changing policy. improving lives.€¦ · louisiana lawmakers ought to rein in the growing costs to...

A Louisiana Budget Project ReportAugust 2012 1

Imagine you run a business and the government hands you a check to cover one-third of your total expenses. If you’re in the movie business in Louisiana, there is no need to use your imagination. Because that’s exactly what state government does to lure the film industry.

The Louisiana film tax credit program—born in 1992 and vastly expanded in 2002—has mushroomed into one of the nation’s costliest.1 As the state’s investments in education, health care, infrastructure, and other critical services have faced a series of severe cuts, the subsidies paid to Hollywood continue to grow—29 percent over the most recent fiscal year. Louisiana paid $231 million in credits in 2011-12, bringing the state’s total film spending to more than $1 billion over the past decade (Figure 1).

Unfortunately, the returns to the state on this investment, like many of the movies made here, have been a flop. While the subsidies have helped create film industry jobs that weren’t here before, many of these positions are temporary and have come at a steep cost to taxpayers, who paid an average of more than $60,000 per direct job.

Louisiana lawmakers ought to rein in the growing costs to state taxpayers by capping or reducing these subsidies and reallocating those dollars into endeavors that over the long haul will likely be more productive in creating jobs and building a strong economy.

BackgroundLouisiana in 1992 was the first state to roll out a major film subsidy program. A decade later, in 2002, the Legislature greatly expanded the film credits, which spurred significant growth in the state’s film industry. Movie projects—and jobs—came to the state as new film studios, camera and lighting services, soundstages and post-production facilities sprouted up. Although the program was originally slated to begin phasing out in 2010, the Legislature instead decided to make it permanent in 2009.

Louisiana subsidizes the film industry by issuing tax credits to production companies. The tax credits can be used to reduce the amount owed in state income tax. But companies that owe no state taxes can still profit from the credits by selling them back to the state or to third parties. This is the case with many out-of-state motion picture investors.

The Motion Picture Industry Development Tax Credit, administered by the Louisiana Department of Economic Development (LED), currently allows:

Film productions that spend more than $300,000 to qualify for a tax credit of 30 percent of all in-state • expenditures such as set construction, wardrobes, makeup, lighting and sound editing, facility and vehicle rentals, food and lodging, and visual effects.

Louisiana Film Tax Credits: Costly Giveaways to Hollywood By Tim Mathis

Changing Policy. Improving Lives.

“Louisiana lawmakers ought to rein in the growing costs to state taxpayers by capping or reducing these subsidies and reallocating

those dollars...”

2

An additional tax credit of 5 percent on payroll spent on Louisiana residents (those who maintain a permanent • home and spend more than six months each year within the state) working on film sets, as long as the salary does not exceed $1 million.2

State officials insist that the movie tax credit program is a success, pointing to the increase in the number of films shot in Louisiana. And, by that measure, they are right: An estimated 118 films were produced in Louisiana in 2010, up from only one in 2002.

But simply increasing the number of films shot in the state is not the appropriate standard of success. Many economists argue that government subsidies that help small “infant” industries struggling to get off the ground can be appropriate in some circumstances. But such initial support should not turn into permanent corporate welfare, as it has with film industry tax credits in Louisiana. If subsidies do not lead to a self-sustaining industry, able to compete and provide permanent jobs without government help, then the state needs to invest elsewhere. By this more appropriate standard, Louisiana’s film tax credit program has failed. Rather than creating permanent, good-paying jobs, Louisiana’s program simply “rents” jobs, many of which would disappear without the subsidy.

Subsidies Louisiana Can’t AffordLouisiana spends more than any other state on film tax credits, when measured as a percentage of the state general fund.3 This spending spree has helped Louisiana to lure a large number of “runaway productions” from Hollywood, films that seek out the economic benefits of tax breaks. As other states and countries offer their own tax credits to film productions, Louisiana responds by offering increasingly lucrative incentives just to keep up (see Appendix A and C for more detail).

What has the state received for all this investment? The short answer: Not much.

One common justification for government subsidies is that the state treasury ultimately ought to benefit from film industry jobs and spending, with more funds available for investments in education, health care, infrastructure, public safety and other vital services. But a recent independent study tells a much different story.

In 2010, film production in Louisiana generated $27 million in state tax revenues and $17.3 million in local tax revenues, according to an analysis by the BaxStarr Consulting Group. This compares to the $196.8 million the state spent on film tax credits.4 In other words, for every dollar of revenue the state received, the state paid $7.29. People are getting rich on this deal, and it’s not Louisiana taxpayers.

Those findings were backed up by an earlier report from Greg Albrecht, the chief economist of the Louisiana Legislative Fiscal Office. Albrecht’s 2005 study estimates that state government can expect to recover only 16 to 18 percent of tax revenue lost to film tax credits. And according to the latest figures from LED, Louisiana recovered approximately 16 percent in 2008, 14.2 percent in 2009, and 13.7 percent in 2010.5

Figure 1: Louisiana has spent more than $1 billion on subsidies to film productions.*

(in millions)

$0.0 $1.5 $1.5

$47.4$70.4

$134.6

$92.0 $101.0

$165.6$179.5

$231.0

$0

$50

$100

$150

$200

$250

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source: Louisiana Department of Revenue*Investment, Employment and Infrastructure

Louisiana Budget Project | www.labudget.orgP.O. Box 66558, Baton Rouge, LA, 70898 | 225.929.5266 3

Film tax credits are not the only entertainment media subsidy on which Louisiana loses money. The Live Performance Production Tax Credit Program—which subsidizes theater productions—costs taxpayers $4.17 for every dollar earned. The Digital Interactive Media Tax Credit Program (which subsidizes video-game makers and smart-phone applications developers) costs $10.69 for every tax dollar earned.

The most recent LED-sponsored study on film tax credits points out that productions are spending more of their overall budgets within Louisiana—almost two-thirds in 2010. This is not surprising, given that Louisiana’s generous subsidy only applies to in-state expenditures and more locally-owned firms are able to provide services.

But even if productions spent their entire budgets on goods and services in Louisiana, the state would not be able to recoup its losses. Instead, the state’s justification recalls that old business fable about losing money on every sale but making it up on volume. For example, suppose the state were able to collect the maximum amount of taxes from those employed with the film industry—6 percent on income taxes and 4 percent on sales taxes. The revenue would still fall far short of the 35 percent lost through subsidies. Film subsidies don’t pay for themselves, and the general public ultimately bears the cost of these expensive outlays.

