EFTA00632438.txt

"From: Eileen Alexanderson To: Jeffrey E."

"CC: Richard Joslin"

"Most recently he was employed by McGraw Hill Education"

"John Murphy, Phaidon COO/CFO"

"Philip has met with Barry Cohen, Brad Wechsler, and myself"

"Philip has met with Barry Cohen, Brad Wechsler, and myself"

"Philip has met with Barry Cohen, Brad Wechsler, and myself"

"Eileen Alexanderson Elysium Management"

"as you consider additional investment in Regan Arts"

"Philip's fee for this assignment will be $10,000. ... the agreement is set up with Barry to execute on behalf the Trustees."