From: Richard Joslin Sent: Tuesday, June 9, 2015 12:49 PM To: Brad Wechsler: Jeffrey E. Subject: FW: Tax estimates June 15 Latest Apollo tax proj=ctions show higher incentive capital gains. Estimated cash distribut=on for fiscal year 2015 is now $1.61 vs $1.51. The increase of $0.10= share will be distributed Feb 2016. Note that TRA payment for 2015 (payable April 2016) now expected to be zero (previou= estimate was - $350K) — Apollo is projecting flat/ small losses for =he management company operations; no utilization of the amortization deduc=ions. Tom has information to prepare tax projection. I will send updated Apollo tax projection on Wed and=plan to nail down Wed afternoon From: Richard Joslin Sent: Tuesday, June 09, 2015 8:43 AM To: 'Thomas Turrin'; Abel Goce Cc: Richard D'Agostino; tax Subject: Tax estimates June 15 Apollo provided tax estimates thru May 30 (actual) a=d projected full year 2015. They will send a sligh=ly revised version on June 10. You should go ahead and run the proje=tion with those numbers as the version to be received Wed will be small. IN comparing full year estimates provided in April 2=15, note that 2015 full year tax projection shows management company taxab=e income (ordinary) going down by $7mm (now basically flat FY 2015) and in=entive LT cap gain increasing by $38MM. Apollo state management company taxable income is=projected to be negative FY 2015. I posted the latest Apollo tax estimate to the porta=. I also posted to the portal a schedule of one of the investments that is=being sold (Knowledge Universe). Payments will come in installments =n 2015 and possibly 2016. LT cap loss ($18mm). Assume deductions similar to 2014 (art loan will be slightl= larger). Please let me know your timing for a first draft.&nb=p; Thanks Richard Joslin CFO EFTA_R1_02126759 EFTA02711717

Elysium Management LLC 445 Park Ave Ste. 1401 New York, NY 10022 ( (C. (1 2 EFTA_R1_021 26760 EFTA02711718