Another argument for film subsidies is that the money production companies spend in Louisiana creates ripple effects throughout the state’s economy, or what economists refer to as “multiplier effects.” As film productions spend money on goods and services in Louisiana, they support an array of individuals and businesses that, in turn, spend that money in the local economy. But Albrecht’s analysis says the multiplier effects are “quite small.”6 Much of that spending goes towards goods and services produced outside of Louisiana and salaries paid to non-residents who are less likely to spend a significant portion of their earnings in-state.

Because the state government must balance its operating budget each year, every dollar that is spent on tax credits is a dollar that isn’t available for services that people look to state government to provide, such as education and health care.7 Because the subsidy is open-ended, available to any production that applies, it will become more fiscally unsustainable the more it succeeds in attracting productions to the state. On the other hand, if Louisiana were to cancel or scale back its film subsidy program, it would immediately free up money to spend on more urgent priorities.

Transferable Tax Credits Benefit the Wealthy and Don’t Help the EconomyLouisiana’s film tax credits are “transferable” and “refundable.” That means any tax credit not used by a production company earning the credit—either because the company’s Louisiana income tax liability is less than the amount of the credits earned, or because the company owes no state income tax—may be transferred to another Louisiana taxpayer. Corporations and individuals that buy the credits can then use them to offset their state tax liability. Unused credits can also be sold directly back to the state for 85 percent of their original value.

Twenty-six states and Puerto Rico make their film tax credits either transferable or refundable.8 Only three states, including Louisiana, allow both.

While anyone is free to reduce their state tax liability with film credits, the reality is that most of the benefits flow to a few wealthy taxpayers. Brokers generally sell credits in $10,000 units, making them almost exclusively available to higher income earners.9 Many buyers use them to lower their liability on their state income taxes. For example, a wealthy taxpay-er can pay a broker $7,500 for $10,000 in state-certified tax credits that reduce their tax liability, for a net gain of $2,500.

In 2009, 2,056 individual Louisiana taxpayers claimed credits out of more than 2 million individual income tax returns processed—only one-tenth of 1 percent. Nearly two-thirds of those claiming the credit—63.1 percent—reported net incomes above $1 million, while 92.2 percent had taxable incomes above $250,000. Most of the people claiming credits are unaffiliated with the film industry and use them to reduce their tax liabilities. “In fact,” writes Albrecht, “the purchase of credits by these residents is largely a reallocation of their savings portfolio.”10 In other words, wealthy taxpayers who claim credits are more likely to save and invest their additional disposable income rather than spend it in the state’s economy. This cuts down on any stimulating effect on our economy.


Louisiana is one of 15 states where film tax credits are refundable, which essentially turns the program into a grant by allowing companies and individuals to simply sell their certified credits back to the state instead of transferring them to a third party through a broker. While brokers typically charge a transaction fee to transfer the credits to another taxpayer, the state will buy them back for 85 cents on the dollar. Last year alone, for example, Louisiana paid $26.3 million to Warner Brothers for the film Green Lantern.

Since the state upped the buy-back program from 74 percent of face value to 85 percent, the amount directly paid to film productions rose from zero in 2008-09 to $110 million in 2011-12. The buy-back program now constitutes 48 percent of the film subsidy program (Figure 2).11

Subsidizing Episodic Employment in LouisianaIn traditional economic development deals, the state makes an investment in infrastructure—or temporary tax abatement—to incentivize the location of a factory or office in the state. The jobs created by the state’s investment continue to exist without further assistance from the state. Employment in film production, on the other hand, is mostly short-term, as shown in Louisiana’s film industry employment data. After almost a decade of investment in film tax credits, the number of direct jobs in the film industry in 2010 was 2,829, and just over 2,500 in 2011, according the federal Bureau of Labor Statistics (Figure 3). That’s a cost per direct job of more than $60,000, based on the cost of film tax credits in 2010. More importantly, in order to keep many of those jobs in Louisiana, the state must continue to pay year after year.12

While some businesses have sprouted up across the state to serve the motion picture industry, the vast majority of positions subsidized by the credit are temporary. According to an estimate from the Office of Entertainment Industry Development, average employment in the state film industry lasts between four and six months. This leaves many workers unemployed afterwards, although some are able to move from one production to another over the course of a year.

However great the job growth, the fact remains that the state must continue to pay in order to retain the jobs, which is an unwise use of public funds.

In addition to their high cost to taxpayers and small numbers, jobs in the film industry are highly unstable from month to month. That tells us that most of the jobs are temporary and part-time. According to the Louisiana Workforce Commission, which reports monthly job numbers, there were 7,821 employees in the motion picture and sound recording industry in Louisiana as of June 2008. Within seven months, employment had declined by 74 percent, down to 2,054 (see Appendix B).

Low-income families receive support in the form of income assistance or unemployment insurance benefits. These are designed to be temporary, structured to help families during financial crises until they can secure full-time employment. In contrast, Louisiana practices corporate welfare through the film tax credit program, permanently subsidizing a multi-million dollar industry.

Louisiana Leads the Race to the BottomSince Louisiana began subsidizing the film industry, more than 40 other states and Puerto Rico have followed. States are throwing money at film productions, trying to outdo each other by offering bigger and better subsidies. “The rapid spread of film tax subsidies across the country is a classic case of a race to the bottom,” wrote Robert Tannenwald in a report for the Center on Budget and Policy Priorities.14 In 2008, Michigan created numerous film tax credits for up to 42 percent of total expenditures, and Georgia increased its own state tax credit by up to 30 percent. A year later, Louisiana raised the investor credit from 25 percent to 30 percent and eliminated a planned phase-down.

$0

$50

$100

$150

$200

$250

2009 2010 2011 2012

Applied Against Corporation Income Taxes Applied Against Individual Income Taxes Credits Sold Back to State

Figure 2: Film Tax Credits Claimed*

(in millions)

Source: Louisiana Department of Revenue*Investment, Employment and Infrastructure


But states are now starting to wake up to the fact that these giveaways are unaffordable and unrealistic. In recent years, nine states have suspended or eliminated their film subsidy programs.15 Ultimately, it’s a race that no state can win. By offering a permanent, open-ended subsidy, Louisiana is effectively held hostage by a highly mobile film industry.

RecommendationsAs the film credit program is currently structured, there is no limit to Louisiana’s potential revenue losses. Although film subsidies have generated new economic activity in Louisiana that would not otherwise have come, the program is not self- sustaining, and the jobs created require continuing subsidies.

In the meantime, the money spent to bring film productions to Louisiana is money that is not being spent to educate children, build roads, provide health-care to the poor or any other activities that help create jobs and promote long-term economic growth.

While a case could be made for eliminating film subsidies altogether, this would be politically impractical given the strong support the program enjoys from the public and state policymakers. It also would be unfair to those who have made large infrastructure investments in Louisiana with the expectations that subsidies would continue.

