From: Brad Wechsler <1

From: Brad Wechsler <1 To: [email protected] <[email protected]> CC: ' < Subject: Re: Date: Thu, 05 Nov 2015 19:08:16 +0000 I'm going to give you a longer answer than u want. Because leon's basis in the stock is a function many moving parts: loans, distributions, stock payments to employees, etc, etc, we can tell you the tax due at a hypothetical date of 12/31/14, the date upon which apollo makes all its calculations. Its possible apollo tracks basis whenever an event occurs that impacts basis but they don't share that info with us. Obviously, were we sell stock on a date certain, eg, 11/1/15, it would be incumbent upon them to make all the calculations and provide them to us. With more certainty we can say its $20 plus the per share amt of the negative basis of $250mm (or roughly $2.70/share plus, and as pointed out above, the variations since 12/31/14). Rich is still digging into the 2015 variations with heightened specificity; but a starting pt we know we're talking a tax gain of $22.70 which be increased or reduced as a function 2015 events. Pls call rich for more complete details and insight, including the character of the income. Best, b From: Jeffrey E. [[email protected]] Sent: Thursday, November 05, 2015 01:13 PM To: Brad Wechsler; Richard Joslin < Subject: I know everyone is busy, but have we found an answer an calculation to the quesiton if leon were to sell 1 million shares of apollo at 20 . today what would his tax be and how woudl it be determined 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 www.imax.com IMAX6) is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is confidential information intended only for the use of the individual or entity named above. My reader of this message who is not the intended recipient of this correspondence is hereby notified that any dissemination. distribution. copying or communication of the contents of this correspondence is strictly prohibited. II this e-mail was not addressed to you . please immediately notify us by phone in Canada at (905) 403-6500 (collect calls will be accepted) or by email at and delete and destroy this correspondence inadvertently sent to you. Thank you EFTA00674378