>HAIDO TOTAL SALES COST OF SALES Unit Cost Royattios ContingencyProvision TOTAL COST OF SALES Provisions (Net) GROSS MARGIN Variable Indirect Costs Gratis Books and Freight Third Party Sales Commissions Third Party Otstribution Fraight Coop Marketing Distribution, Phaidon Total Variable indirect Costs Margin Less Variable Indirect Costs Sales and Marketing Overheads Cistributed List Foes (Not) Retail Web Site Costs Stall Costs Bookseling Stall Costs Pubiicity Markating Costs Total Sales and Marketing Overheads CONTRIBUTION Publishing and General Overheads ‘Staff Costs Bookmaking Digkal Products Allas of Architecture Stall Costs Management Services Otfice Space and Factites Finanol and Professional Total Publishing and General Overheads Pro™ Before Exchange Exchange Gain (Loss) (Prof Loss on Disposal of Assets OPERATING PROFIT ON ONGOING ACTIVITIES FHS Costs Restructuring Costs TRADING PROFIT (LOSS) Deep Discount Bord Interest Interest Recetvable Interest Payable Rounding ‘Tots! Other Income (Expense) PROFIT BEFORE TAX Provision (Benefit) tor Taxes NET PROFIT (LOSS) COMPARATIVE INCOME STATEMENTS = 5 LIMITED DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT A-t £000 two roo £000 £000 too tooo £000 HISTORY HISTORY MISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 2 2012 2013 2014 2015 2016 2017 19,484 22,577 23,679 20,387 a2 25,06 28,473 31,793 5.429 6.06 7,663 6.949 7.489 6653 9,543 10,659 1,122 1.245 1,317 976 1,312 1,335 1,596 1,785 20 oO o o o (168) 229) (254) aH Aci a5 785 ei Tass. 76.068. 200" 133 o (71) 1,148 oe 0 i] 0 12,780 4,226 14,770 11,914 11,806 15,274 17,564 19,603 7 brat) 107 120 157 150 170 175 331 a78 269 410 515 2 e638 657 109 1724 1,537 1,353 1432 1263 2,14 2177 445 S40 545 450 455 om 345 355 a1 1% 27 290 258 aS Ri 386 as 618 586. 610 oe 240 152 158 3248 3,575 3,441 3,233 3421 T 146 3,794 3,908 9532 1,251 11,329 6,081 6385 11,78 13,770 15,695 (22) (167) (91) 1 (33) ° o oO 595 720 s02 7 oo ° o oO 232 12 280 361 ww s 463 ay 187 166 2.045 1,889 2.325 2532 2,632 27 370 443 7 ama 722 Me 884 on 676 7o4 et 534 954 E=") S60 97 S78 776 3,744 335 303 4757 4 5,078 sas 747s 7,585 476 4,082 702 6,647 10,617 1550 es 1,556 1,652 1,968 23 2,609 2.687 0 re 12 138 63 79 184 0 ° a4 160 338 ba] 638 657 1.193 1,740 1,446 1,594 2399 2.982 3,06 3143 1,268 1,362 1,354 1,264 1413 1,452 147 1,515 Si 422 539 638 696 628 647 ois 5386 ria re 456 063s 132 2007 2,573 (614) (2.810) (298) 265 1,764 63 s2 (48) 37! 3 ° o 0 fa 0 19 (10) fl 0 0 ec] iss 7602 a3) Easy ae 2s Tea oy tose 1,298 367 0 ° o oO o oO 24t 498 (1.656) o o oO Er wT 7,07 ibaa} (7,188) fue) [ns Fo (355) (393) (38) 0 0 0 i] 0 ° 1 10 o a o o oO (116) ss {tO4) (tot) (104) o o oO o 2 1 1} ay 0 0 0 Taal! oo jy Toa) Tesi) 6 0 0 (143) ant 999 (1,950) (1,294) (1,238) 265 1,784 86 12 165) (38) 0 o SE 37 EFTA00596787

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT AZ HISTORY HISTORY HISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 211 2012 2013 2014 2015 2076 2017 TOTAL SALES 100.0% 100.0% 100.0% 100.0% 100.0%: 100.0% 100.0% 100.0% COST OF SALES Unit Cost 32.4% Bx Mo 33.5% 33.5% Royaties 5.6% 62%) 5% 5.6% 5.6% ContingencyProvision 0.0% 0.0%) 0.7% 0.8% 0.8% TOTAL COST OF SALES Ts Cec BS IS Provisions (Net) Om 0.0% 0.3% 5.6% 28%) 0.0% 0.0% 0.0% GROSS MARGIN 65.6% am 624% 55.5% 55.7%) om 617% 61.7% Variable Indirect Costs Gratis Books and Freight 04% 0.5% 0.6% OM 06% 0.6% 0.6% Third Party Sales Commissions Lm 1.6% 2.0% 24%) 225 2.2% 21% Third Party Distribution 7.7% 6.5% 6.6% 68% 7.4% 7.4% 68% Fraight 23% 2.3% 2.2% 21% 1.2% 1.2% 1.1% Coop Marketing 13% 13% 1.4% 12% 15% 13% 1.2% Distribution, Phaidon 33% 2.5% 3.0% 28% 10% 0.5% O.5% ‘Total Variable indirect Costs 16.7% 152% 45% 15.9% 16.1%) 19% 13.3% 12.3% Margin Less Variable Indirect Costs 48.9% 49.8% 47.8% 39.6% 305% 46.9% 48.4% 49.4% ‘Sales and Marketing Overheads Distripuied List Foes (Net) O1% 0.4% 0.0% 04%) 0.o% 0.0% 0.0% Retail 31% 21% aK 04%) 0.0% 0.0% o0% Web Site Costs 12% 1.2% 1.8% 14% La 1.6% 15% Stalf Costs Bookseting 94% 6.6% 9.3% 11.0% 10.1% 9.2% 8.5% Staff Costs Pubicity 1.9% 1.7% 2.3% 34% 1% 3.1% 2.9% Marketing Costs 35% * 26% 2.6% 3.8% 3.3% 3.1% ‘Total Sates and Marketing Overheads: 18.9% 16.7% 15.8% 16.4% 19.0% 7.3% 16.0% CONTRIBUTION wom ns Ros 23.3% ao ns 33.4% Publishing and General Overheads Staff Costs Bookmaking aon 6.6% 81% 93%) 10.2% 9.2% 85% Digital Products OO% 0.3% 0.5% OM 0.6% 06% Allas of Architecture 0.0% 0.2% 0.8% 1.6% 22% 2.1% Stall Costs Management Services 6.1% 6.1% 7.5% 11.0% 10.7% ao% Office Space and Factites 65% 5.7™% 6.2% 6.7% 5.2% 4% Finanoal and Professional 26% 2.3% 3.1% 3.3% 25% 2.2% 2.0% Total Publishing and General Overheads: fies 26.5% 55) Ba IS Prom Before Exchange 6a% 10.9% 30% 32% 5m Os 5.6% Exchange Gain (Loss) o3% 0.2% 1.9% 02%) 0.0% 0.0% 0.0% (Proft/Loss on Disposal of Assets 00% 0.1% 0.0% 0.0%. 0.0% 0.0% 0.0% OPERATING PROFIT ON ONGOING ACTIVITIES 65% 11.0% “4.8% 713.4%) Sih OF 5.6% FHS Costs 4% 5.5% 1.8% 0.0%) 0.0% 0.0% o0% Restructuring Costs OoN 1.0% 24% 78% 0.0% 0.0% o.0% TRADING PROFIT (LOSS) : : “A SB : Deep Oiscourt Bord interest 18% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% Interest Recetvable ooN 0.0% 00% 0.0%) oom 0.0% oo% Interest Payable 06% 0.4% 0.5% 0.5% 0.0% 0.0% o.0% Rounding 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ‘Total Other Income (Expense) -24 0.6% 0.5% EES Oo, 0.0% 0.0% PROFIT BEFORE TAX BN 12 40% 2.6% 61% 5m o9% 5.6% Prowision (Benefit) tor Taxes 04% 06% 0.7% 02% 00%, 0.0% 0.2% 12% NET PROFIT (LOSS) Te EFTA00596788