Still, there are several options to protect taxpayers by reining in the uncontrolled growth of this program, while still giving filmmakers an incentive to choose Louisiana.

Lower the generosity of the tax credits over a set period of time.•

Louisiana needs to limit the cost to taxpayers without pulling the rug out from under the industry. Rather than eliminating the subsidies outright, legislators can phase down the amount of the tax credit over a number of years to give the film industry time to stand on its own with less public support.

Place a monetary cap on the total amount of tax credits that can be claimed in a given fiscal year, as other states • have done.

Several states have capped their film credit programs or otherwise limited the amount of money they appropriate for them. In December 2011, Gov. Rick Snyder of Michigan signed a bill that lowered the tax credit from 42 to 32 percent of expenses, and converted the tax credit program into a direct appropriation financed through the state general fund. “In doing this,” wrote Harry David at the Tax Foundation, “Michigan recognizes, if only implicitly, that tax credits are indeed subsidies.”16

If Louisiana followed suit, it would provide fiscal constraints and greater certainty in the annual budgeting process, while increasing transparency as the public becomes more aware of the true cost of film subsidies.

Figure 3: Film subsidies produce meager employment in Louisiana.*

Source: Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages (NAICS 51211 Motion picture and video production, 51212 Motion picture and video distribution, 51219 Postproduction and other related industries, and 7115 Independent artists, writers, and performers).*According to BLS, 2011 data is “preliminary.”

926 896

1515

21562543

2176

3056

3948

1814

28292510

0

1000

2000

3000

4000

5000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


Louisiana could also look to New Mexico, which capped its program at $50 million per year. In a process known as a “rolling cap,” the state allows productions to carry leftover tax credits over into the ensuing fiscal year once the cap is reached. Not only does this make film subsidies part of the general appropriations process, it also provides the industry with the predictability it needs to make investment decisions.

The film industry will argue that only an open-ended, permanent subsidy will provide the certainty it needs to invest in a two- or three-year production in Louisiana. But legislators should keep in mind that public school teachers, nurses and doctors at charity hospitals, public safety officers, and others who rely on state spending decisions also need certainty to be successful.

Any meaningful reform to Louisiana’s film program should stop the state from handing out a blank check to rent-seeking productions.

There are multiple ways a cap can work. Legislators could cap the total amount of film credits per year or they could limit how much each production can receive. Either way, these changes would reduce costs compared to the current open-ended film tax credits.

Eliminate the transferability of film tax credits. •

The current system of transferability is inefficient, and creates profits for middlemen and others who have no connection to film production. As a state consultant noted in a recent study: “(T)he process involves accountants, lawyers, and other middlemen, who also must be paid for their services…Every step in this process chips away some of the value from the incentive.”17 Since most film productions have little or no tax liability, their credits often get sold to brokers at a discount. This diminishes the impact of the tax credit for the film production that was supposed to benefit from the subsidy in the first place, while wealthy taxpayers with no connection to the project get a break on their tax bill.

If legislators decide that film production is important enough to continue subsidizing with taxpayer dollars, a better system would be to only make the credit refundable.

This would make the program more like a traditional appropriation, and would increase the efficiency of the program by cutting out the middleman. Moreover, productions often receive a refund check within 30 days of filing their tax return— a better deal for filmmakers than waiting months for a broker to sell the tax credit.18

ConclusionPolicymakers need to stop focusing on Louisiana’s box office rankings and worry more about the rankings that matter—Louisiana’s ranking as one of the poorest, unhealthiest, and least educated states in the country. Spurring long-term job growth is critical to improving the state’s economy, and tax dollars are best spent toward investments that lead to high-quality and, more importantly, lasting jobs. Otherwise, Louisiana is not creating jobs, we’re just renting them.

About the Louisiana Budget ProjectThe Louisiana Budget Project (LBP) provides independent, nonpartisan research and analysis of Louisiana fiscal issues and their impact on Louisiana families and businesses. We seek to bring wider prosperity to Louisiana though a deeper understanding of the state budget, broadening fiscal policy debates, and increasing public participation in decision-making. As part of the State Fiscal Analysis Initiative’s 42 state budget projects that are coordinated by the national Center on Budget and Policy Priorities, we uphold a commitment to issuing work that is Credible, Timely, and Accessible.

States that have Suspended, Unfunded, or Eliminated Film Subsidy Programs Since 2010

Arizona EliminatedArkansas No Funds AppropriatedIdaho No Funds AppropriatedIndiana ExpiredIowa SuspendedMaine No Funds AppropriatedNew Jersey SuspendedSouth Dakota ExpiredWashington Eliminated

Source: The Tax Foundation.


___________________________End Notes

1 Tannenwald, Robert. “State Film Subsidies: Not Much Bang for Too Many Bucks.” Center on Budget and Policy Priorities. December 2010. http://www.cbpp.org/files/11-17-10sfp.pdf

2 R.S. 47:6007

3 Based on calculations by the Louisiana Budget Project.

4 Baxter, Cheryl Louise. “Fiscal & Economic Impact Analysis of Louisiana’s Entertainment Initiatives.” Bax Starr Consulting Group, LLC. April, 2011. http://www.louisianaentertainment.gov/images/louisiana_entertainment_2011_economic_impact_analysis.pdf

5 Baxter, 25.

6 Albrecht, 4.

7 Ibid., 3.

8 Luther, William. “Movie Production Incentives: Blockbuster Support for Lackluster Policy.” Tax Foundation. January 2010. http://www.taxfoundation.org/files/sr173.pdf

9 Dorothy Pomerantz. “Tinseltown Tax.” Forbes. March 27, 2006.

10 Albrecht, 6.

11 Louisiana Department of Revenue.

12 Grand, John. “Motion Picture Tax Incentives: There’s No Business Like Show Business.” State Tax Notes. March 2006. http://taxprof.typepad.com/taxprof_blog/files/2006-2997-1.pdf

13 Christopherson, Susan and Ned Rightor. “The Creative Economy as ‘Big Business’: Evaluating State Strategies to Lure Filmmakers.” Journal of Planning, Education, and Research. December 21, 2009.

14 Tannenwald, Robert. “Press Release: Tax Subsidies to Attract Film and TV Productions Don’t Pay Off for States.” Nov. 2010. http://www.cbpp.org/files/11-17-10sfp-pr.pdf

15 Henchman, Joseph. “More States Abandon Film Tax Incentives as Programs’ Ineffectiveness Becomes More Apparent.” Tax Foundation. June 2011.

