EFTA00624997.pdf

_al Exhibit C APOLLO MANAGEMENT HOLDINGS. LP CONCLUSION OF EQUITY INTEREST AS OF APRIL 16. 2007 Assets Ape& Management. Apollo Management Iv. Amigo Management V. Aram Management VL Apt ImestmailMatmgemeni.• Apollo Value lasnegernsoli Aggregate Marketable Value of Equity Applicata Lack of stadtMablMY Discount Pi9Plagale Fair Marble Vales Partrwes Pro Rata Interest Pro Rata Fair Market Value % Ealaltb9 Asset Contribution $0 33.06111101 512,017.131 $190.0563711 51.017.345.253 564.192.412 10% 10% 15% 15% 15% 15% 50 $2761.920 110214362 5162,230.131 1864.743.465 5543113.550 30.35% 3.35% 30.15% 30.35% 23.90% 26,90% 30 5138243 53,100.119 149.236.845 1206.673346 51%746.190 0.0% 0.1% 0.3% 4.9% 20.5% 1.5% Mdb SVF Management. 5278366,012 15% S2361)66320 44.00% 5104220.741 104% In if 5124.733627 20% 599.786.902 44.001E S43.236.233-a- 4.4% ...3:11—..AwallerSORWirersAr Apalla Asia Masagemettir $44.044.659 20% 5352151367 44,00% 515.503.790 I 5% r . Imo". Apollo Apollo Europe Llanopernen# 531.566.933 $44115.2111.791 20% 20% 525253546 8372,175.033 44.00% 44.00% 53.1.344409--A-- i% 5163757.015 163% Apollo AParnatno Awns. $342,440,764 20% 3273.952411 44.00% 1120.539,149 12.0% Subtotal 52574.452.430 52.138.037.927 S 72 9% L 3 r,.(ic7pa Flamed Funds/Goaded Apollo management Vit ■ 33412.7/46.941 20% 5309229,553 30.35% 592.940.669 92% Audio Atirisees V11. 543%504.477 25% 1329.628.358 24.64% 551220.427 e.1% Mello EPF lAtesagernenl. ■ $10.611.394 20% 524.649.115 44.03% 510.646.611 1.1% Mob EPF Admen.. 327.002732 20% 522242.185 44.00% 19.766.562 0% New Fund Management. LPs 3124.677656 20% 199.742.284 44.03% 143.686.605 4.4% New Fund Minors. MEI 395568,772 20% 176.455.011 44.03% 333340200 33% Suterami 51,101,152,171 1858,48513 5272.320.062 271% Total Assets 55,678804,801 52.555.5. 4440 1755-- S1 658 1000% LiabiliUeS S Equity fp) in( Pr.- Total Llablellos SO $0 so Total Equity 53675.604301 52.996.564.440 51305,953658 Total Liabettles and Equity 33.675.604,501 32.814$4.44. $1,006.06304 Aggregate Fait Market Value 52.996,964,440 Pro Rata. Fair Markel wade et Panners losses% $1.0:6,953,158 Pro Rata. Fair Market Value of Partner's Interest 31,005,953.658 Concluded Equity Interest et Pettier In AMHLP 33.57% Less' Investment Company Discount 5.0% ($50297383) Mmodly marketable Vona $955,655.975 Lets Lack of Martrelabily Discount 10.0% (595.565598) Fat Merkel Vas, 01 33.05% Interest an AMILP 3860,090.378 Fair Markel Value of 33.57% Interest in AA1HLP. Rounded 5860,100,000 'It was tinhorn...A Out the awry lee metre comently pad to the raspecOve Apollo Management companymodel boon to to gam to the Mob AdViSat I/Miry. EFTA00624997 EXHIBIT A-1 APOLLO MANAGEMENT. LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Adjusted Invested Capital HISTORY 2006 PROJECT 2007 PROJECT 2008 $341,80a 000 $119.600,000 SO Management Fees $6,034,471 $0 SO Operating Expense Ratio Estimate 68.6% 0.0% 0.0% Operating Expenses ($4,137,805) $0 $0 Operating Income $1,896.666 $0 SO Margin: Adjustment Adjusted Pre-Tax Income $1,896,666 $0 $0 Tax Rate 42% 42% 42% Tax $796,600 SO $0 Net Income $1,100.066 SO $0 Days 259 624 Present Value Factors 11% 1.0000 0.9286 0.8366 Present Value SO $0 Sum of Present Values SO Pass-through premium 15% $0 Aggregate Marketable Value of Invested Capital $0 Less: Outstanding Debt SO Aggregate Marketable Value of Partners' Capital $0 Partners Pro Rata Percentage 30.35% SO Discount for Lack of Marketability 10% $0 Pro Rata, Fair Market Value of Partners Capital $0 Pro Rata, Fair Market Value of Partner's Capital, rounded $0 EFTA00624998 EXHIBIT A-2 APOLLO MANAGEMENT IV, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT PROJECT 2009 2010 Adjusted Invested Capital' 31 .043,700,000 $649,128,201 $0 $0 $0 Management Fees' $6.142,871 $3,164,500 $0 $0 Operating Expense Ratio Estimate 51.7% 32.0% 0.0% 0.0% Operating Expenses' ($3.176,672) ($1,012,209) $0 $0 Pre-Tax Income $2.966.199 $2.152,291 $0 $0 Adjustments $o $0 $0 so Adjusted Pre-Tax Income $2,966,199 $2,152,291 $0 $0 Tax Rate 42% 42% 42% 42% Tax $1,245,804 $903,962 $0 $0 Net Income $1,720,395 $1,248,329 $0 $0 Horizon Value (Gordon Growth Model)' Days Present Value Factors Present Value 259 624 989 1,354 0.9346 0.8496 0.7724 0.7022 $1.607.891 $1,060,632 $0 $0 Discount Rate: 10% Sum of Present Values $2,668,522 Pass-through premium 15% $400,278 Aggregate Marketable Value of Invested Capital $3,068,801 Less: Outstanding Debt $0 Aggregate Marketable Value of Partners' Capital $3,068,801 Partners Pro Rata Percentage 30.35% $931,381 Discount for Lack of Marketability 10% ($93,138) Pro Rata, Fair Market Value of Partner's Capital $838,243 Pro Rata. Fair Market Value of Partner's Capital, rounded $840,000 'Based on proiodrons ptreeded by manogemeni EFTA00624999 L.3(1111111 A-3 APOLLO MANAGEMENT V, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 Adjusted Invested Capital' 51.808,400.000 $1.694,200.000 $984.976,667 $593,497.619 $150,000,000 $0 Management Fees* 513.348.875 $11.376,706 $6,653,302 $3.619.674 $843.750 Operating Expense Ratio Estimate 51.7% 32.0% 36.1% 41.9% 32.3% Operating Expenses' ($6,903.123) (53.638.995) ($2,400,520) ($1,516,158) ($272.8301 Pre-Tax Income $6,445,752 $7,737,711 $4,252,782 $2,103.516 $570.920 Adjustments 50 $0 $0 $0 50 Adjusted Pre-Tax Income $6,445,752 57.737.711 54,252,782 $2,103,516 $570,920 Tax Rate 42% 42% 42% 42% 42% Tax $2.707.216 $3.249.839 $1.786.168 $883,477 $239.787 Net Income $3,738,536 54.487 872 52,466,614 $1,220,040 $331,134 Days 259 624 989 1,354 1.719 Present Value Factors 0.9407 0.8630 0.7918 0.7264 0.6664 Present Value $3.516,771 $3,873,081 $1,952.948 $886,211 $220,668 Discount Rate: 9% Sum of Present Values $10 449.679 Pass-through premium 15% $1.567.452 Aggregate Marketable Value of Invested Capital $12,017,131 Less: Outstanding Debt $0 Aggregate Marketable Value of Partners Capital $12.017,131 Partners Pro Rata Percentage 30.35% $3.647,199 Discount for Lack of Marketability 15% ($547.080) Pro Rata, Fair Market Value of Partner's Capital $3,100,119 Pro Rata, Fair Market Value of Partner's Capital, rounded $3,100,000 'Based on proiucbons prowled by ninnortneni EFTA00625000 EXHIBIT A-4 APOLLO MANAGEMENT VI, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 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 Present Value Factors Present Value 259 624 989 1,354 1,719 1.0000 0.9407 0.8630 0 7018 0.7284 0.6664 588.009,078 541.532390 318.099.357 512.322.995 36.000,510 Discount Rate: 9% Sum Of Present Values $165,964,329 Pass-through premium 15% 524694,649 Aggregate Marketable Value of Invested Capital $190,858,978 Less Outstandtng Debt $0 Aggregate Marketable Value of Partners' Gewalt 5190,050.978 Partner's Pro Rata Percentage 30 35% 357,925.700 Discount for Lack of Marketability 15% N8688,855) Pro Rata, Fair Market Value of Partners Capital $49,236,845 Pro Rata, Fair Market Value of Partner's Capital $49,200,0001 1,0444/ on projecloor4 pranfoat mantramf EFTA00625001 EXHIBIT A-5 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16. 