--=PAGE_BREAK=--

INCOME STATEM PHAIDON PR ul D ENT TREND ANALYSIS eT ET: DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT A FOR THE YEARS EN TOTAL SALES COST OF SALES Unit Cost Royattios ContingencyProvision TOTAL COST OF SALES Provisions (Net) GROSS MARGIN Variable Indirect Costs Gratis Books and Freight Third Party Sales Commissions Third Party Otstribution Fraight Coop Marketing Distribution, Phaidon Total Variable indirect Costs Margin Less Variable Indirect Costs Sales and Marketing Overheads Cistributed List Foes (Not) Retail Web Site Costs Stal Costs Bookseling Stall Costs Pubiicty Markating Costs Total Sales and Marketing Overheads CONTRIBUTION Publishing and General Overheads ‘Staff Costs Bookmaking Digkal Products Atlas of Architecture Stall Costs Management Services Otfice Space and Factites Finanowl and Professional Total Publishing and General Overheads Pro™ Before Exchange Exchange Gain (Loss) (Prof Loss on Disposal of Assets OPERATING PROFIT ON ONGOING ACTIVITIES FHS Costs Restructuring Costs TRADING PROFIT (LOSS) Deep Discourt Bord Interest Interest Recetvable Interest Payable Rounding ‘Total Other Income (Expense) PROFIT BEFORE TAX Provision (Benefit) tor Taxes NET PROFIT (LOSS) HISTORY MISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2011 2012 2013 2014 2015 2017 169% 41 13.9% 40% 65 13.5% 17% 17.6% B.I% 7.8% 15.5% 10.3% 1.7% 5.8% 25.9% MAN 1% 19.5% 11.9% NA WA NA NA 36.3% 10.9% tid TTS Tis TS 1.1% TL 100.0% nA 1716.0% ATA 100.0% WA WA 16.0% AS 23.4% 43m 346 15.0% 11.6% 10.8% 12.1% 30.8% 13.3% 2.0% 24% 1.1% 2.6% 13.5% 3.0% 10.8% 12.0% 5.8%) 5% 3.0% os 74 1.1%) 13.5% 29% 52.9% 24% 11.0% 0.0% 2.0% 5.2% 4.1% 1.0% 96.7% 3.9% TS 0% sah) Bas 30% 0.7% “28.7% 38%) 16.9% 14.0% 45.5% 101.1% 400.0%) 100.0% NA NWA 30.3% 84.9% 23am 100.0% NA wA 133.9% 28.9% 16.6% 10.6% 39.0% 3.0% 46% 7.6% 23.1% 6% 3% 3.0% 10.4% 19.4% 52.3% 305% 6.2% 31% 13.2% 12.6% 738.7% 0.4% 0.0% 3.1% 0.8% 10.9% 23.0%) 10.6% 3.6% 3.0% 1.5% -37.A% 14.0%) 720% 25.9% 20.1% 7.6% 62% 19.1%) 20.2% 1.8% 3.0% 1.9% 53.4% 23.2% 10.9% 17.0% 2.8% NIA 263.6% 111.3% 62.4% 16.2% 3.0% 16.94% 6.1% 52.5% 27.5% 2.9% 3.0% 0.6% 66% 11.8%) 2% 1.3% 3.0% 27.7% 13.4% 3.1%) 10.6% 1.0% 3.0% As r ERE ER 0.7% 28.2% 123.9% “357.7% 8% 120.4% 573.2% 17.5% 192.3% 883.6% 50.8%) 100.0% NA wA NIA NA -152.6% 100.0% NA NA NA aes Is SHAns Sens ae 120.4% 573.2% 1.7% 22.0% 71.6% 100.0%) NA NA wA NA NA 106.6% 432 5%) 100.0% NA NA 1. S Pe . Fin 10.7% 90.9% 100.0% NIA NA NA NA NA 900.0% 100.0% NIA NA NA NA 6.3% 2.9% 3.0%) 100.0% NA NWA NA 50.0% 200.0% 0.0% 100.0% NA WA Er 73.0% 22.1% 2.9%) 100.0% WA WA 375.8% 126.5% “307.7% 33.6% om 120.4% 573.2% 46.5% 231.0% 77.0% 100.0% NA NA 573.2% is ras Cirras a I Tbs S752 EFTA00596789

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT A-4 ADJUSTED EBITDA ANALYSIS PHAIDON PRESS LIMITED FOR THE YEARS ENDED DECEMBER 31, Total Sales Reported Operating Income Plus: Depreciation Reported EBITDA Adjustments: (Profit)/Loss on Disposal of Assets FHS Costs Restructuring Costs Impairment of Fixed Assets Write-down of Swiss Subsidiary Total Adjustments Adjusted EBITDA Note: Revenue Growth Reported Operating Margin Reported EBITDA Margin Adjusted EBITDA Margin £'000 HISTORY 2010 19,484 322 329 651 £'000 HISTORY 2011 22,577 897 351 1,248 15.9% 4.0% 5.5% 10.2% £'000 HISTORY 2012 23,679 1,070 326 1,396 4.9% 4.5% 5.9% 12.4% £'000 HISTORY 2013 20,387 (1,848) 176 (1,672) (10) 367 498 0 216 1,071 (601) -13.9% -9.1% -8.2% -2.9% £'000 HISTORY 2014 21,211 (1,189) 196 4.0% -5.6% -4.7% -10.4% PROJECT 2015 25,094 (1,298) 389 (909) esjcoooso (909) 18.3% -5.2% -3.6% -3.6% £'000 PROJECT 2016 28,473 265 408 673 sjisoocse 673 13.5% 0.9% 2.4% 2.4% £'000 PROJECT 2017 31,793 1,784 400 2,184 ejcooooceo 2,184 11.7% 5.6% 6.9% 6.9% EFTA00596790

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXMIBIT B-1 COMPARATIVE BALANCE SHEETS >HAIDON P IMITED i) £'000 r000 000 £000 £000 roo 000 £'000 2010 2011 2012 2013 2014 2015 2016 2017 ASSETS Cash at Bank ard Ih Hand 191 284 130 129 1,403 1.403 1,403 1,403 Accounts Receivable (Debtors) 2988 §,307 4,266 3,691 4.301 6,400 6,541 6,641 Inventory (Stocks) 10.420 116 11,674 11,320 10.803 10,995, 10,882 10,708 Unearned Royalty Advances 361 wT 549 549 515 bad $96 550 Sundry Debtors 502 568 473 263 241 26 2at 241 Deferred Tax 106 250 178 261 261 261 26t 261 Corporation Tax Ci) o 313 59 51 ss st 5! Pro-Paymaents 669 514 77 477 480 435 495 495 Rounding a ° o Q ay ° o Q Total Current Assets S217 18,636 18,266 16,743 1a058 | 23st 20,410 20,350 Opening Historic Cast 3.987 4,245 4488 4,653 4.331 2,284 2,998 Exchange Adjustment 50 2 (39) (19) (35) ° ° Addons 398 313 367 241 726 6st 400 Disposals (199) (31) (163) (544) (2,678) o o Tangble Assets 4.245 a438 4,653 4,331 2,288 28 3338 Less: Accumulated Depreciation (3.404) (3,690) (3,883) (3,691) (1.560) (1.949) (2.957) Net Fixed Assets Coal re) 770 640 724 = 961 Accumulated Free Cash Flow (4,201) (3,735) TOTAL ASSETS 16.058 19,434 19,036 17,389 18.778 17,182 17,656 19,234 ABILITIES & SHAREHOLDERS EQUITY Bank Overdratt 240 2.531 2,074 1,923 0 t) o 0 Other Creditors: 677 1,027 $37 187 355 m6 386 386 Accounts Payable (Creditors) 2.635 42% 4,125 2,650 3416 31 4072 4,200 Roysities Payable 276 469 383 326 541 41 557 550 Tax and Social Socurty 83 374 1s7 157 166 151 1st 151 Tax Payable 118 a4 0 o C) ° 0 o Deferred Income 207 se 1,067 649 693 ss7 S87 600 Accruals 1,031 433 SIT 640 1177 996 996 1,000 Rounding a 3 o Q (2) ° o Q Total Current Liabilities 7527 10,451 8.920 6732 S752] Sai2 e713 6.887 HBG Advance 2,005 1,863 ion 1,974 1,765 1.807 1,765 765 Deep Discount Bond 3.599 3.982 o o C) ° ° Q Shareholder Loan a ° 0 a 2,529 2529 2.829 2,529 Rounding a o o 1) ay ° © o Total Other Liabilities 5508 Sass T3it 1373 $233 36 a234 a254 TOTAL LIABILITIES 13.131 10,831 8,705 11,065 10.748 11,013 14,181 Called up Share Capita! 53 60 60 a @ 60 60 Pre-Paid Share Capital 0 o PARR 0 0 ° 0 Share Premium Account 0 4,000 4,000 6.110 6.110 6.110 6.110 Profit and Loss Accounts 2874 AAS 2,513 1563 264 Av3 1,883 Total Shareholders’ Equity 2.927 8,206 6,664 7733 BA 6.643 8,053 TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY 16.058 19.434 19,036 17,389 18.778 17,182 17,656 19,234 EFTA00596791

