From: Richard Joslin .T:1

From: Richard Joslin .T:1 To: jeffrey E. <[email protected]> Subject: Fwd: Cash Flow Forecast Date: Wed, 17 Dec 2014 23:33:39 +0000 Attachments: Cashflow_forecast_2014-2016_(121714).pdf; ATT00001.htm Fyi. GBP 100K owner funding needed in Q3 2015 and GBP 500K funding Q4 2015. This will be repaid Q1 2016. We are papering all debt including a few Phaidon amounts. We will look to pay interest in Dec for all. The Phaidon Press interest is taxable to LDB. I have signed deed of gift for Braque and Kippenberger EA provided charity pledge letters to LDB for signature. I am working on updating cash flow for Athene and providing EA cash needs for publishing for memo to trustees per request at trustee meeting. Begin forwarded message: From: "John Murphy" To: "Richard Joslin" Subject: FW: Cash Flow Forecast Fyi I need to remember to add you as well! J. From: John Murphy Sent: Wednesday, December 17, 2014 11:29 AM To: Subject: Cash Flow Forecast Hi Eileen, As requested please find enclosed the Cash Flow forecast for Phaidon for 2015 and 2016. Please note the following: 2015 is based on the original analysis provided for the additional £3M, I am hoping we do better than this by the end of June 2015 but this would be worse case scenario EFTA01003339 2016 shows a net nil cash position for the year, funding in the first half paid back by June 2016 We will work on 2017 and get this across to you, I believe we will be cash positive for the year and we will begin repaying back the 2015 funds If you have any questions please do not hesitate to reach out to me. Regards, John. John Murphy COO/CFO Phaidon Press 65 Bleecker Street New York, NY 10012 EFTA01003340