From: Richard Joslin

From: Richard Joslin To: jeffrey E. <[email protected]> CC: Joe Avantario < >, Richard D'Agostino Subject: RE: Fwd: Date: Mon, 30 Nov 2015 13:46:54 +0000 The four investments ( Apollo RE Advisors III, Apollo RE Advisors IV, AREIF III Co-invest, AREIF IV Co-invest) distributed cash in 2015 that is in excess of their respective 12/31/2014 K-1 capital account balances. Rather than to show zero, the customary reporting is to leave at $1 so that these assets appear on the financials ratther than zero). For other assets that have negative capital accounts (excluding allocation of liabilities), similar reporting of $1 is used. From: jeffrey E. [[email protected]] Sent: Wednesday, November 25, 2015 5:33 PM To: Richard Joslin Subject: Fwd: Why does app 2 balance sheet show 4 dollars in Apollo inv Forwarded message From: Jeffrey E. <jeevacation®gmail.com> Date: Wednesday, 25 November 2015 Subject: To: Brad Wechsler How much are you thinking of grating . How much is currently being used in existing 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 return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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 EFTA00637384 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], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00637385