16 David, Harry. “Michigan Scales Back Its Movie Production Incentives Program.” Tax Foundation Tax Policy Blog. January 4, 2012. http://taxfoundation.org/blog/michigan-scales-back-its-movie-production-incentives-program

17 Baxter, 46.

18 Ibid.

Appendix A

Fiscal Year Applied against

Corporation Income Taxes

Applied against Individual

Income Taxes

Amount Paid on Credits Sold Back to State

Total

2006 $25,463,708 $35,849,392 $0 $61,313,1002007 $27,573,849 $101,436,142 $0 $129,009,9912008 $5,879,724 $83,510,837 $0 $89,390,5612009 $3,906,030 $96,244,187 $0 $100,150,2172010 $10,930,128 $130,005,471 $23,280,222 $164,215,8212011 $22,792,352 $88,625,853 $62,660,337 $174,078,5422012 $48,647,591 $71,297,653 $109,722,108 $229,667,352

Fiscal Year

Applied against Corporation Income or

Franchise Taxes

Applied against Individual

Income Taxes

Sales & Use Tax Rebate* Buy backs Total

2005 $83,670 $1,953,664 $8,827 N/A $2,046,1612006 $8,107,801 $977,452 N/A N/A $9,085,2532007 $4,102,238 $1,526,703 N/A N/A $5,628,9412008 $1,658,005 $916,070 N/A unknown $2,574,0752009 $185,798 $631,294 N/A unknown $817,0922010 $768,754 $593,385 N/A unknown $1,362,1392011 $4,982,979 $411,897 N/A unknown $5,394,876

2012 to date $931,238 $418,633 N/A $0 $1,349,871Total $20,820,483 $7,429,098 $8,827 $0 $28,258,408

Motion Picture Investor Tax Credit as of 6/2012

LA Motion Picture Incentive Program as of 6/2012

*Sales & Use Tax Exclusion expired 1/1/2006Source: Louisiana Department of Revenue

Appendix B

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

01 02 03 04 05 06 07 08 09 10 11

Monthly Employment in Louisiana’s Motion Picture and Sound Recording Industry (01/2001 through 09/2011)

