EFTA02671576

EMPIRE VALUATION CONSULTANTS. at: PRIVATE & CONFIDENTIAL June 24, 2014 Alan S. Halperin, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas, Suite 3115 New York, NY 10019-6064 Dear Mr. Halperin: You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the fair market value of a 34.53% limited partnership interest (the "Interest") in Black Family Partners, LP ("BFP" or the "Partnership") as of December 4, 2013 (the "Valuation Date"). It is our understanding that this report will be used by Mr. Leon Black for estate planning purposes. This report is an Appraisal Report as defined in Standards Rule 10 of The Appraisal Foundation's Uniform Standards of Professional Appraisal Practice ("USPAP"), which specifically applies to the preparation of valuation reports of business interests. This report has also been prepared in accordance with the American Institute of Certified Public Accountants Statement on Standards for Valuation Services 1: Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset. Valuation Summary Based on the following review and analysis, and subject to the attached Statement of Limiting Conditions, it is our estimate that the fair market value of a 34.53% limited partnership interest in Black Family Partners, LP is reasonably stated as $780,000,000 as of December 4, 2013. 777 Canal View Blvd., Suite 200, Rochester, NY 14623 Tel: (585) 475-9260 empireval.com Ncw York • Cleveland • Rochester • West Hartford EFTA_R1_01942572 EFTA02671576 EXHIBIT 0 CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP AS OF DECEMBER 0.2013 ASSET* SUPPORTING EXHIBIT CAPITAL ACCOUNT MAKE eitIllt/tET ADJUSTMENTS ADJUSTED %ol BOON VALUE Assets Cash a Marketable Secuntles flank CF Antra • ChtclUng &cons 3 Slow Marro Funds 30).751.101 so 160.151.104 23% JP Morgan &direr AuCOutri • Cash 11.404.015 10 11.404.015 0.1% JP 310,946 linelleNte mean • 60010 lerocuntont Corp (Tinter AUN) 1.3.275.702 10 6375762 02% JP Noreen IlIrdirep•Accotird - Enorcrimenal &Nouns WOW (Tick*, ESsVA) JP Nagel Iltrokeene Mewl - AP AI: nun Ansel) t P (finer AAA • Amiteed4m) em Na Fn 1513.100 1776.716 10 SO 5512.100 00% 5176.716 00% Apollo Flied In Entails Inhale SOWN Direct N'ON•311) A(VIOCe-Nrointers M. LLC 0.1 through E-3 52.534.400 13034.4001 51.920.000 Oil% AN)). Co-blveslerf N. LLC E• I through E4 1544.624 13136.6241 3410.000 0,0% APC6o CoInvellOrs V. LLC E.1 InroupriE.3 13.931673 139116731 32,160.000 CI% µs4b CoMvetten VI IA). LLC El throve% E.3 $40.143.392 (310.22) 3921 130160000 1.1% Nonagnalle Fixed Tony Earn*. IPOrale Equity Direct Merest!! RAO Caput Fund e LP E' l Vn-lin E4 53.793.002 (11.136.002) 32100.000 0.1% Sustaineule WeedtaudsFsneil. tfir El vectigh E4 5111.224.76* (13.464.766) 312760.1103 01% ifiotlensorin Capes, Revers LP Et usxurch 04 $2.410.030 ($1140.630) 31.370.000 0.1% Tanks* Noland) Fund I, LP Bonney tnoun as Nortugtere lipldr/S Fun! I. LP) E. I turcutin 0.3 13$9423 0129.52% 3230930 00% Apollo Capes, Market Funds Nudge Ft e0 Direct Irnesinandbl ApPlo SOW Ceseiresten.ltC F.1 through Fr3 32.001.160 (371.160) 32.730.030 01% ApVlo VIE Co-Invasion LLC El Nrougn F.3 57.763161 (3135565) 17130100 0.3% ECI Colnvestors ii (AT LP El threugu F4 51.021.445 (1456.445) 51.140130 0.0% AP TochnctO91Parvent Ei through F.3 113.163 (33.163) 510.030 0.0% Nenapello Capital Nuke, Funds (Hedge Fund Direct Investments) McNees?