EFTA01086067.txt

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

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

"conversations and correspondence regarding BFP... with 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"

"the Partnership's primary asset was a 45.9% interest in BRH Holdings LP (BRH)."

"BRH owned 88.18% of AP Professional Holdings LP (Holdings)"

"The Partnership had a checking account held at Bank of America with a balance of $24.1 million as of the Valuation Date."

"AOG's Managing Partners are credited for their employment as of January I, 2007 for purposes of its vesting provisions."

"The AOG Units attributable to Mr. Black in which BFP has an indirect interest will vest in 72 equal monthly installments."

"AOG's Managing Partners are credited for their employment as of January I, 2007 for purposes of its vesting provisions."

"AOG's Managing Partners are credited for their employment as of January I, 2007 for purposes of its vesting provisions."

"Alan Halperin, Esq. November 11, 2014 APOI GRAT No. 2 - Valuation Date: March 3, 2014"

"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. November 11, 2014"

"Alan Halperin, Esq. November 11, 2014 Empire Valuation Consultants"

"Alan Halperin, Esq. November 11, 2014 APOI GRAT No. 2"

"Empire selected a combined discount for incremental lack of control and marketability based on the foregoing review and analysis"

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

"David J. Th6mpson, CFA Manager ... Empire Valuation Consultants, LLC"

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

"APO] GRAT No. 2 - Valuation Date: March 3, 2014"

"Alan Halperin. Esq. November I1, 2014 APOI GRAT No. 2 - Valuation Date: March 3, 2014"

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

"the fully marketable value attributable to the TRA associated with the AOG Units is $301.6 million"

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

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

"David J. Thompson ... Empire Valuation Consultants. Rochester, New York Manager. 2011 - Present ... Since joining Empire, David has been involved in h"

"Apollo Co-Investors III, LLC $39,778,654 $47,578,702 $68,340,059 120% $2,150,877"

"Apollo Co-Investors IV, LLC $26,099,000 $26,816.435 $42,865,434 103% $539,414"

"Apollo Co-Investors V, LLC $23,647,681 $34,648,327 $68,095,515 147% $3,893,465"

"Apollo Co-Investors VI (A), LLC $45.503255 $62,201,846 $57,088,168 137% $40,649,393"

"HAO Capital Fund II LP $6.000,000 $4,980,000 $1,395,142 83% $3,541,795"

"Sustainable Woodlands Fund Ii. LP $20.000,000 $20.000,000 $2,113,491 100% $19,371,092"

"Lone Cascade, LP $35,074,951"

"Millennium Group USA $23,567,120"

"Canyon Value Realization Fund $18,160,603"

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

"Empire Valuation Consultants report for Alan Halperin regarding APOI GRAT No. 2 valuation."

"ACVI 540,649,393 The fund's term expires January 12, 2016."

"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 $2,917,660,278."

"BFP held a Class B interest in iCrete. According to the Partnership's 2013 K-I. BFP had a capital account balance of $1.2 million and a capital sharin"

"There are two outstanding notes with Leon Black, totaling $43.3 million including accrued interest"

"the Black Family 1997 Trust has two notes totaling $8.2 million"

"You have requested Empire Valuation Consultants. LW (Empire) to estimate the fair market value of a 2.6640% limited partnership interest... in Black F"

"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 "

"The first group consisted of the interests in fixed-term funds... ACIII"

"The second group consisted of BFP's interest in the capital market funds... ASC"

"Alan Halperin, Esq. November 11, 2014"

"The Partnership's only liability at the Valuation Date was a clawback liability of $4.7 million related to carried interest points from AIF III."