Trustees Meeting Date/Time: Attendees: November 21, 2014 Location: TBD 11:00 AM (EST) Eileen Alexanderson Leon D. Black Ada Clapp Barry J. Cohen Heather Gray John J. Hannan Richard Joslin Richard Ressler Presenters: Richard (CashPro) John Murphy (Phaidon) Dial In: Agenda Items: 1. Review of 9/30 Financial Statements for the Trusts 2. Review of status of intra-family Notes to/from Trusts 3. Status of fine art insurance policies for Trust owned art 4. Process for Trustees to buy art 5. Phaidon: • Year-to-date overview (new management team, Regan Arts, Artspace) • Business plan and direction for 2014 • Projected cash flow for 2015 • Cash needs and repayment of credit facility draw-down 6. Online Bill Payment - Bank of America CashPro Meeting Handouts: 1. Financial Statements for the Trusts for the period ending September 30, 2014 2. List of Art owned by the Trusts 3. Schedule of realized/unrealized gains with respect to art held in the Trusts. EFTA00617097