From: "Jeffrey E." <[email protected]> To: Marc Rowan cl Subject: Re: TRA Valuation Process Date: Fri, 04 Mar 2016 19:24:48 +0000 Sony to beck pain but the number on the balance sheet has s worksheet I'm sure On Friday, 4 March 2016, Marc Rowan < > wrote: Sent from my iPhone Begin forwarded message: From: Suzanne Wong < Date: March 4, 2016 at 9:02:17 PM GMT+2 To: Marc Rowan mailto:I Cc: Martin Kelly mailto: mailto: Subject: RE: TRA Valuation Process mailto: >> >, Chris Weidler Marc — See attached calculation for an example of an AOG exchange (Aug 2015). Let me know if you have any questions. Best, Suzanne Wong I Apollo Global Management L.L.C. 730 Fi Office mailto From: Chris Weidler Sent: Thursday, March 03, 2016 5:02 PM To: Martin Kelly; Marc Rowan Cc: Suzanne Wong Subject: TRA Valuation Process Marc, Please see below for how the deferred tax asset (`DTA') and tax receivable agreement ('TRA') is calculated as well as the key inputs into the computation. I tried to simplify as much as possible but obviously a complex calculation. Please let me know if this is sufficient or if you need more. We have example detailed calculations if you would find that useful. Each exchange related to the TRA is valued using a multi -step process described below The TRA is valued as 85% of DTA that is created as a result of an AOG exchange. The DTA is calculated as: EFTA00832526