PHAIDON PRE-AUGUST 2013 STRUCTURE CHART

PHAIDON PRE-AUGUST 2013 STRUCTURE CHART 3/5/2015 DRAFT BEB 2011 Trust JMB 201 I I ASB 2011 • r - VRB 2011 -'• Trust N. Trust - - el • - Trust - - r' Black Black Fami y 1997 Trust'i (NY)" APO2 Trust (NY)* Black Family Partners LP LOAN I.6n) 3/14/13 LOAN SI.6m 5/21/13 10/3/12 $66,001,800 $332,510 $242,812 an i t LDB 2011 LLC (DP*** APOI Trust (NY)' 80.59% 14.93% S54m 10/3/12 siom ion/12 EQUITY EQUITY PLB LLC (DE) Manager .11-1 ADVANCE for Prof. shs S1.6m 3/14 13 KEY: *Trustees BC, JH, RR Benes DRB, BEB, JMB, ASB, VRB **Trustees DRB, BC,11-I, RR Benes BEB, JMB, ASB, VRB, DRB ***Trustees BC, JH, DRB, UST Admin Benes BEB, JMB, ASB, VRB '997 GST EX) Trust (NY)" <I. 4.48% 1 S67k 11/4/12 EQUITY 99.9% 0.1% JMWT Acquisition LLP (UK) ADVANCE 51.6m 5/22/13 EQUITY STAMP TAX ACQ EXP McFarlane's Client Account for -NWT Acq LLP on behalf of PLB & JMWT LLCs To Shareholders £27.5m 10/3/12 EQUITY JMWT Topco Limited (UK) f 2.7.5m 10/3/12 EQUITY JMWT Midco Limited (UK) SI.6m SI.6m 12 Leon Black 567k' 41%2 11/4/12 100% JMWT LLC (DE) Manager: LDB Designated Members: nvisivr LLC - Leon Black PLB LLC - Debra Black £13.7m 10/3112 DEBT Directors: LDB, EA £27.5m + £13.7m 10/3/12 EQUITY . JMWT L mited (UK) BIDCO AF E4 I .2m to sdiing Sql far PPL sin 10/3/12 Directors: LDB, DRB, EA Subscription for Pref. shs (£ 2.1Im = 53.2m) 10/24/13 Phaidon Press Limited (UK) Directors: Key Execs, EA Phidon Press Inc. MRL (UK) Phaidon Press GmbH Phaidon Press Sari Phaidon Press Srl Phaidon Press (Australia) Phaidon Press KK (Germany) (France) (Italy) (Japan) *SS transferred from Leon & Debra JT Acct, NB. LDB has no separate account PROT0 PHAIDON POST-AUGUST 2013 STRUCTURE CHART re* BEB 2011 Trust*** - JMB 2011 ASB 2011 -• - VRB 2011- 1%, Trust*s• %, Truse" Trust*" "a re. Black Family 1997 Trust...I (NY)" APO2 Trust (NY)* EQUITY 5500k 6/13/14 S4 25m 6,14/14 Paul, Weiss Client Account 100% EQUITY 5200k 11/13/14 PASI LLC (DE) Manager: BC EQUITY 54.75m 8/16/14 100% AS Hldgs Ltd. (Bermuda) Mgr PASI LW Officer. EA EQUITY 5806k I I/14 EQUITY 5250k 08/25,14 LDB 2011 LLC (DE) 'i Member Managed , APOI Trust (NY)* 80.59% 14.93% EQUITY 5149k 11/14 PLB LLC (DE) Manager: JH sim EQurry LOAN 11/14 Slm 12T24/1-1 Debra Black LOAN 5450k 12/24/14 100% ARSP LLC (DE) Manager: Keith Fox 100% TaT Artspace LLC (DE) Formerly: AS Acq LLC Manager: Keith Fox To Artspace owners on behalf of AS Acq LLC and Parent Entities 4 LOANS SI 1.53m (9/13- 12/14) 99.9% 1N.M.48% 3/5/2015 DRAFT Reflecting activity a/o 12/31/14 KEY: *Trustees BC, Ai, RR Bents DRB, BEB, JMB, ASB, VRB **Trustees DRB, BC, 3K, RR Banes BEB, JMB, ASB, VRB, DRB ***Trustees BC, JH, DRB, UST Admin Banes BEB, JMB, ASB, VRB 1997 GST EX Trust (NY)" Black Family Partners LP LOANS S13.35m (9/13 -11/1-1) V REC 51k EQUITY 11'4 Leon Black 100% JMWT LLC (DE) Manager: LDB 0.1% PHAIDON GLOBAL LLC (DE) Manager: JMWT LLC 99.9% 100% PHAIDON LLC (DE) Formerly: JMWT Mgr LLC Manager JMWT LLC 0.1% 75% 100% : win. s;qi i .:ni4 Regan Arts LLC (DE) Board of Mgrs: JMWT LLC, JR MINT Acquisition LLP (UK) 100% JMWT Topco Limited (UK) 100% JMWT Midco Limited (UK) 100% JMWT Limited (UK) 100% Phaidon Press Limited (UK) Judith Regan Regan Media Inc. 25% LitKit LLC (DE) Board of Mgrs: JMWT LLC, JR Members: Phaidon Global, Phaidon LLC Manager: Phaidon LLC Directors: LDB, DRB, EA Directors: Key Execs, EA Phaidon Press Inc. MRL (UK) Phaidon Press GmbH (Germany) Phaidon Press Sarl (France) Phaidon Press Srl (Italy) Phaidon Press (Australia) Phaidon Press KK (Japan) 2 PROT1 PHAIDON GOVERNANCE STRUCTURE CHART 3/5/2015 DRAFT BEB 2011 Trust*" i Black Family 1997 Trust (NY)" .. 