EFTA01101980.txt

"AOG's Managing Partners are credited for their employment as of January 1, 2007"

"AOG's Managing Partners are credited for their employment as of January 1, 2007"

"AOG's Managing Partners are credited for their employment as of January 1, 2007"

"The TRA requires APO Corp. to pay the Managing Partner... 85% of the amount of actual cash savings"

"Apollo Management Holdings, L.P. and the AOG entities that it controls"

"The Partnership had a checking account held at Bank of America with a balance of $60.8 million as of the Valuation Date."

"In total BFP held 92,727,166 AOG Units. ... On an unadjusted basis the capital account value of the AOG units was $2,755,851,374."

"BFP's capital account balances in ACIII, ACIV, ACV and ACVI were $2.5 million, $0.5 million, $3.9 million and $40.9, respectively"

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

"The fund had its first capital call in July 2013, for which the Partnership contributed $5,509,642"

"Apollo Investment Corp. ("AINV") is a publicly traded business development company ("BDC") managed by Apollo."

"Alan S. Halperin, Esq. June 24, 2014 Page 6 C. Description of Assets BFP was invested in..."

"BFP's existing PE interest included four Apollo co-investor interests... ACVI ... Market Value $30,660,000"

"SWF 4.52 $18,224,766 30% $12,760,000"

"Empire's analysis began by segregating the capital accounts... of the Partnership's interest in a fund."

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

"due to the insider status of Leon Black and his affiliation with the Partnership"

"the Partnership held the following ownership interests in Apollo and the Apollo Operating Group. ... AOG 92,767,166 $2,755,851,374"

"the fair market value of BFP's interest in KUE was estimated to be $25.33 million, rounded [$33,770,566 x (1 - 25%)]"

"fair market value of BFP's interest in iCrete was estimated to be $867,951"

"fair market value of BFP's interest in Rally was estimated to be $130,000"

"FCI II had an unfunded capital commitment balance of approximately $23.4 million"

"the estimated market value of the ESWW convertible note was $2.73 million, rounded, at the Valuation Date"

"Apollo Co-Investors III, LLC $39,778,654 $47,578,702"

"Sustainable Woodlands Fund II. LP $20,000,000 $20,000,000"

"Wolfensohn Capital Partners LP $5,000,000 $4,714,937"

"Millennium Group USA $23,567,120 $0 $23,567,120"

"December 31, 2013 bank statements for BFP's cash account with Bank of America"

"December 31, 2013 bank statements for BFP's cash account with U.S. Trust"

"The Partnership, through BRH and Holdings, holds a block of AOG Units."

"Alan S. Halperin, Esq. June 24, 2014"

"Respectfully submitted, Empire Valuation Consultants, LLC ... This appraisal is not intended for any other purpose nor for any other users"

"Scott A. Nammacher, ASA, CFA Managing Director"

"David J. J. Th6mpson, CFA Manager"

"Leon Black LP 42.5317%"

"controlled by Leon Black, Joshua Harris and Marc Rowan (the Managing Partners)."

"Alan S. 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 87.27% of AP Professional Holdings LP (Holdings)"

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

"There are 11 outstanding notes with Leon Black, totaling $56.4 million"

"In 2013, BFP invested $2.9 million in ESWW in the form of a convertible note."

"BFP invested $200,000 on June 28, 2013 as part of Rally Labs effort to raise to $2 million"

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

"BFP held a Class B interest in iCrete. According to the Partnership's 2012 K-1, BFP had a capital account balance of $1.3 million and a capital sharin"

"Alan S. Halperin, Esq. June 24, 2014 Page 50 ... summary details of BFP's ABV"

"the Partnership's ownership participation in Apollo through the AOG units"

"financial position and performance was tied tightly to the performance of Apollo related investments funds focused primarily in private equity"

"Alan S. Halperin, Esq. June 24, 2014 Page 46"

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