<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Tuesday, March 24, 2015 3:22 AM
Richard Joslin</td></tr><tr><td>Subject:</td><td>Re: Apollo update</td></tr></table>

does that change your 2015 projection

On Mon, Mar 23, 2015 at 9:3= PM, Richard Joslin <RJoslin@elyslIc.com <mailto:RJoslin@elyslI=.com» wrote: Confidential. Material non-public info.

TRA: 2015 corporate income will be a loss and minimal TRA will be gen=rated (only from state tax). Since amortization deductions exc=ed taxable income, TRA benefits will need to be shared among founders. No =ecision has been made on sharing methodology.

2015 DNI vs taxable income per share: $1.51 vs $0.78.

APO cash distribution will not be less than $0.25/ sh per quarter. Pr=jected cash distribution is approx $0.34 for Q3-Q3 and $0.48 Q4.

please =ote

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