APOLLO

APOLLO Tax Receivable Agreement (TRA) Payment Workbook Tax Year 2009 Parnter Version 4/19/2010 EFTA00621096 APOLLO Page MA Related Payment 3 Net Tax Benefit Allocated 4 Tax Benefit Schedule - Calculations for the 2009 tax Year of APO Corp 5 Interest Amount Calculation 6 Tax Benefit Schedule - Realized Tax Benefit Calculation 2 of 6 Index EFTA00621097 TRA Payment Tax Year 2009 TRA payment $ 15,027,917 2009 Payment TRA Holder TRA Ownership % Amount Leon Black 41.0768% 6,172.991 EFTA00621098 APO Corp Related Taxable Income Tax Benefits Schedule Tax Year 2009 grin p ndix Tax Receivable Agreement (TRA) Reference (Article APO Corp. 2039 Tax Year Realized Tax Benefit 3.01(b)(1).(3) (Dsnent) $ 17.654.514 3.01(b)(2).(4) Excess Realized Tax Benefit (Detriment) 3.01(b) Adjusted Realized Tax Benefit 17.654.514 3.01(b) 85% Per TRA 85% Tax Benefit Payment (includes Imputed Interest wider IRC 3.01(b) Section 483) 15.006.337 IRC Section 483 Imputed Interest (Instalment sale rules) 1.871.766 (1) 2038 Section 483 Interest Rale (5.15%) Present Value of Tax Benefit Payment from Apell 21. 2010 to July 14. 2007 - Total Sales Proceeds 13.134.571 (2) 3.01(b) Interest Amount Per TRA (Through April 21. 2010) 21.580 (3) total Net i ax tienele - xe.. I ax Benefit Payment related 3.01(b) 2009 Tax Return 1 15.027.917 Notes: (1) To cakulate the amount of imputed insiallmeM sate 'Serest that is taxable on the tax return the Applicable Federal Rate (MR) that applies to the term of the instalment sale on the dale of the sale (July 13. 2007) was used. The MR was 5.15%. (2) The present value of the Tax Benellt Payment Is calculated using the following lormula: Amount of Future Payment 1 • (N of days July 15.2007 to April 21. 2010)/365 x Annual Interest Rate) Amount of Future Payment Annual Interest Rate (Long term AFR fct July 2008) 2 Year (July 14.2007 through July 14. 2009) a of Days (July 15.2009 through April 21. 2010) 15.006.337 5.15% 2 Year 280 Days (3) Interest is calculated tram the due date of the 2009 Tax Return (anneal extensions). Please see the attached calculation. 4016 EFTA00621099 APO Corp Related Taxable Income Tax Benefit Schedule - Realized Tax Benefit Calculation (Pg 1) Tax Year 2009 Realized Tax Benefit Calculation - Article III Tax Benefit Schedule - Article II Section 2.03 Item zuuu Non- Stepar Tax 2009 Actual Liability 'Difference Partnership Distributive Share Income/(Loss) $45,753,380 Standalone APO Corp Income ($971,035) $45,753,380 ($971,035) 743 Amortization (65,198,441) 65,198,441 Sec 483 Imputed Interest Related to 754 election (1,266,097) 1,266,097 Interest Expense on Late Payment (86,561) 86,561 State & Local Taxes (3,068,990) (14,150) (3,054,840) Taxable Income $41,713,355 ($21,782,904) 63,496,259 Federal Income Tax 14,599,674 Federal Tax Liability 14,599,674 2009 State Income Tax (NY, NYC, CA) 3.068,990 14.150 Total 2009 Tax Liability S 17,668.664 S 14,150 Realized Tax Benefit Calculation — I Item Amount Non-Stepped Up Tax Liability $ 17,668,664 Actual Liability 14,150 Realized Tax Benefit (Detriment) $ 17,654,514 5 of 6 EFTA00621100 February, 2010 March, 2010 APO Corp Related Taxable Income TRA Late Payment Interest Amount Calculation Tax Year 2009 Tax Benefit Payment Interest Amount 1 Total Payment $ 15,006.337 21.580 15,027,917 • Date for LIBOR February 26. 2010 March 30, 2010 LTHOH (assumed to be 6 month rate) Plus 100 Basis Points Hate for the Interest Amount Cumulative Tax Monthly Benefit Payment Interest Amount 1 Reflects TRA payment occuring on April 21, 2010. 0.387°,0 0.442% 6 of 6 I Il0c, I ll0c, 9.123 12.456 15,015,460 15,027.917 EFTA00621101