Assumes APO Corp. — Network — Epstein Files

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Assumes APO Corp. — Network — Epstein Files

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Assumes APO Corp.

After-Tax TRA Payments - Tufts

Interests and Deferral

NPV Total After-Tax TRA Payments

Millions

Effective Tax Rate

Gain Recognized - Tufts

Net After-Tax Equity Cash Proceeds

After-Tax TRA Payments - Tufts Gain

Gain Recognized -

After-Tax TRA Payments - Cash Equity Sales

Tufts

Recognition

After-Tax TRA Payments

TRA

Interests Annually From

NPV Total After-Tax TRA

El ERNST& YOUNG Quality

NPV

APO Corp.

Benefit/Detriment of Guarantee 2.0 1.3

After-Tax TRA Payments - Cash Equity

App

NPV Value

AGM

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