EFTA01128007

I_ _I L---I _a i . ._a t_ 1 Exhibit C CONCLUSION OF EQUITY INTEREST AS OF APRIL 16. 2007 Applicable Lack of Aggregate Marketable Marketability Aggregate Fair Partners Pro Pro Rail Fair % Extorting Asset Value of faulty Discount Market Value Rata Interest Market Value Contribution 10% 50 30.35% SO 0.0% Atwoo Man gement I P. SO 33.066.801 ID% $2,761,920 30.35% 5838213 0.1% ApAlo Management IV. LP. 30.35% $3,100,119 0.3% 512,017.131 15% 310214,562 Apao Management V. L.P. 5162,230131 30.35% 549.136.845 49% Aped!n Man towne a VI. LP. $190.058,978 15% 15% 5864,743.465 23.90% 3206.673,686 203% Apo& linestmcr1Management. L.P. 31.017245253 15% 554618.550 26.90% 514,746.190 1.5% Apollo Value Management. LP. 164.492.412 15% $236.165,320 44.00% 5104.220241 10.41% -, ApolloSW Management. L.P. 5278.665.082 20% 569.786.902 4400% $4.106.23A-"- 4.4% LP' $124.732627 /1•71. Via- ..,....1:2--Velearriort 20% $35235,897 44,00% 515.503,790 13% $44.044,669 ASV MIS hlanagernent LP. 20% $25253.546 44.00% 34.1444486--S— 1.1% 531.566.933 20% $372175.033 44.00% 6163.757.015 16.3% tsai fr 4 . Ape& Europe Management, LP. $465.2111.791 20% 5273.952611 44,00% $120,539,149 12.1)% Apo& Alternative ASsets, LP. 5342,440,764 $2.574.452.830 $2.138.037.927 swAlarr 729% 80613181 Li F' IC,?Fa %roodFunds/Goodst 30.35% 592.940.669 92% $382.716.941 20% $30822%553 Apollo Management VI LP. 24.64% 511220.427 8.1% 5439.504,477 25% 5329.628.358 Apollo Advisees NA1, LP. $24,649.115 44.00% 610.845.611 1.1% $30.111.394 20% Apollo EPI Management. LP. 44.00% 59,766562 1.0% $27.032,732 20% 522242,185 Apolth EPF Masco, LP. 599.742.286 44.03% $42886.605 4.4% New Fund Management. LPs $124.677.655 20% 595.566,772 20% 576.435.018 44.03% 333.640208 3 3% New Fund Adasors, LIPs 3272,320.082 221% Sotrotaf St 101.152.171 $859,946,513 53.675,604,601 #,996961,440 $rho 953,638 1000% Total Assets co -1 41f 94 Liabilities 6 Equity so SO $0 TOUT LiabiPties $3,675.604,801 52298564.440 $1.035,953.658 Total Equity $3.675,604,801 3/096$4.440 51,005,953456 Total Liabilities and Equity Awegale Is Market Value 11,998,964.440 51,005,053.658 Pro Rata. Farr Market Value of Pannefs Interest $1.005.953.655 Pro Rata. Fair Market Value of Partneds Interest 33.57% Concluded Equity Interest et Partner in AMHLP 5.0% ($50297.683) Less' Investment Company Disoourt $956855975 Wearily Metaelable Vass 10.0% (595,565598) less tack ol Mariretalardy (Amount 5860,090376 Feu Market Varna 0133.05% Interest in AMILP $860.100.000 Fair Market Value of 33,57% Interest in ASHIP. Rounded It was anticipated that inn caw fee neon. ouneney pad to the respective Apollo Management company woad bepn so o• paid to the Paolo Advisee enlitY EFTA01128007 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 EFTA01128008 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 EFTA01128009 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 EFTA01128010 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 $49,200,0001 1,0444/ on projecloor4 pranfoat mantramf EFTA01128011 EXHIBIT A-5 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16. 