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

From: "Jeffrey E." <[email protected]> To: Leon Black Subject: Fwd: strange update on giacometti Date: Thu, 06 Apr 2017 06:45:27 +0000 Forwarded message From: Richard Kahn <I Date: Wed, Apr 5, 2017 at 11:48 PM Subject: strange update on giacometti To: jeffrey E. <[email protected]> i spoke with heather regarding 14,500,000 euro bid received which is approximately $15,464,250 USD. heather initially said bid was interesting and that depending on jee time value of money factor he may want to consider taking it yet her preference was to hear from both auction houses tomorrow. i questioned heather as i was concerned that bid was deemed interesting when we paid 25,000,000. heather informed me that leon 100% believed that larry gagosian had a buyer at 28,000,000 net and that we would close the second week of December. it appears market has changed or is different from october 2016 as it is now 4 months later and we have no buyers...heather thinks we should wait to hear from auction houses and depending on their guarantees maybe we can negotiate 14,500,000 bid higher. heather says that leon strongly believes auction houses are way to low on their ranges. regardless we are still looking at a substantial loss on sale... Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell 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 jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01050175