EFTA01919061.pdf

To: Jeffrey E.fleevacationagmail.com] From: Richard Joslin Sent Tue 7/15/2014 7:09:53 PM Subject: Heritage update Apparently Apollo has not been able to explain the calculation to Josh's COO/CFO. The Apollo controller is contacting COO to set up meeting. I can call CFO if permitted. Apollo is sending me calculation detail over last two years. Heritage adjustment is carry from Fund V and VI that is divvyed up between MR/JH and LDB. As a founder sells BRH in taxable exchange, the public APO Corp acquires a slice of Fund V and VI carry vehicle. BRH receives lesser carry in future and as a consequence LDB gets less Heritage adjustment. APO Corp does not pay LDB any Heritage adjustment. The Heritage adjustment/ share changes per Apollo accounting dept— I asked for backup. It would seem that a selling founder (MR) will pay less in future and a non-selling founder UM would be unchanged. Richard Joslin CFO Elysium Management LLC EFTA_R1_00360720 EFTA01919061