* CapeAlParleirrs F.I Ihiort F4 316.511.016 1)031.6.961 515.050.000 06% Canton Valais RaaNstiers Fund F-I Oro,* F-3 317144.904 11674.916) 511170.000 0.6% King Sireol C•Ptel F.t wont F4 5901.291 (331291) 5930.000 0,0% iferd Cascade LP 1.1 :toistixt ES 132512.504 (31.302.104) 331270.000 12% Vileprium Group USA F., trrouXt F-3 123407.120 (1947.120) 322620000 Of% URN Holdings(Apollo Operating Osaupi Ants Opening Group teas Od 12.1531.51.374 (1751261.3M) f2060,400,000 710% Tax ROCeivank AgmennI (TRAllItnent Apollo Operating Group eras. 0.3 so S211.060.003 $211.0603400 7.9% TRA Dle1dre4. AC/ 2007 TlantaCOOn G.5 50 399.030.00) 399.000.000 3.7% Mau* ilsiteous Neertsts LLC 5/.335210 (5467.359) 5907.161 0014 KnorAcely Unnerve Educauto LP 133.770.516 (33.442142) $29327194 09% ESY44 Couverlide Wee 3.2.041.093 02151a) $2.720.466 OA% Rats Lets. LLC $203.000 (170,0001 MOM 00% Related Party Rotatable* 0neludel Pens? rece1440101 Due keen Leon 0 Riau 336.414100 SO 514914,400 2.1% Due Ito.. Back Fams t997 TrvR 35.165.772 30 38.165.772 0.3% Da has PU1 1.10 53204.301 SO 53.204.301 0.1% Due bun Naneetstrams 525.034.959 30 125.014.959 09% 0.e ecru AN rir titausnommi 17.471.003 SO 57.471.003 0 3% Da lam. Mundy. Cruse tin* TOTAL ASSETS SO ST 333 105 0 3% li L33 in 53 1 _ 7 1347•9 ill 6011 17907 410 617 ICC% LIABeffIES IL PARTNERS CAPITA; TOTAL LIABILITIES /puns &Maus Iii. tP (GO Carry COrnoac• tutrIty) 35.0031130 SO 53.0(6.630 PARTNERS' CAPITAL 34241.523645 (3479.121MM) 32.662.404.037 TOTAL LIABILInES. a CAPITAL Adiusled Balk Value 1.2.62.404.037 Pro Rala MN al &M ON Worn! 59.53% 3919 325.114 Lint COINOIFINI Dincouni lot Lack 04 Control 044 maiteutitty 15.0% (3I)7599.2171 Foi/ Mat% Vaba • 34.33% Immo Panne/sup semen 5701.426.697 Pre Rau Fa Mat% Value of • 34.52% Umlwe PbrInelalp Intent!, rounded 570,000.000 EFTA_R1_0 1942573 EFTA02671577 EMPIRE VALUATION CONSULTANTS, tic PRIVATE & CONFIDENTIAL November 11, 2014 Alan Halperin, Esq. Paul, Weiss, Rifldnd, Wharton & Garrison LLP 1285 Avenue of the Americas, Suite 3115 New York, NY 10019-6064 Dear Mr. Halperin: You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the fair market value of a 2.6640% limited partnership interest (the "Interest") in Black Family Partners, LP ("BFP" or the "Partnership") as of March 3, 2014 (the "Valuation Date"). It is our understanding that this summary letter will be used by Mr. Leon Black for estate planning purposes. Valuation Summary Based on the following review and analysis, and subject to the attached Statement of Limiting Conditions, it is our estimate that the fair market value of a 2.6640% limited partnership interest in Black Family Partners, LP is reasonably stated as $63,205,947 as of March 3, 2014. Methodology BFP has been valued on a going concern basis. Since the Partnership is closely-held, and thus without a public market for its ownership interests, this appraisal was conducted according to guidelines established by the Internal Revenue Service ("IRS") and USPAP, and in conformity with the American Society of Appraisers' Principles of Appraisal Practice and Code of Ethics, together with other standards that were deemed relevant to this engagement. 