EFTA01101657.txt

"Apollo is managed and operated by its manager, AGM Management, LLC, which in turn is wholly-owned and controlled by Leon Black, Joshua Harris and Marc"

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

"Dear Mr. Halperin: You have requested Empire Valuation Consultants, LLC (Empire) to estimate the fair market value"

"Mr. Richard Joslin, BFP's CFO"

"The Partnership had a checking account held at Bank of America with a balance of $10.8 million as of the Valuation Date."

"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)"

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

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

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

"the fair market value of BFP's interest in KUE was estimated to be $25.5 million"

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

"Apollo's Class A shares is derived from its ownership of APO Asset Co., LLC and APO Corp."

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

"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"

"Scott A. Nammacher... Managing Director... February 11, 2015"

"350 Fifth Avenue Suite 6115 New York NY 10118"

"APO1 GRAT - Valuation Date: July 24, 2014"

"Alan Halperin, Esq. February 11, 2015"

"Shareholders Agreement, dated July 13, 2007... by and among Apollo, AP Professional Holdings L.P., BRH Holdings L.P., Black Family Partners L.P., MJR "

"Apollo Co-Investors IV, LLC... $350,000"

"JP Morgan Brokerage Access • Apollo Investment Corp Stocks... 85,278,744"

"Shareholder Agreement... among Apollo... Black Family Partners L.P., MJR Foundation LLC, Leon D. Black, Marc J. Rowan"

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

"Liabilities included related party payables of: ... (2) $2.9 million payable to LDB 2014 LW."

"$2.2 million payable to APO1 GRAT No. 4"

"The Partnership held 603,632 shares of AINV stock. ... the block of stock had a value of $5.3 million"

"Knowledge Universe Education LP ... Adjusted Book Value, rounded $25,504,409"

"APOLLO OPERATING GROUP UNITS BLACK FAMILY PARTNERS, LP AS OF JULY 24. ... Number of Shares 92,727,166 Price per Share $27.48 Value of Block $2,547,678"

"BLACK FAMILY PARTNERS, LP AS OF JULY 24. 2014 ... Apollo SOMA Co-Investors. LLC ... $3,050,000"

"BLACK FAMILY PARTNERS, LP AS OF JULY 24. 2014 ... Apollo VIF Co-investors. LLC ... $8.050.003"

"BLACK FAMILY PARTNERS, LP AS OF JULY 24. 2014 ... Canyon Value Realization Fund ... $18,310,000"

"BLACK FAMILY PARTNERS, LP AS OF JULY 24. 2014 ... Lone Cascade. LP ... $33.390.003"

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

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

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

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

"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."

"The Partnership has an indirect ownership position in the Apollo Operating Group through AOG Units held through BRH. In total BFP held 92,727,166 AOG "

"Alan Halperin, Esq. February 11, 2015 APO GRAT - Valuation Date: July 24, 2014"

"The Managing Partners own Holdings in accordance with their respective sharing percentages."

"provides for the exchange of AOG Units owned by Holdings for Class A shares of Apollo."

"the descriptions provided below are paraphrased from the content provided in the filings... Managing Partners... Apollo's public filings"

"Alan Halperin, Esq. February 11, 2015"

"Exhibit J-3 summarizes the calculation of the Restricted Stock Equivalent Discount estimated to be reasonable for BFP"

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

"APO Corp. accounted for approximately 69.99% of Apollo's value."

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