EFTA02710975.pdf

PWRW&G LLP DRAFT 11/6/2012 BLACK / PHAIDON (PROJECT ART) - POST-CLOSING TAX CHECKLIST Acquisition LLP JMWT Acquisition LLP, a UK limited liability partnership BFP Black Family Partners, L.P. • Eileen Alexanderson, EAlexanderson®apollo- advisors.com Bider) JMWT Limited, a UK private limited company Black Leon Black JMWT LLC JMWT LLC, a [Delaware limited liability company] Macfarlanes Macfarlanes LLP • Damien Crossley, Midco JMWT Midco Limited, a UK private limited company MRL Marylebone Retail Limited, a UK private limited company PHA SA PH Art SA, a Swiss societ6 anonyme Phaidon Eligible Entities MRL, PHA SA, PP GmbH, PP Pty, PP Sarl, PP SRL and PPL PLB LLC PLB LLC, a [Delaware limited liability company] PP GmbH Phaidon Verlag GmbH, a German "small company" PP KK Phaidon KK, a Japanese private company PP Inc. Phaidon Press Inc., a Delaware corporation PR Inc. Phaidon Retail Inc., a Delaware corporation PP Pty Phaidon Press Pty Limited, an Australian private limited company PP Sad Phaidon Sarl, a French societe a responsabilit6 limitee PP SRL Phaidon SRL, an Italian Srl limited liability company PPL Phaidon Press Limited, a UK private limited company PPL Subsidiaries MRL, PHA SA, PP GmbH, PP KK, PP Inc., PR Inc., PP Pty, PP Sarl, PP SRL PW Paul, Weiss, Rifldnd, Wharton & Garrison LLP • Brad R. Okun, • Colin S. Kelly, PwC PricewaterhouseCoopers LLP • Gregor Lindsay, IMMIS Raich Raich Ende Malter & Co. LLP • Thomas T Topco JMWT Topco Limited, a UK private limited company Dock WI:821126M Dud: USI:8211262v2 EFTA_R1_02124069 EFTA02710975  Responsible , Task/Document Timing Status Parties .. .- A. Check-the-Box Elections 1. Check-the-box elections on IRS Form PW, PwC, No later than 8832 for each Phaidon Eligible Entity to Raich 12/14/2012 be classified as a disregarded entity, effective as of 10/3/2012 2. Check-the-box elections on IRS Form PW, PwC, No later than 8832 for each of Topco and Midco to be Raich 12/12/2012 classified as a disregarded entity, effective as of formation (9/28/2012) 3. Check-the-box elections on IRS Form PW, PwC, No later than 8832 for Acquisition LLP to be Raich 12/14/2012 classified as a partnership, effective as of formation (10/3/2012) B. Section 338(g) Elections 1. Section 338(g) election on IRS Form PW, PwC No later than 8023 for PPL and the PPL Subsidiaries' 7/15/2013 • Consider whether Bidco's "United States shareholders" should make this election instead of Bidco 2. File IRS Form 8883 (Asset Allocation PW, PwC [due date of IRS Statement Under Section 338) by Form 5471] attaching a copy of this Form to the first IRS Form 5471 for PPL C. Analysis of PPL Issues 1. Develop management equity plan PW, No later than Macfarlanes 9/30/2013 2. Analyze moving or not moving PPL's PW, PwC TBD U.S. subsidiaries D. Upper-Tier and Black Family U.S. Tax Filings 1. IRS Form 926 (Return by a U.S. Raich Due date for 2012 Transferor of Property to a Foreign U.S. federal Corporation) income tax returns • Filed by indirect U.S. owners 2. IRS Form 5471 (Information Return of Raich Due date for U.S. U.S. Persons with Respect to Certain federal income tax Foreign Corporations) returns • Filed by U.S. officers and directors Note to Draft — Confirm that PPL was not a "controlled foreign corporation" or a "passive foreign investment company" in the hands of the Sellers. Do0. U81:8211262.2 EFTA_R1_02124070 EFTA02710976  and indirect U.S. owners 3. IRS Form 8858 (Information Return of Raich Due date for U.S. U.S. Persons with Respect to Foreign federal income tax Disregarded Entities) returns • Filed by direct and indirect U.S. owners 4. IRS Form 8865 (Return of U.S. Persons Raich Due date for U.S. with Respect to Certain Foreign federal income tax Partnerships) returns • Filed by direct and indirect U.S. owners 5. IRS Form TD F 90-22.1 (Report of Raich Due date for U.S. Foreign Bank and Financial Accounts) federal income tax • Filed by direct and indirect U.S. returns owners 6. IRS Form 8938 (Statement of Specified Raich Due date for U.S. Foreign Financial Assets) federal income tax • Filed by direct and indirect U.S. returns owners E. Non-U.S. Tax and Other bsues 1. UK corporation tax registrations PwC, Once notifications Macfarlanes from HMRC are received 2. Transfer pricing support for debt PwC provided to Midco from Acquisition LLP 3. Replacement of short-term debt between PwC, BFP Acquisition LLP and Midco Doti. USI:8211262v2 EFTA_R1_02124071 EFTA02710977