From: Jeffrey <jeevacation®gmail.com>

From: Jeffrey <jeevacation®gmail.com> To: Eileen Alexanderson Subject: Re: follow up Date: Thu, 05 Jul 2012 17:46:02 +0000 Send me grat does that separate income from capital appreciation Sony for all the typos .Sent from my iPhone On Jul 5, 2012, at 12:09 PM, Eileen Alexanderson wrote: > Jeffrey, thinking back through dialogs with Carlyn & Elyse and looking at some of my old notes from those dialogs that relate to our conversation this morning I offer the following: > Regarding the issue of why turning off the income right now works is that it would be the independent trustees turning off the income right, not Leon, and that the 2006 Trust was drafted purposely in anticipation of this. I believe this relates to the language on page 30 in the attached. > Also, Ada (from US Trust) at one point had suggested to Carlyn that we consider having the trustees turn of the income right in the 2006 Trust and then decant the assets from the 2006 Trust into a new trust before proceeding with the Art Partnership to insure a cleaner transaction. > Also, on the subject of the 2006 Trust and other trust paying their own taxes-important implication for Black Family Partners would be that we no longer have a single taxpayer. > Best, > Eileen > Original Message---- > From: NY_730_11_XRX_COPYROOM [mailto:NY_730_11_XRX_COPYROOM®apollolp.com] > Sent: Thursday, July 05, 2012 12:06 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: 60 > Attachment File Type: PDF > Device Name: NY_730_11_XRX_COPYROOM > 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 EFTA00641786 > 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 > > > > <iing-705120530-0001.pdf> EFTA00641787