EFTA00624997

_al Exhibit C APOLLO MANAGEMENT HOLDINGS. LP CONCLUSION OF EQUITY INTEREST AS OF APRIL 16. 2007 Assets Applicata Lack of Aggregate Marketable Pi9Plagale Fair Partrwes Pro Pro Rata Fair % Ealaltb9 Asset stadtMablMY Discount Marble Vales Rata Interest Market Value Contribution Value of Equity $0 10% 50 30.35% 30 0.0% Ape& Management. 3.35% 5138243 0.1% 33.06111101 10% $2761.920 Apollo Management Iv. 30.15% 53,100.119 0.3% 512,017.131 15% 110214362 Amigo Management V. 5162,230.131 30.35% 149.236.845 4.9% $190.0563711 15% Aram Management VL 1864.743.465 23.90% 1206.673346 20.5% 51.017.345.253 15% Apt ImestmailMatmgemeni.• 5543113.550 26,90% 51%746.190 1.5% 564.192.412 15% Apollo Value lasnegernsoli 44.00% 5104220.741 104% 5278366,012 15% S2361)66320 Mdb SVF Management. 44.001E S43.236.233-a - 4.4% 5124.733627 20% 599.786.902 In if ....3:11—..AwallerSORWirersAr 44,00% 515.503.790 I 5% $44.044.659 20% 5352151367 Apalla Asia Masagemettir 44.00% 53.1.344409--A-- i% 531.566.933 20% 525253546 20% 8372,175.033 44.00% 5163757.015 163% rImo". Apollo Europe Llanopernen# $4115.2111.791 20% 3273.952411 44.00% 1120.539,149 12.0% Apollo AParnatno Awns. $342,440,764 52.138.037.927 S 3L 72 9% 52574.452.430 Subtotal r,.(ic7pa FlamedFunds/Goaded 30.35% 592.940.669 92% 33412.7/46.941 20% 5309229,553 Apollo management Vit ■ 24.64% 551220.427 e.1% 543%504.477 25% 1329.628.358 Audio Atirisees V11. 44.03% 510.646.611 1.1% $10.611.394 20% 524.649.115 Mello EPF lAtesagernenl. ■ 44.00% 19.766.562 0% 327.002732 20% 522242.185 Mob EPF Admen.. 44.03% 143.686.605 4.4% 3124.677656 20% 199.742.284 New Fund Management. LPs 44.03% 333340200 33% 395568,772 20% 176.455.011 New Fund Minors. MEI 5272.320.062 271% 51,101,152,171 1858,48513 Suterami S1 1755--658 1000% Total Assets 55,678804,801 52.555.5. 4440 fp) in( Pr.- LiabiliUeS S Equity Total Llablellos SO $0 so 53675.604301 52.996.564.440 51305,953658 Total Equity 33.675.604,501 32.814$4.44. $1,006.06304 Total Liabettles and Equity 52.996,964,440 Aggregate Fait Market Value $1.0:6,953,158 Pro Rata. Fair Markel wade et Panners losses% 31,005,953.658 Pro Rata. Fair Market Value of Partner's Interest 33.57% Concluded Equity Interest et Pettier In AMHLP 5.0% ($50297383) Less' Investment Company Discount $955,655.975 Mmodly marketable Vona 10.0% (595.565598) Lets Lack of Martrelabily Discount 3860,090.378 Fat Merkel Vas, 01 33.05% Interest an AMILP 5860,100,000 Fair Markel Value of 33.57% Interest in AA1HLP. Rounded 'It was tinhorn...A Out the awry lee metre comently pad to the raspecOve Apollo Management companymodel boon to to gam to the Mob AdViSat I/Miry. EFTA00624997 EXHIBIT A-1 APOLLO MANAGEMENT. LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT 2006 2007 2008 Adjusted Invested Capital $341,80a 000 $119.600,000 SO Management Fees $6,034,471 $0 SO Operating Expense Ratio Estimate 68.6% 0.0% 0.0% Operating Expenses ($4,137,805) $0 $0 Operating Income $1,896.666 $0 SO Margin: Adjustment Adjusted Pre-Tax Income $1,896,666 $0 $0 Tax Rate 42% 42% 42% Tax $796,600 SO $0 Net Income $1,100.066 SO $0 Days 259 624 Present Value Factors 11% 1.0000 0.9286 0.8366 Present Value SO $0 Sum of Present Values SO Pass-through premium 15% $0 Aggregate Marketable Value of Invested Capital $0 Less: Outstanding Debt SO Aggregate Marketable Value of Partners' Capital $0 Partners Pro Rata Percentage 30.35% SO Discount for Lack of Marketability 10% $0 Pro Rata, Fair Market Value of Partners Capital $0 Pro Rata, Fair Market Value of Partner's Capital, rounded $0 EFTA00624998 EXHIBIT A-2 APOLLO MANAGEMENT IV, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 Adjusted Invested Capital' 31 .043,700,000 $649,128,201 $0 $0 $0 Management Fees' Operating Expense Ratio Estimate $6.142,871 $3,164,500 $0 $0 Operating Expenses' 51.7% 32.0% 0.0% 0.0% Pre-Tax Income ($3.176,672) ($1,012,209) $0 $0 $2.966.199 $2.152,291 $0 $0 Adjustments Adjusted Pre-Tax Income $o $0 $0 so Tax Rate $2,966,199 $2,152,291 $0 $0 Tax 42% 42% 42% 42% Net Income $1,245,804 $903,962 $0 $0 $1,720,395 $1,248,329 $0 $0 Horizon Value (Gordon Growth Model)' Days Present Value Factors 259 624 989 1,354 Present Value 0.9346 0.8496 0.7724 0.7022 $1.607.891 $1,060,632 $0 $0 Discount Rate: 10% Sum of Present Values Pass-through premium $2,668,522 Aggregate Marketable Value of Invested Capital 15% $400,278 Less: Outstanding Debt $3,068,801 Aggregate Marketable Value of Partners' Capital $0 $3,068,801 Partners Pro Rata Percentage 30.35% $931,381 Discount for Lack of Marketability Pro Rata, Fair Market Value of Partner's Capital 10% ($93,138) $838,243 Pro Rata. Fair Market Value of Partner's Capital, rounded $840,000 'Based on proiodrons ptreeded by manogemeni EFTA00624999 L.3(1111111 A-3 APOLLO MANAGEMENT V, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 2011 Adjusted Invested Capital' 51.808,400.000 $1.694,200.000 $984.976,667 $593,497.619 $150,000,000 $0 Management Fees* 513.348.875 $11.376,706 $6,653,302 $3.619.674 $843.750 Operating Expense Ratio Estimate 51.7% 32.0% 36.1% 41.9% 32.3% Operating Expenses' ($6,903.123) (53.638.995) ($2,400,520) ($1,516,158) ($272.8301 Pre-Tax Income $6,445,752 $7,737,711 $4,252,782 $2,103.516 $570.920 Adjustments 50 $0 $0 $0 50 Adjusted Pre-Tax Income $6,445,752 57.737.711 54,252,782 $2,103,516 $570,920 Tax Rate 42% 42% 42% 42% 42% Tax $2.707.216 $3.249.839 $1.786.168 $883,477 $239.787 Net Income $3,738,536 54.487 872 52,466,614 $1,220,040 $331,134 Days 259 624 989 1,354 1.719 Present Value Factors 0.9407 0.8630 0.7918 0.7264 0.6664 Present Value $3.516,771 $3,873,081 $1,952.948 $886,211 $220,668 Discount Rate: 9% Sum of Present Values $10 449.679 Pass-through premium 15% $1.567.452 Aggregate Marketable Value of Invested Capital $12,017,131 Less: Outstanding Debt $0 Aggregate Marketable Value of Partners Capital $12.017,131 Partners Pro Rata Percentage 30.35% $3.647,199 Discount for Lack of Marketability 15% ($547.080) Pro Rata, Fair Market Value of Partner's Capital $3,100,119 Pro Rata, Fair Market Value of Partner's Capital, rounded $3,100,000 'Based on proiucbons prowled by ninnortneni EFTA00625000 EXHIBIT A-4 APOLLO MANAGEMENT VI, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 2011 Adjusted Invested CaPlat' 31.601,000,000 36602600,000 $9.051250,000 $6,479,508.333 $5,951.797.917 $1,200,000,000 Management Fees' 3120,175,978 $62,470,081 361.080.872 350.332530 $22,943,613 TramSactron And Mormoring Fees' 3367,282600 3144000,000 $0 $0 $0 Broken Deal Fees' (334,534,581) ($17,481,288) $0 $0 $0 LP Rebate' ($219.468,245) (586.032,724) $0 30 $0 Net Transaction and MoMonne Fees $103,279,174 $40.485,988 30 $0 30 Total Management Fees and Net Transaction and Monitoring Fees 3223,455,152 5102,956.069 $61,660,872 350.332.530 322,943,613 Operating Expense Ftabo Estimate 27.8% 32.0% 36.1% 41.9% 32.3% Operating Expenses' ($62146.700) (319.981.910) (322247,321) ($21,082.575) (37,418,900) Pre•Tax Income $161,308.372 382.974,158 339,413.552 $29.249955 $15,524,713 Adjustments $0 $0 $0 so $0 Adjusted Pre•Tax Income $161,308,372 382974,158 539,413,552 329.249.955 $15,524,713 Tax Rate 42% 42% 42% 42% 42% Less: Tax 367,749,516 $34,849,147 510,553.092 312,284,901 36,520,393 Net Income 593.558656 5,41125,012 522.859,860 $16,964,974 $9,004,334 on Value (Gordon Growth Model)' Days 259 624 989 1,354 1,719 Present Value Factors 1.0000 0.9407 0.8630 0 7018 0.7284 0.6664 Present Value 588.009,078 541.532390 318.099.357 512.322.995 36.000,510 Discount Rate: 9% Sum Of Present Values $165,964,329 Pass-through premium 15% 524694,649 Aggregate Marketable Value of Invested Capital $190,858,978 Less Outstandtng Debt $0 Aggregate Marketable Value of Partners' Gewalt 5190,050.978 Partner's Pro Rata Percentage 30 35% 357,925.700 Discount for Lack of Marketability 15% N8688,855) Pro Rata, Fair Market Value of Partners Capital $49,236,845 Pro Rata, Fair Market Value of Partner's Capital $49,200,0001 1,0444/ on projecloor4 pranfoat mantramf EFTA00625001 EXHIBIT A-5 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16. 