EFTA01127817

Blodi Faren, Pa't-02(5 Percentages evenerabionercentacits within I BF Neli:Ines (1r sfets oecternd on Amil 19.2007E of EntIty Values (as of Pont 19, 2007E Tow Namrzlo 4/16/203/ Va4abon JPM Loan Proceeds Stratege Proceeds Man 2007 motne Fran BFP Lar Hoiangs L8F14oldrgs LLC metan 'ovesi/rent Trust A (MI III) 0 0000% S S S - Stanarinam ut • Juan InVEISIMent Trost 8 (MI M S 838.243 0068% 0124% S 536.199 384.540 S 7,715 S 352254 Marusgmiont 636243 Jude, Invosinfom Tnal C (AM VI S 3,100,119 0328% 0457% S 1.983.065 1822934 S 28531 S 1450.895 Meneweint V 5 3.106119 Julah mvesrenl Trust D (4.4 S 45238,845 5178% 7255% S 31495360 22,587,152 3 453839 S 23.043291 Nanagement V1 5 49,236,845 Judah Investwent Trust E (MM) 5 205673.688 21.734% 30455% S 132.203.071 94.815501 S 1.902.071 S 95712.573 NM S 206.673.888 Judas Masivnem Trust F (VabJe) S 14145190 1551% 2.173% S 9.432.703 5788740 3 135.713 S 8.900.453 Vana Man/igrani S 14,745190 Jame Investrtlent Trust G (SW) S 104.220,741 10960% 15.358% S 66,668538 47,810.734 S 959.170 S 45769.904 SW Maregermint S 104,220.741 kodah Invotimant Trust II (MB) S 15.503.790 I 630% 2.265% S 9.917518 7,112.285 S 142,665 S 7.264.970 Asta Managernent S 15,503,790 Judah Wvestment Trust I (Europe) S 163,757,015 17221% 24.131% 5 104.760.539 75,122,696 3 1.507.098 5 76.629.744 &rope lAana0emere S 163,752015 Judah Invostment Trust J (MA) S 120535149 12678% 17.763% S 77105,343 56,24,720 S 1,109.353 i 56405.073 MA S 120530 149 Gamsa S 272.320,082 28637% S Goo:leni S 272,320,082 Total S C -6%,*~- w 100000% 100000% S 434.090.527 311,311.531 S 5245.477 5 317.537.004 434090527 311611531 3 5245.477 S 317,557.004 I‘ 5 Vabe AOPSOK S 10,469,702 %olLlFwleOW 71.363% m eQ#8.1*-151CNivy, SVF nimava S 43.386237 Asa NMSOM S 11,111,560 SOMA Admen 5 13.664,035 368-4-sk Ownership porcentaoes of Black tanilo Partner; (transl4Fa occurred on Arne 7.2007E (st of Fntity Valuti (as of June 7 20070 StraitepiC Proceeds adst122271an TOW Proceeds LI* HolcIng3 LLC 851.690.121 67.60% S 311.311,531 6,245,477 317,557.008 L8F HoeIngs S 851.650.121 Juan Inestanent Trust K (AA vi) 19961 216 158% S 7,259,713 S 14.5,643 7.405.356 SW Aenows S 44,803.073 Jati Instanten' TNP L 24.098.404 1.91% S 8508896 S 176,715 5995.213 Vas 404sors S 10,664,982 Mah Maniram Trost M 58791572 467% S 21.489,663 431,122 21.920.775 Asi* Adams S 11,359,014 Judah Instantni Duet N 49.073,988 369% S 17.937,465 359,881 I5297887 SOMA Athwors S 14,301,558 Judah 'nemirnem Trust O 53.838110 4 27% 5 19,679,017 S 394.797 20.073,814 Leon D Black Weestment Trusts A 25.352601 201% 9.269.925 105909 9452,736 Adviscies IV S 37,484,5es Black famet 1997 Trust 23.274.198 1.85% S 8507.233 S 170.671 8,677,904 Advison V S 84,143,973 4 separaw 1992 boste fce loon Mode* chatten 72831,735 575% S 26.475397 531,145 27.008.542 Senika V1 S 68.935,204 4 separate 1988 vests la Leon Moda obleten 3215,230 028% S 1.175,216 S 23,577 1,191615 AAA Assomates S 53538,110 Leon Black (neartuady) 78 339 645 6 22% S 28634 869 574 468 29108.336 TOTAL. 1159110,621 100.00% S 400545.640 3 9.239.384 09.784,964 Co-Investors 7.200,000 469.784.984 Co-Investors N 5 7603.000 %vdala 9078% Co.Investoes V S 22.503.000 64-InveaorS V1 S 34.050,000 NC Co-Investars S 7580,000 V•Ne CO-IfIVCJWIS S 6926003 SYF CO-Vert3SICCS SOMA CO•Invellpfli S 603,003 1259,968.621 EFTA01127817 ICJ • I —A I • i__M __A 1__ _-a Exhibit C APOLLO MANAGEMENT HOLDINGS. LP CONCLUSION OF EQUITY INTEREST AS OF APRIL 16, 2007 Assts Applicata* Lack of Aggregate Marketable Marketability Aggregate Fair Partners Pro Pro Rata Fair % Exhaling Asset Discount Market Value Rata Interest Market Value Contribution Value of Equity 10% SO 30,35% SO 0.0% Apollo 'Armor-nen, l P. Ma 13268101 10% 52.761.920 30.35% 1838.243 01% Apollo Management IV. L.P. 13.100.119 03% $12.017.131 15% $10214.562 30.35% Apollo Managnment V. L P. 30,36% 149.236246 49% *ago Mennutment vi. L P $1901/58.971 15% $162230.131 15% 1864.743.465 23.90% 1201.613268 205% Apollo Imestrnent Management, s P. 11.017.345253 15% 914.818.550 26.90% $14.746.190 1.5% $61.492Al2 • Alookt Value Management. L P, 15% 1236265,320 44.00% 1164,220.741 104% Apollo SW Management LP. 1278.665.002 $43Ji$23Ft' 84% Jr Apollo koa Atragetnent L P. 1124233.627 144.044259 20% 201E 399,786,902 135.235.887 44.00% 84.00% 115203.790 1.5% 1.1% tad Apollo I ;sore abnormal. LP. 13104.933 1,466.218,791 20% 20% 525253.546 1372.175.033 44.0)% 44,00% Warbeer $163,767,015 163% 20% 1273.952/611 48.02% 1120,539.149 12.0% Apollo Akernatve Assets. LP. 1342,440.764 L 1 t; 4ic yF-1 8136037,927 S7y471577- 729% Staloini $2.574.452.630 Planned rundoCi000Wif 30.36% $92.940.669 9.2% 1382.786.941 20% 1300220243 Apollo Management VW L.P. 24.64% 161220.427 8.1% 5439.504.477 25% 1329.628.358 Apollo Matson VV. IP. 44.00% 110.845211 1.1% Apollo EDF Management. L P. 630111.391 20% 124.649.115 20% $22242.185 44.00% 19,703.562 1.0% Apollo EPF Arhisors, LP. 127202232 20% 191742.284 44.00% 143.886605 4.4% New Find Management LP, 5124.577.856 20% 176455018 44.00% 133,640208 3 3% New Find Adatsors, L.Ps 196.568.772 $858946,513 1272.320.002 271% SIMOOY S1.101.152.171 $2.996.994,440 $lpof, 651 IGO 0% Total Assets $3.671404,801 -icy fiA-; 23 LiabiligeS S Equity Total Liabilities SO SO so $3.675.604201 52.996 904 440 $1.005.953658 Total Equity 33,675.604,601 52,996944.44 51,005,963.658 Total Liabilities and Equity 62,096 984.440 Aggregate Fair Marker Value 51005,053650 Pro Rata. Fair Market Value of Partners Interest 11.005.953,618 Pro Rata. Fair Market Value of Mutner's Interest 33.57% Concluded Equity Interest of Partner In AMHLP 50% (550297.683( Less- Investment Company Wean 966,655276 Worry Marketable Naha 100% (595.565.598) Less Leek of litarketablty Dni:O41,11 3660,090,376 Fat Market Value of 33.05% Interest in AMHLP 1866100.000 Fair Market Value of 33.67% Interest In AMHLP. Rounded le was meopmed thai Ma any S. own* curren0y pent to me respective Apollo Management comOseY woad be0a to be paid lo the Apollo Aqvisce entry. EFTA01127818 EXHIBIT A-1 APOLLO MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT 2006 2007 2008 Adjusted Invested Capital $341,800,000 $119.600,000 $0 Management Fees $6,034,471 $0 $0 Operating Expense Ratio Estimate 68.6% 0.0% 0.0% Operating Expenses ($4,137,805) $0 $0 Operating Income $1,896,666 $0 $0 Margin: Adjustment Adjusted Pre-Tax Income $1,896,666 $0 $0 Tax Rate 42% 42% 42% Tax $796,600 $0 $0 Net Income $1,100,066 $0 $0 Days 259 624 Present Value Factors 11% 1.0000 0.9286 0.8366 Present Value $0 $0 Sum of Present Values $0 Pass-through premium 15% $0 Aggregate Marketable Value of Invested Capital $0 Less: Outstanding Debt $0 Aggregate Marketable Value of Partners' Capital $0 Partners Pro Rata Percentage 30.35% $0 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 EFTA01127819 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' $1.043.700.000 $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 $0 $0 $0 $0 Tax Rate $2,966,199 $2,152,291 $0 $0 Tax 42% 42% 42% 42% Net Income $1245.804 $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 Partners Capital 10% ($93,138) $838,243 Pro Rata, Fair Market Value of Partners Capital, rounded $840,000 'Sand on projections provided by manspoment EFTA01127820 EXHIBIT 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 $1.694200.000 $984,976,667 $593,497,619 $150,000,000 $0 Management Fees' $13.348,875 $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) ($3.638.995) ($2.400.520) (61,516.158) ($272,830) Pre-Tax Income 56,445.752 $7,737,711 $4,252,782 $2,103.516 $570,920 Adjustments $0 $0 SO $0 $0 Adjusted Pre-Tax Income $6,445,752 $7,737,711 $4,252,782 $2.103,516 $570,920 Tax Rate 42% 42% 42% 42% 42% Tax $2.707.216 53.249,839 $1,786,168 5883,477 $239,787 Net Income $3,738,536 $4,487,872 $2,466,614 51.220,040 $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 53,873,081 51,952,948 $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 Vend on ponotOons prove*:by management EFTA01127821 EXHIBIT B-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 Adsusted Invested CaPitEll' $1601.000.000 $6,802,600,000 39.061,250,000 $8.479.508,333 $5.951.797,917 $1,200,000,000 Management Fees' 3120,175,978 $62,470,081 381,860,872 550.332.330 $22,943,613 Transacocn And Monitonng Fees' $357,252,000 3144,000,000 36 30 SO Broken Deal Fees' ($34,534,581) ($17,481,288) $0 SO SO LP Rebate' ($219,468,245) ($88.032,724) SO $0 SO Net Transaction and Mon4oring Fees 3103,279,174 340.485,988 30 SO 50 Total Management Fees and Net Transaction and Moneorirg Fees $223,456,152 $102,956.069 $61,660,872 $50.332.530 $22.943,613 Operating Expense Ratio Estimate 27.8% 32.0% 38.1% 41.9% 32.3% Operating Expenses' ($62,146,750) 019,981,910) (522.247,321) ($21,082,575) ($7.418.900) Pre-Tax Income $161,308,372 $82,974,158 339.413,552 329.249,955 $15.524,713 Adiustments $0 $0 $0 $0 SO Adiusted Pre-Tax Income $181,308,372 $82,974,158 $39,413,652 $29,249.955 $15,524,713 Tax Rate 42% 42% 42% 42% 42% Less: Tax 367.749.516 334,845147 316,553,692 $12.284.981 $8,520,380 Net Income $93,558,856 $48,125,012 $22,859,860 $16,964,974 $9,004,334 HOCIZOB Value (Gorckn Growth Model)* Darr 259 624 989 1.354 7,719 Present Value Factors 1.0000 0.9407 0.8630 0.7918 0.7264 0.6664 Present Value $88.009,078 $41,532,390 $18.099.357 $12.322.995 56.000.510 Discount Rate 9% Sum of Present Values $165,964,329 Pass-through premiwn 15% 524.894.649 Aggregate Marketable Value of Invested Capital $190,8,38.978 LOSS Outstanding Debt SO Aggregate Marketable Value of Padners Capital 5190,858,978 Partner's Pro Rata Percentage 30 35% $57.925,700 Drsoount for Lack of Marketabfirty 15% ($8,688,855) Pro Rata. Fair Market Value of Panne's Capital $49236,845 Pro Rata, Felt Market Value of Partner's Capital $49,200,000 Sued on goings.