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT B-2 COMMON-SIZED BALANCE SHEETS TTIET >HAIDON P D a a a ASSETS Cash al Bank ard ln Hand 1.2% 0.7% 0.7% 7.5% 82% 7.9% 7.3% Accounts Receivable (Debtors) 18.5% 22.4% 21.2% 29% 7.2% 37.0% 34.5% Inveriory (Stocks) CA.9% 62.4% 65.1% 57.5% 64.0% 61.6% 55.7% Unearned Royalty Advances 22% 2.9% 3.2% 27% 3.1% 3.0% 2.9% Sundry Debtors 31% 25% 1.5% 1.3%) 15% 1.4% 1.3% Deferred Tax om o% 1.5% 14% 15% 15% 146 Corporation Tax ooN 1.6% om O3% om 0.3% 0.3% Pro-Payments 42% 2.5% 27% 26% 29% 28% 26% Rounding 0.0% 0.0% 0.0% 0.0%, 0.0% 0.0% 0.0% Total Current Assets 48% 36.0% 35.3% 6.1%) 118.7% 115.6% 105.8% Opening Historic Cast 24.8% 23.6% 26.8% 23.1% 13.3% 16.6% 17.4% Exchange Adjustment o3% 0.2% 0.1% 0.5% 0.0% 0.0% o.0% Addtons 25% 1% 14% 3.9% 38% 23% 21% Disposals 12% 0.9% 3.1% 14.3%) 0.0% 0.0% 0.0% Tangle Assets 24% 24.4% 24.9% 122%) 17.1% 18.9% 19.4% Less: Accumulated Depreciation 21.2% 20.4% 21.2% 3% 13.3% 14.3% Net Fixed Assets 52h 40 37% aa Say 5.6% 5.1% Accumulated Free Cash Flow 24.5% 21.2% 10.9% TOTAL ASSETS: 100.0% 100.0% 100.0% 100.0% 100.0%, 100.0% 100.0% 100.0% ABILITIES & SHAREHOLDERS’ EQUITY Bank Overdratt 15.2% 13.0% 10.9% 11.1% 0.0% 0.0% 0.0% 0.0% Other Creditors 42% 5.3% 2.8% 1.1% 1.9% 22% 2.2% 2.0% Accounts Payable (Creditors) 16.4% 22.1% 21.7% 184% 20.3% 22.3% 23.1% 21.8% Royaltios Paysite 17% 25% 2.0% 1.9% 29% 29% 3.2% 2.9% Tax and Sool Socurty 05% 1.9% o8% ag% 09% ON 0.9% aa% Tax Payable om 18% 0.0% oon 00%, o.0% 0.0% o0% Deferred income 16 46% 5.6% 37% 37% 22% 32% 3.1% Accrua’s 6a% 25% 3.0% 37% 63% 5.8% 5.6% 52% Rounding 00% 0.0% 0.0% o.0% 0.0%. 0.0% 0.0% 0.0% Total Current Liabilities 469% 53.8% 46.9% 38.7% 37.3% 38.1% 35.8% o HBG Advance 125% 5.6% 10.0% 14% 94% 10.5% 10.0% 92% Deep Discount Bond 224% 20.5% 0.0% ao% 0.0% 0.0% 0.0% a.0% Shareholder Loan oom% 0.0% 0.0% oom 135% 47% 14.3% 13.1% Rounding OO% 0.0% 0.0% 0oN% 00%, 0.0% 0.0% 0.0% Total Other Liabilities uy 30.1% 10.0% 1.3% 2%. 35.2% 34.3% 22.3% 0 TOTAL LIABILITIES. 818% 83.9% 56.9% 50.1% 58.8%, 62.6% 62.4% 58.1% Caled up Share Capital os% 0.3% 0.3% O3% 03% 0.3% 0.3% 0.3% Pre-Paid Share Capital 0.0% 0.0% 0.0% 12.1% 0.0% 0.0% 0.0% 0.0% Share Premium Accourt 0.0% 0.0% 21.0% 23.0% 325% 35.6% 34.6% 31.8% Profit and Loss Accounts 17.9% 15.8% 21.8% 14.5% 83%, 1.5% 2.7% 28% Total Shareholders’ Equity 182% 16.1% 43.1% 40.9% 42h 4% 37.6% 1% TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY 100.9% 100.0% 100.0% 100.0%, 100.0% 100.0% EFTA00596792

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT C COMPARATIVE CASH FLOW STATEMENTS £1000 £000 £000 £000 £000 £000 £000 £'000 HISTORY HISTORY HISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 2011 2012 2013 2014 2015 2076 2017 CASH FLOW FROM OPERATING ACTIVITIES Operating Protit 322 a7 1,070 1,848) (1,183) (1,298) 208 1,408 Adjustmerts to reconcile Net Income to Net Cash Provided from Operating Actvities Deprociation of Tangible Fixed Assats 323 3s! 328 171 195 389 408 400 impairment of Tanginie Foed Assets 0 o o o a7 ° o 0 Proft (Loss) om Sale of Assets vw 40 1 (10) Q o 0 0 Exchange Ditterences (28) (120) 48 339 152 42 (42) 0 Operating Protit Variance ° 3 0 215 a ° o 0 inc.) Doc. in inventory (Stocks} 6r (558) 554 517 (182) 13 174 (re) De. in Debtors 710 (2.206) 787 737 (285) (2,148) (129) 114) Inc, (Dec.) in Accounts Payable (Creditors) 40 2,338 (61) (1,916) i (340) 307 168 Net Cash Provided By (Used In) Operating Activities 157 430 Test 1,753) 144i B.H7) 866 2037 CASH FLOW FROM INVESTING ACTIVITIES Purchase of Fixed Assets (398) (312) (967) (244) (726) (400) Sale of Fined Assets 16 0 17 10 0 0 Interest Received 0 0 10 1 2 0 Cash Disposed with Subsidiary 0 0 0 {113} a 0 Net Cash Provided By (Used In) Investing Activities (a2) EXE (40) (346) (724) {400} CASH FLOW FROM FINANCING ACTIVITIES Intorest Paid (116) 6) (104) (102) (43) ° o 0 Tax Paid (225) ° (361) 260 a ° o 0 ‘Shareholder Loan (500) o (S00) o 2.523 o o 0 Pre-Paid Preference Shares 0 ° o 21 Q ° 0 0 Repayment of Deep Discount Bond 0 ° (4,030) a a ° o 0 Issue of Ordinary Shares C) ° 7 a 9 ° o 0 Issue of Preference Shares oO o 4,000 o Q 4 o o o Net Cash Provided By (Used In) Financing Activities co esl (368) 2209 2280 | ° o 0 NET INCREASE (DECREASE) IN CASH 236 2 303 150 31397 (4,201) 466 1,637 Froe Cash Flow 4,201 (466) 1,637) Begining Cash (2.483) (2,249) (2,247) 1,944) (1.794) 1,408 1,403 4,403 Ending Cash e283) e247) 1,544) 1,733) 1403 | 1,403 EFTA00596793

