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💨IMPACT LEVEL 1 — MEH

Epstein File EFTA01184947: Apollo Global, Asset and Allowance (DS9)

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This document is an email dated March 4, 2016 at 12:19:12 AM GMT+2 from an unspecified sender to Marc Rowan regarding TRA (Tax Receivable Agreement) valuation process for Apollo Global Management, LLC. The email discusses balance sheet asset valuation, reassessment of asset realization over time, discount rates for future cash flows and TRA payments, and valuation allowances. It also references review of tax rates and potential changes in New York tax law.

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**Apollo** **Global** Management, LLC EFTA01184948 please note The information contained in this communication is confidential, may be attorney-client privileged
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Date: March 4, 2016 at 12:19:12 AM GMT+2 To: Marc Rowan asset**
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Each period we re-assess our ability to realize the **asset** over the allotted time frame.

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