FOR DISCUSSION 4/7/14

FOR DISCUSSION 4/7/14 Cash for 4/15 tax payments See attached for current position and projection Roughly $33mi1 short in L&D Black accts for $96mil 4/15 tax check-have the money in BFP- -prorata distribution from BFP doesn't help with 4/15 since largest portion goes to GRATs -suggest APO 1 borrows money from BFP and then we make distribution to Debra for Taxes Restructure of B of A Credit line -split sourcing going forward? Interest rate lock on all or part? Review of Phaidon ownership structure-will forward structure charts separately and walk you through 2 pieces under construction- ownership above JMWT LLC = Trusts and LDB Corporate structure i.e. Phaidon Press Ltd and Inc subsidiary Narrows Holdings- clarity on role in future art purchase activity Post Split $ Unwind-second to die policies - Issue of whether it is beneficial to hold or cash out Family Office staffing Investment of $5.2mil in each of the kids trusts created at 2012 year end OPEN ITEMS WITH LDB -signatures on JPM and DB bank and brokerage docs EFTA00583738