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXMIBIT D SELECTED FINANCIAL RATIOS N HAIDON P D A THE YEARS ENDED JUNE HISTORY HISTORY TISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 2011 2012 2013 2014 2015 2016 2017 Liquidity Ratios Current Ratio 20 18 2.0 25 27 32 3.0 3.0 Quick Ratio os os 0s 0.6 os 12 12 12 Days’ Recewable 56 s 66 66 ™ s a4 76 Days’ Invertory 56: ss 4a 455 4i3 4038 364 321 Operating Cycle & 619 S52 B21 433 ard 448 397 Days’ Payable 195 274 207 135 183 175 168 154 Working Capital 7.680 8,185 9,346 10,017 11,902 13,982 13,691 13,463 ‘Sales/Workng Capital 25 28 2.5 20 13 18 at 24 Coverage Ratios EBITiinteresst 53 10.0 18.3} (14) NA NA NA EBDT)Gurrert Portion LTD 03 0.6 0.9} (0.4) (0.4) 03 09 Leverage Ratios Net Ficed Astets/Tangble Net Worth ot o4 04 o1 o4 | Liabilities (Debt) Tangible Net Worth 45 52 13 10 14 7 4 Profitability Restios Profit Betore Taxes Tangible Net Worth 13.1% 11.4% 22.55 20.2% 4.0% 22.2% % Profit Bolore TaxesiTotal Assets 2.1% 4% 11.28 1.5% 9.95 Other Ratios SalosiNet Fined Assets 90.8 31.9 29.0 32.4 ‘Sales/Total Assets 12 12 te 7 ‘“SDopreciation & AmorizatonSales 1. 14 o9% os% 1.4% 1.3% EFTA00596794

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT E PERFORMANCE VS. RMA PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 ASSETS: Cash & Equivalents Trade Rec., Net Inveetory All Other Current Assets Total Current Assets Fixed Assets, Net Intangibles All Other Non-Current Total Assets LIABILITIES: Notes Payable Current Maturity - LTD Trade Payables Income Taxes Payable All Other Current Liabilities Total Current Liabilities LTD Deferred Taxes All Other Non-Current Net Worth Total Liabilities & Net Worth INCOME: Net Sales Gross Profit Operating Expenses Operating Profit All Other Expenses, Net Profit Before Taxes NAICS 511130: BOOK PUBLISHERS AMA HISTORY SALES » $25 MM (1) HISTORY 2013 4/1/12-3/31/13 2014 0.7% 16.0% 7.5% 21.2% 20.1% 22.9% 65.1% 15.8% 57.5% 9.3% 6.5% 82% 96.3% 58.5% 96.1% 37% B.o% 3.9% 0.0% 19.2% 0.0% 0.0% 13.4% 0.0% 100.0% 100.0% 100.0% 11.1% 3.1% 0.0% 1.1% 3.6% 1.9% 16.4% 8.9% 20.3% 0.9% 0.6% 0.9% 9.3% 17.8% 12.9% 3B7% M.0% 36.0% 11.4% 13.6% 22.9% 0.0% 1.2% 0.0% 0.0% 4.0% 0.0% 49.9% 47.2% 41.2% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 55.5% 52.7% 55.7% 60.3% 47.8% 69.1% 48% 4.0% 13.4% 4.7% 0.6% 7.3% 4.3% 61% RATIOS: Current Fiatio Quick Ratio Days’ Receivable Days’ Inventory Operating Cycle Days’ Payable Sales/Working Capital EBIT! Interest Net Fixed Assets/Tangible Net Worth Total Liabilties(Debt\)Tangible Net Worth % Profit Before Tax/Tangible Net Worth % Profit Before Tax/Total Assets Net Sales/Net Fixed Assets Nat Sales/Total Assets % (Depr. + Amort Sales Sample Size Average Sales (000s) Average Assets (0008) RMA HISTORY SALES »'$25 MM (1) HISTORY 2013 #1N12-39113 2014 25 22 27 06 1.3 08 66 70 74 455 it 4i9 521 181 48a 135 47 183 2.0 39 19 (18.3) 5.0 (11.4) Ot a3 O41 1.0 1.2 14 22.5% 11.7% 16.7% 11.2% 5.4% 6.9% ng 20.3 29.3 1.2 VW Ww 0.9% 17% 0.9% 1 20 1 $31,015 (2) $84,679 $36,284 (2) $26,454 (2) $62,715 $32,122 (2} (1) Based on an exchange rate of $1.5213 per £ for 2013 and exchange rate of $1.7106 per £. sample of companies with Sales >= $25mm was considered most appropriate. Exchange rate provided by Bloomberg (2) Sales and Assets for Phaidon Press Limited are based an an exchange rate of $1.5213 per £ for 2013 and exchange rate af $1.7106 per £ for 2014 EFTA00596795

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT F DISCOUN CASH FLOW ANALYSIS PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 £000 £000 £000 £000 £000 HISTORY PROJECT PROJECT PROJECT 2014 2018 2016 2017 HORIZON Sales 212i 25.094 28,473 31,793 31,793 Cost of Sales 9.405 9.420 10,909 12.190 Gross Profit 11,806 16.274 17,564 19,603 Operating Expenses (excluding Depreciation and Amortization) 14,455 16.183 16,891 17419 Depreciation Expense 196 389 408 400 Total Operating Expenses T3651 16.572 17,239 Tag Net Operating Income (2,845)| (1,296) 265 1784 Other Income (Expenses) 1,656 o o 0 Debt-Free Pre-Tax Income (1,189) (1,296) 265 1,784 3,179 (1) % of Sates 56% 52% 0.9% 5.6% 10.0% (1) Tax (2) 21% o o s% 375 668 Dent-Free Net income (1,189) (1,288) 209 1409 2,611 Depreciation and Amonzaton 389 408 400 400 Capital Expenditures (654) (400) (400) (400) Change in Working Capital (2,638) 249 228 (360) (a) Adjusted Free Cash Flow £4,201 £466 £1,637 2,151 Horizon Value (Gordon Growth Model) (4) £28,045 Partial Period (Pro Rata) 1,00 1.00 1.00 Period 1.00 200 3.00 Present Value Factor 10.9% 0.9017 0.8129 0.7330 0.7330 Present Value £3,788 £379 £1,200 £20,556 ‘Sum of Present Values £2209 Horizon Vale 20.556 Aggregate Value of Total Invested Capital from Operations £18,307 Less: Interest-Bearing Debt on Valuation Date 2.529 Aggregate Marketable Controlling Interest Value of Equity trom Operations £15416 Less: Discount for Lack of Marketabdry 5% 701 Aggregate Far Market Value, Conroling Interest Bass £18,027 Aggregate Far Market Value, Controlling Interest Bass, rounded £15,000 Fair Market Value (f), Controtling Interest Basis, rounded Fair Market Value (3), Controfiing Interest Basis, rounded (5) Weighted Average Cost of Capital (trom Exhibit H-1) Equity 12.64% 75 9.48% Debt 553% 25% 1.38% WACC, rounded 10.90% Long Term Growsh Rate 3.00% {1} Management projects that ongoing pretax moome wil appraxmaie 10% of Sales. (2) According ta Management, the tax rate expected during the projection and horizon perinds i 21%. {3} Change in Working Capital for Horzon period estimated in Exnint G. See Exhibit G tor turther details. (4) Horizon value calculated using the Gordon Grows Model [Vo = [Ctx (1 + gl]! (r- all (5) Based on an exchange rate of $1.7106 per £. Exchange rate provided by Bloomberg. EFTA00596796