Source: Louisiana Workforce Commission

SUBTOTALS: 673,026,990.89$ 121,084,796.40$ 1,011,662,442.74$ 201,908,106.27$ 6,054,239.82$ 207,962,346.09$

YEAR ID NUMBER PRODUCTION NAME COMPANY NAME (FINAL)ACTUAL LA

EXPENDITURESACTUAL LA PAYROLL

ACTUAL TOTAL BUDGET

ACTUAL LA EXPENDITURES TAX

CREDITS

ACTUAL LA PAYROLL TAX

CREDITS

TOTAL TAX CREDITS CERTIFIED

CERTIFIED DATE

2006 0480‐2009 Global Assets Wishlist Picture 381,985.98$ 54,837.72$ 758,128.92$ 114,595.79$ 2,741.89$ 117,337.68$ 6/2/20112007 0480‐2009 Global Assets Wishlist Picture 308,461.78$ 84,607.91$ ‐$ 92,538.53$ 4,230.40$ 96,768.93$ 6/2/20112008 0480‐2009 Global Assets Wishlist Picture 1,826.00$ 1,826.00$ ‐$ 547.80$ 91.30$ 639.10$ 6/2/20112010 0480‐2009 Global Assets Wishlist Picture 2,200.00$ ‐$ ‐$ 660.00$ ‐$ 660.00$ 6/2/20112010 0491‐2009 Brawler River Pilot Productions 517,828.00$ 92,242.00$ 545,000.00$ 155,348.40$ 4,612.10$ 159,960.50$ 2/16/20112009 0493‐2009 The Fantastic Flying Books of Mr. Morris Lessmore Moonbot Studios 208,233.00$ 122,767.00$ 2,392,271.00$ 62,469.90$ 6,138.35$ 68,608.25$ 3/31/20112010 0493‐2009 The Fantastic Flying Books of Mr. Morris Lessmore Moonbot Studios 1,688,645.00$ 1,238,127.00$ ‐$ 506,593.50$ 61,906.35$ 568,499.85$ 3/31/20112011 0493‐2009 The Fantastic Flying Books of Mr. Morris Lessmore Moonbot Studios 8,778.00$ ‐$ ‐$ 2,633.40$ ‐$ 2,633.40$ 3/31/20112009 0495‐2009 Jaws of the Mississippi Active Entertainment 816,314.65$ 244,894.40$ 1,503,166.43$ 244,894.40$ 12,244.72$ 257,139.12$ 1/11/20112010 0495‐2009 Jaws of the Mississippi Active Entertainment 574,157.10$ 172,247.13$ ‐$ 172,247.13$ 8,612.36$ 180,859.49$ 1/11/20112009 0509‐2009 the Sean Payton Show Horizon 986,252.15$ 191,146.00$ 5,383,866.60$ 295,875.65$ 9,557.30$ 305,432.95$ 6/22/20112010 0509‐2009 the Sean Payton Show Horizon 1,563,289.48$ 714,368.00$ ‐$ 468,986.84$ 35,718.40$ 504,705.24$ 6/22/20112011 0509‐2009 the Sean Payton Show Horizon 2,194,146.94$ 970,140.00$ ‐$ 658,244.08$ 48,507.00$ 706,751.08$ 6/22/20112009 0513‐2009 Snatched Snatched the Movie, LLC 1,952,273.64$ 732,610.58$ 2,115,091.02$ 585,682.09$ 36,630.53$ 622,312.62$ 11/15/20112010 0513‐2009 Snatched Snatched the Movie, LLC 57,495.00$ 28,125.00$ ‐$ 17,248.50$ 1,406.25$ 18,654.75$ 11/15/20112010 0516‐2009 The Mechanic Nu Image 2,356,142.00$ 8,402.00$ 5,931,054.00$ 706,842.60$ 420.10$ 707,262.70$ 4/19/20112009 0524‐2009 Julia X Julia X LLC 66,201.00$ ‐$ 1,285,251.00$ 19,860.30$ ‐$ 19,860.30$ 11/15/20112010 0524‐2009 Julia X Julia X LLC 502,761.00$ 67,208.00$ ‐$ 150,828.30$ 3,360.40$ 154,188.70$ 11/15/20112010 0525‐2009 Secretariat Walt Disney 1,089,596.00$ ‐$ 8,175,000.00$ 326,878.80$ ‐$ 326,878.80$ 10/7/20112009 0528‐2009 EA Sports Commercials Horizon 469,970.30$ 234,552.22$ 494,471.04$ 140,991.09$ 11,727.61$ 152,718.70$ 3/17/20112009 0533‐2009 Mortician Mortician US, LLC 179,139.00$ 85,443.45$ 629,001.67$ 53,741.70$ 4,272.17$ 58,013.87$ 11/15/20112010 0533‐2009 Mortician Mortician US, LLC 207,265.97$ 15,914.28$ ‐$ 62,179.79$ 795.71$ 62,975.51$ 11/15/20112011 0533‐2009 Mortician Mortician US, LLC 23,138.46$ 3,840.82$ ‐$ 6,941.54$ 192.04$ 7,133.58$ 11/15/20112009 0535‐2009 Saintsatioinal Horizon 2,602,229.64$ 561,350.00$ 5,019,361.38$ 780,668.89$ 28,067.50$ 808,736.39$ 2/2/20112010 0535‐2009 Saintsatioinal Horizon 887,082.74$ 502,325.00$ ‐$ 266,124.82$ 25,116.25$ 291,241.07$ 2/2/20112010 0541‐2009 Seconds Apart Signature Pictures 356,292.23$ 10,860.38$ 365,747.05$ 106,887.67$ 543.02$ 107,430.69$ 3/17/20112010 0542‐2009 Area 51 Signature Pictures 699,893.92$ 52,020.40$ 700,447.86$ 209,968.18$ 2,601.02$ 212,569.20$ 1/11/20112010 0543‐2009 Scream of the Banshee Signature Pictures 532,289.01$ 10,824.00$ 533,545.39$ 159,686.70$ 541.20$ 160,227.90$ 5/5/20112010 0544‐2009 Drive Angry Nu Image 2,263,400.00$ 1,305.00$ 3,848,089.00$ 679,020.00$ 65.25$ 679,085.25$ 1/19/20112010 0544‐2009 Drive Angry Driven Financing, LLC/Driven Productions, LLC 186,213.00$ 62,255.00$ 2,380,295.00$ 55,863.90$ 3,112.75$ 58,976.65$ 12/2/20112011 0544‐2009 Drive Angry Driven Financing, LLC/Driven Productions, LLC 103,520.00$ ‐$ ‐$ 31,056.00$ ‐$ 31,056.00$ 12/2/20112010 0545‐2009 Quad Fair 2 Quad Fair Productions 314,392.50$ 18,631.61$ 514,352.00$ 94,317.75$ 931.58$ 95,249.33$ 2/24/20112009 0548‐2008 Fight or Flight Marquis Productions 548,962.70$ 59,801.67$ 775,000.00$ 164,688.81$ 2,990.08$ 167,678.89$ 1/24/20112010 0555‐2009 Earthbound Earthbound Productions 256,193.86$ 33,331.00$ 5,832,926.00$ 76,858.16$ 1,666.55$ 78,524.71$ 5/4/20112010 0561‐2009 Hungry Rabbit Jumps Endgame 3,061,704.24$ 575,009.00$ 3,717,051.00$ 918,511.27$ 28,750.45$ 947,261.72$ 4/19/20112009 0565‐2009 The 6 Month Rule The 6 Month Rule, LLC 16,790.91$ ‐$ 1,290,699.00$ 5,037.27$ ‐$ 5,037.27$ 12/14/20112010 0565‐2009 The 6 Month Rule The 6 Month Rule, LLC 891,212.55$ 195,400.67$ ‐$ 267,363.77$ 9,770.03$ 277,133.80$ 12/14/20112009 0582‐2010 Red Summit Entertainment 47,050.00$ 2,895.00$ 64,093,094.00$ 14,115.00$ 144.75$ 14,259.75$ 3/17/20112010 0582‐2010 Red Summit Entertainment 9,100,125.61$ 2,225,306.00$ ‐$ 2,730,037.68$ 111,265.30$ 2,841,302.98$ 3/17/20112009 0586‐2010 Treme ‐ Season 1 HBO 6,429,236.00$ 2,481,980.00$ 38,617,493.00$ 1,928,770.80$ 124,099.00$ 2,052,869.80$ 1/24/20112010 0586‐2010 Treme ‐ Season 1 HBO 24,162,442.00$ 8,631,426.00$ ‐$ 7,248,732.60$ 431,571.30$ 7,680,303.90$ 1/24/20112010 0587‐2010 the Gates 20th Century Fox 21,847,220.00$ 6,273,190.00$ 28,499,522.00$ 6,554,166.00$ 313,659.50$ 6,867,825.50$ 1/20/20112010 0588‐2010 Flypaper After Dark / Signature Films 708,798.51$ 31,502.65$ 10,250,000.00$ 212,639.55$ 1,575.13$ 214,214.69$ 7/12/20112011 0588‐2010 Flypaper After Dark / Signature Films 520,298.87$ 3,435.00$ ‐$ 156,089.66$ 171.75$ 156,261.41$ 7/12/20112010 0589‐2010 the Ledge Signature Pictures 540,806.27$ 10,000.00$ 502,836.00$ 162,241.88$ 500.00$ 162,741.88$ 4/19/20112010 0592‐2010 If God is Willing and the Creek Don't Rise 30 Acres & a Mule Productions / HBO 980,233.00$ ‐$ 2,843,934.00$ 294,069.90$ ‐$ 294,069.90$ 9/6/20112010 0593‐2010 LA Art Show Art Show Productions 13,666,065.00$ 3,112,111.00$ 20,025,000.00$ 4,099,819.50$ 155,605.55$ 4,255,425.05$ 3/24/20112010 0598‐2010 the Power of Few Power of Few Prods 3,769,628.52$ 796,803.96$ 4,510,000.00$ 1,130,888.56$ 39,840.20$ 1,170,728.75$ 3/24/20112010 0600‐2010 Swamp Shark Swamp Productions, LLC 12,216.94$ 3,826.96$ 327,784.00$ 3,665.08$ 191.35$ 3,856.43$ 11/15/2011