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2008 200$ 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] EFTA01128012 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 EFTA01128013 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% EFTA01128014 EXHIBIT 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 5300,000,000 3380,000.000 3432.000000 $518.400,000 5822,080,000 Assets Under Management (June 30)' 50.0% 20.0% 20.0% 20.0% 20.0% Growth in Assets 5330,000.000 5396.000,000 $475,200,000 5570,240,000 50384.288.000 Assets Under Management (December 31)' 33% Leverage 5467,729,323 $225,561910 5270,676,692 $324612.030 5359,774.436 Unleveraged Assets Under Management (June 30) 1.50% $4.500.000 $5,400,000 58,480,000 57,776000 59O31200 59,331,200 Management fees 45% 45% 45% 45% 45% 45% Operating Expense Ratio' (53,499,200) (54,199,040) ($4,199.040) (52,025.000) ($2,430.000) (52.916.000) Operaang Expenses 55,132,160 55,132,160 $2.475,000 52.970.000 53,564,000 $4.276.600 Adjustment $5,132,160 $5,132,160 52,475.000 $2,970,000 $3,564,000 $4,276,800 Adjusted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate ($2,155,507) M2,155.507) ($1,039,500) ($1 ,247.400) (31 496,980) (51,796,256) Tax $1,435.500 $1,722,600 52.067,120 $2,480,544 52,976,653 $2,976,653 Net Income 47,397,472 Horizon Value (Gordon Growth Model)' 10% Discount Rale. Long-teen growth rate. 3.5% 259 824 989 1,354 1,719 1,719 Days 0.6383 0.9346 0.8496 0 7724 0,7022 0.6383 Present Value Factors 30,258,078 1O41 628 1.463.592 1,596.846 1,741,795 1,900.140 Present Value 538295 877 2007 Multiples Sum of Present Values 15% 55.744.982 %of AUM MVIC/Rev MVICtOp Inc Pass-through premium 544,044,859 5300,000,000 54.500.000 $2,475.000 Aggregate Marketable Value of Invested Capital 50 14.7% 9.8 17.8 Less: Outstanding Debt 544,044659 Aggregate Marketable Value of Partners' Capcal 44% 5;9,379.738 Partnets Pro Rata Percentage 20% (53.875.948) Discount for Lack of Marketability 515,503.790 Pro Ram, Fair Market Value of Partners Capital 515,500.000 Pro Rata, Fair Market Value of Partners Capital, rounded refaXis ;emit JO Emyo 13aSedonrnaaagemealili0 "Gorda* GrositMenel Nation Vary!? • memo, not axeme • 114ionnemiowito ralo /(dr wouni ,au . iong4enr r y frth ,are) EFTA01128015 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 EFTA01128016 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)) EFTA01128017 EXHIBIT A-1 DISCOUNTED FUTURE EARNINGS 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 EFTA01128018 XiiSidit4RSt • IP • I nrineaft&W. "Tirrir Val...94Streekka,,,, " DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT 2006 2007 2068 2009 2010 2011 HORIZON Managed Accost( (+ VA ty AVM (June 30) 400,000,000 400.000,000 600,000,000 800000.000 1,000,000,000 1,200,000.000 AUM (December 30) 0 500,000,030 700,000.000 900,000,000 1,100,000,000 1,300,000.000 Gross Carry (MA) 18% 3.600,000 5,400,000 21.200,030 23,200.000 18,000000 16,000,000 ManagemeM Fees (a) 0 0 0 0 0 0 Total Fees C 3,600,000 5,400,000 21.200,000 23,200,000 15,000000 18,000,000 Operating Expenso Ratio Estimate 45% 45% 45% 45% 45% 45% Operating Expenses C (1,620,000) (2.430.000) (9.640.000) (10,440,000) (8,100000) (1),t00.000) Pre-Tax Income (1) C 1,980,000 2,970.000 11060000 12,760.000 9,900.000 9,900,000 Adjustment Adjusted Pre-Tax Income 0 1,980,000 2,970,000 11.860.000 12,760,000 9,900000 9,900,000 Tax Rat* 42% 42% 42% 42% 42% 42% Tax 0 (831.600) (1.247,400) (4.597.200) (5359 200) (4,158,0001 (4.158,000) Net Income 0 1,148,400 1,722,800 6,762,800 7,400.800 5,742,000 5,742,000 Roam Value (Gordon Growth /AWN(' 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 