances our information is not complete, especially with regard to use tax paid. I calculated the basis and Joe prepared the tax analysis. Please let us know if you have any questions. Best, Heather Heather Gray Elysium Management LLC 445 Park Avenue Suite 1401 New York, NY 10022 From: jeffrey E. [[email protected] Sent: Wednesday, June 01, 2016 5:00 PM To: Heather Gray c ; Joe Avantario Subject: if leon were to sell all his chinese bronzes for 400 m net after comm what would the after tax proceeds be please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by EFTA00826349 return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00826350