<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, December 3, 2014 12:06 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Re:</td></tr></table>

BFP has $12.SMM presently

Plan was for APO 2 and LDB 2011LLC (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 > wrote:

Yes.

BFP would need to be repaid a few million from APO2 (Phaidon credit line) to raise 15MM

On Dec 2, 2014, at 9:21PM, "jeffrey E." <jeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote:

can bfp pay 15 million fee tomorw?

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