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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA01097466: Leon Black, Apollo Global and Sotheby's (DS9)

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This document outlines financing terms and conditions offered to Leon Black involving Apollo Global Management, LLC Class A shares as collateral. It references Sotheby's appraisals used to determine fair market value for loan purposes, with conversion provisions for Apollo Global Management shares in the event of default. The document details a lending arrangement with specific terms regarding collateral conversion and valuation methodology.

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Excerpt 1
tax benefit payments or otherwise, related to such units ("AOG Collateral"), including all documentation deemed necessary to ensure 1:1 conversion to **Apollo**
Excerpt 2
**Global** Management, LLC ("APO") Class A shares and the sale of such in an Event of Default.
Excerpt 3
of the fair market value as determined by the Lender in its sole discretion and based in part, but not wholly, on two Lender-ordered appraisals from **Sotheby's**

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