777 Canal Vicw Blvd., Suite 200, Rochester NY 14623 Tel: (585) 475-9260 empireval.com New York • Cleveland • Rochester • West Hanford EFTA_R1_0 1942574 EFTA02671578 EX/0112 0 CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP A19113 SUPPORT160 CAN! Al Case 6 Mumma SecNitos Bara Cl 4.-,esca • Checkix Mearis å Money Mortel runda Na $24.014,635 30 524.084.455 0.9% Ji Monaan BrouvoNs ANeone • C am Na 11524.859 30 31.624459 0.1% 3P moror. ercat•Noo Mount • Amou invetimoniCom (licAerATN) Na $5224.435 30 $5.224.435 02% 3p Nyps, Oro ros A4cCuril • En.ifonmeetall SolwortiVerAd (TIM« ESMVO Ni 1449.000 (156.900) 3612.100 00% arp14(.749 Mumie • AP Minnati.• Anans LP. (Ikker.444 • Arnsittsiam) Na $905.429 SO 4905.429 00% AN Inc Neg er MOR Ni 12271.271 50 S2.371.271 0.1% Apono Fond Tenn ErallMs1PL1vms Egalt, Cincl IntonnIs1 Apoio Colnveficat Ill. LLC Ef reoL9b Ed 52.130877 30 $1150377 0.1% APOra Coinees1:41 N. LIC 0.1 ilvoregb (.3 5439.414 ($134114) 1405.900 0.0% ARN° Codnitslors V. LIC Ed ilvonch 2.3 11893.444 (3973.44$) 52.920903 0.1% Mao Coarrossors VI 94. 11C Ed Mrenb (.3 140849./93 (610.159.393) 130.490100 1.1% Non•Apo4o Fiaed Tenn &Pide. (Privata ETAs), Dame' Inarms) MAO Capul Fire) 0 LP Et ihreugh 53.141.795 (31451.79N $2.490.000 0.1% Susta•ICk ~onds Fund LP EdiProup $19.371.092 00.7111.092/ $12.590000 0.5% moror sann Cape., Pann.% LP Ed morry. E.3 12.686.710 1$938.710) 31750.000 0.1% Tonfore Holdsnls Fund I LP 9.1 elvor,. E-3 $444.590 11156.5901 5290.000 00% Apollo Capitai Mark« Fonda II14099 Fynd Duem laveLimens) Apeob SONA Codnyesion. LIC FeØF4 $2.939.940 1569.9401 32470.1100 0.1% ryx<a>v1F Colmamors. LIC F.1 througn F4 $7.989.924 ($99.924) 37.90.000 0.3% FCi Colnveron Il LAILA Al INNO $14.111500 M4.634500) 511280.000 0.4% AP Tectrolopy Pannor., L P. Fd rem* F.3 113.863 (53.853) $10.004 00% AP 5141. Investors, LIC issooph MUS ($11.588) 329.000 0.0% Nonapollo Capaul Myt« I" onda (Hodge Fund Dina InNatommal Anchone Captal Pinnen Al Mae Al 518.541.591 (3441491) $153140010 06% Canyon Valv. Reda:non rund f.I Nocsigh F.3 $14,1110803 (3910.503) $17250403 05% King stredC*1M 61 tivmh F•3 38714411 (5291.848) 1480000 0.0% Lone Cascado LP r.IPecgoh 6 3 $38.074.951 (31754.951) $33.320.000 1.2% Milerevum Noup USA Fa orrogli F.3 521567.120 11947.1201 $22.620.030 0.6% BAH Rakungs (Apollo OpNaLln9 Group) Apas Opeemno Group 4101 61 52,917.860278 (3777.693.2781 n140030103 76.5% Tax Recerraba ~ont (TRA) G-3 30 52280030(0 $2263:001200 III% Tax Recenatas Apretment • Apy 2)37 TNNSOCINI1 allacconeous 'Nerom. in.;List LÅG (cmonly reeme LIC) G-5 30 11.221078 3102000030 11428.77R $102600.000 36% $794.301 0.0% 331442328 07,870.6421 123.612.046 08% 6.444,90 Ormen* Eel.cmon LP KV( MetineeneN. Int $31,514 (37.879) $23.435 0.0% ESVAV Conveltic NCLos 13061184 (344/956) 12.1.21.188 0.1% Ralf Labe. LLC 3115.01$ ($65.805) $122.210 00% TOLK Lx 3100033 ($31001) 365.002 00% Peornissery Nate. and Rscelyabk• Ca from LecnD Dn*. 