Blodi Faren, Pa't-02(5

Blodi Faren, Pa't-02(5 Percentages evenerabionercentacits within I BF Neli:Ines (1r sfets oecternd on Amil 19.2007E 4/16/203/ Va4abon JPM Loan Proceeds Stratege Proceeds Man 2007 motne Tow Namrzlo Fran BFP Lar Hoiangs L8F14oldrgs LLC metan 'ovesi/rent Trust A (MI III) 0 0000% S [repeated 3 times] - Stanarinam ut • Juan InVEISIMent Trost 8 (MI M S 838.243 0068% 0124% S 536.199 384.540 S 7,715 S 352254 Marusgmiont 636243 Jude, Invosinfom Tnal C (AM VI S 3,100,119 0328% 0457% S 1.983.065 1822934 S 28531 S 1450.895 Meneweint V 5 3.106119 Julah mvesrenl Trust D (4.4 S 45238,845 5178% 7255% S 31495360 22,587,152 3 453839 S 23.043291 Nanagement V1 5 49,236,845 Judah Investwent Trust E (MM) 5 205673.688 21.734% 30455% S 132.203.071 94.815501 S 1.902.071 S 95712.573 NM S 206.673.888 Judas Masivnem Trust F (VabJe) S 14145190 1551% 2.173% S 9.432.703 5788740 3 135.713 S 8.900.453 Vana Man/igrani S 14,745190 Jame Investrtlent Trust G (SW) S 104.220,741 10960% 15.358% S 66,668538 47,810.734 S 959.170 S 45769.904 SW Maregermint S 104,220.741 kodah Invotimant Trust II (MB) S 15.503.790 I 630% 2.265% S 9.917518 7,112.285 S 142,665 S 7.264.970 Asta Managernent S 15,503,790 Judah Wvestment Trust I (Europe) S 163,757,015 17221% 24.131% 5 104.760.539 75,122,696 3 1.507.098 5 76.629.744 &rope lAana0emere S 163,752015 Judah Invostment Trust J (MA) S 120535149 12678% 17.763% S 77105,343 56,24,720 S 1,109.353 i 56405.073 MA S 120530 149 Gamsa S 272.320,082 28637% S Goo:leni S 272,320,082 Total S C -6%,*~- w 100000% 100000% S 434.090.527 311,311.531 S 5245.477 5 317.537.004 5 434090527 311611531 3 5245.477 S 317,557.004 I‘ Vabe AOPSOK S 10,469,702 %olLlFwleOW 71.363% m e SVF nimava S 43.386237 Q#8.1*-151CNivy, Asa NMSOM S 11,111,560 SOMA Admen 5 13.664,035 368-4-sk of EntIty Values (as of Pont 19, 2007E Ownership porcentaoes of Black tanilo Partner; (transl4Fa occurred on Arne 7.2007E StraitepiC Proceeds adst122271an TOW Proceeds LI* HolcIng3 LLC 851.690.121 67.60% S 311.311,531 6,245,477 317,557.008 L8F HoeIngs S 851.650.121 Juan Inestanent Trust K (AA vi) 19961 216 158% S 7,259,713 S 14.5,643 7.405.356 SW Aenows S 44,803.073 Jati Instanten' TNP L 24.098.404 1.91% S 8508896 S 176,715 5995.213 Vas 404sors S 10,664,982 Mah Maniram Trost M 58791572 467% S 21.489,663 431,122 21.920.775 Asi* Adams S 11,359,014 Judah Instantni Duet N 49.073,988 369% S 17.937,465 359,881 I5297887 SOMA Athwors S 14,301,558 Judah 'nemirnem Trust O 53.838110 4 27% 5 19,679,017 S 394.797 20.073,814 25.352601 Leon D Black Weestment Trusts A 201% 9.269.925 105909 9452,736 Adviscies IV S 37,484,5es Black famet 1997 Trust 23.274.198 1.85% S 8507.233 S 170.671 8,677,904 Advison V S 84,143,973 4 separaw 1992 boste fce loon Mode* chatten 72831,735 575% S 26.475397 531,145 27.008.542 Senika V1 S 68.935,204 4 separate 1988 vests la Leon Moda obleten 3215,230 028% S 1.175,216 S 23,577 1,191615 AAA Assomates S 53538,110 Leon Black (neartuady) 78 339 645 6 22% S 28634 869 574 468 29108.336 TOTAL. 1159110,621 100.00% S 400545.640 3 9.239.384 09.784,964 Co-Investors 7.200,000 469.784.984 Co-Investors N 5 7603.000 %vdala 9078% Co.Investoes V S 22.503.000 64-Inveaor S V1 S 34.050,000 NC Co-Investars S 7580,000 V•Ne CO-IfIVCJWIS S 6926003 SYF CO-Vert3SICCS SOMA CO•Invellpfli S 603,003 1259,968.621 (st of Fntity Valuti (as of June 7 20070 EFTA01127817 ICJ • I —A I • i__M __A 1__ _-a Exhibit C APOLLO MANAGEMENT HOLDINGS. LP CONCLUSION OF EQUITY INTEREST AS OF APRIL 16, 2007 tad Assts Aggregate Marketable Value of Equity Applicata* Lack of Marketability Discount Aggregate Fair Market Value Partners Pro Rata Interest Pro Rata Fair % Exhaling Asset Market Value Contribution Apollo 'Armor-nen, l P. Ma 10% SO 30,35% SO 0.0% Apollo Management IV. L.P. 13268101 10% 52.761.920 30.35% 1838.243 01% Apollo Managnment V. L P. $12.017.131 15% $10214.562 30.35% 13.100.119 03% *ago Mennutment vi. L P $1901/58.971 15% $162230.131 30,36% 149.236246 49% Apollo Imestrnent Management, s P. 11.017.345253 15% 1864.743.465 23.90% 1201.613268 205% • Jr Alookt Value Management. L P, Apollo SW Management LP. $61.492Al2 1278.665.002 1124233.627 15% 15% 20% 914.818.550 1236265,320 399,786,902 26.90% 44.00% 44.00% $14.746.190 1.5% 1164,220.741 104% $43Ji$23Ft' 84% Apollo koa Atragetnent L P. 144.044259 201E 135.235.887 84.00% 115203.790 1.5% 13104.933 20% 525253.546 44.0)% Warbeer 1.1% Apollo I ;sore abnormal. LP. 1,466.218,791 20% 1372.175.033 44,00% $163,767,015 163% Apollo Akernatve Assets. LP. 1342,440.764 20% 1273.952/611 48.02% 1120,539.149 12.0% Staloini $2.574.452.630 8136037,927 S7y471577y 729% L 1 t; 4 ic F-1 Planned rundoCi000Wif Apollo Management VW L.P. 1382.786.941 20% 1300220243 30.36% $92.940.669 9.2% Apollo Matson VV. IP. 5439.504.477 25% 1329.628.358 24.64% 161220.427 8.1% Apollo EDF Management. L P. 630111.391 20% 124.649.115 44.00% 110.845211 1.1% Apollo EPF Arhisors, LP. 127202232 20% $22242.185 44.00% 19,703.562 1.0% New Find Management LP, 5124.577.856 20% 191742.284 44.00% 143.886605 4.4% New Find Adatsors, L.Ps 196.568.772 20% 176455018 44.00% 133,640208 3 3% SIMOOY S1.101.152.171 $858946,513 1272.320.002 271% Total Assets $3.671404,801 $2.996.994,440 $lpof, 651 IGO 0% LiabiligeS S Equity - icy fiA-; 23 Total Liabilities SO SO so Total Equity $3.675.604201 52.996 904 440 $1.005.953658 Total Liabilities and Equity 33,675.604,601 52,996944.44 51,005,963.658 Aggregate Fair Marker Value 62,096 984.440 Pro Rata. Fair Market Value of Partners Interest 51005,053650 Pro Rata. Fair Market Value of Mutner's Interest 11.005.953,618 Concluded Equity Interest of Partner In AMHLP 33.57% Less- Investment Company Wean 50% (550297.683( Worry Marketable Naha 966,655276 Less Leek of litarketablty Dni:O41,11 100% (595.565.598) Fat Market Value of 33.05% Interest in AMHLP 3660,090,376 Fair Market Value of 33.67% Interest In AMHLP. Rounded 1866100.000 le was meopmed thai Ma any S. own* curren0y pent to me respective Apollo Management comOseY woad be0a to be paid lo the Apollo Aqvisce entry. EFTA01127818 EXHIBIT A-1 APOLLO MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Adjusted Invested Capital HISTORY 2006 PROJECT 2007 PROJECT 2008 $341,800,000 $119.600,000 $0 Management Fees $6,034,471 $0 $0 Operating Expense Ratio Estimate 68.6% 0.0% 0.0% Operating Expenses ($4,137,805) $0 $0 Operating Income $1,896,666 $0 $0 Margin: Adjustment Adjusted Pre-Tax Income $1,896,666 $0 $0 Tax Rate 42% [repeated 3 times] Tax $796,600 $0 $0 Net Income $1,100,066 $0 $0 Days 259 624 Present Value Factors 11% 1.0000 0.9286 0.8366 Present Value $0 $0 Sum of Present Values $0 Pass-through premium 15% $0 Aggregate Marketable Value of Invested Capital $0 Less: Outstanding Debt $0 Aggregate Marketable Value of Partners' Capital $0 Partners Pro Rata Percentage 30.35% $0 Discount for Lack of Marketability 10% $0 Pro Rata, Fair Market Value of Partners Capital $0 Pro Rata, Fair Market Value of Partner's Capital, rounded EFTA01127819 EXHIBIT A-2 APOLLO MANAGEMENT IV, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT PROJECT 2007 2008 PROJECT PROJECT 2009 2010 Adjusted Invested Capital' $1.043.700.000 $649.128.201 $0 [repeated 3 times] Management Fees' $6.142.871 $3.164,500 $0 $0 Operating Expense Ratio Estimate 51.7% 32.0% 0.0% 0.0% Operating Expenses• ($3,176.672) ($1,012,209) $0 $0 Pre-Tax Income $2.966.199 $2,152,291 $0 $0 Adjustments $0 [repeated 4 times] Adjusted Pre-Tax Income $2,966,199 $2,152,291 $0 $0 Tax Rate 42% [repeated 4 times] Tax $1245.804 $903,962 $0 $0 Net Income $1,720,395 $1.248,329 $0 $0 Horizon Value (Gordon Growth Model)• Days 259 624 989 1,354 Present Value Factors 0.9346 0.8496 0.7724 0.7022 Present Value $1,607.891 $1,060,632 $0 $0 Discount Rate: 10% Sum of Present Values $2,668,522 Pass-through premium 15% $400,278 Aggregate Marketable Value of Invested Capital $3,068,801 Less: Outstanding Debt $0 Aggregate Marketable Value of Partners' Capital $3,068,801 Partners Pro Rata Percentage 30.35% $931,381 Discount for Lack of Marketability 10% ($93,138) Pro Rata, Fair Market Value of Partners Capital $838,243 Pro Rata, Fair Market Value of Partners Capital, rounded $840,000 'Sand on projections provided by manspoment EFTA01127820 EXHIBIT A-3 APOLLO MANAGEMENT V, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 Adjusted Invested Capital' 51,808,400,000 $1.694200.000 $984,976,667 $593,497,619 $150,000,000 $0 Management Fees' $13.348,875 $11,376,706 $6,653,302 $3.619,674 $843,750 Operating Expense Ratio Estimate 51.7% 32.0% 36.1% 41.9% 32.3% Operating Expenses' ($6.903.123) ($3.638.995) ($2.400.520) (61,516.158) ($272,830) Pre-Tax Income 56,445.752 $7,737,711 $4,252,782 $2,103.516 $570,920 Adjustments $0 $0 SO $0 $0 Adjusted Pre-Tax Income $6,445,752 $7,737,711 $4,252,782 $2.103,516 $570,920 Tax Rate 42% [repeated 5 times] Tax $2.707.216 53.249,839 $1,786,168 5883,477 $239,787 Net Income $3,738,536 $4,487,872 $2,466,614 51.220,040 $331,134 Days 259 624 989 1,354 1,719 Present Value Factors 0.9407 0.8630 0.7918 0.7264 0.6664 Present