% peavaxI fry 01.14394470if EFTA01127822 E XHIBIT A-s DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 2011 HOWLON Assets Under Management (June 30) 52800800,000 53,450.000,000 34.300.000.000 35,150,000,000 56.000.000.000 Assets Under Management (December 31) S2.178000,000 33,025,000,000 $3,875.000.000 34.725.000,000 55,575,000,000 36,425,000.030 Leverage 33.0% Unleveraged Assets Under Management (June 30) $1,954,887,218 32,593 984,982 S3,233882.707 53,872,180.451 34,511,278,195 Management Fees 2.0% 552,000,000 569.000.000 586.000,000 5103,000,000 $120.000,000 Yield on assets 12.0% $312,000,000 3414,900,000 5516.000,000 $618,000,000 5720.000,000 Other expense GSA ($1,000.000)i (52.000.000) ($3,000,000) (54.000.000) (45,000,000) Cost of debt 6.4% ($41,287,218) (1/54.784.952) (3613.282,707) (381,780,451) (395,278,195) Gross carry 20.0% 343,542,556 357,643,008 S71.743,459 385,843,910 399.944,361 399.944.361 Management Fees 352,000,000 389,000,000 586,000,000 $103,000,000 3120800,000 5120,000,000 Total Fees 395,542,656 $126.643.008 3157.743.459 3188843,910 3219,944,361 3219,944,361 45% 45% 45% 45% 45% 45% Less. Operating Expenses (342,994,150) (S56,989,353) (570.984,5561 (384,979,759) (3985174.9621 (6138.974,962) Pre-Tax Income 352,548,406 569,653,654 $86.758,902 $103884,150 5120.969,398 S120.969.398 Adjustment Adjusted Pre-Tax Income $52,548,406 369,653,654 586,758,902 $103.864,150 $120.969,398 3120.969.398 Tax Rate 42% 42% 42% 42% 42% 42% Tax (22,070,331) (29,254,535) (36,438.739) (43.622,943) (50.807,147) (50.807.147) Net Income 330,478,075 $40,399.119 350.320,163 580.241.207 370.162.251 370,162,251 Horizon Value (Gordon Growth Model)' 31,032.387,409 Discount Rate: 10.0% Long-Term Growth Rale 3.0% Days 259 624 989 1,354 1,719 1,719 PreSOnt Value Factors 0.9346 0.8496 0.7724 0.7022 0.6383 0.8383 Present Value $28,484,959 $34,324,753 $38.867.345 $42,300,336 344,787,929 3859,022.380 Sum of Present Values 2007 Multiples Aggregate Fully Marketable Minority Interest 5847,787,711 % of AUM MVICiRev MVIC./Op Inc Pass-through premium 20.0% $169,557,542 $2,600800,000 395.542,556 $52,548,406 Aggregate Marketable Value of Invested Capital $1.017,345,263 39.13% 10.8 19.4 Less: Outstanding Debt $0 Aggregate Marketable Value or Partners' Capital $1,017.345.253 Partner's Pro Rats Percenlage 23.93'4. 5243,145,515 Discount for Lack of Manualabdsty 15% (S30,471,827) Pro Rata, Ear Market Value of Partners Capital $208,673,688 Pro Rata, Fair Market Value of Partners Capital 3206,700,000 Gordon Growth Model ((baron Net Incisme x (1•grow4h rate)! (Capitalization rate • eta risk)] EFTA01127823 tAlusll Ay 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 3732.615.000 3809,539.575 3894,541130 5456.000.000 5600.000,000 3663.000000 Class A Assets MF) 510,989.225 312.143.004 510418.110 313.418,118 39.000,000 39.940000 1.5% Management Fees 45% 45% 45% 45% 45% 45% ($5064,392) (36.038.153) (36.038,153) Operating Expense Raba Estimate 154,050,000) ($4,475,250) (54.945,151) 36.044.074 16,678.701 57.370966 37.379.965 Operating Expenses 34.950,000 55.469,750 Pre-Tax Income $0 so so so so so 38.044,074 56,670701 17,379.965 17,379,965 Adjustments 35.469.750 42% 42% 42% 42% Adorned Pre-Tax Income 42% 42% (33.099.585) (32.538.511) 512.805.055) (53,099.565) Tax Rate (12.079.000) (32.297,295) 33.873.647 34,280180 34.280.380 Tax 52071,000 53,172,455 53.505.563 Net Income $62.982,731 Maroon Value (Gordon Growth Model)• 1.719 624 989 1.354 1.719 259 06383 0.7724 0.7022 0.6383 Days 0.9348 0.8496 32207,700 32,720,008 52,732,372 340.204,897 Present Value Factors 52.883.252 52.695.448 Present Virtue 10% Discount Rate. 3% Long-term growth rate 353243171 2007 Multiples Stint of Present Values %of AUM MVIC/Rev MVIC/Op Inc 20% 310 48135 Pass-thru Premium 3600.000,000 39,000.000 14,950 000 $64.492.412 Aggregate Marketable Value of Invested Capital 50 10.75% 7./ 13.0 Less Outstandrg Deaf 304.492.412 Aggregale Marketable Value of Partners' Capcal 26.90% 317,348.459 Partners Pro Rata Percentage 15% (32,602 269) Discount Ice Lack o4 Marketability 314246.190 Pro Rata. Fair Market Value of Parthers Capital rounded 314,700.000 Pro Rata, Faft Market Value of Partners Capital. /wee on tioneseerrnt rowboat EFTA01127824 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 200$ 2009 2010 2011 HORIZON ASSeIS Under Management - SVP 5600.000,000 $1.000.000.000 Si .532060000 51.797285000 52.009.940.425 $2,451,383,770 Anon Under Klarreeddral - SOMA. 1400,000.000 3400.000.000 5600.000.000 5800.000,000 $1.000.003.000 51.200.070000 Management FitesiSVFn 2.0% $10623.000 529.640.000 $34,662700 $40,546459 547.351,713 Management Fees . SOMA 1.6% $47,354.713 53.400.000 $70013000 510,600000 $13,300,000 $15,800,000 Total Management Fees 523.025,000 $15,800,000 $37,240,000 145482.700 S53044.459 563.154,713 $63.154.713 Opera % Expense Ra0o Eslonale 45% 48% 45% 45% 45% Opining Expenses 4S% (510.361.250) (516.758,000) ($20.462215) ($24.230.006) (528.419.621) Pre-Tax %come (528,419.621) 512.663.750 520,412.000 125,015485 521.614.452 134.735,002 53.4.735.092 Adjustment SO SO SO SO SO Adarstett PreiTsa Income SO 512,063,750 520,482.000 525.015485 529,614.452 534.735,092 Tarr Rob 534,735.092 42% 42% 42% 42% 42% Tax 42% ($5.318,775) (58.602.440) (510.506.504) (512,438.070) ($14,588,739) NM Mond (S14,588.739) 57,344.975 511,879.560 514,506081 $17,176,382 520,146,353 $20,140353 Homan Value (Gordon Gressel Model)* $296,439200 Days 0 259 624 989 Present Vete Factors 1.719 1,719 1.0000 0.9346 08496 0.7724 0.1702 .354 2 Present Value 0.6383 0.8383 56.864.852 $10,093,363 511.2011.752 512060.959 512860,383 Discount Rate: 10% 5189.231254 Long-Term Grant 3% Sum of Present Values 3242.317.483 Pass-theu Premium 2007 MuldMes 15% 536347 619 % HAIM MOOR", Aggregate Mahatatge Value of Invested Capital AMC/OP MC 52713665,082 51000.000.000 $23.025.020 512.663,750 Loss Outstanding Debt $0 27.9% 12.1 22.0 Aggregate Itastreratle Value ot Partners' Goad $278.065082 Partaer% Pro Rata Percentage 44% $122012636 Oneount lot Lied of Marketataty 15% ($18.391.695) Pro Rata, Fair Market VaMo of Patties Capital $104.220741 Pro Rata. Fair Market Value or Partners Capitals rounded $104,200)HO HanasenaanimernewHolecemekidutleiSOM4 •gin eetret la 200$ Meanearased negro. ••••II nO no ns snare tee 0••• a 0•11til whith ne. • 9Mrgn,wM Ora Oil :six EFTA01127825 EXHIBIT A-9 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HittOrY Projected Projected Projected Projected Projected 2006 2007 2006 2009 2010 2011 HORIZON Assets Under Management (June 30)' $200080.000 $300,000,000 3360.030.000 $432,000,000 $518.400,000 $622,080.000 50.0% 20.0% 20.0% 20.0% 20.0% Growth in Assets $330,000.000 $396.000.000 $475,200,000 3570,240,00n $684.288.000 Assets Under Management (December 31)* Leverage 33% $225,563:910 $270.678.692 $324,812,030 $389,774,436 $467.729.323 Untoveraged Assets Under Management (June 30) 1.50% 34.500.000 $5.400.000 38.480,000 $7.776,000 $9.331.200 $9,331,200 Management fees 45% 45% 45% 45% 45% 45% Operating Expense Rabo' ($2.025.000) ($2,430.0_,,,,nm (02 916 000) ($3.499.200) (34.199.040) ($4,199,040) Operating Expenses $2,475000 $2,970,000 $3.564.000 $4,276,800 $5.132,160 $5.132.160 Adjustment 32,475.000 $2,970,000 33.564,000 $4.276,800 $5,132,160 $5.132,160 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate (21,247,400) (31,039,500) (31,496 380) (31.796,256) ($2,155,507) ($2,155,507) Tax 51,435.500 $1,722,600 $2.067,120 32.480.544 $2,976,653 $2,976,653 Net Income 47,397.472 Horizon Value (Gordon Growth Modell' Discount Rate. 10% Long-term growth rate' 3.5% 259 624 989 1,354 1,719 1,719 Days 0.6383 0.9346 0.8496 0.7724 0.7022 0.6383 Present Value Factors 1.341,626 1.483.592 1,598,648 1,741,795 1,900140 30,256,078 Present Value 338,299877 2007 Multiples Sum of Present Values 15% $5,744,982 %of AUM MNJWARev MVIMPIM Pass-through premium $44,044,859 $300,000,000 $4,500,000 $2,475,000 Aggregate Marketable Value of Invested Capital $0 14.7% 9.8 17.6 less. Outstanding Debt 344,044,859 Aggregate Marketable Value of Partners Capital 44% 519,379.738 Partners Pro Rats Percentage Discount for Lack of Marketability 20% (33,875.948) Pro Rata. Fair Market Value al Partner's Capital $15.503.790 Pro Rata, Fair Market Value of Partners Capital. rounded $15,50(1,000 '8030000 inad.9~(Picleabn5frii~ ro e"Pgre - Go!