2) (486,203) (1,981,659) • Negative revenue occurs in months where no books are published and we have returns of earlier publications. Prepared by J. Murphy 12/5/2014 EFTA_R1_02122781 EFTA02710586 Regan Arts Cash Flow 2015 Cash Inflow lan-IS Feb-15 Mar-15 Apr-15 May-1s krn-15 hil-15 Aug-1S

ludes a capex placeholder of $240k.($200k in leasehold improvements for the proposed move and $40k in Computer equipment, printers etc.) Prepared by J. Murphy 12/5/2114 EFTA_R1_01392933 EFTA02379468 Regan Arts Income Statement 2015 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15