141270331 $0 343.279,331 1.5% Coli finn 0140L Farray 1997 Tova $11.1118323 $0 34.184.023 0.3% N* from PLO LIC $1204.1140 30 13205.910 01% Oas been Nano« HoRingt 121040370 SO $21044.370 09% Ou. bom PJF iv Manopemonl $7.474.111 50 $7.474.4115 01% Oms !rom Ø Hoblingt LP 52.478.944 $0 $2.476.944 0.1% Ove bom Ulf Notligs, LLC 12.101.309 $0 52.105.309 0.1% Ove bom. PnaØ Cead4 LIM 14474.606 $0 $4.674.606 0.3% Out bom Icing Slitit GOLS TOTAL ASSETS n g $197 M. . 0 0% 5.3 484 /51 01489 ON In 12 NR 0.30 734 100% IPOII ITAt 8. PARTTORX CAPITA! TOTAL LIABILITIES Apat, benors lo. LP (OP Casey Climatock Labirts) $4.720.594 30 $4.720.594 PARTNERS' CANTAL $3279.771.401 4454.462.179 02.791409.6)0 TOTAL ~RUT VES CAPITAL $3 244 497236 (we 442Arii 02 791 wo 224 MINNed &Nk VY« 52.791.309.00 Pro Rom ABV of &Mai Irtenal Lem. Cttabraid Cuscounl Ir Lkb of Convol and Marmiaboty råa Mand« vala of a 26440% Limad Paineishlp flint I Pso Rata Falt Markol Vsbai of a 21444% lion640 Partn4nNp Internt roondod 24640% 05.0% 074.359.07 `2.21)-:" 511205,947 EFTA_R1_0 1942575 EFTA02671579 EMPIRE VALUATION CONSULTANTS. it.c PRIVATE & CONFIDENTIAL November 11, 2014 Alan Halperin, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas, Suite 3115 New York, NY 10019-6064 Dear Mr. Halperin: You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the fair market value of a 2.1525% limited partnership interest (the "Interest") in Black Family Partners, LP ("BFP" or the "Partnership") as of June 3, 2014 (the "Valuation Date"). It is our understanding that this summary letter will be used by Mr. Leon Black for estate planning purposes. Valuation Summary Based on the following review and analysis, and subject to the attached Statement of Limiting Conditions, it is our estimate that the fair market value of a 2.1525% limited partnership interest in Black Family Partners, LP is reasonably stated as $43,005,947 as of June 3, 2014. Methodology BFP has been valued on a going concern basis. Since the Partnership is closely-held, and thus without a public market for its ownership interests, this appraisal was conducted according to guidelines established by the Internal Revenue Service ("IRS") and USPAP, and in conformity with the American Society of Appraisers' Principles of Appraisal Practice and Code of Ethics, together with other standards that were deemed relevant to this engagement. 777 Canal View Blvd., Suite 200. Rochester. NY 14623 Tel: (585) 475-9260 cmpircval.com New York • Cleveland • Rochester • West Hanford EFTA_R1_01942576 EFTA02671580 EXHIBIT 0 CALCULATION OF NET ASSET VALUE BLAC FAMILY PARTNERS, LP SUPPORTING MUSA CAPITAL ACCOUNT RALANCE MARKET ADIUSIVENTS ADA/SILO %o1 BOOK VALVE Mitts PAOLO Cash • Marketable SewnOtts Ewa of Amore*. Cherhing Mopeds 3 Meaty Write Funds Na 516.539.600 30 1-16A91.606 3.7% Mo!QW! 0r04.4034sACOOdil • CAN Na $1,543611 SO 11.145.611 0.1% J0 µ 04910 &pingo ACCOutil • AND enumerate" auSAVIN30 441 $6.007.127 SO 55007.127 02% A Morgan 13101.e400 HOPIS • EndrosvntnIsI Sakoons World (I Kier LSVAD) $1.037.465 ($IC0.747) 5106.719 03% A Wean Umbrage Account AP Asemaln• Asses I. P (110.AAAA ArnsIoNam) AM $014.663 $0 $044,063 0.0% 412. Inc (TAOr L1O1) 12.429.056 SO 62429.056 0.1% Apollo Flood Tom Entitles OMANI &PAY 037•TI MDT•sill Ppm Colmresfas IV. LLC ?rough E-3 5469.040 0119.010) 33.10.003 00% APoto Co-Inn/Was