~ Go -4n Moog Manton Valuer • (honion net »coin.' ff • b+94ØØ role)/ (chsccon( rxe-Ø.term 70 EFTA01127826 IL—. I A— I "Lo I IL IL- I k- I EXHIBIT A-11 APOLLO EUROPE MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2007 2008 2009 2010 2011 HORIZON 2006 $500,000.000 $1.000,000.000 51.500.000.000 $2.000.000.000 $2,500,000,000 Assets Under Management (June 30)' 5252002000 $750000.000 $1,250,000,000 $1.750.000,000 $2250.000.000 $2754002000 ASSetS Under Management (December 31)' Leverage 50.0% 3333.333.333 5666.666,667 $1.000,000000 51232333.333 $1.662666.667 Unleverage0 Assets Under Management (June 30) $30200,000 140000.000 $50,000.000 $50.000,000 2.0% $12004000 $20,004000 Management Fee 120% $312,000,000 5414.000.000 5516.0(4.000 $618600,000 $720.000.000 Yield on assets' ($1202000) ($2600200) (53.000.000) ($4.004000) (25200.000) Other expense GSA ($81280.451) (595.274.195) 6.4% ($41.297.218) ($54.784.962) ($68.282.707) Coat 44 debt 143,542.556 $57,642008 171,743.459 585,843.910 $99244,361 192944.361 Gross carry' 20.0% $53,542.556 $77,643008 $101,743.459 $125,843,910 $149.914.361 $149,944,361 Total Revenues ($45,744.555) ($67A74,982) ($67.474.962) 45.0% (524,094.150) ($34.939,353) (554.429.759) Operating Expenses Adjustmems 555,952902 469.214,150 $42.469.398 $42,469.398 122448,406 142703,664 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate (329,089,943) (134.637,147) ($34,637,147) ($12.368.331) ($17,935,535) ($22502.739) Tax 132,456,163 140244,207 547,432.251 447232251 317,080.075 224,768.119 Net Income 1521.119.789 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 Faciocs $23.306465 525,510776 528,899,435 5293.062270 $15,661,231 520,097,901 Present Value Discotmt Rate 13% Long-term growth rate: 4% Sum cf Present Values $404.538,079 2007 Multiples Aggregate Value 8/Adjustments MVIC/Rev MVIC/Op Inc 15% 560,880.712 tri of AUM Paswairu Premium $466,218,791 S500.000.000 653.542.556 $29.448,406 Aggregate Marketable Value of Invested Capital 15.8 50 93.0% 8.7 Less. Outstanding Debt Aggregate Marketable Value of Partners' Capital $465,212791 Partner's Pro Rata Percentage 44% $204,496.265 Discount for Lack ci Mairelobely 20% ($40,939.254) Pro Rata, Fair Mantel Value of Partners Capital $163,757,015 Pro Rata, Fair Mantel Value of Pertner's Capital, rounded $163,800,000 Pnragon suPP.06ymanagsmom 00,00A Gem.. mew Melia, Nee Income ( "Irtmm nn./ lscaunn15 • bit I on, prow" toren EFTA01127827 , , I • LT-7 I ri I EXHIBIT A•12 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 2011 HORIZON $231000.000 5770.368,571 $564,465,714 $.580.36000 $580,360,000 $609.645,714 New rwested capital 580,302.857 5141,116,429 $146090,000 $145,090,000 5152,411,429 Now leverage $0 $0 SO $0 $0 New invested capral with leverage $893,712.857 $1.445,731.298 31.962.460.778 $2.341,103,529 52.507,376,436 Total invested captal $974.085.714 51.664.576.228 52.313.333,295 $2.795,555,893 $3.023,056,680 Total twisted capital with leverage $231,000.000 $601,020,465 51.594.323.126 $2678,761.562 $3.679.792.173 Assets Under Management (June 30) 53.1167,234,261 $259,733,769 $1.113,316,803 $2,151.410,265 53,267,252.327 Assets Under Management (Decanter 31) $6.648.045 $21,097,253 536.093,321 $49.684.206 $57.093.006 557,093.006 Management Fees 1.25% $46.106,774 $37.332.471 $38.422.108 538.293.284 $40.447.050 540,447,050 Transactions Fees 87,977,491 97.540,056 97.540,058 52.754,819 59,229,723 74.515.429 Total Fees 45% 45% 45% 45% 45% 45% Operating Expense Raba Esbmate ($23,739,668) ($26,653,375) ($33,531,943) ($39,519,871) (843,893,025) ($43,893,025) Operating Expenses 553,847.031 $53,647.031 529.015,150 532.576,348 340.983,486 $48,367,620 Pre•Tax Income $0 50 $0 so s0 s0 Adjustment $48,387,620 $53,647,031 $53,647,031 $29.015.150 332.576.348 $40.983,486 Adjusted Pro-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate ($12,186,363) (513,612,066) ($17,213,064) ($20,322,800) ($22.531.753) ($22,531,753) Tax $28.064.620 $31,115,278 31,115,278 $3 $16,828,787 $18.894,282 523,770.422 Net Income $359,554,321 Horizon Value (Gordon Growth WOW Discount Rate: 13% Long-Term Growth 4.0% 259 624 989 1,354 1,719 1,719 Days 0.5624 0.5624 0.9169 0.8114 0.7181 0.6355 Present Value Factors $202,202.656 $15,430,818 $15,331,621 $17,069,316 $17,834,586 517,498.307 Present Value 5285.367.304 2007 Multiples Sum of Present Values 20% $52073.461 % of AUM MVICJRev MVICI0p Inc Pass-thru Premium $342,440,764 $231,000 $6.648,045 529,015,150 Aggregate Marketable Value of Invested Capital SO 148.24% 51.5 11.6 Less: Outstanding Debt 5342.440.764 Partner's Pro Rata Percentage 44% $150.673.936 Discount for Lack of Marketabtay 20% ($30.134.787) Pro Rats, Fair Market Partner's Capes' $120.539.149 Pro Rata, Fair Market Partner's Capital, rounded 5120,600.000 Gordon Growth Model Itionzon Net Income it ( (growth rate) / (capttaleation rate . extra risk)) EFTA01127828 EXHIBIT A-1 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 PROJECT PROJECT PROJECT HISTORY PROJECT PROJECT 2010 2011 HORIZON 2006 2007 2006 2009 1.614.250,030 1.897,951,108 2,227,833,227 456,000,000 937.931,034 1,371250000 AUM (JUNE 30) FUND 1,735,478,261 2,040.134,387 2,394,954,011 0 1,113,793.103 1.474,093,750 AUM (DEC 30) FUND 25200,000 22,400.000 22,400,000 0 9,600.000 11.200,000 18406000 Carty 25.200,000 22,400,000 22,400,000 0 9,600,000 11200.000 18400.000 45% 45% 45% Total Fees 45% 45% 45% (10,080,000) (10.080,000) Operating Expense Ratio Estimate 0 (4,320,000) (5040.000) (8,280,000) (11.340,000) 13.860,000 12,320,000 12,320,000 Operating Expenses 0 5,280,003 8,160,000 10,120.000 Pre-Tax Income 0 0 0 0 0 0 0 13.860,000 12,320,000 12,320,000 Adjustment 0 5,280,000 6.160.000 10.120,000 42% Adjusted Pre-Tax Income 42% 42% 42% 42% 42% (5.821.200) (5,174,400) (5,174.400) Tax Rate 0 (2.217,600) (2.587200) (4,250,4001 8.038.800 7,145,600 7,145,600 Tax 0 3,062,400 3,572,800 5,889.600 Net Income 52,571.200 Horizon Value (Gordon Growth Model)• 1719 989 1354 1719 0 259 624 0.4774 0.6535 0.5585 0.4774 Days 0.8946 0.7646 1.0000 4,490.035 3.411,232 26,096.924 Present Value Factors 2.739.542 2.731.737 3,835,773 Present Value Discount Rate: 17.0% Long-term growth rate: 3.0% 42,305243 2007 Multiples Sun of Present Values % of AUM MVICIRes MVICIOp Inc 15% 6,345.786 5.280,000 Pass-thru Premium 937,931,034 9,600,000 48,651,030 Marketable Aggregate Value 5.19% 5.1 92 20% (9.730206) Discount for Lack of Marketability 38.920,824 Aggregate F* Market Value 26.90% 10.469.702 Partners Pro Rata Percentage rounded 510,500,000 Pro Rata, Non-Marketable Value of Partner's Capital, EFTA01127829 F.Xliittii.4.2 It AttEcattti4411keliMi9141 DISCOUNTED FUTURE EARNINGS AS OF APRIL 18, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 2009 2010 2011 HORIZON I Managed Account t'.1:,' ) dly AUM (June 30) 400.000000 403000.030 600,000,030 800,000,000 1,000,000,000 1200,000,000 AUM (December 30) 0 500,000,000 700000000 900.000.000 1.100.000,000 1,300,003000 Gross Carry (MA) 3,600,000 5,400,000 21200000 23,200,000 18,000,000 18,000.000 Management Fees (a) 0 0 0 0 0 0 0 Total Fees 0 3,600,000 5.400,000 21.200.000 23,200,000 10000000 18,003,000 Operating Expense Ratio Estimate 45% 45% 45% 45% 45% 45% Operating Expenses 0 (1,620,000) (2.430,000) (9.540.000) (10.440,000) (8,100,000) (8.100 000) Pre-Tax Income (1) 0 1,980,000 2.970,000 11,660000 12,760.000 9,900,000 9,900.000 Arcustment AcfrueLod Pre•Tax Income 0 1,980,000 2.970,000 11,660.000 12760000 9.900,000 9,900,000 Tax Rote 42% 42% 42% 42% 42% 42% Tax 0 (831,800) (1 247.400) (4.897 200) (5,359 2001 (4.158 000) (4,158 0001 Net Income 0 1,148,400 1,722,600 6262,800 