<table><tr><th>From:</th><th>Joe Avantario</th></tr><tr><td>Sent:</td><td>Monday, December 28, 2015 8:23 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Cc:</td><td>John Castrucci</td></tr><tr><td>Subject:</td><td>Regan Arts total basis is $9.1MM</td></tr></table>