4,419,477 4,133.683 2.741.169 20,167.171 Discount Rate: 17.0% Long-tenn growth rate 3.0% Sum of Present Values 33,805,916 2007 Multiples Pass4lint Premium 15% 5070,687 % of AUM MVICiFtey MVICiOp Inc Marketable Aggregate Value 38,876,803 400,000,000 3,600000 1,990.000 9.72% 10.6 19.6 Discountfor Lack of Marketability 20% t(7,775.3811 Aggregate Fair Market Value 31,101,443 Partners Pro Rata Percentage 44.00% 13084,635 Pro Rata, Non-Marketable Value of Partners Capital, rounded 513,700,000 (a) paid to Apollo SW Management L P. EFTA01128019 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 EFTA01128020 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 EFTA01128021 EFTA01128022 f"1"1/4 rgai Mrs MN% r"Ii• '"""). "0"l mum. mg. ma rat ra lIMIC ExtilbItC 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 V. Frisking Funds' 50 10% 50 30.35% $0 0.00% Apollo Management L.P. 0.07% $2.071.933 10% $1.864.739 30 35% $565,948 Apolo Management IV. L P $2.089,072 0.25% 38.097.961 15% $6.883.267 30.35% Ap0110 Management V, L.P. $33,179,137 3.90% $125.613.771 15% $109.321.705 30 35% Apollo Management VI. L.P. 16.38% 5888,871,222 15% $583,840,539 23.90% 3139.537,889 Apolo Investment Management L.P. $9.959,043 1.17% $43.542.722 15% $37.011,314 26.90% Apolo Value Management. LP $70.365,716 8.25% $188.143.627 15% $159,922,083 44.00% Apolo SVF Management. LP $29.737.344 20% $23.789.875 44 00% $10,457,545 1.23% Apolo Asa Management 13.05% $315.873.157 20% 3252,598.528 44 00% $111.187,351 Apelo Europe Management. LP 44 00% $61.843,357 9.61% $232,509522 20% $188,007,698 Apolo Alternative Assets. L.P. 53.92% Subtotal 31,834461,359 $1,361,339,746 $459,192,090 Planned Funds/Goods* $82,749,859 7.37% $258.442.582 20% $206,754,066 30.35% Apolo Management VII. L.P. $83.158.375 9.76% $449.991.207 25% $337,493,405 24.84% Apolo Advisors Vii. L.P. $7,363,927 0.56% $20.920.248 20% $16,736,198 44.00% Apollo EPF Management. LP $10.027,348 1.18% $29485779 20% $22,789423 44.00% Apolo EPF Advisors. L.P. 571.961.375 8.45% $296.381.282 20% $237,105.026 30.35% New PE Fund Management LP's $92.796.138 10.90% 5502.143,608 25% $376,607,705 24.84% New PE Funds Advisors . LP'S $29.853.016 3.51% $64.809.703 20% $57.847.763 44.00% New CM Fund Management LP's $952131349 20% $78.809.079 44.00% $34.587.995 4.06% New CM Fund Advisors LP's $392.498,032 45.08% Subtotal $1.739.436.757 $1,343942.605 53.374.898,116 $2,705,282,411 $851,190,121 100.00% Total Assets Liabilities 6 Equity SO $0 SO Total Liabilities' $3.374.898 116 $2,705,282,411 5851.690,121 Total Equity $3,374,898,116 $2,705,282,411 $851590.121 Total Liabilities and Equity $2.705.282.411 Aggregate Fair Market Value 51351.690,121 Pro Rata. Fair Make! Value of Partner's Interest 5861.700,000 Pro Rata, Fair Market Value of Partner's Interest, rounded laway Accolo II anager,ent ~tin& L P 11BSA JPI I Obi s ~nay netni 444, 4/ inchrvIuM anstin9 alters NO, ry AneM Atinnoment flattnqs. L P and ?Pere!