From: Richard Joslin Sent: Thursday, October 30, 2014 3:43 PM To: jeffrey E. Subject: FW: Regan Arts From: John Murphy Sent: Thursday, October 30, 2014 11:42 AM To: Richard Joslin Subject: RE: Regan Arts Hi Rich, These are not an annua= outlay, advances are typically one-time events. If enough copies are sold=then additional royalties (% of book sales are paid) I look forward to our =ext meeting and reach anytime on any questions! Regards, John. From: Richard Joslin [mailtca Sent: Thursday, October 30, 2014 11:39 AM To: John Murphy Subject: Regan Arts Plaese make double sure that the Advance payments ar= not an annual outlay, ie $4,971,500 will be FY 2014 (paid over 3 years); =4,971,500 will be FY 2015 (paid out over 3 years). Kindly revert pro=ptly EFTA_R1_01393026 EFTA02379520

Thanks for your time today. Richard Joslin CFO Elysium Management LLC 445 Park Ave Ste. 1401 New York, NY 10022 (w (c) (f) 2 EFTA_R1_01393027 EFTA02379521