From: Richard Joslin Sent: Friday, December 12, 2014 12:41 AM To: jeffrey E. Subject: Re: model You asked for cash flow 2015 for advances in call earlier today and co=t of producing titles. That tis genesis for the below. I do n=t think the numbers in the model are finely tuned and given the inconsiste=cies detected, I asked John to provide researched numbers. Neither he nor Diana have looked at a royalty contract = On Dec 11, 2014, at 2:47 PM, "jeffrey E." <jeevacation@gmail.com <mailto:j=evacation@gmail.com» wrote: not sure why you want to do that . but ... On Thu Dec 11 2014 at 6:18 PM, Richard Joslin wrote: To be clear, I asked John and Diana at Phaidon to pr=vide a list of titles for which contracts have been signed or are in negot=ation and to summarize the timing of advance royalty payments by title and=then to compare to the development teams one page P&L summary with similar info. I then asked them =o compare this information to their model and in particular to the cash fl=w including what has already been paid in 2014. I do not consi=er this building the model but rather confirming accuracy of information. I am not making any changes to their model nor the p=esentation. Richard Joslin CFO Elysium Management LLC 445 Park Ave Ste. 1401 New York, NY 10022 1 EFTA_R1_01786415 EFTA02599741 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 jeevacation@gmail.com <mailtoleevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 2 EFTA_R1_01786416 EFTA02599742