<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Monday, December 28, 2015 6:14 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>Joe Avantario</td></tr><tr><td>Subject:</td><td>Artspace cash need</td></tr></table>

Artspace cash needs — per John Murphy model

FY 2016 $3,225,000

FY 2017 $2,375,000