V. LLC E• I tnecugh $4.063.500 (31.013303) 53,040000 0.1% APolo Coe:wean VI CAI LLC El /Novo E.S 136.901.179 07.3701235 129,530000 1.3% Isnonapoto Food Torn LAMM' 03/41.111•EwlY Noe haws!.) HAP Capial Fee II LP E.I INCUO0 E-3 13.141.420 13941.421) 12200.030 0.1% Sustamsee Vioodlinds Fond 4 LP EA through E.3 $19.036.161 01.466.165) $12370,000 0.5% WoYenscon Cople Panners LP 1.1 plow?, E.3 12.069758 0719.7734/ 11.350.000 0.1% Tonnare HoDen. Tonal. LP E.11/110oph E.3 $452232 (0172232) 1310,000 00% *pope Caen Karlin Funds (Hedge Fund Oiroci Investments) Axle SCIAACO-Inoestort ILL 91 (Mouse, 93 $3.051.325 (561.325) 13020.000 0.1% Apollo VW CP Innoto-1. LLC Wei* F-3 55.107.112 (S17.172) 1410.005 03% ICI C.:71m09140 II IA) LP F-1 Pea* F-3 311.1611.222 IS3.346.222) 17,620,000 03% rUheno Proldev, LM F.1 tear 93 510.400000 (0.120.003) 17200.000 03% AP Technolow lawmen. L P F.1 pro4.1 $13.K3 (33.663) 110,000 00% AP Sri. Imo:oilcan LLC F.1 prodsh F.3 140.914 011.660 129.003 00% Non ApelloCee61100Ilial Funds (Hods* Fund Diet( Invo envies) AnCNX.I20 CAP, SI Paint" F.I. ING.-ch 93 117.062210 (11242230) 0.7% Can't', Wive ITIVIVerrersnd T.3 Sleep F.3 511.763.41$ 0933.534 :3:440.003 0 I( rq Sues( Card, F.I through F.3 $1,002.444 (1302661) 1700900 0.0% tone Olisrade. LP F-i through 174 205.014.931 (11.754.95q 133.120400 34% Wite.no.r. G.c...0 USA F-I °mot F-3 S21.567.120 13949120) $22620.000 1.0% DISH alotengs (Ape's °panting Group) Arab ORMAN Group ones (6.1 32.307.979.162 (16.7.979362) 11220.000.000 732% Tax Reeved* Asenrniul RSA) Oa SO 5179.000030 Si79,000.000 ZS% Tar Rschootio Aoson3.1 • AP/ 2007 Tranucico 0$ ISO 191.030000 191,000.000 39% MISCINWNOU-Shiterdists rucaaU LLC PorineN COW LIG) 11225,071 (1425727) 1700.301 00% Knorr/edge Urines. E.Cycation LP 331.41:2725 131070,512) 133.612.046 1.0% KUE Management 531,514 (37.671) 123ASS 00% ES11•17Constddho Notes 12992.662 (572.432) 12320230 03% Rally Labs, LLC 1101.01$ (145.50$) 1112210 00% LINK Inc 3100.033 (435.031) NS= 00% MOM*/ Inc 19.996 (13.419) SAW 00% PIOMISIOly Not., and AomenOlat Due Nom Leon D 6965 129.463.333 10 $21.465.533 1,3% Duo Iron BMA Family 097 Trull 11/02 SO 1002 0.0% Due Porn PLO (LC 13.2071)34 SO 13207.634 0 1% Due San Narrow Holdiro 125.062233 30 S25.052.233 1.1% de Nye ORR hydro. LP 52.476.344 SO 12.476.044 0.1% Out Iron • PhoOon Croat Leo $6 721905 30 SS 721 905 04% TOTAL ASSETS $2 705 116 070 (1353 X51131 1150 912 957 10:01 PAOILiTIFS PARINFAV CAPITA( TOTAL LIALIaL11113 10 so so PARTNERS' CAPITAL 32.736.096,070 (1355.315.113) fa.3so.612.967 TOTAL LIABIUTIES II CAPITAL 695010 1 Actuuta Bach VA* 12.330.312.957 Pro Rata AM/ CI Sueleci Irlsrost 2 1525% 550.595.231 Loss COmbnod DA.ourt w Loa or Correa and Marketebicy 130% 117-549 2051. Far 1.401,01Vala ol • 2.1525% LICItki Pram% waves! Sa3.