<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Friday, December 19, 2014 1:02 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>passive income generator</td></tr></table>

In speaking with Apollo tax group, there is an Apoll= Nat Resource fund that will likely generate (tax) passive income in initi=l years. This might be a good investment LDB to generate more passiv= income so as to allow current tax deductions for Artspace/ Regan Arts/ US portion of Phaidon













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