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 200$ PROJECT 2010 PROJECT 2011 HORIZON Assets Under Management (June 30) $2.600,000.000 $3.450.000.000 $4,300,000,000 $5,150,000,000 $6,000,000,000 Assets Under Management (December 31) $2.175,000.000 53.025,000000 $3.875.000,000 $•.725,000,000 $5,575,000.000 $6.425.000.000 Leverage 33.0% Urieveraged AS5a5 Under Management (June 30) 51,954,887.218 $2.593,984,962 $3,233,082,707 $3,872,180.451 $4,511,278,195 Management Fees 2.0% $52,000,000 569.000,000 588,000,000 $103,000,000 $120,000,000 Yield on asset 12.0% $312,000,000 $414,000,000 $518,000,000 $816,000,000 $720.000.000 Other expense GSA ($1,000.000) ($2.000,000) ($3,000,000) ($4,000.000) ($5,000,000) Cost of debt 8.4% ($41,287,218) ($54,784.962) ($68,282,707) ($81,780,451) ($95,278,195) Gross carry 20.0% $43,542,558 $57,643.006 $71,743,459 $85,843,910 $99,944,361 $99,944,361 Management Fees $52,000,000 289.000500 $813,003,000 $103,000,000 5120,000,000 $120,000,000 Total Fees $95,542,558 $126,643,000 $157,743,459 $188,843,910 $219.944.361 $219,944,381 45% 45% 45% 45% 45% 45% Less: ~fame Expenses ($42.994,150) ($50989,353) ($70,984,556) ($84,979,759) (198,974,962) ($98,974,962) Pre-Tax Income $52.548.406 569.653,654 $86,758.902 $103.864.150 $120,969,398 $120,969,398 Adyustment A4usted Pre-Tax Income $52,548,406 $69,653,654 286.759502 $103.864.150 $120,969,398 $120,969,398 Tax Rate 42% 42% 42% 42% 42% 42% Tax (22,070,331) (29.254.535) (38,438,739) (43,622,943) (50,807,147) (50,807,147) Net Income $30,478,075 $40,399,119 $50.320.163 380.241,207 $70.162.251 570,162,251 Horizon Value (Gordon Growth Modeg' $1,032.387,409 OMMunt Rate' 10.0% Long-Tenn Growth Rate: 3.0% Days 259 624 989 1,354 1.719 1.719 Present Value Factors 0 9346 0 8496 0 7724 0.7022 0.8383 0.6383 Present Value $28,484.969 $34.324,753 $38,867,345 $42.300,336 544,787,929 $659.022,380 Sum of Present Values 2007 Multiples Aggregate Fogy Markeh3de Mriolity Interest $847,787.711 % of AUM MV1Cilitev MVICiOp Inc Pass-through prenum 20.0% $169,557,542 52.600.000.000 595,542.556 $52.548.406 Aggregate Marketable Value of Invested Capital $1,017,345,263 39.13% 106 194 Less: Outstanding Debt $0 Aggregate Marketable Value of Partners Capital $1.017,345,263 Partners Pro Rate Percentage 23.90% $243,145.515 Discount for lack of Marketability 15% 436.471,8271 Pro Rata. Far Market Value of Partners Capital $206,873.888 Pm Rata, Fair Market Value of Partnors Capital $206,700,000 • Gordon Growth MOdel (Horizon Net Income x (l+growth rate) / (capitalization rale + exIM SA] EFTA00625002 L AMU. I APOLLO VIF MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Assets Under Management HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON Class A Assets (VIF) $456.000,000 5600,000.000 5663,000.000 $732.615.000 3809.539.575 $894.541.230 Management Fees 1.5% 39.000.000 $9.945.000 610.989.225 $12.143,094 313.418.118 $13.414119 Operating Expense Ratio Estimate 45% 45% 45% 45% 45% 45% Operating Expanses ($4,050,000) ($4,475.250) ($4.945.151) ($5.484.392) ($6.038.153) (36.038,153) Pre-Tax Income $4.950.000 55.469.760 $6.044.074 36,678.701 67.379.965 $7.379,965 Adjustments 30 SO 30 $0 $0 SO Adjusted Pre-Tax Income $4250.006 35,469.750 $6,044,074 $6,878,701 $7.379,965 57379.966 Tax Rate 42% 42% 42% 42% 42% 42% Tax (32.079,000) ($2.297.295) (62.5313.511) (62.805.055) (33.099,585) (43.099.565) Net Income $2,671,000 33,172,455 $3.505563 63.873.647 64.280280 $4280,380 Hotszest Value (Gordon Growth Model)* 362,982.731 Days 259 624 989 1,354 1,719 1.719 Present Value Factors 0.9346 0.8494 0.7724 0.7022 0.6363 0.6363 Present Value 62.683.252 $2.695.448 52,707,700 52.720.008 $2.732.372 640204.897 Discount Rs*: 10% LOageterel growth rate 3% Sum of Present Values $53.745677 2007 Multiples Pass-thiu Premium 20% $10.748.735 % of A.UM MVIC/Rev MV1C/Op Inc Aggregate Marketable Value of Invested Capital 1,14.492,412 $600,000,000 69.000.000 $4.950,000 Less Outstanding Debt so 10.75% 7.2 13.0 Aggregate Marketable Value of Partners' Capital 664.492412 Partners Pro Rata Percentage 26.90% $17.348459 Discount for Lock 01 Maiketabdity 15% (62.602.269) WO Rata. Fair Market Value N Partners Capital 314.746,190 Pro Rate, Fair Market Value of Partner's Capital. rounded $14.700,000 Bandon ateedteempotevepotana EFTA00625003 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 20011 PROJECT 2009 PROJECT 2010 PROJECT 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 540,544.459 547,354,713 547.354.713 Managernem Fees. SOMA 16% 53.400.000 57.600.000 510000.000 513,300.000 515,800030 $15900,030 Total Managernere Fees $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% 45% Opesating Expenses (510.361.250) ($10758000) (520,467.215) (524.230.006) (528.419021) (528.419.621) Pro-Tax Income 512.663.750 $20.462.000 $25,015415 $29,614.452 534.735.092 534.735.002 Adjustrnem $0 50 so 50 so se Adjusted Pre.Tat Income 512.663.750 120.482,000 525.015.485 529.614.452 $34.735992 534.735.092 Tax Rale 42% 42% 42% 42% 42% 42% Tax ($5.318.775) (56.602.440) (510.500.504) (512.430070) (514.558339) (514.580739) NCI Income 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 1.719 Preset VNue Facors 1.0000 0.9103 0.6490 0.7724 0.7022 0.6383 0.6313 Nostra Wive 56.864.652 510093363 511.206.752 312.060.959 512.860383 5189.231,354 Discconl Rate 10% tong-Term Groom 3% Sum cl Present Vakies 5242.317.463 2007 Multiples Passabru Premium 15% 1,36.347.619 %MAU% MV1C/Rev mvociOp Inc Aggregate Marketable Value of Invested Capital 5271.665.0112 51000900A* 523025.000 $12,663,750 LOSW OW613'16110 NM 30 27.9% 12.1 22.0 Aggregate Marketable Value of Partners' Cap al 52713.665062 Partners Pro Rata Perceniage 44% 3122.612.638 Oscine for lack ot Mattelebtey 15% (519.391.895) Pro Rata. En Market Value of Partner's Captal 5104.220,741 Pro Rata, Fair Market Value of Partner's Capital, rounded 4104.200,000 lased°, Menne/nod RgYment leclines SOMA - Seve-sne 2tOil hangmen? 'morns anon sta ate be 0~0 aim GIs, d .t xrJ Mho a ••••••fil Ar• 1.71% EFTA00625004 EX1-1101T A-9 DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 History 2006 Projected 2007 Projected 2008 Projected 2009 Projected 2010 Projected 2011 HORIZON Assets Under Management (June 30)' 5200.000,000 3300,000,000 3360,000.000 3432.000.000 5518,400,000 5822.080,000 Growth in Assets 50.0% 20.0% 20.0% 20.0% 20.0% Assets Under Management (December 31)' 5330.000.000 5396.000,000 3475,200,000 5570,240,000 $684.288.000 Leverage 33% linleveraged Assets Under Management (June 30) 3226,5631910 3270,676,692 3324,812.030 5389,774.436 5467.729,323 Management fees 1.50% $4,500.000 35,400,000 36,480.1)00 37,776.000 $9,331,200 $9,331,200 Operating Expense Ratio' 45% 45% 45% 45% 45% 45% Operating Expenses (32.025.000) (32,430.000) (32.916.000) (53.499.200) (54,199,040) (54,199.040) 52.475,000 32,970,000 53.564.000 34,276.800 35,132,160 35,132,160 Adjustment Adjusted Pre-Tax Income 52.475.000 52.970,000 33,564,000 54,276,800 55.132,160 55,132,160 Tax Rate 42% 42% 42% 42% 42% 42% Tax Net Income ($1.039,500) ($1,247,400) 01,496,880) (51,796,256) ($2,155,507) ($2,155,507) 51.435.600 31,72Z600 32.067,120 $2,480,544 $2,976,653 $2,976,653 14011Z0f1 Value (Gordon Croy& Modell' 47.397.472 Discount Rate 10% long-teen growth rate: 3.5% Days 259 824 989 1,354 1,719 1,719 Present Value Factors 0.9346 0.8496 0.7724 0.7022 0.6383 0.6383 Present Value 1,341828 1.463,592 1,598,846 1,741,795 1,900,140 30,258078 Sum of Present Values 