<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:
To:</td><td>Wednesday, September 17, 2014 3:14 PM
Melanie Spinella</td></tr><tr><td>Cc:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: Apollo cash projections</td></tr></table>

Please let Leon know t=at I spoke to Katie Gregory with regard to the interco note payable by APO=Corp. Based on financial assumptions provided by the finance/tax tea=s, there ostensibly is no impact on cash flow from Apollo to BFP LP over the next five years. Interest deduct=ons reduce corporate taxable income which may gives rise to reduced use of=TRA amortization deductions, and hence less TRA payments on an annual basi=. The presentation provided by Katie Gregory indicates in a footnote that there would be a projected defe=ral of TRA deductions, albeit not in the first five years following the no=e distribution, and that full TRA amortization utilization was projected o=er the 15 year life of the TRA asset in the hands of APO Corp. I have asked Chris Weidler to provide the =ull analysis/assumptions underlying the interco note cash flow projections= Katie will be sending to your attention documents for Leon to sign =elating to the note.

I have meeting f=om 12 until 3:30, otherwise free (if there are any questions)

RJ</=>>

From: Richard Joslin
Sent: Wednesday, September 17, 2014 11:03 AM
To: Chris Weidler
Cc: 'Elliot Becker'; 'Katie Gregory Newman'
Subject: RE: Apollo cash projections

Chris:

I met with Katie Grego=y yesterday and she offered your assistance with the backup on the multi-y=ar financial/ tax planning on the interco note. If you can provide relevan= backup with regard to page 4 of Katie's handout — titled Ecomomic Impact — Cash Taxes. Certainly=am available for a call if you would like to explain orally.

Thanks

Richard Joslin

CFO<=p>

Elysium Management LLC=o:p>

445 Park Ave

Ste. 1401</=pan>

New <u>York, NY 10022</u>

From: Elliot Becker Lmailto:e Sent: Wednesday, June 25, 2014 3:42 PM To: Chris Weidler Cc: Eileen Alexanderson; Richard Joslin; Lisa Byfield Subject: Apollo cash projections

Hi Chris-

Rich and Eileen work with Leon Black in his family o=fice. They have been asking for cash projections from Apollo for the
rest =f 2014. Please let us know a time that we can meet to discuss.<=p>

Regards,

Elliot

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