From: Richard Joslin < IMIn To: jeffrey E. <jeevacation®gmail.com> Subject: FW: TRA Date: Wed, 11 Feb 2015 19:22:14 +0000 Attachments: doc03845020150211134723.pdfi TRA_COMPARISON_FEB_2015.pdf It looks like less corporate taxable income in 2015 such that there is less utilization of amortization of goodwill. As such, less tax benefit inuring to APO Corp. As a result, less TRA payable for 2015. I had met with Brad Okun last May/ June. We left open the analysis. I emailed him today to see if we could re- convene. The method of sharing amortization in my memory was not finalized, just proposed. There appears to have been a methodology following in the latest projection. See attached Oken memo on methodologies. Original Message From: Richard Joslin Sent: Wednesday, February 11, 2015 1:50 PM To: Brad R Okun Subject: TRA Brad like to revisit/ continue our discussion from last year. Please let me know what times you are available for a call. The latest info from Apollo: TRA Payments related to the 2015 tax year (paid out 4/2016) will be limited due to inability to utilize the amortization that year. This is timing and will fully reverse by 2018. Thanks Ori inal Messa e From: [mailto Sent: Wednesday, February 11, 2015 1:47 PM To: Richard Joslin Subject: Scanner EFTA00631147