From: Richard Joslin <1

From: Richard Joslin <1 To: jeffrey E. <[email protected]> Subject: FW: Phaidon Global 9/30/14 BS and PL Date: Mon, 06 Oct 2014 19:33:42 +0000 Attachments: Phaidon_Global_LLC_-_9.30.14_Balance_Sheet.pdf; Phaidon_Global_LLC_- 9.30.14_P&L.pdf Embedded: unnamed To be clear, the FO writes up the books of Phaidon Global LLC. Any money borrowed from BFP LP (on LOC) is then funded at FO instruction to Phaidon Press Ltd or as equity funding of Regan Arts LLC. Attached is 9/30/14 financials prepared by FO for Phaidon Global LLC Phaidon Press Ltd has booked the amounts received as long term liability. Attached are 12/31/2013 financials of Phaidon operating entities a/012/31/2013 (attached email). From: Julie Li Sent: Monday, October 06, 2014 3:12 PM To: Richard Joslin Subject: Phaidon Global 9/30/14 BS and PL See attached Julie Li Elysium Management LLC 445 Park Avenue Ste 1401 New York NY 10022 EFTA00673774