0• M MI C APO2 Trust (NY)* 100% PASI LLC (DE) Manager. 1W 100% AS Holdings Ud. (Bermuda) Manager: 'ASI LLC Officu: EA JMB 2011 ASB 2011 , ' I Trust*** i Trust*" ..." 80.59% 100% ARSP LLC (DE) Manager: Keith Fox 100% Artspace LLC (DE) Manager: Keith Fox r ' LDB 201 I LLC (DE) %., ( Manager BC as of 6:14 I • Formerl): Member Alanal,vd 7 .". APOI Trust (NY)* 14.93% 4.48% PLB LLC (DE) A tanager: JH y A VRB 2011 -• Trust*" 1997 GST EX Trust (NY)" KEY: Trustees Beneficiaries Managers/Officers *BC, JH, RR ()RD. BEI3..IMB, ASB. VRB "ORB, BC,111, RR BEB..IN IR. ASB. VRB. DRB ***BC, JH, DRB, UST Admin BEI3. FMB.:ASB. VRB Leon Black J 100% JMWT LLC DE) Manager: LDB 0.1% PHAIDON GLOBAL LLC (DE) Manager: JAI WT LLC 99.9% 100% PHAIDON LLC (DE) Formerly: JWAIT Mgr LLC Manager JMWF LLC • 0.1% 100%T 75% Regan Arts LLC (DE) Board of Mgrs: JMWT LLC. JR JMWT Acquisition LLP (UK) 100% JMWT Topco Limited (UK) 100% JMWT Midco Limited (UK) 100% JMWT Limited (UK) 100% Phaidon Press Limited (UK) Judith Regan Regan Media Inc LitKit LLC (DE) Board of Mgrs: JMWf JR Orig. Members: JMWI LLC - Leon Black PER LI.0 - Debra Black Current Members: Phaidon Global. Phaidon I.I.0 Managing Member: Phaidon LLC Directors: LDB. EA Directors: LDB, DRB, EA Directors: Key Execs, EA Phidon Press Inc. MRL (UK) Phaidon Press GmbH (Germany) Phaidon Press Sarl (France) Phaidon Press Srl (Italy) Phaidon Press (Australia) Phaidon Press KK (Japan) PROT2 ENTITY BLACK FAMILY 1997 TRUST LDB 2011 LLC APO 1 TRUST APO 2 DECLARATION BLACK FAMILY 1997 GST EXEMPT TR PLB LLC JMWT LLC PHAIDON GLOBAL LLC • PHAIDON LLC (formerly JMWT Mgr LLC) JMWT ACQUMSITION LLP JMWT TOPCO JMWT MIDCO JMWT LTD PHAIDON PRESS LTD REGAN ARTS LLC LIT KIT LLC PAS, LLC AS HOLDING LTD ARSP LLC ARTSPACE LLC (formerly AS Acq LLC) MEMBERS BEB,JMB,ASB,VRB 2011 Trusts APO 1, APO2, 1997 GST EX TRUST LDB PLB LLC, Phaldon LLC PHAIDON GLOBAL PHAIDON GLOBAL, PHAIDON LLC PHAIDON GLOBAL PHAIDON GLOBAL, JUDITH REGAN APO 2 DECLARATION AS HOLDINGS LTD ARSP LLC TRUSTEES DRB,BC,IH,RR BC,111,DRB,UST ADMIN BC,JH,RR BC,JH,RR DRB,BC,JH,RR BENEFICIARES DRB,BEB)MB,ASB,VRB BEB,JM8,ASEI,VRB DRB,BEB)MB,ASB,VRB DRB,BE8,1MB,ASB,VRB DRB,BE13,1MB,ASB,VRB •Reorg for Addition of Phaidon Global - August 2013 Agreement entered into by JMWT LLC and PLB LLC to reorg: JMWT LLC contributed Its partnership Interest in JMWT Acq LLP to Phaidon Global LLC Phaldon Global contributed that partnership interest to JMWT Manager LLC PLB LLC contributed partnership interest interest in theAcq LIP to Phaldon Global (which retained that interest) JMWT LLC as Managing Member approved Phaidon Global and JMWT Manger LLC as new members of the LLP JMWT LLC resigned as Managing Member of the LLP and nominates JMWT Manager LLC as Managing Member (JMWT Manager LLC later renamed Phaidon LLC in June 2014) MANAGEMENT DOMICILE NY BC a/o 6/14 (originally Member Managed) DEL NY [repeated 3 times] Manger-JH DEL Manager-LDB DEL Manager-JMWT LLC DEL Manager-JMWT LLC DEL Managing Member-Phaidon LLC UK (Original Managing Member JMWT LLC) Directors-LDB,EA UK Directors-LDB,EA UK Directors-LDB,DRB,EA UK Directors-Key Execs + EA UK Board of Managers: JMWT LLC,JR DEL Board of Mangers: JMWT LLC, JR DEL Manager- BC DEL Manager-PASI LLC, EA-officer BERMUDA Manager-Keith Fox DEL Manager-Keith Fox DEL PROT3