From: Eileen Alexanderson

From: Eileen Alexanderson To: "Jeffrey Epstein ([email protected])" <[email protected]> Subject: Yr end reports to investors Date: Wed, 20 Feb 2013 22:32:24 +0000 Attachments: img-220172034-0001.pdf 2012 report will be available in a few weeks. For obvious reasons revenues in recent years have been disappointing but skillful expense management has protected the bottom. Current yield has been modest and impacted by decision to cut fewer trees in a weak environment. Normalized current yield was originally forecast to be 2-4% but early years were expected to be lower. Appraisal, last year, marked the portfolio of assets down 12% last year. I do believe, though, this is all in the rear view mirror now. Original Message From: NY_730_9_XRX_COPYROOM_C1 Sent: Wednesday, February 20, 2013 5:21 PM To: Eileen Alexanderson Subject: Scan from a Xerox Color Please open the attached document. It was scanned and sent to you using a Xerox Color. Number of Images: 53 Attachment File Type: PDF Device Name: NY 730 9 XRX COPYROOM C1 _ _ _ _ Device Location: For more information on Xerox products and solutions, please visit http://www.xerox.com/ 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 material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this information by persons or entities other than the intended 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 EFTA00641707