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

From: "jeffrey E." <[email protected]> To: Leon Black Subject: Fwd: Giacometti, Figure moyenne H Date: Fri, 24 Mar 2017 16:13:06 +0000 Attachments: Giacometti Scenario 23Mar17.pdf Forwarded message From: Richard Kahn <1 Date: Fri, Mar 24, 2017 at 11:56 AM Subject: Fwd: Giacometti, Figure moyenne II To: "jeffrey E." <[email protected]> Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cel Begin forwarded message: From: Heather Gray < Subject: FW: Giacometti, Figure moyenne II Date: March 24, 2017 at 11:49:54 AM EDT To: Richard Kahn Hi Rich, Here is Christie's email with estimates, marketing and the Enhanced Hammer option for the Giacometti. As I mentioned, they are still working on the Guarantee and said they hoped to be back to me later today on that or Monday at the latest. I'm still waiting for estimates and proposals from Sotheby's. They want to see the work in person in Paris, so I am trying to set that up for Tuesday of next week. Please let me know if you have any questions. EFTA01051456 Best, Heather From: Farber, Sheri [mailto: Sent: Friday, March 24, 2017 11:16 AM To: Heather Gray Cc: Los, Maria C. Subject: Giacometti, Figure moyenne II Dear Heather: As we discussed over the telephone this morning, below please find what we propose for the special and unique Giacometti, Figure moyenne RECOMMENDED AUCTION ESTIMATE $18,000,000 - 25,000,000 TERMS OF SALE Christie's will absorb all sale related costs including • Seller's Commission • Packing and shipping • Loss & Damage Liability • Marketing • Catalogue Illustration • Plus all other incidental sale-related expenses Furthermore, we would like to offer an Enhanced Hammer of 10% until Proceeds reach $25 million or 7% thereafter, provided that the reduction in Enhanced Hammer shall not reduce Proceeds below $25 million. Please see the attached slide illustrating the breakdown at different levels of the Proceeds. As previously mentioned, we are currently working on a Guarantee Option. As soon as we determine the feasibility for this we will be back in touch. EFTA01051457 PROPOSED MARKETING We would be delighted to undertake the following for this work: This work will be the masterpiece by Giacometti featured in the Christie's Impressionist & Modem Art Evening Sale The Giacometti will be illustrated on the wrap of the Impressionist & Modem Art Evening Sale catalogue The Giacometti will be illustrated as a frontispiece of the Impressionist & Modem Art Evening Sale catalogue The Giacometti will be presented with a multi-page scholarly essay A special web feature on this work will be produced highlighting it as a unique and exceptional example of the subject The Giacometti will be included in the Chinese language mini-catalogue The Giacometti will be featured in the Impressionist & Modem Evening Sale highlight video The Giacometti will be featured as a highlight of the Impressionist & Modem Evening Sale on Christies.com The Giacometti will be advertised in the Post-War & Contemporary Evening Sale catalogue The Giacometti will tour to Los Angeles, to coincide with the opening of our new flagship location As always, we are here for you should you have any questions or concems. Please do not hesitate to reach out for any reason. All our best, Sheri and Maria Sheri Farber Senior Vice President/Senior Director Chairman's Office CHRISTIE'S 20 Rockefeller Plaza New York, NY 10020 phone: -I fax EFTA01051458 cell: email: Visit www.christies.com to explore special multi-media sale promotions, browse our illustrated catalogues and leave absentee bids through LotFinder(R), Christie's online search engine, and register for Internet bidding with Christie's Live(TM). This message and any attachment are confidential. If you are not the intended recipient, please telephone or email the sender and delete the message and any attachment from your system. If you are not the intended recipient you must not copy this message or attachment or disclose the contents to any other person. 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 EFTA01051459