Re: model

not sure why you want to do that . but ...

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

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 =