7,400.800 5.742,000 5,742.000 Value (Gordon Growth Model)* 42,244,714 Days 0 259 624 989 1354 1719 1719 Present Value Factors 1.0000 0.8946 0.7846 0.8535 0.5585 0.4774 0 4774 Present Value 1,027.328 1,317,088 4,419477 4,133,883 2.741.109 20,161,171 Discount Rate: 170% Long-term growth rate: 3.0% Sun of Present Values 33.805,916 2007 Multiples Pass4tuu Premium 15% 5070,887 % olAUM 6.01C/Rev MtnefOp Inc Marketable Aggregate Value 38,876003 400000,000 3000,000 19730,000 9.72% 10.8 19.6 Discount for lack of Marketabilty 20% (7,775,3911 Aggregate Fair Market Value 31.101,443 Partners Pro Rata Percertnge 44.00% 13,684,635 Pro Rata, Non-Marketable Value of Partner's Capital, rounded 813.700,000 (a) paid to Apolo SW Management L P EFTA01127830 EXHIBIT A-S APOLLO SVF ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 History Projected Projected Projected Projected Projected 2006 2007 2008 2001 2010 2011 HORIZON Assets Under Management (Juno 30) $600,000,000 $1000.000000 51,537,000.000 $1,797,185,000 $2.099.960,425 52.461.383.770 Growth 0 Assets 66.7% 53.7% 16.9% 16.8% 16.7% Management fees (Dec. 31. for calciAation of gross Carry) 2.00% (a) 319625000 529.640,000 534,682.700 540,544.459 347.354,713 Yield on assets 15.00% (b) 3142.968.750 5189,051,000 5244,522,507 5360.236.500 5344.848.049 Fund Expenses 0.30% (c) (32.482.759) (54.138.250) (54,644.806) (55217,588) (55,863.973) Net Fund Profits (d =a + b + C) $120,860,991 $155,274,750 3205,195,001 5314,474,143 3291,627,363 Gross carry (i.e. Revenue) 20.00% 524,172,198 531,054,950 541,039,000 362,894,829 558.325,473 558.325,473 Operating Expense Ratio 45% 45% 45% 45% 45% 45% Operating Expenses (810,877.489) ($13,974,728) ($18,467,550) (528.302,673) (5213246,483) (526246,483) $13,294.709 517,080,223 522,571,450 $34,592,156 $32.079.010 $32,079,010 Adjustment Adjusted Pre-Tax Income 513,294,709 517.080.223 $22,571,450 534,592,156 332.079,010 332.079,010 Tax Rate 42% 42% 42% 42% 42% 42% Tax (55,583.778) ($7,173,693) (59,480.009) (314.528.705) (313.473.184) (813,473,184) Net Income 57.710.931 39.904,529 $13,091,441 520.083.450 518,605.826 518.805,826 Horizon Value (Gordon GrovAh Model)* 5136,885,718 Discount Rate- 17% Long-term growth rate 3% Days 259 624 989 1.354 1.719 1,719 Present Value Factors 1.0000 0.8946 0.7648 0.8535 0.5585 0.4774 0.4774 Present Value 58,897,995 37,574,461 $8,555,232 $11.208.348 58.882.221 365.347,767 Sum of Present ValueS Aggregate Value 8/Adjustments 5108,464,023 2007 Multiple* Pass-through prerrium 15% 316,269004 % of AUM tsVIC/Ftev MVICIOp Inc Aggregate Marketable Value of Invested Capital 5124,733,627 $1,000,000,000 524,172,198 $13.294.709 Less. Outstanding Debt so 12.5% 5.2 9.4 Aggregate Marketable Value of Partners' Capital 5124,733,627 Partners Pro Rata Percentage 44% $54,882,798 Discount for Lack of Marketabd4y 20% ($10,076,559) Pro Rata, Far Market Value of Partner's Canna] 343009237 Pro Rata, Fair Markel Value of Partners Capital, rounded 543,900,000 sere Atovo SVF Athnoes. 10 calm, /Kew carried intevest .0:4010 fern me SVF pear to ..1400 1.2007. Carriedinterest interne wasIOW receved by Apart SW Stmasernenc i9 lerekl on assets Is 10 Class A. CMS., 8 assets will onto in 2008 and anticipate 20% yield. Poolocbone prowled by Management EFTA01127831 at NS at SI it_ k_ L . t I I I EXHIBIT A.10 APOLLO ASIA ADVISORS. LP 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) $200,000.000 $300,000.000 $360,000,000 3432,000,000 5518.400.000 $622,080000 Growth in Assets 50.0% 20.0% 20.0% 20.0% 20.0% Assets Under Management (Dec. 31) 3330.000.000 $396,000,000 $475,200,000 $570,240,000 $684,288.000 Leverage 33% unleveiaged Assets Urxlennanagernent $150,375.940 $225,563,910 $270,676,692 $324012030 5319,774.436 $467,729,323 Management fees (Dec 31, for calolabon of Gross Cony) 1.50% (a) 54,500,000 35.400.000 $6,480,000 $7,776.000 $9,331.200 Yield on assets 15.00% (b) $45,000.000 $54,000,000 564,800.000 $77,760.000 $93,312000 Fund Expenses 0.25% (c) (5750.000) ($900,000) ($1,060,000) ($1,296000) ($1,555200) Coat of Debt 640% (a) ($4,763910) (55,716,692) (S6,860,030) (58,232.036) (S9,8703,444 Net Fund Profits (e a -a • b • c • 0 $34,986,090 341.983,308 $50,379.970 560,455,964 $7Z 547.157 Grow carry 0.e. Revenue) 20.00% 56,997,218 38,396.662 $10,075,994 312,091.193 $14,509,431 314.509.431 OPerang Expense Ratio 45% 45% 45% 45% 45% 45% Operating Expenses (53,148,746) (13,778,498) (34,534,197) ($5,441,037) ($6,529,244) ($6,529,244) 53,848,470 $4,616,164 $5,541,797 56,850,156 57,980,187 $7,980,187 A4usbnsnt A4usted Pre-Tax Income 53,848,470 $4,618,164 $5,541,797 $6,850,156 $7,980,187 $7,980,187 Tax Rate 42% 42% 42% 42% 42% 42% Tax ($1,616,357) ($1,939,629) ($2,327,555) ($2,793,068) ($3,351.679) (53,351,679) Net Income $2,232113 $2,678,535 $3,214,242 $3,857,090 $4,628,509 $4,628,509 Horizon Value (Gordon Growth Model' $35,485,233 Discount Rate 17% Long-term growth rate 4% Days 259 624 989 1354 1,719 1.719 Present Value Fames 1.0000 0.8946 0.7648 0.6535 0.5585 0.4774 0.4774 Present Value 11.998.789 52,047.989 $2,100,501 52,154.360 $2.209.600 $16,940,268 Sum of Present Values Aggregate Value &Adjustments 527,449.507 2007 Multiples Pass-through minim 15% 14,117 420 % ol AUM MvIC/Rev MVICADOM8 Aggregate Marketable Value of Invested Capital $31,566,933 5303000000 36.997,218 $3,648,470 Less: Outstanding Debt $0 10,5% 4.5 8,2 Aggregate Marketable Value of Partners' Capital 531,566.933 Partners Pro Rata Percentage 44% 513,889.450 Discount for Lack of Marketabky 20% (32,777,890) Pro Rata. Fat Market VA./up of Partners Capital 311,111,560 Pro Rata, Fair Market Value of Partner's Capital, rounded $11,100,000 hbreAprio SVF Adorn, LP 04 nor mown es0144 Morn mcorn• bow no one, to Amer 2007 cane Wont, gutwo war pyrsoulty ratosed by Apr40 SW Maaparel, LP Yekl on assets (s for Class A Class B assets wd began in 2008 and anticipate 20% weld Projecbons provided by Management EFTA01127832 EFTA01127833 ti ! —"to r ""li rTme runr. - Imo. MIL a a Exhibit C APOLLO MANAGEMENT HOLDINGS, LP 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 Valuer of Equity Marketability Discount Market Value Interest Market Value Contribution % Existing Funds: Apollo Management. L.P. 30 10% $0 30.35% 50 0.00% Apollo Management IV, L.P. $2.071.933 10% $1,864,739 30.35% 3565,948 0.07% Apollo Management V. L.P. 38097,961 15% 36,883,287 30.36% $2,089,072 0.25% Apollo Management VI. L.P. $128,613,771 15% 3109.321.705 30.35% 333.170.137 3.90% APM0 Investment Management L.P. $686,871.222 15% $583,840.539 23.90% $139,537,889 16.38% Apollo Value Management. LP $43,542,722 15% $37.011.314 26.90% $9,950.043 1.17% Apollo 5N/F Management, LP $188,143.827 15% $159,922,083 44.00% $70,365,716 8.28% Apollo Asia Management $29.737,344 20% $23,789,875 14.00% 310,167,515 1.23% Apollo Europe Management LP $315,873,157 20% $252,698,526 44.00% 3111.187.351 13.05% Apolo Alternative Assets. L.P. $232,509,622 20% $186,007.698 44.00% $81,843,387 9.61% Subtotal 31,634461,359 $1,361,339,746 $459,192,090 53.92% Planned Funds/Goodvall: Apollo Management VII, L.P. 3258.442,582 20% 3206,754,066 30.35% 362,749,859 7.37% Apollo Advises VII, LP. 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% 37,363,827 0.86% Apollo EPF Adatetra. LP. $28,486,779 20% 322,789.423 44.00% $10,027,346 1.18% New PE Fund Management LP's $296,381,282 20% $237,105,026 30.35% $71,961,375 8.45% New PE Funds Advisors, LP's 8502,143,606 25% $376,607,705 24.64% $92,796,138 10.90% Now CM Fund Management LP* 384.809.703 20% 367,847,763 44.00% $29,853,016 3.51% New CM Fund Advisors LP's $98,261,349 20% 378,609,079 44.00% $34.587,995 4.06% Subtotal $1,739,436,757 31,343,042.605 3392,498,032 48.08% Total Assets $3 37 98 116 $2 705 282.411 $851,690,121 100.00% Liabilities 8 Equity Total Liabilities' $0 $0 $O Total Equity 53.374.898.116 52,705,282.411 $851.690,121 Total Liabilities and Equity $3,374,898,116 52,705,282,411 $851,690,121 Aggregate Fair Market Value 52.705.282.411 Pro Rats, Fair Market Value of Partner's Interest $851.690.121 Pro Rata, Fair Market Value of Partner's Interest, rounded $851,700,000 11flare JAM deg is a reAcy ne,ect agairtV 'nitrous &ump stsals Ned Ap,Vc *Moorman( Hcenys. L P and there!on* rol Ceried3t a Vabity of accRo Muvrar-,nt 4, MD i. P EFTA01127834 L___/ LJ IL_-,J L---1 EXHIBIT A4 APOLLO SVF ADVISORS. LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 History Projected Projected Projected Protected Projected 2007 2008 2009 2010 2011 HORIZON 2006 5456,030,000 5800,000,000 51.750.000.000 £2.537.500.000 53.552.500.000 54.351.812.500 Assets Under