From: Brad Wechsler <a Sent: Wednesda , November 26, 2014 2:27 PM To: Cc: [email protected]' Subject: Re: Follow-up Jeffrey-do we have the info now to have the transaction executed? Original Message From: Richard Joslin [mailto: Sent: Wednesday, November 26, 2014 09:16 AM To Cc: [email protected]' <[email protected]> Subject: RE: Follow-up Revision: Sustainable Woodlands tax basis $16,087,512; GAAP basis $18,828,=41 a/o 12/31/2013 Original Message From: Richard Joslin Sent: Wednesday, November 26, 2014 9:15 AM To: 'Brad Wechsler' Cc: [email protected]' Subject: RE: Follow-up Re . 1: I have model with revisions to my previous comments. I have call =t 10am with Phaidon CFO for further revision. 2016 is undrafted but I have=reasonable estimate based on 2015 facts repeating in 2016. Plan is to com= up with funding nut for draft resolution to send to trustees today. EA is=drafting language pro the investment proposition. I think we should send =his to you/JEE for input. Given that Regan arts ad Artspace show difficul=y showing a csh profit, ie needing extended funding commitment, query if w= go past 2017. Re 2. Understood Re 3. Tax basis of Sustainable Woodlands is $18,828,441 a/o 12/31/2013 Thought: It would be helpful to have direct dialogue with Judith Regan re =inances rather than interpretive version through Phaidon CFO. Phaidon bus=ness is similar but not the same as Regan Arts. There is perceived need t= hire 6 staff in order to have sufficient marketing and sales team to supp=rt the number of titles (per Phaidon CFO presumably channeling Judith Reg=n) and a COO per EA. I think exact headcount should be nailed down in tan=em with the development of 2-3 year business models Original Message From: Brad Wechsler [mailto: Sent: Wednesday, November 26, 2014 9:04 AM To: Richard Joslin Cc: [email protected]' Subject: Follow-up Rich-thx for the catch-up yesterday. A couple of things: EFTA_R1_01329818 EF