From: Richard Joslin < Sent: Wednesday, November 26, 2014 4:56 PM To: Jeffrey E. Subject: FW: Phaidon Press: Preliminary Exhibits Attachments: Phaidon Press Limited Exhibits (DRAFT 11-26-14).pdf Valuation GBP 15MM&nbs=; - draft Should I send to Brad?=o:p> 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 =haidon Press valuation. As we discussed on the phone, there were a few outstanding qu=stions posed to management. Their responses may result in changes to=our model. Please feel free to email or call if you have any questions.c:p> Thanks H </=:p> Jeffrey T. Schultz I Senior Valuation As=ociate Empire Valuation Consultants, LLC EFTA_R1_02175656 EFTA02719236

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