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 200$ 2010 2011 HORIZON $2.600,000.000 $3.450.000.000 $4,300,000,000 $5,150,000,000 $6,000,000,000 Assets Under Management (June 30) $2.175,000.000 53.025,000000 $3.875.000,000 $•.725,000,000 $5,575,000.000 $6.425.000.000 Assets Under Management (December 31) Leverage 33.0% 51,954,887.218 $2.593,984,962 $3,233,082,707 $3,872,180.451 $4,511,278,195 Urieveraged AS5a5 Under Management (June 30) $52,000,000 569.000,000 588,000,000 $103,000,000 $120,000,000 Management Fees 2.0% 12.0% $312,000,000 $414,000,000 $518,000,000 $816,000,000 $720.000.000 Yield on asset ($4,000.000) ($5,000,000) ($1,000.000) ($2.000,000) ($3,000,000) Other expense GSA ($68,282,707) ($81,780,451) ($95,278,195) 8.4% ($41,287,218) ($54,784.962) Cost of debt $43,542,558 $57,643.006 $71,743,459 $85,843,910 $99,944,361 $99,944,361 Gross carry 20.0% $52,000,000 289.000500 $813,003,000 $103,000,000 5120,000,000 $120,000,000 Management Fees $188,843,910 $219.944.361 $219,944,381 $95,542,558 $126,643,000 $157,743,459 Total Fees 45% 45% 45% 45% 45% 45% ($42.994,150) ($50989,353) ($70,984,556) ($84,979,759) (198,974,962) ($98,974,962) Less: ~fame Expenses $86,758.902 $103.864.150 $120,969,398 $120,969,398 $52.548.406 569.653,654 Pre-Tax Income Adyustment 286.759502 $103.864.150 $120,969,398 $120,969,398 $52,548,406 $69,653,654 A4usted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate (43,622,943) (50,807,147) (50,807,147) (22,070,331) (29.254.535) (38,438,739) Tax $50.320.163 380.241,207 $70.162.251 570,162,251 $30,478,075 $40,399,119 Net Income $1,032.387,409 Horizon Value (Gordon Growth Modeg' OMMunt Rate' 10.0% Long-Tenn Growth Rate: 3.0% 259 624 989 1,354 1.719 1.719 Days 0 8496 0 7724 0.7022 0.8383 0.6383 Present Value Factors 0 9346 $28,484.969 $34.324,753 $38,867,345 $42.300,336 544,787,929 $659.022,380 Present Value 2007 Multiples Sum of Present Values MVICiOp Inc $847,787.711 % of AUM MV1Cilitev Aggregate Fogy Markeh3de Mriolity Interest $52.548.406 20.0% $169,557,542 52.600.000.000 595,542.556 Pass-through prenum 106 194 $1,017,345,263 39.13% Aggregate Marketable Value of Invested Capital Less: Outstanding Debt $0 Aggregate Marketable Value of Partners Capital $1.017,345,263 Partners Pro Rate Percentage 23.90% $243,145.515 Discount for lack of Marketability 15% 436.471,8271 Pro Rata. Far Market Value of Partners Capital $206,873.888 Pm Rata, Fair Market Value of Partnors Capital $206,700,000 • Gordon Growth MOdel (Horizon Net Income x (l+growth rate) / (capitalization rale + exIM SA] EFTA00625002 L AMU. I APOLLO VIF MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 PROJECT PROJECT PROJECT PROJECT HISTORY PROJECT HORIZON 2008 2009 2010 2011 2006 2007 Assets Under Management 5663,000.000 $732.615.000 3809.539.575 $894.541.230 $456.000,000 5600,000.000 Class A Assets (VIF) $12.143,094 313.418.118 $13.414119 39.000.000 $9.945.000 610.989.225 1.5% Management Fees 45% 45% 45% 45% 45% 45% (36.038,153) Operating Expense Ratio Estimate ($4,475.250) ($4.945.151) ($5.484.392) ($6.038.153) ($4,050,000) $7.379,965 Operating Expanses $6.044.074 36,678.701 67.379.965 $4.950.000 55.469.760 Pre-Tax Income $0 $0 SO 30 SO 30 $6,878,701 $7.379,965 57379.966 Adjustments $4250.006 35,469.750 $6,044,074 42% 42% 42% Adjusted Pre-Tax Income 42% 42% 42% (62.805.055) (33.099,585) (43.099.565) Tax Rate (32.079,000) ($2.297.295) (62.5313.511) $3.505563 63.873.647 64.280280 $4280,380 Tax $2,671,000 33,172,455 Net Income 362,982.731 Hotszest Value (Gordon Growth Model)* 989 1,354 1,719 1.719 259 624 0.7724 0.7022 0.6363 0.6363 Days 0.9346 0.8494 52,707,700 52.720.008 $2.732.372 640204.897 Present Value Factors 62.683.252 $2.695.448 Present Value 10% Discount Rs*: 3% LOageterel growth rate $53.745677 2007 Multiples Sum of Present Values % of A.UM MVIC/Rev MV1C/Op Inc 20% $10.748.735 Pass-thiu Premium $600,000,000 69.000.000 $4.950,000 1,14.492,412 Aggregate Marketable Value of Invested Capital so 10.75% 7.2 13.0 Less Outstanding Debt 664.492412 Aggregate Marketable Value of Partners' Capital 26.90% $17.348459 Partners Pro Rata Percentage 15% (62.602.269) Discount for Lock 01 Maiketabdity 314.746,190 WO Rata. Fair Market Value N Partners Capital rounded $14.700,000 Pro Rate, Fair Market Value of Partner's Capital. Bandon ateedteempotevepotana EFTA00625003 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 20011 2009 2010 2011 HORIZON Assets Under Managemenl - SVF• $600,000.000 51.003.000.000 $I 037.000.000 $l.1$7.385000 52.099.960.425 $2.451.383.770 Assets Under Management - SOMA• $400.000 000 5400.000.000 $00.000.000 $100.0020.000 51.000001000 51.200.000.000 Managemeni Foot-SVI— 10% $19625.000 529.640.000 534.682700 540,544.459 547,354,713 Managernem Fees. SOMA 16% 547.354.713 53.400.000 57.600.000 510000.000 513,300.000 515,800030 Total Managernere Fees $15900,030 $23.025.000 537,240900 $45.482.700 553,644.459 $63.154,713 $63,154,713 Operaunp Expense Rater Estimate' 45% 45% 45% 45% 45% Opesating Expenses 45% (510.361.250) ($10758000) (520,467.215) (524.230.006) (528.419021) Pro-Tax Income (528.419.621) 512.663.750 $20.462.000 $25,015415 $29,614.452 534.735.092 534.735.002 Adjustrnem Adjusted Pre.Tat Income $0 50 so 50 so se 512.663.750 120.482,000 525.015.485 529.614.452 $34.735992 Tax Rale 534.735.092 42% 42% 42% 42% 42% Tax 42% ($5.318.775) (56.602.440) (510.500.504) (512.430070) (514.558339) NCI Income (514.580739) 57144.975 511.879.560 514.508961 517.176.382 520.146,353 520.146.353 tionzon Value (Gordon Crowe/M(4W 5296.439.200 Days 0 259 624 969 1.354 1.719 Preset VNue Facors 1.719 1.0000 0.9103 0.6490 0.7724 0.7022 Nostra Wive 0.6383 0.6313 56.864.652 510093363 511.206.752 312.060.959 512.860383 Discconl Rate 5189.231,354 10% tong-Term Groom 3% Sum cl Present Vakies 5242.317.463 2007 Multiples Passabru Premium 15% 1,36.347.619 %MAU% MV1C/Rev mvociOp Inc Aggregate Marketable Value of Invested Capital 5271.665.0112 51000900A* 523025.000 $12,663,750 LOSW OW613'16110 NM 30 27.9% 12.1 22.0 Aggregate Marketable Value of Partners' Cap al 52713.665062 Partners Pro Rata Perceniage 44% 3122.612.638 Oscine for lack ot Mattelebtey 15% (519.391.895) Pro Rata. En Market Value of Partner's Captal 5104.220,741 Pro Rata, Fair Market Value of Partner's Capital, rounded 4104.200,000 lased°,Menne/nod RgYment leclines SOMA - Seve-sne 2tOil hangmen? 'morns anon sta ate be 0~0 aim GIs, d.t xrJ Mho a ••••••fil Ar• 1.71% EFTA00625004 EX1-1101T A-9 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 History Projected Projected Projected Projected Projected 2006 2007 2008 2009 2010 2011 HORIZON 5200.000,000 3300,000,000 3360,000.000 3432.000.000 5518,400,000 5822.080,000 Assets Under Management (June 30)' 20.0% 50.0% 20.0% 20.0% 20.0% Growth in Assets 5570,240,000 5330.000.000 5396.000,000 3475,200,000 $684.288.000 Assets Under Management (December 31)' 33% Leverage 5389,774.436 5467.729,323 3226,5631910 3270,676,692 3324,812.030 linleveraged Assets Under Management (June 30) 1.50% $4,500.000 35,400,000 36,480.1)00 37,776.000 $9,331,200 $9,331,200 Management fees 45% 45% 45% 45% 45% 45% Operating Expense Ratio' (53.499.200) (54,199,040) (54,199.040) (32.025.000) (32,430.000) (32.916.000) Operating Expenses 34,276.800 35,132,160 35,132,160 52.475,000 32,970,000 53.564.000 Adjustment 54,276,800 55.132,160 55,132,160 52.475.000 52.970,000 33,564,000 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate ($1,247,400) (51,796,256) ($2,155,507) ($2,155,507) ($1.039,500) 01,496,880) Tax $2,976,653 $2,976,653 51.435.600 31,72Z600 32.067,120 $2,480,544 Net Income 47.397.472 14011Z0f1 Value (Gordon Croy& Modell' 10% Discount Rate 3.5% long-teen growth rate: 1,719 1,719 259 824 989 1,354 Days 0.6383 0.6383 0.9346 0.8496 0.7724 0.7022 Present Value Factors 1,741,795 1,900,140 30,258078 1,341828 1.463,592 1,598,846 Present Value 538,299 877 2007 Multiples Sum of Present Values 15% 55.744.982 % of AUM MVICIRov MVIC,Op Inc Pass-through premium 52,475,000 344,044,859 3300,000,000 54,500,000 Aggregate Marketable Value of Invested Capital 17.8 50 14.7% 9.8 Less: Outstanding Debt 544,044,859 Aggregate Marketable Value of Partners' Capital 44% 5, 9,379.738 Prmtners Pro Roth Percentage 20% (53,875.948) Discount for Lack of Marketability 315,503.790 Pro Rata, Fair Market Value of Partners Capital 515,500,000 Pro Rata, Fair Market Value of Partners Capital, rounded Ons pewee/a Empty -eased on maAlgelnent PtO0C, rale)1/ tchscourl rale • $0,0-from 3:4/ ,-04) "G-441ta &NW, 440444 HallOa VINO • IMAM, nol ircA* '( 1 • ICeVeim groin EFTA00625005 se -I In.n-I as....I I 1 ate,. ! Onon,A Ain. I 1./011017 A-11 APOLLO EUROPE MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 2011 HORIZON 5250.000.000 3500.000000 $1.000.000.000 51.500.000.000 $2.000.000,000 $2,500,000,000 Assets Under