Value $3,516,771 53,873,081 51,952,948 $886,211 $220,668 Discount Rate: 9% Sum of Present Values $10,449,679 Pass-through premium 15% $1.567.452 Aggregate Marketable Value of Invested Capital $12,017,131 Less! Outstanding Debt $0 Aggregate Marketable Value of Partners Capital $12.017,131 Partners Pro Rata Percentage 30.35% $3,647.199 Discount for Lack of Marketability 15% $547.080 Pro Rata, Fair Market Value of Partner's Capital $3,100,119 Pro Rata, Fair Market Value of Partner's Capital, rounded $3,100,000 Vend on ponotOons prove*: by management EFTA01127821 EXHIBIT B-4 APOLLO MANAGEMENT VI, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 Adsusted Invested CaPitEll' $1601.000.000 $6,802,600,000 39.061,250,000 $8.479.508,333 $5.951.797,917 $1,200,000,000 Management Fees' 3120,175,978 $62,470,081 381,860,872 550.332.330 $22,943,613 Transacocn And Monitonng Fees' $357,252,000 3144,000,000 36 30 SO Broken Deal Fees' ($34,534,581) ($17,481,288) $0 SO SO LP Rebate' ($219,468,245) ($88.032,724) SO $0 SO Net Transaction and Mon4oring Fees 3103,279,174 340.485,988 30 SO 50 Total Management Fees and Net Transaction and Moneorirg Fees $223,456,152 $102,956.069 $61,660,872 $50.332.530 $22.943,613 Operating Expense Ratio Estimate 27.8% 32.0% 38.1% 41 .9% 32.3% Operating Expenses' ($62,146,750) 019,981,910) (522.247,321) ($21,082,575) ($7.418.900) Pre-Tax Income $161,308,372 $82,974,158 339.413,552 329.249,955 $15.524,713 Adiustments $0 [repeated 4 times] SO Adiusted Pre-Tax Income $181,308,372 $82,974,158 $39,413,652 $29,249.955 $15,524,713 Tax Rate 42% [repeated 5 times] Less: Tax 367.749.516 334,845147 316,553,692 $12.284.981 $8,520,380 Net Income $93,558,856 $48,125,012 $22,859,860 $16,964,974 $9,004,334 HOCIZOB Value (Gorckn Growth Model)* Darr Present Value Factors Present Value 259 624 989 1.354 7,719 1.0000 0.9407 0.8630 0.7918 0.7264 0.6664 $88.009,078 $41,532,390 $18.099.357 $12.322.995 56.000.510 Discount Rate 9% Sum of Present Values $165,964,329 Pass-through premiwn 15% 524.894.649 Aggregate Marketable Value of Invested Capital $190,8,38.978 LOSS Outstanding Debt SO Aggregate Marketable Value of Padners Capital 5190,858,978 Partner's Pro Rata Percentage 30 35% $57.925,700 Drsoount for Lack of Marketabfirty 15% ($8,688,855) Pro Rata. Fair Market Value of Panne's Capital $49236,845 Pro Rata, Felt Market Value of Partner's Capital $49,200,000 Sued on goings.% peavax I fry 01.14394470if EFTA01127822 E XHIBIT A-s DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HOWLON Assets Under Management (June 30) 52800800,000 53,450.000,000 34.300.000.000 35,150,000,000 56.000.000.000 Assets Under Management (December 31) S2.178000,000 33,025,000,000 $3,875.000.000 34.725.000,000 55,575,000,000 36,425,000.030 Leverage 33.0% Unleveraged Assets Under Management (June 30) $1,954,887,218 32,593 984,982 S3,233882.707 53,872,180.451 34,511,278,195 Management Fees 2.0% 552,000,000 569.000.000 586.000,000 5103,000,000 $120.000,000 Yield on assets 12.0% $312,000,000 3414,900,000 5516.000,000 $618,000,000 5720.000,000 Other expense GSA ($1,000.000)i (52.000.000) ($3,000,000) (54.000.000) (45,000,000) Cost of debt 6.4% ($41,287,218) (1/54.784.952) (3613.282,707) (381,780,451) (395,278,195) Gross carry 20.0% 343,542,556 357,643,008 S71.743,459 385,843,910 399.944,361 399.944.361 Management Fees 352,000,000 389,000,000 586,000,000 $103,000,000 3120800,000 5120,000,000 Total Fees 395,542,656 $126.643.008 3157.743.459 3188843,910 3219,944,361 3219,944,361 45% [repeated 6 times] Less. Operating Expenses (342,994,150) (S56,989,353) (570.984,5561 (384,979,759) (3985174.9621 (6138.974,962) Pre-Tax Income 352,548,406 569,653,654 $86.758,902 $103884,150 5120.969,398 S120.969.398 Adjustment Adjusted Pre-Tax Income $52,548,406 369,653,654 586,758,902 $103.864,150 $120.969,398 3120.969.398 Tax Rate 42% [repeated 6 times] Tax (22,070,331) (29,254,535) (36,438.739) (43.622,943) (50.807,147) (50.807.147) Net Income 330,478,075 $40,399.119 350.320,163 580.241.207 370.162.251 370,162,251 Horizon Value (Gordon Growth Model)' 31,032.387,409 Discount Rate: 10.0% Long-Term Growth Rale 3.0% Days 259 624 989 1,354 1,719 1,719 PreSOnt Value Factors 0.9346 0.8496 0.7724 0.7022 0.6383 0.8383 Present Value $28,484,959 $34,324,753 $38.867.345 $42,300,336 344,787,929 3859,022.380 Sum of Present Values 2007 Multiples Aggregate Fully Marketable Minority Interest 5847,787,711 % of AUM MVICiRev MVIC./Op Inc Pass-through premium 20.0% $169,557,542 $2,600800,000 395.542,556 $52,548,406 Aggregate Marketable Value of Invested Capital $1.017,345,263 39.13% 10.8 19.4 Less: Outstanding Debt $0 Aggregate Marketable Value or Partners' Capital $1,017.345.253 Partner's Pro Rats Percenlage 23.93'4. 5243,145,515 Discount for Lack of Manualabdsty 15% (S30,471,827) Pro Rata, Ear Market Value of Partners Capital $208,673,688 Pro Rata, Fair Market Value of Partners Capital 3206,700,000 Gordon Growth Model ((baron Net Incisme x (1•grow4h rate)! (Capitalization rate • eta risk)] EFTA01127823 tAlusll Ay APOLLO VIF MANAGEMENT. LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Assets Under Management HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON Class A Assets MF) 5456.000.000 5600.000,000 3663.000000 3732.615.000 3809,539.575 3894,541130 Management Fees 1.5% 39.000,000 39.940000 510,989.225 312.143.004 510418.110 313.418,118 Operating Expense Raba Estimate 45% [repeated 6 times] Operating Expenses 154,050,000) ($4,475,250) (54.945,151) ($5064,392) (36.038.153) (36.038,153) Pre-Tax Income 34.950,000 55.469,750 36.044.074 16,678.701 57.370966 37.379.965 Adjustments so [repeated 5 times] $0 Adorned Pre-Tax Income 35.469.750 38.044,074 56,670701 17,379.965 17,379,965 Tax Rate 42% [repeated 6 times] Tax (12.079.000) (32.297,295) (32.538.511) 512.805.055) (53,099.565) (33.099.585) Net Income 52071,000 53,172,455 53.505.563 33.873.647 34,280180 34.280.380 Maroon Value (Gordon Growth Model)• $62.982,731 Days 259 624 989 1.354 1.719 1.719 Present Value Factors 0.9348 0.8496 0.7724 0.7022 0.6383 06383 Present Virtue 52.883.252 52.695.448 32207,700 32,720,008 52,732,372 340.204,897 Discount Rate. 10% Long-term growth rate 3% Stint of Present Values 353243171 2007 Multiples Pass-thru Premium 20% 310 48135 %of AUM MVIC/Rev MVIC/Op Inc Aggregate Marketable Value of Invested Capital $64.492.412 3600.000,000 39,000.000 14,950 000 Less Outstandrg Deaf 50 10.75% 7./ 13.0 Aggregale Marketable Value of Partners' Capcal 304.492.412 Partners Pro Rata Percentage 26.90% 317,348.459 Discount Ice Lack o4 Marketability 15% (32,602 269) Pro Rata. Fair Market Value of Parthers Capital 314246.190 Pro Rata, Faft Market Value of Partners Capital. rounded 314,700.000 /wee on tioneseerrnt rowboat EFTA01127824 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 ASSeIS Under Management - SVP Anon Under Klarreeddral HISTORY 2006 PROJECT 2007 PROJECT 200$ PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON 5600.000,000 1400,000.000 $1.000.000.000 3400.000.000 Si .532060000 5600.000.000 51.797285000 5800.000,000 52.009.940.425 $1.000.003.000 $2,451,383,770 51.200.070000 - SOMA. Management FitesiSVFn 2.0% $10623.000 529.640.000 $34,662700 $40,546459 547.351,713 $47,354.713 Management Fees . SOMA 1.6% 53.400.000 $70013000 510,600000 $13,300,000 $15,800,000 $15,800,000 Total Management Fees 523.025,000 $37,240,000 145482.700 S53044.459 563.154,713 $63.154.713 Opera % Expense Ra0o Eslonale 45% 48% 45% [repeated 3 times] 4S% Opining Expenses (510.361.250) (516.758,000) ($20.462215) ($24.230.006) (528.419.621) (528,419.621) Pre-Tax %come 512.663.750 520,412.000 125,015485 521.614.452 134.735,002 53.4.735.092 Adjustment SO [repeated 6 times] Adarstett PreiTsa Income 512,063,750 520,482.000 525.015485 529,614.452 534.735,092 534,735.092 Tarr Rob 42% [repeated 6 times] Tax ($5.318,775) (58.602.440) (510.506.504) (512,438.070) ($14,588,739) (S14,588.739) NM Mond 57,344.975 511,879.560 514,506081 $17,176,382 520,146,353 $20,140353 Homan Value (Gordon Gressel Model)* $296,439200 Days Present Vete Factors 0 1.0000 259 0.9346 624 08496 989 0.7724 0.1702 .3542 1.719 0.6383 1,719 0.8383 Present Value 56.864.852 $10,093,363 511.2011.752 512060.959 512860,383 5189.231254 Discount Rate: 10% Long-Term Grant 3% Sum of Present Values 3242.317.483 2007 MuldMes Pass-theu Premium 15% 536347 619 % HAIM MOOR", AMC/OP MC Aggregate Mahatatge Value of Invested Capital 52713665,082 51000.000.000 $23.025.020 512.663,750 Loss Outstanding Debt $0 27.9% 12.1 22.0 Aggregate Itastreratle Value ot Partners' Goad $278.065082 Partaer% Pro Rata Percentage 44% $122012636 Oneount lot Lied of Marketataty 15% ($18.391.695) Pro Rata, Fair Market VaMo of Patties Capital $104.220741 Pro Rata. Fair Market Value or Partners Capitals rounded $104,200)HO HanasenaanimernewHolecemekidutleiSOM4 •gin eetret la 200$ Meanearased negro. ••••II nO no ns snare tee 0••• a 0•11til whith ne. • 9Mrgn,wM Ora Oil :six EFTA01127825 EXHIBIT A-9 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HittOrY 2006 Projected 