From: Richard Joslin

From: Richard Joslin To: jeffrey E. <[email protected]>, Brad Wechsler cza. Subject: Apollo update Date: Tue, 24 Mar 2015 01:31:38 +0000 Confidential. Material non-public info. TRA: 2015 corporate income will be a loss and minimal TRA will be generated (only from state tax). Since amortization deductions exceed taxable income, TRA benefits will need to be shared among founders. No decision has been made on sharing methodology. 2015 DNI vs taxable income per share: $1.51 vs $0.78. APO cash distribution will not be less than $0.251 sh per quarter. Projected cash distribution is approx $0.34 for Q1-Q3 and $0.48 Q4. EFTA00631800