From: Richard Joslin < Sent: Monday, May 4, 2015 12:54 PM To: jeffrey E.; Brad Wechsler Subject: RE: LDB 2011 LLC: Revised Phaidon Press Draft Report FYI - Empire has updat=d it valuation of Phaidon Press to GBP 11.2mm From: Schultz, Jeff [mailto Sent: Friday, May 01, 2015 11:1 AM M 2 To: Richard Joslin Cc: Subject: LDB 2011 LLC: Revised Phaidon Press Draft Report=/p> Rich, Please find a revised Phaidon Press report/exhibits attached.=o:p> The revision reflects the updated financial statement project=ons provided by management. Please feel free to email or call if you have any questions.<=:p> Thanks!! </=:P> Jeffrey T. Schultz I Senior Valuation As=ociate Empire Valuation Consultants, LLC 777 Canal View Blvd., Suite 200=/span> Rochester, NY 14623 EFTA_R1_01629834 EFTA02501864

Experience Excellence a>www.EmpireVal.corn <http://www.empireval.com/> =/span> 2 EFTA_R1_01829835 EFTA02501865