Keith Fox CEO Phaidon 65 Bleccker Street. 8th FL New York. NY 10012 phaidon.com From: Magnus Resch [main:O: Sent: Wednesday, February 17, 2016 10:53 PM To: Keith Fox Cc: Anastaslya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement Thank you for the update, Keith! Looking forward to your revision tomorrow at around noon. Btw: This is my lawyer (here). Goodwin Procter is considered as the top lawyer for the tech industry. On Wed, Feb 17, 2016 at 10:43 PM, Keith Fox <I I> wrote: We are reviewing the updated term sheet in the am with Leon. I plan to send you the revised documents tomorrow, hopefully by 12:00. (My meeting is at 11:00.) I appreciate your quick responses. Keith Keith Fox CEO Phaidon EFTA00715438

65 Bleecker Street, 8th FL New York, NY 10012 On Feb 17, 2016, at 7:01 PM, Magnus Resch Dear Keith, Today we have provided with - all legal documents you asked for - extensive answers to your technical question regarding the IT stack. > wrote: We replied within the shortest possible time. I pushed my team to act really fast because we are running against the deadline this Friday. Can you please give us an update on your next steps. Thank you, Magnus On Wed, Feb 17, 2016 at 10:26 AM, Keith Fox < > wrote: Ok. Reviewing with lawyers today at 12:3O. Ok on rent. Four isn't an issue. I can call you later today to walk you through how I am thinking about it. We are space constrained, but I would like to have you and your team here! Keith Fox CEO Phaidon 65 Bleecker Street. 8th FL New York. NY 10012 EFTA00715439