Management (June so)' $2250,000.000 $2.750,000.000 5750.000,000 51.250.000.000 $1.750.000.000 Assets Under Management (December 31)' leverage 50.0% 5333,333.333 5666.666.667 $1,000.000.000 51.333.333,333 51.666,666,687 UNeveraged Assets Under Management (June 30) 540.000.000 350.000.000 550.000.000 2.0% $10,000.000 520.090.000 530.000.000 Management Fee 12.0% $312000000 $414.000.000 $516.000.000 $618.000.000 $720.000.000 Yield on assets* (55.000.000) ($1,000,000) ($2.000.000) (53,000.000) (54.000,000) Cent expense GSA ($81.780.451) ($95,278.195) 6.4% ($41,287.216) ($54.784.962) ($68.282.707) Cost of debt 543,542.556 557.843.008 571.743.459 $85,843,910 $99.944,361 599.944,361 Gross Carry' 20.0% $53542.556 $77.643.008 $101.743.459 $125,843,910 5149.944,361 5149.944,361 Total Revenues (356.629,759) (567,474.9452) (587.474.962) 45.0% (524.094.150) (534.939.353) (345,784.556) Cperatang Expenses Adjustments 369,214.150 542,489,398 582.469.398 529.448.406 $42,703,654 $55,958.902 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate (534.637,147) ($34.637.147) (512,366.3311 ($17.935536) (523.502.739) ($29.069.943) Tax $40,144,207 547.832.251 547.832.251 $17,080,075 $24,768.119 $32,456,163 Net Income 5521.119.789 Horizon Value (Gordon Growth Model)" 259 624 989 1,354 1.719 1,719 Days 0.8114 0.7181 0.6355 0.5624 0.5624 1.0000 0 9169 Present Value Faders 525.510,776 526,899,435 3293.062.270 $15.661.231 520.097.901 523,306.465 Present Value Discount Rate 13% Long-term growth rate: 4% Sum of Present Values $404.535.079 2007 Multiples Aggregate Vatue Et/Adjustments 15% $60.680.712 % of AUM MVIC/Rev ninna0p Inc Pass-dvu Premium $466,218,791 $500.000.000 553.542.556 529.448.406 Aggregate Marketable Value of Invested Capital 15.8 $0 93.0% 8.7 Less. Outstanding Debt Aggregate Marketable Value of Partners' Capital $465,218,791 Partners RIO Rate Percentage 44% 3204.696 268 Discount for lack of Marketability 20% (540,939.254) Pro RaN, Fax Market Value of Partners Capital $163.757.015 Pro Rata, Fair Market Value of Partners Capital. rounded $163,800.000 Sued &lamina's aepalea,00.00900we — Gorden Greys AWN Morgan Ni( boxer r I/qv-nth nee) /AAA'Acmt nee • .11.0?-r•^^ Sena, ne.)1 EFTA00625006 ET1 EXHIBIT A•12 APOLLO ALTERNATIVE ASSETS. LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 2011 HORIZON $231,000,000 5770,368.571 556,465.714 3.580.360.000 $580.360.000 3609,645.714 New invested carat $80,302857 5141516.429 3145,090000 5145.090.000 3152,411.429 New leverage 30 New invested capital with leverage 30 50 50 30 5993.782.857 31,445,731,298 $1,962,480,778 $2,341103.529 32,507,370.436 Total invested caudal 5974.085.714 31.64.576.223 32.313,333205 52,795,555.893 $3.023.056.680 Total invested caplet with leverage $231.000.000 $601,020,465 51,594.323,126 32,678.781,562 $3.679.792.173 Assets Under Management (June 30) $3,967,234,268 3259,733.769 $1.113,316.803 32,151,410,285 $3,267,262.327 Assets Under Management (December 31) $6,848,045 $21.897.253 936,093.321 $49,684,206 357,093,006 557.093.006 Management Fees 1.25% $46,105.774 $37.332.471 $38,422.108 $38.293284 $40.447.050 $40,447,050 Transactions Fees 87,977,491 97,540.056 97.540,056 52,754.819 59.229.723 74,515.429 Total Fees 45% 45% 45% 45% 45% 45% OPeratitg Expense Ratio Estimate (833,531,943) 039,589.8711 (543,893,025) ($43,893,025) (123,739,668) (828,853,375) Operetng Expenses $48,387,620 $53,647,031 $53,647,031 529.015.150 532.576.348 540,983.488 Pre-Tax Income so $0 $0 $0 $0 $0 Adjustment $53,647.031 $53,647,031 $29.015.150 532,576.348 $4 0,983.486 $48.387.620 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate (312,186.363) ($13,682,066) (517213.064) (520,322,800) (322,531,753) ($22,531,753) Tax $28,064,820 331,115,278 331.116.278 316,828.787 $18.8114.282 $23,770.422 Net Inane $359,554,321 Horizon Value (Gordon Growth Model)' Discount Rate' 13% L.ag•Temi Growth 4.0% 259 624 989 1,354 1,719 1,719 Days 0.7181 0.6355 0.5624 0.5624 0.9169 0 8114 Present Value Figleitt 5202.202.656 515.430.818 $15,331,621 $17,069,316 $17.834.566 $17,498,307 Present Value 1285.367.304 2007 Multiples Sum of Present Value, 20% 557.073.461 %Of AUM MVIC/Rev MVIG/Op Inc Pass-thni Premium $342,440,764 9231.000 $6.648.045 529.015.150 Aggregate Marketable Value of Invested Capital SO 148.24% 51.5 11.8 Less Outstanding Debt $342.440,764 Partners Pro Rata Percentage 44% $150.673.936 Discount for Lack et Marketabbty 20% ($30.134,787) Pro Rata, Fat Mattel Partners Capital 3120.539.149 Pro Rata, Fair Market Partners Capital. rounded $120,500,000 ' Gordon Growth Model (Hairdo Net Income x (1+growth rake) / (capitalization rate • extra risk)) EFTA00625007 EXHIBIT A-1 DISCOUNTED FUTURE EARN AS OF APRIL 18, 2007 PROJECT PROJECT PROJECT HISTORY PROJECT PROJECT 2009 2010 2011 HORIZON 2006 2007 2008 1071.250,000 1014.250,000 1.897,951,108 2.227.833.227 458,000,000 937,931034 2,394,954,011 AUM (JUNE 30) FUND 1,474,093,750 1,735478,261 2,040,134,387 0 1,113,793,103 AUM (DEC 30) FUND 25.200,000 22.400.000 22.400,000 0 9,600,000 11.200,000 18,400,000 Carry 25,200,000 22,409000 22,400,000 0 9.600.000 11,200,000 18.400,000 45% 45% 45% Total Fees 45% 45% 45% Operating Expense Ratio Estimate (8280,000) (11,340.000) (10,080,000) (10,080,000) 0 (4,320.000) (5,040000) 12,320.000 Operating Expenses 10.120,000 13,860,000 12,320.000 0 5,280,000 6,160,000 Pre-Tax Income 0 0 0 0 0 0 0 12,320.000 12,320,000 Adjustment 5.280000 6.160,000 10,120,000 13,860,000 0 42% 42% 42% Adjusted Pre-Tax Income 42% 42% 42% (5.821,200) (5,174,400)_ (5,174,400) Tax Rate 0 (2,217,600) (2,587,200) (4250,400) 8,038,800 7,145.600 7,145,600 Tax 3,062,400 3,572,800 5.869,600 0 Net Income 52,571,200 Horizon Value (Gordon Growth Model)* 1719 989 1354 1719 0 259 624 0.4774 Days 0.6535 0.5585 0.4774 1.0000 0.8946 0.7646 25.096,924 Present Value Factors 3.835,773 4,490,035 3,411,232 2,739.542 2,731,737 Present Value Discount Rate: 17.0% Longterm growth rate: 3.0% 42,305,243 2007 Multiples Stun of Present Values % of AUM MVIC/Rey MVIC/Op Inc 15% 6,345.786 Pass-that Premium 937,931,034 9,800,000 5.280.000 48,651,030 Marketable Aggregate Value 5.19% 5.1 9.2 20% (9.730,206) Discount for Lath of Marketabrily 38.920,824 Aggregate Fair Market Value 26.90% 10,469.702 Partners Pro Rata Percentage , rounded 510,600,000 Pro Rata, Non-Marketable Value of Partner's Capital EFTA00625008 DISCOUNTED FUTURE EARNI AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 2011 HORIZON Managed Accost( (+ VA ty AVM (June 30) 400,000,000 400,000,000 600,000,000 800.000,000 1,000,000,000 1,200,000.000 AUM (December 30) 0 500,000,000 700,030.000 900,000,000 1,100,000,000 1,300,000.000 Gross Carty (MA) 16% 3.600,000 5,400,000 21,200,000 23,200.000 18,000000 16,000000 ManagemeM Fees (a) 0 0 0 0 0 0 0 Total Fees C 3,600,000 5,400,000 21,200,000 23,200,000 18,000.000 18,000,000 Operating Expense Ratio Estimate 45% 45% 45% 45% 45% 45% Operating Expenses c (1,620,000) (2,430.000) (9.540.000) (10,440,000) (8.100000) (la,t09.000) Pre-Tax Income (1) C 1,980,000 2,970,009 11060000 12,760,000 9,900.000 0900,000 Adjustment Adjusted Pre-Tax Income 0 1.980.000 2.970.000 11.660.000 12,760,000 9,903,000 9,900,000 Tax Rat* 42% 42% 42% 42% 42% 42% Tax 0 (831.600) (1.247,400) (4.692200) (5359 200) (4,158,0001 (4.158,000) Nen-icons 0 1,148,400 1,722,600 6,762,030 7,400.800 5,742,000 0742.000 Horizon Value (Gordon Growth Madelr 42,244.714 Days 0 259 824 989 1354 1719 1719 Present Value Factors 1.0000 0.8946 0.7648 0.6535 0.5585 0.4774 0,4774 Present Value 1.027,328 1,317,088 4,419477 4.133.683 2,741,169 20,167.171 Discount Rale: 17.0% Long-tenn growth rate 3.0% Sim of Present Values 33,805,916 2007 Multiples Pass-Ihru Premium 15% 5070,887 % of AUM MVICriter MVICrOp Inc Marketable Aggregate Value 38,876,803 400,000,000 3,600000 1,980,000 9.72% 10.6 19.6 DiscouM for Lack of Marketability 20% (7,r5.381) Aggregate Fair Market Value 31,101,443 Partners Pro Rata Percentage 44.00% 13084,635 Pro Rata, Non-Marketable Value of Partner's Capital, rounded $13,700,000 (a) paid to Apollo SW Management. EFTA00625009 exhit8iT A-a DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 History Projected Projected Projected Projected Projected 2006 2007 2008 2009 2010 2011 HORIZON Assets Under Management (June 30) 5600,000,000 31.000,00D 000 $1,537,000,000 51.707.385.000 52,099.960425 32451.383.770 Growth in Assets 66.7% 53,7% 16.9% 16.8% 16.7% Management fees (Dec. 31, for