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d Ressler and Debra Black The Publishing Trust (NY)' "'Board of Managers: JMWT LLC and Judith Regan PLB LLC (US) Manager: JH As of 4/26/16 C Leon BlackD ) 100% JMWT LLC (US) Manai,er: LB 99.9% 0.1% Regan Ans LLC 100% • EFS Member LLC (US)*** Phaidon Global LLC (US) ("EFS") Lit Kit LLC
) s• Trustees: BC, JH, Richard Ressler and Debra Black The Publishing Trust (NY)' "'Board of Managers
nager: JMWT LLC 1 49% PHAIDON LLC (US) Manager: EFS I 100% Bradley .1. Wechsler (-BW"). President 51% JMWT Limited (UK) Director: BW 100% Phaidon Press Limited (UK) Directors: BW, Ben Black, BC. James Booth-Clibbom, Keith Fox, Philip Ruppcl 100% of each Phaidon Press (Australia) PH An AG (Swiss) M
tending to create an instrument executed under seal. Lender: BLACK FAMILY PARTNERS, M. By: Black Family G LLC, its ge erg! partner By: L Name: Leon D. Black Title: Manager Borrower: PHAIDON GLOBAL LLC By: JMWT Lly7 manager By: .__ Namei Leon D. Black Title: Member and Manager (Seal) Address where
LOAN AGREEMENT Between Black Family Partners, and Phaidon Global LLC This Ag
each state were it is required to do so by applicable law, except where the failure to do so would not have material adverse effect on the Borrower. Phaidon Press Limited ("PPL") is an indirect, wholly-owned subsidiary of the Borrower. 6.5 No Conflicts. This Agreement does not conflict with any law, agreement, or ob
ginal Owner *BC. Mt RR DRB. BEB. JNIB. ASB. VRB ••DRB. BC. JH. RR BEB. DAB. ASB. VRB. DRB ***BC. JH. DRB. UST Admin BEB. JMB. ASB. VRB 100% ♦ Leon Black JMWT LLC DE) Manager: LDB 99.9% 0.1% PHAIDON GLOBAL LLC (DE) Manager: JMWT LLC 1 99.9% 100% PHAIDON LLC (DE) Formerly: !WAIT Mgr LLC Manager
• Trust*** or ------ ---------- . - . • re Black Famly 1997 Trine. % • • • (NYr*I . • . -
oard of Mgrs: JMWT LLC. JR JMWT Acquisition LLP (UK) 100% 1MWT Topco Limited (UK) 100% 1MWT Midco Limited (UK) 100% JMWT Li nited (UK) 100% Phaidon Press Limited (UK) 25% LitKit LLC (DE) Board of Mgrs: JMWT LLC. JR ()rig. Members: JMWT LLC — Leon Black PLB LLC - Debra Black Current Members: Phaidon Glob
don Press Ltd: Structure Chart Please confirm ownership of PLB LLC & JMWT LLC Members PLB LLC: Jrowr LLC: Black Family 1997 Trust PLB LLC JMWT Leon Black LDB 2011 LLC US LLC Sole member 00.979% .001% Marylebone Retail Limited (WI Phaldon Press me (US) Phaidon Press OmbH :Germania Phaldon
PLB LLC & JMWT LLC Members PLB LLC: Jrowr LLC: Black Family 1997 Trust PLB LLC JMWT Leon Black LDB
T Acquisition LLP UK O0378972 107% JMWT TopCo Limited UK 08233421 102% JMWT MidCo Limited UK 08233425 i00% JMWT Ltd UK 08228033 1004 Phaidon Press Limited UK 02525791 sC011lateeth Ph:WonPress Bed (Prence) LIP Designated Member% - JMWT LLC-Leon Black - PLB LLC-Debra Black Directors -Leon Black
sler ** Trustees: BC. JH, Richard Ressler. Debra Black ("DB"), US Trust Company (Administrative Trustee)
/MT Manager LIZ 0.1% V JMWT Acquisition LLP (UK) 100% 1 JMWT Topco Limited (UK) 100% • JMWT Midco Limited (UK) 100% JMWT Limited (UK) 100% Phaidon Press Limited (UK) 100% of each Manager: JMWT LLC 10/28/15 Managing Member: Phaidon LLC Directors: LB. Bradley J. Wechsler ("BJW') Directors: LB. BJW Direc
o the PPL Board, who will initially be Benjamin Black. Amendment of LLC Agreement The LLC Agreement o
actions will be implemented: Transaction Details Conversion and Cancellation of PPL Debt by Global Phaidon Global LLC ("Global') contributes to Phaidon Press Limited ("PPL") in exchange for shares of PPL $15 million of Notes receivable from PPL (after cancelling all interest accrued and unpaid thereon). Global
Entities connected to both Leon Black and Phaidon Press Limited

Barry Diller
PERSON
Michael Cohen
PERSONEileen Alexanderson
PERSONPhaidon
ORGANIZATIONDebra Black
PERSONBen Black
PERSONRichard Ressler
PERSONJMWT LLC
ORGANIZATIONBlack Family 1997
ORGANIZATIONKeith Fox
PERSONPhaidon Global LLC
ORGANIZATIONJMWT Acquisition LLP
ORGANIZATIONPhaidon Press
ORGANIZATIONJudith Regan
PERSONJMWT Limited
ORGANIZATIONPHAIDON GOVERNANCE STRUCTURE CHART
ORGANIZATIONJMWT Midco Limited
ORGANIZATION