From: Richard Joslin

From: Richard Joslin To: jeffrey E. <[email protected]> Subject: FW: Intercompany Loan Discussion Date: Mon, 15 Sep 2014 16:06:08 +0000 Attachments: Intercompany_Loan_Discussionn Final.pdf I heard this mentioned in the spring Public gets a note (receives interest income instead of partnership distributions) Interest reduces APO Corp tax income Lower APO Corp taxable income reduces corporate tax drag (and benefits of TRA goodwill amortization) Lower tax drag increases DNI which means Founders get more cash distribution from AGM (less in TRA) Let's discuss after 9/15/ From: Katie Gregory Newman [mailto Sent: Monday, September 15, 2014 11:42 AM To: Richard Joslin Subject: Intercompany Loan Discussion Hi Rich, Hope all is well. Leon asked that I send you the attached presentation which is being considered by APO Corp. I had mentioned this as a likely proposal when we last spoke. Please let me know if you would like to discuss. Kind regards, Katie 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 EFTA01192634