From: Richard Joslin < Sent: Saturday, December 6, 2014 1:39 PM To: jeffrey E. Subject: Fwd: Regan Arts 2015 Worse Case Model Attachments: Regan Arts 2015 - Worse Case Scenario.pdf; ATT00001.htm; Regan Arts 2015 Worksheets dated 12-05-14 v1 - Worse Case Scenario.xlsx; ATT00002.htm Begin forwarded message: From: John Murphy > Date: December 5, Subject: Regan Arts 2015 Worse Case Model Rich/Eileen/Diana, Final email now includes the Worse Case model. PDF a=d excel files are included. The only difference in this model and the base=case is I have reduced the laydown quantities as provided by the RA sales =eam by 20%. Regards, John. <=span></=> EFTA_R1_02122778 EFTA02710583

John Murphy COO/CFO Phaidon Press 65 Bleecker Street<p> New York, NY 10012</=> phaidon.com <http://phaidon.c=m> 2 EFTA_R1_02122779 EFTA02710584