EFTA00608765.txt

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

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

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

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

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

"Mr. Richard Joslin, BFP's CFO"

"The Partnership had a checking account held at Bank of America with a balance of $15.9 million"

"the Partnership's primary asset was an interest in BRH Holdings LP... BFP was invested in co-investment funds managed by Apollo Global Management LLC"

"This summary letter is by its nature a Restricted Use Appraisal Report under Standards Rule 10-2 of USPAP."

"BFP initially invested in iCrete LLC... BFP had a capital account balance of $1.2 million"

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

"BFP made a capital commitment of $1.3 million to Curation Media."

"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"

"BFP invested $9,998 to purchase 1,715 series A preferred shares on May 9, 2014"

"two outstanding notes with Leon Black, totaling $42.2 million, net, including accrued interest"

"two notes with PLB LLC totaling $3.2 million (including accrued interest)"

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

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

"Pacific Concrete Technologies, LLC acquired of all of the right, title, and interest... including 100% of the membership interests of iCrete."

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

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

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

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

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

"resulted in a restriction period adjusted market value of $1.77 billion, rounded, for BFP's AOG Units"

"Alan Halperin, Esq. October 12, 2015 AP01 GRATs - Valuation Date: June 3, 2015"

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

"Valuation of Black Family Partners, LP ... Empire selected 10% as the required rate of return to apply to the projected existing TRA dividend payments"

"The PE interests were direct investments in various Apollo private equity funds and non-Apollo private equity funds."

"The pro rata share of 41.68% is based on the historical sharing ratio attributable to BFP at the July 2007 transaction that triggered the TRA benefit."

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

"Empire Valuation Consultants, Rochester, New York. Manager, 2011 - Present. Senior Valuation Associate, 2008 - 2011. Valuation Associate, 2006 - 2008."

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

"Neither the appraiser nor any officer or employee of Empire Valuation Consultants, LLC has any interest in the property appraised... October 12, 2015"

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

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

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

"Jeff Schultz Valuation Associate Empire Valuation Consultants, LLC"

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

"Apollo Investment Corp Stocks (8,319,017); Apollo Management Group 1,770,000,000"

"Aggregate AOG Units. Unrestricted Value $2,108,152,119 ... Aggregate AOG Units. Estimated Restriction Adjusted Value, rounded $1,770,000,000"

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

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

"Millennium Group USA $27,968,994"

"HAO Capital Fund II LP 25% $3,822,318"

"APOLLO OPERATING GROUP UNITS BLACK FAMILY PARTNERS, LP AS OF JUNE 3, 2015"

"Effective Entity Ownership of Existing TRA 41.68% ... Payment for Fiscal Year Entity Pro Rata Share"

"Revenue (SMAA) EXHIBIT J-1 -$1.02 Bottom Quintile"

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