Management (June 30) 45.0% 40.0% 225% 31.6% 191.7% Grost in Assets $19,625,000 $29,640,000 534,582.700 540.544459 $47,354.713 Management lees (Dec 31. for calculation of gross carry) 2.00% (a) $142.966.750 5189.051.000 5244.522.507 5360,236.500 5344.846.049 Yield on assets 15.00% (52,492,759) (54.136250) (54944.806) 05212.8985 (55863.973) Fund Expenses 0.30% (c) (d • • • b • 4) 5120.860.991 5155,274,750 5205.195.001 1,314,474.143 5291,627.363 Net Fund Profits 531.051950 541.039.000 562,694.629 5513.321473 558.325.473 Gross catty (Le. Revenue) 20.00% 524.172.198 45% 45% 45% 45% 45% 45% Operating Expense Rat* ($18,467,550) (528,302,673) (526,246.463) ($26248,463) ($10,877,489) (511974,728) Operating Expenses 522,571,450 534,592,156 532.079.010 932,079.010 513,294.709 517,080.223 Adjustment 522.571,450 534,592,156 932.079.010 532,079.010 $13.294.709 $17,050223 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate ($7,173,693) (99,480.009) ($14.528.705) (513.473.184) (5114711454) Tax (55-583.228) $18.605.826 518.605.826 17.710,931 59.905.529 513,091441 520,063.450 Not Income 6136.885.718 Houton Value (Gordon GowAte Mods)' Discount Rale' 17% Long-term growth tale. 30% L668 1,668 208 573 915 1,303 Days 0.6680 0.5709 0 4880 0.4880 1 0000 0.914 0 7816 Present Value Factors 50.744.988 511,454.904 19,019.226 166 707,174 57.050.992 57,742.462 Present Value $1101369,745 2007 Multiplea Sum of Present Valuos % of ALM PAVICIRev LOA 00P Inc Pass-through premium 15% 616 630 62 5127,500,207 5600,000.000 524,172,198 513.294.709 Aggregate Marketable Value of Invested Capital 21.3% 5.3 96 Less. Outstanding Debt 50 $127,500,207 Aggregate Marketable Value of Partners Capital Discount for lack of Marketabrity 20% ($25.500,041) Aggregate Non-Merketablo Witte of Partners' Capital 5102.003.166 Partner's Pro Rata Percentage 44% 544,880,073 Pro Rata, Non4earketable Value of Partner's Capital, rounded 544.900,000 inconnd by noon° SVF Manneinfint tP Nolo MONO SW AcIASOM. tPdd azt mane awnedranni wens tom me SW env a Auvl 2007 Cease.t,e intoirst ors prenliu* Ymill On 03 w lot am A One a sap wit/ ono in XO6 evi:1Nuanoir 20% yob Promans promoted iv elsninsetnned EFTA01127835 %sea firramd ___J 1_1 isms EXHIBIT Al APOLLO VALUE ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 History Projected Projected Projected Projected Projected 2006 2007 2008 2009 2010 2011 HORIZON 5456.000.000 $610,000,000 5663,000.000 5732,615,000 5809.539.575 $894.541.230 Assets Under Management (June 30) 10.5% 10.5% 31.6% 10.5% 10.5% Growth in Assets 1.50% (a) 59,003.000 59,945.000 $10,989225 $12.143.094 513.418.118 Management fees (Dec. 31. for catulat3on of gross carry) 15.00% (0) $90,000/240 $89.505.000 $98,903.025 5109,281.843 $120783.066 Yield on assets ($1075.220) 0.30% lc) ($1,440,000) ($1,562,786) ($1,669,834) ($1,807,409) Fund Expenses 1105.389,727 (d = -a•b•C) 579,560,000 $77.997214 $88.243.968 195.337.340 Net Fund Profits 2000% 115,912.000 115.599.443 $17240.793 519,062,488 $21.073,945 121.073.945 Gross carry (i.e. Revenue) 45% 45% 45% 45% 45% 45% Operating Expense Ratio ($9,483,275) ($9.483275) ($7,160,400) ($7,019,749) ($7.761.957) (18.580.361) Operating Expenses $8,751.600 18,579,694 gmes.eas $10,487,101 $11,590.870 $11,590.670 Adjustment 511.590.670 $11,590,670 50,751,800 $8,579.694 $9,41115.0313 110,487,107 Adjusted Pre-Tax Income 42% Tax Rate 42% 42% 42% 42% 42% ($3,675,672) ($3,803,471) ($3,984,471) ($4,404$85) ($4.888,0B1) ($4,868,061) Tax 56.722.589 $6.722,589 $5.075.928 $4.976222 55,502,365 16,082.522 Net Income 549.459.045 Horizon Value (Gordon Growth Model). Discount Role 17% Long-term growth rate: 3.0% 208 573 938 1,303 1,668 1,668 Days 0.5709 0.4880 0.4880 1.0000 0.9144 0.7816 0.6680 Present Value Factors $3,280,473 524.134.910 $4,641.605 $3.889.173 13,675.539 $3.472,718 Present Value 143.094.319 2007 Multiples Sum of Present Values MVIC/Op Inc 15% $6.464.148 %of AUM MVIC/Rev Passiltirough premium 18.751030 $49,668,417 5000,000.000 115.912.000 Aggregate Marketable Value of Invested Capital 5.7 50 8,3% 3.1 Less Outstanding Debt Aggregate Marketable Value of Partners Capital 149,558.467 Discount ter Lack of Marketabtirty 20% ($9,911,6131. Aggregate Non-Marketable Value of Partners Capital 539,646.773 Partner's Pro Rata Percentage 2690% 510.664.962 Pro Rata, NonalasIsatable Value of Partners Capital, rounded $10,700,000 by loab SW ihmegewnex LP Noe. Apollo SW Advisor; LP*,not recesve ciasdrarest memo torn Ire SW p.m',lo Ana XO1 Corned Sarni mons sea pevnusy meowed ry "'rood...rig pond., Menages.of EFTA01127836 IL___J IL__J L_J L. I IL___J IL-4 t..-1 LXIIIIIii A'4 APOLLO ASIA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Projected Projected Projected Profscled Projected Sum 2007 2008 2009 2010 2011 HORIZON 24106 9200,000000 $300.000.000 5360,000.000 5432,003000 $518.400.000 5622.060,000 Assets (holm Management (June 30) 20.0% 20.0% SOP% 200% 200% Growth m Assets $570.240.000 5664.266000 $330.000.000 5396,000.000 $475.200.000 Assets (alder Management (Dec 31) Leverage 33% $150,375,940 $225,563,910 $270,676,692 5324.812.030 5389.774.436 5467.729.323 Oalave/aged Aunts undermsnagernem 54.500.000 55.400.000 56.480.000 57.778,000 59,331.200 Managemenl fees (Dec 31. for calculation of Gross Cary) 1.50% (a) $45,020.000 $54.000.000 $84,800.000 577.760.000 593.312.000 Veld on assets 1503% (171 ($750.050) 15900.000) 51.000.000) (51.226.000) (51.555,200) Rad Expenses 025% (C) 154.783.910) 05,716692) 06,886030) (55,232,036) ($9.878.443) Cost of Debt 640% 934.986090 541.963,308 $50.379.970 560,455.964 572.547.157 Net Fund Profits le a • • O• c•cf) $8.396,662 510,075.994 512,091,193 514,509,431 514,506431 Gross carry at Revenue) 2000% 58,997.218 45% 45% 45% 45% 45% Operating Exprose Raft. 45% f$3,776498) (34.534,197) (16,441,037) (58,629,244) 06.579,2447 Operelog Expenses (23.148.748) 14.616164 55.541.797 56.650.154 57.03157 2944117 53.644.470 Agusimart 56.641.797 $8,850.156 $7,980,187 57.990,187 Adjusted Pre.Tax Income 53,848.470 54,618,164 42% 42% 42% 42% 42% Tax Rale 42% ($1.919,629) (52,327.515) (52.793.060) (13.351 679) ($3,351,679) Tax ($1,616,357) 52.678,535 $3.214,242 $3.857.090 $4.620.509 $4,628.509 1134 Income $2.232.113 5.35.465.233 Hanson Value (Gordon Grose. Model)' Discount Rata 17% Larttorm womb tale 3.5% 1.666 208 573 938 1,303 1,668 DayS 0 4880 1 0000 0 9144 0 7816 06660 0 5709 04800 Present Value F aiOrs 52.202.144 52,258,609 $17.318.001 52.047.077 52.093,413 52,147.090 Relent Woe $28.058.334 2007 Mul Mos Sum of Present Values SAVICAlev sPnC/Ofs Inc 15% $4,208,750 %of ALM Passthrough premium 53.848.470 $32,21$7,084 $303500.000 56.997.218 Aransas Marketable Value of Invested Capful 46 64 50 108% less. Outstandog Debi Aggregate Marketable Value of PaMsers Carnal • 532.267,0134 Di ommt for lads of marLetat443 20% (56.453.4,17) Aoarogaie Nonatarketablo Value of Partners' Caputo $25,813.687 Pouters Pro Rata Percentage 44% $11,358.014 Pro Rata. Non.Malketable Value of Pannaes Capital. rounded 111,400,000 niain00by Ig0110 SK lAimpiniegt IO — A0010 SY, Lean 0 22 as 0:4 tan.* cared nand 210X. 2200 02. 5K 0, tlt 20 A 0 0 2 AN Co.W.*eear twee 020MVOS* Veld co onntsnb. CA2.1 Cl.,, II mon raa e.,i 70021 6 20 anilinred• 70% 'we ArOCIOnr provad by lArparoal EFTA01127837 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 Assets Under Management (June 30) $400.000.000 $403.000.000 $600,000,000 5800,000000 11,000,000.000 51,200.000,000 Growth in Assets 0.0% 50.0% 33.3% 25.0% 20.0% Management fees (Dec. 31. for calculation of Gross Carry) 1.60% (a) $3.400.000 $7,600,000 510.800.000 513,300,000 515.800.000 Yield on assets 15.00% (b) 530.000,000 545.000,000 5148,000.000 $163,000,000 5134.000.000 Fund Expenses 0.30% (c) ($1,200,000) (51.800,000) (32.400.000) (53.000,000) ($3.800.000) Net Fund Profits (d = -a + b • c) 525.400.000 $35,600,000 5134.800.000 5146,700.000 $114,600,000 Gross carry (i.e. Revenue) 16.00% $4,064,000 55.696,000 521.568.000 523.472.000 518,336.000 518.336.000 Operating Expense Ratio 45% 45% 45% 45% 45% 45% Operating Expenses ($1,828,800) ($2,563,200) ($9.705.600) ($10,562,400) ($8,251,200) (58.251.200) 12.235.200 $3,132,800 $11.862.400 $12,909.600 $10,084,800 $10,084,800 Adjustment Adjusted Pre-Tax Income 52.235.200 $3,132,800 $11,862,400 $12,909.600 $10,084,800 $10,084,800 Tax Rate 42% 42% 42% 42% 42% 42% Tax (5938.784) ($1,315,776) ($4,982,208) ($5,422,032) ($4,235,616) (54.235,616) Net Income 51,296.416 51.817,024 56.880.192 $7,487,568 55,849.184 55.849.184 Horizon Value (Gordon Growth Model)• $43,033,282 Discount Rate: 17% Long-term growth rate: 3.0% Days 208 573 938 1.303 1,668 1,668 Present Value Factors 1.0000 0.9144 0.7816 0.6680 0.5709 0.4880 0.4880 Present Value $1,185,462 $1,420,098 $4.595.918 54.274,906 $2,854,271 $20,999,281 Sum of Present Values 535,329.936 2007 Multiples Pass-through premium 15% 55.299.490 % of AUM MVIC/Rev MVIC/Op Inc Aggregate Marketable Value of Invested Capital $40,629,426 $aoo.000.000 34.064.000 52.235.200 Less: Outstanding Debt $0 10 2% 10.0 18 2 Aggregate Marketable Value of Partners' Capital 540,629.426 Discount for Lack of Marketability 20% (58,125.885) Aggregate Non-Marketable Value of Partners' Capital $32,503,541 Partne(s Pro Rata Percentage 44% $14,301,558 Pro Rata, Non-Marketable Value of Partner's Capital. rounded 514,300.000 Nate Aodlo $VF Achisors. tP cic, not receive tamed nteresmome from Ina SWF pricy to June 1, XO7 Caned mores nconx, was pfavocnvy receved by Aoolo SvF Manaoement. LP vc.1d on assets 410, csam A Class 0 assets we per XO8 and entaelo reAf ' ,root-bum lyo,icher.f by Monagemanf EFTA01127838 EXHIBIT E Page 1 APOLLO ADVISORS IV, LP SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6. 