From: Heather Gray

From: Heather Gray To: "Melanie Spinella ( < >, "Jeffrey Epstein ([email protected])" [email protected]> Subject: Sotheby's consignment agreements and valuation Date: Fri, 10 Oct 2014 14:54:43 +0000 Attachments: document_summary_re_Sotheby's_consignment_agreements.docx; Black.pdf; Narrows Holdings_LLC.PDF Dear Melanie, I'm going to walk over to Apollo and bring you hard copies of these attachments and the second draft of Sotheby's valuation, along with some papers that Eileen would like Leon to sign. I'll leave here in about 5 minutes. Dear Jeffrey, Attached are the consignment agreements for the six works that Leon is consigning to Sotheby's this fall, along with a summary of the agreements. There are two consignment agreements because Leon owns the two Cornell boxes in his own name, while he owns the remaining four works through Narrows. I know we had some discussions about moving everything into Narrows before the auctions, but I wasn't sure where we came out. The Cornelis are most likely to be losses, so Eileen and I thought it made sense to leave them in Leon's name, but let me know if you would prefer for all of the art to be sold through Narrows. The aggregate auction estimates for the works being consigned is $1,516,433 - $2,157,149 (the numbers are a little odd because one of the works is beings sold in London, so I'm converting GBP to dollars). Please let me know if you have any questions. Thanks, Heather Heather Gray Elysium Management LLC 445 Park Avenue Suite i4oi New York, New York loon Direct Dial: Fax: Email: EFTA00998794