From: "Jeffrey E." <[email protected]> To: Brad Wechsler -4 Subject: Re: Phaidon Date: Sun, 14 Dec 2014 21:55:42 +0000 tomorw On Sun, Dec 14, 2014 at 5:55 PM, Brad Wechsler <1 > wrote: Now or tomorrow? From: Jeffrey E. [rnallto:jeevacSgmail com Sent: Sunday, December 14, 2014 04:51 PM To: Brad Wechsler Subject: Re: Phaidon phone On Sun, Dec 14, 2014 at 5:40 PM, Brad Wechsler <I Does bfp do more than guarantee the line? > wrote: From: Jeffrey E. [nallto:jeeyacationegmail.com] Sent: Sunday, December 14, 2014 04:27 PM To: Brad Wechsler Subject: Re: Phaidon Need to combine with bfp On Sunday, December 14, 2014, Brad Wechsler -4 > wrote: Jeffrey-after our conversation today I took a look at Phaidon summary financials (for the first time). Here's how I would re-state your observation(s): 1. Do leon and the trustees know/understand that the $1.5frun net income projection for 2015 disconnects from cash substantially, ie, 2. The cash projection from the operating business and modest cap-ex is negative $4.4mm and 3. Maximum cash drawdown for 2015 looks like $6.25mm in january (mostly from changes in working capital). 4. Presentation seemed reasonably clear EXCEPT, in my package, you can't really have insight into 2016/17 cash flows. Basic question for leon and Ee's is "familiarity" with $4.4mm cash use. Are you and I in synch? This, of course, is based on "2015" which looks like it ends in june of next year. Additional question is for Phaidon to develop the future cash flows (which they may have already done?) so they can go to trustees with a more developed cash flow projection and funding request. B IMAX@ is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is confidential information intended only for the use of the individual or entity named above. Any reader of this message who is not the intended recipient of this correspondence is hereby notified that any dissemination, distribution, copying EFTA00868020

or communication of the contents of this correspondence is strictly prohibited. If this e-mail was not addressed to you , please immediately notify us by phone in Canada at (905) 403-6500 (collect calls will be accepted) or by email at and delete and destroy this correspondence inadvertently sent to you. Thank you please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved IMAM) is a registered trademark of MAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is confidential information intended only for the use of the individual or entity named above. Any reader of this message who is not the intended recipient of this correspondence is hereby notified that any dissemination, distribution, copying or communication of the contents of this correspondence is strictly prohbited. If this e-mail was not addressed to you please immediately notify us by phone in Canada at .9( II5) 4034500 (collect calls will be accepted) or by email at and delete and destroy this correspondence inadvertently sent to you. Thank you please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved IMAX@ is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is confidential information intended only for the use of the individual or entity named above. Any reader of this message who is not the intended recipient of this correspondence is hereby notified that any dissemination, distribution, copying or communication of the contents of this correspondence is strictly prohibited. If this e-mail was not addressed to you . please immediately notify us by phone in Canada at f905) 403-6500 (collect calls will be accepted) or by email at and delete and destroy this correspondence inadvertently sent to you. Thank you EFTA00868021

please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00868022