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After the picture is in release and the recoupment of the budget is met, C.M.A.'s pre-production investment will come out of the first share of the profits. With slight variations, we, as a producing company, can expect to share in approximately 50% of the profits. With the advantage of having C.M.A. equipment and facilities available, we should be able to greatly reduce the budget of this picture. In such a case, this would naturally increase the profits. I have made a tentative budget breakdown and am convinced that the final budget won't exceed $300,000, which, I may add, is an exceptionally low cost for a picture of this calibre and attractive to the studio financing this production. If additional interest is shown because of the contents of this letter, I would be pleased to discuss it personally at further length. Yours truly, Ferde Ferde Grofé, Jr. Columbia Sunset 1422 Lyman Place Hollywood 29, Calif. Phone: NO-4-2131 FG/jl