~ nor cwrFPrlds o EFTA01128023 EXHIBIT A-2 APOLLO SVF ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 History Projected Projected Projected Projected Projected 2006 2007 2008 2009 2010 2011 HORIZON $456.000,000 $930600.000 $1/50.006000 $2,537600.000 53.552.500.000 $4,351.812.500 Assets Linda Management (June 30) 45.0% 40.0% 22.5% 31.6% 191.7% Growth xi Assets (a) 319.625,000 S29,0340.000 $34,882,700 540,544,459 $47254/13 Management toes (Dec 31, (Of calculation of gross carry) 200% 1500% $142,066750 3189.051.000 5244,522,507 $360,236,500 $344.1)46.049 veld on assns (1) (c) ($2.482.759) ($4.138.250) (54,644.805) (55217.698) (55,663.973) Fund Expenses 030% 3155274,750 $205,195,001 3314.474.143 $291.627,363 Net Fund Phats (d • -a • to • c) $ t 20.860.991 $31,054.950 $41,039,000 162.804.829 $58.325.473 358,325.473 2000% $24,172.108 Gross ca rry (t 0 Revenue) 45% 45% 45% 45% 45% 45% CSmatarg Expense Ratio (313,974,720) ($18,467,550) (3263021373) (326240.483) (520248.483) Operating Expenses ($10.877,489) 313,294.709 317,080,223 $22,571,450 334,592.156 332,079,010 332.079.010 Adjustment $34.592.156 332.079.010 332,079,010 313,294,709 $17,080223 522.571,450 Adjusted Pre Tax Income 42% 42% 42% 42% 42% 42% Tax Rale ($14.528.705) (313.473,184) ($13,473,184) 056867781 (37,173,693) ($9.490,009) Tax $13.091,441 $20.063,450 $18,605,826 $18,605,826 37,710,931 50.908.529 Net Income $136.8135,718 Honzon Value (Garton Growth Model)' Discount Raw 17% Long-tarn growth ram 30% 208 573 938 1,303 1,938 1868 DaYs 0 7816 0 6680 0.5709 0.4880 0.4880 Present Value Factors 1 0000 0 9144 $7,742,462 56.744,988 $11,454,904 39.079,228 $60.797,174 $7.093.992 Present Value 3110,869,745 2007 Multiples Sum of Present Values % ol AUM MVIC/Rev MV1C/OP IM Pass-through merman 15% Ste 030 02 $127,500,207 3600,0060130 $24,172195 313,294.709 Aggregate Marketable Value of Invested Capital 53 9.6 30 21.3% Less: Outstanding Gehl Aggregate Marketable Value of Parham' Capital $127,500,207 Discount for Lack of Marketatity 20% _ (525,500.041) SUSI owl° Non- Widow* O94(a of Partners' Capital 3102.0061138 Portraits Pro Rale Poisoning. 44% $44.880.073 Pro Rata. Non4Aasketable Value of Partner's Capital. rounded $44,900,000 C411,(µ181eren neon* Croar in• SW OW to Anti 7. 7007 Cameo reeest revile *NS peintOWy wen& by Span° SW Afanagenwe, Nolo 800770 SVF 1107410,8 no7 meta. 808 'WO Aqoacm pions/ by .8.7.7.2,8 Y14o Wets a to, Osaa A Ons 843.04 ..71ryn at 8705 rManfc08•• EFTA01128024 lewd Sala Ilmanet Iluvuei It_ --I II__J EXHIBIT Ad APOLLO VALUE ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Projected Projected Projected Projected Projected History 2007 2008 2009 2010 2011 HOPSZON 2006 $600,000.000 5663.000.000 $732615.000 1809839.575 1894841230 Assets Under Management (Juno 30) 1456.000.000 31.6% 10.5% 10 5% 10.5% 10.5% Growth in Assets $9.0:0000 $9.945.000 $10.989.225 $12.143,094 $13,418,118 Management fees (Dec 31. tor calculabon of gross carry) 1.50% (a) $90,000,000 $89.505.000 $96.903,025 $109.287.843 $120.703.080 Yield on assets 15.00% (b) (c) ($1,440,000) ($1,562,786) ($1,669,834) (11.807,409) ($1,975.220) Fund Expenses 0.30% (de-a•b*c) $79,560,000 577.997.214 $(18.243.988 $95,337,340 $101389.727 Net Fund Proles 515.599,443 117.248793 519,087.468 $21.073.945 121.073.9145 20.00% $15.91Z 003 Gross carry (i.e. Revenue) 45% 45% 45% 45% 45% 45% Operating Expense Ratio (59.483275) ($7,160,400) ($7,019.749) ($7,761.957) (58,580.361) ($9,483275) Operating Expenses 111,590.670 $11.590.670 $8751.600 18.579,694 59,486.836 110487107 Adjustment $11.590.670 $8,751,600 $8.579.6914 $9.488836 110.487.107 111590.670 Actuated Pre.Tax Income 42% 42% 42% 42% 42% 42% Tax Rate ($4.868,061) ($3,875,672) ($3,603,471) ($3,984,471) ($4,404,585) ($4,888,081) Tax $6.722,589 16.722,589 $5,075,928 $4.976.222 $5,502.385 $6082.522 NM Imam $49,459.045 Horizon Value (Gordon Growth moor Dacount Rate 17% Long-term grovel) rate: 3.0% 208 573 938 1.303 1.668 1,668 Days 0.4880 0.4880 1.0000 0.9144 0.7816 0.6880 0.5709 Present Value Factors $3.280.473 $24,134,910 $4841.505 $3.889.173 $3,675,539 $3.472,718 Present Value $43.094,319 2007 Multiples SUM of Present Values hAr/C/Op Inc $6 464 148 % of AUM AMC/Rev Pass.through premium 15% $49,588,447 $800,000.000 $15,912,000 18,751000 Aggregate Marketable Value of Invested Capital 5.7 50 8.3% 31 Less: Outstanding Debt $49,558,487 Aggregate Marketable Value of Partners Capital 20% ($9.911,693) Discount for Lack of Marketability Aggregate Non-Marketable Value of Panners* CaPtal 5,39.646.773 26 90% $10,664,982 Partners Pro Rata Percentage $10,700,000 Pro Rata, Non Marketable Value of Partner's Capital, rounded Can nleetst rang i.e.PWora.fie0ostd by APOIO SW AIinormial. LP Noe. Arai, SVF Achrscm I Pad nal mccive Caned...7mM mom> from Dv SW roe John. r. X007 ProrWxyis (wont**, by IatreloyiwnerN EFTA01128025 EXHIBIT *4 APOLLO ASIA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Prodded Projected Projected Projected Projected HIstOni HOMZON 2806 2007 2008 2009 2010 2011 5360.000.000 5432,000.000 5518.400.000 5872.080.000 $200,000.000 5300.000.000 Assets Under Management (Acme 30) 200% 20.0% 500% 200% 200% Growth In Assets 5570,240.000 $664,288.000 5330.000.000 5396.000.000 5475.200.000 Assets Under Management (Dec 31) Leverage 33% $225,563,910 5270.676,692 5324,812.030 5389.774.436 5467.729.323 Unkranaged Asses undermanagement $150.375.940 54,500.000 55.400030 56.480.000 S7.776.000 59.331,200 Manapernent fees (Dec 31, lot 'ulceration of Gross Carry) 1.50% (a) 543000.000 554.000000 304,800.000 577,780.000 /83.312.000 Yield on assets 15.00% 01) Fund Expenses 025% (41 (5750.000) cseoo.coo) 01.080.000) (51,296.000) (51.555.200) ($4.763.910) 05,716.6921 ($6.880,030) (145.2323 38) 09.873443) Cod of Dell 6.40% (0) 534.986090 541.983308 550.379970 364456964 572.547.157 Not Fund Profits (e . -a • b • c • d) 510.075.994 512391.193 514,509,431 514309,431 20.00% 56.997218 58.396.662 Gross carry to e Revenue) 45% 45% 45% 45% 45% 45% Operating Expense Ram 03441,037) ($0,529244) 08,529,244) (S3 145748i (53.778.498) (14,534,197) Opra0nd E meows 16.650.156 57.980.167 37.910387 $3.848.470 54.618164 35.541,797 Adpelment 57,080.187 57,900.187 53.848.470 34,618,164 15,541.797 $6,650.156 Adpsted Pre-Tax Income 42% 42% 42% 42% 42% 42% Tax Rate 03,351379) 03351379) 411.611.357) 151,939.829) 02,327 555) 0 2, 7930 06) Tax 54.628.509 14.628.509 32.232.113 $2,678.535 53.214.242 53,857.090 Net Moyne 533485.233 Horizon Value (Gordon Cretan McdelY Discouni Raw 17% Long-term growth Tale 3.5% 208 573 938 1.303 1.668 1,668 Dors 00680 0 5709 04860 0 4880 1 0000 0 9144 0 7816 Resent Value Factors 52202.144 117,316.001 52.041.077 52.093.413 52.147.090 52.2511609 Present Value 528,058.334 2007 "ar e Sum of Presern Values 54,206,750 % al AVIA MVI tAnctOp MC Pass-through prermum 15% $32.267384 5300.000.400 56.097.215 53.848.470 Aggregate Marketable Value of Invested Capitol $0 10,6% 4.8 8.4 Less Outsten0ng Oda Aggregate Marketable Value of Panned: Caplet $32,267.064 Dsccvnt for Lack of Marked:My 20% (16,453.417) Aggregate Ronal/Actable wove of partneri CaPtal 326813667 PoWlnoWs Pro fiali Petoeolage 