EFTA02482142

From: jeffrey E. <[email protected]> Sent: Friday, November 6, 2015 1:30 PM To: Melanie Spinella Subject: Fwd: when you have a moment i will fill you in on gagosian matt=r. you asked to be kept informed so =AO . as you might remember I told you that last friday t=at I asked the narrow simple question re how much tax due . how calc=lated , impact on tra. if you were to simply sell 1 million sh=res at 20. on monday, , when we had joslin on the phone t=gether I suggested that what we were hearing was gobblgook. / =C2 one week later still no answer. another 45 minutes=of- if he were to have sold it last december, it might have be=n a gain of 22.75 but unclear about how it would be taxed ??!! &quo=; Katy is in brussels . he received athene . employees paid in=stock. no tra, not sure if mark and josh sales were allocated =orrectly. . empire valutations should be discussed, =AO not only phaidon but grats - Forwarded message From: Brad=Wechsler < <mailto > > Date: Thu, Nov 5, 2015 at 2:08 PM Su=ject: Re: To: "[email protected] <[email protected]> " <[email protected] <mailto:[email protected]» Cc: "[email protected] < > " < > > I'm going to give you a longer answer than u=want. Because leon's basis in the stock is a function many moving part=: loans, distributions, stock payments to employees, etc, etc, we can tell you the tax due at a hypothetical date of 12/31/14, the date u=on which apollo makes all its calculations. Its possible apollo tracks bas=s whenever an event occurs that impacts basis but they don't share tha= info with us. Obviously, were we sell stock on a date certain, eg, 11/1/15, it would be incumbent upon them to m=ke all the calculations and provide them to us. With more certainty we can=say its $20 plus the per share amt of the negative basis of $250mm (or rou=hly $2.70/share plus, and as pointed out above, the variations since 12/31/14). Rich is still digging into the =015 variations with heightened specificity; but a starting pt we know we&U=9;re talking a tax gain of $22.70 which be increased or reduced as a funct=on 2015 events. Pls call rich for more complete details and insight, including the characte= of the income. Best, b From: jeffrey E. [mailto:[email protected] <mailto:jeevacation@g=ail.com> [ Sent: Thursday, November 05, 2015 01:13 PM To: Brad Wechsler; Richard Joslin < <mailtc > Subject: I know everyone is busy, but have we found an =nswer an calculation to the quesiton if leon were to sell 1 million shares=of apollo at 20 . today what would his tax be and how woudl it=be determined please note EFTA_R1_01598754 EFTA02482142 The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved www.imax.com <http://www.imax.c=m> IMAX' is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is =onfidential information intended only for the use of the individual or ent=ty named above. Any reader of this message who is not the intended recipient of this corres=ondence is hereby notified that any dissemination, distribution, copying or communication of the contents of this correspondence is strictly prohibi=ed. If this e-mail was not addressed to you , please immediately notify us=br> by phone in Canada at (905) 403-6500 <tel:%28905%29%20403-6500> (collect calls will be accepted= or by email at [email protected] <mailto:[email protected]> and delete and destroy this correspondence inadvertently sent to you. Thank you please note =he information contained in this communication is confidential, may be =ttorney-client privileged, may constitute inside information, and is in=ended only for the use of the addressee. It is the property of JEEUnauthorized use, disclosure or copying of this communication or any p=rt thereof is strictly prohibited and may be unlawful. If you have rece=ved this communication in error, please notify us immediately by ret=rn e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication an= all copies thereof, including all attachments. copyright -all rights r=served 2 EFTA_R1_01598755 EFTA02482143