EFTA01085858.txt

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

"The notes are a result of a $15.0 million credit line to Phaidon Global which expired on September 30, 2014."

"it is our estimate that the fair market value of a 3.9477% limited partnership interest in Black Family Partners, LP is reasonably stated as $75,705,9"

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

"Mr. Richard Joslin, BFP's CFO"

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

"AGM Management, LLC, which in turn is wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan (the "Managing Partners")."

"AGM Management, LLC, which in turn is wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan (the "Managing Partners")."

"AGM Management, LLC, which in turn is wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan (the "Managing Partners")."

"The Partnership had a checking account held at Bank of America with a balance of $12.7 million"

"the Partnership's primary asset was a 47.01% interest in BRH Holdings LP ("BRH")."

"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"

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

"APO' GRAT No. 2 - Valuation Date: December 3, 2014"

"BFP has a nominal capital account balance of $58,300. [APTP]"

"Alan Halperin, Esq. February 26, 2015 APO' GRAT No. 2"

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

"Distribution amounts and timing are at the discretion of the general partner."

"APO' GRAT No. 2 - Valuation Date: December 3, 2014 Page 48 ... BFP was invested in fixed-term funds"

"BFP permits transfers without the prior written consent of the general partner."

"JP Morgan Brokerage Account"

"Bk of America • Checking Account"

"Sustainable Woodlands Fund II, LP Total Capital Contributed $20,000,000"

"BLACK FAMILY PARTNERS, LP AS OF DECEMBER 3, 2014"

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

"David worked as Vice President of Operations at Idea Connections where he was responsible for financial analysis and projections"

"SOMA Co-Investors, LLC $3,071,718 $43,726 $3,027,992"

"Apollo VIF Co-Investors, LLC $7,760,965 $906,072 $6,854,893"

"Lone Cascade, LP $37,120,924 $0 $37,120,924"

"Millennium Group USA $25,789,147 $0 $25,789,147"

"APO Corp (a wholly-owned subsidiary of Apollo.) APO Corp. accounted for approximately 69.99% of Apollo's value."

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

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

"David J. T mpson, CFA Manager ... Empire Valuation Consultants, LLC"

"Jeff ultz Senior Valuation Associate ... Empire Valuation Consultants, LLC"

"QUANTITATIVE FINANCIAL RISK ANALYSIS BLACK FAMILY PARTNERS, LP"

"ESTIMATED RESTRICTED STOCK EQUIVALENT DISCOUNT BLACK FAMILY PARTNERS, LP"

"BLACK FAMILY PARTNERS, LP BASED ON BLOCK SIZE ILLIQUIDITY ANALYSIS"

"Apollo Operating Group"

"Shareholders Agreement, dated July 13, 2007, and a signed copy of the First Amendment and Joinder, dated August 18, 2009, by and among Apollo, AP Prof"

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

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

"three outstanding notes (two receivable and one payable) with Leon Black, totaling $31.6 million, net, including accrued interest"

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

"Alan Halperin, Esq. February 26, 2015 APOI GRAT No. 2 - Valuation Date: December 3, 2014"

"Alan Halperin, Esq. February 26, 2015 APO' GRAT No. 2 - Valuation Date: December 3, 2014"

"BFP's existing PE interest included four Apollo co-invest interests... ACVI 1.11 $29,224,235 20% $23,380,000"

"BFP's existing PE interest included four Apollo co-invest interests... SWF 3.41 $18,614,237 20% $14,890,000"

"ACC III 4.78 $5,699,210 35% $3,700,000"