538,299 877 2007 Multiples Pass-through premium 15% 55.744.982 % of AUM MVICIRov MVIC,Op Inc Aggregate Marketable Value of Invested Capital 344,044,859 3300,000,000 54,500,000 52,475,000 Less: Outstanding Debt 50 14.7% 9.8 17.8 Aggregate Marketable Value of Partners' Capital 544,044,859 Prmtners Pro Roth Percentage 44% 5,9,379.738 Discount for Lack of Marketability 20% (53,875.948) Pro Rata, Fair Market Value of Partners Capital 315,503.790 Pro Rata, Fair Market Value of Partners Capital, rounded 515,500,000 -eased on maAlgelnent PtO0C, Ons pewee/a Empty "G-441ta &NW, 440444 HallOa VINO • IMAM, nol ircA* '( 1 • ICeVeim groin rale) 1/ tchscourl rale • $0,0-from 3:4/ ,-04) EFTA00625005 se -I In.n-I as....I I 1 ate,. ! Onon,A Ain. I 1./011017 A-11 APOLLO EUROPE MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON Assets Under Management (June so)' 5250.000.000 3500.000000 $1.000.000.000 51.500.000.000 $2.000.000,000 $2,500,000,000 Assets Under Management (December 31)' 5750.000,000 51.250.000.000 $1.750.000.000 $2250,000.000 $2.750,000.000 leverage 50.0% UNeveraged Assets Under Management (June 30) 5333,333.333 5666.666.667 $1,000.000.000 51.333.333,333 51.666,666,687 Management Fee 2.0% $10,000.000 520.090.000 530.000.000 540.000.000 350.000.000 550.000.000 Yield on assets* 12.0% $312000000 $414.000.000 $516.000.000 $618.000.000 $720.000.000 Cent expense GSA ($1,000,000) ($2.000.000) (53,000.000) (54.000,000) (55.000.000) Cost of debt 6.4% ($41,287.216) ($54.784.962) ($68.282.707) ($81.780.451) ($95,278.195) Gross Carry' 20.0% 543,542.556 557.843.008 571.743.459 $85,843,910 $99.944,361 599.944,361 Total Revenues $53542.556 $77.643.008 $101.743.459 $125,843,910 5149.944,361 5149.944,361 Cperatang Expenses 45.0% (524.094.150) (534.939.353) (345,784.556) (356.629,759) (567,474.9452) (587.474.962) Adjustments Adjusted Pre-Tax Income 529.448.406 $42,703,654 $55,958.902 369,214.150 542,489,398 582.469.398 Tax Rate 42% 42% 42% 42% 42% 42% Tax (512,366.3311 ($17.935536) (523.502.739) ($29.069.943) (534.637,147) ($34.637.147) Net Income $17,080,075 $24,768.119 $32,456,163 $40,144,207 547.832.251 547.832.251 Horizon Value (Gordon Growth Model)" 5521.119.789 Days 259 624 989 1,354 1.719 1,719 Present Value Faders 1.0000 0 9169 0.8114 0.7181 0.6355 0.5624 0.5624 Present Value $15.661.231 520.097.901 523,306.465 525.510,776 526,899,435 3293.062.270 Discount Rate 13% Long-term growth rate: 4% Sum of Present Values Aggregate Vatue Et/Adjustments $404.535.079 2007 Multiples Pass-dvu Premium 15% $60.680.712 % of AUM MVIC/Rev ninna0p Inc Aggregate Marketable Value of Invested Capital $466,218,791 $500.000.000 553.542.556 529.448.406 Less. Outstanding Debt $0 93.0% 8.7 15.8 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 • .1.0?-r•^^ Sena, ne.)1 EFTA00625006 ET1 EXHIBIT A•12 APOLLO ALTERNATIVE ASSETS. LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON New invested carat $231,000,000 5770,368.571 556,465.714 3.580.360.000 $580.360.000 3609,645.714 New leverage $80,302857 5141516.429 3145,090000 5145.090.000 3152,411.429 New invested capital with leverage 30 50 50 30 30 Total invested caudal 5993.782.857 31,445,731,298 $1,962,480,778 $2,341103.529 32,507,370.436 Total invested caplet with leverage 5974.085.714 31.64.576.223 32.313,333205 52,795,555.893 $3.023.056.680 Assets Under Management (June 30) $231.000.000 $601,020,465 51,594.323,126 32,678.781,562 $3.679.792.173 Assets Under Management (December 31) 3259,733.769 $1.113,316.803 32,151,410,285 $3,267,262.327 $3,967,234,268 Management Fees 1.25% $6,848,045 $21.897.253 936,093.321 $49,684,206 357,093,006 557.093.006 Transactions Fees $46,105.774 $37.332.471 $38,422.108 $38.293284 $40.447.050 $40,447,050 Total Fees 52,754.819 59.229.723 74,515.429 87,977,491 97,540.056 97.540,056 OPeratitg Expense Ratio Estimate 45% 45% 45% 45% 45% 45% Operetng Expenses (123,739,668) (828,853,375) (833,531,943) 039,589.8711 (543,893,025) ($43,893,025) Pre-Tax Income 529.015.150 532.576.348 540,983.488 $48,387,620 $53,647,031 $53,647,031 Adjustment so $0 $0 $0 $0 $0 Adjusted Pre-Tax Income $29.015.150 532,576.348 $40,983.486 $48.387.620 $53,647.031 $53,647,031 Tax Rate 42% 42% 42% 42% 42% 42% Tax (312,186.363) ($13,682,066) (517213.064) (520,322,800) (322,531,753) ($22,531,753) Net Inane 316,828.787 $18.8114.282 $23,770.422 $28,064,820 331,115,278 331.116.278 Horizon Value (Gordon Growth Model)' $359,554,321 Discount Rate' 13% L.ag•Temi Growth 4.0% Days 259 624 989 1,354 1,719 1,719 Present Value Figleitt 0.9169 0 8114 0.7181 0.6355 0.5624 0.5624 Present Value 515.430.818 $15,331,621 $17,069,316 $17.834.566 $17,498,307 5202.202.656 Sum of Present Value, 1285.367.304 2007 Multiples Pass-thni Premium 20% 557.073.461 %Of AUM MVIC/Rev MVIG/Op Inc Aggregate Marketable Value of Invested Capital $342,440,764 9231.000 $6.648.045 529.015.150 Less Outstanding Debt SO 148.24% 51.5 11.8 $342.440,764 Partners Pro Rata Percentage 44% $150.673.936 Discount for Lack et Marketabbty 20% ($30.134,787) Pro Rata, Fat Mattel Partners Capital 3120.539.149 Pro Rata, Fair Market Partners Capital. rounded $120,500,000 ' Gordon Growth Model (Hairdo Net Income x (1+growth rake) / (capitalization rate • extra risk)) EFTA00625007 EXHIBIT A-1 DISCOUNTED FUTURE EARN AS OF APRIL 18, 2007 AUM (JUNE 30) FUND AUM (DEC 30) FUND Carry Total Fees Operating Expense Ratio Estimate Operating Expenses Pre-Tax Income HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT 2010 PROJECT 2011 HORIZON 458,000,000 0 0 937,931034 1,113,793,103 9,600,000 1071.250,000 1,474,093,750 11.200,000 1014.250,000 1,735478,261 18,400,000 1.897,951,108 2,040,134,387 25.200,000 2.227.833.227 2,394,954,011 22.400.000 22.400,000 0 0 9.600.000 45% (4,320.000) 11,200,000 45% (5,040000) 18.400,000 45% (8280,000) 25,200,000 45% (11,340.000) 22,409000 45% (10,080,000) 22,400,000 45% (10,080,000) 0 5,280,000 6,160,000 10.120,000 13,860,000 12,320.000 12,320.000 Adjustment 0 0 0 0 0 0 0 Adjusted Pre-Tax Income 0 5.280000 6.160,000 10,120,000 13,860,000 12,320.000 12,320,000 Tax Rate 42% 42% 42% 42% 42% 42% Tax 0 (2,217,600) (2,587,200) (4250,400) (5.821,200) (5,174,400)_ (5,174,400) Net Income 0 3,062,400 3,572,800 5.869,600 8,038,800 7,145.600 7,145,600 Horizon Value (Gordon Growth Model)* 52,571,200 Days 0 259 624 989 1354 1719 1719 Present Value Factors 1.0000 0.8946 0.7646 0.6535 0.5585 0.4774 0.4774 Present Value 2,739.542 2,731,737 3.835,773 4,490,035 3,411,232 25.096,924 Discount Rate: 17.0% Longterm growth rate: 3.0% Stun of Present Values 42,305,243 2007 Multiples Pass-that Premium 15% 6,345.786 % of AUM MVIC/Rey MVIC/Op Inc Marketable Aggregate Value 48,651,030 937,931,034 9,800,000 5.280.000 5.19% 5.1 9.2 Discount for Lath of Marketabrily 20% (9.730,206) Aggregate Fair Market Value 38.920,824 Partners Pro Rata Percentage 26.90% 10,469.702 Pro Rata, Non-Marketable Value of Partner's Capital, rounded 510,600,000 EFTA00625008 DISCOUNTED FUTURE EARNI AS OF APRIL 16, 2007 HISTORY PROJECT PROJECT PROJECT PROJECT PROJECT Managed Accost( (+ VA AVM (June 30) ty 2006 2007 2008 2009 2010 2011 HORIZON 400,000,000 400,000,000 600,000,000 800.000,000 1,000,000,000 1,200,000.000 AUM (December 30) 0 500,000,000 700,030.000 900,000,000 1,100,000,000 1,300,000.000 Gross