From: "Jeffrey E." <jeevacation@gmail.com>
To: Marc Rowan cl
Subject: Re: TRA Valuation Process
Date: Fri, 04 Mar 2016 19:24:48 +0000
Sony to beck pain but the number on the balance sheet has s worksheet I'm sure
On Friday, 4 March 2016, Marc Rowan < > wrote:
Sent from my iPhone
Begin forwarded message:
From: Suzanne Wong < mailto: >>
Date: March 4, 2016 at 9:02:17 PM GMT+2
To: Marc Rowan mailto:I
Cc: Martin Kelly mailto: >, Chris Weidler
mailto:
Subject: RE: TRA Valuation Process
Marc —
See attached calculation for an example of an AOG exchange (Aug 2015).
Let me know if you have any questions.
Best,
Suzanne Wong I Apollo Global Management L.L.C.
730 Fi
Office mailto
From: Chris Weidler
Sent: Thursday, March 03, 2016 5:02 PM
To: Martin Kelly; Marc Rowan
Cc: Suzanne Wong
Subject: TRA Valuation Process
Marc,
Please see below for how the deferred tax asset (`DTA') and tax receivable agreement ('TRA') is calculated as
well as the key inputs into the computation. I tried to simplify as much as possible but obviously a complex
calculation. Please let me know if this is sufficient or if you need more. We have example detailed
calculations if you would find that useful.
Each exchange related to the TRA is valued using a multi -step process described below
The TRA is valued as 85% of DTA that is created as a result of an AOG exchange. The DTA is calculated as:
EFTA00832526
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