Appendix C

2011 0600‐2010 Swamp Shark Swamp Productions, LLC 250,678.06$ 2,777.03$ ‐$ 75,203.42$ 138.85$ 75,342.27$ 11/15/20112010 0601‐2010 The Big Uneasy The Notions Department 542,425.37$ 216,190.37$ 1,103,489.99$ 162,727.61$ 10,809.52$ 173,537.13$ 9/21/20112010 0605‐2010 the Fields Gideon Productions 12,127,455.00$ 3,146,256.00$ 14,445,535.00$ 3,638,236.50$ 157,312.80$ 3,795,549.30$ 1/20/20112010 0605‐2010 the Fields Gideon Productions 163,093.00$ 11,598.00$ 905,000.00$ 48,927.90$ 579.90$ 49,507.80$ 6/28/20112011 0605‐2010 the Fields Gideon Productions 3,891.00$ ‐$ ‐$ 1,167.30$ ‐$ 1,167.30$ 6/28/20112010 0606‐2011 Emancipated Horizon 409,590.51$ 167,305.00$ 477,534.29$ 122,877.15$ 8,365.25$ 131,242.40$ 3/31/20112011 0606‐2011 Emancipated Horizon 17,950.00$ ‐$ ‐$ 5,385.00$ ‐$ 5,385.00$ 3/31/20112009 0607‐2010 Green Lantern Warner Brothers 3,370,292.00$ 228,548.00$ 3,500,000.00$ 1,011,087.60$ 11,427.40$ 1,022,515.00$ 3/17/20112010 0607‐2010 Green Lantern Warner Brothers 110,627,262.00$ 15,267,160.00$ 133,904,525.00$ 33,188,178.60$ 763,358.00$ 33,951,536.60$ 3/17/20112009 0612‐2010 Real World 24 MTV 346,994.00$ 13,682.00$ 3,234,465.00$ 104,098.20$ 684.10$ 104,782.30$ 6/28/20112010 0612‐2010 Real World 24 MTV 2,750,085.00$ 211,743.00$ ‐$ 825,025.50$ 10,587.15$ 835,612.65$ 6/28/20112010 0615‐2010 Killing Karma (aka Inside Out) WWE 5,122,579.00$ 1,876,602.00$ 6,192,446.00$ 1,536,773.70$ 93,830.10$ 1,630,603.80$ 1/24/20112010 0617‐2010 Fury LMS / Motion Picture Corporation 509,175.00$ ‐$ 1,459,653.00$ 152,752.50$ ‐$ 152,752.50$ 4/19/20112011 0617‐2010 Fury LMS / Motion Picture Corporation 792,673.00$ ‐$ ‐$ 237,801.90$ ‐$ 237,801.90$ 4/19/20112011 0617‐2010 Fury Fury Investments, LLC 1,023,817.00$ 942.11$ 1,059,517.00$ 307,145.10$ 47.11$ 307,192.21$ 11/15/20112010 0618‐2010 Butter Carving Films 8,772,834.34$ 1,347,475.00$ 11,450,000.00$ 2,631,850.30$ 67,373.75$ 2,699,224.05$ 3/17/20112010 0619‐2010 Ghostbreakers Slow Children at Play 453,437.00$ 1,590.00$ 565,000.00$ 136,031.10$ 79.50$ 136,110.60$ 5/23/20112011 0619‐2010 Ghostbreakers Slow Children at Play 399,890.00$ 22,375.00$ 454,978.00$ 119,967.00$ 1,118.75$ 121,085.75$ 12/14/20112010 0622‐2010 Sunday Best 3 BET / Viacom 3,532,535.00$ 107,208.00$ 6,504,698.00$ 1,059,760.50$ 5,360.40$ 1,065,120.90$ 1/19/20112009 0624‐2010 Billy the Exterminator ‐ Season 2 A & E 982,125.00$ 99,784.00$ 2,495,175.00$ 294,637.50$ 4,989.20$ 299,626.70$ 2/16/20112010 0625‐2010 Billy the Exterminator ‐ Season 3 Exterminator Productions, LLC 1,488,332.00$ 100,430.00$ 3,331,990.00$ 446,499.60$ 5,021.50$ 451,521.10$ 11/15/20112011 0625‐2010 Billy the Exterminator‐ Season 3 Exterminator Productions, LLC 195.00$ ‐$ ‐$ 58.50$ ‐$ 58.50$ 11/15/20112009 0626‐2010 Rivka ‐ the Series Louisiana Motion Pictures, LLC 1,045,721.00$ 51,400.00$ 1,819,836.00$ 313,716.30$ 2,570.00$ 316,286.30$ 1/11/20112010 0626‐2010 Rivka ‐ the Series Louisiana Motion Pictures, LLC 9,735.00$ ‐$ ‐$ 2,920.50$ ‐$ 2,920.50$ 1/11/20112010 0630‐2010 Haywire ascension films 547,602.42$ 77,546.30$ 619,016.00$ 164,280.73$ 3,877.32$ 168,158.04$ 9/21/20112011 0630‐2010 Haywire ascension films ‐$ 17,163.30$ 62,443.15$ ‐$ 858.17$ 858.17$ 9/21/20112011 0632‐2010 Weather Wars Active Entertainment 855,580.00$ 3,415.27$ ‐$ 256,674.00$ 170.76$ 256,844.76$ 