calculation of gross carry) 2.00% (a) 518625000 529540.000 534.682,700 $40,544,459 547.354,713 Yield on assets 15.00% (b) 5142.968.750 5189.051,000 5244.522,507 5360.238,500 5344,848,049 Fund Expenses 0.30% (c) ($2,482.750) (54136.250) ($4.644.8C43) (35.217,898) (56.863,973) Net Fund Profits (d = •a + b + C) 5120,860.991 5155,274.750 5205,195.001 $314,474.143 $291.627,363 Gross carry (i.e. Revenue) 20.03% 524.172.198 531,054.950 541,039,000 562.894,829 558,325,473 558.325.473 Operating Expense Rata 45% 45% 45% 45% 45% 45% Operating Expenses ($10.877.489) (513.974.720 (518,467,550) (328.302,673) (526.246,483) (526,246,463) $13.294.709 517,080,223 522,571,450 $34,592.156 532,079,010 532.079,010 Adjustment Adjusted Pre-Tax Income 513,294.709 517,080,223 $22,571,450 $34,592156 532079.010 532,079,010 Tax Rate 42% 42% 42% 42% 42% 42% Tax (55,583.778) (37.173.693) (59,480.009) (514528,705) (513.473,184) (513,473,184) Net Income 37/10.931 59.906.529 $13,091,441 520,003,450 08505,826 $18.605,826 Monsen Value (Goicion Growth Model)' $136,885,718 Discount Rate 17% Lortg•term growth rate. 3% Days 259 624 989 1,354 1,719 1.719 Present Value Factors 1.0000 0.8946 0.7646 0.6535 0.5585 04774 0.4774 Present Value 56.897,995 57,574,481 58,555,232 $11,206,348 $8.882,221 $65.347.767 Sum of Present Values Aggregate Value 8/Adjustments $108464023 2007 Multiples Pass-through premium 15% 516269,604 %Of AUM MVIC/Rev MVIC/Op Inc Aggregate Marketable Value of Invested Capital $124,733,627 $1.000,000.000 524.172.198 $13,294,709 less Outstanding Debt $0 12.5% 5.2 9.4 Aggregate Marketable Value of Partners' Captal $124.733.627 Partners Pro Rata Percentage 44% 554.882.796 Discount for Lack of Marketability 20% ($10075559) Pro Rata. Fair Market Value of Partners Capital $43,906,237 Pro Rata, Fair Market Value of Partners Capital, rounded $43,900,000 Nor twom AcINSCry, LP ddncr recent came° wilvest inceme /menthe SW, pm, to Sine 1. 2007 Caton wens awry was previous* marred tryApalo SW Minagtheerd. IP Y,eki on assets is For Class A. Class 8 assets MO Lego In 2008 and anticipate 20% yield. Projections provided by Management EFTA00625010 I L I EXHIBIT A•10 APOLLO ASIA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 lestory Protected Projected Projected Projected Projected 2006 2007 2008 2009 2010 2011 HORIZON 5200.000000 $300000.000 5380.000.000 5432000000 $518.400.000 $622080.000 Assets Under Management (June 30) 20.0% 20.0% 50.0% 20.0% 20.0% Growth n Assets $570.240.000 $884.288.000 3330.000.000 5398,000,000 $475,200,000 M.sels Under Management (Dec 31) Leverage 33% 5150,375.940 5225,563.910 5270876 692 $324,812.030 5389,774.436 5467229323 Unleveraged Assets Undermanagernent 1.50% 54,500,000 55.400,000 16,460.000 57,778.000 $9.331200 Management fees (Dec. 31, for calculation of Gross Carry) (a) 15.00% (b) $45000.000 554,000000 $64,1300.000 577,760.000 $93,312,000 Yield on assets ($1,296,000) (31.555200) 0.25% (c) (5750,000) (5900.000) ($1,080,000) Fuld Expenses ($6,860.030) (58,232,038) ($9.878,443) 6.40% NO (64,783.910) (55,716.692) Cost of Debt $60,455,964 $72547,157 (e = -a « b + c + 0 $34,986,090 $41,983,308 $50,379,970 Net Fund Profits 56,997,218 58.396,682 $10,075,994 $12,091,193 $14,509,431 $14,509,431 Gross tarry (.e. Revenue) 20.00% 45% 45% 45% 45% 45% 45% Operating Expense Ratio (55,441,037) ($6,529,244) (36,529,244) ($3,148,748) (53,778,498) ($4,534,197) Operating Expenses 55,541,797 56.850,156 $7,980,187 $7,980,187 53,848,470 34,818,184 Adrustrnomt $5,541,797 $6,850,156 $7,980,187 $7,980,187 $3,846,470 $4,818,164 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate ($2,327,555) ($2,793,068) ($3,351,679) ($3,351,679) ($1,616,357) ($1,939,629) Tax $3,857,090 $4,628,509 $4,628,509 52.232,113 52,678,535 $3,214,242 Net Income 335.485.233 Horizon Value (Gordon Growth Model)' Dacount Rate: 17% Leaptenn growth rate 4% 259 624 989 1,354 1.719 1,719 Days 0.5585 0.4774 0.4774 1.0000 0.8946 0.7646 0.6535 Present Value Factors $2,100,501 $2,154,360 $2.209.600 518.940,268 51.996589 52.047,989 Present Value Sum of Present Values 527.449,507 2007 Multiples Aggregate Value B/Adjustments 15% 54.117 426 % of AUM SAVIC/Rev MVIOOP Inc Pass-Uvough premium 531,566,933 $300,000,000 56.997218 $3,848,470 Aggregate Marketable Value of Invested Capital 6.2 SO 10.5% 45 Less: OutstanOng Debt Aggregate Marketable Value of Partners Capital 531,566,933 Partners Pro Rata Percentage 44% 513,889.450 Discount for Ladc of Marketability 20% (52,777,890) Pro Rata. Fair Market Value of Partners Capital S11.111.560 Pro Rata. Fair Market Value of Partner's Capital, rounded $11,100,000 Note Apalo SW laInstel, IP/0 007 ',OM< tamed elenne memo from ry S VP pre, to aerial 2007 Ctirrwl ,t0,00 a -oew way prosou0y mf e7O by Aar. SVC MA+Qrnr-Y LO Yield on assets is for C/ass A. Gass Bassets we bacon ft, 2008 002 anbopale 20% yen Proscbons provided by Management EFTA00625011 EFTA00625012 r".• MR& Mira rig% 1.1.• r"/IL rig. nig; l+ —1 Exhibit C CONCLUSION OF EQUITY INTEREST AS OF JUNE 7. 2007 Assets Aggregate Marketable Applicable Lack of Aggregate Fair Partners Pro Rata Pro Rata Fair Pro Rata FMV Value of Equity Marketability Discount Market Value Interest Market Value Contribution % Existing Funds: Apollo Management aci 10% 30 30.35% SO 0.00% Apollo Management IV, 32.071.933 10% 31.864.739 30.35% 3565.948 0.07% Aga Management V, 38.097.961 15% 36,883,267 30.35% 32.089,072 0.25% Apolo Management VI. 3128.613,771 15% $109.321.705 30.35% 333.179,137 3.90% Apollo Investment Management. le $886,871,222 15% 3583,840,539 23.90% 5139.537689 16.38% Apollo Value Management LP 343542.722 15% 337,011.314 26.90% 39,958643 1.17% Apollo SW Management. LP 8188.143.627 15% 3159,922,083 44.00% $70,365,716 8.26% Apolo Asia Management 329.737.344 20% 323.789.875 44.00% 310.467.545 1.23% Apollo Europe Management. LP 3315.873.157 20% 3252,698.526 44.00% 3111,187,351 13.05% Apollo Alternative Assets. IM 3232.509622 20% $188,007,608 44.00% 381643,387 9.61% Subtotal 51.635.461.359 $1,361,339,746 3459,192,090 53.92% Planned Funds/Goodtts6 Apollo Management VII, I. $258.442.582 20% $206,754,068 30.35% 362,749,859 7.37% Apolo Advisors VII. IN 3449,991.207 25% 3337,493,405 24.64% 383,158,375 9.76% Apollo EPF Management. LP 320.920.248 20% 316,736,198 44.00% 37,363,927 0.86% Apollo EPF Advisors. 328,486,779 20% $22,789.423 44.00% $10,027,346 1.18% New PE Fund Management LP's 3298,381.282 20% 3237,105.026 30.35% 371.961375 8.45% New PE Funds Advisors . LP'S 3502.143.606 25% $376,607,705 24.64% $92,796,138 10.90% New CM Fund Management LP's 384,809,703 20% 367.847.763 44.00% 328853,016 3.51% New CM Fund Advisors LP's 398.261,349 20% 378.609.079 44.00% 334.587.995 4.08% Sus total 31.799.496,757 51,343,94Z665 3392.498,032 46.08% Total Assets $3.374698,118 32,705,282,411 5851,690,121 100.00% Liabilities 8 Equity Total Liabilities' $0 30 SO Total Equity $3,374,898,116 32,705,282,411 5851.690,121 Total Liabilities and Equity 33,374,898,116 $2,705.282.411 3851,690,121 Aggregate Fair Market Value 32.705.282,411 Pro Rata. Fair Market Value of Partners Interest 3851,690,121 Pro Rata, Fair Market Value of Partner's Interest, rounded 3851,700,000 1 , RAW JPM debris afrincY nevtd inekedu* anginti assent ',Oki by Apse Manarent flo ags.. and seetetore not red la • liateryor Apollo Menapener4Main EFTA00625013 I I rxhinii A APOLLO SVF ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Projected Projected Projected Projected Projocied History 2006 2007 2008 2009 2010 2011 HORIZON $2,537.500.000 $3.552.500.000 $4,351,812,500 Assets Under Management (June 30) $456.000.003 $600.000000 $1.750.000.000 31.6% 191.7% 45.0% 40.0% 22.5% Growth ti Assets 919.825.000 $29,640.000 134.882.700 $40,544,459 347.354.713 Management lees (Dec 31, la calculation oi gross arty) 2 00% 1500% (b) 3142,968.750 3169.051.000 $244,572,507 $360.236,500 $344.846.0•9 Yield on assets ($5.863.973) 0.30% (c) (52.482.759) (34.136.250) (34.644.806) ($5.217.898) Fund Expenses 3156.274.750 $205.195,001 3314.474.143 $291.627.363 Net Fund Profits (d • at • b • c) 3120.880.991 $31.054.950 $41,039.000 $62.844.829 358,325.473 $58,325,473 2000% $24,172.198 Gross carry h e Revenue) 45% 45% 45% 45% 45% 45% OPeretwg EXPOnsa Ratio ($13,974,728) ($18,467,550) (328,302,673) ($20240.483) (124246,463) Operating Expenses ($10.677.489) 817.080.223 $22,571,450 $34,592.156 332,079.010 332.079.010 $13.294.709 Adjustment 334.592.156 $32.079.010 $32.079,010 $13.294.709 $17.080223 522.571,450 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rale (314.528.705) ($13.473,184) ($13.473,184) ($5.583,778) ($7,173,693) (39.480,009) Tax $13.091,441 320.063.450 $18,605.828 $18,605,826 V.710.931 $0.908.529 Not Income 1138.885.718 HOMO!, Value (Gordon Growth Model)* Discount Rate: 17% Long-lean growth lilt 30% 573 938 1,303 1688 1068 208 Days 0.5709 0.4880 0.4880 1 0000 0 9144 0 7818 06080 Present Value Factors 39.079.228 388.797.174 37.050.992 37142.482 $6.744,988 $11.454.904 Present Value $110,869,745 2007 Multiples Sum of Present Values MVIC/Rev MVIC/Op Inc 15% 316 630 02 % of AUM Pass-through prat-morn 324,172,198 313.294.709 $127,500,207 $600,000000 Aggregate Marketable Value of Invested Capital 5.3 96 30 21.3% Less: Outstanding Debt Aggregate Marketable Value ol Partners' Capital 3127.500.207 20% 1, (325,500.041) Discount for lack of Marketatity Aggregate Now Madelleble Vale of Partners' Capital 3102,000.166 Partner* Pro Ram Percentage 44% $44,880,073 $44,800,000 Pro Rata, fion.Marketable Value of Partners Capital. rounded marvel by Apcdo SW itansarentent, LP A010 Awee Slre Minus& I P dd it weer caned eters% morns &OM Ire SW prof to Jape I. 7007 GYMSI rawest ettate waS 0•00u* sw...200.20, Vela oa assets a for Clan A Class 9 arsons ell toga at 2 gr selfs0,00 20% 005: ficypowns 0,000.1 by EFTA00625014 1-8 IL--.J --J IL-J IL__J 1_2 -J 6-4 L.-A EXHIBIT Al APOLLO VALUE ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Projected Projected Projected Projected Projected History 2007 2008 2009 2010 2011 HORIZON 2006 $456.000.000 $600.000.000 $663.000.000 $732615.000 $809539.575 $894,541,230 Assets Under Management (June 30) 10.5% 10.5% 31.6% 10.5% 10.5% Growth In Assets 59,000,000 $9.945,000 510.989225 $12.143.094 $13,418,118 Managemenl fees (Dec 31. for calculation of gross carry) 1.50% (a) 15.00% $90.000,000 589.505.000 390.903 025 $109.287.843 $120,763,068 Yield on assets (b) 0.30% (c) ($1,440,000) ($1,562,786) ($1,669,834) ($1,807,409) ($1,975.220) Fund Expenses $95,337.340 $105,389.727 Id .-a• b +C) $79,580,000 $77.997.214 $85.243,966 Net Fund Profits $15,912,000 $15,599,443 $17,248.793 $19,067.485 521,073.945 $21,073.945 Gross carry (it Revenue) 20.00% 45% 45% 45% 45% 45% 45% Operating Expense MOO (59.483.275) ($9.483.275) ($7,160,400) ($7,019.749) ($7,761.957) (58,580,361) Operating Expenses $10,487,107 $11,590,670 $11,590,670 $8.751.500 $8.579.694 59.486.836 Adjustment $11,590,670 $11.590.670 $8,751,800 58.579.694 $9,486,836 $10,487.107 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate ($4,404,585) ($4,868,081) ($4,868,081) ($3,675,672) (53,803,471) ($3,954,471) Tax $6,082,522 56.722.589 $6,722,589 $5,075,928 $4.976,222 $5,502.365 Net Income $49,459.045 Horizon Value (Gordon Growth uodelr DiscouM Rate' 17% Long-term growth raw 30% 206 573 938 1.303 1.668 1.668 Days 0.5709 0.4880 0.4850 1.0000 0 9144 0.7816 0.6680 Present Value Factors $3.472,718 $3.280.473 $24,134,910 $4.641.505 $3.889.173 $3,675,539 Present Value $43,094,319 2007 Multiples Sun of Preset Values 15% $6 464 148 % of AUM P.MC/Rev MV1C/OP Mc Pass.through prormurn $15,912,030 $8,751,600 649,558,447 1600.000.000 Aggregate Marketable Value of Invested Capital 31 5.7 $0 8.3% Less Outstanding Debt Aggregate Markelatle Value of Partners Capital 549.558,487 Discount for Lack o( Marketability 20% ($9,911,693) 539.646.773 Aggregate Non-Marketable Value of Partners' Callial Partners Pro Ram Percentage 26 90% $10,684,982 Pro Rats, Non-Marketable Value of Partner's Capital, rounded $10.700.000 2007 Gamed .1.21est tame wen previausy meowed by Apollo SVF Adaropenwel. LP NCO. ApOo SVF &Maar; I P ad roe mcche tamed nterag no:WM *o n Re SVC Anal° Juno r Prereckvo pieneorl by Mrooerwreer EFTA00625015 Eineol 0_1 0_64 a-2 EXHIBIT A-4 APOLLO ASIA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 HOtOry Protected Projected Pnerctad Averred Projected 2008 2009 2010 2011 HORIZON 2006 2007 3300.000.000 5360.000000 5432.000000 3516403.000 5622.080.000 Assets Under Ma-opened (Arm 30) 5200,000.000 50 0% 200% 290% 20.0% 20.0% Growth In Assets 3475200.000 1570,240.000 5604,286000 5330.000.000 5396.000020 Assets Under Management (Dec 31) Leverage 33% 5225,562910 3270.676.692 5324.812.030 3389,774136 5467229.323 Unweraped Assets Ondermampenwat 1150.375940 34,500800 16.400000 $6.480.000 57,774000 59,331200 MenOentot fees (Dec 31, Ice calcidation of Gross Cany) 1.50% (a) 145.000.000 $54,000.100 164.800000 577.780.000 593.312.000 Yield on assets 15.00% 05) (5750.000) (5900.000) 141,080,000) 01295,030) ($1.556200) Puna Enrolees 025% (CI 09474443) (34.763.910) 05,716.692) 06,860030) (58,232,036) CoSI of Debt 6.40% Id) 534,986,090 $41.986308 550379970 360,455.964 $72,547,157 Net Fund Proles (en-a•b•c•d) 58.396.662 510.075.994 512,091,193 514,509.431 514609.431 20.00% 16.997218 Gross carry li e RIPertrr) 45% 45% 45% 45% 45% 45% Operating Expense Raso (34,441037) 146,529,214) 00,529,244) ($3,148,746) ($3,778,495) ($4,534,197) Operating Expenses 35.541,797 36,650.156 $7.940.147 St960167 53.846476 44.618164 Adjustment $5,541,797 36,650,156 37440187 37.914187 53,844470 34,618164 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rale (32,793,016) (93251.679) (33,3514379) (5L6113.357) 01,939.629) (92.327 555) Tax 53.214.242 $3,1357.090 54,624509 54.628.509 32.232.113 52.678.535 Net Inmate 535.485.233 Horizon Value (Gordon Girth WOW DIICOUI0 Rate. 17% Long-term growth rate. 3.5% 1,668 208 573 938 1.303 1,668 Days 0 6680 0 4709 0 4880 0040 1.0000 09144 0 7816 Presets Value Factors 52.147 090 52.202.144 52,250.609 317.316,001 52,041.077 $2,093,413 Present Vair $28,058.334 2007 Munpies Sum of Present Values %of AVM NMCJRar PrIVICIOP Inc Paswthrough premium 15% 54,208,750 $32,267,084 5300.000000 56.997218 $3.848.470 Aggregate Martetabte Value of Invested Capital 108% 46 84 50 Less. Outstandng Debt Aggregate Marketade Value ct Pannell Casual 532.267.084 Discount for Ladc of Markelarty 20% (513,453.417) Aggregate Nonatarkelable Voue of Panned Captal $25,813,607 Prior's Pro Rata Percentage 44% 511391014 Pro Rata, Non -Marketable Value el Partner's Capital, rounded $11,400.000 pavotay mond 0yb 0SYf Maarproentt, Note Apollo SAT Anna, Act mons owns.: n10eDs! Kr* Yen me SW pa. to Ja 1 2C01 Ca- Ad nicest, ream rayon allot' n roans A CMM a nu. -NOM. ca.r*Ivor Afin,1O^,e• Aa aro. A NOT 'v., *untie* 20% rrA1 'No EFTA00625016 EXHIBIT A-3 APOLLO SOMA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 History Projected Projected Projected Projected Projected 2006 2007 2008 2009 2010 2011 HORIZON 1400,000,000 3400,000.000 $600,000,000 $800,000000 $1,000,000,000 $1,200,000,000 Assets Under Management (June 30) 33.3% 25.0% 20.0% 0.0% 50.0% Growth in Assets $3,400.000 17.600,000 510,800.000 $13100.000 $15,800,000 Management fees (Dec 31. for calculation of Gross Carry) 1.60% (a) (b) 530.000.000 $45,000,000 $148.000,000 $163000.000 $134,000,000 Yield on assets 15.00% ($1,200,000) ($1.800,000) ($2,400,000) (53.000.000) ($3,600.000) Fund Expenses 0.30% (c) (ds -a •0 o) $25,400,000 $35.600.000 $134,800,000 $146,700,000 1114,603.000 Net Fund Profits 54,064.000 $5,696,000 $21,568,000 323.472000 518.336,000 518,336.000 Gross carry (Le. Revenue) 16.00% 45% 45% 45% 45% 45% 45% Operating Expense Ratio ($2,563,200) (89.701600) ($10,562,400) ($8,251,200) ($8,251,200) (31,828.800) Operating Evenses 53.132.800 $11,882,400 $12,909,600 110.084.800 $10,084,800 32.235_200 Adjustment $11,862,400 $12,909,600 $10,084,800 $10,084,800 $2,235,200 $3,132,800 Adjusted Pm-Tax income 42% 42% 42% 42% 42% 42% Tax Rate ($4.982,208) ($5,422,032) (54,235.616) (54.235,616) ($938.784) (81,315,776) Tax $6,880,192 $7,487,568 $5,849,184 $5,849,184 $1296.416 $1,817,024 Net income $43,033,282 Horizon Value (Gordon Growth Model)* Discount Rate: 17% Long-term growth rate: 3.0% 208 573 938 1,303 1,668 1,668 Days 0.6680 0.5709 0.4880 0.4880 1.0000 0.9144 0.7816 Present Value Factors 54.595,918 14,274,906 $2,854.271 120,099,281 $1,185.462 $1,420,098 Present Value $35,329,936 2007 Multiples Sum of Present Values %of AUM MVICriley MVIC/Op Inc 15% $5.299.490 Pass-though premium $400,030,000 $4,064,000 $2235.200 Aggregate Marketable Value of Invested Capital $40,629,426 $0 10.2% 10.0 18.2 Less: Outstanding Debt Aggregate Marketable Value of Partners' Capital $40.629.426 Discount for Lack of Marketability 20% ($8,125,885) 132,503.541 Aggregate Non-Marketable Value of Partners' Capital Partners Pro Rata Percentage 44% $14,301,558 Pro Rata, Non-Marketable Value of Partners Capital, rounded $14,300,000 ,come earned eter0.51ecome from the SW poor to June 1. 