2007 Projected 2006 Projected 2009 Projected 2010 Projected 2011 HORIZON Assets Under Management (June 30)' $200080.000 $300,000,000 3360.030.000 $432,000,000 $518.400,000 $622,080.000 Growth in Assets 50.0% 20.0% [repeated 4 times] Assets Under Management (December 31)* $330,000.000 $396.000.000 $475,200,000 3570,240,00n $684.288.000 Leverage 33% Untoveraged Assets Under Management (June 30) $225,563:910 $270.678.692 $324,812,030 $389,774,436 $467.729.323 Management fees 1.50% 34.500.000 $5.400.000 38.480,000 $7.776,000 $9.331.200 $9,331,200 Operating Expense Rabo' 45% [repeated 6 times] Operating Expenses ($2.025.000) ($2,430.0_,,,,nm (02 916 000) ($3.499.200) (34.199.040) ($4,199,040) $2,475000 $2,970,000 $3.564.000 $4,276,800 $5.132,160 $5.132.160 Adjustment Adjusted Pre-Tax Income 32,475.000 $2,970,000 33.564,000 $4.276,800 $5,132,160 $5.132,160 Tax Rate 42% [repeated 6 times] Tax (31,039,500) (21,247,400) (31,496 380) (31.796,256) ($2,155,507) ($2,155,507) Net Income 51,435.500 $1,722,600 $2.067,120 32.480.544 $2,976,653 $2,976,653 Horizon Value (Gordon Growth Modell' 47,397.472 Discount Rate. 10% Long-term growth rate' 3.5% Days 259 624 989 1,354 1,719 1,719 Present Value Factors 0.9346 0.8496 0.7724 0.7022 0.6383 0.6383 Present Value 1.341,626 1.483.592 1,598,648 1,741,795 1,900140 30,256,078 Sum of Present Values 338,299877 2007 Multiples Pass-through premium 15% $5,744,982 %of AUM MNJWARev MVIMPIM Aggregate Marketable Value of Invested Capital $44,044,859 $300,000,000 $4,500,000 $2,475,000 less. Outstanding Debt $0 14.7% 9.8 17.6 Aggregate Marketable Value of Partners Capital 344,044,859 Partners Pro Rats Percentage 44% 519,379.738 Discount for Lack of Marketability 20% (33,875.948) Pro Rata. Fair Market Value Partner's Capital $15.503.790 al Pro Rata, Fair Market Value of Partners Capital. rounded $15,50(1,000 '8030000 inad.9~(Picleabn5frii~ ro e"Pgre -Go!~ Go -4n Moog Manton Valuer • (honion net »coin.' ff • b+94ØØ role)/ (chsccon( rxe-Ø.term 70 EFTA01127826 IL—. I A— I "Lo I IL IL- I k- I EXHIBIT A-11 APOLLO EUROPE MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Assets Under Management (June 30)' ASSetS Under Management (December 31)' Leverage Unleverage0 Assets Under Management (June 30) Management Fee Yield on assets' Other expense GSA Coat 44 debt Gross carry' 50.0% 2.0% 120% 6.4% 20.0% HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON 5252002000 $500,000.000 $750000.000 3333.333.333 $12004000 $312,000,000 ($1202000) ($41.297.218) 143,542.556 $1.000,000.000 $1,250,000,000 5666.666,667 $20,004000 5414.000.000 ($2600200) ($54.784.962) $57,642008 51.500.000.000 $1.750.000,000 $1.000,000000 $30200,000 5516.0(4.000 (53.000.000) ($68.282.707) 171,743.459 $2.000.000.000 $2250.000.000 51232333.333 140000.000 $618600,000 ($4.004000) ($81280.451) 585,843.910 $2,500,000,000 $2754002000 $1.662666.667 $50,000.000 $720.000.000 (25200.000) (595.274.195) $99244,361 $50.000,000 192944.361 Total Revenues $53,542.556 $77,643008 $101,743.459 $125,843,910 $149.914.361 $149,944,361 Operating Expenses 45.0% (524,094.150) ($34.939,353) ($45,744.555) (554.429.759) ($67A74,982) ($67.474.962) Adjustmems Adjusted Pre-Tax Income 122448,406 142703,664 555,952902 469.214,150 $42.469.398 $42,469.398 Tax Rate 42% [repeated 6 times] Tax ($12.368.331) ($17,935,535) ($22502.739) (329,089,943) (134.637,147) ($34,637,147) Net Income 317,080.075 224,768.119 132,456,163 140244,207 547,432.251 447232251 Horizon Value (Gordon Growth Model)" 1521.119.789 Days 259 624 989 1,354 1,719 1.719 Present Value Faciocs 1.0000 0 9169 0 8114 0.7181 0.6355 0.5624 0.5624 Present Value $15,661,231 520,097,901 $23.306465 525,510776 528,899,435 5293.062270 Discotmt Rate 13% Long-term growth rate: 4% Sum cf Present Values Aggregate Value 8/Adjustments $404.538,079 2007 Multiples Paswairu Premium 15% 560,880.712 tri of AUM MVIC/Rev MVIC/Op Inc Aggregate Marketable Value of Invested Capital $466,218,791 S500.000.000 653.542.556 $29.448,406 Less. Outstanding Debt 50 93.0% 8.7 15.8 Aggregate Marketable Value of Partners' Capital $465,212791 Partner's Pro Rata Percentage 44% $204,496.265 Discount for Lack ci Mairelobely 20% ($40,939.254) Pro Rata, Fair Mantel Value of Partners Capital $163,757,015 Pro Rata, Fair Mantel Value of Pertner's Capital, rounded $163,800,000 Pnragon suPP.06ymanagsmom 00,00A Gem.. mew Melia, Nee Income ( "Irtmm nn./ lscaun n15 • bit I on, prow" toren EFTA01127827 , , I • LT-7 I ri I DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 EXHIBIT A•12 New rwested capital Now leverage New invested capral with leverage HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON $231000.000 5770.368,571 580,302.857 $564,465,714 5141,116,429 $.580.36000 $146090,000 $580,360,000 $145,090,000 $609.645,714 5152,411,429 $0 $0 SO $0 $0 Total invested captal $893,712.857 $1.445,731.298 31.962.460.778 $2.341,103,529 52.507,376,436 Total twisted capital with leverage $974.085.714 51.664.576.228 52.313.333,295 $2.795,555,893 $3.023,056,680 Assets Under Management (June 30) $231,000.000 $601,020,465 51.594.323.126 $2678,761.562 $3.679.792.173 Assets Under Management (Decanter 31) $259,733,769 $1.113,316,803 $2,151.410,265 53,267,252.327 53.1167,234,261 Management Fees 1.25% $6.648.045 $21,097,253 536.093,321 $49.684.206 $57.093.006 557,093.006 Transactions Fees $46.106,774 $37.332.471 $38.422.108 538.293.284 $40.447.050 540,447,050 Total Fees 52.754,819 59,229,723 74.515.429 87,977,491 97.540,056 97.540,058 Operating Expense Raba Esbmate 45% [repeated 6 times] Operating Expenses ($23,739,668) ($26,653,375) ($33,531,943) ($39,519,871) (843,893,025) ($43,893,025) Pre•Tax Income 529.015,150 532.576,348 340.983,486 $48,367,620 553,847.031 $53,647.031 Adjustment $0 50 $0 so s0 s0 Adjusted Pro-Tax Income $29.015.150 332.576.348 $40.983,486 $48,387,620 $53,647,031 $53,647,031 Tax Rate 42% [repeated 6 times] Tax ($12,186,363) (513,612,066) ($17,213,064) ($20,322,800) ($22.531.753) ($22,531,753) Net Income $16,828,787 $18.894,282 523,770.422 $28.064.620 $31,115,278 $331,115,278 Horizon Value (Gordon Growth WOW $359,554,321 Discount Rate: 13% Long-Term Growth 4.0% Days 259 624 989 1,354 1,719 1,719 Present Value Factors 0.9169 0.8114 0.7181 0.6355 0.5624 0.5624 Present Value $15,430,818 $15,331,621 $17,069,316 $17,834,586 517,498.307 $202,202.656 Sum of Present Values 5285.367.304 2007 Multiples Pass-thru Premium 20% $52073.461 % of AUM MVICJRev MVICI0p Inc Aggregate Marketable Value of Invested Capital $342,440,764 $231,000 $6.648,045 529,015,150 Less: Outstanding Debt SO 148.24% 51.5 11.6 5342.440.764 Partner's Pro Rata Percentage 44% $150.673.936 Discount for Lack of Marketabtay 20% ($30.134.787) Pro Rats, Fair Market Partner's Capes' $120.539.149 Pro Rata, Fair Market Partner's Capital, rounded 5120,600.000 Gordon Growth Model Itionzon Net Income it ( (growth rate) / (capttaleation rate . extra risk)) EFTA01127828 EXHIBIT A-1 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 AUM (JUNE 30) FUND AUM (DEC 30) FUND Carty Total Fees Operating Expense Ratio Estimate Operating Expenses Pre-Tax Income HISTORY 2006 PROJECT 2007 PROJECT 2006 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON 456,000,000 0 0 937.931,034 1,113,793.103 9,600.000 1,371250000 1.474,093,750 11.200,000 1.614.250,030 1,735,478,261 18406000 1.897,951,108 2,040.134,387 25200,000 2,227,833,227 2,394,954,011 22,400.000 22,400,000 0 0 9,600,000 45% (4,320,000) 11200.000 45% (5040.000) 18400.000 45% (8,280,000) 25.200,000 45% (11.340,000) 22,400,000 45% (10,080,000) 22,400,000 45% (10.080,000) 0 5,280,003 8,160,000 10,120.000 13.860,000 12,320,000 12,320,000 Adjustment 0 [repeated 7 times] Adjusted Pre-Tax Income 0 5,280,000 6.160.000 10.120,000 13.860,000 12,320,000 12,320,000 Tax Rate 42% [repeated 6 times] Tax 0 (2.217,600) (2.587200) (4,250,4001 (5.821.200) (5,174,400) (5,174.400) Net Income 0 3,062,400 3,572,800 5,889.600 8.038.800 7,145,600 7,145,600 Horizon Value (Gordon Growth Model)• 52,571.200 Days 0 259 624 989 1354 1719 1719 Present Value Factors 1.0000 0.8946 0.7646 0.6535 0.5585 0.4774 0.4774 Present Value 2.739.542 2.731.737 3,835,773 4,490.035 3.411,232 26,096.924 Discount Rate: 17.0% Long-term growth rate: 3.0% Sun of Present Values 42,305243 2007 Multiples Pass-thru Premium 15% 6,345.786 % of AUM MVICIRes MVICIOp Inc Marketable Aggregate Value 48,651,030 937,931,034 9,600,000 5.280,000 5.19% 5.1 92 Discount for Lack of Marketability 20% (9.730206) Aggregate F* Market Value 38.920,824 Partners Pro Rata Percentage 26.90% 10.469.702 Pro Rata, Non-Marketable Value of Partner's Capital, rounded 510,500,000 EFTA01127829 F.Xliittii.4.2 It AttEcattti4411keliMi9141 I Managed Account t'.1:,' ) dly AUM (June 30) AUM (December 30) Gross Carry (MA) Management Fees (a) Total Fees Operating Expense Ratio Estimate Operating Expenses Pre-Tax Income (1) Arcustment AcfrueLod Pre•Tax Income Tax Rote Tax Net Income Value (Gordon Growth Model)* Days Present Value Factors Present Value Discount Rate: Long-term growth rate: Sun of Present