<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Thursday, December 11, 2014 10:11 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: Updated Model</td></tr></table>

John and Diana are dig=ing into the contracts to see what is signed or in negotiation (and what i= not) and they are trying to determine backup for the 65 count noted by ph=ne today. Also they are looking to see what the exact title count is by vintage to determine contractual roya=ty totals by vintage. Given the inconsistencies in the m=del with regard to royalties, John and Diana are looking into them in next=24 hours and we will have another call tmo afternoon and I hope to have better clarity on 2015 and 2016 royalty cash flow. = The 2016 model is not built (see below)

From: John Murphy (mailto

Sent: Thursday, December 11, 2014 3:02 PM

To: Diana Ilina

Cc: Richard Joslin

Subject: FW: Updated Model

Hi Diana,</=pan>

Let's build a pr=-forma 2016 model with the following parameters:

* Use 2015 P&=L revenue as the base and grow 10% this will cover the new titles publishe= in 2016

* Take the 2015 =uantities that we did not sell and assume the following % are sold as back=list 20%, 30% and 40%

Rich we will create th=s pro-forma model, before we formally share with you I would like Diana to=go through this with Judith to get Judith's input and comment.<=o:p>

Regards,

John.

From: Richard Joslin [maiIto:
Sent: Thursday, December 11, 2014 2:36 PM
To: John Murphy
Subject: RE: Updated Model

Please advise re 2016.=o:p>

How many titles are sl=ted for 2015 vintage (published 2016). How many royalty contracts ar= signed for 2015 vintage?

From: Richard Joslin
Sent: Friday, December 05, 2014 8:18 PM
To: John Murphy
Subject: Re: Updated Model

Where is Diana with 2016?

Can you walk me thru =he royalty tab. Just explain each column? What is obligated?=Not obligated?

On Dec 5, 2014, at 7:05 PM, "John Murphy" <████████████████████████████████████████> wrote:

Have a great weekend!<=span>

J.</=>

From: Richard Joslin [mailto:██████████]
Sent: Friday, December 05, 2014 6:51 PM
To: John Murphy
Subject: RE: Updated Model

thanks

>]

Rich,

Final version attached.

Also included is the excel version.

Regards,

John.

John Murphy

COO/CFO

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Phaidon Press

65 Bleecker Street

New York, NY 10012

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+ ████████

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phaidon.=om <http://phaidon.com>

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