From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Richard Joslin -4 Subject: Re: FW: Phaidon Press: Preliminary Exhibits Date: Wed, 26 Nov 2014 17:15:40 +0000 no On Wed, Nov 26, 2014 at 11:55 AM, Richard Joslin -4 > wrote: Valuation GBP 15MM - draft Should I send to Brad? From: Schultz, Jeff [mailto: Sent: Wednesday, November 26, 2014 11:15 AM To: Richard Joslin Cc: Nammacher, Scott Subject: Phaidon Press: Preliminary Exhibits Rich, Attached you will find a set of preliminary exhibits for the Phaidon Press valuation. As we discussed on the phone, there were a few outstanding questions posed to management. Their responses may result in changes to our model. Please feel free to email or call if you have any questions. Thanks!! Jeffrey T. Schultz I Senior Valuation Associate Empire Valuation Consultants, LLC 777 Canal View Blvd., Suite 200 EFTA01001135 Rochester, NY 14623 Experience Excellence Pursuant to U.S. Treasury regulations, any federal tax advice contained in this communication. including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting. marketing, or recommending to another party any tax-related matters addressed herein. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01001136