Values Pass4tuu Premium Marketable Aggregate Value Discount for lack of Marketabilty Aggregate Fair Market Value Partners Pro Rata Percertnge DISCOUNTED FUTURE EARNINGS AS OF APRIL 18, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON 400.000000 0 403000.030 500,000,000 600,000,030 700000000 800,000,000 900.000.000 1,000,000,000 1.100.000,000 1200,000,000 1,300,003000 3,600,000 5,400,000 21200000 23,200,000 18,000,000 18,000.000 0 [repeated 8 times] 3,600,000 5.400,000 21.200.000 23,200,000 10000000 18,003,000 45% [repeated 6 times] 0 (1,620,000) (2.430,000) (9.540.000) (10.440,000) (8,100,000) (8.100 000) 0 1,980,000 2.970,000 11,660000 12,760.000 9,900,000 9,900.000 0 1,980,000 2.970,000 11,660.000 12760000 9.900,000 9,900,000 42% [repeated 6 times] 0 (831,800) (1 247.400) (4.897 200) (5,359 2001 (4.158 000) (4,158 0001 0 1,148,400 1,722,600 6262,800 7,400.800 5.742,000 5,742.000 42,244,714 0 259 624 989 1354 1719 1719 1.0000 0.8946 0.7846 0.8535 0.5585 0.4774 0 4774 1,027.328 1,317,088 4,419477 4,133,883 2.741.109 20,161,171 170% 3.0% 33.805,916 2007 Multiples 15% 5070,887 % olAUM 6.01C/Rev MtnefOp Inc 38,876003 400000,000 3000,000 19730,000 9.72% 10.8 19.6 20% (7,775,3911 31.101,443 44.00% 13,684,635 Pro Rata, Non-Marketable Value of Partner's Capital, rounded 813.700,000 (a) paid to Apolo SW Management L P EFTA01127830 EXHIBIT A-S APOLLO SVF ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Assets Under Management (Juno 30) Growth 0 Assets History 2006 Projected 2007 Projected 2008 Projected 2001 Projected 2010 Projected 2011 HORIZON $600,000,000 $1000.000000 66.7% 51,537,000.000 53.7% $1,797,185,000 16.9% $2.099.960,425 16.8% 52.461.383.770 16.7% Management fees (Dec. 31. for calciAation of gross Carry) 2.00% (a) 319625000 529.640,000 534,682.700 540,544.459 347.354,713 Yield on assets 15.00% (b) 3142.968.750 5189,051,000 5244,522,507 5360.236.500 5344.848.049 Fund Expenses 0.30% (c) (32.482.759) (54.138.250) (54,644.806) (55217,588) (55,863.973) Net Fund Profits (d =a + b + C) $120,860,991 $155,274,750 3205,195,001 5314,474,143 3291,627,363 Gross carry (i.e. Revenue) 20.00% 524,172,198 531,054,950 541,039,000 362,894,829 558.325,473 558.325,473 Operating Expense Ratio 45% [repeated 6 times] Operating Expenses (810,877.489) ($13,974,728) ($18,467,550) (528.302,673) (5213246,483) (526246,483) $13,294.709 517,080,223 522,571,450 $34,592,156 $32.079.010 $32,079,010 Adjustment Adjusted Pre-Tax Income 513,294,709 517.080.223 $22,571,450 534,592,156 332.079,010 332.079,010 Tax Rate 42% [repeated 6 times] Tax (55,583.778) ($7,173,693) (59,480.009) (314.528.705) (313.473.184) (813,473,184) Net Income 57.710.931 39.904,529 $13,091,441 520.083.450 518,605.826 518.805,826 Horizon Value (Gordon GrovAh Model)* 5136,885,718 Discount Rate- 17% Long-term growth rate 3% Days 259 624 989 1.354 1.719 1,719 Present Value Factors 1.0000 0.8946 0.7648 0.8535 0.5585 0.4774 0.4774 Present Value 58,897,995 37,574,461 $8,555,232 $11.208.348 58.882.221 365.347,767 Sum of Present ValueS Aggregate Value 8/Adjustments 5108,464,023 2007 Multiple* Pass-through prerrium 15% 316,269004 % of AUM tsVIC/Ftev MVICIOp Inc Aggregate Marketable Value of Invested Capital Less. Outstanding Debt 5124,733,627 so $1,000,000,000 12.5% 524,172,198 5.2 $13.294.709 9.4 Aggregate Marketable Value of Partners' Capital 5124,733,627 Partners Pro Rata Percentage 44% $54,882,798 Discount for Lack of Marketabd4y 20% ($10,076,559) Pro Rata, Far Market Value of Partner's Canna] 343009237 Pro Rata, Fair Markel Value of Partners Capital, rounded 543,900,000 sere Atovo SVF Athnoes. 10 calm, /Kew carried intevest .0:4010 fern me SVF pear to ..1400 1.2007. Carrie d interest interne was IOW receved by Apart SW Stmasernenc i9 lerekl on assets Is 10 Class A. CMS., 8 assets will onto in 2008 and anticipate 20% yield. Poolocbone prowled by Management EFTA01127831 at NS at SI it_ k_ L . t I [repeated 3 times] EXHIBIT A.10 APOLLO ASIA ADVISORS. LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Assets Under Management (June 30) Growth in Assets Assets Under Management (Dec. 31) History 2006 Projected 2007 Projected 2008 Projected 2009 Projected 2010 Projected 2011 HORIZON $200,000.000 $300,000.000 50.0% 3330.000.000 $360,000,000 20.0% $396,000,000 3432,000,000 20.0% $475,200,000 5518.400.000 20.0% $570,240,000 $622,080000 20.0% $684,288.000 Leverage 33% unleveiaged Assets Urxlennanagernent $150,375.940 $225,563,910 $270,676,692 $324012030 5319,774.436 $467,729,323 Management fees (Dec 31, for calolabon of Gross Cony) 1.50% (a) 54,500,000 35.400.000 $6,480,000 $7,776.000 $9,331.200 Yield on assets 15.00% (b) $45,000.000 $54,000,000 564,800.000 $77,760.000 $93,312000 Fund Expenses 0.25% (c) (5750.000) ($900,000) ($1,060,000) ($1,296000) ($1,555200) Coat of Debt 640% (a) ($4,763910) (55,716,692) (S6,860,030) (58,232.036) (S9,8703,444 Net Fund Profits (e a -a • b • c • 0 $34,986,090 341.983,308 $50,379.970 560,455,964 $7Z 547.157 Grow carry 0.e. Revenue) 20.00% 56,997,218 38,396.662 $10,075,994 312,091.193 $14,509,431 314.509.431 OPerang Expense Ratio 45% [repeated 6 times] Operating Expenses (53,148,746) (13,778,498) (34,534,197) ($5,441,037) ($6,529,244) ($6,529,244) 53,848,470 $4,616,164 $5,541,797 56,850,156 57,980,187 $7,980,187 A4usbnsnt A4usted Pre-Tax Income 53,848,470 $4,618,164 $5,541,797 $6,850,156 $7,980,187 $7,980,187 Tax Rate 42% [repeated 6 times] Tax ($1,616,357) ($1,939,629) ($2,327,555) ($2,793,068) ($3,351.679) (53,351,679) Net Income $2,232113 $2,678,535 $3,214,242 $3,857,090 $4,628,509 $4,628,509 Horizon Value (Gordon Growth Model' $35,485,233 Discount Rate 17% Long-term growth rate 4% Days 259 624 989 1354 1,719 1.719 Present Value Fames 1.0000 0.8946 0.7648 0.6535 0.5585 0.4774 0.4774 Present Value 11.998.789 52,047.989 $2,100,501 52,154.360 $2.209.600 $16,940,268 Sum of Present Values Aggregate Value &Adjustments 527,449.507 2007 Multiples Pass-through minim 15% 14,117 420 % ol AUM MvIC/Rev MVICADOM8 Aggregate Marketable Value of Invested Capital $31,566,933 5303000000 36.997,218 $3,648,470 Less: Outstanding Debt $0 10,5% 4.5 8,2 Aggregate Marketable Value of Partners' Capital 531,566.933 Partners Pro Rata Percentage 44% 513,889.450 Discount for Lack of Marketabky 20% (32,777,890) Pro Rata. Fat Market VA./up of Partners Capital 311,111,560 Pro Rata, Fair Market Value of Partner's Capital, rounded $11,100,000 hbre Aprio SVF Adorn, LP 04 nor mown es0144 Morn mcorn• bow no one, to Amer 2007 cane Wont, gutwo war pyrsoulty ratosed by Apr40 SW Maaparel, LP Yekl on assets (s for Class A Class B assets wd began in 2008 and anticipate 20% weld Projecbons provided by Management EFTA01127832 EFTA01127833 ti ! —"to r""li rTme runr. - Imo. MIL a a Exhibit C APOLLO MANAGEMENT HOLDINGS, LP CONCLUSION OF EQUITY INTEREST AS OF JUNE 7. 2007 Assets Existing Funds: Aggregate Marketable Valuer of Equity Applicable Lack of Marketability Discount Aggregate Fair Market Value Partners Pro Rata Interest Pro Rata Fair Market Value Pro Rata FMV Contribution % Apollo Management. L.P. 30 10% $0 30.35% 50 0.00% Apollo Management IV, L.P. $2.071.933 10% $1 ,864,739 30.35% 3565,948 0.07% Apollo Management V. L.P. 38097,961 15% 36,883,287 30.36% $2,089,072 0.25% Apollo Management VI. L.P. $128,613,771 15% 3109.321.705 30.35% 333.170.137 3.90% APM0 Investment Management L.P. $686,871.222 15% $583,840.539 23.90% $139,537,889 16.38% $43,542,722 Apollo Value Management. LP 15% $37.011.314 26.90% $9,950.043 1.17% Apollo 5N/F Management, LP $188,143.827 15% $159,922,083 44.00% $70,365,716 8.28% Apollo Asia Management $29.737,344 20% $23,789,875 14.00% 310,167,515 1.23% Apollo Europe Management LP $315,873,157 20% $252,698,526 44.00% 3111.187.351 13.05% Apolo Alternative Assets. L.P. $232,509,622 20% $186,007.698 44.00% $81,843,387 9.61% Subtotal 31,634461,359 $1,361,339,746 $459,192,090 53.92% Planned Funds/Goodvall: Apollo Management VII, L.P. 3258.442,582 20% 3206,754,066 30.35% 362,749,859 7.37% Apollo Advises VII, LP. 3449,991,207 25% 3337,493.405 24.64% 383,158,375 9.76% Apollo EPF Management. LP 320.920.248 20% 316,736.198 44.00% 37,363,827 0.86% Apollo EPF Adatetra. LP. $28,486,779 20% 322,789.423 44.00% $10,027,346 1.18% New PE Fund Management LP's $296,381,282 20% $237,105,026 30.35% $71,961,375 8.45% New PE Funds Advisors, LP's 8502,143,606 25% $376,607,705 24.64% $92,796,138 10.90% Now CM Fund Management LP* 384.809.703 20% 367,847,763 44.00% $29,853,016 3.51% New CM Fund Advisors LP's $98,261,349 20% 378,609,079 44.00% $34.587,995 4.06% Subtotal $1,739,436,757 31,343,042.605 3392,498,032 48.08% Total Assets $3 37 98 116 $2 705 282.411 $851,690,121 100.00% Liabilities 8 Equity Total Liabilities' $0 $0 $O Total Equity 53.374.898.116 52,705,282.411 $851.690,121 Total Liabilities and Equity $3,374,898,116 52,705,282,411 $851,690,121 Aggregate Fair Market Value 52.705.282.411 Pro Rats, Fair Market Value of Partner's Interest $851.690.121 Pro Rata, Fair Market Value of Partner's Interest, rounded $851,700,000 11 flare JAM deg