44% 511.358.014 Pro Rau, Non.Merketable Value of Partner's Capital, rounded 511.460,000 by AMOS* MISPOOMOK LP NO,. &zit SW Adreers /Pad net terembe erne: inleitug non* awn int SW prO, Mane I. 2007 011004.....fillSkilblinieViie MOW, Y.I.0,1 at tell a & nil, A Otani) 4.,M .NNann NOT eine setCP• 20% raidIegrr.n,pa,004,/YlaYYie EFTA01128026 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 EFTA01128027 •-•• • 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 EFTA01128028 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 EFTA01128029 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 EFTA01128030 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♦ EFTA01128031 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 EFTA01128032 .1 - TR Pal aria '^ all J .11NOSI -Nom -1WEI a "Mll ""1671101111111P'5th EXHIBIT E AAA ASSOCIATES, L.P. SUMMARY OF CLASS A DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 PROJECTED CASH FLOWS 2007 2008 2009 2010 2011 Horizon $1,534,288 $5,538,596 $26,299,943 $100.222,824 $168,386,228 Anticipated Carried Interest* Pro Rata Share of Direct Interest Returns** 0% $0 $0 $0 SO $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) (375.773,802) ($75,773,802) 45.0% ($690,429) (32,492.368) ($11,834,975) Less: Operating Expenses $14,464,969 $55,122,553 $92.612,425 $92,612,425 5843,857 $3,046,228 Operating Income ($23.151,472) ($38,897,219) ($36,897,219) 42% ($354420) ($1,279,416) (36.075.287) 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 0.4694 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 Sum of Present Value of After-Tax Cash Flows 3237,498,721 15% $35,624,808 Pass-through premium Aggregate Marketable Value of Invested Capital $273,123,529 Less: Debt Outstanding $0 Aggregate Marketable Value of Equity $273,123,529 Pro Rata Class A Interest 24.64% $67,297,638 Discount for Lack of Marketability 20% ($13,459,528) Pro Rata, Fair Market Value of Class A Interest 853,838010 Pro Rata, Fair Market Value of Class A Interest, rounded $53,800,000 sham of the carried Merest for al future funds vAN be altnbulatte to AM Associates. LP 'Corded interest is derived from MV Funds in and VII. II is anticipated that a returns generated by the and funds. per the notes to the thudded 2006111am:3M statements ^AAA Assoc:otos does not participate in any investment Growth Model Honzon Value • Horizon Cosh Flow x (I + growth IWO)/ (ascoune rate- WOW? rate) ••' Gordon EFTA01128033 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. EFTA01128034 __ 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 EFTA01128035 MO • • MI I ■ a a ■ • ..■ J l... EXHIBIT A-6 DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7. 2007 Total Remaining Projected Total PROJECTED REALIZED PROFIT Exit Value 2007 2008 2009 2010 2011 Investment Cost Basis AIF V Investments 8 Cost Basis* Private S0 SO SO Sc $129,700,000 37.400,000 31.200.000,000 51,192.600,000 Intelsat SO 3356,250,000 SO 50 Sc S295.000 000 3285 000 000 3841 250000 Unity Media 3424 700 000 3292 400 000 31 841 0.000 Total 31,192,800.000 5358,250.000 SO SO SO Total Divestiture Profit of Apollo Investment Fund V (foreign Investments) $31,387,842 $9,376,026 $0 SO SO 2.8% Pro Rata Share of AN V held by Apollo Co-Investots V (EH) 20% -38,277,528 -31.875,205 SO $0 $0 Less. Carried Interest Paid to General Penner $25,110.113 $7.500,820 SO $0 SO Net Realized