Carty (MA) 16% 3.600,000 5,400,000 21,200,000 23,200.000 18,000000 16,000000 ManagemeM Fees (a) 0 0 0 0 0 0 0 Total Fees C 3,600,000 5,400,000 21,200,000 23,200,000 18,000.000 18,000,000 Operating Expense Ratio Estimate 45% 45% 45% 45% 45% 45% Operating Expenses c (1,620,000) (2,430.000) (9.540.000) (10,440,000) (8.100000) (la,t09.000) Pre-Tax Income (1) C 1,980,000 2,970,009 11060000 12,760,000 9,900.000 0900,000 Adjustment Adjusted Pre-Tax Income Tax Rat* Tax Nen-icons 0 0 1.980.000 2.970.000 42% 42% (831.600) (1.247,400) 11.660.000 42% (4.692200) 12,760,000 9,903,000 42% 42% (5359 200) (4,158,0001 9,900,000 42% (4.158,000) 0 1,148,400 1,722,600 6,762,030 7,400.800 5,742,000 0742.000 Horizon Value (Gordon Growth Madelr 42,244.714 Days 0 259 824 989 1354 1719 1719 Present Value Factors 1.0000 0.8946 0.7648 0.6535 0.5585 0.4774 0,4774 Present Value 1.027,328 1,317,088 4,419477 4.133.683 2,741,169 20,167.171 Discount Rale: 17.0% Long-tenn growth rate 3.0% Sim of Present Values 33,805,916 2007 Multiples Pass-Ihru Premium 15% 5070,887 % of AUM MVICriter MVICrOp Inc Marketable Aggregate Value 38,876,803 400,000,000 3,600000 1,980,000 9.72% 10.6 19.6 DiscouM for Lack of Marketability 20% (7,r5.381) Aggregate Fair Market Value 31,101,443 Partners Pro Rata Percentage 44.00% 13084,635 Pro Rata, Non-Marketable Value of Partner's Capital, rounded $13,700,000 (a) paid to Apollo SW Management. EFTA00625009 exhit8iT A-a DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 History 2006 Projected 2007 Projected 2008 Projected 2009 Projected 2010 Projected 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 dd ncr recent came° wilvest inceme /menthe SW, pm, to Sine 1. 2007 Caton wens awry was previous* marred tryApalo SW Minagtheerd. IP Y,eki on assets is For Class A. Class 8 assets MO Lego In 2008 and anticipate 20% yield. Projections provided by Management EFTA00625010 I L I EXHIBIT A•10 APOLLO ASIA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Assets Under Management (June 30) Growth n Assets M.sels Under Management (Dec 31) Leverage 33% lestory 2006 Protected 2007 Projected 2008 Projected 2009 Projected 2010 Projected 2011 HORIZON 5200.000000 $300000.000 50.0% 3330.000.000 5380.000.000 20.0% 5398,000,000 5432000000 20.0% $475,200,000 $518.400.000 20.0% $570.240.000 $622080.000 20.0% $884.288.000 Unleveraged Assets Undermanagernent 5150,375.940 5225,563.910 5270876 692 $324,812.030 5389,774.436 5467229323 Management fees (Dec. 31, for calculation of Gross Carry) 1.50% (a) 54,500,000 55.400,000 16,460.000 57,778.000 $9.331200 Yield on assets 15.00% (b) $45000.000 554,000000 $64,1300.000 577,760.000 $93,312,000 Fuld Expenses 0.25% (c) (5750,000) (5900.000) ($1,080,000) ($1,296,000) (31.555200) Cost of Debt 6.40% NO (64,783.910) (55,716.692) ($6,860.030) (58,232,038) ($9.878,443) Net Fund Profits (e = -a « b + c + 0 $34,986,090 $41,983,308 $50,379,970 $60,455,964 $72547,157 Gross tarry (.e. Revenue) 20.00% 56,997,218 58.396,682 $10,075,994 $12,091,193 $14,509,431 $14,509,431 Operating Expense Ratio 45% 45% 45% 45% 45% 45% Operating Expenses ($3,148,748) (53,778,498) ($4,534,197) (55,441,037) ($6,529,244) (36,529,244) 53,848,470 34,818,184 55,541,797 56.850,156 $7,980,187 $7,980,187 Adrustrnomt Adjusted Pre-Tax Income $3,846,470 $4,818,164 $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) ($3,351,679) Net Income 52.232,113 52,678,535 $3,214,242 $3,857,090 $4,628,509 $4,628,509 Horizon Value (Gordon Growth Model)' 335.485.233 Dacount Rate: 17% Leaptenn growth rate 4% Days 259 624 989 1,354 1.719 1,719 Present Value Factors 1.0000 0.8946 0.7646 0.6535 0.5585 0.4774 0.4774 Present Value 51.996589 52.047,989 $2,100,501 $2,154,360 $2.209.600 518.940,268 Sum of Present Values Aggregate Value B/Adjustments 527.449,507 2007 Multiples Pass-Uvough premium 15% 54.117 426 % of AUM SAVIC/Rev MVIOOP Inc Aggregate Marketable Value of Invested Capital 531,566,933 $300,000,000 56.997218 $3,848,470 Less: OutstanOng Debt SO 10.5% 45 6.2 Aggregate Marketable Value of Partners Capital 531,566,933 Partners Pro Rata Percentage 44% 513,889.450 Discount for Ladc of Marketability 20% (52,777,890) Pro Rata. Fair Market Value of Partners Capital S11.111.560 Pro Rata. Fair Market Value of Partner's Capital, rounded $11,100,000 Note Apalo SW laInstel, IP/0 007 ',OM< tamed elenne memo from ry S VP pre, to aerial 2007 Ctirrwl ,t0,00 a -oew way prosou0y mf e7O by Aar. SVC MA+Qrnr-Y LO Yield on assets is for C/ass A. Gass Bassets we bacon ft, 2008 002 anbopale 20% yen Proscbons provided by Management EFTA00625011 r".• MR& Mira rig% 1.1.• r"/IL rig. nig; l+ —1 Exhibit C CONCLUSION OF EQUITY INTEREST AS OF JUNE 7. 2007 Assets Existing Funds: Aggregate Marketable Value of Equity Applicable Lack of Marketability Discount Aggregate Fair Market Value Partners Pro Rata Interest Pro Rata Fair Market Value Pro Rata FMV Contribution % Apollo Management aci 10% 30 30.35% SO 0.00% Apollo Management IV, 32.071.933 10% 31.864.739 30.35% 3565.948 0.07% Aga Management V, 38.097.961 15% 36,883,267 30.35% 32.089,072 0.25% Apolo Management VI. 3128.613,771 15% $109.321.705 30.35% 333.179,137 3.90% Apollo Investment Management. le $886,871,222 15% 3583,840,539 23.90% 5139.537689 16.38% Apollo Value Management LP 343542.722 15% 337,011.314 26.90% 39,958643 1.17% Apollo SW Management. LP 8188.143.627 15% 3159,922,083 44.00% $70,365,716 8.26% Apolo Asia Management 329.737.344 20% 323.789.875 44.00% 310.467.545 1.23% Apollo Europe Management. LP 3315.873.157 20% 3252,698.526 44.00% 3111,187,351 13.05% Apollo Alternative Assets. IM 3232.509622 20% $188,007,608 44.00% 381643,387 9.61% Subtotal 51.635.461.359 $1,361,339,746 3459,192,090 53.92% Planned Funds/Goodtts6 Apollo Management VII, I. $258.442.582 20% $206,754,068 30.35% 362,749,859 7.37% Apolo Advisors VII. IN 3449,991.207 25% 3337,493,405 24.64% 383,158,375 9.76% Apollo EPF Management. LP 320.920.248 20% 316,736,198 44.00% 37,363,927 0.86% Apollo EPF Advisors. 328,486,779 20% $22,789.423 44.00% $10,027,346 1.18% New PE Fund Management LP's 3298,381.282 20% 3237,105.026 30.35% 371.961375 8.45% New PE Funds Advisors . LP'S 3502.143.606 25% $376,607,705 24.64% $92,796,138 10.90% New CM Fund Management LP's 384,809,703 20% 367.847.763 44.00% 328853,016 3.51% New CM Fund Advisors LP's 398.261,349 20% 378.609.079 44.00% 334.587.995 4.08% Sus total 31.799.496,757 51,343,94Z665 3392.498,032 46.08% Total Assets $3.374698,118 32,705,282,411 5851,690,121 100.00% Liabilities 8 Equity Total Liabilities' $0 30 SO Total Equity $3,374,898,116 32,705,282,411 5851.690,121 Total Liabilities and Equity 33,374,898,116 $2,705.282.411 3851,690,121 Aggregate Fair Market Value 32.705.282,411 Pro Rata. Fair Market Value of Partners Interest 3851,690,121 Pro Rata, Fair Market Value of Partner's Interest, rounded 3851,700,000 1 , RAW JPM debris afrincY nevtd inekedu* anginti assent ',Oki by Apse Manarent flo ags.. and seetetore not red la • liateryor Apollo Menapener4 Main EFTA00625013 I I rxhinii A APOLLO SVF ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 History 2006 Projected 2007 Projected 2008 Projected 2009 Projected 2010 Projocied 2011 HORIZON Assets Under Management (June 30) $456.000.003 $600.000000 $1.750.000.000 $2,537.500.000 $3.552.500.000 $4,351,812,500 Growth ti Assets 31.6% 191.7% 45.0% 40.0% 22.5% Management lees (Dec 31, la calculation oi gross arty) 2 00% 919.825.000 $29,640.000 134.882.700 $40,544,459 347.354.713 Yield on assets 1500% (b) 3142,968.750 3169.051.000 $244,572,507 $360.236,500 $344.846.0•9 Fund Expenses 0.30% (c) (52.482.759) (34.136.250) (34.644.806) ($5.217.898) ($5.863.973) Net Fund Profits (d • at • b • c) 3120.880.991 3156.274.750 $205.195,001 3314.474.143 $291.627.363 Gross carry h e Revenue) 2000% $24,172.198 $31.054.950 $41,039.000 $62.844.829 358,325.473 $58,325,473 OPeretwg EXPOnsa Ratio 45% 45% 45% 45% 45% 45% Operating Expenses ($10.677.489) ($13,974,728) ($18,467,550) (328,302,673) ($20240.483) (124246,463) $13.294.709 817.080.223 $22,571,450 $34,592.156 332,079.010 332.079.010 Adjustment Adjusted Pre-Tax Income $13.294.709 $17.080223 522.571,450 334.592.156 $32.079.010 $32.079,010 Tax Rale 42% 42% 42% 42% 42% 42% Tax ($5.583,778) ($7,173,693) (39.480,009) (314.528.705) ($13.473,184) ($13.473,184) Not Income V.710.931 $0.908.529 $13.091,441 320.063.450 $18,605.828 $18,605,826 HOMO!, Value (Gordon Growth Model)* 1138.885.718 Discount Rate: 17% Long-lean growth lilt 30% Days 208 573 938 1,303 1688 1068 Present Value Factors 1 0000 0 9144 0 7818 06080 0.5709 0.4880 0.4880 Present Value 37.050.992 37142.482 $6.744,988 $11.454.904 39.079.228 388.797.174 Sum of Present Values $110,869,745 2007 Multiples Pass-through prat-morn 15% 316 630 02 % of AUM MVIC/Rev MVIC/Op Inc Aggregate Marketable Value of Invested Capital $127,500,207 $600,000000 324,172,198 313.294.709 Less: Outstanding Debt 30 21.3% 5.3 96 Aggregate Marketable Value ol Partners' Capital 3127.500.207 Discount for lack of Marketatity 20% 1, (325,500.041) Aggregate Now Madelleble Vale of Partners' Capital 3102,000.166 Partner* Pro Ram Percentage 44% $44,880,073 Pro Rata, fion.Marketable Value of Partners Capital. rounded $44,800,000 A010 Awee Slre Minus& I P dd it weer caned eters% morns &OM Ire SW prof to Jape I. 7007 GYMS I rawest ettate waS 0•00u* marvel by Apcdo SW itansarentent, LP Vela oa assets a for Clan A Class 9 arsons ell toga at 2 gr self s0,00 20% 005: ficypowns 0,000.1 by sw...200.20, EFTA00625014 1-8 IL--.J --J IL-J IL__J 1_2 -J 6-4 L.-A EXHIBIT Al APOLLO VALUE ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Assets Under Management (June 30) Growth In Assets History 2006 Projected 2007 Projected 2008 Projected 2009 Projected 2010 Projected 2011 HORIZON $456.000.000 $600.000.000 31.6% $663.000.000 10.5% $732615.000 10.5% $809539.575 10.5% $894,541,230 10.5% Managemenl fees (Dec 31. for calculation of gross carry) 1.50% (a) 59,000,000 $9.945,000 510.989225 $12.143.094 $13,418,118 Yield on assets 15.00% (b) $90.000,000 589.505.000 390.903 025 $109.287.843 $120,763,068 Fund Expenses 0.30% (c) ($1,440,000) ($1,562,786) ($1,669,834) ($1,807,409) ($1,975.220) Net Fund Profits Id .-a• b +C) $79,580,000 $77.997.214 $85.243,966 $95,337.340 $105,389.727 Gross carry (it Revenue) 20.00% $15,912,000 $15,599,443 $17,248.793 $19,067.485 521,073.945 $21,073.945 Operating Expense MOO 45% 45% 45% 45% 45% 45% Operating Expenses ($7,160,400) ($7,019.749) ($7,761.957) (58,580,361) (59.483.275) ($9.483.275) $8.751.500 $8.579.694 59.486.836 $10,487,107 $11,590,670 $11,590,670 Adjustment Adjusted Pre-Tax Income $8,751,800 58.579.694 $9,486,836 $10,487.107 $11,590,670 $11.590.670 Tax Rate 42% 42% 42% 42% 42% 42% Tax ($3,675,672) (53,803,471) ($3,954,471) ($4,404,585) ($4,868,081) ($4,868,081) Net Income $5,075,928 $4.976,222 $5,502.365 $6,082,522 56.722.589 $6,722,589 Horizon Value (Gordon Growth uodelr $49,459.045 DiscouM Rate' 17% Long-term growth raw 30% Days 206 573 938 1.303 1.668 1.668 Present Value Factors 1.0000 0 9144 0.7816 0.6680 0.5709 0.4880 0.4850 Present Value $4.641.505 $3.889.173 $3,675,539 $3.472,718 $3.280.473 $24,134,910 Sun of Preset Values $43,094,319 2007 Multiples Pass.through prormurn 15% $6 464 148 % of AUM P.MC/Rev MV1C/OP Mc Aggregate Marketable Value of Invested Capital 649,558,447 1600.000.000 $15,912,030 $8,751,600 Less Outstanding Debt $0 8.3% 31 5.7 Aggregate Markelatle Value of Partners Capital 549.558,487 Discount for Lack o( Marketability 20% ($9,911,693) Aggregate Non-Marketable Value of Partners' Callial 539.646.773 Partners Pro Ram Percentage 26 90% $10,684,982 Pro Rats, Non-Marketable Value of Partner's Capital, rounded $10.700.000 NCO. ApOo SVF &Maar; I P ad roe mcche tamed nterag no:WM *o n Re SVC Anal° Juno r 2007 Gamed .1.21 est tame wen previausy meowed by Apollo SVF Adaropenwel. LP Prereckvo pieneorl by Mrooerwreer EFTA00625015 Eineol 0_1 0_64 a-2 EXHIBIT A-4 APOLLO ASIA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Assets Under Ma-opened (Arm 30) Growth In Assets Assets Under Management (Dec 31) HOtOry 2006 Protected 2007 Projected 2008 Pnerctad 2009 Averred 2010 Projected 2011 HORIZON 5200,000.000 3300.000.000 50 0% 5330.000.000 5360.000000 200% 5396.000020 5432.000000 290% 3475200.000 3516403.000 20.0% 1570,240.000 5622.080.000 20.0% 5604,286000 Leverage 33% Unweraped Assets Ondermampenwat 1150.375940 5225,562910 3270.676.692 5324.812.030 3389,774136 5467229.323 MenOentot fees (Dec 31, Ice calcidation of Gross Cany) 1.50% (a) 34,500800 16.400000 $6.480.000 57,774000 59,331200 Yield on assets 15.00% 05) 145.000.000 $54,000.100 164.800000 577.780.000 593.312.000 Puna Enrolees 025% (CI (5750.000) (5900.000) 141,080,000) 01295,030) ($1.556200) CoSI of Debt 6.40% Id) (34.763.910) 05,716.692) 06,860030) (58,232,036) 09474443) Net Fund Proles (en-a•b•c•d) 534,986,090 $41.986308 550379970 360,455.964 $72,547,157 Gross carry li e RIPertrr) 20.00% 16.997218 58.396.662 510.075.994 512,091,193 514,509.431 514609.431 Operating Expense Raso 45% 45% 45% 45% 45% 45% Operating Expenses ($3,148,746) ($3,778,495) ($4,534,197) (34,441037) 146,529,214) 00,529,244) 53.846476 44.618164 35.541,797 36,650.156 $7.940.147 St960167 Adjustment Adjusted Pre-Tax Income 53,844470 34,618164 $5,541,797 36,650,156 37440187 37.914187 Tax Rale 42% 42% 42% 42% 42% 42% Tax (5L6113.357) 01,939.629) (92.327 555) (32,793,016) (93251.679) (33,3514379) Net Inmate 32.232.113 52.678.535 53.214.242 $3,1357.090 54,624509 54.628.509 Horizon Value (Gordon Girth WOW 535.485.233 DIICOUI0 Rate. 17% Long-term growth rate. 3.5% Days 208 573 938 1.303 1,668 1,668 Presets Value Factors 1.0000 09144 0 7816 0 6680 0 4709 0 4880 0040 Present Vair 52,041.077 $2,093,413 52.147 090 52.202.144 52,250.609 317.316,001 Sum of Present Values $28,058.334 2007 Munpies Paswthrough premium 15% 54,208,750 %of AVM NMCJRar PrIVICIOP Inc Aggregate Martetabte Value of Invested Capital $32,267,084 5300.000000 56.997218 $3.848.470 Less. Outstandng Debt 50 108% 46 84 Aggregate Marketade Value ct Pannell Casual 532.267.084 Discount for Ladc of Markelarty 20% (513,453.417) Aggregate Nonatarkelable Voue of Panned Captal $25,813,607 Prior's Pro Rata Percentage 44% 511391014 Pro Rata, Non -Marketable Value el Partner's Capital, rounded $11,400.000 Note Apollo SAT Anna, Act mons owns.: n10eDs! Kr* Yen me SW pa. to Ja 1 2C01 Ca- Ad nicest, ream pavotay mond 0yb 0SYf Maarproentt, rayon allot' n roans A CMM a nu. Aa aro. A NOT 'v., *untie* 20% rrA1 'No -NOM. ca.r *Ivor Afin,1O^,e• EFTA00625016 EXHIBIT A-3 