To: Jeffrey E.[jeevacationtgmail.com]; lawrence delson From: Richard Joslin Sent: Thur 7/3/2014 7:08:30 PM Subject: RE: GRAT cash flow projection and GRAT summary @ JUL 1 2014 I wanted to show the cash flow received from APO and the subsequent payment of GRAT annuity over the next three quarters. GRAT annuity payments are funded in cash (APO distributions) and in-kind payment of BFP LP interest. We have been provided cash flow projections from Apollo finance. I have put together a projection how the GRAT annuities will be paid by the various GRAT's to LDB in cash and in-kind. In-kind BFP LP interests are re-GRATed. Steps: 1) APO cash is paid to BFP. 2) BFP distributes cash pro rata to each owner of BFP LP 3) GRAT pays 108 annuity in cash and in-kind 4) New GRAT created every 3 months with aggregation of in-kind BFP LP interests paid to LDB (from earlier GRAT's). Purpose of exercise was to show LDB cash flow over time and show value of each GRAT as they reach the two year anniversary. From: jeffrey E. [mailto:jeevacation@gmail.com] Sent: Thursday, July 03, 2014 2:53 PM To: Richard Joslin; lawrence delson Subject: Re: GRAT cash flow projection and GRAT summary @ JUL 1 2014 if this is an indication of the excel for taxes forget. it. dates arc unclear format is awkward. tax calclations, ? not sure what use this is sorry On Thu, Jul 3, 2014 at 2:48 PM, Richard Joslin wrote: Print LEGAL SIZE for the cash flow projection. I am working on this so as to be able to put in prices at different levels of APO. EFTA_R1_00355397 EFTA01915996 Richard Joslin CFO Elysium Management LLC please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return c-mail or by e-mail to jecvacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00355398 EFTA01915997