Epstein Secrets

cember 19, 2016 4:57 PM To: Ada Clapp; Barry J. Cohen Cc: Jessica L. Lomm Subject: RE: APO Document

Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any personal guarantees they have made in favor of Fund IV, Fund V and Fund VI for all interests that our Managing Partners and Contributing Partners have contributed or sold to the Apollo Operating Group.

7 Via E-mail MEMORANDUM TO: Ada Clapp Barry J. Cohen Bradley J. Wechsler (Elysium Management LLC) F

s in AOG units should be 35%. Under the current ownership structure, BFP owns 21% of the profits interests in AOG, 33.9% of the profits interests in Fund IV and 26.2% of the profits interests in Fund V.3 Accordingly, BFP's profits interests in AOG, including the two Heritage Funds, should not exceed the

Frank Cohen is a Senior Managing Director and the Global Head of Core+ Real Estate and is based in New York. Since joining Blackstone in 1996, Mr. Cohen has been involved in a variety of investments across all property types. He received a BA from Northwestem University, where he graduated from the

of the Partnership. After the Effective Date, Fund IV will only be permitted to make investments with respect to which (i) the limited partners of Fund IV have received a drawdown notice or other written notice of reservation prior to such date, or (ii) Fund IV has an existing investment. The General