EFTA01101757.txt

"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 $2,161,470,239."

"Alan Halperin, Esq. January 21, 2015 APO' GRAT No. 1 - Valuation Date: October 24, 2014"

"APO' GRAT No. 1 - Valuation Date: October 24, 2014"

"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"

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

"Mr. Richard Joslin, BFP's CFO"

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

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

"The Partnership had a checking account held at Bank of America with a balance of $2.7 million as of the Valuation Date."

"Alan Halperin, Esq. January 21, 2015 APO' GRAT No. 1 - Valuation Date: October 24, 2014"

"The Partnership, through BRH and Holdings, holds a block of AOG Units. AOG Unit ownership has significant restrictions regarding when the Partnership "

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

"Knowledge Universe Education LP 34,005,878 27,204,702"

"The Partnership held 603,632 shares of AINV stock. Therefore, the block of stock had a value of $4.9 million"

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

"BFP's capital account balance was considered a reasonable proxy for the fully marketable minority value for the subject interest."

"FCI II had an unfunded capital commitment balance of approximately $14.4 million"

"AHL had an unfunded capital commitment balance of $41.6 million"

"Alan Halperin, Esq. January 21, 2015 APO GRAT No. 1 - Valuation Date: October 24, 2014"

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

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

"Alan Halperin, Esq. January 21, 2015 APO1 GRAT No. 1 - Valuation Date: October 24, 2014"

"Apollo Co-Investors IV, LLC $26,099,000 $26,816,435"

"HAO Capital Fund II LP $6,000,000 $4,980,000"

"Wolfensohn Capital Partners LP $5,000,000 $4,845,498"

"EXHIBIT J-3 ESTIMATED RESTRICTED STOCK EQUIVALENT DISCOUNT BLACK FAMILY PARTNERS, LP"

"EXHIBIT J-4 ESTIMATED PRIVATE COMPANY DISCOUNT INCREMENT BLACK FAMILY PARTNERS, LP BASED ON BLOCK SIZE ILLIQUIDITY ANALYSIS"

"Revenue ($MM) EXHIBIT J-1 $12.6 ... Market Value of Equity ($MM) EXHIBIT J-1 $2,183.4 ... Total Assets ($MM) EXHIBIT J-1 $2,452.3"

"Equity Volatility (%) EXHIBIT J-2 40% ... Profitable (Based on Net Profit Margin) EXHIBIT J-2 Y ... Dividend-Paying EXHIBIT J-2 Y"

"Times: Estimated Restricted Stock Equivalent Discount (see EXHIBIT J-3) 14.7%"

"The Partnership shall be managed solely at the discretion of the GP (i.e. Black Family GP, LLC). (7.1-7.2.)"

"the Partnership had the following notes with related parties: (1) three outstanding notes (two receivable and one payable) with Leon Black, totaling $"

"BFP's existing PE interest included four Apollo co-invest interests... ACIV... Market Value, rounded $350,000"

"ACV... $3,060,606... 25%... $2,300,000"

"ACVI... $31,001,491... 20%... $24,800,000"

"ACC III... $4,228,557... 35%... $2,750,000"

"the Partnership's ABV can be stated at $2,183,362,609, or $115,421,761 for a pro rata 5.2864% limited partnership interest"

"The Partnership has an indirect ownership position in the Apollo Operating Group through AOG Units held through BRH."

"estimate the fair market value of a 5.2864% limited partnership interest (the "Interest") in Black Family Partners, LP... this summary letter will be "

"Valuation of Black Family Partners, LP... APO' GRAT No. 1 - Valuation Date: October 24, 2014"

"fair market value of a 5.2864% limited partnership interest in Black Family Partners, LP is reasonably stated as $98,108,497... report will be used by"

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

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

"Empire Valuation Consultants, Rochester, New York Manager, 2011 - Present"

"350 Fifth Avenue Suite 6115 New York NY 10118 Tel: (212) 714-0122"

"Empire selected 23% for the lack of marketability discount applicable to the fully marketable value of the TRA."

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