each state were it is required to do so by applicable law, except where the failure to do so would not have material adverse effect on the Borrower. Phaidon Press Limited ("PPL") is an indirect, wholly-owned subsidiary of the Borrower. 6.5 No Conflicts. This Agreement does not conflict with any law, agreement, or ob

nager: JMWT LLC 1 49% PHAIDON LLC (US) Manager: EFS I 100% Bradley .1. Wechsler (-BW"). President 51% JMWT Limited (UK) Director: BW 100% Phaidon Press Limited (UK) Directors: BW, Ben Black, BC. James Booth-Clibbom, Keith Fox, Philip Ruppcl 100% of each Phaidon Press (Australia) PH An AG (Swiss) M

actions will be implemented: Transaction Details Conversion and Cancellation of PPL Debt by Global Phaidon Global LLC ("Global') contributes to Phaidon Press Limited ("PPL") in exchange for shares of PPL $15 million of Notes receivable from PPL (after cancelling all interest accrued and unpaid thereon). Global

JMWT Acquisition LLP Has a debit balance with _WWI Limited (£41,205,00) as it paid Macfarlanes in relation to the purchase of the share capital of Phaidon Press Limited Has a credit balance with JMWT Topco Limited (£27,470,001) relating to the purchase of 101 shares in _NWT Topco Limited 2. JMWT Topco Limited Ha

oard of Mgrs: JMWT LLC. JR JMWT Acquisition LLP (UK) 100% 1MWT Topco Limited (UK) 100% 1MWT Midco Limited (UK) 100% JMWT Li nited (UK) 100% Phaidon Press Limited (UK) 25% LitKit LLC (DE) Board of Mgrs: JMWT LLC. JR ()rig. Members: JMWT LLC — Leon Black PLB LLC - Debra Black Current Members: Phaidon Glob

/MT Manager LIZ 0.1% V JMWT Acquisition LLP (UK) 100% 1 JMWT Topco Limited (UK) 100% • JMWT Midco Limited (UK) 100% JMWT Limited (UK) 100% Phaidon Press Limited (UK) 100% of each Manager: JMWT LLC 10/28/15 Managing Member: Phaidon LLC Directors: LB. Bradley J. Wechsler ("BJW') Directors: LB. BJW Direc

T Acquisition LLP UK O0378972 107% JMWT TopCo Limited UK 08233421 102% JMWT MidCo Limited UK 08233425 i00% JMWT Ltd UK 08228033 1004 Phaidon Press Limited UK 02525791 sC011lateeth Ph:WonPress Bed (Prence) LIP Designated Member% - JMWT LLC-Leon Black - PLB LLC-Debra Black Directors -Leon Black

From: Richard Joslin <-> Sent: Monday, October 26, 2015 2:03 PM To: jeffrey E. Subject: June 30 2014 Valuation Attachments: Phaidon Press Limited Report 6-30-14 (FINAL).pdf; LDB 2011 LLC Report 6-30-14 (FINAL).pdf 1 EFTA_R1_01942043 EFTA02671503