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHBITG WORKING CAPITAL CALCULATOR PHAIDON PRESS LIMITED A £000 £000 £000 £000 2014 2015 2016 2017 YEAR 1 YEAR 2 YEAR 3 HORIZON =>Horizon SALES / REVENUE 202i 25,094 28,473 31,793 Growth 18.3% 13.5% 11.7% 3.0% Uses Of Cash RECEIVABLES 4,301 6,400 6,541 6.641 INVENTORY 10,803 10,995 10,882 10,708 OTHER CURRENT ASSETS 1,548 1,596 1,584 1,598 Sources Of Cash PAYABLES 3,816 3,831 4,072 4,200 OTHER CURRENT LIABILITIES 2,583 2,195 2,261 2,301 Total Working Capital Required 10,253 12,965 12,674 12,446 Changes in Working Capital (2,712) 291 228 WORKING CAPITAL REQUIREMENTS RELATIVE TO SALES FLAT WTD 123 SELECTED AVERAGE AVERAGE LEVEL Uses Of Cash (negative cash tlows) DAYS RECEIVABLE (relative to 365 Days of Sales) (93) (84) (76) (84.4) (81.6) (75.0) DAYS INVENTORY (relative to 365 Days of Sales) (160) (139) (123) (140.8) (134.6) (125.0) DAYS OTHER ASSETS (relative to 365 Days of Sales) (23) (20) (18) (20.6) (19.8) (18.0) Sources Of Cash (positive cash flows) DAYS PAYABLE (relative to 365 Days of Sales) 56 52 48 §2.0 50.6 50.0 DAYS OTHER LIABILITIES (relative to 365 Days of Sales) 32 29 26 29.4 26.2 26.0 TOTAL DAYS WORKING CAPITAL REQUIRED (189) (162) {143) (164.6) (157.0) (142.0) IMPLIED PRIOR SELECTED YEAR BASE HORIZON (BASE) SALES VOLUME £31,793 HORIZON SALES GROWTH ASSUMPTION 3.00%) PRIOR YEAR SALES IMPLIED FROM GROWTH TO BASE YEAR £30,867 TOTAL WORKING CAPITAL REQUIRED (Days of Sales) (142.0) (142.0) REQUIRED WORKING CAPITAL -£12,009 £12,369 NORMALIZED HORIZON WORKING CAPITAL INVESTMENT CHANGES (Cunit-multiple) -£360) WORKING CAPITAL INVESTMENT CHARGE ON SALES AS % OF SALES 71.13% EFTA00596797

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT H-1 WEIGHTED AVERAGE COST OF CAPITAL PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 Cost of Derivation of Equity Rate of Return: Equity CAPM Approach 12.64% Cost of Structure Weighted Capital Source Capital Weighting Cost Equity 12.64% 75% 9.48% Debt Selected Pre-Tax Cost 7.00% Less: Tax Benefit @ 21% -1.47% After-Tax Cost 5.53% 25% 1.38% Calculated Weighted Average Cost of Capital, rounded 10.90% Selected Weighted Average Cost of Capital (WACC 10.90% EFTA00596798

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT H-2 EIGHTED AVERAGE COST OF CAPITA! PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 DERIVATION OF BETA All Financial Data in Millions * Reported rR Share Shares MV of Total Total Tax Debt / Debt Unievered Company Name Ticker Beta ' Value! Price ~ Outstanding Equity Debt Preferred MviC Rate Equity Capital Beta Bloomsbury Publishing pic LSE:BMY 0.53 0.04 £1.80 72.946 £131.30 £0.00 £0.00 £131.30 21.0% 0.0% 0.0% 0.53 Bastei Libbe AG DB:BST 0.58 0.12 €8.17 13.300 €108.70 €30.04 €0.00 €138.74 222% 27.6% 21.6% 0.48 Quarto Group, Inc. LSE:QRT 0.38 0.00 £1.66 19.697 £32.70 £94.15 £0.00 £126.84 23.9% 287.9% 742% 0.12 Average 0.50 0.05 224% 105.2% 32.0% 0.38 Median 0.53 0.04 22.2% 27.6% 21.6% 0.48 Industry Beta ** - 0.86 [Selected Unievered Beta = 0.60 | Sources Unlevered Beta Calculation: Relevered Beta Calculation: * Beta and R° value obtained from Bloomberg, Bu = B/ (1 + (1 -t(DVE))) 8 - Bu(t +((1-4100E))) * Closing stock price as of the valuation date. a Financial data obtained from Capital Q Using each firm's tax rate and debt / equity ratio, the reported Bu - 0.60 * Obtained from website of Dr. Aswath Damodaran betas are unlevered and then relevered based on the BE - 33.3% * Uniewered beta corrected for cash. calculation to the right. Tax Rate - 21.0% 8 - 0.76 EFTA00596799

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT H-3 WEIGHTED AVERAGE COST OF CAPIT. PHAIDON PRESS LIMITED DERIVATION OF REQUIRED EQUITY RATE OF RETURN CAPITAL ASSET PRICING MODEL Capital Asset Pricing Model (CAPM): R; = R-+ (B x (Ry - Re)) + Rom, Res Where: Re = Required Equity Rate of Return Re = Return on a Risk-free Asset B - RL - Beta Relevered - a measure of the systematic risk of the firm compared to the risk of an investment in a fully diversified stock market portfolio. Sample Beta (6, ) relevered for assumed capital structure Ry - Re = The market risk premium defined as the expected return required for investing in a fully diversified portfolio (Ri less the risk-free rate (Re) Rs = Size Premium Res = Company-specific Risk Premium Source: Variable Value CAPM Calculation: 20-year U.S. Treasury Bond Yield Re = 3.08% Re= Re +( B x (Ry-Re)) + Row , Res Equity Risk Premium (Ibbotson) Ri - Re = 6.00% Beta Relevered, See Exhibit H-2 Brat = 0.76 Re = 3.08% +( 0.76 x 6.00% ) + 5.00% + 0.00% See Exhibit H-4 for Details Bsn = 5.00% Company-specific Risk Premium Res = 0.00% Implied Equity Rate of Return (R_-) 12.64% EFTA00596800

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT H-4 WEIGHTED AVERAGE COST OF CAPITAL PHAIDON PRESS LIMITED DERIVATION OF EQUITY RATE OF RETURN ADJUSTMENT TO CAPM APPROACH DUE TO SIZE Indicated Size Measure Values ($) (1) Premium (2) MV of Equity (in millions) 25.66 9.10% BV of Equity (in millions) 13.23 7.20% 5-Year Average Net Income (in millions) N/A N/A MVIC (in millions) 31.38 8.80% Total Assets (in millions) 32.12 7.70% 5-Year Average EBITDA (in millions) 1,381.48 2.90% Sales (in millions) 36.28 7.00% Number of Employees 128 7.00% Average 7.10% Selected Small Size Premium (Duff & Phelps) 7.10% Small Size Premium per Ibbotson 4.23% (1) Except for Number of Employees, based on an exchange rate of $1.7106 per £. Exchange rate provided by Bloomberg. (2) Indicated premium above the large cap equity rate (i.e., premium above [rf+Beta*(rm-rf)}). EFTA00596801

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT H-5 CREDIT ANALYSIS PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 Subject Co. Indicated Financial Measure ' Financials Rating EBIT interest coverage (x) (23.15) ccc EBITDA interest coverage (x) (21.27) CCC Return on capital (%) (22.68) CCC Total debt/(total debt + equity) (%) 27.16 AA Selected Credit Rating for Subject Compan CCC Average Median Market Yield by Credit Rating (6/30/14) Yield Yield EFTA00596802

