EFTA01086168.txt

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

"the fair market value of BFP's interest in KUE was estimated to be $27.2 million"

"the adjusted value of the ESWW common stock held by BFP was $971,590"

"the fair market value of BFP's interest in Rally was estimated to be $122,210"

"the fair market value of BFP's interest in Artbinder was estimated to be $6,499"

"Applying the implied discounts to the appropriate AOG Unit blocks resulted in a restriction period adjusted market value of $1.70 billion, rounded, fo"

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

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

"BFP's capital account balance indicated a price-to-book value for KUE of approximately 1.0 times."

"Alan Halperin, Esq. November 3, 2015"

"estimate the fair market value... on behalf of your client, Mr. Leon Black (the Client)."

"fair market value of a 4.7350% limited partnership interest (the Interest) in Black Family Partners, LP (BFP or the Partnership)... on behalf of your "

"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 had a checking account held at Bank of America with a balance of $40.9 million"

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

"BRH owned 88.59% of AP Professional Holdings LP (Holdings)"

"AP Professional Holdings LP (Holdings), which held 56.99% of the Apollo Operating Group (AOG) units"

"controlled by Leon Black, Joshua Harris and Marc Rowan (the Managing Partners)."

"controlled by Leon Black, Joshua Harris and Marc Rowan (the Managing Partners)."

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

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

"reviewing the Company's volatility assumptions as stated in its SEC filings."

"Mr. Schultz joined Empire Valuation Consultants in 2006, bringing with him strong quantitative and fmancial analysis experience"

"Since joining Empire, David has been involved in hundreds of business valuations covering a diverse array of industries."

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

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

"Alan Halperin, Esq. November 3, 2015"

"Apollo Investment Corp Stocks ... Apollo Investments (Private) ... Apollo Co-Investors IV, LLC"

"JP Morgan Brokerage Accounts"

"Bank of America Checking Account"

"it is our estimate that the fair market value of a 4.7350% limited partnership interest in Black Family Partners, LP is reasonably stated as $91,072,9"

"Scott A. Nammacher, ASA, CFA Managing Director"

"Jeff . SbtSultz ior Valuation Associate"

"id J. mpson, CFA Mana r"

"APOLLO GLOBAL MANAGEMENT, LLC AS OF MARCH 3, 2015"

"Financial Statements for 2010 through 2012 compiled using the records of Roth, Ende, Maffei & Co LLP"

"Investments Not related to Apollo Athene Holding, Ltd. (AHL)"

"QUANTITATIVE FINANCIAL RISK ANALYSIS BLACK FAMILY PARTNERS, LP AS OF MARCH 3, 2015"

"QUANTITATIVE FINANCIAL RISK ANALYSIS BLACK FAMILY PARTNERS, LP AS OF MARCH 3, 2015"

"ESTIMATED RESTRICTRED STOCK EQUIVALENT DISCOUNT BLACK FAMILY PARTNERS, LP AS OF MARCH 3, 2015"

"Implied Reasonable Range of Discounts for Lack of Marketability 17.0% 27.0%"

"Alan Halperin, Esq. November 3, 2015 APOI GRAT No. 2 - Valuation Date: March 3, 2015"

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

"Alan Halperin, Esq. November 3, 2015 APO' GRAT No. 2 - Valuation Date: March 3, 2015"

"BFP made a $25 million commitment to FCI II on June 21, 2013. FCI II co-invests in Financial Credit Investment II, (FCI Fund) as a Schedule I limited "

"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 "

"the Partnership also received an annual payment from Apollo in connection with the TRA associated with the Apollo ownership sold in the July 2007 tran"