From: "jeffrey E." <[email protected]>

From: "jeffrey E." <[email protected]> To: Richard Joslin -4 Subject: Re: FW: BRH K-1 Date: Fri, 01 Aug 2014 16:24:12 +0000 I'll call later On Friday, August 1, 2014, Richard Joslin wrote: K-1 treats all debt financed interest as Investment interest. Tom takes it on page 1 of 1040 — dollar for dollar reduction against interest income, ie 39.6% From: Jeffrey E. [mailto:[email protected] Sent: Friday, August 01, 2014 12:13 PM To: Richard Joslin Subject: Re: FW: BRH K-1 What? On Friday, August 1, 2014, Richard Joslin I> wrote: Status quo ante From: Richard Joslin Sent: Friday, August 01, 2014 12:09 PM To: 'Elliot Becker' Cc: David Earley Subject: RE: BRH K-1 Thanks. I don't quite agree that I requested this change rather I asked Deloitte for a tax analysis of the putative change presented on the initial version. As I noted on our last call, I defer to your final judgement and I stand as bystander. I agree that the parties understand the initial discussion of debt financed distribution, both now and at the outset and parties should be ensuring that they should be following this understanding. From: Elliot Becker [mailto: Sent: Friday, August 01, 2014 11:53 AM To: Richard Joslin Cc: David Earley Subject: BRH K-1 EFTA00994049 Rich- Please see attached revised per your request. Regards, Elliot 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 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 [email protected], and EFTA00994050 destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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 [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00994051