From: Richard Joslin

From: Richard Joslin To: Jeffrey E. <[email protected]> Subject: FW: Phaidon Date: Wed, 08 Oct 2014 15:31:23 +0000 Inline-Images: image001.png; image002.jpg; image003.png From: Richard Joslin Sent: Wednesday, October 08, 2014 11:30 AM To: 'Thomas Turrin'; Abel Goce; Brett Larsen Cc: lawrence delson Subject: RE: Phaidon Agreed re Kabushiki Kaisha Based on name of entity: PH Art AG, the AG stands for Aktiengesellschaft and that also is a per se corporation Reg 301.7701-2 From: Thomas Turrin [mailto Sent: Wednesday, October 08, 2014 11:15 AM To: Richard Joslin; Abel Goce; Brett Larsen Cc: lawrence delson Subject: RE: Phaidon We are making changes.... re: Swiss entity — I have no record of any ck the box election re: Swiss entity. The Swiss entity was not part of the original structure. Maybe they made an ck the box election in 2013 ..but I don't have it. ..I have no info as to dates Japan entity — there is no ck the box election filed since it is a "per se" corporation... owned by the parent company — I think we should do a 5471. THOMAS TURRIN, CPA Partner Raich Ende Malter & Co. LLP 1375 Broadway New York, New York 10018 Email: Website: www.rem-co.com EFTA01199838 From: Richard loslin [mailto: Sent: Wednesday, October 08, 2014 9:56 AM To: Thomas Turrin; Abel Goce; Brett Larsen Cc: lawrence delson Subject: Phaidon BJAV 8865 Principal bus code/activity should match 1065 filed BJAV K-1 attachment not the K-1 filed with IRS 8858 General comment: why is tax expense in "other income" Phaidon Press SARL country and date duplicated pls remove Phaidon Press PTY Australia (not Austria} Phaidon Press PTY try to add info so there is no truncation of address Phaidon Press Lrd SARL — inconsistent grouping of P&L items vs reporting on other 8858 Phaidon Verlag—there is a weird character in the address Phaidon Verlag — inconsistent grouping of P&L items vs reporting on other 8858 Phaidon Press Ltd — add EIN of JMWT Ltd to page 1 Phaidon Press Ltd — why is Sch G - Quest 3 answered "No"? JMWT Acquisition LLP — it is a LLP not an LP (pls check Form 8832) JMWT Acquisition LLP — country/ date disregarded/ principal activity / direct owner/ income statement should be filled in JMWT Acquisition LLP — Sch G — why are questions related to dual consolidated losses completed? CFC does not own the disregarded entity so not clear why boxes answered Where is 8858 fo Swiss entity? Where is foreign disclosure for Phaidon Press KK (Japanese per se entity)? Does not look like there was a filing for this entity in 2012. JMWT Topco — address incorrect JMWT Topco — delete duplication of activity — should change to "holding company" JMWT Topco — why leave P&L section blank? (Balance sheet changed year over year.) JMWT Midco — address incorrect JMWT Midco — why leave P&L section blank? (Balance sheet changed year over year.) 5471 —JMWT Ltd Why not category 2 filer as well? Incomplete percentage ownership —pls revise Misspelled "holding" in Business activity Why was address not changed like all other filings? Sch H blank? Statement 67 — incorrect SSN for Leon Black Statement 67 — Debra SSN for Debra Black Statement 68 — address not changed — given that all the trusts are grantor — please change to make clear that the trusts are grantor to LDB. EFTA01199839 Richard Joslin CFO Elysium Management LLC 445 Park Ave Ste. 1401 New York, NY 10022 ENDE MALTER CO LLP CERTIFIED PUBU ACCOUNTANTS 6 ADVISORS iNsini7;. Public gin Tun. Ao ccounotin Csi Ci 100 •FIRMS e5, PrimeGlobal An Association of Independent Accounting Firms CONFIDENTIALITY STATEMENT: The information contained in this electronic communication, including any and all attachments and enclosures, may be privileged and is strictly confidential, intended solely for the use of the person(s) identified above to receive this communication. If you are not the person(s) identified above to receive this communication, you are hereby notified that you may not disclose print, copy, disseminate, or otherwise use the information contained herein. If you are an employee or agent of the person(s) identified above to receive this communication and. as such, you have been authorized to deliver this communication to such person(s), you may disclose, print. copy, dsserninate, or otherwise use the information contained in this communication solely for the purpose of such delivery. Unauthorized interception anclior use of this communication arefrs strictly prohibited and may be punishable by law. If you have received this communication in error, please reply and notify the sender (only) of that fact and delete the communication, including any and all attachments and enclosures. from your computer or other electronic device on which you may have received this communication. EFTA01199840