EFTA01101357.txt

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

"the Partnership held the following ownership interests in Apollo and the Apollo Operating Group. ... AOG 92,727,166 ... $2,735,451,397"

"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 T-INK was estimated to be $65,002"

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

"The Partnership held 603,632 shares of AINV stock. ... the block of stock had a value of $4.9 million"

"The Partnership's only liability at the Valuation Date was a payable due to APO1 GRAT No. 3 in the amount of $4.2 million."

"Knowledge Universe Education LP $31,482,728 $23,612,046"

"APO' GRAT - Valuation Date: April 24, 2014 ... Summary of the Partnership's assets and liabilities adjusted to reflect their market values as of the V"

"APO' GRAT - Valuation Date: April 24, 2014"

"Scott A. Nammacher, ASA, CFA Managing Director ... Empire Valuation Consultants, LLC"

"estimate that the fair market value of a 2.4038% limited partnership interest in Black Family Partners, LP is reasonably stated as $53,808,497"

"Alan Halperin, Esq. November 11, 2014 Page 52"

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

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

"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... HAO"

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

"Alan Halperin, Esq. November 11, 2014 APO 1 GRAT - Valuation Date: April 24, 2014"

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

"HAO Capital Fund II, LP ("HAO")"

"Sustainable Woodlands Fund II, LP ("SWF")"

"Knowledge Universe Education, LP ("KUE")"

"Wolfensohn Capital Partners, LP ("WCP")"

"Apollo Investment Corp Stocks 8.319.017"

"Apollo Co-Investors IV, LLC $26,099,000 $26,816,435 $42,865,434"

"Sustainable Woodlands Fund II, LP $20,000,000 $20,000,000 $2,394,504"

"Lone Cascade, LP $35,074,951 $0 $35,074,951"

"HAO Capital Fund II LP $6,000,000 $4,980,000 $1,795,510"

"Wolfensohn Capital Partners LP $5,000,000 $4,796,685 $2,200,141"

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

"In total BFP held 92,727,166 AOG Units. On an unadjusted basis the capital account value of the AOG units was $2,735,451,397.12"

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

"effective December 5, 2013, Pacific Concrete Technologies, LLC acquired of all of the right, title, and interest in and to certain property formerly o"

"Alan Halperin, Esq. November 11, 2014 APOI GRAT - Valuation Date: April 24, 2014"

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

"Alan Halperin, Esq. November 11, 2014 APO1 GRAT - Valuation Date: April 24, 2014"

"The Partnership, through BRH and Holdings, holds a block of AOG Units. ... AOG Units (w/o TRA) $2,735,451,397 $2,050,000,000"

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

"The first group consisted of the interests in fixed-term funds... ACIV, ACV, ACVI, HAO, SWF, WCP and TEN4."

"The second group consisted of BFP's interest in the capital market funds... ASC, AVC, FCI II, APTP, APSHL, ACP, CVRF, KSC, LC and MG."

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

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

"the adjusted value of the ESWW common stock held by BFP was $647,656."

"fair market value of a 2.4038% limited partnership interest in Black Family Partners, LP is reasonably stated as $53,808,497 as of April 24, 2014. It "

"The Partnership shall be managed solely at the discretion of the GP (i.e. Black Family GP, LLC). (7.1-7.2.) No LP shall have the ability to act on beh"

"three outstanding notes (two receivable and one payable) with Leon Black, totaling $30.3 million, net, including accrued interest"

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

"Applying a 15% discount to the fully marketable value of $63,304,114 results in a fair market value of $53,808,497, rounded, for a 2.4038% non-managin"

"Alan Halperin, Esq. November 11, 2014 APO' GRAT - Valuation Date: April 24, 2014"