EFTA01101257.txt

"You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the fair market value of a 2.6640% limited partnership interest... Dear Mr"

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

"It is our understanding that this summary letter will be used by Mr. Leon Black for estate planning purposes. ... Interest in Black Family Partners, L"

"Conversations and correspondence regarding BFP... with Mr. Richard Joslin, BFP's CFO"

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

"Partnership's primary asset was a 45.9% interest in BRH Holdings LP"

"BRH owned 88.18% of AP Professional Holdings LP"

"The Partnership had a checking account held at Bank of America with a balance of $24.1 million"

"In total BFP held 92,727,166 AOG Units. On an unadjusted basis the capital account value of the AOG units was $2,917,660,278."

"BFP made a $25 million commitment to FCI II on June 21, 2013."

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

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

"NYPPEX Holdings, LLC's (NYPPEX) 2014 Secondary Market Valuation Trends and Outlook for Private Funds & Companies Worldwide, March 2014."

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

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

"market value of $2.14 billion for BFP's AOG Units"

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

"Alan Halperin, Esq. November 11, 2014"

"The Partnership held 603,632 shares of AINV stock. Therefore, the block of stock had a value of $5.2 million"

"The Partnership held 11,380 shares of ESWW stock. Therefore, the block of stock had an adjusted value of $512,100"

"Knowledge Universe Education LP capital account balance $31,482,728 adjusted book value $23,612,046"

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

"the AOG Units have the TRA which provided an economic benefit to the Partnership via its indirect ownership"

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

"Since joining Empire, David has been involved in hundreds of business valuations... Manager, 2011 - Present"

"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."

"by and among Apollo... Leon D. Black, Marc J. Rowan and Joshua Harris (the Shareholder Agreement)"

"Shareholders Agreement, dated July 13, 2007... by and among Apollo... Black Family Partners L.P."

"by and among Apollo... Marc J. Rowan and Joshua Harris (the Shareholder Agreement)"

"Alan Halperin, Esq. November 11, 2014 ... Respectfully submitted, Empire Valuation Consultants, LLC"

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

"Apollo Co-Investors III, LLC ... $47,578,702"

"Apollo Co-Investors VI (A), LLC ... $62,201,846"

"Lone Cascade, LP ... $35,074,951"

"Canyon Value Realization Fund ... $18.160,603"

"Millennium Group USA ... $23.567,120"

"Empire's Analysis of the 2007 Discount Study Data... Based on Empire's analysis of the 2007 Discount Study data, we estimated a reasonable range of di"

"The first group consisted of the interests in fixed-term funds,]) most of which were not expected to liquidate for several years after the Valuation D"

"The second group consisted of BFP's interest in the capital market fimds.3' The capital market investments, i.e. hedge funds, are subject to risk"

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

"There are two outstanding notes with Leon Black, totaling $43.3 million including accrued interest"

"the Black Family 1997 Trust has two notes totaling $8.2 million"

"Alan Halperin, Esq. November 11, 2014"

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

"APO' GRAT No. 2 - Valuation Date: March 3, 2014 ... Empire was provided with historical return and volatility specific to BFP's investments"

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

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

"Alan Halperin, Esq. November 11, 2014 APO1 GRAT No. 2"

"BFP's interest in BRH (comprised of the AOG Units owned through Holdings and TRA dividend payments) provided a potential source of capital appreciatio"