<table><tr><th>From:</th><th>Richard Joslin &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, April 12, 2016 4:03 PM</td></tr><tr><td>To:</td><td>jeffrey E.; Richard Kahn</td></tr><tr><td>Cc:</td><td>Brad Wechsler; John Castrucci; Thomas Turrin</td></tr><tr><td>Subject:</td><td>RE: Noel Calb LLC</td></tr></table>

Password: =ee2016

From: Richard Joslin Sent: Tuesday, April 12, 2016 12:03 PM To: 'jeffrey E.' <u><jeevacation©</u> <u>mail.com>;</u> 'Richard Kahn Cc: <u>Brad</u> Wechsler < >; John Castrucci < >; 'Thomas Turrin' <

Subject: Noel Calb LLC

Attached is partnership =ax return FY 2015 for Noel Calb LLC.

The draft return has bee= prepared based on preliminary valuations of art provided by the dealers.&=bsp; The art is currently under valuation review by Christie's who a=e likely to provide in next 60 days. One thought is to file the return with the current valuation estimates and update subs=quent year with updated valuation. Another thought is to file an ext=nsion and file return in 60-75 days and use Christie's valuations

Password to follow in se=arate email.

Return will be filed ele=tronically.

=/p>