<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, October 29, 2014 2:27 PM</td></tr><tr><td>To:</td><td>jeffrey E.; Eileen Alexanderson</td></tr><tr><td>Subject:</td><td>Apollo update</td></tr></table>

Just got off horn with Apollo — earnings relea=ed tomorrow and I will get official info numbers from CAO then. Below are =hisper numbers

Revised cash flow per share higher 2/28/15 to 0.73 (=s 0.47 prior guidance). Add'I cash $25MM

Revised 2015 cash distribution is now $150MM. =ax income will be less than cash distribution by $S0MM due to use of Apoll= stock to pay employees.

Acceleration of charity into 2014 might be in order =o ensure 28% tax deduction vs deduction against capital gain income (20%)<=:p>

Cash distribution 4/15 of $25MM is confirmed to e=clude TRA amount.

TRA amount paid 4/15/15 approx. $24.4MM</=>

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Richard Joslin

CFO

Elysium Management LLC

445 Park Ave

Ste. 1401

<table><tr><th>New York, NY 10022</th></tr><tr><td>(w) (646) 589-0305</td></tr><tr><td>(c) (203) 581-0509</td></tr><tr><td>(f) (646) 589-0330</td></tr></table>