Trustees Meeting Date/Time: Attendees: November 21, 2014 Location: 11:00 AM (EST) Eileen Alexanderson Dial In: Leon D. Black Ada Clapp Barry J. Cohen Heather Gray John J. Hannan Richard Joslin Richard Ressler Presenters: Richard (CashPro) John Murphy (Phaidon) 9 West 571h Street Room TBD 1-866-848-2216 Passcode: 7859244936 Agenda Items: 1. Review of Trust Assets and 9/30 Financial Statements for the Trusts 2. Status of Fine Art Insurance Policies for Trust Owned Art 3. Phaidon Update: a) b) c) d) Year-to-date overview (new management team, Regan Arts, Artspace) Business plan and direction for 2014 Projected cash flow for 2015 Cash needs and repayment of credit facility draw-down 4. Online Bill Payment - Bank of America CashPro EFTA01204888