EFTA02517414

From: Heather Gray Sent: Wednesday, September 17, 2014 4:23 PM To: Jeffrey Epstein (jeevacation@gmail.com); Richard Joslin Cc: Ada Clapp Subject: LDB upcoming art sales Jeffrey and Rich, Below is the list of art that Leon has decid=d to sell this fall through Sotheby's. I'm having Sotheb='s send me the consignment agreement(s). Everything being sold is owned by Narrows I =xcept for the two Cornell boxes, which are currently owned by Leon. =e have three options with respect to the consignment of the Cornelis: 1. =nbsp; Do nothing and have Leon consign the= to Sotheby's in his individual name. 2. =nbsp; Have Leon contribute them to Narrows=l now and have Narrows I consign them. 3. =nbsp; Have Leon consign them in his own na=e now and then if we add additional members to Narrows I before the sale (=n November 12th), assign Leon's consignment agreement to Narrows I at that time. Ada and I are not sure how much of a differe=ce it makes at this point, while Narrows I is still 100% owned by Leon, to=have Narrows I be the seller. Are we establishing a track record for the art investment entity if it sells while Leon is still the s=le member? On the other hand, is there any harm in moving the Cornel=s into Narrows I now? Some advantages are that Leon then only has to=sign one consignment agreement and all sales proceeds will be paid to the same entity (but maybe Leon wants to receive =he proceeds for the Cornelis himself?). The Cornelis will most likely be sold at a l=ss (the estimates are $175,000 - 225,000 for one and $100,000-150,00= for the other and Leon's basis in each box per Rich is $435,500).&n=sp; It doesn't matter for income tax purposes whether Leon or Narrows I =s the seller, but is it good/bad/irrelevant if the art investment entity s=arts out with more losses than gains? The Noguchi, Beckmann and Seve=ini are likely to be losses, as well. Please let me know what you think. Best, EFTA_R1_01652691 EFTA02517414 Heather Heather Gray Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022</=> From: Melanie Spinella [ Sent: Wednesday, September 17, 2014 9:56 AM To: 'Moffett, Charles' Cc: Heather Gray Subject: Good morning Charlie — hope you are well. I ju=t spoke to Leon in London and he wants to sell: The two Cornell boxes The Bonnard The Bechmann The Gris The Noguchi Statue (in Bedford) 2 EFTA_R1_01652692 EFTA02517415 He also wants to make sure you sell the Severini in =he Italian sale. Thanks and best regards, Melanie Melanie Spinella<=b> I Apollo Management 9West 57th Street, New York, New York 1001= This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged </=re> material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this=/pre> information by persons or entities other than the intended =/pre> recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. Apollo Global Management, LLC 3 EFTA_R1_01652693 EFTA02517416