EFTA00839110.txt

"From: Jeffrey E. <[email protected]> To: Brad Wechsler Subject: Re: Leon tax estimates Date: Fri, 11 Dec 2015 01:15:55 +0000"

"From: Martin Kelly Date: Thu, 10 Dec 2015 23:35:46 +0000 To: Brad Wechsler ; Leon Black ; Melanie Spinella Subject: Leon tax estimates"

"From: Martin Kelly Date: Thu, 10 Dec 2015 23:35:46 +0000 To: Brad Wechsler ; Leon Black ; Melanie Spinella"

"Martin Kelly Chief Financial Officer Apollo Global Management, LLC"

"Apollo Global Management, LLC 9 West 57th Street New York NY 10019"

"On Thu, Dec 10, 2015 at 7:10 PM, Brad Wechsler wrote: Latest and greatest; 51mm ltcg. If a certain transaction occurs there will be $5mm more."

"Add 5mm non-apollo as per rich j and you have 56-61mm. Schedule D mock-up to come from rj."

"delineates between long term cap gains and ordinary income as well as the Apollo ownership and direct interest in Funds."