<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Friday, March 13, 2015 9:24 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Cash Flow Projections</td></tr></table>

My comments are as follows:

Leon & =eborah Black

1) having a head with multiple dates is very confusing - =ayment dates should be on line below actual payment amounts

2) cash balance (last line) of 18,444,902 makes no sense =ithout a beginning balance - a line should be added to show each months =eginning balance and ending balance and should be properly =abeled

3) overall statement needs to have =onsistency or scope of dollars to be included - examples

=/span>a) inflows - other refunds / receipts of 3,266 and =1,779 in Jan / Feb - why include with such small amounts - should have =isc to capture this - also why only in Jan and Feb?

	b) inflows - does Leon earn = salary at APO? 273,000 not included ??

= c) outflows - rare books of 18,304 - again a =isc should be used to capture this along with items in d and e =elow d) =nbsp;outflows - support - children - 20,000 (i am sure number is larger =han this on an annual basis) - why only 1 month? don't we have =istory to project a full year

	=nbsp; e) outflows - misc - only 3 months projected ??

4) household / transfers to ms - 17,000,000 continues to be =hown yet Rich Joslin told me when we met that number probably is =,000,000 per month - why in lumps each quarter? should be presented =onthly..

a) we should highlight how =7,000,000 is spent as opposed to 5 lumps.. household operating expenses = capital improvements / RE taxes

5) art =onsultant receives a check lx per year in May 2015- why is this not =aid from Narrows? Family office? Deduction for expense?

6) Art loan shows interest paid quarterly yet 2 other loans =how monthly payments - inconsistent and probably incorrect

- loan =xpires in May 2015 - renewal??

7) plane - was =here no debt service or use expense in January 2015 as this was left =lank?

8) Townhouse construction - are payments =ctually made quarterly? monthly? how was amount =erived?

9) Narrows transfers - are they =ctually made quarterly? monthly? how was amount =erived?

10) Insurance / Property tax figures =eems low overall - insurance for what? if households then why is it not =nclude in households above - does 688,000 include townhouse?

11) Legal and Accounting - why are there two line items =Current and Prior Year) - with all the in-house accountants and =ttorneys this number seems to high..

12) Charity - =umps again - does Leon only make contributions in 3 months during the =ear

13) IRS Taxes

a) =anuary - based on my knowledge estimated payments are due Jan 15th - if =rue then why are state payments shown in Jan 16-31 column (would that =ake them late??)

	b) =pril payments for Fed and State should show what amounts relate to =xtension vs 2015 Q1 estimate =nbsp; c) Taxes overall seem low for 2015 yet this can be function of =ncome..

		d) I =nderstand probably in AMT each year but why are state taxes for Q4 not =aid in Dec??

14) Overall presentation is =oor

a) print should be larger and =asier to read

b) headings and footings should =e bolded and stand out - to many lines and numbers in headers and =ooters

c) all running balances show =mounts in 25mm + range yet why are we breaking out Jan and April into =ays 1.15 and 16- 30/31 - seems silly..

d) =ootnotes should be included to show basic assumptions such as APO =eimbursement for plane / projected charter revenue on boat / 2014 vs =015 estimated taxes

e) =f purpose is to show cash flows then quarterly lumps other than IRS =ayments should not be presented =nbsp; f) spreadsheets are great individually however they =11 should be consolidated to show true picture of all entities - =xamples

	=nbsp; 1) inflows - sale of class b interest ap narrows Ilc - =hows 10,000,000 yet net affect on global basis is 0 2) apo = interst - 27,325,266 shown yet net affect on global basis is =

g) spreadsheets should =e legible to all who may read and not just author (more collaboration =eeds to done with Rich D)

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