From: Eileen Alexanderson <

From: Eileen Alexanderson < To: jeffrey E. <[email protected]> Subject: RE: FCI cap calls Date: Tue, 23 Dec 2014 16:49:07 +0000 It was never set to be in Sept. Early on, understanding was that Athene would be calling capital within 12 months of subscription in advance of an IPO in the same timeframe. In going through cashflow outlook in September I asked Leon if he knew whether they were on schedule. Leon suggested I call Josh. Josh told me no signs of it. Notice then came to investors on Oct 19th which included comment that' actuarial material weaknesses' were discovered in the books of a company they acquired and that they had until 6/30/15 to publish revised financial statements. That note seemed to give confirmation that IPO would be later in the year. Per documents original subscription documents, Athene committed to file registration to go public by Nov 2015. As Rich built detailed cashflow model, Athene was plugged in to September as a likely 2H call with no specificity as to when. It was upon Rich's review with Apollo's Chief Accounting officer just recently we got word call would come sooner. From: Jeffrey E. [mailtoleevacation@gmaitcom] Sent: Tuesday, December 23, 2014 11:15 AM To: Eileen Alexanderson Cc: Richard Joslin; Brad Wechsler Subject: Re: FCI cap calls How did Athens go from sept to march in e3 weeks? On Tuesday, December 23, 2014, Eileen Alexanderson < > wrote: I just spoke to one of the Managers on the FCI team. The large portfolio purchases discussed at the FCI annual meeting in mid November fell apart, went via auction to other bidders. He said there may be a small call in January for FCI II and a roughly equivalent small distribution from FCI I. They do have an active pipeline but anything significant would not come until later in Q1. Eileen Alexanderson Elysium Management 445 Park Avenue Suite 1401 New York NY 10022 please note 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 EFTA00636925 return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00636926