Epstein Secrets

ousondr. exceln nhen- nose') Management feet Bom afilliates AdvrxxV and lisruseloxi fces Bom affiliates. net Total NInnagemenl Busintss Res vanes Salan bonus and benefat Etpnly-bswd compen.sanon Other expenses 'foølNlanage•nent Business Espeast-t Other intome Nlaeagernen1 BUIlifittS Econotnic Lo

ncome tax provision (50,283) (1514) (9,092) (6.59 I ) (5,536) (147,245) (26,733) Net income attributable to Non-Controlling Interests in the Apollo Operating Group Net income attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' (54,632) (8,926) (48,012) (2,560) (83

e planning. C.T.D. E.A.K. cc: Leon D. Black Alan S. Halperin (Paul, Weiss, Riflcind, Wharton & Ga

available under the Tax Receivable Agreement ("TRA"). b. Self-Dealing Rules We considered application of the self-dealing rules to an exchange of Apollo Operating Group ("AOG") units for Apollo Class A stock after Leon's death when BFP is controlled by the CLATs, and whether an exchange between BFP and APO Corp. wo

ANTS. at: PRIVATE & CONFIDENTIAL June 24, 2014 Alan S. Halperin, Esq. Paul, Weiss, Rifkind, Wharton

Holdings(Apollo Operating Osaupi Ants Opening Group teas Od 12.1531.51.374 (1751261.3M) f2060,400,000 710% Tax ROCeivank AgmennI (TRAllItnent Apollo Operating Group eras. 0.3 so S211.060.003 $211.0603400 7.9% TRA Dle1dre4. AC/ 2007 TlantaCOOn G.5 50 399.030.00) 399.000.000 3.7% Mau* ilsiteous Neertsts