is a reAcy ne,ect agairtV 'nitrous &ump stsals Ned Ap,Vc *Moorman( Hcenys. L P and there! on* rol Ceried3t a Vabity of accRo Muvrar -,nt 4, MD i. P EFTA01127834 L___/ LJ IL_-,J L---1 EXHIBIT A4 APOLLO SVF ADVISORS. LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Assets Under Management (June 30) Grost in Assets History 2006 Projected 2007 Projected 2008 Projected 2009 Protected 2010 Projected 2011 HORIZON 5456,030,000 5800,000,000 31.6% 51.750.000.000 191.7% £2.537.500.000 45.0% 53.552.500.000 40.0% 54.351.812.500 225% Management lees (Dec 31. for calculation of gross carry) 2.00% (a) $19,625,000 $29,640,000 534,582.700 540.544459 $47,354.713 Yield on assets 15.00% $142.966.750 5189.051.000 5244.522.507 5360,236.500 5344.846.049 Fund Expenses 0.30% (c) (52,492,759) (54.136250) (54944.806) 05212.8985 (55863.973) Net Fund Profits (d • • • b • 4) 5120.860.991 5155,274,750 5205.195.001 1,314,474.143 5291,627.363 Gross catty (Le. Revenue) 20.00% 524.172.198 531.051950 541.039.000 562,694.629 5513.321473 558.325.473 Operating Expense Rat* 45% [repeated 6 times] Operating Expenses ($10,877,489) (511974,728) ($18,467,550) (528,302,673) (526,246.463) ($26248,463) 513,294.709 517,080.223 522,571,450 534,592,156 532.079.010 932,079.010 Adjustment Adjusted Pre-Tax Income $13.294.709 $17,050223 522.571,450 534,592,156 932.079.010 532,079.010 Tax Rate 42% [repeated 6 times] Tax (55-583.228) ($7,173,693) (99,480.009) ($14.528.705) (513.473.184) (5114711454) Not Income 17.710,931 59.905.529 513,091441 520,063.450 $18.605.826 518.605.826 Houton Value (Gordon GowAte Mods)' 6136.885.718 Discount Rale' 17% Long-term growth tale. 30% Days 208 573 915 1,303 L668 1,668 Present Value Factors 1 0000 0.914 0 7816 0.6680 0.5709 0 4880 0.4880 Present Value 57.050.992 57,742.462 50.744.988 511,454.904 19,019.226 166 707,174 Sum of Present Valuos $1101369,745 2007 Multiplea Pass-through premium 15% 616 630 62 % of ALM PAVICIRev LOA 00P Inc Aggregate Marketable Value of Invested Capital 5127,500,207 5600,000.000 524,172,198 513.294.709 Less. Outstanding Debt 50 21.3% 5.3 96 Aggregate Marketable Value of Partners Capital $127,500,207 Discount for lack of Marketabrity 20% ($25.500,041) Aggregate Non-Merketablo Witte of Partners' Capital 5102.003.166 Partner's Pro Rata Percentage 44% 544,880,073 Pro Rata, Non4earketable Value of Partner's Capital, rounded 544.900,000 Nolo MONO SW AcIASOM. tPdd azt mane awned ranni wens tom me SW env a Auvl 2007 Cease .t,e intoirst ors prenliu* inconnd by noon° SVF Manneinfint tP Ymill On 03 w lot am A One a sap wit/ ono in XO6 evi:1 Nuanoir 20% yob Promans promoted iv elsninsetnned EFTA01127835 %sea firramd ___J 1_1 isms EXHIBIT Al APOLLO VALUE ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Assets Under Management (June 30) Growth in Assets History 2006 Projected 2007 Projected 2008 Projected 2009 Projected 2010 Projected 2011 HORIZON 5456.000.000 $610,000,000 31.6% 5663,000.000 10.5% 5732,615,000 10.5% 5809.539.575 10.5% $894.541.230 10.5% Management fees (Dec. 31. for catulat3on of gross carry) 1.50% (a) 59,003.000 59,945.000 $10,989225 $12.143.094 513.418.118 Yield on assets 15.00% (0) $90,000/240 $89.505.000 $98,903.025 5109,281.843 $120783.066 Fund Expenses 0.30% lc) ($1,440,000) ($1,562,786) ($1,669,834) ($1,807,409) ($1075.220) Net Fund Profits (d = -a•b•C) 579,560,000 $77.997214 $88.243.968 195.337.340 1105.389,727 Gross carry (i.e. Revenue) 2000% 115,912.000 115.599.443 $17240.793 519,062,488 $21.073,945 121.073.945 Operating Expense Ratio 45% [repeated 6 times] Operating Expenses ($7,160,400) ($7,019,749) ($7.761.957) (18.580.361) ($9,483,275) ($9.483275) $8,751.600 18,579,694 gmes.eas $10,487,101 $11,590.870 $11,590.670 Adjustment Adjusted Pre-Tax Income 50,751,800 $8,579.694 $9,41115.0313 110,487,107 511.590.670 $11,590,670 Tax Rate 42% [repeated 6 times] Tax ($3,675,672) ($3,803,471) ($3,984,471) ($4,404$85) ($4.888,0B1) ($4,868,061) Net Income $5.075.928 $4.976222 55,502,365 16,082.522 56.722.589 $6.722,589 Horizon Value (Gordon Growth Model). 549.459.045 Discount Role 17% Long-term growth rate: 3.0% Days 208 573 938 1,303 1,668 1,668 Present Value Factors 1.0000 0.9144 0.7816 0.6680 0.5709 0.4880 0.4880 Present Value $4,641.605 $3.889.173 13,675.539 $3.472,718 $3,280,473 524.134.910 Sum of Present Values 143.094.319 2007 Multiples Passiltirough premium 15% $6.464.148 %of AUM MVIC/Rev MVIC/Op Inc Aggregate Marketable Value of Invested Capital $49,668,417 5000,000.000 115.912.000 18.751030 Less Outstanding Debt 50 8,3% 3.1 5.7 Aggregate Marketable Value of Partners Capital 149,558.467 Discount ter Lack of Marketabtirty 20% ($9,911,6131. Aggregate Non-Marketable Value of Partners Capital 539,646.773 Partner's Pro Rata Percentage 2690% 510.664.962 Pro Rata, NonalasIsatable Value of Partners Capital, rounded $10,700,000 Noe. Apollo SW Advisor; LP*, not recesve ciasd rarest memo torn Ire SW p.m', lo Ana XO1 Corned Sarni mons sea pevnusy meowed by loab SW ihmegewnex LP "'rood...rig pond., ry Menages.of EFTA01127836 IL___J IL__J L_J L. I IL___J IL-4 t..-1 LXIIIIIii A'4 APOLLO ASIA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Assets (holm Management (June 30) Growth m Assets Assets (alder Management (Dec 31) Leverage 33% Sum 24106 Projected 2007 Projected 2008 Projected 2009 Profscled 2010 Projected 2011 HORIZON 9200,000000 $300.000.000 SOP% $330.000.000 5360,000.000 200% 5396,000.000 5432,003000 200% $475.200.000 $518.400.000 20.0% $570.240.000 5622.060,000 20.0% 5664.266000 Oalave/aged Aunts undermsnagernem $150,375,940 $225,563,910 $270,676,692 5324.812.030 5389.774.436 5467.729.323 Managemenl fees (Dec 31. for calculation of Gross Cary) 1.50% (a) 54.500.000 55.400.000 56.480.000 57.778,000 59,331.200 Veld on assets 1503% (171 $45,020.000 $54.000.000 $84,800.000 577.760.000 593.312.000 Rad Expenses 025% (C) ($750.050) 15900.000) 51.000.000) (51.226.000) (51.555,200) Cost of Debt 640% 154.783.910) 05,716692) 06,886030) (55,232,036) ($9.878.443) Net Fund Profits le a • • O• c•cf) 934.986090 541.963,308 $50.379.970 560,455.964 572.547.157 Gross carry at Revenue) 2000% 58,997.218 $8.396,662 510,075.994 512,091,193 514,509,431 514,506431 Operating Exprose Raft. 45% [repeated 6 times] Operelog Expenses (23.148.748) f$3,776498) (34.534,197) (16,441,037) (58,629,244) 06.579,2447 53.644.470 14.616164 55.541.797 56.650.154 57.03157 2944117 Agusimart Adjusted Pre.Tax Income 53,848.470 54,618,164 56.641.797 $8,850.156 $7,980,187 57.990,187 Tax Rale 42% [repeated 6 times] Tax ($1,616,357) ($1.919,629) (52,327.515) (52.793.060) (13.351 679) ($3,351,679) 1134 Income $2.232.113 52.678,535 $3.214,242 $3.857.090 $4.620.509 $4,628.509 Hanson Model)' 5.35.465.233 Value (Gordon Grose. Discount Rata 17% Larttorm womb tale 3.5% DayS 208 573 938 1,303 1,668 1.666 Present Value F aiOrs 1 0000 0 9144 0 7816 06660 0 5709 04800 0 4880 Relent Woe 52.047.077 52.093,413 52,147.090 52.202.144 52,258,609 $17.318.001 Sum of Present Values $28.058.334 2007 Mul Mos Passthrough premium 15% $4,208,750 %of ALM SAVICAlev sPnC/Ofs Inc Aransas Marketable Value of Invested Capful $32,21$7,084 $303500.000 56.997.218 53.848.470 less. Outstandog Debi 50 108% 46 64 Aggregate Marketable Value of PaMsers Carnal • 532.267,0134 Di ommt for lads of marLetat443 20% (56.453.4,17) Aoarogaie Nonatarketablo Value of Partners' Caputo $25,813.687 Pouters Pro Rata Percentage 44% $11,358.014 Pro Rata. Non.Malketable Value of Pannaes Capital. rounded 111,400,000 — A0010 SY, Lean 0 22 as 0:4 tan.* cared nand 210X. 2200 02. 5K 0, tlt 20 A 0 0 2 AN Co.W.*eear twee 020 MVOS* niain00 by Ig0110 SK lAimpiniegt IO Veld co onntsnb. CA2.1 Cl.,, II mon raa e.,i 70021 6 20 anilinred• 70% 'we ArOCIOnr provad by lArparoal EFTA01127837 EXHIBIT A-3 APOLLO SOMA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Assets Under Management (June 30) Growth in Assets History 2006 Projected 2007 Projected 2008 Projected 2009 Projected 2010 Projected 2011 HORIZON $400.000.000 $403.000.000 0.0% $600,000,000 50.0% 5800,000000 33.3% 11,000,000.000 25.0% 51,200.000,000 20.0% Management fees (Dec. 31. for calculation of Gross Carry) 1.60% (a) $3.400.000 $7,600,000 510.800.000 513,300,000 515.800.000 Yield on assets 15.00% (b) 530.000,000 545.000,000 5148,000.000 $163,000,000 5134.000.000 Fund Expenses 0.30% (c) ($1,200,000) (51.800,000) (32.400.000) (53.000,000) ($3.800.000) Net Fund Profits (d = -a + b • c) 525.400.000 $35,600,000 5134.800.000 5146,700.000 $114,600,000 Gross carry (i.e. Revenue) 16.00% $4,064,000 55.696,000 521.568.000 523.472.000 518,336.000 518.336.000 Operating Expense Ratio 45% [repeated 6 times] Operating Expenses ($1,828,800) ($2,563,200) ($9.705.600) ($10,562,400) ($8,251,200) (58.251.200) 12.235.200 $3,132,800 $11.862.400 $12,909.600 $10,084,800 $10,084,800 Adjustment Adjusted Pre-Tax Income 52.235.200 $3,132,800 $11,862,400 $12,909.600 $10,084,800 $10,084,800 Tax Rate 42% [repeated 6 times] Tax (5938.784) ($1,315,776) ($4,982,208) ($5,422,032) ($4,235,616) (54.235,616) Net Income 51,296.416 51.817,024 56.880.192 $7,487,568 55,849.184 55.849.184 Horizon Value (Gordon Growth Model)• $43,033,282 Discount Rate: 17% Long-term growth rate: 3.0% Days 208 573 938 1.303 1,668 1,668 Present Value Factors 1.0000 0.9144 0.7816 0.6680 0.5709 0.4880 0.4880 Present Value $1,185,462 $1,420,098 $4.595.918 54.274,906 $2,854,271 $20,999,281 Sum of Present Values 535,329.936 2007 Multiples Pass-through premium 15% 55.299.490 % of AUM MVIC/Rev MVIC/Op Inc Aggregate Marketable Value of Invested Capital $aoo.000.000 34.064.000 52.235.200 $40,629,426 Less: Outstanding Debt $0 10 2% 10.0 18 2 Aggregate Marketable Value of Partners' Capital 540,629.426 Discount for Lack of Marketability 20% (58,125.885) Aggregate Non-Marketable Value of Partners' Capital $32,503,541 Partne(s Pro Rata Percentage 44% $14,301,558 Pro Rata, Non-Marketable Value of Partner's Capital. rounded 514,300.000 Nate Aodlo $VF Achisors. tP cic, not receive tamed nteresmome from Ina SWF pricy to June 1, XO7 Caned mores nconx, was pfavocnvy receved by Aoolo SvF Manaoement. LP vc.1d on assets 410, csam A Class 0 assets we per XO8 and entaelo reAf ' ,root-bum lyo,icher.f by Monagemanf EFTA01127838 EXHIBIT E Page 1 APOLLO ADVISORS IV, LP SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6. 