EFTA00590400.txt

"BFP made a $25 million commitment to FCI II on June 21, 2013."

"BFP made a $52 million commitment to AHL on April 21, 2014 to purchase a total of 2.0 million shares at $26 per share."

"The Partnership has an indirect ownership position in the Apollo Operating Group through AOG Units held through BRH. In total BFP held 92,727,166 AOG "

"ACVI $34,085,709 The fund's term expires January 12, 2016."

"The Managing Partners own Holdings in accordance with their respective sharing percentages."

"The TRA requires APO Corp. to pay the Managing Partner... 85% of the amount of actual cash savings, if any, in U.S. Federal, state, local and foreign "

"the fair market value of BFP's interest in Truckast was estimated to be $796,301"

"the fair market value of BFP's interest in KUE was estimated to be $25.5 million"

"AHL... Market Value... $7,280,000"

"FCI II... Market Value... $5,610,000"

"Alan Halperin, Esq. February 12, 2015 APO' GRAT No. 2 - Valuation Date: September 3, 2014"

"The Partnership shall be managed solely at the discretion of the GP (i.e. Black Family GP, LLC)."

"The Partnership held 603,632 shares of AINV stock. ...the block of stock had a value of $5.3 million"

"Knowledge Universe Education LP $34,005,878 $25,504,409"

"Artbinder Inc. $9,998 $6,499"

"fair market value of AOG Units held by the Partnership was estimated"

"The second group consisted of BFP's interest in the capital market funds."

"the adjusted value of the ESWW common stock held by BFP was $2,266,796"

"the fair market value of BFP's interest in Rally was estimated to be $122,210"

"the fair market value of BFP's interest in T-INK was estimated to be $65,002"

"the fair market value of BFP's interest in Artbinder was estimated to be $6,499"

"the Partnership held the following ownership interests in Apollo and the Apollo Operating Group"

"APO Corp (a wholly-owned subsidiary of Apollo.)"

"its ownership of APO Asset Co., LLC and APO Corp."

"fair value of reporting units in the Apollo Operating Group, APO Corp. accounted for approximately 69.99% of Apollo's value."

"Alan Halperin, Esq. ... APO1 GRAT No. 2 - Valuation Date: September 3, 2014"

"Principal and Managing Director, Empire Valuation Consultants, LW, New York, New York, 1992-Present"

"Senior Valuation Associate, 2006 - Present. ... Mr. Schultz joined Empire Valuation Consultants in 2006"

"Empire Valuation Consultants, Rochester, New York Manager, 2011 - Present"

"Scott A. Nammacher, ASA, CFA Managing Director ... Empire Valuation Consultants, LLC"

"Alan Halperin, Esq. February 12, 2015 ... Empire Valuation Consultants, LLC"

"Shareholders Agreement, dated July 13, 2007... by and among Apollo, AP Professional Holdings L.P., BRH Holdings L.P., Black Family Partners L.P., MJR "

"Shareholders Agreement... by and among Apollo... Marc J. Rowan and Joshua Harris"

"Shareholders Agreement... by and among Apollo... Leon D. Black, Marc J. Rowan and Joshua Harris"

"The Co-Invest Entities are invested in funds affiliated with Apollo... collectively, ACIV, ACV, ACVI, AVC, ASC and FCI II are referred to as the Co-In"

"A signed copy of the Agreement Among Principals, dated July 13, 2007 (the Principals Agreement)"

"Apollo SOMA Co-Investors, LLC 3,112,609"

"Athene Holding, Ltd. 10,400,000"

"Sustainable Woodlands Fund II, LP 20,000,000 18,971,279"

"Defined Terms for Black Family Partners LP Investments A. Apollo Operating Group Units"

"Amended and Restated Tax Receivable Agreement by and among APO Corp., Apollo Principal Holdings II, LP... dated May 6, 2013"

"Amended and Restated Tax Receivable Agreement by and among APO Corp., Apollo Principal Holdings II, LP... dated May 6, 2013"

"Amended and Restated Tax Receivable Agreement by and among... Apollo Principal Holdings IV, LP... dated May 6, 2013"

"Amended and Restated Tax Receivable Agreement by and among... Apollo Management Holdings (AMH)... dated May 6, 2013"

"ESTIMATED PRIVATE COMPANY DISCOUNT INCREMENT BLACK FAMILY PARTNERS, LP"

"the Partnership also received an annual payment from Apollo in connection with the TRA associated with the Apollo ownership sold in the July 2007 tran"

"Alan Halperin, Esq. Paul, Weiss, Ritkind, Wharton & Garrison LLP"

"the Partnership's primary asset was a 45.9% interest in BRH Holdings LP (BRH)."

"BRH owned 88.57% of AP Professional Holdings LP (Holdings)"

"Apollo is managed and operated by its manager, AGM Management, LLC"