2007 Caned irtte0St moos Wes pertiotrxt roamed by Apolb SW Management. lP Note AcaVo SW Acinsors. LP dd You on assets ale, Cia.S$ A Class B assets WY bepn 2000 and ittbcdpeee 20% "oil Prom:tons frowded by Mrageren1 EFTA00625017 •-•• • AIN=Ilmir EXHIBIT E P."1 APOLLO AD ISORS IV. LP SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6. 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 SIS Sit S IS S Anticipated Carried Interest from AIF N "." $43,614,412 $190,236,883 $120,000,000 Pro Rata Share of AN IV Direct Interest Profit —1 $6,855,742 $27,734,892 $16,666,667 IS t Aggregate Taxable Cash Flows $50,470,154 $217,971,575 $136,666,667 S1S Sit t Less: Operating Expenses 45.0% ($22,711,569) ($98,087,209) ($61,500,000) Operating Income $27,758,585 $119,884,366 $75,166,667 Less: Tax 42% ($11,658,606) ($50,351,434) ($31,570,000) After-Tax Cash Flows (a) 516,099.979 $69,532,933 $43,596,667 Discount Rate 15% Days 208 573 938 1,303 1,668 Present Value Factors (b) 0.9234 0.8030 0.6983 0.6072 0.5280 Present Value of After-Tax Cash Flows (c•a•bl 514.867.428 $58834.580 $30,441,647 $O $0 Sum of Present Value of After-Tax Cash Flows (d • sum of c) $101.143656 Pass-through premium 15% $15.171848 Aggregate Marketable Carried Interest and Investment Return Value (I • • 01 $116.315,204 Pro Rata Share of ANN Return of Capital (a) $10.960.328 $18,031.339 $0 $0 50 Present Value of Return of Cap4al (h •9• b) $10.121248 514,479.070 $0 so $0 Aggregate Marketable Value of Return of Capital (I • turn of h) $24.600.319 Aggregate Marketable Value of Invested Capital 0r I • f) $140,915,523 Less: Debt Outstanding $0 Aggregate Marketable Value of Equity 5140.915.523 Pro Rala Partner Interest 31.30% $44.099.513 Discount for Lack of Marketability 15% ($6.614927) Pro Rata. Fair Market Value $37,484,586 Pro Rats, Fair Market Value, rounded $37,500,000 AIF - Apollo Investment Fund IV. LP 'See Page 2 —See Page 3 " - See Page 4 EFTA00625018 I _a EXHIBIT C 'age I SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 $102,242,901 $274,357,201 $354,933,980 3103,337,598 SO Anticipated Carried Interest from AIF V (domestic investments) '," 339,584,999 311,592831 $0 $11,457,334 $30,701,059 Pro Rata Share of AN V Direct Interest Profit — $113,700,235 $305,058,260 $394,518,979 $114,930,429 $0 Aggregate Taxable Cash Flows SO 45.0% ($51,165,106) ($137,276,217) ($177,533,541) (351,718,693) Less: Operating Expenses $0 362,535,129 $167,782,043 $216,985,438 $63,211.736 Operating Income $0 42% (326,264,754) ($70,468,458) ($91,133,884) ($26,548,929) Less: Tax SO (a) $36,270,375 $97,313,585 $125,851,554 $36,662,807 After-Tax Earnings 16% Discount Rate 572 937 1,302 1,667 207 Days 0.7925 0.6832 0.5889 0 5077 (b) 0.9193 Present Value Factors $33,342,366 377,118.728 $85,977.929 $21.592,161 SO (c•exh) Present Value of After-Tax Earnings (0 • Burn °lc) $218,031,184 Sum of Present Value of After-Tax Earnings 532,704.678 Pass-through premium 15% le (f=e•d) $250,735,862 Aggregate Marketable Carried Interest and Investment Return Value (g) 55,705,667 512.760,519 $8,699.534 $6,522.169 SO Pro Rata Share of AN V Return of Gavial '— (n •g x 0) $5,245,983 $10,112,411 $5,943,256 $3,841,161 SO Present Value of Return of Capital (I• Sum of h) $25,142,810 Aggregate Marketable Value of Return of Capital ()•( • I) $275,878,672 Aggregate Marketable Value SO Less: Debt Outstanding $275,878,672 Aggregate Marketable Value of Equity 25 18% $69,464,870 Pro Rata Partner Interest 15% (510.419,731) Discount for Lack of Marketability 559,045,140 Pro Rata. Fair Market Value $59,000,000 Pro Rata, Fair Market Value, rounded 'AIF V -Apollo Investment Fund V, LP —See Page 2 —See Page 3 —See Page 4 EFTA00625019 I 1 1 EXHIBIT D Page 1 APOLLO ADVISORS V (EH CAYMAN SUMMARY OF DISCOUNTED FUTURE EARNINGS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 so $0 818 818 S IS 8 Anticipated Carried Interest from AIF V (foreign investments) 5238.494.840 $70,281,013 Pro Rata Share of AIV V held by Apollo Advisors V (EH Cayman). LP (foreign Investments) 126502.222 17.916.667 $0 $0 Aggregate Taxable Cash FlowS $264,997,063 178,197.680 $0 $0 Less: Operating Expenses 45% ($119,248,678) ($35,188,956) SO SO Operating Income 1145.748.384 143,008.724 $0 SO Less: Tax 42% ($61214.321) ($18,063,664) $0 SO After-Tax Cash Flows III $84.534.063 524.945.060 10 50 Discount Rate 16% Days 207 572 937 1,302 1,667 Present Value Factors (b) 0.9193 0 7925 0.6832 0.5889 0.5077 Present Value of After-Tax Earnings ft a a a b) 577.709.858 $19.768,373 SO 50 $0 Sum of Present Value of After-Tax Earnings (0 a sum of t) 597.478 232 Pass-through premium 15% 514.621.735 Aggregate Marketable Carried Interest and Investment Return Value floo • d) $112,099,966 Pro Rata Share of AIV V held by Apollo Advisors V (EH Cayman). LP (foreign investments)'••• lal $164.444 56.333,333 50 SO SO Present Value of Return of Capital 0 • a a 01 1151.169 $5,019,018 so so SO Aggregate Marketable Value of Return of Capital 0 -*urn of in $5,170,187 Aggregate Marketable Value a a I • i) 5117,270.153 Less: Debt Outstanding 50 Aggregate Marketable Value of Equity $117,270.153 Pro Rata Partner Interest 25.18% 529.528.038 Discount for Lack of Mark0lebIll1y 15% (54.429.206) Pro Rata. Fair Market Value $25.098.833 Pro Rata, Fair Market Value, rounded 525,100,000 AIF V - Apollo Investment Fund V. LP "See Page 2 —See Page 3 ' —See Page 4 EFTA00625020 II —It _ ft 1 t I n LI SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 SO tit tilt 8 It S SO 535,836,847 $142,232,791 Anticipated Carried Interest from AIF VI (foreign investments) — $4,510,938 $17,991,406 SO $0 Pro Rata Share of AIV VI Direct Interest Profit (foreign ftwestnarill,i ^• SO $40,347,784 $160224.198 $0 Aggregate Taxable Cash Flows $0 ($18,166,503) ($72,100,889) $0 Less: Operating Expenses 45.0% SO $22,191,281 $88,123,309 So Operating Income $0 (39.320,338) ($37,011,790) SO 42% Las: Tax SO $12,870,943 $51,111,519 Sc After-Tax Cash Flows (a) Discount Rale 17% 207 572 937 1,302 1.667 Days 0.9148 0.7819 0.6683 0.5712 0.4882 Present Value Factors SO SO 58,801,394 529,193.853 SO Present Value of After-Tax Cash Flows (d wet or c) $37.795.247 Sun of Present Value of After-Tax Cash Flows 15% (e) $5,889,287 Pass-through premium 0-s.dl $43,484,634 Aggregate Marketable Carried Interest and investment Return 30 SO $442,500 511.226.875 SO Pro Rata Share o' AIV VI Return of Capital (foreign investments) --" (9) (h rg x b) SO 50 $295.714 $6,412.561 SO Present Value of Return of Capital (i = sun of h) $6 708 276 Aggregate Marketable Value of Return of Capital $50,172,800 Aggregate Marketable Value of Invested Capital SO Less: DM Outstanding $60,172,809 Aggregate Marketable Value of Equity 24.64% $12,362,500 Pro Rata Partner interest 20% ($2,472,518) Discount for Lack of Marketa0ility $9,890,064 Pro Rata, Fair Markel Value of AIF VI Interests $53.800.000 Plus: Pro Raw, Fair Market Value of 24.64% Class A Interest in MA Associates. rounded $63,700,000 Pro Rata, Fair Market Vacua, rounded •AIF VI - Apollo Investment Fund VI, LP "See Exhilil D-2 —See Sabi( 0-3 —See Exhibit D♦ EFTA00625021 au l'77 • 1 ty;,;6•i, .