<table><tr><th>From:</th><th>Richard Joslin &lt;</th></tr><tr><td>Sent:</td><td>Thursday, November 6, 2014 4:17 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: Schiele</td></tr></table>

Fyi — I will add=to the cash flow projection

From: Heather Gray
Sent: Thursday, November 06, 2014 10:59 AM
To: Eileen Alexanderson; Ada Clapp; Richard Joslin
Cc: art; accounting
Subject: FW: Schiele

FYI — Leon was t=e successful bidder on a Schiele at Christie's last night. Ham=er price plus buyer's premium is $2,965,000 (not including sales tax= and the APO1trust will be purchasing this work.

From: Melanie Spinella [mailto >
Sent: Thursday, November 06, 2014 10:52 AM
To: Heather Gray
Cc: Barry J. Cohen
Subject: RE: Schiele

That's it!<=o:p>

From: Heather Gray
Sent: Thursday, November 06, 2014 10:51 AM
To: Melanie Spinella
Cc: Barry J. Cohen
Subject: RE: Schiele

Thanks, Melanie. =I assume it is this one, which is beautiful! http://www.christies.com/lotfinder/paintings/egon-schiele-stadt-am-blauen-f=uss-5840850-details.aspx?from=summary&intObjectID=5840850&id=310ea5b3-97d2-4dac-ac11-207189a3d77d <http://www.christies.com/lotfinder/paintings/egon-schiele-stadt-=m-blauen-fluss-5840850-details.aspx?from=summary&intObjectID=5=40850&sid=310ea5b3-97d2-4dac-ac11-207189a3d77d>

Best,

Heather

From: Melanie Spinella [mailto:  > ]
Sent: Thursday, November 06, 2014 10:45 AM
To: Heather Gray
Cc: Barry J. Cohen
Subject: Schiele

Leon wanted me to let you know that he purchased a S=hiele watercolor at last night's auction at Christies, that the APO1=Trust will be paying

Melanie Spinella | Apollo Management
9West 57th Street, New York, New York 10019
*  *  Executive
Assistant to Leon D. Black

This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged </=re>

material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this=/pre>

information by persons or entities other than the intended =/pre>

recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer.

Apollo Global Management, LLC

This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged </=re>

material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this=/pre>

information by persons or entities other than the intended =/pre>

recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer.

Apollo Global Management, LLC