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 AntiCleated Carried Interest train AIF IV ',— $43,614,412 $190,236,683 $120,000,000 $0 $0 Pro Rate Share of AN IV Direct Interest Profit 56,855,742 527,734,892 $16,666,667 s0 SO Aggregate Taxable Cash Flows $50,479154 5217.971,575 5136,666,667 $0 $0 Less: Operating Expenses 45.0% (822,711,569) (598.087,209) (561,500.000) $0 SO Operating Income 527,758.585 $119,884,366 875,166,667 $0 $0 Less: Tax 42% (511,658.606) ($50,351,434) ($31,570,000) $0 SO After-Tax Cash Flows 518.099.979 569,532,933 543,596,667 $0 SO Discount Rate 15% Days 208 573 938 1,303 1,668 Present Value Factors lb) 0.9234 0,8030 0.6983 0.6072 0.5280 Present Value of After-Tax Cash Flows (c • a • b) $14,867,428 $55.834580 $30,441,647 $0 $0 Sum of Present Value of After-Tax Cash Flows (a • sum of c) $101,143.656 Pass-through premium 15% $15,171.548 Aggregate Marketable Carded Interest and Investment Return Value (f•o•dl $116,315,204 Pro Rata Share of NV N Return of Capital -- (0) $10.960.328 $18,031,339 SO SO SO Present Value of Return of Capital (h• (ix b) $10121.248 $14,479,070 SO SO SO Aggregate Marketable Value of Return of Capital (I • sum of hl $24,600,319 Aggregate Marketable Value of Invested Capital (j • f•9 $140,915,523 Less: Debt Outstanding SO Aggregate Marketable Value of Equity $140.915.523 Pro Rata Partner Interest 31.30% 544,099.513 Discount for Lack of Marketability 15% (56,614.927) Pro Rata, Fair Market Value $37,484,586 Pro Rata, Fair Market Value, rounded $37,500,000 AIF N - Apollo investment Fund IV. LP —See Page 2 "'See Page 3 "•'See Page 4 EFTA01127839 1-J L_ _a L_J L —A 1_1 t_,. a Lae Lai Lai lamil 6634 Lad la.99i Lam lasylie Lmiaa EXHIBIT C Pa 1 APOLLO ADVISORS V. LP 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 $103,337,598 $0 Anticipated Carried Interest from Alf V (domestic investments) "r $39.584,999 511,592.831 SO $11,457,334 $30,701,059 Pro Rata Share of AIV V Direct Interest Profit "" $113,700,235 $305,058,260 $394,518,979 5114.930.429 $0 Aggregate Taxable Cash FlOwS SO 45.0% ($51,165,106) ($137,276,217) ($177,533,541) (551,718.693) Less: Operating Expenses $0 $62,535,129 $167.782643 $216,985,438 $63,211,736 Operating Income $0 42% ($26,264,754) ($70,468,458) ($91,133,884) ($26,548,929) Less: Tax $0 0) $36,270,375 $97,313,585 5125,851.554 536,662.807 After-Tax Earnings Discount Rate 16% 207 572 937 1,302 1,667 Days 0.7925 0 6832 0.5889 0 5077 (b) 0.9193 Present Value Factors 533.342.366 $77.118,728 $85,977.929 $21592.161 SO (c • a x b) Present Value of After-Tax Earnings (d = sum of c) $218,031,184 Sum of Present Value of After-Tax EarningS 15% 532.704.678 Pass-through premium (r • e • d) 5250,735,862 Aggregate Marketable Carried Interest and Investment Return Value $5.706,667 $12,760,519 58,699,534 56522.169 SO Pro Rata Share of AIV V Return of Capital "" (g) (h = gx b) $5,245,983 $10,112,411 $5,943.256 $3.841.161 $0 Present Value of Return of Capital 0 a sum or h) $25,142,810 Aggregate Marketable Value of Return of Capital 0.r•i) $275,678,672 Aggregate Marketable Value Less: Debt Outstanding $0 5275,878.672 Aggregate Marketable Value of Equity 25.18% $69,464,870 Pro Rata Partner Interest 15% (510,419.731) Discount for Lack of Marketability $59,045,140 Pro Rata. Far Market Value 559,000,000 Pro Rata, Fair Market Value, rounded Mr/r. APelo Investment Fund V. LP --See Page 2 "'See Page 3 -- See Page 4 EFTA01127840 ' L_I Last —__1 J __1 —_1 EXHIBIT 0 Pa, 1 SUMMARY OF DISCOUNTED FUTURE EARNINGS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 so SIS SIS S IS 8 Anticipated Canied Interest from AIF V (foreign investments) '" 3238,494.840 570.281.013 SO Pro Rata Share of AN V held by Apo.° Advisors V (EH Cayman). LP (foreign investments) "' 328.502.222 37,918,867 30 $0 Aggregate Taxable Cash Flows $284,997,063 $78,197,680 $0 $0 Less: Operating Expenses 45% ($119,248,678) ($35,188,956) $0 $0 Operating Income $145,748,384 343.008,724 $0 $0 Less: Tax 42% ($61,214,321) ($18,063,664) $0 SO After-Tax Cash Flows MI 384.534.003 524,945.060 $0 $0 Discount Rate 16% Days 207 572 937 1,302 1,667 Present Value Factors lb/ 0.9193 0.7925 0.6832 0.5889 0.5077 Present Value of After-Tax Earnings lc nab) $77,709,858 $19,788,373 SO SO $0 Sum of Present Value of After-Tax Earnings tel•sum of 597,478.232 Pass-through premium 15% $14.621.735 Aggregate Marketable Carried Interest and Investment Return Value If -e• 41 $112,099,966 Pro Rata Share of NV V held by Apollo Advisors V (EH Cayman), LP (foreign investments) "" (9) $164,444 $6,333,333 $0 $0 SO Present Value of Return of Capital m•oab) $151,169 $5,019,018 $0 $0 SO Aggregate Marketable Value of Return of Capital p• mum of h) $5,170,187 Aggregate Marketable Value 0•f•9 $117,270,153 Less: Debt Outstanding $0 Aggregate Marketable Value of Equity $117,270.153 Pro Rata Partner Interest 25.18% $29.528.038 Discount for Ladc of Marketability 15% (S4.429.206) Pro Rata, Fair Market Value 525,098.833 Pro Rata, Falr Market Value, rounded $25,100,000 'AIF V - Apollo Investment Fund V. LP ••See Page 2 '••See Page 3 ••••See Page 4 EFTA01127841 L-,s011 aW'al • . FXHBIT D-1 SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2C07 2008 2009 2010 2011 Anticipated Carried Interest from AlF VI (foreign investments) -• $0 $0 535.838,847 $142232,791 $0 $0 $0 $4,510,938 $17,991,406 $0 Pro Rata Share of AIV VI Died Interest Profit (foreign Investments) Aggregate Taxable Cash Flows so $0 $40,347,784 $160,224,198 SO Less: Operating Expenses 45.0% $0 $0 (518.156,503) ($72.100.889) SO Operating Income $0 SO $22.191,281 568,123.309 SO 42% $0 $0 ($9,320,338) ($37,011,790) SO Less: Tax $12,870,943 $51,111.519 SO (a) $0 $0 After-Tax Cash Flows Discount Rate 17% 207 572 937 1,302 1,667 Days 0.6683 0.5712 0.4882 0.9148 0.7819 Present Value Factors (c • a x b) $0 $0 $8,601,394 $29,193,853 SO Present Val..° of Alter-Tax Cash Flows (d • urn 00 $37,795,247 Sum of Resent Value of After•Tax Cash Flows 15% $5,869,287 Pass-through premium 0•a•r0 a $43,464,634 Aggregate Marketable Carried Interest and Investment Return Value 30 SO 5442,500 $11,226.875 $O Pro Rata Share of AIV VI Return of Capital (foreign Investments) **" (91 (h• g x b) $0 SO 5295.714 56.412.561 SO Present Value of Return of Capital 84 sum of in $6 708 276 Aggregate Marketable Value of Return of Capital $80,172,809 Aggregate Marketable Value of Invested Capital Less: Debt Outstanding JO $50,172,809 Aggregate Marketable Value of Equity 24.6A% 512.382.580 Pro Rata Partner Interest 20% (52.472.516) Discount for Lack of Marketability $9,890,064 Pro Rata, Fair Market Value of AIF VI interests 553,800,000 Plus: Pro Rata, Fair Marko! Value of 24.64% Class A Interest in AAA Associates, rounded $63,700,000 Pro Rata, Fair Market Value, rounded •AIF VI - Apollo Investment Fund VI, IP —See Exhibil 0-2 —See ETdiblt 0-3 " —See Exhibit D-4 EFTA01127842 al 71 Ira! rrt Jew rum rim -re _isareciarraRrrana _.