EFTA01101557.txt

"ACIV Capital Account Value $464,127"

"ACV $3,060,606"

"ACVI $34,085,709"

"ASC 53.112,609"

"AVC $8,111,658"

"BFP made a $25 million commitment to FCI II on June 21, 2013. ... BFP's capital account balance was $8.0 million"

"BFP made a $52 million commitment to AHL on April 21, 2014 ... BFP's capital account balance was $10.4 million"

"In total BFP held 92,727,166 AOG Units. ... the capital account value of the AOG units was $2,209,224,730."

"ACIV, ACV and ACVI had no control over the funds ... transfers required the consent of the respective managing members."

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

"BFP initially invested in iCrete LLC which had developed proprietary technology for mixing concrete. BFP held a Class B interest in iCrete."

"BFP opened a $15.0 million credit line to Phaidon Global which was drawn $8.8 million, including accrued interest, at the Valuation Date."

"interest in KUE was estimated to be $34.0 million. Per BFP's K-1, the Partnership had a 4.7328% capital interest."

"BFP invested $200,000 on June 28, 2013 as part of Rally Labs effort to raise $2 million in investment capital"

"BFP invested $100,003 to purchase 6,094 common shares on December 9, 2013"

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

"Knowledge Universe Education LP $34,005,878 $25,504,409"

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

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

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

"BRH owned 88.57% of AP Professional Holdings LP ("Holdings")"

"Holdings... held 58.69% of the Apollo Operating Group ("AOG") units."

"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"

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

"Mr. Richard Joslin, BFP's CFO"

"Alan Halperin, Esq. February 12, 2015 APO' GRAT No. 2 - Valuation Date: September 3, 2014"

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

"Empire has performed services as an appraiser regarding the property that is the subject of this report on a quarterly basis since August 2013."

"The professional fee paid to Empire for the preparation of this report is not contingent upon its conclusion"

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

"Mr. Schultz joined Empire Valuation Consultants in 2006"

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

"He served two terms as an elected member of the American Society of Appraisers' Business Valuation Committee"

"Defined Terms for Black Family Partners LP Investments A. Apollo Operating Group Units (AOG Units)"

"A signed copy of the Amended and Restated Tax Receivable Agreement by and among APO Corp., Apollo Principal Holdings II, LP"

"A signed copy of the Amended and Restated Tax Receivable Agreement by and among APO Corp., Apollo Principal Holdings II, LP"

"A signed copy of the Amended and Restated Tax Receivable Agreement by and among ... Apollo Management Holdings (AMH)"

"Alan Halperin, Esq. February 12, 2015"

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

"the TRA benefit payable to BFP pursuant to the TRA agreement"

"The first group consisted of the interests in fixed-term funds... reflecting the pro rata NAV in each fund associated with the subject interests."

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

"APOLLO OPERATING GROUP - TAX RECEIVABLE AGREEMENT BLACK FAMILY PARTNERS, LP AS OF SEPTEMBER 3, 2014 Number of Shares 92.727,166 Value of Block $2.209."

"Apollo SOMA Co4nvesiors, LLC ... $3,060,000"

"Apollo VIP Co-Invesiors, LLC ... $8,030,000"

"Lone Cascade. LP ... $33.730.000"

"Millennium Group USA ... $23,830,000"

"Net Fair Market Value of TRA Tax Benefit Available to Block, rounded $178,000.000"

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