APOLLO SOMA ADVISORS, LP DISCOUNTED FUTURE EARNINGS AS OF JUNE 7, 2007 Assets Under Management (June 30) Growth in Assets History 2006 Projected 2007 Projected 2008 Projected 2009 Projected 2010 Projected 2011 HORIZON 1400,000,000 3400,000.000 0.0% $600,000,000 50.0% $800,000000 33.3% $1,000,000,000 25.0% $1,200,000,000 20.0% Management fees (Dec 31. for calculation of Gross Carry) 1.60% (a) $3,400.000 17.600,000 510,800.000 $13100.000 $15,800,000 Yield on assets 15.00% (b) 530.000.000 $45,000,000 $148.000,000 $163000.000 $134,000,000 Fund Expenses 0.30% (c) ($1,200,000) ($1.800,000) ($2,400,000) (53.000.000) ($3,600.000) Net Fund Profits (ds -a •0 o) $25,400,000 $35.600.000 $134,800,000 $146,700,000 1114,603.000 Gross carry (Le. Revenue) 16.00% 54,064.000 $5,696,000 $21,568,000 323.472000 518.336,000 518,336.000 Operating Expense Ratio 45% 45% 45% 45% 45% 45% Operating Evenses (31,828.800) ($2,563,200) (89.701600) ($10,562,400) ($8,251,200) ($8,251,200) 32.235_200 53.132.800 $11,882,400 $12,909,600 110.084.800 $10,084,800 Adjustment Adjusted Pm-Tax income $2,235,200 $3,132,800 $11,862,400 $12,909,600 $10,084,800 $10,084,800 Tax Rate 42% 42% 42% 42% 42% 42% Tax ($938.784) (81,315,776) ($4.982,208) ($5,422,032) (54,235.616) (54.235,616) Net income $1296.416 $1,817,024 $6,880,192 $7,487,568 $5,849,184 $5,849,184 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 54.595,918 14,274,906 $2,854.271 120,099,281 Sum of Present Values $35,329,936 2007 Multiples Pass-though premium 15% $5.299.490 %of AUM MVICriley MVIC/Op Inc Aggregate Marketable Value of Invested Capital $40,629,426 $400,030,000 $4,064,000 $2235.200 Less: Outstanding Debt $0 10.2% 10.0 18.2 Aggregate Marketable Value of Partners' Capital $40.629.426 Discount for Lack of Marketability 20% ($8,125,885) Aggregate Non-Marketable Value of Partners' Capital 132,503.541 Partners Pro Rata Percentage 44% $14,301,558 Pro Rata, Non-Marketable Value of Partners Capital, rounded $14,300,000 Note AcaVo SW Acinsors. LP dd ,come earned eter0.51 ecome from the SW poor to June 1. 2007 Caned irtte0St moos Wes pertiotrxt roamed by Apolb SW Management. lP You on assets ale, Cia.S$ A Class B assets WY bepn 2000 and ittbcdpeee 20% "oil Prom:tons frowded by Mrageren1 EFTA00625017 •-•• • AIN=Ilmir EXHIBIT E P."1 APOLLO AD ISORS IV. LP SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6. 2007 2007 PROJECTED CASH FLOWS 2008 2009 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 Aggregate Taxable Cash Flows $50,470,154 $217,971,575 $136,666,667 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 Present Value Factors (b) 0.9234 0.8030 0.6983 Present Value of After-Tax Cash Flows (c•a•bl 514.867.428 $58834.580 $30,441,647 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 Present Value of Return of Cap4al (h •9• b) $10.121248 514,479.070 $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 2010 2011 S1S Sit t IS t SIS Sit S IS S 1,303 1,668 0.6072 0.5280 $O $0 $0 50 so $0 EFTA00625018 I _a EXHIBIT C 'age I SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 2007 PROJECTED CASH FLOWS 2008 2009 2010 2011 Anticipated Carried Interest from AIF V (domestic investments) '," $102,242,901 $274,357,201 $354,933,980 3103,337,598 SO Pro Rata Share of AN V Direct Interest Profit — $11,457,334 $30,701,059 339,584,999 311,592831 $0 Aggregate Taxable Cash Flows $113,700,235 $305,058,260 $394,518,979 $114,930,429 $0 Less: Operating Expenses 45.0% ($51,165,106) ($137,276,217) ($177,533,541) (351,718,693) SO Operating Income 362,535,129 $167,782,043 $216,985,438 $63,211.736 $0 Less: Tax 42% (326,264,754) ($70,468,458) ($91,133,884) ($26,548,929) $0 After-Tax Earnings (a) $36,270,375 $97,313,585 $125,851,554 $36,662,807 SO 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 (c•exh) $33,342,366 377,118.728 $85,977.929 $21.592,161 SO Sum of Present Value of After-Tax Earnings (0 • Burn °lc) $218,031,184 Pass-through premium 15% le 532,704.678 Aggregate Marketable Carried Interest and Investment Return Value (f=e•d) $250,735,862 Pro Rata Share of AN V Return of Gavial '— (g) 55,705,667 512.760,519 $8,699.534 $6,522.169 SO Present Value of Return of Capital (n •g x 0) $5,245,983 $10,112,411 $5,943,256 $3,841,161 SO Aggregate Marketable Value of Return of Capital (I• Sum of h) $25,142,810 Aggregate Marketable Value ()•( • I) $275,878,672 Less: Debt Outstanding SO Aggregate Marketable Value of Equity $275,878,672 Pro Rata Partner Interest 25 18% $69,464,870 Discount for Lack of Marketability 15% (510.419,731) Pro Rata. Fair Market Value 559,045,140 Pro Rata, Fair Market Value, rounded $59,000,000 'AIF V -Apollo Investment Fund V, LP —See Page 2 —See Page 3 —See Page 4 EFTA00625019 I 1 1 EXHIBIT D Page 1 APOLLO ADVISORS V (EH CAYMAN SUMMARY OF DISCOUNTED FUTURE EARNINGS AS OF JUNE 6, 2007 2007 PROJECTED CASH FLOWS 2008 2009 2010 Anticipated Carried Interest from AIF V (foreign investments) 5238.494.840 $70,281,013 so $0 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 Present Value Factors (b) 0.9193 0 7925 0.6832 0.5889 Present Value of After-Tax Earnings ft a a a b) 577.709.858 $19.768,373 SO 50 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 Present Value of Return of Capital 0 • a a 01 1151.169 $5,019,018 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 2011 818 818 S IS 8 1,667 0.5077 $0 SO SO AIF V - Apollo Investment Fund V. LP "See Page 2 —See Page 3 ' —See Page 4 EFTA00625020 II —It _ ft 1 t I n LI Anticipated Carried Interest from AIF VI (foreign investments) — Pro Rata Share of AIV VI Direct Interest Profit (foreign ftwestnarill,i ^• Aggregate Taxable Cash Flows Less: Operating Expenses Operating Income Las: Tax After-Tax Cash Flows Discount Rale Days Present Value Factors Present Value of After-Tax Cash Flows Sun of Present Value of After-Tax Cash Flows Pass-through premium Aggregate Marketable Carried Interest and investment Return Pro Rata Share o' AIV VI Return of Capital (foreign investments) --" Present Value of Return of Capital Aggregate Marketable Value of Return of Capital Aggregate Marketable Value of Invested Capital Less: DM Outstanding Aggregate Marketable Value of Equity Pro Rata Partner interest Discount for Lack of Marketa0ility Pro Rata, Fair Markel Value of AIF VI Interests SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 45.0% 42% (a) 17% 2007 tit tilt 8 It S 207 0.9148 SO (d wet or c) $37.795.247 15% (e) $5,889,287 0-s.dl $43,484,634 24.64% 20% Plus: Pro Raw, Fair Market Value of 24.64% Class A Interest in MA Associates. rounded (9) (h rg x b) (i = sun of h) 30 SO $6 708 276 $50,172,800 SO $60,172,809 $12,362,500 ($2,472,518) $9,890,064 $53.800.000 Pro Rata, Fair Market Vacua, rounded $63,700,000 PROJECTED CASH FLOWS 2008 2009 2010 2011 SO 535,836,847 $142,232,791 SO $0 $4,510,938 $17,991,406 SO SO $40,347,784 $160224.198 $0 $0 ($18,166,503) ($72,100,889) $0 SO $22,191,281 $88,123,309 So $0 (39.320,338) ($37,011,790) SO SO $12,870,943 $51,111,519 Sc 572 937 1,302 1.667 0.7819 0.6683 0.5712 0.4882 SO 58,801,394 529,193.853 SO SO $442,500 511.226.875 SO 50 $295.714 $6,412.561 SO •AIF VI - Apollo Investment Fund VI, LP "See Exhilil D-2 —See Sabi( 0-3 —See Exhibit D♦ EFTA00625021 au l'77 • 1 ty;,;6•i, .