•••••1, EXHIBIT E V Cr SUMMARY OF CLASS A DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 Horizon $1,534,286 $5.538,596 $26,299,943 $100,222,824 $168,386,228 Anticipated Carried Interest' $0 Pro Rata Share of Direct Interest Returns" 0% $0 $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 460% ($690,429) ($2492,368) ($11,834,975) ($45,100,271) ($75,773,802) ($75,773,802) Less: Operating Expenses $92,612,425 $92,612,425 $843,857 $3,046,228 $14,464,969 $55,122,553 Operating Income 42% ($354,420) ($1,279,416) ($6075,287) ($23,151,472) ($38,897,219) ($38.897.219) Less: Tax $31,971,081 $53,715,207 $53,715207 $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 0.4694 0.9100 0.7712 Present Value Factors $445,383 $1,362,528 $5,483,004 517,707,139 $25,211,943 $187,288,723 Present Value of After-Tax Cash Flows Sum of Present Value of After-Tax Cash Flows $237,498,721 15% $35,624,808 Pass-through premium Aggregate Marketable Value of Invested Capital 5273,123,529 $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% ($13,459,528) Pro Rata, Fair Market Value of Class A Interest $53,838,110 $53,800,000 Pro Rata, Fair Market Value of Class A Interest, rounded share of the carried interest for att future fonds yn2 be a finbulabto to AM Associates. LP tarred interest is deified Urn AtV Funds VI and Vii it is anticipated that a ^AAA Associates does not paredpiSt in any ehestment returns generated by the underlying tends. Per the notes to Me ausfited 2006 finance!statements ''''Gordon Growth erode Hatton Value • Hatton Cash Row z (I • growth rate)/ (Scam! rate - growth rate! EFTA01127843 I.A4NANN Lae ILNONLIN Mraili EXHIBIT A-4 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 AIF N Investments & Cost Basis' Public *lied Waste $270,000,000 5237,900,000 $175,643,004 -senses* $0 $0 $0 $0 Ovally Distnbutions 5103,900,000 $103,900,000 $119,600,000 SO 515.700,000 $0 SO $0 Total I 1373.900.000 $341,600,000 $295,243,004 Total Divestiture Profit of Apollo Investment Fund IN 462,256.996 515,700,000 SO so $0 Pro Rata Share of AN III held by Apollo Co4nvestors Ni 5.6% -53.494.693 $881,293 $0 $0 $0 Less: Canted Interest Paid io General Partner 20% $698.939 4176,259 so so SO Net Realized Share of Profits (pretax) SO $705,035 SO so SO Tax Rate 0% 0% 0% 0% 0% Tax 0 0 0 0 0 Net Realized Share of Profits (after-lax) (a) 0 705,035 0 0 0 Plus. Return of Capital", Le. cost basis Ailed Waste 1237.900,000 SO SO $0 SO Ovally Distributions SO 5103,900,000 SO 50 $0 Aggregate AN III Return of Capital 3237,900,000 St 03,900,000 SO so SO Pro Rata Share of AN III held by Apollo Co-Investors 5.6% (b) $13,354,120 15,832,253 SO s0 SO Total Pro Rata Cash flows to Apollo Co-Investors III (o • a • b) $13,354,120 $6,637,288 10 $0 SO Discount Rate 16% Days 207 572 937 1,302 1,667 Present Value Factors PA 0.9193 0.7925 0.6632 0.5889 0.5077 Present Value (e•d xc) 512276.078 $5,180.647 $0 SO SO Sum of Present Values (sum of *) 517,456,725 Pass4hrough premium 0% $0 Aggregate Marketable Value $17,456,725 Pro Rata Partner Interest in Apollo Co -Investors Ill, LLC 48.26% $8,424.616 Discount br La* of Marketataity 15% ($1,263,692) Pro Rate. Fad Market Value 57.160.923 Pro Rata, Fair Market Value, rounded $7,200,000 'Alf Ill - Apollo Investment Fund III, LP —Rased on management alocation of profit aid return of capital. EFTA01127844 L.J Ik -i "1 I 71 ; ; i I'<uit, rl DISCOUNTtO FUIVµ[ ivn al tot UT Rt 1UR41 AS OF J1PC 6. 2447 Total Smarting Project/ Total PROJECTED REATIZED PROFIT Inennoniłe COSI %Sn UR Vals 2001 2000 2010 2011 Alf IV Mnistments .5 Con OSS' Public 88888858 StS2tS8S Sets Stelt. Radn 1252.100 000 1147400S) 3330,020.110 $52.3114,071 $137,852.11313 ttStS5S5 Skylern C.ormsranens $94203.000 $47100.000 3115.314.750 $27.914.750 $0 usa Snu" 7300100 14 17100000 1401.724.167 111924.752 3170.097.415 MS $143.003.000 111.400.500 3131070046 $0 $40,570.646 Educa $151.703.000 $15.200.020 1180,704.540 495.504.000 30 Allottnula tass $300.400100 $10.700.500 3200.774140 557.077,1.4 50 MMS bnarcal Parom 5124.400100 5111.200.0:0 348.000768 30 str.isoone Hughes Cortnnátslent 1100.00/000 $44100103 3647.734 420 W 5803.134,420 Span Rexen 000 $0 3600 00)000 $600,000.010 8 t TSN Total Distitture Profit ol Apollo Instoom. Fund W 52461106, 5941.4 Pn Reu loaro d ATV lv sld by Solo CoSson (V ex $4 470 000 111.1101S 3&,683333 $0 Lm Cynii Nino Ps to Gans' Stew 20% .3895460 .13022 177 .12 176 6.7 $0 Nn Rearced Siwe ol Prells (psu) $3,581040 514086.71 $8.706.17 $0 $0 lu Raby 0% 0% 0% 0% 0% Tat sa so $0 $0 $0 Res.loncl Ss ol Prots (ánoota.1 $3.141.445 $14,405.704 110 .&7 $0 $0 Play Reks ol Casser. es tost bots San Siolln Ras 340.81111,551 S10/101449 t) so 30 Skylltre Consonsfons S87.400.004 S 30 $4 4 $0 uni%4 %eau% 531.573348 1355.626.752 so $4o so OC3 54 101.400.000 $4o so to &lyra smakom :o so $4a $0 AZS Inertnes 3149700,000 10 w $4o $0 Nahooi F~baal Parom $4 4 310,200.000 30 $4o so Hughes CsTrunnaters so so $4o $o Neren $4 to to $4 o to %naw AN iv Rolom ot Capa, 43943/14S $644128101 Pro Pili Sabre cl AN N be» by ANSCNIstion IV l0% 4b) 37.157094 t11,374µ4 $0 30 $0 Total Pre kala CaN torn t ANN COnenen0(3 IV Ic • • • bl $19.738.534 626.263.172 $1704.107 $0 $0 ~nl Rato 17% DT 207 572 107 1,302 I 667 Neme. Val* Faas IC 0.9144 0,7119 00443 0.5712 0 4442 Pres,. Viinn lasdarr) 19424202 120.51.1110 55415.452 so to Ss ol Snot Vals Smole) $36.177.044 Pastivorni. ;snom 0% Swaps Márlaubla Vals $111775144 Pn Rata Ilembersksy trest en Apollo Ca-Invotlert IV. LIC 2S30% $9.514,562 [k awunibrlaceolM9rutabóM 20% 01402.9121 'Pre Rat fan Sny Sin 17411.050 Pn Rata. Nonanotabls Vals yourad $7.140a Sokb Issom —Basen os minISTIMI Coats cel poot and niuni ot csitt EFTA01127845 IMP a • _ _____• I __II L_N I -At EXHIBIT A 6 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 AIF V Investments & Cost Basis' Private InteiSal 5129.700.000 $7.400,000 $1,200,000,000 $1,192,600000 $0 SC SO SO Unity Media 5295 ON 000 $285 000 COO $541 250 000 $0 $356,250,000 SO SO Total $424 700 000 $292 400 000 $1 841,250,000 Total Divestiture Profit of Apollo Investment Fund V (foreign investments) $1,192,800,000 $356,250,000 SO $0 SO Pro Rata Share of AIV V held by Apollo Co-Investors V (EH) 2.8% $31,387.842 $9,378,025 SO $0 SO Less. Gamed Interest Paid to General Partner 20% 48,277,528 41,875,205 SO $0 SO Net Realized Share of Profits (pre-tax) $25,110,113 $7,500,820 $0 $0 SO Tax Rate 0% 0% 0% 0% 0% Tax 0 0 0 0 0 Net Realized Share of Profits (after-tax) laI 26,110,113 7,500,820 0 0 0 Plus: Return of Capdal", i.e. cost basis Intelsat $7,400,000 so so so SO Unity Media $0 $285,000,000 $0 $0 SO Aggregate AN IV Return of Capital 57,400,000 $285,000,000 $0 $0 SO Pro Rata Share of AIV V held by Apolb Co-Investors V (EH) 2.6% (b) $194,758 $7,500,820 $0 $0 $0 Total Pro Rata Cash flows to Apollo Co-Investors V (EH) (c = a + b) $25,304,872 515,001,640 $0 $0 $0 Discount Rate 18% Days 207 572 937 1.302 1067 Present Value Faders Id) 0.9104 0.7715 0.6538 0.5541 0.4698 Present Value (e= cx d) 323,037,650 $11,574,194 $0 SO SO Sum of Present Values (sum of e) $34.811.844 Pass-through premium 0% $0 Aggregate Marketable Value $34,811,844 Pro Rata Partner Interest in Apollo Co-Investors IV. LLC 24.10% $8,341,455 Oscount for Lack of Marketabdity 20% ($1,668,291) I Pro Rata. Fat Markel Value $6,673,164 Pro Rata, Fair Market Value, rounded $6,700,000 AIF V - Apo.k> Investment Fund V. LP foreign feeder feed AIV V Euro Holdings. L P. "Based on management allocation of prokt and return of capital EFTA01127846 1 a 1 • -k 1 1 63 - "n1 .. TI 71. 1"1 omitlIT as OUCOVNRO runplt Peet TRANT Rt PAINS AS OF JUNE 7. 2007 lar 5~n, Peoirled Sri PROJECT«) REALIZAD I kroodenr. Coat edele er Vair 2044 nar 2,10 An« várasamonts Cose Dab' Park 444drnioPad 4414140 139003 000 519000.001 $02234404 1421140.044 $0 sa so Xk2 414.11.~ 162400.000 $17.400.040 1311204 so so so sa ~ark P14.702.000 120100.010 $0 so sa $0 PrO444 44444 Siaemars $00,4000 fU.a00,om 1350.002 30 10 S105.914206 S1326052.4 PSC Enleetaffinamt XXk%kr $2041~000 5260.000.000 $167.000 Sfe)X0.005 5310)03000 SO KAM ~al Onvp M0400000 14I 100.010 1427.500 $0 5115406.067 $116.1602517 511540500, Afren 5276.300.000 3201300.000 1734.350 $0 3351.11.000 S141.1134.0:0 $0 ~als USA 51%1000 $44.10) 001 $251.410.000 10 M. Sproety ~Vrl. 3211.100.000 Wi3IX° NOOP:0 $0 10 1499.400.100 10 ~or • »kaal Ce« Urn% Thor $420000.00 044.700.003 N11.750. $0 10 32725200o 52731.2002 kfln ClorenCe Speo•ta Wee/an S140.403.0» 3100000.000 14411100 50 3134230000 $151250.0:0 SO $cre0C09 $145420~ S12.800030 1250.500 $0 1217300.030 30 $0 Tor raY Distare ron ot Apollo éntrem,nt tunu v gdomrt% lortmoln} AS '.044 1.. 1.342.IA2 $1.781.324.05.1 Pro Raio Tha el An V helt tv *Pct O01•444o v 20% 1.13.144.37, 304 340,401 144442.0W 111230,033 1444 CROS InI4r0 Rap lo Geoord Palmt 20% 47713470 .17272.099 49)74420 .12,745471 Nel Roallo»Saare ~rans (44444 $1011$6.503 $29.144304 S37305.478 510.143.842 Ta Raio 0% 0% 0% 0% 0% a. 0 0 0 Nol Rake* Ar. afkeer 41.4, 434 (4) 102164201 N.eN2N 32146.574 10.14042 Mn: Regyrn olCa011e. Goal hits Goodenan Gbeed 1.41~ Sla"» 00o 30 40 $0 $0 Hans teinez 30 10 $0 337~000 30 cast $0 $0 30 520.600.00 30 002144 Telona. 