• lamar. ‘aiiin' Ills I I I I i • • 'i Ora • J-7"la rt".. EXHIBIT c-1 SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 2012 $3.117286 535.694.203 $168.277.215 $572,109,358 51.118,982,338 5439.489910 Anticipated Carried Interest from AIF VI (domestic investments)' 54.729.888 521.821,458 $73,065.813 $140,790,351 $54,936,128 SO Pro Rata Share of AIV VI Direct Interest Returns (domestic Investments) $3,117268 $40,423.891 $189,898,873 5645,175.172 $1,259,772,689 5494.425,138 Aggregate Taxable Cash Flows (585,454.403) ($290,328,827) (5566.897.710) (5222,491,311) 45.0% ($1,402,770) (518.190.751) Less: Operating Expenses 529233.140 $104,444,270 $354,846,344 $692,674,979 $271,933,825 $1.714.498 Operating Income ($9,337,919) (343.866.994) ($149,035,465) ($291,007,491) ($114212.206) 42% ($720,088) Less: Tax 5994.408 $12,695,221 $80,577,677 $205,810,880 $401,867,488 $157,721,618 After-Tax Cash Flows 91 Discount Rate 17% 208 573 938 1,303 1,668 2.033 Days 0.7816 0.6680 0.5709 0.4880 0.4171 (b) 0.9144 Present Value Factors $909902 $10.078278 $40.465.442 $117,504,404 $196,102,362 $65.781,734 ire a x b) Present Value of After•Tax Cash Flows (d • sum of c) $430,841,521 Sum of Present Value of After-Tax Cash Flom: 15% 564.828.228 Pass-through premium $495 87 749 Aggregate Marketable Carried Interest and Investment Return Value II•o•cl) ($56.216.250) $13.851,042 $51,965,885 $118,794.948 530.000.000 (g) (526.263.438) Pro Rata Share of AIV VI Return of Capital '^• ($24.015684) (543.935.888) $9.252,394 $29.669.084 $57,969,282 $12.512,248 (11 • g x b) Present Value of Return of Capital a • sum eh) $41,451,436 Aggregate Marketable Value of Return of Capital vino $536,919,185 Aggregate Marketable Value of Invested Capital SO Less: Debt Outstanding $536.919.185 Aggregate Marketable Value of Equity Pro Rata Partner Interest 24.84% $132.298.887 20% (528959.377) Discount for Lack of Marketability $105.837,510 Pro Rata, Fair Market Value $106,000,000 Pro Rata, Fair Market Value, rounded •AIF VI • Apollo Investment Fund VI, LP "See Exhibit C-2 —See Exhibit C-3 "—See Exhibit C-4 EFTA00625022 _^"".1 J t a -•-frtle- -rampir el - T1 PRIM - J EXHIBIT E AAA ASSOCIATES, SUMMARY OF CLASS A DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 Horizon $1,534286 $5,538,596 $26,299,943 $100,222,824 $168,386,228 Anticipated Carried Interest* $0 Pro Rata Share of Direct Interest Returns** 0% $o $0 $0 $0 $1,534,286 $5,538,596 $26,299,943 $100,222,824 $168,386,228 $168,386,228 Aggregate Taxable Cash Flows ($45,100,271) ($75,773,802) ($75,773,802) 45.0% ($690,429) ($2,492,368) ($11,834,975) Less: Operating Expenses $14,464,969 $55,122,553 $92,612,425 $92,612,425 $843,857 $3,046,228 Operating Income ($23,151,472) ($38,897,219) ($38,897,219) 42% ($354,420) ($1,279,416) ($6,075,287) Less: Tax $31,971,081 $53,715,207 $53,715.207 $489,437 $1,766,812 $8,389,682 After-Tax Cash Flows $399,027,249 Horizon Value - (Gordon Growth Model)** Long-Term Growth Rate 4.0% Discount Rate 18% 208 573 938 1,303 1,668 1,668 Days 0.6535 0.5538 0.4694 0.4894 0.9100 0.7712 Present Value Factors $445,383 $1,362,528 $5.483.004 $17,707,139 $25,211,943 $187,288,723 Present Value of After-Tax Cash Flows 5237.498,721 Sum of Present Value of After-Tax Cash Flows 15% $35,624,808 Pass-through premium Aggregate Marketable Value of Invested Capital $273,123,529 $0 Less: Debt Outstanding Aggregate Marketable Value of Equity $273,123.529 24.64% $67,297,638 Pro Rata Class A Interest Discount for Lack of Marketability 20% ($1S459.528) $53,838,110 Pro Rata, Fair Market Value of Class A Interest $53,800,000 Pro Rata, Fair Market Value of Class A Interest, rounded interest for el future funds MN be attexttabie to AM Associates. LP 'Corded interest is derived from All/ Funds VI and VII. II is enbcipatee that a share of the carried returns generated by me one:relying funds. per are notes to the audited 2006 Monad statements —AAA Associates does not participate in any investment Growth West Hatton Value • Horizon Cash Flow x(r + growth rale)/ (ciscoun( rate- growth rate) •— Gordon EFTA00625023 a.= laa la' IN &Wait=• EXHIBIT A4 DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 Total Remaining Projected Total PROJECTED REALIZED PROFIT Investment Cost Basis Exit Value 2007 2008 2009 2010 2011 Ali- IV illy, zdnients & Cost Basis' Public Med waste 3270,000.000 $237.900000 5175,643,004 462,256,996 SO SO SO SO Quality Distributions 5103,900,000 $103.900,000 5119,600,000 SO $15703000 SO SO SO Total 5373,900000 5341.000.003 $295,243,004 Total Divestiture Profit of L. III 462,256.990 515.700.000 SO 50 Pro Rata Share of AN III held by • ' - Co-Investors III 5.6% 43.494.693 $881.293 SO SO SO Less: Carried Interest Paid to General Partner 20% 5698.939 4176.259 SO $0 SO Net Realized Share of Profits (pre-tax) 30 3705.035 SO so SO Tax Rate 0% 0% 0% 0% 0% Tax 0 0 0 0 0 Net Realized Share of Profits (after-lax) 110 0 705,035 0 0 0 Plus: Return of Caper. i.e. cost basis Med Waste Quality Distributions Aggregate AIV III Return of Capital 5237,900.000 SO $237,900,000 SO 5103,900,000 $103,900.000 SO 50 So SO SO so roi 50 Pro Rata Share of NV III held by Apollo Co-Investors II 5.6% (b) 513.364.120 $5,832.253 $0 $0 SO Total Pro Rata Cash flows to Apollo Co-Investors III (aria+ b) 513,354,120 $6.537,238 $0 SO 50 Discount Rate 16% Days 207 572 937 1,302 1,667 Present Value Factors (d) 0.9193 0.7925 0.8832 0.5689 0.5077 Present Value (e•dac) 112.276.078 55,180,647 30 $0 SO Sum of Present Values (sum of $17,456,725 Pass-through premium 0% SO Aggregate Marketable Value 517.456.725 Pro Rata Partner Interest in Apollo Co4nveslors III, ILC 48.26% 58.424.616 Discount for Lack of Marketability 15% ($1,263,692) Pro Rata, Fair Market Value 57.160.923 Pro Rata, Falr Market Value, rounded 37.204000 *Alf III - Apollo Investment Fund III, LP —Based on management aroczeicn of profit and return of capital. EFTA00625024 __ I-1 UM a UMW 'I Z1 1 71 I II EXHIBIT DISCOUN 0 FUTURE °NEST/TENT RE DERN. AS OF JUNE 6. 2007 Tool Roma/ring Profrmled Coal PROJECTED REA/ TED PROFIT Maga Cool Dams Ed, Value 2007 2005 2009 2010 /OF IV Innstmns d Con Suer Peat 107.152.529 SSStStSS Smas Sanaa Rabe 3252.300.000 $147600,000 1110.036.114 112.354.071 10 Styleira Camara/aims 594.200.000 $07.4CO.CCO SI 15214250 527.914.750 30 SO larlals 1417.200.CRO $417.206003 $01.2211.167 $13126.752 5170097,415 SO d/C9 1163.000.000 $51405010 $131170.666 SO 1•1170.616 50 Educate Si S1.700.000 363203033 $110.70‘000 $95.504.000 9) so Mal %Dm Ifidhablin 3303,400 000 5145 700000 5205,777.140 $57.077.140 10 10 504% Mammal Tana Paean 3120.400.000 310200003 545.000.766 $0 517.600.160 50 tCommacalia 31030.000.1/00 $64.100.000 1467.734.420 SO 3603./34.420 so Pato Hawn $205 00.000 50 5600 000000 so SO 5600.000000 SO TAIM ToolDivestiture Prefil of Apollo Inuit/ma Fund IV Pro Rola Sao at MV IV rom by Apollo Ce-Inse•ma 1616 14 470000 110,110 510.11)).133 10 SO tam Carried Dian Pad a c4-+.A Pam*, 200E 4195560 43.622.127 42,176067 SO SO NA Rooted Share at Peas (ore-Rol 33.561,440 314.408.7e 38.7952167 so so Tat Rale 0% 0% 0% 0% 0% Ta. SO so so so SO No. Romme Mir. of Prom (ollesalil U) 53.541.440 114.44.117411 µ105,4Y 10 10 Plus Rain 01CraDi . to mV SOPS Wye Saadi* Radio 140 100.513 5107.101045 so so SO Sayloria Coorrunatora $07.400.000 SO so so so Una Rotas 331.573245 $315.626,752 so so SO PCS SO S•1000,0)0 so so SO Educate 365200.000 SO so so $0 ASS Wain Vasa/ 1145 700000 SO so so SO Nam% 'Rana Paton 510300000 so so SO Hughes Corrnunaleis SO 30.600.000 so so $0 imoon SO SO so so $0 Agnate AN N Reba C Captst 6934571.790 3641.126201 SO SO Pm Rota Ste 04 ANN ha by Ap010 Cullnumalm IV 16% lb) 57.117,054 511.711.444 $0 $0 SO TOO Pro Rola Cast banes Apo% Celt/um loni IV (4•••16 $10.731.534 121261122 µ2J3162 1.0 $0 Damon' Rale 17% Dap 207 572 0)7 1102 1 667 Nall Vas Focal (dl 0.9141 02119 0.6613 0.5712 04142 Prima Vain mo•o4I1 $0.123.701 $10534510 la 115.402 so 10 Stan not Pram Vans (an Se) 138.177044 Pan-Amy, run 0% so Auriga Mailable Via $305770344 Pny Ram Manna Mad n Aeolo Culenraers N. "C 2630% 19514.562 Cuctued Is tad( et Maikralay (S1902014 IPro Ram roe atm Value 57.611.69) Pro Ram abaligibiblo Vida woad $10000* Mao alma FUW N. LP "Based on mamma Malta of pra and naum Matti EFTA00625025 ININI••••• a • • I • • • • • .IN Lisa EXHIBIT A-6 DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7. 