EFTA01110651.pdf

PROVIDED BY APOLLO 9/2/2015 DNI to Taxabl APOLLO a 2015 FY Projection Q2 Difference FY Projection Q3 DNI (Cash Earnings) Pre-Tax i $1.64 ($0.15) $1.49 CASH EARNINGS Harvest 21 0.03) (50.01) (0.04) A Net DNI (Cash Earnings) 1.61 (0.16) $1.45 Taxatle Income with no Cash Nondeductible Expenses 0.01 0.00 Q01 Fund NR AAA VI (3, 0.29 0.0E 0.33 B Total-Ex Balance Sheet 031 0.04 035 Rind VII- GP Co-Invest (4) 0.05 (0.01) noc EPF I GP Co-Invest (4) 0.02 (0.02) .. (I I Other Balance Sheet ob 0.03 (0.02) ..(ii C Total Balance Sheet Gain 0.10 (0.04) 0.06 Taxatle Income Deduction Stock Conipens anon (5 (0.86) (0.02) (0.:00 STOCK COMPENSATION Special Fee Offset Deduction (0.07) (0.00) (0.07) 0.881 SH Other (6 (all) OM (0.04) D Total Deduction (1.04) 0.05 (0.99) E(A:D) Taxable Earnings S 0.97 S (0.11) S 0.86 NA -E) DNI ss Tax 0.64 (50.05) $0.59 TAXABLE INCOME (I) Primarily driven by postponement of projected Q4 Hostess sale. (Sec Appendix) (2) Driven by sale of Dish which is a harvested investment (3) Primarily driven by updated estimates of NCL and Sprouts real/nations. Due to waterfall allocations following QI write down of Caesars. all cash except taxdistrintion is allocated to LP's. Above adjustment fromDNI to TI represents the difference between cash (tax distribution) and TI. (4) Updated estimates of tanbk income of balance sheet investments with no Cash. (5) Updated Share Price creates additional taxable income deductions. (6) Reclassification of certain incentive fees reducing taxabk income deductions. STOCK COMPENSATION REDUCES TAXABLE INCOME. STOCK COMPENSATION IS NOT PAID IN CASH. CASH EARNINGS AVAILABLE FOR DISTRIBUTION IS NOT REDUCED BY STOCK COMPENSATION. AS SUCH, LOB WILL RECEIVE CASH DISTRIBUTION IN EXCESS OF TAXABLE INCOME. THIS WILL REDUCE TAX BASIS IN HIS PARTNERSHIP INTEREST. THIS IS A PERMANENT BOOK/ TAX DIFFERENCE. EFTA01110651