• lamar. ‘aiiin' Ills I I I I i • • 'i Ora • J-7"la rt".. EXHIBIT c-1 SUMMARY OF DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 2007 2008 PROJECTED CASH FLOWS 2009 2010 2011 2012 Anticipated Carried Interest from AIF VI (domestic investments)' $3.117286 535.694.203 $168.277.215 $572,109,358 51.118,982,338 5439.489910 Pro Rata Share of AIV VI Direct Interest Returns (domestic Investments) SO 54.729.888 521.821,458 $73,065.813 $140,790,351 $54,936,128 Aggregate Taxable Cash Flows $3,117268 $40,423.891 $189,898,873 5645,175.172 $1,259,772,689 5494.425,138 Less: Operating Expenses 45.0% ($1,402,770) (518.190.751) (585,454.403) ($290,328,827) (5566.897.710) (5222,491,311) Operating Income $1.714.498 529233.140 $104,444,270 $354,846,344 $692,674,979 $271,933,825 Less: Tax 42% ($720,088) ($9,337,919) (343.866.994) ($149,035,465) ($291,007,491) ($114212.206) After-Tax Cash Flows 91 5994.408 $12,695,221 $80,577,677 $205,810,880 $401,867,488 $157,721,618 Discount Rate 17% Days 208 573 938 1,303 1,668 2.033 Present Value Factors (b) 0.9144 0.7816 0.6680 0.5709 0.4880 0.4171 Present Value of After•Tax Cash Flows ire a x b) $909902 $10.078278 $40.465.442 $117,504,404 $196,102,362 $65.781,734 Sum of Present Value of After-Tax Cash Flom: (d • sum of c) $430,841,521 Pass-through premium 15% 564.828.228 Aggregate Marketable Carried Interest and Investment Return Value II•o•cl) $495 87 749 Pro Rata Share of AIV VI Return of Capital '^• (g) (526.263.438) ($56.216.250) $13.851,042 $51,965,885 $118,794.948 530.000.000 Present Value of Return of Capital (11 • g x b) ($24.015684) (543.935.888) $9.252,394 $29.669.084 $57,969,282 $12.512,248 Aggregate Marketable Value of Return of Capital a • sum eh) $41,451,436 Aggregate Marketable Value of Invested Capital vino $536,919,185 Less: Debt Outstanding SO Aggregate Marketable Value of Equity $536.919.185 Pro Rata Partner Interest 24.84% $132.298.887 Discount for Lack of Marketability 20% (528959.377) Pro Rata, Fair Market Value $105.837,510 Pro Rata, Fair Market Value, rounded $106,000,000 •AIF VI • Apollo Investment Fund VI, LP "See Exhibit C-2 —See Exhibit C-3 "—See Exhibit C-4 EFTA00625022 el - T1 PRIM - J _^"".1 J t a -•-frtle- -rampir EXHIBIT E AAA ASSOCIATES, SUMMARY OF CLASS A DISCOUNTED FUTURE CASH FLOWS AS OF JUNE 6, 2007 2007 PROJECTED CASH FLOWS 2008 2009 2010 2011 Horizon Anticipated Carried Interest* $1,534286 $5,538,596 $26,299,943 $100,222,824 $168,386,228 Pro Rata Share of Direct Interest Returns** 0% $o $0 $0 $0 $0 Aggregate Taxable Cash Flows $1,534,286 $5,538,596 $26,299,943 $100,222,824 $168,386,228 $168,386,228 Less: Operating Expenses 45.0% ($690,429) ($2,492,368) ($11,834,975) ($45,100,271) ($75,773,802) ($75,773,802) Operating Income $843,857 $3,046,228 $14,464,969 $55,122,553 $92,612,425 $92,612,425 Less: Tax 42% ($354,420) ($1,279,416) ($6,075,287) ($23,151,472) ($38,897,219) ($38,897,219) After-Tax Cash Flows $489,437 $1,766,812 $8,389,682 $31,971,081 $53,715,207 $53,715.207 Horizon Value - (Gordon Growth Model)** $399,027,249 Long-Term Growth Rate 4.0% Discount Rate 18% Days 208 573 938 1,303 1,668 1,668 Present Value Factors 0.9100 0.7712 0.6535 0.5538 0.4694 0.4894 Present Value of After-Tax Cash Flows $445,383 $1,362,528 $5.483.004 $17,707,139 $25,211,943 $187,288,723 Sum of Present Value of After-Tax Cash Flows 5237.498,721 Pass-through premium 15% $35,624,808 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% ($1S459.528) Pro Rata, Fair Market Value of Class A Interest $53,838,110 Pro Rata, Fair Market Value of Class A Interest, rounded $53,800,000 'Corded interest is derived from All/ Funds VI and VII. II is enbcipatee that a share of the carried interest for el future funds MN be attexttabie to AM Associates. LP —AAA Associates does not participate in any investment returns generated by me one:relying funds. per are notes to the audited 2006 Monad statements •— Gordon Growth West Hatton Value • Horizon Cash Flow x(r + growth rale)/ (ciscoun( rate- growth rate) EFTA00625023 a.= laa la' IN &Wait=• EXHIBIT A4 DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 Ali- IV illy, zdnients & Cost Basis' Public Total Investment Remaining Cost Basis Projected Total Exit Value 2007 PROJECTED REALIZED PROFIT 2008 2009 2010 2011 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 SO 5103,900,000 SO 50 SO SO roi $237,900,000 $103,900.000 So so 50 Pro Rata Share of NV III held by Apollo Co-Investors II 5.6% (b) 513.364.120 $5,832.253 $0 $0 SO Total Pro Rata Cash flows to Apollo Co-Investors III (aria+ b) 513,354,120 $6.537,238 $0 SO 50 Discount Rate 16% Days 207 572 937 1,302 1,667 Present Value Factors (d) 0.9193 0.7925 0.8832 0.5689 0.5077 Present Value (e•dac) 112.276.078 55,180,647 30 $0 SO Sum of Present Values (sum of $17,456,725 Pass-through premium 0% SO Aggregate Marketable Value 517.456.725 Pro Rata Partner Interest in Apollo Co4nveslors III, ILC 48.26% 58.424.616 Discount for Lack of Marketability 15% ($1,263,692) Pro Rata, Fair Market Value 57.160.923 Pro Rata, Falr Market Value, rounded 37.204000 *Alf III - Apollo Investment Fund III, LP —Based on management aroczeicn of profit and return of capital. EFTA00625024 __ I-1 UM a UMW 'I Z1 1 71 I II EXHIBIT DISCOUN 0 FUTURE °NEST/TENT RE DERN. AS OF JUNE 6. 2007 /OF IV Innstmns d Con Suer Peat Smas Sanaa Rabe Styleira Camara/aims larlals d/C9 Educate Mal %Dm Ifidhablin 504% Mammal Tana Paean tCommacalia Pato Hawn TAIM Tool Divestiture Prefil of Apollo Inuit/ma Fund IV Pro Rola Sao at MV IV rom by Apollo Ce-Inse•ma tam Carried Dian Pad a c4-+.A Pam*, NA Rooted Share at Peas (ore-Rol Tat Rale Ta. No. Romme Mir. of Prom (ollesalil Plus Rain 01 CraDi . to mV SOPS Wye Saadi* Radio Sayloria Coorrunatora Una Rotas PCS Educate ASS Wain Vasa/ Nam% 'Rana Paton Hughes Corrnunaleis imoon Agnate AN N Reba C Captst Pm Rota Ste 04 ANN ha by Ap010 Cullnumalm IV TOO Pro Rola Cast banes Apo% Celt/um loni IV Damon' Rale Dap Nall Vas Focal Prima Vain Stan not Pram Vans Pan-Amy, run Auriga Mailable Via Pny Ram Manna Mad n Aeolo Culenraers N. "C Cuctued Is tad( et Maikralay IPro Ram roe atm Value Tool Maga Roma/ring Profrmled Coal Cool Dams Ed, Value 3252.300.000 $147600,000 1110.036.114 594.200.000 $07.4CO.CCO SI 15214250 1417.200.CRO $417.206003 $01.2211.167 1163.000.000 $51405010 $131170.666 Si S1.700.000 363203033 $110.70‘000 3303,400 000 5145 700000 5205,777.140 3120.400.000 310200003 545.000.766 31030.000.1/00 $64.100.000 1467.734.420 $205 00.000 50 5600 000000 Pro Ram abaligibiblo Vida woad 2007 2005 112.354.071 107.152.529 527.914.750 30 $13126.752 5170097,415 SO 1•1170.616 $95.504.000 9) $57.077.140 10 $0 517.600.160 SO 3603./34.420 so PROJECTED REA/ TED PROFIT 2009 2010 SSStStSS SO 5600.000000 10 SO SO 50 so 10 50 so SO 1616 14 470000 110,110 510.11)).133 10 SO 200E 4195560 43.622.127 42,176067 SO SO 33.561,440 314.408.7e 38.7952167 so so 0% 0% 0% 0% 0% SO so so so SO U) 53.541.440 114.44.117411 µ105,4Y 10 10 140 100.513 5107.101045 so so SO $07.400.000 SO so so so 331.573245 $315.626,752 so so SO SO S•1000,0)0 so so SO 365200.000 SO so so $0 1145 700000 SO so so SO 510300000 so so SO SO 30.600.000 so so $0 SO SO so so $0 6934571.790 3641.126201 SO SO 16% lb) 57.117,054 511.711.444 $0 $0 SO (4•••16 $10.731.534 121261122 µ2J3162 1.0 $0 17% 207 572 0)7 1102 1 667 (dl 0.9141 02119 0.6613 0.5712 04142 mo•o4I1 $0.123.701 $10534510 la 115.402 so 10 (an Se) 138.177044 0% so $305770344 2630% 19514.562 (S1902014 57.611.69) $10000* Mao alma FUW N. LP "Based on mamma Malta of pra and naum Matti EFTA00625025 ININI••••• a • • I • • • • • .IN Lisa DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7. 