From: Marc Rowan <MIMI

From: Marc Rowan <MIMI > To: Jeffrey Epstein <[email protected]> Subject: Fwd: TRA Valuation Process Date: Fri, 04 Mar 2016 19:14:26 +0000 Attachments: ATT00001.htm; August_2015_AOG_B_Exchangen Detailed_Calculation.xlsx; ATT00002.htm; image001.png Sent from my iPhone Begin forwarded message: From: Suzanne Wong <Mill <mailto:Millia Date: March 4, 2016 at 9:02:17 PM GMT+2 To: Marc Rowan mailto: Cc: Martin Kell mailto: •>, Chris Weidler mailto: Subject: RE: TRA Valuation Process Marc — See attached calculation for an example of an AOG exchange (Aug 2015). Let me know if you have any questions. Best, Suzanne Wong I Apollo Global Management L.L.C. 730 Fifth Avenue New York, New York 10019 Office Cell From: Chris Weidler Sent: Thursday, March 03, 2016 5:02 PM To: Martin Kelly; Marc Rowan Cc: Suzanne Wong Subject: TRA Valuation Process Marc, mailto: Please see below for how the deferred tax asset (`DTA') and tax receivable agreement (`TRA') is calculated as well as the key inputs into the computation. I tried to simplify as much as possible but obviously a complex calculation. Please let me know if this is sufficient or if you need more. We have example detailed calculations if you would find that useful. Each exchange related to the TRA is valued using a multi -step process described below The TRA is valued as 85% of DTA that is created as a result of an AOG exchange. The DTA is calculated as: This email and any files transmitted with it are confidential and intended solely for the person or entity to whom EFTA00645429 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 EFTA00645430