Epstein Secrets

From: Marc Rowan Sent: Thursday, March 3, 2016 10:26 PM To: Jeffrey Epstein Subject: Fwd: TRA Valuation Process Fyi Sent from my iPhone Begin forwarded messa

and Carried Interest cash flows sourced from the most r=cently approved 5-year Budget Plan o Management Fee Cash Flows are discounted by - 8-14% and Carried Interest=Cash Flows are discounted by 20% o For perpetual funds and unidentified future funds a Long-Term Growth ra=e of 3% is applied with a discount rate o

From: Marc Rowan Sent: Friday, March 4, 2016 4:43 AM To: Jeffrey Epstein Subject: Fwd: TRA Valuation Process Sent from my iPhone Begin forwarded message: Fro

and Carried Interest cash flows sourced from the most r=cently approved 5-year Budget Plan o Management Fee Cash Flows are discounted by - 8-14% and Carried Interest=Cash Flows are discounted by 20% o For perpetual funds and unidentified future funds a Long-Term Growth ra=e of 3% is applied with a discount rate o

Certain commitment-based SlAs are included as the underlying assets are liquid; • "Managing Partners" refer to Messrs. Leon Black, Joshua Harris and Marc Rowan collectively and, when used in reference to holdings of interests in Apollo or Holdings, includes certain related parties of such individuals; • "

cused on investing in commercial mortgage-backed securities and other commercial real estate loans. lionagement Fees, Advisory and Transaction Fees, Carried Interest and Other Income Our revenues and other income consist principally of (i) management fees, which may be based upon a percentage of the committed or