EFTA02599368

From: Richard Joslin Sent: Thursday, December 11, 2014 10:18 PM To: Jeffrey E. Subject: model 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 1 EFTA_R1_01785827 EFTA02599368