<table><tr><th>From:</th><th>Eileen Alexanderson</th></tr><tr><td>Sent:</td><td>Sunday, February 22, 2015 6:36 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Fwd: JMWT Reorganization</td></tr></table>

Begin forwarded message:

| Field | Extracted text |
|---|---|
| From | [REDACTED name] |
| Date | February 19, 2015 at 1:18:02 PM EST |
| To | [REDACTED name], [REDACTED name] |
| Cc | [REDACTED name] |
| Subject | RE: JMWT Reorganization |

Notes: Several names/addresses in the image are blacked out (redacted).

Hi Richard,=</span>

That was briefly discu=sed and BDO will get back to us and recommend how this will be handled. Ho=ever I believe no benefit will accrue as we will have no taxable profits t= offset this against. Once BDO get back with proposed treatment I will advise everyone and ensure we are good=to go.

Regards,

John.

From: Richard =oslin
Sent: Thursday, February 19, 2015 2:41 PM
To: John Murphy; Eileen Alexanderson
Cc: Peter Goodwin
Subject: RE: JMWT Reorganization

Thanks

Was there any discussi=n of the PwC issue noted previously and how this liquidation might be repo=ted to UK given that interest would not be taxable in UK and interest expe=se would be deductible, ie the PwC tax avoidance scheme.

I will make myself ava=lable for call with BDO

Thanks

From: John Murphy
Sent: Thursday, February 19, 2015 9:01 AM
To: Eileen Alexanderson; Richard Joslin
Cc: Peter Goodwin
Subject: JMWT Reorganization

Hi Eileen/Rich,

I just wanted to give you an update on the above and=the call we had today with BDO and MacFarlanes.

• In line with MacFarlanes advice, BDO do =ot see any tax issues from a UK perspective with the proposed liquidation =f the three UK companies

• In relation to the loan note interest an= tax treatment BDO initially believe that eventually this amount will be w=ived as we liquidate the companies, they will investigate this further and=advise how we will treat on the tax returns

	- We have engaged BDO to prepare the 2013 =ax Returns

The next steps to complete the process are as follow=:

• MacFarlanes will produce a document that=terminates the loan between Acquisition LLP and Midco as at 1/1/2014 (This=will done as an addendum to the current umbrella agreement)

• BDO will advise how we treat this from a= accounting perspective as well as on the UK tax side, they will also advi=e on the interest treatment as well

* Peter and I will work with BDO to ensure=we reflect this transaction as part of the June 2014 statutory accounts.

• John to speak with BDO US to get the US =pinion on the proposed liquidations (I have a meeting in calendar for Mond=y to go over this, Rich if you would like to join you are more than welcom=)

* We will be scheduling a follow up call t=wards the end of next week to ensure this progresses and is completed in a=timely fashion

	- Once this is done we agreed to take a lo=k at the movement of Press Inc and transfer pricing etc.

Regards,

John.

<signature> <=span></=>

John Murphy

COO/CFO

Phaidon Press

65 Bleecker Street<=>

New York, NY 10012</=>

<=span>

phaidon.com <http://phaidon.c=m>