| Field   | Value |
|---------|-------|
| From    | [Sender name visible in image — redacted] |
| Sent    | Friday, July 17, 2015 2:25 PM |
| To      | jeevacation@gmail.com; [additional recipient redacted] |
| Cc      | [redacted] |
| Subject | Re: |

Hi jeffrey-a couple of things:

1. Right now I have rich working very hard on wrapping up all the jmwt filings (statutory and tax) with bdo and phaidon. In essence we are filing 2013 taxes for the 4 jmwt entities (never filed); 2014 tax filings and 2014 statutory filings which were the catalysts for the notices we received last week. I believe everything is under control and we will be filing early next week...we have until 8/6. (The only difference between the 2013 and 2014 stat filings will be the corrected characterization of the 3.2mm flowing down the jmwt stack to purchase the preferred which ties better to underlying support. Obviously, all outside professionals have signed off on this.) 2. Rich is also working very hard on pulling together the first working draft of the Trust book for our 8/11meeting.

3. All this is to say that we'll get you real vs budget on all three pub cos (RA, Artspace and Phaidon) as soon as we

can.....probably early next week.

4. Best irony of #1 and #2 above is that the interest expense on the jmwt intercompany loans is currently viewed as

nondeductible for both book/statutory and tax purposes.

Rich can give you more detail if you want it.

Speak soon, b

From: jeffrey E. [mailto:jeevacation@gmail.com]
Sent: Friday, July 17, 2015 09:58 AM
To: Richard Joslin  Brad Wechsler
Subject:

can you send me actuals vs projectiosn for publishing , phaidon regan artspace? thanks

please note

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