2007 Total Remaining Projected Total PROJECTED RFA1 i7PD PROFIT Exit Value 2007 2008 2009 2010 2011 Investment Cost Basis AIF V Investments 8 Cost Basis* Ptivata $0 SO 50 $129.700,000 $7,400,000 $1200.000,000 51,112,600.000 Intelsat $0 5358,250.000 SO 50 $295,000,000 $285 000 000 5841 250000 Unity Media $424 700 000 $292 400 000 $1 841 0.000 Total $1.192600.000 5356250.030 80 $0 SO Total Divestiture Profit of Apollo Investment Fund V (foreign investments) 2.6% $31,387,842 $9,378.025 $0 SO SO Pro Rata Share of AN V held by Aped° Co-Investors V (EH) 48,277,528 41,875,205 SO $0 SO Less. Gamed Interest Pad to General Partner 20% 525,110,113 $7,500,820 $0 $0 SO Net Reakred Skye of Profits (pre-tax) 0% 0% 0% 0% 0% Tax Rate 0 0 0 0 0 Tax 7,500,820 0 0 0 (a) 25,110,113 Net Reared Share of Noels (alter-tax) Ples. Return of Carnal—. e. cost bass 57,400,003 50 $0 $0 SO Intelsat $0 $285,000,000 $0 $0 SO Unity Media $7,400.000 $285.000,000 $0 SO SO Aggregate AN IV Return of Capital $194,758 $7,500,820 So $0 $0 2.6% (b) Pro Rata Share of AIV V held by Apollo Co-Investors V (EH) (csaa+b) $25,304,872 $15,001,640 So SO SO Total Pro Rata Cash flows to Apollo Co-Investors V (EH) 18% Discount Rate 207 572 937 1.302 1,667 DayS (d) 0.9104 0.7715 0.6538 0.5541 0.4696 Present Value Factors (escxd) 323.037.650 $11,574,194 SO SO $0 Present Value (sum of e) 534.815844 Sum of Present Values SO 0% • Pass-through premium $34,611,844 Aggregate Marketable Value 24.10% S8,341.455 Pro Rata Partner Interest in Apollo Co-Investors ot LW 20% (51,688 201) Discount for Lack of Marketabity 56.673.164 I Pro Rata. Fat Market Value $6,700,000 Pro Rata, Fair Market Value, rounded PJF V - Apollo Investment Fund V. LP foreign feeder feed AIV V Euro Holdings. M. "Based on management allocation of profit and return of capital. EFTA00625026 EFTA00625027 a goo a a 542 a a a a aS a a a go $16.01.71/ a 14.174.614 §Sia SpaS 2 2S a 2 3 3 Leh :a 0 k y I D E 2 a 1 I I I. ; t! "I= I I nal1I iiiiiiiii1!pi 1 a k 1111 5 ••• 'EP I • • —$6 $ I Lis 144 !Mier A.I 01:1COONTED VOTUM NVE331,261RET10015 Al OF NIM 7.207 16441 144,214.20 240414.4 2141 PRCOCCIED REALIILD 120111 22241~1 CON Sails 1011/ 44 /4 22/7 202 2.01 202 2001 2012 MF N 44.4404442 t C44113add 1/M1••• Reeron3 1421.000.000 5212.360.000 51 041050.000 $0 2 5195.157 92 $3901/5.020 $195,117300 2 13440 1112444 5403.20,000 202.700.000 1414544000 50 511111.117.620 520,1UØ 10 50 14 Verse $22.403000 52.900.2200 333i.Ø.000 10 50 525.000404 NO 500000 $0 to Momem64 $39(1300000 236.$04.000 1492.125003. $0 $0 2 3495 62500 $0 $0 JK.N, Ommat 105 592.000.000 52.2010 COO 1210400000 50 56 50 31 2000,oø 50 10 PAS; Tent< Wed Marta's tniertdronol 2091.750.~ $10,0475 1.00, 750x00 020 511..7•6 045:5 1...0‘5 . 50 10 50 $0 $111.02.121 10 RØ7 215,1200.20 10 54 1144,513 313 054 23131 512.143113 53 04204 S330.03002 $350000000 10 14 $0 23120.000 50 30 Cimml 5325.000 1525.004400 11,151210.000 50 1.0 10 /20 5165250.000 56 Oman 2 FInY $244,030.20 5245,000000 5551230000 $0 50 50 $105210.000 $0 14 New. unkionalod long Oman $0 $0 $0 1695.399204 13461.04002 52.197.4453M 7021 34.439,550000 14224.750.1204 10404003,125 Tolde ~Ion MOM de AN% Immttomm Fund VI (0500..231244412/214 1 .503 40 .114133 $7.922432.534 14. 434014041 $2417.445.044 Pro Pau Snert el &NON,» Op ANN C.016661ors V1 4.1% $0 $7.72.24 $15215.040 $11920129 220.057.373 $41.729.0“ 1454. C40141 loet/e51 Pal la Geneml Prots 20% 10 24145.0311 27.043 Cl 2 ($2324.1541 245694512 21 7 11421012. NS 122244 Non of ~n lim4.4.4 40 $4.12.171 5211257 030 194412445 $193.9114.059 171 72103 Tax Rak 0% 0% 0% 0% Tax 0 0 0 0 0 NI ~NO Navo el Pre04 2~423 (41 0 240121 7Øi415 94472043 143.944 /144 /24412424114r U. 42.1141° Remeid 30 16 25.575 0:10 Si 212006 565.57$ 000 24 Beo Mes 50 415120000 3111,350.000 se se so to so 143.4300)0 a45450,0ø 50 $0 PAammilm 1.0 $0 10 $39520.004 JO 14 .1400212446 Inc 10 IS 50 *Y3Ø,021 10 $0 Hanny Fartidnmen1 50 50 50 50 II 013.710 000 50 RØ 50 $0 5X1)/427 5291.546.647 $291.6640357 14 02424 50 $4 f0 5350 000.000 10 50 Clans 10 30 50 10 5u50ø0ø 2 Smal 2 lymf $0 50 $0 324200.02 10 53 Nak ireAl~ra ia..•almonot a1Ø517ØØ 4020 $0 55X54912 *77/54ø,H0 II 200 00002 609209463 AN N Otium ot CNN C 1 040 31 2.54.041.27— 52.0723 .41 Ras 4440, el AN vl nel0 ty Atiolie ce-6~a 2 4.1% IN 242.12.5411 1191.1119,1711 134924.141 154074113 $114,031.741 $49,000.000 Taal IN Ram Cash Do..le Apollo CemInt21:2 Vt Ic • 0 • 01 1142.094.008) 175.639./34 150075607 1/10350325 $177097.107 $20.713.205 D6032.0112.410 31411 207 52 937 1.302 4667 2.032 Preaare WIN Factas 141 0004 0.7911 04242 03219 0 249 0.302 44 c .4) (1111.0.3.24) (100355.03, ) 21.554547 $911.116.843 244.343.705 541771,29 Onmont Valel foto e/ 2. 105 Vaal lom 00 1231.092.904 "5"1441420150012 0% 14 2142meopm Atarbelatt VON Pro Rata parar ~ra 0 ANN C0416240n21.1.5 15.97% 23,430341 1240~ Ldin addiletel•ani 30% 11,4);1 4ML Pro Ika Fat Wan Va104 Pro Rat, Fair Marta Vaiue, roundod $30.700,000 -61, Vf. 44044~120222.40 VI LP *11.4144 en 011ida~4 osocam el pal and Mum *4 ca qat EFTA00625028 .. . I. I DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 Total Remaining Projected Total PROJECTED REALIZED PROFIT 2007 2008 2009 2010 2111 Investment Coed Basis Exit Value AIF VI Mau:micas d Cosi Basis' Private SO SO 1100.437,500 $180,437,500 50 1266,700,000 335.400,000 1396.275,000 CEVA (TNT, logistics division) Pending Tainsacgons SO SO SO 1539,218 750 SO $431,375.000 $431675,000 1970.393.750 Countrywide PLC J 3720,075.000 3466.775.000 31,366.868,750 Total so SO $180,437,500 $719,656,250 SO Total DIvestItUro Profit of Apollo Investment Fund VI (foreign Investments) $0 SO $7.367,865 $29,385,964 $0 -Investors VI (EN-A) Pro Rate Share of AIV VI held by Apollo Co 4.08% 20% 10 10 (31,473673) (55,877.193) $0 Lost Carried 'Mama Paid to General Partner SO SO 55,894.292 523.506,771 $0 Nat Realized Slum of Profits (pr►tor) 0% 0% 0% 0% 0% Tax Rale 0 0 0 0 0 Tax 0 5694,292 23.506.771 0 (a) Net Reeked Shen of Profels (after-tax) Plus: Rotten of Capler,i.e. coat bads SO SO 117,700.000 317,700.000 $0 CEVA (TNTs logisfies didslon) SO SO 50 5431,375.000 30 Countrywide PLC $0 SO $17,700,000 3449,075,000 10 Aggregate AN IV Return of Capild so $0 $722,760 $18,337,229 $0 Pro Rale Snare of AN VINO by Apollo Co-Investors VI (EM -A) 4.08% (0ea+ b) SO SO 36.617,042 $41,841,000 SO Total Pro Rata Cash Rowe to Apollo Co-Investors VI (EN.A) 207 572 937 1.302 1.667 Days 0.9018 0.7515 0.6262 0.5219 0.4349 (d) Present Value Foams SO 34,143.772 $21,837,589 SO Present Value DI • c x 50 20% Disccunt Rale (sum of e) 125,981,361 Sum of Present Values 50 Pass-through premium 0% $21,931,341 Aggregate Marketable Value 18.40% 14.780.570 Pro Rata Partner Interest in Apollo Co.ineestors VI (EM.A). LLC 30% (51434,17'0 Discount for Leek of Marketabdity 33.346,399 IPro Rat Fair Market Value 53.360,000 Pro Rata, Fair Market Value. rounded AIE VI - Apollo Investment Fund VI. LP Salop feeder feed AIV VI Euro Moldings, 'tined on management allocaSon of worn and return of eadial. EFTA00625029 MIL a' (a EXHIBIT A-1 APOLLO AIC CO-INVESTORS, LLC VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Share Price Number of Shares as of June 7, 2007 Value ASSETS 779,761 $22.98 $17.918.908 Publicly Traded Share of Apollo Investment Corporation (Ticker: AINV) $3.002 Cash & Equivalents $17,921.910 Total Assets LIABILITIES & EQUITY $0 Liabilities $17,921,910 Members Capital $17,921.910 Aggregate Member's Capital 5.0% ($896,095) Less: Investment Company Discount $17,025,814 Aggregate Freely Tradeable Value of Equity 54.15% $9,218,985 Pro Rata. Members' Capital 15.0% ($1,382,848) Less: Discount For Lack of Marketability $7.835.138 Pro Rata. Fair Market Value of a non-controlling Membership Interest $7,800,000 Fair Market Value of a non-controlling Membership Interest, Rounded EFTA00625030 r-m. Nit mai rimy rut 'mu . . nrieueneRMInlellreall" EXHIBIT A-3 APOLLO VALUE CO-INVESTORS, LLC (Value formerly DIF and V1F) ADJUSTED BOOK VALUE VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Capital Account ASSETS As of 5/31107 Market Adjustements Adjusted Book Value Capital Account Balance of Apollo Asia Oportunity Fund, LP $14,795,965 $0.00 $14,795,965 Cash & Equivalents $0 Total Assets $14,795,965 LIABILITIES & EQUITY Liabilities SO Members Capital $14,795,965 Aggregate Members Capital $14,795,965 Less: Investment Company Discount 10.0% ($1,479,597) Aggregate Non-Controlling Fully Marketable Value of Members' Capital 313,316.369 Pro Rata, Members' Capital 31.28% $4,165,360 Less: Discount For Lack of Marketability 30.0% ($1,249,608) Fair Market Value of a non-controlling Membership Interest $2,915,752 Fair Market Value of a non-controlling Membership Interest, rounded $2,920,000 EFTA00625031 W EXHIBIT A-2 , LLC APOLLO SOMA CO-INVESTORS ADJUSTED BOOK VALUE INTEREST VALUATION OF MEMBERSHIP AS OF JUNE 7, 2007 Market Adjustements Adjusted Book Value Capital Account ASSETS $0.00 $2,683,719 $2.683.719 Asia Oportunity Fund. LP SO Capital Account Balance of Apollo $2,683,719 Cash & Equivalents Total Assets SO LIABILITIES & EQUITY $2,683,719 Liabilities Members Capital $2,683,719 Aggregate Members Capital ($268,372) 10.0% $2,415,347 Less: Investment Company Discount etable Value of Members' Capital Aggregate Non-Controlling Fully Mark 38.77% $936.324 Pro Rata. Members' Capital ($280.897) 30.0% $655.427 Less: Discount For Lack of Marketability Membership Interest Fair Market Value of a non-controlling $660,000 est, Rounded Fair Market Valu e of a non-controlling Membership Inter EFTA00625032