From: Heather Gray Sent: Tuesday, June 21, 2016 7:42 PM To: Jeffrey Epstein ([email protected]) Subject: Christie's - fair rental value Hi Jeffrey, My most recent conversation with Paul Provost at Christie's about rental va=ue was on March 30, 2016. Paul confirmed that Christie's is still providi=g rental value appraisals and that the rate ranges he quoted me in 2015 (s=t out in quotes below) are still what they are using: "A work valued in the range of $5,000,000 would have a rental rate per annu= in the range of 1.0- 1.5%; a work of art valued in the range of $2,000,0=0 would have a rental rate per annum in the range of 1.8-2.2%, a work val=ed in the range of $500,000 would have a rental rate per annum in the rang= of 2.5-3.5%. For higher values works, (i.e., above $10 million) the rental rate begins t= level off, but it does keep diminishing, though ever so slightly. For a =ork valued in the range of $12-15 million, the rental rate is in the range=of .80%-.90% per annum, and for a work valued in the range of $25 million,=the rental rate per annum is in the neighborhood of .70-.75% per annum." Paul pointed out that, as you know, there is still no guidance from Treasur= about what range of rates would be appropriate or, more broadly, what met=odology to use, but he feels comfortable with Christie's approach, which i= based on actual rates for art being rented in the marketplace. I've also included below an email from 2015 when I first spoke with Paul th=t contains more information about Christie's methodology. Please let me know if you have any questions, or if you would like to discu=s this. Best, Heather Original Message From: Heather Gray Sent: Friday, May 01, 2015 2:47 PM To: Jeffrey Epstein <[email protected]> Cc: Brad Wechsler Subject: fair rental value Hi Jeffrey, I spoke with Paul Provost at Christie's this morning about fair rental valu= appraisals. Paul is a Deputy Chairman who has spearheaded Christie's rental