Epstein Secrets

the topics discussed in this memorandum or any other aspect of Leon's estate planning. C.T.D. E.A.K. cc: Leon D. Black Alan S. Halperin (Paul, Weiss, Riflcind, Wharton & Garrison LLP) -14- EFTA00591806

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

EMPIRE VALUATION CONSULTANTS. at: PRIVATE & CONFIDENTIAL June 24, 2014 Alan S. Halperin, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas, Suite 3115 New York, NY 10019-6064 Dear Mr. Halperin: You have requested Empire Val

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

l Management, LLC 9 West 571 Street, 43rd Floor New York, New York 10019 Attention: John J. Su dam, Es . Electronic Mail: with a copy to: Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, NY 10019-6064 Attention: Grego A. Ezrinl, Es.. d Monica K Thurmond, Es.

ereto. "APO LLC" means APO Asset Co, LLC., a limited liability company formed under the laws of the State of Delaware, and any successor thereto. "Apollo Operating Group" shall have the meaning given to such term in the Shareholders Agreement. "Apollo Principal I" means Apollo Principal Holdings I, L.P., a limited p