EFTA01052555.txt

"Richard Kahn HBRK Associates Inc."

"Heather Gray Art Counsel Elysium Management LLC"

"From: Jeffrey E. [email protected] To: Leon Black Subject: Fwd: Braque - Sotheby's & Christies"

"From: Richard Kahn Date: Tue, Mar 7, 2017 at 1:26 PM Subject: Fwd: Braque - Sotheby's & Christies To: jeffrey E."

"From: Heather Gray Subject: RE: Braque - Sotheby's Date: March 7, 2017 at 12:18:05 PM EST To: Richard Kahn"

"It is of course totally up to Jeffrey which house he ultimately decides to sell with"

"if the Braque sold for a $4 million hammer price, the trust would receive $4,160,000... (FYI, I did not explain the ownership of the work to Sotheby's"

"Leon has some momentum with Sotheby's right now so Jeffrey may end up with a better deal"