EFTA01085958.txt

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

"In total BFP held 92,727,166 AOG Units."

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

"the Partnership had the following notes with related parties: (1) two outstanding notes with Leon Black, totaling $42.2 million, net"

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

"The carrying value of BFP's interest in KUE was estimated to be $22.6 million."

"BFP held notes payable by Phaidon Global with a balance of $7.5 million... result of a $15.0 million credit line"

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

"effective December 5, 2013, Pacific Concrete Technologies, LLC acquired of all of the right, title, and interest... including 100% of the membership i"

"on December 5, 2013, Pacific Concrete Technologies, LLC transferred 100% of the membership interests of the company to GKW Holdings."

"the Partnership held the following ownership interests in Apollo and the Apollo Operating Group. ... 92,727,166 ... $2,108,152,119"

"the fair market value of BFP's interest in KUE was estimated to be $18.0 million"

"the fair market value of BFP's interest in Curation Media was estimated to be $422,500"

"the adjusted value of the ESWW common stock held by BFP was $777,168. ... the estimated market value of the ESWW convertible notes was $2.4 million"

"the fair market value of BFP's interest in Rally was estimated to be $117,830"

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

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

"The Partnership held 603,632 shares of AINV stock... the block of stock had a value of $4.8 million"

"Alan Halperin, Esq. October 12, 2015 APO1 GRATs - Valuation Date: June 3, 2015... Empire selected 15% for the lack of marketability discount"

"Alan Halperin, Esq. October 12, 2015. Empire is not aware of any historical trading activity involving limited partnership interests in BFP."

"Empire is not aware of any historical trading activity involving limited partnership interests in BFP. This situation tends to reduce the marketabilit"

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

"future cash flows attributed to its ownership of APO Asset Co., LLC"

"Alan Halperin, Esq. October 12, 2015 APO1 GRATs - Valuation Date: June 3, 2015"

"Alan Halperin, Esq. October 12, 2015 APO' GRATs - Valuation Date: June 3, 2015"

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

"BFP's capital account balance indicated a price-to-book value for KUE of approximately 0.66 times."

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

"Since joining Empire, David has been involved in hundreds of business valuations... Manager, 2011 - Present"

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

"EMPIRE VALUATION CONSULTANTS, LLC... 350 Fifth Avenue Suite 6115 New York NY 10118"

"Alan Halperin, Esq. October 12, 2015... Respectfully submitted, Empire Valuation Consultants, LLC"

"AOG Units through BRH and Holdings were the largest holding of the Partnership."

"AOG Units through BRH and Holdings were the largest holding of the Partnership."

"AOG Units through BRH and Holdings were the largest holding of the Partnership."

"It is our understanding that this report will be used by you and Mr. Leon Black for estate planning purposes"

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

"David J. Thompson, CFA Manager... Empire Valuation Consultants, LLC"

"Clue from Loon 0. Bro:k. 1754 42.157.000"

"Bak of Amenol • Checking Acorn 5 Motor WAN Furs 515.930.181"

"EXHIBIT E-3 PRIVATE EQUITY INVESTMENTS - SUMMARY OF FAIR MARKET VALUES BLACK FAMILY PARTNERS, LP AS OF JUNE 3, 2015... HAO Capital Fund II LP... $2,87"

"EXHIBIT F-1 CAPITAL MARKET/HEDGE FUNDS - CAPITAL ACCOUNT SUMMARY BLACK FAMILY PARTNERS, LP AS OF JUNE 3, 2015... Athene Holding, Ltd. $52,000,000"

"Lone Cascade, LP $28,365,105"

"Millennium Group USA $27,968,994"

"Apollo SOMA Co-Investors, LLC $2,857,390"

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

"The Co-Invest Entities' are invested in funds affiliated with Apollo. Apollo Co-Investors IV, LLC (ACIV)"

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

"Shareholders Agreement, dated July 13, 2007... by and among Apollo... Black Family Partners M., MJR Foundation LLC, Leon D. Black, Marc J. Rowan and J"