<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, March 13, 2015 7:07 PM</td></tr><tr><td>To:</td><td>Richard Joslin</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

where is the overall

<=r>
On Fri, Mar 13, 2015 at 1:37 PM, Richard Joslin <█████████████████████████████████████████████████> wrote:

Pls print on legal paper

Attached is the latest cash flow proj=ction It is substantially similar to the Jan 31, 2015 version I se=t to you in mid-February and has not been updated or revised other than to make more organized. <=p>

Brad asked that I note a few things:=C2

• =AO As he and I move to progressi=ely update and revise the cash flow projection, while not in the shape we =ould like tobe, it has served sufficiently well for general planning purposes.

• =AO The cash flow projection has =een updated bi-weekly to incorporate updates, ie Apollo projections, capit=l call timing, delay in Knowledge Universe sale/ distribution, but the effort to fully update and drill down in=o specific items, eg matching plane use to cash outlays, timing of boat ch=rters, construction costs, etc has taken a back seat to priorities such as=April 15 taxes, bill pay transition , Phaidon restructuring, LDB 2014 cash flow reporting.

• =AO Apollo has indicated yesterda= that April 15 gross up payment will be revised from 20 cents to 8 cents. =RA payable 4/15/15 looks to be unchanged. I am meeting with CAO and tax team of Apollo next week and will have=update. The next version will incorporate those changes.

From: jeffrey E. [mailto:jeevacation@gmail.comj
Sent: Thursday, March 12, 2015 5:08 PM
To: Richard Joslin
Subject:

please send me the latest cash flow. projection

please no=e

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please =ote

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