<table><tr><th>From:</th><th>Richard Joslin comme cyone.com</th></tr><tr><td>Sent:</td><td>Monday, November 30, 2015 1:47 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Cc:</td><td>Joe Avantario; Richard D'Agostino</td></tr><tr><td>Subject:</td><td>RE: Fwd:</td></tr></table>

The four investments ( Apollo RE Advisors III, Apollo RE Advisors IV, AREIF III Co-invest, AREIF IV Co-invest) distributed cash in 2015 that is in excess of their respective 12/31/2014 K-1 capital account balances. Rather than to show zero, the customary reporting is to leave at $1so that these assets appear on the financials ratther than zero). For other assets that have negative capital accounts (excluding allocation of liabilities), similar reporting of $1is used.

From: jeffrey E. [mailto:jeevacation@gmail.com]
Sent: Wednesday, November 25, 2015 5:33 PM
To: Richard Joslin <joslin@eysinc.com>
Subject: Fwd:

Why does app 2 balance sheet show 4 dollars in Apollo inv

Forwarded message
From: jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com»
Date: Wednesday, 25 November 2015
Subject:
To: Brad Wechsler

How much are you thinking of grating . How much is currently being used in existing

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <javascript:_e(%78%7D,icvmUjeevacation@gmail.comi);> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

## please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved