EFTA02704029

From: Marc Rowan O , Sent: Friday, March 4, 2016 7:14 PM To: Jeffrey Epstein Subject: Fwd: TRA Valuation Process Attachments: image001.png; ATT00001.htm; August 2015 AOG B Exchange - Detailed Calculation.xlsx; ATT00002.htm Sent from my iPhone Begin forwarded message: From: Suzanne Wong < > Date: March 4, 2016 at 9:02:17 PM GMT+2 To: Marc Rowan Cc: Martin Kell mailto: Subject: RE: TRA Valuation Process >, Chris W=idler Marc — See attached calculation for an example of an AOG exchange (Aug 2015). Let me know if you have any questions. Best, Suzanne Wong I Apollo Global Management L.L.C. 730 Fifth Avenue, New York, New York 10019 Office From: Chris Weidler Sent: Thursday, March 03, 2016 5:02 PM To: Martin Kelly; Marc Rowan Cc: Suzanne Wong Subject: TRA Valuation Process Marc, Please see below for how the deferred tax asset ('DTA') and tax receiva=le agreement (TRA') is calculated as well as the key inputs into the =omputation. I tried to simplify as much as possible but obviously a compl=x calculation. Please let me know if this is sufficient or if you need mo=e. We have example detailed calculations if you would find that useful. Each exchange related to the TRA is valued using a multi -step process desc=ibed below The TRA is valued as 85% of DTA that is created as a result of an AOG excha=ge. The DTA is calculated as: EFTA_R1_02086776 EFTA02704029 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, dissem=nation or other use of, or taking of any action in reliance upon this info=mation by persons or entities other than the intended recipient is prohibi=ed. If you have received this email in error please contact the sender and=delete the material from any computer. Apollo Global Management, LLC 2 EFTA_R1_02086777 EFTA02704030