2007 2007 PROJECTED CASH FLOWS 2008 2009 2010 2011 AntiCleated Carried Interest train AIF IV ',— $43,614,412 $190,236,683 $120,000,000 $0 $0 Pro Rate Share of AN IV Direct Interest Profit 56,855,742 527,734,892 $16,666,667 s0 SO Aggregate Taxable Cash Flows Less: Operating Expenses 45.0% $50,479154 (822,711,569) 5217.971,575 5136,666,667 (598.087,209) (561,500.000) $0 [repeated 3 times] SO Operating Income 527,758.585 $119,884,366 875,166,667 $0 $0 Less: Tax 42% (511,658.606) ($50,351,434) ($31,570,000) $0 SO After-Tax Cash Flows 518.099.979 569,532,933 543,596,667 $0 SO Discount Rate 15% Days 208 573 938 1,303 1,668 Present Value Factors lb) 0.9234 0,8030 0.6983 0.6072 0.5280 Present Value of After-Tax Cash Flows (c • a • b) $14,867,428 $55.834580 $30,441,647 $0 $0 Sum of Present Value of After-Tax Cash Flows (a • sum of c) $101,143.656 Pass-through premium 15% $15,171.548 Aggregate Marketable Carded Interest and Investment Return Value (f•o•dl $116,315,204 Pro Rata Share of NV N Return of Capital -- (0) $10.960.328 $18,031,339 SO [repeated 3 times] Present Value of Return of Capital (h• (ix b) $10121.248 $14,479,070 SO [repeated 3 times] Aggregate Marketable Value of Return of Capital (I • sum of hl $24,600,319 Aggregate Marketable Value of Invested Capital (j • f•9 $140,915,523 Less: Debt Outstanding SO Aggregate Marketable Value of Equity $140.915.523 Pro Rata Partner Interest 31.30% 544,099.513 Discount for Lack of Marketability 15% (56,614.927) Pro Rata, Fair Market Value $37,484,586 Pro Rata, Fair Market Value, rounded $37,500,000 AIF N - Apollo investment Fund IV. LP —See Page 2 "'See Page 3 "•'See Page 4 EFTA01127839 1-J L_ _a L_J L —A 1_1 t_,. a Lae Lai Lai lamil 6634 Lad la.99i Lam lasylie Lmiaa EXHIBIT C Pa 1 APOLLO ADVISORS V. LP SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 2007 PROJECTED CASH FLOWS 2008 2009 2010 2011 Anticipated Carried Interest from Alf V (domestic investments) "r $102,242,901 $274,357,201 $354,933,980 $103,337,598 $0 Pro Rata Share of AIV V Direct Interest Profit "" $11,457,334 $30,701,059 $39.584,999 511,592.831 SO Aggregate Taxable Cash FlOwS $113,700,235 $305,058,260 $394,518,979 5114.930.429 $0 Less: Operating Expenses 45.0% ($51,165,106) ($137,276,217) ($177,533,541) (551,718.693) SO Operating Income $62,535,129 $167.782643 $216,985,438 $63,211,736 $0 Less: Tax 42% ($26,264,754) ($70,468,458) ($91,133,884) ($26,548,929) $0 After-Tax Earnings 0) $36,270,375 $97,313,585 5125,851.554 536,662.807 $0 Discount Rate 16% Days 207 572 937 1,302 1,667 Present Value Factors (b) 0.9193 0.7925 0 6832 0.5889 0 5077 Present Value of After-Tax Earnings (c • a x b) 533.342.366 $77.118,728 $85,977.929 $21592.161 SO Sum of Present Value of After-Tax EarningS (d = sum of c) $218,031,184 Pass-through premium 15% 532.704.678 Aggregate Marketable Carried Interest and Investment Return Value (r • e • d) 5250,735,862 Pro Rata Share of AIV V Return of Capital "" (g) $5.706,667 $12,760,519 58,699,534 56522.169 SO Present Value of Return of Capital (h = gx b) $5,245,983 $10,112,411 $5,943.256 $3.841.161 $0 Aggregate Marketable Value of Return of Capital 0 a sum or h) $25,142,810 Aggregate Marketable Value 0.r•i) $275,678,672 Less: Debt Outstanding $0 Aggregate Marketable Value of Equity 5275,878.672 Pro Rata Partner Interest 25.18% $69,464,870 Discount for Lack of Marketability 15% (510,419.731) Pro Rata. Far Market Value $59,045,140 Pro Rata, Fair Market Value, rounded 559,000,000 Mr/r. APelo Investment Fund V. LP --See Page 2 "'See Page 3 -- See Page 4 EFTA01127840 ' L_I Last —__1 J __1 —_1 SUMMARY OF DISCOUNTED FUTURE EARNINGS AS OF JUNE 6, 2007 Anticipated Canied Interest from AIF V (foreign investments) '" 2007 PROJECTED CASH FLOWS 2008 2009 2010 3238,494.840 570.281.013 so SO Pro Rata Share of AN V held by Apo.° Advisors V (EH Cayman). LP (foreign investments) "' 328.502.222 37,918,867 30 $0 Aggregate Taxable Cash Flows $284,997,063 $78,197,680 $0 $0 Less: Operating Expenses 45% ($119,248,678) ($35,188,956) $0 $0 Operating Income $145,748,384 343.008,724 $0 $0 Less: Tax 42% ($61,214,321) ($18,063,664) $0 SO After-Tax Cash Flows MI 384.534.003 524,945.060 $0 $0 Discount Rate 16% Days 207 572 937 1,302 Present Value Factors lb/ 0.9193 0.7925 0.6832 0.5889 Present Value of After-Tax Earnings lc nab) $77,709,858 $19,788,373 SO SO Sum of Present Value of After-Tax Earnings tel•sum of 597,478.232 Pass-through premium 15% $14.621.735 Aggregate Marketable Carried Interest and Investment Return Value If -e• 41 $112,099,966 Pro Rata Share of NV V held by Apollo Advisors V (EH Cayman), LP (foreign investments) "" (9) $164,444 $6,333,333 $0 $0 Present Value of Return of Capital m•oab) $151,169 $5,019,018 $0 $0 Aggregate Marketable Value of Return of Capital p• mum of h) $5,170,187 Aggregate Marketable Value 0•f•9 $117,270,153 Less: Debt Outstanding $0 Aggregate Marketable Value of Equity $117,270.153 Pro Rata Partner Interest 25.18% $29.528.038 Discount for Ladc of Marketability 15% (S4.429.206) Pro Rata, Fair Market Value 525,098.833 Pro Rata, Falr Market Value, rounded $25,100,000 'AIF V - Apollo Investment Fund V. LP ••See Page 2 '••See Page 3 ••••See Page 4 EXHIBIT 0 Pa, 1 2011 SIS SIS S IS 8 1,667 0.5077 $0 SO SO EFTA01127841 L-,s011 aW'al • . FXHBIT D-1 SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 2C07 PROJECTED CASH FLOWS 2008 2009 2010 2011 Anticipated Carried Interest from AlF VI (foreign investments) -• $0 $0 535.838,847 $142232,791 $0 Pro Rata Share of AIV VI Died Interest Profit (foreign Investments) $0 $0 $4,510,938 $17,991,406 $0 Aggregate Taxable Cash Flows Less: Operating Expenses 45.0% so $0 [repeated 3 times] $40,347,784 (518.156,503) $160,224,198 ($72.100.889) SO SO Operating Income $0 SO $22.191,281 568,123.309 SO Less: Tax 42% $0 $0 ($9,320,338) ($37,011,790) SO After-Tax Cash Flows (a) $0 $0 $12,870,943 $51,111.519 SO Discount Rate 17% Days 207 572 937 1,302 1,667 Present Value Factors 0.9148 0.7819 0.6683 0.5712 0.4882 Present Val..° of Alter-Tax Cash Flows (c • a x b) $0 $0 $8,601,394 $29,193,853 SO Sum of Resent Value of After•Tax Cash Flows (d • urn 00 $37,795,247 Pass-through premium 15% $5,869,287 Aggregate Marketable Carried Interest and Investment Return Value 0•a•r0 $43,464,634 Pro Rata Share of AIV VI Return of Capital (foreign Investments) **" (91 a 30 SO 5442,500 $11,226.875 $O Present Value of Return of Capital (h• g x b) $0 SO 5295.714 56.412.561 SO Aggregate Marketable Value of Return of Capital 84 sum of in $6 708 276 Aggregate Marketable Value of Invested Capital $80,172,809 Less: Debt Outstanding JO Aggregate Marketable Value of Equity $50,172,809 Pro Rata Partner Interest 24.6A% 512.382.580 Discount for Lack of Marketability 20% (52.472.516) Pro Rata, Fair Market Value of AIF VI interests $9,890,064 Plus: Pro Rata, Fair Marko! Value of 24.64% Class A Interest in AAA Associates, rounded 553,800,000 Pro Rata, Fair Market Value, rounded $63,700,000 •AIF VI - Apollo Investment Fund VI, IP —See Exhibil 0-2 —See ETdiblt 0-3 " —See Exhibit D-4 EFTA01127842 al 71 Ira! rrt Jew rum rim -re _isareciarraRrrana V Cr SUMMARY OF CLASS A DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 EXHIBIT E 2007 PROJECTED CASH FLOWS 2008 2009 2010 2011 Horizon Anticipated Carried Interest' $1,534,286 $5.538,596 $26,299,943 $100,222,824 $168,386,228 Pro Rata Share of Direct Interest Returns" 0% $0 [repeated 5 times] Aggregate Taxable Cash Flows $1,534,286 $5,538,596 $26,299,943 $100,222,824 $168,386,228 $168,386,228 Less: Operating Expenses 460% ($690,429) ($2492,368) ($11,834,975) ($45,100,271) ($75,773,802) ($75,773,802) Operating Income $843,857 $3,046,228 $14,464,969 $55,122,553 $92,612,425 $92,612,425 Less: Tax 42% ($354,420) ($1,279,416) ($6075,287) ($23,151,472) ($38,897,219) ($38.897.219) After-Tax