EFTA01101457.txt

"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."

"fair market value of AOG Units held by the Partnership was estimated based on a restricted stock analysis"

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

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

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

"attributed to its ownership of APO Asset Co., LLC and APO Corp"

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

"fair market value of BFP's interest in KUE was estimated to be $23.6 million"

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

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

"AOG Units owned through Holdings"

"Empire Valuation Consultants, LLC ... APOI GRAT No. 2 - Valuation Date: June 3, 2014"

"AOG's Managing Partners are credited for their employment as of January 1, 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."

"The TRA requires APO Corp. to pay the Managing Partner (or to a permitted transferee of such Managing Partner, i.e. BFP) or contributing partner invol"

"Apollo's acquisition of AOG Units in such an exchange may result in increases in tax deductions"

"You have requested Empire Valuation Consultants, LLC (Empire) to estimate the fair market value"

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

"Mr. Richard Joslin, BFP's CFO"

"Mr. Richard D'Agostino of BFP (collectively referred to as Management)"

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

"BRH owned 88.27% of AP Professional Holdings LP (Holdings)"

"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"

"The Partnership had a checking account held at Bank of America with a balance of $86.9 million as of the Valuation Date."

"BFP participated in Apollo's PE funds, specifically AIF IV, AIF V and AIF VI."

"it is our estimate that the fair market value of a 2.1525% limited partnership interest in Black Family Partners, LP is reasonably stated as $43,005,9"

"QUANTITATIVE FINANCIAL RISK ANALYSIS BLACK FAMILY PARTNERS, LP ... AS OF JUNE 3, 2014"

"The Co-Invest Entities' are invested in funds affiliated with Apollo. Apollo Co-Investors IV, LLC (ACIV)"

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

"In total BFP held 92,727,166 AOG Units. On an unadjusted basis the capital account value of the AOG units was $2,307,979,162."

"BFP initially invested in iCrete LLC... BFP had a capital account balance of $1.2 million and a capital sharing percentage of 0.7655%."

"ASC and AVC are invested in capital market funds affiliated with Apollo. BFP's interests in ASC and AVC were not subject to management or performance "

"three outstanding notes (two receivable and one payable) with Leon Black, totaling $29.5 million, net, including accrued interest"

"one note with Narrow Holdings LLC totaling $25.1 million."

"two notes with PLB LLC totaling $3.2 million"

"Empire was provided with historical return and volatility specific to BFP's investments, as well as comparable benchmark hedge fund index returns and "

"Alan Halperin, Esq. November 11, 2014 APO' GRAT No. 2 - Valuation Date: June 3, 2014"

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

"BFP's existing PE interest included... four non-Apollo related PE fund interests. ... SWF was fully funded."

"BFP's existing PE interest included three Apollo co-invest interests"

"Alan Halperin, Esq. November 11, 2014"

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

"David has been involved in hundreds of business valuations ... Manager, 2011 - Present ... Senior Valuation Associate, 2008 - 2011 ... Valuation Assoc"

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

"Mr. Nammacher is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers ... served two terms as an elected member of the American "

"Applying the implied discounts to the appropriate AOG Unit blocks resulted in a restriction period adjusted market value of $1.72 billion for BFP's AO"

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

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