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<table><tr><th>From:</th><th>Barry J. Cohen</th></tr><tr><td>Sent:</td><td>Saturday, August 19, 2017 1:30 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Cc:</td><td>Leon Black</td></tr><tr><td>Subject:</td><td>Re: [External]</td></tr></table>

I feel like we have examined virtually all aspects of what you mention. Sti=l doing our work on publishing. Haven't discussed a Phaidon book on the c=llection. For publication?

Haven't discussed gaming either.

Would be glad to know more specifics on any of this.

On Aug 19, 2017, at 8:08 AM, jeffrey E. <jeevacation@gmail.com<mailto:jeeva=ation@gmail.com» wrote:

the tax conversation normally is . Here are our projections or amount a=d character. heres what we are thinking. here is our planning. for t=is year next and the one year after. There are 6-8 candidate solutions =to each issue. . where do they show up, how are they reported. is th=re a way to... once it is done on a detail levell it is re adjsuted to=an overall presentation. . what does the tax return look like to the =omputer. more adjustments. . sometines start from scratch . the who=e doesnt work for the three years. . this usally takes 4-6 weeks of =ntense back and forth. consulting experts in minutae. crummy pow=rs of trust. self dealing. state law. in conflict. . sales and use. gi=t and state nuances. . restructuring ownership. corp Ilc partnership= tenants. grats. cruts. ownerhips sharing . special vehichles. fore=gn credits. marital consdierations. GST issues. . audit profile. . =islcosures (bars fatca. gaming. 8865 5471 . etc. . It is a =hole project , not keep track of who he had dinner with to insure=biz use on aircraft. .. my suggestion :: - last year was over 40 m tax= next few years over 200 m . clean up all the publishing assets . too =any cos notes ownerships. poor in house accounting. stories each and eve=y year have yet to meet goals. only accounting allows some flex. retur=s etc. ( too many entites ) sell boat. art. stock. deal with art on w=115. use new house to cause past /future, become a dealer. record keepi=g that joe v is good at. . opens up inventory . trade ins. expenses. , =ook at foundations . . reviewall art with leon and children. sad to s=e he belives something is one of a kind and the kids sell it day one. . = suggesegd phaidon be caked with creating abook on his entire collection.= good for many reasons. etc.

please note

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