<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Thursday, October 30, 2014 3:43 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: Regan Arts</td></tr></table>

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

Thanks for your time today.

Richard Joslin

CFO

Elysium Management LLC

445 Park Ave

Ste. 1401

New York, NY 10022

(w)

(c)

(f)