Investor Presentaiton

HarperCollins - Supplemental Valuation Analysis Notes: ($ IN MILLIONS) $5,000 $4,500 $3,940 $3,802 $4,000 $3,500 $3,392 $3,000 $3,173 $2,500 $2,000 $1,500 $1,000 Transaction Comparables NTM EBITDA of $314 and multiples between 10.1x-12.1x Discounted Cash Flow Discounted at 8.1% 10.1% with a Terminal Multiple of 10.6x-11.6x Analysis prepared by 3rd-party investment bank Trading comparables not included as there are no appropriate direct comparables. None of the other 4 of the 5 largest book publishers (Simon & Schuster, Penguin Random House, Hachette Book Group, and Macmillan) are independently listed IRENIC PAGE 46

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