From: Richard Joslin •; > Sent: Monday, April 27, 2015 9:18 PM To: Jeffrey E. Subject: FW: Knowledge Universe Education L.P. -- Confidential Memorandum Attachments: Memo 04-01-15 Final.pdf; LBF.pdf From: Richard Joslin Sent: Monday, April 06, 2015 8:34 AM To: Eileen Alexanderson; Richard D'Agostino; Brad Wechsler Subject: FW: Knowledge Universe Education L.P. -- Confidential Memor=ndum April 22 form due back=to company. Looking at Sch A it appears there can be large capital l=sses (KUE LP) and large capital gains (Opco/ Propco) as units are unwound =#8211; losses appear to precede gains. Company valuing total enterprise between $34MM and $45mm. =/p> From: Melanie Spinella [mailto Sent: Monday, April 06, 2015 8:24 AM To: Richard Joslin Subject: FW: Knowledge Universe Education L.P. -- Confidential Memor=ndum From: Stan Maron ) [mailto Sent: Friday, April 03, 2015 5:14 PM To: Leon Black Cc: Melanie Spinella Subject: Knowledge Universe Education L.P. -- Confidential Memorandu= Dear Partner, EFTA_R1_02177717 EFTA02719667

Attached please find the above referenced Confidenti=l Memorandum together with Schedules B through F. Also attached sepa=ately is Schedule A. Thank you. Stanley E. Maron, Secretary Knowledge Universe Education This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged <Are> material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this=/pre> information by persons or entities other than the intended =/pre> recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. Apollo Global Management, LLC 2 EFTA_R1_02177718 EFTA02719668