<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Friday, March 13, 2015 6:42 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Re:</td></tr></table>

I will send schedule. Less utilization in 2015, 2016 and then higher utilization in 2017, 2018 (timing issue).

From: jeffrey E. [mailto:jeevacation@gmail.comj
Sent: Friday, March 13, 2015 2:15 PM
To: Richard Joslin
Subject: Re:

yesterday you told me tra 16 to 2?

On Fri, Mar 13, 2015 at 1:37 PM, Richard Joslin > > wrote:

Pls print on legal paper

Attached is the latest cash flow projection . It is substantially similar to the Jan 31, 2015 version I sent to you in mid-February and has not been updated or revised other than to make more organized.

Brad asked that I note a few things:

• As he and I move to progressively update and revise the cash flow projection, while not in the shape we would like tobe, it has served sufficiently well for general planning purposes.

• The cash flow projection has been updated bi-weekly to incorporate updates, ie Apollo projections, capital call timing, delay in Knowledge Universe sale/ distribution, but the effort to fully update and drill down into specific items, eg matching plane use to cash outlays, timing of boat charters, construction costs, etc has taken a back seat to priorities such as April 15 taxes, bill pay transition , Phaidon restructuring, LDB 2014 cash flow reporting.

• Apollo has indicated yesterday that April 15 gross up payment will be revised from 20 cents to 8 cents. TRA payable 4/15/15 looks to be unchanged. I am meeting with CAO and tax team of Apollo next week and will have update. The next version will incorporate those changes.

From: Jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@gmail.com>
Sent: Thursday, March 12, 2015 5:08 PM
To: Richard Joslin
Subject:

please send me the latest cash flow. projection

please note

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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