EFTA02517389

From: Richard Joslin Sent: Wednesday, September 17, 2014 3:14 PM To: Melanie Spinella Cc: jeffrey E. Subject: FW: Apollo cash projections 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) R.I4=> 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> EFTA_R1_01652644 EFTA02517389 Elysium Management LLC=o:p> 445 Park Ave Ste. 14014=pan> New York, NY 10022 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 This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged </=re> 2 EFTA_R1_01652645 EFTA02517390 material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this=/pre> information by persons or entities other than the intended =/pre> recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. Apollo Global Management, LLC 3 EFTA_R1_01652646 EFTA02517391