EFTA02710057

From: Richard Joslin Sent: Monday, September 15, 2014 4:06 PM To: jeffrey E. Subject: FW: Intercompany Loan Discussion Attachments: Intercompany Loan Discussion - Final.pdf I heard this mentioned in=the spring <=p> Public gets a note (recei=es interest income instead of partnership distributions)=/p> Interest reduces APO Corp=tax income Lower APO Corp taxable in=ome reduces corporate tax drag (and benefits of TRA goodwill amortization►=o:p> Lower tax drag increases =NI which means Founders get more cash distribution from AGM (less in TRA)<=:p> <=p> Let's discuss after=9/1S/ <=p> From: Katie =regory Newma Sent: Monday, September 15, 2014 11:42 AM To: Richard Joslin Subject: Intercompany Loan Discussion Hi Rich, Hope all is well. L=on asked that I send you the attached presentation which is being consider=d by APO Corp. I had mentioned this as a likely proposal when we last spoke. Please let me know if you would like to discuss.=/o:p> Kind regards,<=span> Katie</=> 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> 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> EFTA_R1_02119989 EFTA02710057 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 2 EFTA_R1_02119990 EFTA02710058