From: "jeffrey E." <[email protected]>

From: "jeffrey E." <[email protected]> To: Leon Black Subject: Fwd: giacometti Date: Tue, 25 Apr 2017 18:45:12 +0000 Forwarded message From: Richard Kahn <I Date: Tue, Apr 25, 2017 at 2:32 PM Subject: Fwd: giacometti To: Jeffrey Epstein <[email protected]> Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New Phon Fax Cell Begin forwarded message: From: Heather Gray Date: April 25, 2017 at 1:43:12 PM EDT To: Richard Kahn < Subject: RE: giacometti Hi Rich, Just to make sure nothing is lost in translation, what I told Leon was that it appeared that Christie's and Sotheby's thought the Giacometti would sell for around $20 million, based on their estimates/guarantees and on what they were saying about Gagosian (i.e., that Larry would have come to Leon if he received an offer for $25 million, which in their minds seems to mean that the right price is around $5 million less than that). They could be totally wrong, of course, and the Giacometti could sell for $30 million to a buyer that Larry didn't know existed. You are correct that if the Giacometti sells for $20 million, Christie's 110/107 enhanced hammer offer will yield the highest proceeds. The reason to take a guarantee is not to maximize profit, but to minimize (down to zero) the risk of the work not selling. Assuming the work sells, you're always going to get more proceeds on the enhanced hammer deal. Best, EFTA01048238 Heather From: Richard Kahn imailto Sent: Tuesday, April 25, 2017 11:01 AM To: Heather Gray c Subject: giacometti as the expected price is around 20 million dollars it appears that Christie's 110 percent of hammer would yield the most proceeds please advise on your thoughts thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 to fa ce 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 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 EFTA01048239