EFTA00608391.txt

"October 18, 2007 Carlyn McCaffrey, Esq. Dear Ms. McCaffrey:"

"Management Interests and the "Advisor Interests" contributed by LBF Holdings' ("LBFH") to Apollo Management Holdings, LP ("AMHLP")"

"Empire has determined that Leon Black holds a 33.57% limited partnership interest in AMHLP that is reasonably stated as $860,100,000, as of April 16, "

"Valuation Associate, Empire Valuation Consultants, Rochester, New York, 2004-Present"

"Senior Valuation Associate, Empire Valuation Consultants, Rochester, New York, 1998-present"

"Managing Director, Empire Valuation Consultants, Rochester, New York, 2000-present"

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

"Apollo's managing partners are Leon Black, Joshua Harris, and Marc Rowan"

"Apollo's managing partners are Leon Black, Joshua Harris, and Marc Rowan"

"Apollo's managing partners are Leon Black, Joshua Harris, and Marc Rowan"

"John Suydam, Apollo Group's ("Apollo") Chief Legal Officer"

"Barry Giarraputo, Chief Financial Officer for AP Alternative Investments"

"Michael Gullace, Director of Special Projects and others at Apollo"

"AMIIILP was designated as Fund III's Manager"

"Fund III's general partner was Apollo Advisors II, L.P."

"commenced operations in July 2006 with $250 million in invested capital from AP Alternative Assets ("APA")"

"The Partnership's general partner is Apollo Management Holdings GP, LLC (the "GP")"

"the GP has complete and exclusive responsibility (i) for all management decisions to be made on behalf of the Partnership"

"AAMLP was designated as AAO's Manager."

"AAO's general partner was Apollo Asia Advisors L.P."

"AAALP was designated as AAA's Manager."

"AAA's general partner was AAA Guernsey Limited."

"AMIVLP was designated as Fund IV's Manager"

"Fund IV's general partner was Apollo Advisors III, L.P."

"AMVLP was designated as Fund V's Manager"

"Fund V's general partner was Apollo Advisors V, L.P."

"AMVILP was designated as Fund VI's Manager"

"Fund VI's general partner was Apollo Advisors VI, L.P."

"AINV pays a fee to AIMLP. This fee consists of two components: (1) a base management fee; and (2) an incentive fee"

"VIFMLP was designated as VIF's Manager"

"VIF's general partner was Apollo Value Advisors, L.P."

"fair market value of the Management Interests contributed by LBFH to AMHLP, is reasonably stated, in aggregate, at $860,100,000"

"APOLLO ASIA ADVISORS, LP... Partner's Pro Rata Percentage 44%... Pro Rata, Fair Market Value of Partner's Capital, rounded $11,100,000"

"APOLLO EUROPE MANAGEMENT, LP... Partners Pro Rata Percentage 44%... Pro Rata, Fair Market Value of Partner's Capital, rounded 3163,800.000"

"APOLLO ALTERNATIVE ASSETS, LP... Partner's Pro Rata Percentage 44%... Pro Rata. Fair Market Partner's Capital, rounded 3120.500,000"

"three limited partners, including LBFH, which holds the limited partnership interest"

"AAA will deploy capital through investments in... SVF Master Fund"

"AAA will deploy capital through investments in... AEM"

"AAA will deploy capital through investments in... Apollo Investment Corporation"

"NPVA, NPVB, and AGV are known as Fund V's Co-Investing Entities and are funded primarily by foreign or tax exempt investors and co-invest with Fund V"

"NPVA, NPVB, and AGV are known as Fund V's Co-Investing Entities and are funded primarily by foreign or tax exempt investors and co-invest with Fund V"

"NPVA, NPVB, and AGV are known as Fund V's Co-Investing Entities and are funded primarily by foreign or tax exempt investors and co-invest with Fund V"

"LBFH's economic interest in AMHLP was then calculated"

"SVFMLP collects management fees from both SVF and SOMA"

"SVFMLP collects management fees from both SVF and SOMA"

"Empire Valuation Consultants, LLC P. Wan-Belt jar Valuation Associate"

"Empire Valuation Consultants, LLC... Thiba lt, ASA Senior Valuation Associate"

"Empire Valuation Consultants, LLC... Andrea Hock, ASA Managing Director"

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

"Carlyn McCaffrey, Esq. October 18, 2007... Respectfully submitted, Empire Valuation Consultants, LLC"