<table><tr><th>From:</th><th>Richard Joslin &lt;</th></tr><tr><td>Sent:</td><td>Monday, May 4, 2015 12:54 PM</td></tr><tr><td>To:</td><td>jeffrey E.; Brad Wechsler</td></tr><tr><td>Subject:</td><td>RE: LDB 2011 LLC: Revised Phaidon Press Draft Report</td></tr></table>

FYI - Empire has updat=d it valuation of Phaidon Press to GBP 11.2mm

From: Schultz, Jeff [mailto Sent: Friday, May 01, 2015 M11:1 2 AM To: Richard Joslin Cc: Subject: LDB 2011 LLC: Revised Phaidon Press Draft Report=/p>

Rich,

Please find a revised Phaidon Press report/exhibits attached.=o:p>

The revision reflects the updated financial statement project=ons provided by management.

Please feel free to email or call if you have any questions.<=:p>

Thanks!!

</p>

Jeffrey T. Schultz I Senior Valuation As=ociate

Empire Valuation Consultants, LLC

777 Canal View Blvd., Suite 200=/span>

Rochester, NY 14623

Experience Excellence

<=>www.EmpireVal.com <http://www.empireval.com/> =/span>