<table><tr><th>From:</th><th>Joe Avantario</th></tr><tr><td>Sent:</td><td>Wednesday, November 11, 2015 9:18 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Preliminary 2016 cash flow projections</td></tr></table>

Projections provided by Publishing CFO. They expect to repay some loans and take out later in the year

From: jeffrey E. [mailto:jeevacation@gmail.comj Sent: Wednesday, <u>November 11 2015 4:17 PM</u> To: Joe Avantario Subject: Re: Preliminary 2016 cash flow projections

sorry publishing inflow of 2. and 11out?

On Wed, Nov 11, 2015 at 10:01 PM, Joe Avantario > wrote:

Please see attached. Let me know if I can answer any questions.

Thank you,

Joseph Avantario

Elysium Management, LLC

445 Park Avenue Suite 1401, New York, NY 10022

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