From: "jeffrey E." <[email protected]> To: Marc Rowan Subject: Re: TRA Valuation Process Date: Thu, 03 Mar 2016 22:38:03 +0000 Ask to see the worksheet with numbers On Thursday, March 3, 2016, Marc Rowan < > wrote: Fyi Sent from my iPhone Begin forwarded message: From: Chris Weidler Date: March 4, 2016 at 12:19:12 AM GMT+2 To: Marc Rowan < cmailto: Subject: RE: TRA Valuation Process :mailto: >> Marc For purposes of establishing the balance sheet asset the DTA/TRA are undiscounted. Each period we re-assess our ability to realize the asset over the allotted time frame. If we have any concerns we would then establish a valuation allowance We also review the tax rate each period and if that changes for any reason (new York state rate change, etc) we apply that change and adjust the DTA/TRA. This we have done in 13 and 14 as there were rate changes. Chris From: Marc Rowan Sent: Thursday, March 03, 2016 5:05 PM To: Chris Weidler Subject: Re: TRA Valuation Process This tells me what I already know. What rate do we discount future cash flows/TRA pmts at for purposes of establishing the balance sheet asset? Sent from my iPad On Mar 4, 2016, at 12:02 AM, Chris Weidler < :mailto: wrote: 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 EFTA01184947