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT +1 COMPANY PROFILE Bloomsbury Publishing pic (LSE:BM BUSINESS DESCRIPTION Bloomsbury Publishing Pic, an independent publishing company, publishes books and other media for general readers, children, students, researchers, and professionals worldwide. It operates in four divisions: Adult, Children’s & Educational, Academic & Professional, and Information. The Adult division publishes books in English for readers of fiction, biography, and general references, as well as special interests, such as sport, food, yachting, and ornithology. The Children's & Educational division offers children’s activity books that focuses on puzzles, coloring, games, and illustrated stories; picture books and fiction products in| print and e-formats; educational publishing products, including print and digital learning materials for teachers; and digital and subscription products. This division sells and markets its products for trade, education, and mass market sectors. The Academic & Professional division publishes study material for students of humanities, social sciences, and applied visual arts primarily in backlist, print, and e-book formats; and) provides technical reference resources for qualified and trainee solicitors, barristers, accountants, and tax practitioners, as well as digital subscription services. The Information division publishes books based on business, management, dictionaries, and references, as well as titles from the national archives; and offers management services to the Qatar foundation, as well as consultancy services to non-publishers. This division also provides information databases for electronic and print publications; and develops digital knowledge hubs. The company is also engaged in the sale of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship. Bloomsbury Publishing Pic was founded in 1986 and is headquartered in London, the United Kingdom. MARKET VALUATION PRICE / VOLUME GRAPH s200 18 S130 16 $1.60 ‘a (in Millions, Except per Share Data) $140 2 F Current Price (6/30/14) g m0 10 5 Shares Outstanding é $1.00 os Market Capitalization 3 080 s 2 os Plus: Total Debt a sso g Plus: Preferred Stock - su o4 3 Plus: Minority Interest (Liab.) - sa o > Less: Cash & ST Investments - ga00 00 Market Value of Invested Capital 7B TOO 1/10 410 FTO WO 1/11 AME 711 1014 HZ 412 TZ 1ON2 TIT 4/13 719 1099 1/14 Ata SELECTED FINANCIAL DATA (Data in Millions) Fiscal Year Ending February 28, T™ Line Item Data; 2011 2012 2013 02/28/14 Net Sales 79.64 | £ 97.40 )£ 98.48 109.50 % ¥-0-¥ Growth 119% 22.0% 11% Adjusted Pre-tax income 611 10.51 10.18 11.04 Adjusted Net Income 3.67 6.31 6.11 6.63 Adjusted EBIT 5.79 10.38 10.10 11.07 Adjusted EBITDA 7.26 12.15 12.27 13.40 Working Capital 74.79 55.80 60.97 54.26 Capital Expenditures 048 2.55 0.53 0.84 Margin Analysis: Pre-tax Margin 7.65% 10.79% 10.34% 10.09%) Net Income Margin 4.59% 6.47%) 6.05%) EBIT Margin 7.25% 10.65% 26% 10.11%] EBITDA Margin 9.10% 12.48% ABS 12.24%) Working Capital / Sales 93.68% §7.29%| 91% 49.56%) CapEx / Sales 0.60% 2.62%) 53% 0.77%) Source: Capital 10. EFTA00596803

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT 1-2 COMPANY PROFILE Bastei Lubbe AG (DB:BS BUSINESS DESCRIPTION Bastei LObbe AG publishes and sells books in Germany. ft operates through three segments: Books, Non-Books, and Novel Booklets and Puzzle Magazines. The Books segment offers hardbacks, paperbacks, and pocket books; and audio books, eBooks, and other digital products in the genres of fiction and popular science. It sells its products through traditional retail outlets, railway station outlets, and aimport bookshops. The Non-Books segment provides merchandise, primarily gift items under the Rader label through traditional retail outlets, railway station outlets, airport bookshops, furniture shops, stationery outlets, gift shops, etc. The Novel Booklets and Puzzle Magazines segment offers women's literature, suspense novels, and puzzle magazines through wholesalers. Bastei Libbe AG is based in Cologne, Germany. MARKET VALUATION (in Millions, Except per Share Data) Current Price (6/30/14) Shares Outstanding Market Capitalization Plus: Total Debt Plus: Preferred Stock Plus: Minority Interest (Liab.) Less: Cash & ST Investments Market Value of Invested Capital SELECTED FINANCIAL DATA (Data in Millions} Line Item Dat: Net Sales % Yoo ¥ Growth Adjusted Pre-tax income Adjusted Net Income Adjusted EBIT Adjusted EBITDA Working Capital Capital Expenditures M Anal Pre-tax Margin Net Income Margin EBIT Margin EBITDA Margin Working Capital / Sales CapEx / Sales PRICE / VOLUME GRAPH Stock Price i200 sion shoo sa sano $200 0.00 wll, es aL 7108 7/09 S03 B/S B09 SS 10091N9 1109 11/09 11/09 12/03 1209 T/10 1/10 20 BIO 310 ato 4/10 4/to oo ° 5 Volume (In Millions) Fiscal Year Ending March 31, TT Fiscal Year Ending March 31, 2012 2013 12/31/13 2015F 2016F 2017F € 107.53 € 121.77) € 130.21 | € 133.00 23.8% 6.9% 2.1% € 12.54 - € 7.52 € 9.18) € 12.33 | € 11.70 € 14.52 - - € 16.22 € 16.61 | € 20.53 | € 20.50 € 52 € 1.59 7.549% 9.47% 8.80%) 15.09%} 13.6496) 15.77% 15.41%) 12.40% 32.10% 1.0494) 1.48%) Source: || Capital 10. EFTA00596804

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT 1-3 COMPANY PROFILE Quarto Group, Inc. (LSE:QR BUSINESS DESCRIPTION The Quarto Group Inc. publishes illustrated non-fiction books for adults and children worldwide. The company operates through Quarto Publishing Group USA, Quarto Publishing Group UK, Quarto International Co- Editions Group, and Books & Gifts Direct ANZ segments. It creates and publishes books in various categories, including practical art and crafts, graphic arts, lifestyle, reference, food and drink, gardening, popular} culture, home improvement, licensed children's books, transport, sports, military history, Americana, health and body, pets and music, home decorating, health and beauty, and outdoor activities. The company is also involved display marketing business; books selling in the workplace; and print broking business. The Quarto Group Inc. was founded in 1976 and is headquartered in London, the United Kingdom. MARKET VALUATION PRICE / VOLUME GRAPH s200 o1 $180 - o1 $1.60 (in Millions, Except per Share Data) $140 oO. a Current Price (6/30/14) 8 aed o Shares Outstanding é $1.00 = Market Capitalization 3 saa0 og a ® Plus: Total Debt Ld 060 oo 6 Plus: Preferred Stock saa 3 Plus: Minority Interest (Liab.) - som oo = Less: Cash & ST Investments 9000 00 Market Value of Invested Capital . 7108 1009 1/10 4/10 71D 110 WIT aett FIT MONIT BIZ 412 72 tO; ws 413 WB 11a WIE ate SELECTED FINANCIAL DATA (Data in Millions} Fiscal Year Ending December 31, T™ Fiscal Year Ending December 31, 2011 2012 2013 03/31/14 2015F 173.00 £ 109.75 57.8% Adjusted Pre-tax income } 9.97 - Adjusted Net Income : ‘ 5.98 £ 6.23 Adjusted EBIT 7 14.09 - Adjusted EBITDA x 18.77 £ 17.32 Working Capital 7 . 9.00 Capital Expenditures z + 0.16 M Ana Pre-tax Margin 68% 89% 5.76% - Net Income Margin E 3.46%) 5.67%6| EBIT Margin 8.14%) - EBITDA Margin 60% AA% 9.115%) 15.786 Working Capital / Sales 17.77% 48.12% §.20%| CapEx / Sales 0.91% 1.13%) -0.09%) Source: || Capital 10. EFTA00596805

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT |-4 ANALYSIS OF SELECTED GUIDELINE COMPANIES BY REVENUE PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 SEE —— TT! CAGR Company 2010 2011 2012 2013 6/30/2014 2013-TTM 2012-TTM 2010-TTM (Data in Millions) Bloomsbury Publishing pic £90.660 £79.838 £97.399 £98.479 £109.496 11.2% 4.8% Bastei Liibbe AG NIA N/A € 87.438 € 98.330 € 107.534 9.4% N/A Quarto Group, Inc. £176.409 £186.126 £180.873 £176.318 £173.004 1.9% 0.5% Maximum 11.2% 10.9% 4.8% Minimum 1.9% 2.2% 0.5% Average 6.2% 4.9% 2.2% Median 9.4% 6.0% 2.2% Phaidon Press Limited £19.484 £22.577 £23.679 £20.387 £21.211 4.0% 5.4% 2.1% (1) CAGR = compound annual growth rate. EFTA00596806

