From: Richard Joslin Sent: Friday, March 13, 2015 6:42 PM To: jeffrey E. Subject: RE: Re: I will send schedule. Less utilization in 2015, 2016 and then higher utilization in 2017, 2018 (timing issue). From: jeffrey E. [mailto:[email protected] Sent: Friday, March 13, 2015 2:15 PM To: Richard Joslin Subject: Re: yesterday you told me tra 16 to 2? On Fri, Mar 13, 2015 at 1:37 PM, Richard Joslin > wrote: Pls print on legal paper Attached is the latest cash flow projection . It is substantially similar to the Jan 31, 2015 version I sent to you in mid-February and has not been updated or revised other than to make more organized. Brad asked that I note a few things: • As he and I move to progressively update and revise the cash flow projection, while not in the shape we would like tobe, it has served sufficiently well for general planning purposes. • The cash flow projection has been updated bi-weekly to incorporate updates, ie Apollo projections, capital call timing, delay in Knowledge Universe sale/ distribution, but the effort to fully update and drill down into specific items, eg matching plane use to cash outlays, timing of boat charters, construction costs, etc has taken a back seat to priorities such as April 15 taxes, bill pay transition , Phaidon restructuring, LDB 2014 cash flow reporting. • Apollo has indicated yesterday that April 15 gross up payment will be revised from 20 cents to 8 cents. TRA payable 4/15/15 looks to be unchanged. I am meeting with CAO and tax team of Apollo next week and will have update. The next version will incorporate those changes. EFTA_R1_01374313 EFTA02371548