Cash Flows $489,437 $1,766,812 $8,389,682 $31,971,081 $53,715,207 $53,715207 Horizon Value - (Gordon Growth Model)"' $399,027,249 Long-Term Growth Rate 4.0% Discount Rate 18% Days 208 573 938 1,303 1,668 1,668 Present Value Factors 0.9100 0.7712 0.6535 0.5538 0.4694 0.4694 Present Value of After-Tax Cash Flows $445,383 $1,362,528 $5,483,004 517,707,139 $25,211,943 $187,288,723 Sum of Present Value of After-Tax Cash Flows $237,498,721 Pass-through premium 15% $35,624,808 Aggregate Marketable Value of Invested Capital 5273,123,529 Less: Debt Outstanding $0 Aggregate Marketable Value of Equity $273,123,529 Pro Rata Class A Interest 24.64% $67,297,638 Discount for Lack of Marketability 20% ($13,459,528) Pro Rata, Fair Market Value of Class A Interest $53,838,110 Pro Rata, Fair Market Value of Class A Interest, rounded $53,800,000 tarred interest is deified Urn AtV Funds VI and Vii it is anticipated that a share of the carried interest for att future fonds yn2 be a finbulabto to AM Associates. LP ^AAA Associates does not paredpiSt in any ehestment returns generated by the underlying tends. Per the notes to Me ausfited 2006 finance! statements ''''Gordon Growth erode Hatton Value • Hatton Cash Row z (I • growth rate)/ (Scam! rate - growth rate! EFTA01127843 I.A4NANN Lae ILNONLIN Mraili DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 EXHIBIT A-4 Total Investment Remaining Cost Basis Projected Total Exit Value 2007 PROJECTED REALIZED PROFIT 2008 2009 2010 2011 AIF N Investments & Cost Basis' Public *lied Waste $270,000,000 5237,900,000 $175,643,004 -senses* $0 [repeated 4 times] Ovally Distnbutions 5103,900,000 $103,900,000 $119,600,000 SO 515.700,000 $0 SO $0 Total I 1373.900.000 $341,600,000 $295,243,004 Total Divestiture Profit of Apollo Investment Fund IN 462,256.996 515,700,000 SO so $0 Pro Rata Share of AN III held by Apollo Co4nvestors Ni 5.6% -53.494.693 $881,293 $0 [repeated 3 times] Less: Canted Interest Paid io General Partner 20% $698.939 4176,259 so so SO Net Realized Share of Profits (pretax) SO $705,035 SO so SO Tax Rate Tax 0% 0 0% 0 0% 0 0% 0 0% 0 Net Realized Share of Profits (after-lax) (a) 0 705,035 0 [repeated 3 times] Plus. Return of Capital", Le. cost basis Ailed Waste 1237.900,000 SO SO $0 SO Ovally Distributions Aggregate AN III Return of Capital SO 5103,900,000 SO 50 $0 3237,900,000 St 03,900,000 SO so SO Pro Rata Share of AN III held by Apollo Co-Investors 5.6% (b) $13,354,120 15,832,253 SO s0 SO Total Pro Rata Cash flows to Apollo Co-Investors III (o • a • b) $13,354,120 $6,637,288 10 $0 SO Discount Rate 16% Days 207 572 937 1,302 1,667 Present Value Factors PA 0.9193 0.7925 0.6632 0.5889 0.5077 Present Value (e•d xc) 512276.078 $5,180.647 $0 SO SO Sum of Present Values (sum of *) 517,456,725 Pass4hrough premium 0% $0 Aggregate Marketable Value $17,456,725 Pro Rata Partner Interest in Apollo Co -Investors Ill, LLC 48.26% $8,424.616 Discount br La* of Marketataity 15% ($1,263,692) Pro Rate. Fad Market Value 57.160.923 Pro Rata, Fair Market Value, rounded $7,200,000 'Alf Ill - Apollo Investment Fund III, LP —Rased on management alocation of profit aid return of capital. EFTA01127844 L.J Ik -i "1 I 71 ; ; i I'<uit, rl DISCOUNTtO FUIVµ[ ivn al tot UT Rt 1UR41 AS OF J1PC 6. 2447 Alf IV Mnistments .5 Con OSS' Public Total Inennoniłe Smarting Project/ Total COSI %Sn UR Vals PROJECTED 2001 Sets Stelt. Radn 1252.100 000 1147400S) 3330,020.110 $52.3114,071 $137,852.11313 Skylern C.ormsranens $94203.000 $47100.000 3115.314.750 $27.914.750 $0 usa Snu" 7300100 1417100000 1401.724.167 111924.752 3170.097.415 MS $143.003.000 111.400.500 3131070046 $0 $40,570.646 Educa $151.703.000 $15.200.020 1180,704.540 495.504.000 30 Allottnula tass $300.400100 $10.700.500 3200.774140 557.077,1.4 50 MMS bnarcal Parom 5124.400100 5111.200.0:0 348.000768 30 str.isoone Hughes Cortnnátslent 1100.00/000 $44100103 3647.734 420 W 5803.134,420 Span Rexen 000 $0 3600 00)000 TSN Total Distitture Profit ol Apollo Instoom. Fund W 52461106, 5941.4 Pn Reu loaro d ATV lv sld by Solo CoSson (V ex $4 470 000 111.1101S Lm Cynii Nino Ps to Gans' Stew 20% .3895460 .13022 177 Nn Rearced Siwe ol Prells (psu) $3,581040 514086.71 lu Raby 0% 0% Tat sa so Res.loncl Ss ol Prots (ánoota.1 $3.141.445 $14,405.704 Play Reks ol Cas ser. es tost bots San Siolln Ras 340.81111,551 S10/101449 Skylltre Consonsfons S87.400.004 S uni%4 %eau% 531.573348 1355.626.752 OC 3 54 101.400.000 &lyra smakom :o AZS Inertnes 3149700,000 10 Nahooi F ~baal Parom $44 310,200.000 Hughes CsTrunnaters so Neren $4 to %naw AN iv Rolom ot Capa, 43943/14S $644128101 Pro Pili Sabre cl AN N be» by ANSCNIstion IV l0% 4b) 37.157094 t11,374µ4 Total Pre kala CaN torn t ANN COnenen0(3 IV Ic • • • bl $19.738.534 626.263.172 ~nl Rato 17% DT 207 572 Neme. Val* Faas IC 0.9144 0,7119 Pres,. Viinn lasdarr) 19424202 120.51.1110 Ss ol Snot Vals Smole) $36.177.044 Pastivorni. ;snom 0% Swaps Márlaubla Vals $111775144 Pn Rata Ilembersksy trest en Apollo Ca-Invotlert IV. LIC 2S30% $9.514,562 [kawunibrlaceolM9rutabóM 20% 01402.9121 'Pre Rat fan Sny Sin 17411.050 Pn Rata. Nonanotabls Vals yourad $7.140a REATIZED PROFIT 2000 2010 2011 ttStS5S5 $600,000.010 8 88888858 t StS2tS8S 3&,683333 .12 176 6.7 $8.706.17 $0 0% 0% $0 $0 110 .&7 $0 [repeated 4 times] 0% $0 $0 t) so 30 30 $44 $0 so $4o so $4o so to so $4a $0 w $4o $0 30 $4o so so $4o $o to $4o to $0 $1704.107 $0 $0 30 $0 107 1,302 I 667 00443 0.5712 0 4442 55415.452 so to Sokb Issom —Basen os minISTIMI Coats cel poot and niuni ot csitt EFTA01127845 IMP a • _ I __II L_N I -At EXHIBIT A 6 DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 Total Remaining Projected Total Investment Cost Basis Exit Value 2007 2008 2009 2010 2011 PROJECTED REALIZED PROFIT AIF V Investments & Cost Basis' Private InteiSal 5129.700.000 $7.400,000 $1,200,000,000 $1,192,600000 $0 SC SO SO Unity Media 5295 ON 000 $285 000 COO $541 250 000 $0 $356,250,000 SO SO Total $424 700 000 $292 400 000 $1 841,250,000 Total Divestiture Profit of Apollo Investment Fund V (foreign investments) $1,192,800,000 $356,250,000 SO $0 SO Pro Rata Share of AIV V held by Apollo Co-Investors V (EH) 2.8% $31,387.842 $9,378,025 SO $0 SO Less. Gamed Interest Paid to General Partner 20% 48,277,528 41,875,205 SO $0 SO Net Realized Share of Profits (pre-tax) $25,110,113 $7,500,820 $0 $0 SO Tax Rate 0% [repeated 5 times] Tax 0 [repeated 5 times] Net Realized Share of Profits (after-tax) la I 26,110,113 7,500,820 0 [repeated 3 times] Plus: Return of Capdal", i.e. cost basis Intelsat $7,400,000 so [repeated 3 times] SO Unity Media $0 $285,000,000 $0 $0 SO Aggregate AN IV Return of Capital 57,400,000 $285,000,000 $0 $0 SO Pro Rata Share of AIV V held by Apolb Co-Investors V (EH) 2.6% (b) $194,758 $7,500,820 $0 [repeated 3 times] Total Pro Rata Cash flows to Apollo Co-Investors V (EH) (c = a + b) $25,304,872 515,001,640 $0 [repeated 3 times] Discount Rate 18% Days 207 572 937 1.302 1067 Present Value Faders Id) 0.9104 0.7715 0.6538 0.5541 0.4698 Present Value (e= cx d) 323,037,650 $11,574,194 $0 SO SO Sum of Present Values (sum of e) $34.811.844 Pass-through premium 0% $0 Aggregate Marketable Value $34,811,844 Pro Rata Partner Interest in Apollo Co-Investors IV. LLC 24.10% $8,341,455 Oscount for Lack of Marketabdity 20% ($1,668,291) I Pro Rata. Fat Markel Value $6,673,164 Pro Rata, Fair Market Value, rounded $6,700,000 AIF V - Apo.k> Investment Fund V. LP foreign feeder feed AIV V Euro Holdings. L P. "Based on management allocation of prokt and return of capital EFTA01127846 1 a 1 • -k 1 1 63 - "n1 .. TI 71. 1"1 An« várasamonts Cose Dab' Park OUCOVNRO runplt Peet TRANT Rt PAINS AS OF JUNE 7. 2007 lar 5~n, Peoirled Sri kroodenr. Coat edele er Vair 444drnio Pad 4414140 139003 000 519000.001 $02234404 1421140.044 414.11.~ 162400.000 $17.400.040 1311204 so ~ark P14.702.000 120100.010 $0 PrO444 44444 Siaemars $00,4000 fU.a00,om 1350.002 30 PSC Enleetaffinamt $2041~000 5260.000.000 $167.000 Sfe)X0.005 KAM ~al Onvp M0400000 14I 100.010 1427.500 $0 Afren 5276.300.000 3201300.000 1734.350 $0 51%1000 $44.10) 001 ~als USA M. Sproety ~Vrl. 3211.100.000 Wi 3 IX° NOOP:0 $0 ~or • »kaal Ce« Urn% Thor $420000.00 044.700.003 N11.750. $0 ClorenCe Speo•ta Wee/an S140.403.0» 3100000.000 14411100 50 $cre0C09 $145420~ S12.800030 1250.500 $0 Tor raY Distare ron ot Apollo én trem, nt tunu v gdomrt% lortmoln} AS '.044 Pro Raio Tha el An V helt tv *Pct O01•444o v 20% 1.13.144.37, 1444 CROS InI4r0 Rap lo Geoord Palmt 20% 47713470 Nel Roallo»Saare ~rans (44444 $1011$6.503 Ta Raio 0% a. 0 Nol Rake* Ar. afkeer 41.4,434 (4) 102164201 Mn: Regyrn olCa011e. Goal hits Goodenan Gbeed 1.41~ Hans teinez cast 002144 Telona. AMC Emetedivran PLASICS1Groo Molm Ale" USA RAO* Ce 11414 Tras Cashoos 6040"..