<table><tr><th>From:</th><th>Richard Joslin &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, December 2, 2014 4:49 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: Phaidon Valuation: Follow-up Questions.</td></tr></table>

From: Peter Goodwin Sent: Tuesday, December 02, 2014 11:46 AM To: Richard Joslin; John Murphy Subject: RE: Phaidon Valuation: Follow-up Questions.

Richard=

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&amp;nbs=;</th></tr><tr><td>June 2014</td><td>£4,588=/p&gt;</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 2014</td><td>£5,997&lt;=o:p&gt;</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Aug 2014</td><td>E6,874&lt;=span&gt;</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

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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.

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Pete

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From: Richard Joslin I I
Sent: 02 December 2014 16:06
To: John Murphy; Peter Goodwin
Subject: FW: Phaidon Valuation: Follow-up Questions.

Pls take a look and th=/span> en please call me

- Name: present in image (withheld)
- Title: CFO
- Organization: Elysium Management LLC
- Contact details: six lines/fields appear fully redacted (black bars)