From: Richard Joslin Sent: Wednesday, November 26, 2014 2:42 PM To: Jeffrey E. Subject: FW: Current Regan Art Models Attachments: Regan Arts 2015 - Best Case Scenario.pdf, Regan Arts 2015 - Current Scenario.pdf; Regan Arts 2015 - Worse Case Scenario.pdf; Regan Arts Scenarios.pdf From: John Murphy Imailtc Sent: Monday, November 24, 2014 4:34 PM To: Richard Joslin Subject: Current Regan Art Models Hi Rich, Following on our meeting I have further refined the =odels based on 3 scenarios (Best Case, Current and Worse Case Scenario) Give me a call when you have a moment and I will run=through these with you. I have Diana double checking the formula etc. <=o:p> I also attach the current excel files that we are us=ng as well. Regards, John. EFTA_R1_02175847 EFTA02719288

John Murphy</=:p> COO/CFO=/span> Phaidon Press=/o:p> 65 Bleecker Street=o:p> New York, NY 10012=o:p> a mailto phaidon.com</=:p> 2 EFTA_R1_02175848 EFTA02719289