EFTA00867973.txt

"From: Richard Joslin To: Brad Wechsler Jeffrey E. <[email protected]> Subject: RE: Phaidon re-organisation - Documents for execution"

"entities that are vertically owned by Phaidon Global and serve as holding companies that own _WWI Limited"

"the corporate blocker that owns Phaidon Press Ltd."

"From: Richard Joslin Sent: Tuesday, December 30, 2014 12:16 PM To: Ava Lambert Please print and set up for signature."

"Gabriel Boghossian Senior Solicitor Macfarlanes LLP"

"Nicola Baird Solicitor Maderlanes LLP"

"Richard By way of update, we have now received the tax advice we discussed yesterday and are drafting waivers in respect of the inter-company loans."

"From: Richard Joslin To: Brad Wechsler Jeffrey E. <[email protected]> Subject: RE: Phaidon re-organisation - Documents for execution"

"Much can be signed by EA"