<table><tr><th>From:</th><th>Ada Clapp</th><th></th></tr><tr><td>Sent:</td><td>Thursday, August 14, 2014 1:39 PM</td><td></td></tr><tr><td>To:</td><td>Richard Joslin</td><td></td></tr><tr><td>Cc:</td><td>Eileen Alexanderson; Lawrence Delso</td><td>JeffreyE.</td></tr><tr><td>Subject:</td><td>RE: LDB 2011 LLC</td><td></td></tr></table>

Rich--you are misreading my email. I was not inferring anything--just tryi=g to understand the status of the LLC valuation to complete the restructur=ng.

I did not speak with Scott. He left me a voicemail. As you know, I alread= told him that you were responsible for valuations which is why I have not=returned his call.

-----Original Message-----
From: Richard Joslin
Sent: Thursday, August 14, 2014 9:25 AM
To: Ada Clapp
Cc: Eileen Alexanderson; Lawrence Delson; jeffrey =.
Subject: RE: LDB 2011 LLC

To give you an another update - Scott and David were brought up to speed on=Phaidon and since then the plan worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandwith to assign two to=ms to our account. The accounting group is gathering documentation and p=rforming its valuation preliminaries on LDB 2011 LLC assets and the proces= developed has been strongly supported by Empire. Given that I am convers=ng daily with the Empire team and we are exchanging reports, I have a clea= grasp of the status. Your last question seems to infer I am not organize= or on top of this effort. I am not privy to your conversation with Scot= and I would have preferred that you indicate to him that this was my resp=nsibility and ask that he speak to me directly. I will speak to him to=ay.

-----Original Message-----

From: Ada Clapp
Sent: Thursday, August 14, 2014 8:50 AM
To: Richard Joslin
Cc: Eileen Alexanderson; Lawrence Delsoi
Subject: RE: LDB 2011LLC

Hi Rich,

Scott left me a voicemail about this. I am not really sure I understand yo=r response to his email. Who is reviewing the engagement letter-Alan? 1= sounded like Scott has moved forward with the valuation despite the lack =f engagement letter. Is that correct?

Thanks.

Ada Clapp
Elysium Management LLC

445 Park Avenue
Suite 1401
New York, <u>New York 10022 Direct Dial:</u>
Fax:
Email:

This communication and any attachment is for the intended recipient(s) only=and may contain information that is privileged, confidential and/or propri=tary. If you are not the intended recipient, you are hereby notified th=t further dissemination of this communication and its attachments is prohi=ited. Please delete all copies of this communication and its attachment= and notify me immediately that you have received them in error. Thank =ou.

-----Original Message-----
From: Richard Joslin
Sent: Wednesday, August 13, 2014 10:43 AM
To: Nammacher, Scott
Cc: Ada Clapp; Halperin, Alan S
Subject: RE: LDB 2011 LLC

The engagement letter is under review. I have spoke to Alan about the scop= of the valuation and once the BFP LP valuation team is set to focus on LD= 2011LLC we will finalize this. I have asked Alan to join me to follow u= with you regarding our last phone conversation. I will get times from A=an and circle back.

-----Original Message-----
From: Nammacher, Scott
Sent: Wednesday, August 13, 2014 10:38 AM
To: Richard Joslin
Cc: Ada Clapp; Halperin, Alan S
Subject: RE: LDB 2011 LLC

Richard,

I hope all is well.

We had sent the engagement letter for the LDB work back in May (5/30). Ala= thinks he may have signed his part and sent it over for Lees signature. =I just wanted to follow up and get the status of the letter. Let me know=timing on its return so we can be official in moving forward.

Thanks for your assistance.

Best regards,

Scott

Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultan=s, LLC 350 Fifth Ave., Suite 6115 We have moved up to a new su=te! New York, NY 10118-5513 General: Direct Experience Excellence www.empireval.com

Bio

-----Original Message-----
From: Richard Joslin
Sent: Tuesday, June 24, 2014 5:15 PM
To: Nammacher, Scott
Cc: Ada Clapp
Subject: RE: LDB 2011 LLC

I need to go back to Sotheby's and get a better valuation. No issue abo=t willingness.

-----Original Message-----
From: Nammacher, Scott
Sent: Tuesday, June 24, 2014 4:39 PM
To: Richard Joslin
Cc: Ada Clapp
Subject: RE: LDB 2011 LLC

Richard,

This is really nothing they seem willing to go to audit on to defend, and i= is being used as part of a transaction. Also, the value is a material pa=t of the likely total value of the LLC. Ada agreed with me, that it makes=sense to get a more formal valuation.

Are they not willing to do a formal valuation?

Scott

Scott Nammacher - From the Road

Cell

Empire Valuation Consultants, LLC

From: Richard Joslin
Sent: Tuesday, June 24, 2014 3:45 PM
To: Nammacher, Scott; Thompson, David
Subject: LDB 2011 LLC

Items iii and iv.

-----Original Message-----
From: Melanie Spinella
Sent: Tuesday, June 24, 2014 3:36 PM
To: Richard Joslin
Subject: FW: Scan from a Xerox Color

Rich - here is the Valuation Agreement

Please open the attached document. It was scanned and sent to you using a =erox Color.

Number of Images: 2
Attachment File Type: PDF

Device Name: Color 560

Device Location:

For more information on Xerox products and solutions, please visit http://w=w.xerox.com/

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, disse=ination or other use of, or taking of any action in reliance upon this inf=rmation by persons or entities other than the intended recipient is prohib=ted. If you have received this email in error please contact the sender a=d delete the material from any computer.

## Apollo Global Management, LLC

Pursuant to U.S. Treasury regulations, any federal tax advice contained in =his communication, including attachments and enclosures, is not intended o= written to be used, and may not be used, for the purpose of (i) avoiding =ax-related tax-related penalties matters under addressed=herein. the Internal Revenue Code or (ii) promoting, ma=keting, or recommending to another party any

Pursuant to U.S. Treasury regulations, any federal tax advice contained in =his communication, including attachments and enclosures, is not intended o= written to be used, and may not be used, for the purpose of (i) avoiding =ax-related tax-related penalties matters under the addressed=herein. Internal Revenue Code or (ii) promoting, ma=keting, or recommending to another party any

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