From: Richard Joslin
Sent: Wednesday, October 28, 2015 1:28 PM
To: jeffrey E.
Subject: Children's 2011 Trusts

Children's 2011Trusts sold LDB 2011 LLC to AP= 1. Each 2011 trust has a note receivable from APO 1.

Interest paid June 30 2015:

- BEB 2011 $248K

- JMB 2011 $439K

- ASB 2011 $439K

VRB 2011 $439K

These notes are not trapped — Query if the not=s held by the 2011 trusts should be contributed to an LLC to trap.