<table><tr><th>From:</th><th>Marc Rowan</th><th></th></tr><tr><td>Sent:</td><td>Tuesday, April 12, 2016 11:39 AM</td><td></td></tr><tr><td>To:</td><td>Jeffrey Epstein</td><td></td></tr><tr><td>Subject:</td><td>Fwd: Good to see you last Friday'</td><td>- Edmond de Rothschild</td></tr></table>

Fyi

Sent from my iPad

Begin forwarded message:

| Field | Value |
|---|---|
| From | Gernot Lohr — email address redacted (black box) |
| Date | April 12, 2016 at 7:33:20 AM EDT |
| To | Marc Rowan — email address redacted (black box) |
| Subject | FW: "Good to see you last Friday" - Edmond de Rothschild |

See below. We also discussed some of Rothschilds strategic goals. Funnily, =e were contemporaries at GS.She in London and me in New York

From: Gernot Lohr

Sent: 12 April 2016 12:32

To: Jamshid Ehsani; Yves Le Cochec; Jorge Ceron; Alex Humphreys; Michele Ra=a; Dominic M. Fry; Paul Iturrino Subject: "FW: Good to see you last Friday" - Edmond de Rothschild

See below from my meeting with Cynthia Tobiano, CFO of Edmond de Rothschild=about some areas of cooperation and how we can tap into their private bank=ng business and their asset management business.

So I think we need

a) Small overview over FCI 3

b) ACE fund 4 page teaser

c) Alex, Michele could we synthesise a small short document on our Eu=ovehicle which starts with the "misconceptions pages"

Thanks

From: Gernot Lohr
Sent: 12 April 2016 12:19
To: Cynthia Tobiano <mailto:
Subject: Good to see you last Friday

Cynthia,

Was good to see you last Friday. As discussed I wanted to quickly summarize=what we spoke about. So let me know whether you think that makes sense and=whether you agree with the next steps

We discussed a few product areas that could lend themselves to a cooperatio= given some of your focus areas and the idea of "conviction trades" an= that there could be two approaches a) Product for the Private Bank and b)=Products where we could work with your Asset Management Arm to provide som=thing jointly to your institutional clients

We discussed the following main product areas that could fit given some of =our expertise and interest areas

a) Financial Credit Fund 3 and to some extent a Financials subdebt fun=.

• Our Financial credit funds which are focused on life settlement= (80%) and life insurance linked securities, such as life Co subdebt (20%)

• Fund 3 is starting fund raising and provides long term capital =ains in a possibly quite tax efficient format, this fund is commencing fun= raising

We are also working on a separate financials subdebt fund which=will benefit from our expertrise in owning financial services companies in=Europe. Here especially we have the opportunity to source paper directly a= well which provides some alpha to this fund

	- This is clearly a non-mainstream product in PE format, with con=rolled risk, but long term appreciation.

	- This could fit the private bank customer base

b) Capital Efficient Investing

• Here we are focused on building an asset management product tha= combines (i) Apollo products and (ii) a capital efficient overlay

This could fit the asset management business in a sub-advised s=ructure as we could target some of your insurance company clients that do='t have the sophistication to appropriately deal with the complexity of =olvency 2

c) European Financials Equity Vehicle

	- We discussed how this could be a true contrarian conviction tra=e

	- Our plan here is to build a European Vehicle that will ultimate=y be listed and that way providing investors liquidity

- We would seed this vehicle with some of our existing investment= and it would focus on life insurance and banks in Europe, where we see a =rue opportunity

We will send you a few pages in the next couple of days on this on each one=of these opportunities and then the next step would be to set up a call/me=ting with the right people. On our side it is basically a small group that=covers all of these.

Gernot

## Gernot Lohr

## Apollo Management International LLP

w:

C:

This email and any files transmitted with it are confidential and intended =olely for the person or entity to whom they are addressed and may contain =onfidential and/or privileged material. Any review, retransmission, dissem=nation or other use of, or taking of any action in reliance upon this info=mation by persons or entities other than the intended recipient is prohibi=ed. If you have received this email in error please contact the sender and=delete the material from any computer. Apollo Global Management, LLC

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