<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Friday, October 30, 2015 5:03 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Joslin</td></tr></table>

just spoke with Joslin and Joe and the wait for the cash flow =as pointless as they refused to send i was then =old that data was raw and that Brad had not yet reviewed

highlights of global =onversation:

1)=cash flow will be flat to down 1mm over the next 2 months

2) APO payment of 0.35 (32,000,000) is due in November (note =his amount is incorporated in flat statement in 1) =bove

-> Leon will personally =eceive 80% of this amount (after it flows from

-> BFP to 7 Grats then Leon =ithin days of distribution) =rusts will

-> receive 20% of distribution

3) January =5th estimated payment appears to be very small or possibly $0 if =apital loss from Phaidon is taken

-> =ich J mentioned they overfunded extension payment by $4m and 2014

-> Form =040 had larger refund than expected =ich J also mentioned Ql-Q3

-> payments were made with higher projected =ncome from APO which has

-> now been revised down

4) =ich J believes that cash flow will decrease even further in 2016 due to =mailer APO distributions

5) In searching for =ossible capital gains we found

a) =ending art sale set up to be in 1031 however Joe believes replacement =as not properly identified =/span>-> 6,000,000 sales proceeds with 2.5mm cap gain =/span>-> 2,000,000 unrealized gain in Lone Cascade hedge fund =owever i am unaware of funds liquidation procedures

6) Rich J says remaining charity pledges for 2015 are 15-17mm =hich includes the 3mm he owes your 3 charities (originally due =-30-2015)

7) Open charity issue that would affect =ash flow in 1) is Momo

-> =eon gave a soft commitment of 25mm over 5 years in 2014

=/span>-> 2014 was never funded and they are unsure what Leon will do =n 2015

i then =sked how each individual account would be affected on 10-28-2015 cash =alances and they said they would need more time to know those precise =etails

please =dvise
thank you

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022
tel ████████████
fax ████████████
cel ████████████

On Oct 29, 2015, at 1:41PM, jeffrey E. <jeevacation@gmail.com> wrote:

priority is finding the 20m with joslin . first step to =orture

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