<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, October 28, 2015 3:29 PM</td></tr><tr><td>To:
Cc:</td><td>Brad Wechsler; John Castrucci; Joe Avantario; Richard D'Agostino
Jeffrey E.</td></tr><tr><td>Subject:</td><td>updated Apollo projections</td></tr></table>

Cash/ tax projection FY 2016 -10/28 vs 6/7/15= A large portion of the taxable income will be management company in=ome/ interest income, ie lesser LT cap gain.

28-Oct

7-Jun

FY 2016

FY 2016

DNI (Cash Earnings pre-t=x)

$1.44

$2.26

Taxable Income

$1.30

$1.99