From: Richard Joslin Sent: Wednesday, December 3, 2014 12:06 PM To: Jeffrey E. Subject: RE: Re: BFP has $12.SMM presently Plan was for APO 2 and LDB 2011 LLC (APO 1) to repay the amount borrowed by Phaidon Global to fund Phaidon and Regan Arts. The amount borrowed was via the credit line that expired in Sept. The cash flow plan was for the trusts to repay this amount in O12015. Aside from Regan Arts, Artspace and Phaidon funding, the trusts can repay BFP a bit earlier than planned, and certainly $3M. Note that there will be another 18 cents or $16.7 APO distribution Dec 15. I am awating confirmation of prior guidance. From: Jeffrey E. [mailto:jeevacation@gmail.comj Sent: Wednesday, December 03, 2014 5:52 AM To: Richard Joslin Subject: Re: how much cash avaible without? abd for how long would the crediti line be affected On Wed, Dec 3, 2014 at 4:58 AM, Richard Joslin Yes. BFP would need to be repaid a few million from APO2 (Phaidon credit line) to raise 15MM > wrote: On Dec 2, 2014, at 9:21 PM, "jeffrey E." <jeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote: can bfp pay 15 million fee tomorw? please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for EFTA_R1_01391413 EFTA02378812 the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailtcrjeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 2 EFTA_R1_01391414 EFTA02378813