EFTA00597681.txt

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

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

"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"

"Mr. Richard Joslin, BFP's CFO"

"The Partnership had a checking account and money market funds held at Bank of America with a balance of $14.0 million"

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

"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"

"Alan Halperin, Esq. October 16, 2015 ... Empire reviewed the key agreements"

"each Managing Partner's Pecuniary Interest in the AOG Units that he holds indirectly through Holdings"

"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 $42.1 million"

"The carrying value of BFP's interest in KUE was estimated to be $22.6 million. In October 2013, BFP received a $1.4 million cash distribution"

"BFP made a capital commitment of $1.3 million to Curation Media. With an initial closing in late March 2015, BFP made its first contribution of $650,0"

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

"BFP invested $200,000 on June 28, 2013 as part of Rally Labs effort to raise $2 million... The Partnership bought 20,000 units"

"BFP held notes payable by Phaidon Global with a balance of $7.5 million, including accrued interest."

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

"J. Th Am, CFA Managing Director"

"Empire has performed services as an appraiser regarding the property that is the subject of this report on a quarterly basis since August 2013."

"350 Fifth Avenue Suite 6115 New York NY 10118"

"Bask 01 Amonoa • Chocked Aecorrn s Newby re Fun% ... S14820.755"

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

"Lone Cascade, LP $28,850,564 $0 $28,850,564"

"Millennium Group USA $28,554,296 $0 $28,554,296"

"Apollo Co-Investors VI (A), LLC $21,807,798"

"HAO Capital Fund II LP $3,822,318"

"Wolfensohn Capital Partners LP $1,480,949"

"BFP's existing PE interest included four Apollo co-invest interests... ACIV"

"BFP's existing PE interest included four Apollo co-invest interests... ACVI"

"Alan Halperin, Esq. October 16, 2015... Empire's analysis began by segregating"

"APO' GRAT No. 1 - Valuation Date: July 24, 2015"

"QUANTITATIVE FINANCIAL RISK ANALYSIS BLACK FAMILY PARTNERS, LP AS OF JULY 24, 2015"

"APO' GRAT No. 1 - Valuation Date: July 24, 2015 ... Respectfully submitted, Empire Valuation Consultants, LLC"

"Scott A. Nammacher ASA, CFA Managing Director"

"David J. Thfampson, CFA Mana r"

"applying the implied discounts to the appropriate AOG Unit blocks resulted in a restriction period adjusted market value of $1.59 billion, rounded, fo"

"on behalf of your client, Mr. Leon Black (the Client)... interest (the Interest) in Black Family Partners, LP"

"You have requested Empire... on behalf of your client, Mr. Leon Black"

"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."

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

"In total BFP held 92,727,166 AOG Units. ... On an unadjusted basis the capital account value of the AOG units was $1,887,925,100."

"two outstanding notes with Leon Black, totaling $42.1 million... notes with related parties"

"Alan Halperin, Esq. October 16, 2015 APO' GRAT No. 1 - Valuation Date: July 24, 2015"

"fair market value of BFP's interest in Truckast was estimated to be $0"

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

"APO' GRAT No. 1 - Valuation Date: July 24, 2015 ... The AAM was used to determine the minority value of the Interest."

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

"Alan Halperin, Esq. October 16, 2015 ... It is our understanding that this report will be used by you"