EFTA01086276.txt

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

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

"Alan Halperin, Esq. November 3, 2015 APO' GRATs"

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

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

"Knowledge Universe Education LP ... 10,536,490 ... 8,429,192"

"The PE interests were direct investments in various Apollo private equity funds"

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

"exchange of AOG Units owned by Holdings for Class A shares of Apollo"

"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 "

"BFP entered into an exchange agreement with Holdings which provides for the exchange of AOG Units owned by Holdings for Class A shares of Apollo."

"Alan Halperin, Esq. ... APO' GRATs - Valuation Date: September 3, 2015"

"APO' GRATs - Valuation Date: September 3, 2015"

"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"

"the Partnership held the following ownership interests in Apollo"

"Shareholders Agreement, dated July 13, 2007... by and among Apollo... Leon D. Black, Marc J. Rowan and Joshua Harris"

"Investments Not related to Apollo... Athene Holding, Ltd. (AHL)"

"Apollo Entities Defined Terms for Black Family Partners LP Investments"

"Financial Statements for 2010 through 2012 compiled using the records of Roth, Ende, Maffei & Co LLP"

"it is our estimate that the fair market value of a 1% limited partnership interest in Black Family Partners, LP is reasonably stated as $17,000,000 as"

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

"Empire Valuation Consultants, Rochester, New York Senior Valuation Associate, 2006 - Present."

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

"350 Fifth Avenue Suite 6115 New York NY 10118"

"Effective Entity Ownership of Existing TRA ... 41.68% ... BLACK FAMILY PARTNERS, LP"

"the required holding period under SEC Rule 144 was two years"

"In 1990, the SEC adopted Rule 144A"

"The SEC published study #77-287 in 1971, called the Institutional Investor Study."

"QUANTITATIVE FINANCIAL RISK ANALYSIS BLACK FAMILY PARTNERS, LP AS OF SEPTEMBER 3, 2015"

"EXHIBIT J-2 QUANTITATIVE FINANCIAL RISK ANALYSIS BLACK FAMILY PARTNERS, LP"

"EXHIBIT J-3 ESTIMATED RESTRICTRED STOCK EQUIVALENT DISCOUNT BLACK FAMILY PARTNERS, LP"

"EXHIBIT J4 ESTIMATED PRIVATE COMPANY DISCOUNT INCREMENT BLACK FAMILY PARTNERS, LP"

"QUANTITATIVE FINANCIAL RISK ANALYSIS BLACK FAMILY PARTNERS, LP AS OF SEPTEMBER 3, 2015"

"HAO Capital Fund II LP ... Capital Account Balance $4,251,787 ... Estimated Fair Market Value $3,400,000"

"Athene Holding, Ltd. $52,000,000 ... $36,400,000"

"Wolfensohn Capital Partners LP ... Capital Account Balance $1,629,472 ... Estimated Fair Market Value $1,060,000"

"Millennium Group USA $28,867,183 ... $27,710,000"

"BFP's interest in BRH (comprised of the AOG Units owned through Holdings and TRA dividend payments)"

"In total BFP held 92,727,166 AOG Units... the capital account value of the AOG units was $1,761,816,154"

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

"on behalf of your client, Mr. Leon Black (the "Client")."

"estimate the fair market value of a 1% limited partnership interest (the "Interest") in Black Family Partners, LP... on behalf of your client, Mr. Leo"

"Mr. Richard Joslin, BFP's CFO"

"AGM Management, LLC, which in turn is wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan"

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

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

"BRH owned 89.20% of AP Professional Holdings LP ("Holdings")"

"The Partnership had a checking account and money market funds held at Bank of America with a balance of $21.0 million"

"The Partnership was also invested in co-investment funds managed by Apollo Global Management LLC"