PH 3, the amount appears to indicate a distribution in excess of basis, but simply arises out of a mid-year determination. It is not anticipated that AP Professional's basis in APH III will be negative at year end. Black 100% Sale Basis EFTA00607390

tners should speak to their tax advisors about the impact of paying the adjustment on each partner's tax basis. Apollo currently intends to increase AP Professional's basis in AMH, which will ultimately serve to reduce taxable gains on share sales. We also wanted to highlight that the retired partner income alloc