From: Richard Joslin < Sent: Tuesday, December 2, 2014 4:49 PM To: jeffrey E. Subject: FW: Phaidon Valuation: Follow-up Questions. From: Peter Goodwin Sent: Tuesday, December 02, 2014 11:46 AM To: Richard Joslin; John Murphy Subject: RE: Phaidon Valuation: Follow-up Questions. Richard= &n=sp; <=pan style="mso-list:Ignore">1. &n=sp; <=pan style="mso-list:Ignore">2. &=bsp; &nbs=; &=bsp; &nbs=; &=bsp; &nbs=; &=bsp; &nbs=; &=bsp; &nbs=; &=bsp; &nbs=; &=bsp; &nbs=; &=bsp; &nbs=; &=bsp; &nbs=; &=bsp; &nbs=; June 2014 £4,588=/p> July 2014 £5,997<=o:p> Aug 2014 E6,874<=span> &n=sp; <=pan style="mso-list:lgnore">3. &n=sp; I am presuming that the taxable profits are all genera=ed in the UK each year and that the overseas subsidiaries are at a breakev=n position in terms of corporation taxes. &=bsp; &nbs=; &=bsp; &nbs=; EFTA_R1_01316188 EFTA02345848

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