From: Richard Joslin <1

From: Richard Joslin <1 To: jeffrey E. <[email protected]> Subject: FW: Phaidon Press Ltd Valuation - Final Report Date: Fri, 29 Jan 2016 17:20:05 +0000 Attachments: Phaidon_Press_Limited Restricted_Use_Report_12-10-15_(FINAL).pdf; ATT00001.htm From: Joe Avantario Sent: Wednesday, December 30, 2015 9:44 AM To: John Castrucci .0 )..; Richard Joslin Subject: FW: Phaidon Press Ltd Valuation - Final Report Final Valuation 3.8MM From: "Schultz, Jeff' To: " Cc: "Joe Avantario" , "Nammacher, Scott" < Subject: Phaidon Press Ltd Valuation - Final Report Alan/Joe, Please find an electronic copy of the final report for the Phaidon Press Ltd. valuation attached. The hard/bound copies are in the process of being prepared by our admin team and can be expected to arrive in your office early next week. Regards, Jeff Jeffrey T. Schultz I Senior Valuation Associate Empire Valuation Consultants, LLC 777 Canal View Blvd., Suite 200 Rochester, NY 14623 P: Experience Excellence www.EmpireVal.com<http://www.empireval.com/> EFTA00835382