6/2/20112010 0632‐2010 Weather Wars Active Entertainment 1,328,845.00$ 174,656.04$ 2,257,428.00$ 398,653.50$ 8,732.80$ 407,386.30$ 6/2/20112010 0637‐2010 the Chaperone WWE 5,712,179.00$ 2,285,718.00$ 7,482,011.00$ 1,713,653.70$ 114,285.90$ 1,827,939.60$ 3/24/20112010 0640‐2010 The Courier Films in Motion 8,683,210.81$ 2,154,207.10$ 15,467,935.00$ 2,604,963.24$ 107,710.36$ 2,712,673.60$ 6/28/20112010 0642‐2010 Catch .44 Catch 44 Productions 8,738,186.00$ 1,475,759.00$ 10,280,000.00$ 2,621,455.80$ 73,787.95$ 2,695,243.75$ 1/11/20112010 0643‐2010 Transit Signature Pictures 4,623,973.10$ 1,036,916.11$ 4,900,000.00$ 1,387,191.93$ 51,845.81$ 1,439,037.74$ 1/24/20112010 0643‐2010 Transit Signature Pictures 155,122.35$ 34,380.90$ 700,000.00$ 46,536.71$ 1,719.05$ 48,255.75$ 4/19/20112011 0643‐2010 Transit Signature Pictures 364,711.58$ 8,274.62$ ‐$ 109,413.47$ 413.73$ 109,827.21$ 4/19/20112010 0645‐2010 New Orleans Tourism Tropic Films, Inc. 405,837.00$ 42,863.00$ 508,423.00$ 121,751.10$ 2,143.15$ 123,894.25$ 11/15/20112010 0647‐2010 Trespass Nu Image 16,354,459.00$ 1,608,241.00$ 23,389,959.00$ 4,906,337.70$ 80,412.05$ 4,986,749.75$ 2/15/20112010 0647‐2010 Trespass Nu Image 18,064,903.00$ 1,495,570.00$ 13,279,563.00$ 5,419,470.90$ 74,778.50$ 5,494,249.40$ 3/24/20112009 0652‐2010 Swamp People CCCM Projects, LLC/A & E 486,948.00$ 74,253.00$ 2,755,824.00$ 146,084.40$ 3,712.65$ 149,797.05$ 11/15/20112010 0652‐2010 Swamp People CCCM Projects, LLC/A & E 26,866.00$ 4,900.00$ ‐$ 8,059.80$ 245.00$ 8,304.80$ 11/15/20112010 0654‐2010 Sports Trivia Clash Leverage Entertainment 1,206,776.02$ 349,253.47$ 1,235,550.00$ 362,032.81$ 17,462.67$ 379,495.48$ 3/24/20112010 0655‐2010 Never Back Down II Signature Pictures 4,213,590.50$ 915,433.21$ 5,364,322.00$ 1,264,077.15$ 45,771.66$ 1,309,848.81$ 3/24/20112011 0655‐2010 Never Back Down II Signature Pictures 730,972.49$ 119.77$ ‐$ 219,291.75$ 5.99$ 219,297.74$ 3/24/20112010 0656‐2010 Chasing the Hawk WWE 5,529,013.00$ 2,130,970.00$ 6,836,069.00$ 1,658,703.90$ 106,548.50$ 1,765,252.40$ 6/28/20112011 0656‐2010 Chasing the Hawk WWE 3,777.00$ ‐$ ‐$ 1,133.10$ ‐$ 1,133.10$ 6/28/20112010 0657‐2010 Dragon Eyes After Dark / Signature Films 3,155,867.00$ 804,845.53$ 4,724,339.79$ 946,760.10$ 40,242.28$ 987,002.38$ 5/23/20112011 0657‐2010 Dragon Eyes After Dark / Signature Films 1,159,878.98$ 88,306.72$ ‐$ 347,963.69$ 4,415.34$ 352,379.03$ 5/23/20112010 0658‐2010 My Alien Mother Leverage Entertainment 380,788.59$ 105,287.30$ 382,426.09$ 114,236.58$ 5,264.37$ 119,500.94$ 3/24/20112010 0661‐2010 Escapee Films in Motion 1,775,096.18$ 882,383.73$ 1,852,134.96$ 532,528.85$ 44,119.19$ 576,648.04$ 2/24/20112010 0662‐2010 Carjacked Films in Motion 1,175,580.73$ 469,400.21$ 3,063,000.00$ 352,674.22$ 23,470.01$ 376,144.23$ 6/22/20112011 0662‐2010 Carjacked Films in Motion 892,742.52$ 118,431.73$ ‐$ 267,822.76$ 5,921.59$ 273,744.34$ 6/22/20112010 0666‐2010 Season of the Witch Films in Motion 7,239,459.38$ 2,110,550.94$ 8,343,786.48$ 2,171,837.81$ 105,527.55$ 2,277,365.36$ 5/23/20112011 0666‐2010 Season of the Witch Films in Motion 238,775.92$ 7,194.66$ ‐$ 71,632.78$ 359.73$ 71,992.51$ 5/23/20112010 0667‐2010 Weapon LMS / Motion Picture Corporation 1,237,746.00$ 486,564.00$ 5,766,973.98$ 371,323.80$ 24,328.20$ 395,652.00$ 5/5/2011

