<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Friday, December 5, 2014 11:54 PM</td></tr><tr><td>To:</td><td>Eileen Alexanderson; jeffrey E.</td></tr><tr><td>Subject:</td><td>Regan Arts Model</td></tr><tr><td>Attachments:</td><td>Regan Arts 2015 - Base Scenario.pdf</td></tr></table>

Sending to Brad by han=. John indicated by phone that Judith had looked over.

From: John Murphy
Sent: Friday, December 05, 2014 6:50 PM
To: Richard Joslin
Cc: Diana Ilina
Subject: Updated Model

Rich,

Final version attached.

Also included is the excel version.

Regards,

John.

John Murphy</=:p>

COO/CFO=/span>

- Visible text: "Phaidon Press=/o:p>" (top-left)
- Redactions/blocks:
  - Large black rectangle below the visible text (title-size)
  - Small dash or very short line beneath that
  - Medium-length black rectangle (about one-third page width)
  - Very long black rectangle spanning nearly full content width
- Thin gray horizontal rule near the bottom of the image
- Likely a webpage screenshot from phaidon.com with key lines redacted.

phaidon.com</=:p>