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT I-5 ANALYSIS OF SELECTED GUIDELINE COMPANIES BY BOOK VALUE OF COMMON EQUITY”? PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 en ) TM CAG Company 2010 2011 2012 2013 6/30/2014 2013-TTM 2012-TTM 2010-TTM (Data in Millions) Bloomsbury Publishing ple £113.985 £111.844 £109.180 £114.808 £116.036 1.1% 3.1% 0.4% Bastei Libbe AG N/A N/A € 16.516 € 26.829 € 52.064 94.1% 77.5% N/A Quarto Group, Inc. £34.340 £39.833 £44.183 £45.137 £46.861 3.8% 3.0% 8.1% Maximum 94.06% 77.55% 8.08% Minimum 1.07% 2.99% 0.45% Average 32.98% 27.88% 4.26% Median 3.82% 3.09% 4.26% Phaidon Press Limited £2.927 £3.128 £8.205 £8.684 £7.733 11.0% 2.9% 27.5%) (1) Common Equity is defined as the book value of equity less preferred stock. (2} CAGR = compound annual growth rate. EFTA00596807

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT 1-6 FINANCIAL STATEMENT ANALYSIS: LIQUIDITY AND COVERAGE RATIOS PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 CURRENT RATIO “! TIMES INTEREST EARNED RATIO” Asof T™ Company 2010 2011 2012 2013 6/30/2014 Company 2010 2011 2012 2013 6/30/2014 Bloomsbury Publishing ple 3a 3.6 27 29 24 Bloomsbury Publishing ple NA 6,728.6 1,482.4 10,103.0 201.3 Bastei Labbe AG NA NA 32 14 23 Bastei Lbbe AG NA NIA 7.0 5.5 7.0 Quanto Group, inc. 32 1.2 24 2.2 Wt Quarto Group, Inc. 26 29 27 31 32 Maxienum 34 3.6 32 29 24 Maximum 2.6 6,728.6 1,462.4 10,103.0 201.3 Minimum 32 1.2 24 14 14 Minimum 2.6 29 27 31 3.2 Average 35 24 28 21 19 Average 26 3,365.7 497.4 3,370.5 70.5 Median 35 24 27 22 23 Median 26 3,365.7 7.0 5.5 7.0 Phaidon Press Limited 20 1.8 2.0 25 27 Phaidon Press Limited 10.9 20.4 25.2 (7.7) (23.2) QUICK RATIO”! As of Company 2070 2071 2072 2013 06/30/14 Bloomsbury Publishing plc 24 2.0 14 1.2 1.0 Bastei Labbe AG NIA NIA 04 0.6 15 Quarto Group, Ine 17 0.6 14 1.0 04 Maxinum 24 2.0 14 1.2 15 Minimum 17 0.6 04 0.6 04 Average 19 13 09 og 1.0 Median 19 1.3 14 1.0 1.0 Phaidon Press Limited 04 Os 05 06 08 (1) Current Ratio = current assets / current liabilities (2) Times Interest Earned Ratio = adjusted eamings before interes! expense and taxes / interest expense. (3) Quick Ratio = cash, marketable securities and accounts receivable / current liabilities. EFTA00596808

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT 1-7 FINANCIAL STATEMENT ANALYSIS: EFFICIENCY RATIOS PHAIDON PRESS LIMITED DAYS RECEIVABLE" DAYS INVENTORY ” TT Tm Company 2010 2011 2012 2013 6302014 Company 2010 2011 2012 2013 6/30/2014 Bicomsbury Publishing ple 101 38 8a 88 90 Bloomsbury Publishing ple 148 183 175 226 198 Bastoi Linbe AG NA NIA 14 78 56 Bastei Libbe AG NIA NIA 215 136 144 Quarto Group. Inc. 92 wn 95 96 89 Quarto Group, Inc 75 82 72 63 77 Maximum 101 8 95 96 90 Maximum 148 13 5 22 198 Mrimum 92 wn” 4 7 56 Minimum 75 82 72 63 7 Average a? 36 66 86 78 Average 111 133 142 140 Median v7 “ 88 88 89 Median m1 133 136 144 Phaidon Press Limited 6 86 66 66 ™ Phaidon Press Limited eT 33 486 455 419 OPERATING CYCLE ™ DAYS PAYABLE“ TT Tm Company 2010 2017 2012 2013 6302014 Company. 2010 211 2012 2013 6/30/2014 Bicomsbury Publishing plc 249 281 263 34 288 Bloomebury Publishing plc 221 2 107 108 Bastei Livbe AG NWA NIA 329 au 200 Baatei Lobe AG NA NA 109 100 Quarto Group, inc 167 173 167 188 166 Quarto Group, ine 123 136 134 128 Maximum 249 281 329 314 268 Maximum 221 1% 126 1% 125 Mirimum 167 173 167 188 166 Minimum 123 82 a? 107 100 Average 208 227 283 228 218 Average 175 114 108 7 mt Median 208 227 263 a 200 Median 175 “ = 109 108 Phaidon Press Limited 623 619 $52 S20 493 Phaidon Press Limited 195 274 207 135 183 1) Days’ Receivable » (365 (2) Days" lewerntory = (385 / (60 ‘old | inwerkory)) 3) Operating Cycle » days’ receivable plus days’ inventory. (4) Days’ Payable = (365 / {cost af goods sold / accounts payable)) EFTA00596809

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT 1-8 FINANCIAL STATEMENT ANALYSIS: LEVERAGE & CAPITAL STRUCTURE RATIOS PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 TOTAL LIABILITIES TO COMMON Equity "’ CURRENT LIABILITIES TO COMMON EQuiTy “’ As of As of Company 2010 2011 2012 2013 6/30/2014 Company 2010 2011 2012 2013 06/30/14 Bloomsbury Publishing pic 0.3 03 0.3 03 O4 Bloomsbury Publishing pic 02 03 0.3 03 03 Bastei Libbe AG N/A N/A 35 23 a Bastei Lilbbe AG N/A NA 11 12 Os Quarto Group, Inc 54 47 3.9 3.6 3.1 Quarto Group, Inc. 15 3.5 1.5 16 28 Maximum 54 47 3.9 3.6 3.1 Maximum 15 3.5 15 1.6 28 Minimum 0.3 0.3 0.3 03 O4 Minimum 02 03 0.3 0.3 03 Average 28 25 26 21 1s Average 09 1.9 1.0 10 12 Median 28 25 3.5 23 Ww Median 09 1.9 Bl 12 os Phaidon Press Limited 45 5.2 1.3 1.0 14 Phaidon Press Limited 26 3.3 Ww o8 09 NET FIXED ASSETS TO COMMON EQUITY © DEBT TO mvic As of Asof Company 2010 2011 2012 2013 6/30/2014 Company 2010 2011 2012 2013 6/30/2014 Bloomsbury Publishing pic 0.0 0.0 0.0 0.0 0.0 Bloomsbury Publishing pic 0.0% 0.0% 0.0% 0.0% 0.0% Bastei Libbe AG NA NA O41 o1 O41 Bastei Libbe AG NA NA N/A NIA 21.6% Quarto Group, inc. 0.3 0.2 02 0.1 O41 Quarto Group, Inc. 81.8% 81.1% 80.2% 74.7% 742% Maximum 0.3 0.2 0.2 o1 0.1 Maximum 74.7% 74.2% Minimum 0.0 0.0 0.0 0.0 00 Minimum 0.0% 0.0% Average 02 o1 o.1 o1 O41 Average Yo 37.4% 31.9% Median 0.2 o1 O41 o1 Oo. Median 40.6% 37.4% 21.6% Phaidon Press Limited 0.3 03 0.1 O41 0.1 Phaidon Press Limited NIA NA NIA NA NIA (1) Total Liabilities to Equity = total Gabilities / book value of common equity. (2) Current Liabilities to Common Equity = current liabilities / book value of common equity. (3) Net Fixed Assets to Common Equity = net fixed assets / book value of common equity. (4) Debt to MVIC = total interest bearing debt / market value of invested capital (ie., debt + equity). EFTA00596810

