From: jeffrey E. <[email protected]> Sent: Thursday, November 5, 2015 7:43 PM To: Brad Wechsler Subject: Re: 20 minutes with him on phone no answer, =ot even close to answer. simple question, he said =he best he had was what you wrote but that did not include a deduction tha= would come along with it. it also didn't break down =ordinanary vs capital. no useful answe= at all. i asked him to get an answer , anotther 15 minu=es On =hu, Nov 5, 2015 at 2:08 PM, Brad Wechsler wrote: I'm going to give you a longer answer than u=want. Because leon's basis in the stock is a function many moving part=: loans, distributions, stock payments to employees, etc, etc, we can tell you the tax due at a hypothetical date of 12/31/14, the date u=on which apollo makes all its calculations. Its possible apollo tracks bas=s whenever an event occurs that impacts basis but they don't share tha= info with us. Obviously, were we sell stock on a date certain, eg, 11/1/15, it would be incumbent upon them to m=ke all the calculations and provide them to us. With more certainty we can=say its $20 plus the per share amt of the negative basis of $250mm (or rou=hly $2.70/share plus, and as pointed out above, the variations since 12/31/14). Rich is still digging into the =015 variations with heightened specificity; but a starting pt we know we&#=9;re talking a tax gain of $22.70 which be increased or reduced as a funct=on 2015 events. Pls call rich for more complete details and insight, including the characte= of the income. Best, b From: jeffrey E. [mailto:[email protected] <mailto:jeevacation@g=ail.com> Sent: Thursday, November 05, 2015 01:13 PM To: Brad Wechsler; Richard Joslin e cniailto Subject: I know everyone is busy, but have we found an =nswer an calculation to the quesiton if leon were to sell 1 million shares=of apollo at 20. today what would his tax be and how woudl it=be determined please note The information contained in this communication is confi