From: Richard Joslin Sent: Wednesday, October 28, 2015 3:29 PM To: Brad Wechsler; John Castrucci; Joe Avantario; Richard D'Agostino Cc: Jeffrey E. Subject: updated Apollo projections Cash/ tax projection FY 2016 -10/28 vs 6/7/15= A large portion of the taxable income will be management company in=ome/ interest income, ie lesser LT cap gain. 28-Oct 7-Jun FY 2016 FY 2016 DNI (Cash Earnings pre-t=x) $1.44 $2.26 Taxable Income $1.30 $1.99 1 EFTA_R1_01310601 EFTA02343001