EFTA01115243.pdf

Name of Professional Leon Black Apollo Advisors VII • Triggering Taxable Gain in 2012 on Selected Investments OA (the "Advisors VII Election") Assumed Tax Rates (2): 23.20% Assumed 2012 tax rate on LTCG for a NYC resident ("Assumed Personal 25.26% Ownership % Current Rates") Data: 87,913,208 FMV of Points w/r/t Selected Investments (3) 34.00% Assumed 2013 tax rate on LTCG for a NYC resident (assumes 23.8 fed rate and some limits on deductibility of state/local Illustrative 20,395,864 2012 Phantom Tax Liability with the Advisors VII Election based on Assumed Current Rates (4) taxes)(-Assumed 2013 Rates") Calcs: 2%890,491 Compare to Tax Liability without the Advisors VII Election, assuming all deals are sold in 2013 at same FMV based on Assumed 2013 Rates 47.20% Assumed tax rate on LTCG for a NYC resident if carried interest 41,495,034 Compare to Tax Liability without the Advisors VII Election, assuming all deals are sold in 2013 at same FMV based on Assumed Carried Interest Rates legislation passes (assumes 75/25 ordinary/LTCG)("Assumed Carried Interest Rates") (1) 'Selected Investments" are Aleris, Brit, Charter, CKE, Constellium, Dish, EVERTEC and LyondellBasell. (2) Assumed rates are intended to capture federal, state and local taxes for an individual residing in New York City. Please consult your own tax advisor as to your actual 2012 rates and to alternative rates you may prefer assuming in future years (3) All FMV numbers on this sheet are based on 11/30 values. (4) The transaction is designed to close on 12/31 and ultimate tax liablrty with respect to this transaction will be based on 12/31 values. Please take this into account when considering the effect of the Elections IRS Circular 230 Notice Requirement: This communication is not given in the form of a covered opinion, within the meaning of Circular 230 Issued by the United States Secretary of the Treasury. Thus, we are required to inform you that you cannot rely upon any tax advice contained in this communication for the purpose of avoiding United States federal tax penalties. In addition, any tax advice contained in this communication may not be used to promote, market or recommend a transaction to another party. EFTA01115243