From: Eileen Alexanderson

From: Eileen Alexanderson To: [email protected] <[email protected]> Subject: Fw: Tax Discussion Date: Fri, 05 Apr 2013 21:47:39 +0000 Attachments: Illustration_of Gain_Deferral_at_7.5%_4.5.13_v3.pdfzip From: Fenn, Patrick [mallto: Sent: Friday, April 05, 2013 01:52 PM Eastern Standard Time To: Eileen Alexanderson; 'Clapp, Ada' < Subject: Tax Discussion >; 'Thomas Turrin' < Eileen, Ada and Tom, I will have this is printed form for the meeting. See you in a few minutes. Regards IRS Circular 230 Notice Requirement: This communication is not given in the form of a covered opinion, within the meaning of Circular 230 issued by the United States Secretary of the Treasury. Thus, we are required to inform you that you cannot rely upon any tax advice contained in this communication for the purpose of avoiding United States federal tax penalties. In addition, any tax advice contained in this communication may not be used to promote, market or recommend a transaction to another party. The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message. 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 EFTA01144078