~014 SorocCon, 0000.0414 ANN Rehn oiC444.1 Pro Rara Share ot MOOR», ty 454.4 Colowdon RAM Pre Ra Cash anaal ApoSoCcaroorant V Cocon Pel. Dan Poer« Pap radon Praten Volop Svor Persen Volm pataerigh troom Agreoala Markelatie Vaar 1444 Rol4 Poiner Inrol In Aria CO-bovern N. IT IC ascour tin tee a /4•441.1biry Irro Rasa IS. Marri Va,. omitlIT as PROJECT«) REALIZAD I 2044 nar 2,10 $0 sa so [repeated 3 times] sa so sa $0 10 S105.914206 S1326052.4 5310)03000 SO 5115406.067 $116.1602517 511540500, 3351.11.000 S141.1134.0:0 $0 $251.410.000 10 10 1499.400.100 10 10 32725200o 52731.2002 3134230000 $151250.0:0 SO 1217300.030 30 $0 kfln XXk%kr Xk2 1.. 1.342.IA2 $1.781.324.05.1 304 340,401 144442.0W 111230,033 .17272.099 49)74420 .12,745471 $29.144304 S37305.478 510.143.842 0% [repeated 4 times] 0 0 N.eN2N 32146.574 10.14042 Sla"» 00o 30 40 $0 $0 30 10 $0 337~000 30 $0 $0 30 520.600.00 30 30 SO $2,0115.714 11014.204 10 000000.000 120611:0.000 $0 $0 SO 50 $27.031,333 002233.333 S27233.313 $0 N Si 32.110.000 504-110002 $0 $0 30 00.11.00 $0 50 $0O $0 $0 1402060 40 $0 $0 SO 5102210000 $14.7110.020 to 30 3N.100.000 130.400.000 $0 lb 30 $12 002 000 $0 [repeated 3 times] $216.140.000 IS/4123. 1) 1341.41040 !MAO .614 10 16,714.434 115113,713 110203,207 11014237 S44201247 11004.11“ 207 572 037 05104 07716 06555 St0.035.076 00.10241 $031250.256 901.70005 sa S91104.046 122.111.125 ;t:Zigg Pro As. Pak reek« Vare. terewha 111~ 'All' V. Arie iretIrneot raro v. LP —USO, OF Folloatlorron ~Sar ot po« and rum «optel 12224.441 SO $11.744.341 30 1.302 1047 03341 04444 110.34.293 $0 EFTA01127847 --411 I_ --r I • t • I is L. coscoUNITO FUTURE INVESTMEIrt RETAINS. POOP NN! 7.1007 511IPT7 A.7 Torn Invorenonl Rrosalning Coin east 11•044•4 TRIM lbde Value SOOT MOP PROJECTED RIALIZED PROM 1001 2010 2011 2112 ALP Anvosboonts Cott YOE Pdale Retold $624100.000 1262.300100 51.00010.00) 50 10 1195.147.500 SY91.375£00 S105.147.500 50 bury Pint. 1201 .700.000 1307.700100 $6t41.075.oco 10 11114.117.5011 5149.107.100 50 SO 93 Paso 523.400.000 190.0:0100 $322.701000 SO SO $115.103.400 ins,o0opso So so IMenonime $39.300.000 $300.503~ $011.125.00) SO 10 $0 14115025.000 SO SO J•uol Words at V03.000.000 103.440.000 $270400 OM to SO 50 1117,000010 10 SO Pending Tnossaiens Creertis000rd SI.093.750.0o0 51.003.750.0:0 51.045.701. 50 10 10 SO 1751.953.125 SO Rdlogy 1171.000.010 5475.003.1,00 51.04,77505701 SO 10 1144 43,331 541.143.313 /341.43.113 10 004áNe $350.000.0:0 5Sm,040,000 5717.500.000 $0 SO SO 5417.50000 SO SO Chess 3525.000.0:0 43,010,000 51311250.0x 50 SO SO 50 5656250.CW 50 Soma FOS 1241.000003 441,000100 351500.000 $0 50 10 1301.260.1):0 SO 10 Mar. uniereleloe I 'own1m~ So 1445.35.244 13161.4.40.01.3 52.117.445.04$ ToW I $4,449.150p:0 54234.750.500 59,~001,125 10141 Pon lawn Frogs .4 Aprao Inrosinwor fond VI (dose« ic enrreinsen. 410.1 1.140 144.014.34 13 A1255O 4131,•14.04 Pro Rao dine of UV VI Is, by 4.901*Coarosort 4.1% SO 17.725.114 515.115.040 $111.540/20 5220.957.573 S10.7201706 Led Coned Woven PSI loCeseral Porno 20% SO (11.545.0.11) 4 7.003.01• (173.060.104) ($45.141.515) IS, 7.045.077,1 Nei Rontorl duo Pro4 gorno) 10 14.140,17s 1120.747,030 W5472i41 1103.0.1.051 Sn.743241$ To R44 Oil 0.4 0% [repeated 3 times] O•f. Tu o Nei Rentasel Share of Profb Plods» 41 • 0.100.125 76111.03 55.472443 143.144.90 71.74.246 Plus Round Ceple, Iw. tint boss Reinsor4 SO SO 565.575.000 5711.150.005 S45.575.000 10 [Om Plena SO 1157.350.~ II 51.350.000 so 50 50 Vole SO se 50.491.000 1.41,410000 SO 10 Silomengée 50 SO 10 5114.50100, $0 50 ~Rol gore. Ir% SO $0 SO t13,500100 SO SO 144nah's gozonwennorst 50 10 50 SO $1003.710.000 SO Roologr 50 1.0 3111.04.067 5291.669.0367 5291.46.667 50 Orionis 50 10 $0 5110.000.000 SO SO Cutts 50 10 10 50 5521.003,000 10 S.w16 Fool 50 10 50 $245.0773.000 50 30 Moo unainWlee —Mono I 050 117 412 403 010. SO 5.525,154 750 $2 779 OM g50 SI 303 003 CCO Pogreirsle ANN 1444•111 el Copinl 4950. . (52 4.650 5514.44607 11011.635.417 14. 5-1„61 I . Ito Rita awn oi Ary VI MII by Apo% CoIonsilon VI I% M $47.est.g é el onto" 112.531.341 se4,077,413 51941111.745 54%/067010 %M.1 Pro Rsts Came lows 4 Apollo Colninselers VI (cos • 0) 1942,14,9447 p.oult,714) 35043.447 $114.350.174 5371.917.501 5110.743.20$ Cilscond Rine Days 207 171 937 1.302 1.667 2.032 Plena Value into, oa016 0.7111 06207 0.5111 0 43.49 0.104 Pro %gun Soo( ad (137/043.004) 144.355.93/1 131.050.567 514.$16.015 1164213.705 $53.771.31 Sion el Prow Volos loin of *I 121/061000 Pan4frOuir Ortunspa 0% so ROONWe ~HOW Value 5231.0t2.916 Pro Ras Pon« ~I In Moon* Cokrossors VI. USC 1097% 111.434.341 Onto" Ow lock of Indrolately 30% ~Rat Fait Ideine gabs Pro Rata, Fair Market WSW. Oelindood $30,700,000 AK Agin Invesentio« Fang VI. tfr —Omni on froodene plat EFTA01127848 I I -1 1.:6521 LL:alli I talarn LAIL PL. D:S000NTEC FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 Total Investment Remaining Cost Basis Projected Total Exit Value 2007 PROJECTED REALI2ED PROFIT 2008 2009 2010 2011 OFF VI investni•-. -Qt.:dans' Privato CEVA (TNT's logistics division) 5268,700.000 335.400,000 5396,275,000 so 30 3180.437,600 3180,437,500 5: Pending Trtmseetken CounlryWde PLC $431,375,000 3431,375,000 $970,593,760 so S0 SO 3539.218.750 Total 3720,075,000 3466.775,000 31,366,068,750 Total Divestiture Prom of Apollo Irrvostrn on! rime' VI (foreign Invotarnomel so SO 5180,437.500 5719.693,250 Pro Rata Shore of AIV VI heid by ApoSo Co-Inreltriii VI (I' Ha) 4.06% so 50 57.367.665 529.365,964 $0 Lest Craned InlereM Paid to General Penner 20% so 30 (31,473,6731 (35,877,193) 50 Net Realized Share ci Profits (pre-tax) $0 SO 55.894.292 323.509771 so Tar Rale 0% [repeated 5 times] Tar 0 [repeated 4 times] Not Realized Share of Profits Woeful (a) 0 0 5,394,292 23.503.771 0 Pas Return of Capital's, i.e- cost basis CEVA (TNT's Ionisers division) SO $0 517.700.000 517,700,000 Cotritirside PLC SO 50 SO 5431,375.000 Agrigate ANN Return of Capita/ SO SO $17,700,000 3440075,000 so Pro Rate Share of AN VI hold by Apollo Coi ii,t to, VI (D.-A) 4.08% $0 SO 5722,750 $18,337,229 so Total Pro Rale Cash Ron to Apollo Co-Inveslors VI (EN-A) (c • a • b) $0 SO 56.417,042 541,046,000 so Days 207 572 937 1,302 1,667 Present Value Factors (d) 0.9018 0.7515 0.6262 0.5219 0.4349 Present Value (0 • Cad) SO 50 54,143372 $21,637,519 30 Discount Rate 20% Sum of Present Values (sum of ci) 525.981,361 Pass-Ovough Fornium 0% 50 Aggregate Merketablo Value 525.901 ,361 Pro Rale Penner Interest In Apollo Cairn/elk:es VI (ERA), LLC 18.40% $4.780.510 Discount for Lock or Markerablity 30% (51 434.171) jPro Fiala. Fair 'daft! Value 33346,399 Pro Rata. Fair Market Value, rounded 53.350,000 NOP VI - Abdo Investment Fund VI. LP foreign feeder feed AIVWCuro Moldier. L.P. —Rased on rilarckilement abatatIon of profs and return of cnOl. EFTA01127849 La is (AM tat. - _ _ L is a' a EXHIBIT A-1 APOLLO AIC CO-INVESTORS, LLC VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Share Price ASSETS Number of Shares as of June 7, 2007 Value Publicly Traded Share of Apollo Investment Corporation (Ticker: AINV) 779,761 $22.98 $17,918,908 Cash & Equivalents $3,002 Total Assets $17,921,910 LIABILITIES & E UITY Liabilities SO Members Capital $17,921,910 Aggregate Members Capital $17,921,910 Less: Investment Company Discount 5.0% ($896,095) Aggregate Freely Tradeable Value of Equity $17,025,814 Pro Rata, Members' Capital 54.15% $9,218,985 Less: Discount For Lack of Marketability 15.0% ($1,382,848) Pro Rata: Fair Market Value of a non-controlling Membership Interest 57,836,138 Fair Market Value of a non-controlling Membership Interest, Roundod $7,800,000 EFTA01127850 EXHIBIT A-3 APOLLO VALUE CO-INVESTORS, LLC (Value formerly DIF and VIE) ADJUSTED BOOK VALUE VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Capital Account ASSETS As of 5131107 Market Adjustements Adjusted Book Value Capital Account Balance of Apollo Asia 0portunity Fund, LP $14,795,965 $0.00 $14,795,965 Cash & Equivalents $0 Total Assets $14,795,965 LIABILITIES & EQUITY Liabilities $0 Members Capital $14,795,965 Aggregate Members Capital $14.795,965 Less: Investment Company Discount 10.0% ($1,479,597) Aggregate Non-Controlling Fully Marketable Value of Members' Capital $13,316,369 Pro Rata, Members' Capital 31.28% $4,165,360 Less: Discount For Lack of Marketablity 30.0% ($1,249,608) Fair Market Value of a non-controlling Membership Interest $2,915,752 Fair Market Value of a non-controlling Membership Interest, rounded $2,920,000 EFTA01127851 I_' EXHIBIT A-2 APOLLO SOMA CO-INVESTORS, LLC ADJUSTED BOOK VALUE VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 ASSETS Capital Account Market Adjustements Adjusted Book Value Capital Account Balance of Apollo Asia Oportunity Fund, LP $2.683,719 $0.00 $2.683.719 Cash & Equivalents $0 Total Assets $2,683,719 LIABILITIES & EQUITY Liabilities $0 Members Capital $2.683,719 Aggregate Members Capital $2,683.719 Less: Investment Company Discount 10.0% (5268.372) Aggregate Non-Controlling Fully Marketable Value of Members' Capital $2.415,347 Pro Rata. Members' Capital 38.77% $936,324 Loss: Discount For Lack of Marketability 30.0% (5280,897) Fair Market Value of a non-controlling Membership Interest $655.427 Fair Market Value of a non-controlling Membership Interest, Rounded $660,000 EFTA01127852