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information FINANCIAL STATEMENT ANALYSIS: PROFITABILITY RATIOS EXHIBIT 1-9 PHAIDON PRESS LIMITED RETURN ON EQUITY "’ TT™ Company 2010 2011 2012 2013 6/30/2014 Bloomsbury Publishing pic 3.9% 3.3% 5.8% 5.3% 5.7% Bastei Libbe AG NA NA 29.6% 21.5% 14.4% Quarto Group, Inc. 16.0% 15.2% 14.0% 13.8% 12.8% Maximum 21.5% 14.4% Minimum 5.3% 5.7% Average 13.6% 11.0% Median 13.8% 12.8% Phaidon Press Limited 21.5% 37.1% 24.0% 8.0% 25.7% GROSS MARGIN “’ TT™ Company 2010 2011 2012 2013 6/30/2014 Bloomsbury Publishing pic 52.8% 54.3% 56.7% §8.1% 57.6% Bastei Libbe AG NA NA 49.1% 51.3% 55.4% Quarto Group, Inc. 33.9% 35.2% 36.2% 936.6% 35.4% Maximum 52.8% 54.3% 56.7% 57.6% Minimum 33.9% 35.2% 36.2% 35.4% Average 43.4% 44.8% 47.3% 49.5% Median 43.4% 44.8% 49.1% 55.4% Phaidon Press Limited 65.6% 65.7% 62.4% 55.5% 55.7% (1) Return on Equity = adjusted net income / book value of equity available to common shareholders. (2) Return on Assets = adjusted net income / total assets. (3) Gross Margin = adjusted gross profit / total revenue. (4) Operating Margin = adjusted net operating income / total revenue. AS OF JUNE 30, 2014 RETURN ON ASSETS “" re | Company 2010 2011 2012 2013 6/30/2014 Bloomsbury Publishing pic 3.1% 2.6% 4.3% 4.0% 4.2% Bastei Libbe AG N/A NIA 6.6% 7.0% Quarto Group, Inc. 2.5% 2.7% 2.9% 3.1% Maximum 3.1% 2.7% 6.6% 6.5% 7.0% Minimum 2.5% 2.6% 2.9% 3.1% 3.1% Average 2.8% 2.6% 4.6% 4.5% 48% Median 2.8% 2.6% 4.3% 4.0% 42% Phaidon Press Limited 3.9% 6.0% 10.3% -4.0% 10.6% OPERATING MARGIN “ a Tm Company 2010 2011 2012 2013 6/30/2014 Bloomsbury Publishing pic 7.8% 7.2% 10.3% 10.1% Bastei Libbe AG N/A NIA 11.2% 13.5% Quarto Group, Inc. 8.6% 8.3% 8.8% 8.5% Maximum 8.6% 13.5% Minimum 7.8% 8.5% Average 8.2% 10. Median 8.2% 10.1% Phaidon Press Limited 6.8% 8.9% 10.9% -3.0% 13.2% EFTA00596811

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT I-10 ADJUSTED EBITDA “ AVAILABLE TO DEBT AND COMMON EQUITY PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 TT™ CAGR® Company 2010 2011 2012 2013 6/30/2014 2013-TTM = 2012-TTM 2010-TTM (Data in Millions) Bloomsbury Publishing pic £8.625 £7.263 £12.154 £12.271 £13.404 9.2% 5.0% 11.7% Bastei Libbe AG N/A N/A € 10.468 € 13.272 € 16.224 22.2% 24.5% N/A Quarto Group, Inc. £16.657 £17.564 £17.355 £16.644 £15.768 5.3% 4.7% 1.4% Maximum 22.2% 24.5% 11.7% Minimum 5.3% 4.7%, “1.4% Average 8.7% 8.3% 5.1% Median 9.2% 5.0% 5.1% Phaidon Press Limited (1) EBITDA = adjusted earnings before interest, taxes, depreciation and amortization. (2) CAGR = compound annual growth rate. EFTA00596812

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT F-11 FINANCIAL STATEMENT ANALYSIS: EBITDA PROFITABILITY RATIOS PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 EBITDA RETURN ON BOOK VALUE OF INVES EBITDA RETURN ON ASSETS“? TT Company 2010 2011 2012 2013 6/30/2014 Company 2010 2011 2012 2013 6/30/2014 Bloomsbury Publishing plc 7.6% 6.5% 11.1% 10.7% 11.6% Bloomsbury Publishing pic 6.0% 5.1% 8.3% 8.0% B5% Bastei Libbe AG NIA NA 22.5% 21.1% 19.8% Bastei Libbe AG NIA NA 14.0% 15.0% 15.0% Quarto Group, Inc. 10.8% 11.1% 11.3% 11.9% 11.2% Quarto Group, Inc. 7.6% 7.8% 8.0% 8.2% 8.3% Maximum 10.8% 22.5% 21.1% 19.8% Maximum 7.6% 7.8% 14.0% 15.0% 15.0% Minimum 7.6% 11.1% 10.7% 11.2% Minimum 6.0% 5.1% 8.0% 8.3% Average 9.2% 15.0% 14.5% 14.2% Average 6.8% 6.4% 10.4% 10.6% Median 9.2% 11.3% 11.9% 11.6% Median 6.8% 6.4% 8.2% 8.5% Phaidon Press Limited 29.8% 40.7% 28.7% 5.7% 28.6% Phaidon Press Limited 10.0% 11.9% 15.5% 3.5% “11.8% EBITDA MARGIN” TTM Company 2010 2011 2012 2013 ‘6/30/2014 Bloomsbury Publishing pic 9.5% 9.1% 12.5% 12.5% 12.2% Bastei Libbe AG NA NA 12.0% 13.5% 15.1% Quarto Group, Inc. 9.4% 9.4% 9.6% 9.4% 9.1% Maximum 9.5% 9.4% 12.5% 13.5% 15.1% Minimum 9.4% 9.1% 9.6% 9.4% 9.1% Average 9.5% 9.3% 11.3% 11.8% 12.1% Median 9.5% 9.3% 12.0% 12.5% 12.2% Phaidon Press Limited 8.2% 10.2% 12.4% -2.9% 10.4% (1) EBITDA Return on Book Value of Invested Capital = adjusted earnings before net interest, taxes, depreciation and amortization ("EBITDA") / total equity plus interest bearing debt. (2) EBITDA Return on Assets = as adjusted EBITDA / total assets (3) EBITDA Margin = EBITDA / total revenues. EFTA00596813

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT 1-12 GUIDELINE COMPANY REASONABLENESS TEST PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 MVIC TO REVENUE Implied Multiples Latest Aggregate TTM 2015P MVIC to MVIC to Company Quarter End mvic" Revenue Revenue TTM Rev. 2015P Rev. (Data in Millions) Bloomsbury Publishing pic 02/28/14 £131.304 £109.496 £109.616 1.20 1.20 Bastei Libbe AG 03/31/14 € 138.736 € 107.534 € 121.770 1.29 1.14 Quarto Group, Inc. 03/31/14 £126.842 £173.004 £109.749 0.73 1.16 Maximum 1.29 1.20 Minimum 0.73 1.14 Average 1.07 1.16 Median 1.20 1.16 T™ 2015P Conclusion Revenue Revenue Aggregate Market Value of Invested Capital (from Exhibit F) £18.347 £18.347 Phaidon Press Limited £21.211 £25.094 Implied Multiple 0.86 0.73 (1) MVIC = market value of invested capital (i.e., market value of equity + total debt). EFTA00596814

--=PAGE_BREAK=--

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT I-13 GUIDELINE COMPANY REASONABLENESS TEST PHAIDON PRESS LIMITED AS OF JUNE 30, 2014 MARKET VALUE OF EQUITY TO BOOK VALUE OF EQUITY Latest Market Book Value MVE to Company Quarter End Capitalization of Equity BVE (Data in Millions) Bloomsbury Publishing ple 02/28/14 £131.304 £116.036 1.13 Bastei Libbe AG 03/31/14 € 108.701 € 52.064 2.09 Quarto Group, Inc. 03/31/14 £32.697 £46.861 0.70 Maximum 2.09 Minimum 0.70 Average 1.31 Median 1.13 Latest Conclusion Book Value Aggregate Market Value of Equity (from Exhibit F) £15.818 Phaidon Press Limited £18.778 Implied Multiple 0.84 EFTA00596815