APOLLO

APOLLO Leon Black Q4 Tax Estimate December 7, 2015 Confidential - Not for distribution, in whole or in pan, without the express consent of Apollo Global hlanagentent. LLC. EFTA00669967 Leon Blac erest Tax Estimate - FY Proj APOLLO State Informatica BLACK FAMILY PARTNERS,. Ordion0 Iacomc Itoss ) Nel P°01.4Ii° Income Quall" Divklends Shon.Term Capaalain (Laas) Lons.Term Capaal GS (1.430 InvesInant Interest Ibpense ponfoho Deducl ion% Taxatie Interne Californaa Suite Name Kawa State Incorrc New York State beo= New York nv Incom ApWIoAAisurs Apollo (Momtors IV . . . . AI' ra-amicaal Haans.. 16337.182 153:0.056 3.719.012 1124.377) 38.189.551 (8.712541) (1.851.258) 65.337.625 1.588.766 189.993 12.406.354 4.495.656 Apollo (Mom tors V • 15.550 • 460 • • 16010 Apollo (Mom Ion VI 162.829 758 149 3.868.998 • . 4.032.734 Apollo VII, 42.579 195.733 5.164 (1.520.687) 1693.1021 (146610) (90.D19) (2207.212) Apollo SOMA 124 113.6- 11.577 (106347) (69.037/ (4.322) 01.064) (1 8.431) COF IIICo4oles tura 514.789 81.694 79.164 (6319) (46423) 622.905 Fel Coinwalers 70 191.366) (476.=0) 1567.5161 Al' Allernathe Match. AP Allerwa(itc Maai. • Leen Black Crack Oppwlunily Fund I. LEF Ilalcanax.11.0 1.261.493 1.912 (51.561) (333.784) (254.599) 623.461 LOF 3Lnc:cement 1099 • 1.61, Hoiclag›. 11C FlaCoinwalon 1. LDB 2011. LIC • 16 (122.217) (427.369) 1549.570) IRA 12014) 1.731.131 3.927.539 6551.593 11210.353 TRA Weeral 74095 1.718.330 2.863.660 5.331.085 (ODI 3.185.CCO 1763.7361 2.$21.35.1 TOTAL 21.260.111 26532.033 3.736511 (1467456) 50.739.756 00.180.11941 13.167.2421 87.252.618 1588.766 189.993 12.406.354 4.495.856 %sinas% 18737.182 15380.056 3.719.012 (124.377) 38,189.551 (8,712.541) (1.851.M8) 65.337.625 1.588.766 189.993 12.4(16354 4.495.656 Damt lateraal 42.703 2321.108 17.499 (1513.279) 3334.952 1704.618) (1.315.564) 1.952.381 TRA (2014) 1.731.131 3.927.539 • 6.551593 • - 11210.353 TRA Deferral 749.095 1.718.330 1863.650 • 5.111.085 CODI 2185.000 1763.7361 2.C1.3S1 TOTAL 21.260.111 26532.033 3.736511 (1467456) 50.739.756 110.180.6941 13.167.2421 87.252.618 1.588.766 189.993 12.406.354 4.495.856 9 EFTA00669968 Leon Black Full Year Projections — AP Professionals APOLLO Management Co. DN1 Management Co. Adjustments.' Management Co. Taxable Income AOGOunership C142' Management Co.17 - Leon Black Incentive Co. Taxable Income AOGOwnership %41 Incentive Co. 11- Leon Black°' Total Taxable Income-Leon Black Total Taxable Income Total DM Mutable Income Character Ordinary Net Portfolio Preferential Total 2015 (FY Projected) 2016 (FY Projected) 5387.762.763 412.779.380 (346.041.546) (190.256910) 541.721.217 zasarro 23.61% 23.61% 59848550 $52527800 260.881.924 180.565.687 23.61% 23.61% 55.489.075 42,623.643 65.337 625 95 151 44 302.603.141 403.088.156 563.266.479 593.345.067 18.737.11D 4.691.880 41.908.563 52.527.800 13.430.690 29.192.954 65337.625 95.151.444 Projected At )6 lbstributions 127.906.679 133.552.831 A verage Shams Owned Average Total Sharecount ArX; Ownership 92727.166 392818.237 23.61% 92.727.166 392.818.237 23.61% (1) Management Company Adjustments for Sham Deliveries and other deductions (2) Assumes no additional AOG Exchanges. (3) Heritage adjustment is included in Incentive Company Taxable Income Supplemental income and cash related to 2015 prMeelions: Cancelation of Debt Income Net of OID 2.421.264 10 EFTA00669969