2011 0667‐2010 Weapon LMS / Motion Picture Corporation 432,349.00$ 16,018.00$ ‐$ 129,704.70$ 800.90$ 130,505.60$ 5/5/20112010 0668‐2010 Paranormal Plantation Leverage Entertainment 259,265.82$ 96,549.98$ 429,505.00$ 77,779.75$ 4,827.50$ 82,607.25$ 5/5/20112011 0668‐2010 Paranormal Plantation Leverage Entertainment 107,044.38$ 56,230.00$ ‐$ 32,113.31$ 2,811.50$ 34,924.81$ 5/5/20112010 0669‐2010 The Twilight Saga: Breaking Dawn TSBD Louisiana, LLC 46,120,154.00$ 4,701,150.00$ 216,422,068.00$ 13,836,046.20$ 235,057.50$ 14,071,103.70$ 11/15/20112011 0669‐2010 The Twilight Saga: Breaking Dawn TSBD Louisiana, LLC 62,860,759.40$ 4,497,599.00$ ‐$ 18,858,227.82$ 224,879.95$ 19,083,107.77$ 11/15/20112010 0670‐2010 Shark Night 3D Global Incentives / Independent 17,150,321.00$ 2,847,572.00$ 28,909,000.00$ 5,145,096.30$ 142,378.60$ 5,287,474.90$ 4/19/20112010 0671‐2010 From the Rough From the Rough Prods. 4,829,474.00$ 1,816,260.00$ 6,405,000.00$ 1,448,842.20$ 90,813.00$ 1,539,655.20$ 3/17/20112010 0672‐2010 Zombie Hamlet Zombie Hamlet LLC 625,975.01$ 138,765.37$ 750,000.00$ 187,792.50$ 6,938.27$ 194,730.77$ 2/15/20112010 0674‐2010 The Lucky One Warner Brothers 21,982,696.00$ 5,075,525.00$ 26,320,016.00$ 6,594,808.80$ 253,776.25$ 6,848,585.05$ 9/21/20112010 0675‐2010 Mysterious Island Leverage Entertainment 1,657,537.79$ 126,781.00$ 1,704,782.00$ 497,261.34$ 6,339.05$ 503,600.39$ 1/26/20112010 0679‐2010 Dungeons and Dragons 3 Dungeons and Dragons 3 Financing 350,151.48$ 14,940.24$ 3,982,320.68$ 105,045.44$ 747.01$ 105,792.46$ 12/14/20112011 0679‐2010 Dungeons and Dragons 3 Dungeons and Dragons 3 Financing 1,849,145.07$ 345,197.86$ ‐$ 554,743.52$ 17,259.89$ 572,003.41$ 12/14/20112010 0680‐2010 On the Road Spad Films NOLA 1,918,225.00$ 831,102.00$ 2,799,497.00$ 575,476.50$ 41,555.10$ 617,031.60$ 5/10/20112010 0681‐2010 The Philly Kid Philly Kid Financing/Philly Kid Productions 353,251.00$ ‐$ 3,383,376.55$ 105,975.30$ ‐$ 105,975.30$ 12/14/20112011 0681‐2010 The Philly Kid Philly Kid Financing/Philly Kid Productions 2,089,470.72$ 592,167.96$ ‐$ 626,841.22$ 29,608.40$ 656,449.61$ 12/14/20112010 0684‐2010 Killer Joe Voltage Pictures 8,148,189.48$ 1,415,252.47$ 9,705,000.00$ 2,444,456.84$ 70,762.62$ 2,515,219.47$ 4/19/20112011 0684‐2010 Killer Joe Killer Joe Productions 188,129.00$ 34,765.00$ ‐$ 56,438.70$ 1,738.25$ 58,176.95$ 9/21/20112010 0686‐2010 Adicolor Emporia Productions 347,244.00$ 102,753.00$ 397,811.00$ 104,173.20$ 5,137.65$ 109,310.85$ 5/23/20112010 0688‐2010 Reboot America Event Producers, Inc. 422,020.00$ 204,682.00$ 486,295.00$ 126,606.00$ 10,234.10$ 136,840.10$ 12/2/20112010 0689‐2010 The Young & the Restless Sony 567,997.88$ 273,400.42$ 622,394.00$ 170,399.36$ 13,670.02$ 184,069.39$ 5/23/20112010 0690‐2010 Worst Prom Ever Viacom / MTV 1,863,623.23$ 944,029.52$ 2,085,342.82$ 559,086.97$ 47,201.48$ 606,288.45$ 5/5/20112011 0690‐2010 Worst Prom Ever Viacom / MTV 24,438.28$ 5,441.96$ ‐$ 7,331.48$ 272.10$ 7,603.58$ 5/5/20112010 0691‐2010 Haunting in Georgia Haunting Productions 4,987,835.46$ 1,328,829.00$ 7,983,388.00$ 1,496,350.64$ 66,441.45$ 1,562,792.09$ 6/2/20112011 0691‐2010 Haunting in Georgia Haunting Productions 1,112,812.00$ 11,712.00$ ‐$ 333,843.60$ 585.60$ 334,429.20$ 6/2/20112010 0696‐2010 Voodoo Experience 2010 Rehage Entertainment 1,408,648.00$ ‐$ 5,824,332.00$ 422,594.40$ ‐$ 422,594.40$ 11/18/20112010 0698‐2010 Toya: A Family Affair Sunday Best, LLC/BET 944,893.00$ 191,027.00$ 4,098,603.00$ 283,467.90$ 9,551.35$ 293,019.25$ 11/1/20112011 0698‐2010 Toya: A Family Affair Sunday Best, LLC/BET 62,912.00$ 2,088.00$ ‐$ 18,873.60$ 104.40$ 18,978.00$ 11/1/20112010 0699‐2010 So Undercover Bluefin Productions 3,624,881.00$ 1,013,250.00$ 13,899,678.00$ 1,087,464.30$ 50,662.50$ 1,138,126.80$ 6/28/20112011 0699‐2010 So Undercover Bluefin Productions 7,758,986.00$ 2,183,149.00$ ‐$ 2,327,695.80$ 109,157.45$ 2,436,853.25$ 6/28/20112010 0700‐2010 the Door LMS 1,728,883.00$ 276,316.00$ 1,895,050.00$ 518,664.90$ 13,815.80$ 532,480.70$ 3/24/20112011 0700‐2010 the Door LMS 85,151.00$ ‐$ ‐$ 25,545.30$ ‐$ 25,545.30$ 3/24/20112010 0703‐2010 Meeting Evil Motion Picture Corporation of America 8,785.00$ ‐$ 8,785.00$ 2,635.50$ ‐$ 2,635.50$ 7/12/20112011 0703‐2010 Meeting Evil Motion Picture Corporation of America 5,251,738.00$ 884,355.00$ 5,643,883.00$ 1,575,521.40$ 44,217.75$ 1,619,739.15$ 7/12/20112010 0704‐2010 Code Red ‐ Jay Electronica Mountain Dew (Ease) 199,161.94$ 69,654.58$ 355,165.61$ 59,748.58$ 3,482.73$ 63,231.31$ 6/28/20112011 0704‐2010 Code Red ‐ Jay Electronica Mountain Dew (Ease) 150,903.67$ ‐$ ‐$ 45,271.10$ ‐$ 45,271.10$ 6/28/20112010 0705‐2010 Morrison National Commercials ‐ Slate 2 Morrison Productions/Twisted Fiction 453,698.46$ 122,072.21$ 835,941.16$ 136,109.54$ 6,103.61$ 142,213.15$ 6/28/20112011 0705‐2010 Morrison National Commercials ‐ Slate 2 Morrison Productions/Twisted Fiction 281,278.41$ 86,249.85$ ‐$ 84,383.52$ 4,312.49$ 88,696.02$ 6/28/20112010 0706‐2010 Looper Looper Investments, LLC 4,923,070.00$ 589,428.00$ 35,707,161.00$ 1,476,921.00$ 29,471.40$ 1,506,392.40$ 11/15/20112011 0706‐2010 Looper Looper Investments, LLC 26,946,589.00$ 5,971,899.00$ ‐$ 8,083,976.70$ 298,594.95$ 8,382,571.65$ 11/15/20112010 0707‐2011 The Grief Tourist TGT, LLC 403,181.65$ 110,368.00$ 600,000.00$ 120,954.50$ 5,518.40$ 126,472.90$ 7/29/20112011 0713‐2011 Universal Soldier 4 Unisol 4 Financing, LLC 9,222,087.10$ 1,879,277.23$ 11,461,130.66$ 2,766,626.13$ 93,963.86$ 2,860,589.99$ 11/18/20112011 0714‐2011 Stash House Stash House Financing, LLC 3,143,373.23$ 632,513.08$ 3,866,112.68$ 943,011.97$ 31,625.65$ 974,637.62$ 11/18/20112011 0716‐2011 Playing the Field Playing Financing, LLC/Playing Productions, LLC 23,681,006.90$ 2,632,349.00$ 28,575,679.00$ 7,104,302.07$ 131,617.45$ 7,235,919.52$ 12/2/20112011 0717‐2011 Medallion Medal Financing, LLC/Medal Productions, LLC 28,140,371.00$ 4,208,848.00$ 32,177,073.00$ 8,442,111.30$ 210,442.40$ 8,652,553.70$ 12/2/20112011 0724‐2011 Dark Circles Dark Cirle Financing, LLC 2,555,934.21$ 574,719.44$ 2,720,829.49$ 766,780.26$ 28,735.97$ 795,516.24$ 7/29/20112011 0734‐2011 Freelancers Georgia Film Fund Three Productions, LLC 10,718,166.00$ 1,331,048.00$ 15,175,443.00$ 3,215,449.80$ 66,552.40$ 3,282,002.20$ 11/18/20112011 0777‐2011 The Boxcar Children Moonbot Studios LA 393,533.00$ 294,901.00$ 397,255.00$ 118,059.90$ 14,745.05$ 132,804.95$ 12/2/2011

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