<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Monday, October 26, 2015 11:55 PM
Brad Wechsler</td></tr><tr><td>Cc:</td><td>Spinella@ApolloLP.com</td></tr><tr><td>Subject:</td><td>Re: CONSTRUCTIVE?</td></tr></table>

I ve also asked ada to review all legal structures f=r overlap unused. with the goal of cleaning up the mess. . =AO i asked joe the same as to unused bank accounts redundant=C2 or uncessary co; s partnerships Ilc. s corps=C2 trust s etc. . merge . liquidate. elim=nate. file finals. etc

On Mon, Oct 26, 2015 at 7:49 PM, Brad Wec=sler < wrote:

I know the "Subject" line is likely mo=e directed to leon than me, but, just for the record, I found the note con=tructive.

Responses:

1. Joe is working on #1, tho rich j needs to get updated projections from a=ollo for 2016 (likely after this q's earnings).

2. Ada will forward these (phaidon/art space) charts to you tomorrow.

3. Ada is working with PW on new trusts. There are assignments, notes, guar=ntees, etc that have to transferred. She estimates total paperwork 2-3 wee=s for all docs. I don't include dynasty trust in this as it involves s=me serious thinking abt kids, structure, etc by leon.

4. Not sure what "names insured" means but john c has been runnin= a rather thorough insurance audit with gallagher and shld be able to answ=r ins questions. Ada is pulling together a master "guarantor" li=t reflecting leon's guarantees, trust guarantees and any other guarantees. Heather will provide art loan balance (simple) and j=slin will provide and sales/use tax owed (he says shld be minor).

5. Comparison between exec jet and jet aviation is underway and we are pull=ng hannan/ lisa g responsibilities in house. I think we shld restructure/s=mplify ownership whether we extend loan or have to pay down and re-borrow =t a smaller #. I will call jane abt extension.

6. Boat restructure shld happen within a week (and yes we'll file a be-=0).

7. Grat...up to you and leon, tho I like the low apo price for a grat but w=at do I know.

8. Ada will reach out to you regarding whether you're talking abt a &qu=t;formal" or "informal" accounting to the kids. Formal mean= bringing in some form of new outside entity unless we want to roll the di=e with tom.

On airplane so can't speak now. Can later or tomorrow am. B

From: jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@g=ail.com> j Sent: Monday, October 26, 2015 08:10 AM To: Brad Wechsler; Melanie Spinella Subject: CONSTRUCTIVE?

1 cash flow projections for 16. .=C2 draft ok. i will be easy. i need rough= projection. 2. phaidon chart laid out now with wh= signs in sale of shares vs enitities. ? =AO ie managing memebrs. . 2 . 3 new t=usts. Apo-o , dynasty, ( does leon want to put in new restrictions per chi=d ). - publishing interests. . 3 Ilc, for investments =A0 4 names insured? guarnatees? art loans. outstan=ing. sales or use tax owed? 4, comparison of execu=jet vs jet

aviation. . 5. the bank loan on the jet is going to come due. does l=on prefer to extend f they would ( he is a guarantor. ? ) or w=ll he need to pay 10 million cash to renew, that w=ill determine new structure of plane. getting rid of ran=e, wells fargo, john hannon, lisa gratizaino etc. . 5. boat restructure=C2 . 6 grats - if leon decie to have another. 7=C2 accountning for children, .

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