Leon Black: $500MM Line Request Background: Leon Black (61), Chairman/CEO of the Apollo Group, was referred to new AWM banker Paul Morris by Jeffrey Epstein, Black's estate/tax planning attorney. Morris has previously worked with Epstein on mutual clients. Black is listed in the Forbes 400 and World's Billionaire list at #113 and #299 respectively with a reported net worth of $4.3BN. Black founded Apollo in 1990, which has grown to become one of the world's largest alternative investment managers. As of March 31, 2013, Apollo had total assets under management of $114 billion, with a team <http://- www.agm.com/OurTeam.aspx> of 644 employees located in ten offices <http://- www.agm.com/AboutUs/Offices_Contact_Us.aspx> around the world. Black owns 24.9% of Apollo Group which is valued at over $9BN. Apollo is a platinum relationship in our Financial Sponsors Group. The trend for Apollo has been positive with price target of $30.85 per share compared to the current price of $25.00. There are 10 equity analysts covering the stock with 4 strong buy recommendations, 5 buy recommends and 1 hold. Per Jeffrey Epstein, the loan request is resulting from the movement of Black's Apollo interests out from the Family Trust and into his name personally, in order to better align the income generating asset with the taxes. The value of the Apollo interests (specifically his Apollo Operating Group "AOG" units that are convertible into Class A shares) is $2.3BN and he is considering a debt structure of approx. $1.5BN in cash and potentially up to a $1.0BN in a note payable to the Family Trusts. The reason for the cash (which would be cash from bank loans) is to step-up his basis (according to Epstein, a note does not step-up the basis). BofA (Jane Heller) already has a relationship with Black that includes a $400MM art secured line. Epstein is considering BofA, DB and JPM. The client representatives have not yet provided financial statements, but given the pub