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be adjusted pursuant to Section 2.3. "Equivalent Heritage Points Deficit" means, with respect to a Principal Group, as of immediately prior to any Exchange, the excess (if any) of the number of 4 I ." CSI. 144-7-7441'9 1/octi: US1:107703119t 15 EFTA00808228 Equivalent Heritage Points of such Princ
3119,15 EFTA00808264 SCHEDULE II Excluded Assets PRIVATE EQUITY FUNDS Apollo Advisors, LP Apollo Advisors II, LP APOLLO REAL ESTATE ENTITIES Apollo Real Estate Capital Partners, LP Apollo Real Estate Advisors II, LP Apollo Real Estate Advisors HI, LP Apollo Real Estate Advisors IV LP Apollo Real Estate Advisors V, LP Ap
shall be adjusted pursuant to Section "Equivalent Heritage Points Deficit" means, with respect to a Principal Group, as of immediately prior to any Exchange, the excess (if any) of the number of Equivalent Heritage Points of such Principal Group over the Pecuniary Interest in the Heritage Points of such
cipals] EFTA00623336 SCHEDULE II Excluded Assets PRIVATE EOUITY FUNDS Apollo Advisors, LP Apollo Advisors II, LP APOLLO REAL ESTATE ENTITIES Apollo Real Estate Capital Partners, LP Apollo Real Estate Advisors II, LP Apollo Real Estate Advisors III, LP Apollo Real Estate Advisors IV, LP Apollo Real Estate Advisors V, LP
be adjusted pursuant to Section 2.3. "Equivalent Heritage Points Deficit" means, with respect to a Principal Group, as of immediately prior to any Exchange, the excess (if any) of the number of Equivalent Heritage Points of such Principal Group over the Pecuniary Interest in the Heritage Points of such
3119v15 EFTA00583373 SCHEDULE II Excluded Assets PRIVATE EOUITY FUNDS Apollo Advisors, LP Apollo Advisors II, LP APOLLO REAL ESTATE ENTITIES Apollo Real Estate Capital Partners, LP Apollo Real Estate Advisors II, LP Apollo Real Estate Advisors III, LP Apollo Real Estate Advisors IV, LP Apollo Real Estate Advisors V, LP
Entities connected to both Exchange and Apollo Real Estate Capital Partners

United States
LOCATIONLeon Black
PERSONthe State of New York
LOCATION
Eric Holder
PERSONCayman
LOCATION
Cayman Islands
LOCATION
New York State
LOCATIONApollo Management Holdings
ORGANIZATIONWeiss
PERSONthe Apollo Operating Group
ORGANIZATIONLevin
PERSONJohn J. Suydam
PERSON
Apollo Global Management
ORGANIZATIONBRH Holdings GP, Ltd.
ORGANIZATIONthe Group of another Principal
ORGANIZATIONthe Tax Receivable Agreement
ORGANIZATIONFund IV
ORGANIZATIONBRH Holdings GP
ORGANIZATIONDisability
ORGANIZATIONthe Heritage Points
ORGANIZATION