2007 EXHIBIT A-6 AIF V Investments 8 Cost Basis* Ptivata Intelsat Unity Media Total Total Remaining Investment Cost Basis Projected Total Exit Value 2007 PROJECTED RFA1 i7PD PROFIT 2008 2009 2010 2011 $129.700,000 $7,400,000 $295,000,000 $285 000 000 $1200.000,000 5841 250000 51,112,600.000 $0 $0 5358,250.000 SO SO 50 50 $424 700 000 $292 400 000 $1 841 0.000 Total Divestiture Profit of Apollo Investment Fund V (foreign investments) $1.192600.000 5356250.030 80 $0 SO Pro Rata Share of AN V held by Aped° Co-Investors V (EH) 2.6% $31,387,842 $9,378.025 $0 SO SO Less. Gamed Interest Pad to General Partner 20% 48,277,528 41,875,205 SO $0 SO Net Reakred Skye of Profits (pre-tax) 525,110,113 $7,500,820 $0 $0 SO Tax Rate 0% 0% 0% 0% 0% Tax 0 0 0 0 0 Net Reared Share of Noels (alter-tax) (a) 25,110,113 7,500,820 0 0 0 Ples. Return of Carnal—. e. cost bass Intelsat 57,400,003 50 $0 $0 SO Unity Media $0 $285,000,000 $0 $0 SO Aggregate AN IV Return of Capital $7,400.000 $285.000,000 $0 SO SO Pro Rata Share of AIV V held by Apollo Co-Investors V (EH) 2.6% (b) $194,758 $7,500,820 So $0 $0 Total Pro Rata Cash flows to Apollo Co-Investors V (EH) (csaa+b) $25,304,872 $15,001,640 So SO SO Discount Rate 18% DayS 207 572 937 1.302 1,667 Present Value Factors (d) 0.9104 0.7715 0.6538 0.5541 0.4696 Present Value (escxd) 323.037.650 $11,574,194 SO SO $0 Sum of Present Values (sum of e) 534.815844 Pass-through premium 0% • SO Aggregate Marketable Value $34,611,844 Pro Rata Partner Interest in Apollo Co-Investors ot LW 24.10% S8,341.455 Discount for Lack of Marketabity 20% (51,688 201) I Pro Rata. Fat Market Value 56.673.164 Pro Rata, Fair Market Value, rounded $6,700,000 PJF V - Apollo Investment Fund V. LP foreign feeder feed AIV V Euro Holdings. M. "Based on management allocation of profit and return of capital. EFTA00625026 Leh :a 0 y k "I= ••• I 1 a a goo go 3 a a 542 a a a a aS §Sia SpaS 2 2S a 3 a I I. ; I 1 !pi t! I iiiiiiiii11111 nal k a 14.174.614 $16.01.71/ a a a 2 2 I I D E 1 5 'EP EFTA00625027 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 312000,oø 50 10 PAS; Tent< Wed Marta's tniertdronol 2091.750.~ $10,04751.00, 750x00 020 50 10 50 $0 $111.02.121 10 RØ7 04204 215,1200.20 S330.03002 $350000000 51..7•6 045:5 1..0‘5 . 10 10 54 14 1144,513 313 $0 054 23131 23120.000 512.143113 50 53 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 lim 4.4.4 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 1040 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 Onmont Valel 44 c .4) (1111.0.3.24) (100355.03, ) 21.554547 $911.116.843 244.343.705 541771,29 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% Pro Ika Fat Wan Va104 11,4);14ML Pro Rat, Fair Marta Vaiue, roundod $30.700,000 -61, Vf. 44044~120222.40 VI LP *11.4144 en 011ida~4 osocam el pal and Mum *4 ca qat EFTA00625028 . . . I. I DISCOUNTED FUTURE INVESTMENT RETURNS AS OF JUNE 7, 2007 Total Remaining Coed Basis Projected Total Exit Value 2007 PROJECTED REALIZED PROFIT 2008 2009 2010 2111 Investment AIF VI Mau:micas d Cosi Basis' Private CEVA (TNT, logistics division) 1266,700,000 335.400,000 1396.275,000 SO SO 1100.437,500 $180,437,500 50 Pending Tainsacgons Countrywide PLC $431,375.000 $431675,000 1970.393.750 SO SO SO 1539,218 750 SO Total J 3720,075.000 3466.775.000 31,366.868,750 Total DIvestItUro Profit of Apollo Investment Fund VI (foreign Investments) so SO $180,437,500 $719,656,250 SO Pro Rate Share of AIV VI held by Apollo Co -Investors VI (EN-A) 4.08% $0 SO $7.367,865 $29,385,964 $0 Lost Carried 'Mama Paid to General Partner 20% 10 10 (31,473673) (55,877.193) $0 Nat Realized Slum of Profits (pr►tor) SO SO 55,894.292 523.506,771 $0 Tax Rale 0% 0% 0% 0% 0% Tax 0 0 0 0 0 Net Reeked Shen of Profels (after-tax) (a) 0 5694,292 23.506.771 0 Plus: Rotten of Capler,i.e. coat bads CEVA (TNTs logisfies didslon) SO SO 117,700.000 317,700.000 $0 Countrywide PLC SO SO 50 5431,375.000 30 Aggregate AN IV Return of Capild $0 SO $17,700,000 3449,075,000 10 Pro Rale Snare of AN VINO by Apollo Co-Investors VI (EM -A) 4.08% so $0 $722,760 $18,337,229 $0 Total Pro Rata Cash Rowe to Apollo Co-Investors VI (EN.A) (0ea+ b) SO SO 36.617,042 $41,841,000 SO Days 207 572 937 1.302 1.667 Present Value Foams (d) 0.9018 0.7515 0.6262 0.5219 0.4349 Present Value DI • c x 50 SO 34,143.772 $21,837,589 SO Disccunt Rale 20% Sum of Present Values (sum of e) 125,981,361 Pass-through premium 0% 50 Aggregate Marketable Value $21,931,341 Pro Rata Partner Interest in Apollo Co.ineestors VI (EM.A). LLC 18.40% 14.780.570 Discount for Leek of Marketabdity 30% (51434,17'0 IPro Rat Fair Market Value 33.346,399 Pro Rata, Fair Market Value. rounded 53.360,000 AIE VI - Apollo Investment Fund VI. LP Salop feeder feed AIV VI Euro Moldings, 'tined on management allocaSon of worn and return of eadial. EFTA00625029 MIL a' (a EXHIBIT A-1 APOLLO AIC CO-INVESTORS, LLC VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Share Price 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 & EQUITY Liabilities $0 Members Capital $17,921,910 Aggregate Member's 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 $7.835.138 Fair Market Value of a non-controlling Membership Interest, Rounded $7,800,000 EFTA00625030 r-m. Nit ma i rimy rut 'mu nrieueneRMInlellreall" . . EXHIBIT A-3 APOLLO VALUE CO-INVESTORS, LLC (Value formerly DIF and V1F) ADJUSTED BOOK VALUE VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 Capital Account ASSETS As of 5/31107 Market Adjustements Adjusted Book Value Capital Account Balance of Apollo Asia Oportunity Fund, LP $14,795,965 $0.00 $14,795,965 Cash & Equivalents $0 Total Assets $14,795,965 LIABILITIES & EQUITY Liabilities SO Members Capital $14,795,965 Aggregate Members Capital $14,795,965 Less: Investment Company Discount 10.0% ($1,479,597) Aggregate Non-Controlling Fully Marketable Value of Members' Capital 313,316.369 Pro Rata, Members' Capital 31.28% $4,165,360 Less: Discount For Lack of Marketability 30.0% ($1,249,608) Fair Market Value of a non-controlling Membership Interest $2,915,752 Fair Market Value of a non-controlling Membership Interest, rounded $2,920,000 EFTA00625031 W EXHIBIT A-2 APOLLO SOMA CO-INVESTORS, LLC ADJUSTED BOOK VALUE VALUATION OF MEMBERSHIP INTEREST AS OF JUNE 7, 2007 ASSETS Capital Account Market Adjustements Adjusted Book Value Capital Account Balance of Apollo Asia Oportunity Fund. LP $2.683.719 $0.00 $2,683,719 Cash & Equivalents SO Total Assets $2,683,719 LIABILITIES & EQUITY Liabilities SO Members Capital $2,683,719 Aggregate Members Capital $2,683,719 Less: Investment Company Discount 10.0% ($268,372) Aggregate Non-Controlling Fully Marketable Value of Members' Capital $2,415,347 Pro Rata. Members' Capital 38.77% $936.324 Less: Discount For Lack of Marketability 30.0% ($280.897) Fair Market Value of a non-controlling Membership Interest $655.427 Fair Market Value of a non-controlling Membership Interest, Rounded $660,000 EFTA00625032