Share of Profile (pre-tax) 0% 0% 0% 0% 0% Tax Rate 0 0 0 0 0 Tax 0 0 0 Net Realized Share of Profits (after-tax) (■) 25,110,113 7,500.820 Pius. Return of Capital". i.e. cost basis 57,400,000 $0 SO $0 SO Intelsat SO $285,000,000 SO SO SO Unity Media $7,400,000 $285,000,000 30 $0 SO Aggregate NV IV Return of Capital (0) $194,768 $7,500,820 $0 $0 $0 2.6% Pro Rata Share of AIV V held by Apollo Co-Investors V (EH) (c.garw $25,304,872 MAMBO 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 0.9104 07715 06538 0.5541 0.4696 (d) Present Value Factors 323.037.650 $11,574.194 SO $0 SO (escxd) Present Value (sum of e) S34.611.844 Sum of Present Values SO 0% • Pass-through premium $34,611,844 Aggregate Marketable Value 24.10% 38.341.455 Pro Rata Partner Interest in Apollo Co-Investors N, LLC 20% (51.068.291) Discount for Lack ci Marketabity 56.673.164 I Pro Rata. Far Market Value $6,700,000 Pro Rata, Fair Market Value, rounded 'NE V - Aeon:, Investment Fund V. LP foreign feeder feed AIV V Euro Holdings, L P "Based on management allocation of profit and return of capital EFTA01128036 EFTA01128037 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 EFTA01128038 .. . --LAE I. I DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 Total Remaining Projected Total PROJECTED REALIZED PROFIT 2007 2008 2009 2010 2111 Investment Ceet Bests Exit Value AIF VI Mau: talents d CON &ISIS' Private SO SO 1100.437,500 $180,437,500 50 1268,700,000 335.400,000 1396.275,000 CEVA (TNT's logistics division) Pending Tainsacgons SO SO SO 1539,218 750 $0 $431,375.000 $431,375.000 1970.393.750 Count:y.4de PLC J 3720,075.000 3466.775.000 31,366.868,750 Total so $0 $180,437,500 $719,656,250 $0 Total DIvestiture Profit of Apollo Investment Fund VI (foreign Investments/ so SO $7.347,865 $29,385,964 $0 -Investors VI (EN-A) Pro Rata Snare of AIV VI held by Apollo Co 4.08% 20% so 10 (31,473.573) (55,877.193) $0 Lost Carried 'Memel Paid to General Partner so SO 35,894.292 523.506,771 $0 Nat Realised Shwa of Proffitt (pre-tor) 0% 0% 0% 0% 0% Tax Rale 0 0 0 0 0 Tax 0 5,894,292 23.509.771 0 (a) 0 Net Reeked Shwa of Profile (aneStaX) Plus: Rot= Of Gasner: i.e. cost bans SO SO 117,700.000 317,700.000 30 CEVA (TNT's logisfics didslon) SO SO 50 3431,375.000 30 Caunlmvid• PLC $0 SO $17,703.000 3449,075,000 10 Aggregate AN IV Return of Capital Pro Rail Snare of AN VINO by Apollo Co-lnyestors VI (EM-A) 4.08% so SO $722,760 $18,337,229 $0 (0ea+ b) $0 SO 36.617,042 $41,841,000 $0 Total Pro Rata Cash flowe to Apollo Co-Investors VI (EM-A) 207 572 937 1.302 1.667 Days 0.9018 0.7515 0.6262 0.6219 0.4349 Present Value Foams 50 SO 34,143.772 $21,837,589 SO (e•cxd) Present Value 20% Oscan* Rale (sum of e) $25.981.3411 Sum of Present Values 50 Pass-through premium 0% $21,81,341 Aggregate Marketable Value 18.40% 14.780.570 -Investors VI (EM.A). LLC Pro Raa Partner Interest in Apollo Co 30% (51434,17'0 Discount for Lack of Marketability $3.346,399 IPro Rata, Fair Masks Value $3.360,000 Pro Rata, Fair Merkel Value. rounded 'AM - Apo srrneestmen l und N. LP fatly feeder feed AIV VI Euro ttoletings, LP. 'tined on management dexatTon of morn and return of eacaal. EFTA01128039 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 EFTA01128040 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 EFTA01128041 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 EFTA01128042