30 SO $2,0115.714 11014.204 10 AMC Emetedivran 000000.000 120611:0.000 $0 $0 SO PLASICS1Groo 50 $27.031,333 002233.333 S27233.313 $0 Molm N Si 32.110.000 504-110002 $0 $0 Ale" USA 30 00.11.00 $0 50 $0 O RAO* Ce $0 $0 1402060 40 $0 11414 Tras $0 SO 5102210000 $14.7110.020 to Cashoos 6040"..~014 30 3N.100.000 130.400.000 $0 lb SorocCon, 30 $12 002 000 $0 $0 $0 0000.0414 ANN Rehn oiC444.1 $216.140.000 IS/4123. 1) 1341.41040 !MAO .614 10 Pro Rara Share ot MOOR», ty 454.4 Colowdon 16,714.434 115113,713 110203,207 12224.441 SO RAM PreRa Cash anaal ApoSoCcaroorant V 11014237 S44201247 11004.11“ $11.744.341 30 Cocon Pel. Dan 207 572 037 1.302 1047 Poer«Pap radon 05104 07716 06555 03341 04444 Praten Volop St0.035.076 00.10241 $0 31250.256 110.34.293 $0 Svor Persen Volm 901.70005 pataerigh troom sa Agreoala Markelatie Vaar S91104.046 1444 Rol4 Poiner Inrol In Aria CO-bovern N. IT IC 122.111.125 ascour tin tee a /4•441.1biry Irro Rasa IS. Marri Va,. ;t:Zigg Pro As. Pak reek« Vare. terewha 111~ 'All' V. Arie iretIrneot raro v. LP —USO, OF Folloatlorron ~Sar ot po« and rum «optel EFTA01127847 --411 I_ --r I • t • I is L. 511IPT7 A.7 coscoUNITO FUTURE INVESTMEIrt RETAINS. POOP NN! 7.1007 Torn Rrosalning 11•044•4 TRIM PROJECTED RIALIZED PROM Invorenonl Coin east lbde Value SOOT MOP 1001 2010 2011 2112 ALP Anvosboonts Cott YOE Pdale Retold $624100.000 1262.300100 51.00010.00) 50 10 1195.147.500 SY91.375£00 S105.147.500 50 bury Pint. 1201.700.000 1307.700100 $6 t41.075.oco 10 11114.117.5011 5149.107.100 50 SO 93 Paso 523.400.000 190.0:0100 $322.701000 SO SO $115.103.400 ins,o0opso So so IMenonime $39.300.000 $300.503~ $011.125.00) SO 10 $0 14115025.000 SO SO J•uol Words at V03.000.000 103.440.000 $270400 OM to SO 50 1117,000010 10 SO Pending Tnossaiens Creertis000rd SI.093.750.0o0 51.003.750.0:0 51.045.701. 50 10 10 SO 1751.953.125 SO Rdlogy 1171.000.010 5475.003.1,00 51.04,77505701 SO 10 1144 43,331 541.143.313 /341.43.113 10 004áNe $350.000.0:0 5Sm,040,000 5717.500.000 $0 SO SO 5417.50000 SO SO Chess 3525.000.0:0 43,010,000 51311250.0x 50 SO SO 50 5656250.CW 50 Soma FOS 1241.000003 441,000100 351500.000 $0 50 10 1301.260.1):0 SO 10 Mar. uniereleloeI 'own1m~ So 1445.35.244 13161.4.40.01.3 52.117.445.04$ ToW I $4,449.150p:0 54234.750.500 59,~001,125 10141Ponlawn Frogs .4 Aprao Inrosinwor fond VI (dose«ic enrreinsen. 410.11.140 144.014.34 13 A1255O 4131,•14.04 Pro Rao dine of UV VI Is, by 4.901*Coarosort 4.1% SO 17.725.114 515.115.040 $111.540/20 5220.957.573 S10.7201706 Led Coned Woven PSI loCeseral Porno 20% SO (11.545.0.11) 4 7.003.01• (173.060.104) ($45.141.515) IS, 7.045.077,1 Nei Rontorl duo Pro4 gorno) 10 14.140,17s 1120.747,030 W5472i41 1103.0.1.051 Sn.743241$ To R44 Oil 0.4 0% 0% 0% O•f. Tu o Nei Rentasel Share of Profb Plods» 41 • 0.100.125 76111.03 55.472443 143.144.90 71.74.246 Plus Round Ceple, Iw. tint boss Reinsor4 SO SO 565.575.000 5711.150.005 S45.575.000 10 [Om Plena SO 1157.350.~ II 51.350.000 so 50 50 Vole SO se 50.491.000 1.41,410000 SO 10 Silomengée 50 SO 10 5114.50100, $0 50 ~Rol gore. Ir% SO $0 SO t13,500100 SO SO 144nah's gozonwennorst 50 10 50 SO $1003.710.000 SO Roologr 50 1.0 3111.04.067 5291.669.0367 5291.46.667 50 Orionis 50 10 $0 5110.000.000 SO SO Cutts 50 10 10 50 5521.003,000 10 S.w16 Fool 50 10 50 $245.0773.000 50 30 Moo unainWlee —Mono I 050 117 412 403 010. SO 5.525,154 750 $2 779 OM g50 SI 303 003 CCO Pogreirsle ANN 1444•111 el Copinl 4950. . (52 4.650 5514.44607 11011.635.417 14. 5-1„61 I . Ito Rita awn oi Ary VI MII by Apo% CoIonsilon VI I% M $47.est.g é el onto" 112.531.341 se4,077,413 51941111.745 54%/067010 %M.1Pro Rsts Came lows 4 Apollo Colninselers VI (cos • 0) 1942,14,9447 p.oult,714) 35043.447 $114.350.174 5371.917.501 5110.743.20$ Cilscond Rine Days 207 171 937 1.302 1.667 2.032 Plena Value into, oa016 0.7111 06207 0.5111 0 43.49 0.104 Pro Soo( ad (137/043.004) 144.355.93/1 131.050.567 514.$16.015 1164213.705 $53.771.31 %gun Sion el Prow Volos loin of *I 121/061000 0% so Pan4frOuir Ortunspa ROONWe ~HOW Value 5231.0t2.916 Pro Ras Pon«~I In Moon* Cokrossors VI. USC 1097% 111.434.341 Onto" Ow lock of Indrolately 30% ~Rat Fait Ideine gabs Pro Rata, Fair Market WSW. Oelindood $30,700,000 AK Agin Invesentio«Fang VI. tfr —Omni on froodene plat EFTA01127848 I I -1 1.:6521 LL:alli I talarn LAIL PL. D:S000NTEC FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 Total Remaining Projected Total PROJECTED REALI2ED PROFIT Investment Cost Basis Exit Value 2007 2008 2009 2010 2011 OFF VI investni•-. -Qt.:dans' Privato CEVA (TNT's logistics division) 5268,700.000 335.400,000 5396,275,000 so 30 3180.437,600 3180,437,500 5: Pending Trtmseetken CounlryWde PLC $431,375,000 3431,375,000 $970,593,760 so S0 SO 3539.218.750 Total 3720,075,000 3466.775,000 31,366,068,750 Total Divestiture Prom of Apollo Irrvostrn on! rime' VI (foreign Invotarnomel so SO 5180,437.500 5719.693,250 Pro Rata Shore of AIV VI heid by ApoSo Co-Inreltriii VI (I' Ha) 4.06% so 50 57.367.665 529.365,964 $0 Lest Craned InlereM Paid to General Penner 20% so 30 (31,473,6731 (35,877,193) 50 Net Realized Share ci Profits (pre-tax) $0 SO 55.894.292 323.509771 so Tar Rale 0% 0% 0% 0% 0% Tar 0 0 0 0 Not Realized Share of Profits Woeful (a) 0 0 5,394,292 23.503.771 0 Pas Return of Capital's, i.e- cost basis CEVA (TNT's Ionisers division) SO $0 517.700.000 517,700,000 Cotritirside PLC SO 50 SO 5431,375.000 Agrigate ANN Return of Capita/ SO SO $17,700,000 3440075,000 so Pro Rate Share of AN VI hold by Apollo Coiii,t to, VI (D.-A) 4.08% $0 SO 5722,750 $18,337,229 so Total Pro Rale Cash Ron to Apollo Co-Inveslors VI (EN-A) (c • a • b) $0 SO 56.417,042 541,046,000 so Days 207 572 937 1,302 1,667 Present Value Factors (d) 0.9018 0.7515 0.6262 0.5219 0.4349 Present Value (0 • Cad) SO 50 54,143372 $21,637,519 30 Discount Rate 20% Sum of Present Values (sum of ci) 525.981,361 Pass-Ovough Fornium 0% 50 Aggregate Merketablo Value 525.901 ,361 Pro Rale Penner Interest In Apollo Cairn/elk:es VI (ERA), LLC 18.40% $4.780.510 Discount for Lock or Markerablity 30% (51 434.171) jPro Fiala. Fair 'daft! Value 33346,399 Pro Rata. Fair Market Value, rounded 53.350,000 NOP VI - Abdo Investment Fund VI. LP foreign feeder feed AIVWCuro Moldier. L.P. —Rased on rilarckilement abatatIon of profs and return of cnOl. EFTA01127849 La is (AM tat. _ - _ L is a' a EXHIBIT A-1 APOLLO AIC CO-INVESTORS, LLC VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Share Price ASSETS Number of Shares as of June 7, 2007 Value Publicly Traded Share of Apollo Investment Corporation (Ticker: AINV) 779,761 $22.98 $17,918,908 Cash & Equivalents $3,002 Total Assets $17,921,910 LIABILITIES & E UITY Liabilities SO Members Capital $17,921,910 Aggregate Members Capital $17,921,910 Less: Investment Company Discount 5.0% ($896,095) Aggregate Freely Tradeable Value of Equity $17,025,814 Pro Rata, Members' Capital 54.15% $9,218,985 Less: Discount For Lack of Marketability 15.0% ($1,382,848) Pro Rata: Fair Market Value of a non-controlling Membership Interest 57,836,138 Fair Market Value of a non-controlling Membership Interest, Roundod $7,800,000 EFTA01127850 EXHIBIT A-3 APOLLO VALUE CO-INVESTORS, LLC (Value formerly DIF and VIE) ADJUSTED BOOK VALUE VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Capital Account ASSETS As of 5131107 Market Adjustements Adjusted Book Value Capital Account Balance of Apollo Asia 0portunity Fund, LP $14,795,965 $0.00 $14,795,965 Cash & Equivalents $0 Total Assets $14,795,965 LIABILITIES & EQUITY Liabilities $0 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 $13,316,369 Pro Rata, Members' Capital 31.28% $4,165,360 Less: Discount For Lack of Marketablity 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 EFTA01127851 I_' EXHIBIT A-2 APOLLO SOMA CO-INVESTORS, LLC ADJUSTED BOOK VALUE VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Capital Account Market Adjustements Adjusted Book Value ASSETS $2.683.719 LP $2.683,719 $0.00 Capital Account Balance of Apollo Asia Oportunity Fund, $0 Cash & Equivalents $2,683,719 Total Assets LIABILITIES & EQUITY $0 Liabilities $2.683,719 Members Capital $2,683.719 Aggregate Members Capital 10.0% (5268.372) Less: Investment Company Discount $2.415,347 Capital Aggregate Non-Controlling Fully Marketable Value of Members' 38.77% $936,324 Pro Rata. Members' Capital 30.0% (5280,897) Loss: Discount For Lack of Marketability $655.427 t Fair Market Value of a non-controlling Membership Interes $660,000 Interest, Rounded Fair Market Value of a non-controlling Membership EFTA01127852