••..94 I Pro Ras Fair Paths( VIM* al • 2.1525% unies PAN4nOlp hante•L Mead 541.005.1147 EFTA_R1_0 1942577 EFTA02671581 EMPIRE VALUATION CONSULTANTS. tic PRIVATE & CONFIDENTIAL February 12, 2015 Alan Halperin, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas, Suite 3115 New York, NY 10019-6064 Dear Mr. Halperin: You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the fair market value of a 3.5281% limited partnership interest (the "Interest") in Black Family Partners, LP ("BFP" or the "Partnership") as of September 3, 2014 (the "Valuation Date"). It is our understanding that this summary letter will be used by Mr. Leon Black for estate planning purposes. Valuation Summary Based on the following review and analysis, and subject to the attached Statement of Limiting Conditions, it is our estimate that the fair market value of a 3.5281% limited partnership interest in Black Family Partners, LP is reasonably stated as $66,805,947 as of September 3, 2014. Methodology BFP has been valued on a going concern basis. Since the Partnership is closely-held, and thus without a public market for its ownership interests, this appraisal was conducted according to guidelines established by the Internal Revenue Service ("IRS") and USPAP, and in conformity with the American Society of Appraisers' Principles of Appraisal Practice and Code of Ethics, together with other standards that were deemed relevant to this engagement. 777 Canal View Blvd.. Suite 200. Rochester. NY 14623 Tel: (585) 475-9260 empireval.com New York • Cleveland • Rochester • West Hanford EFTA_R1_01942578 EFTA02671582 1111:014 CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS LP APITAL MARRET ADJUSTFD Tol EUMBIT ACGOIPVT BALANCE AIWY5TMENTS °OP.MALVE Aweia Cash & IMAtetable 54eurItlos Bank of Anweica • Cheddng Accoorn & Meen Ma« Pip" Mi 311397.964 50 511397.964 0.5% JP ~pan Eleoletage AttOuid Club Me 51.766,364 50 $1.766.364 0.1% JP Morgan 01 4n90 Wow% • Apolo In« Wen Cap fricUrAINV) Na 55314.990 50 55,314.9190 02% JP Morgan Draarage ~wc • EnwaNnenUi 540.41:«. Wodd(TIckerF-SWW) n% $2.516.962 (1251 066) 52,256.756 01% JP Wem» EI.WorasteAcwort • AP Allomátva Atm« LP. (TIcberAAA • Namada..) No MOT 540 50 1407340 00% 112. WC, (11Wor UP) Na 11906.742 10 51.966.792 01% Apollo Flwd Term EnWida PrIvato Egon). Ofre« Inianrsts. Ando COlmeston N. LLC weogh E•3 $4414.127 (5114.127) 5353000 00% ApedoCo-Mvasters V. LLC E.I "vough E4 53.00010$ ($790.641) 52.300000 01% ApNoCo-lenreslors N (l LLC 6.1 %rough E4 134.015.7141 (15.515.709) 327270.000 1.2% Nonapollo 'laad Term Erwt** sPelvas. Equity Cw•clInlammal 4pW Ffel "LP 6-1 ihroufE4 33.327.994 15627.9941 52.500,000 0.1% Smatpnable W0..:3.361 fund II, LP E.1 ihrouf.E.3 1151171.279 14 41.2791 512.330.000 06% Weflenscan Capo« Pam«. LP En Woof E.3 12211.739 19711.739) 31.440.000 0.1% Toni«, ~Migs !we I. SP Rough E.] 1444.341 (1244.341) 2440.000 00% Apollo Capital Martel Funds (44494 Fond Omen Inuommwd4) Apen. SOMA Co.Inwebl LLC F.. ~of F-3 53.112.009 (MOM 53.04.000 0.1% Anno VF CA-PmetIonAlt F•1 wolah F4 10.1114,54 (151.554) 54,030.000 04% FCI Co-Wwircra b (Al. LP F.I 11nalf F4 54.018.559 (52.401.569) 55.1310.003 03% Athene ~eng. Leg F.1 Noop F4 510.400.000 (53.120.000) 52250.030 03% AP TeNnowy Panne°. L P F.1 ~af F 113.774 (13.774) 510.000 00% AP alt Inwraw..1.LC F.1 waan F.3 to 10 50 001 Nonapelle Capital Mark« fonds (Helga tune Peen Investrnents. Armhorage Capital Pwinen F .I thrtmgh f.3 $17.952.275 (3002278) 517.050.030 am Canon VON Realwaon Find F.1 Putman F.3 319.0112.019 m76220391 515.320000 01% Km, Street Gapf.11 F.I %rough F.3 51.009.105 (52940.1644 57100:00 0.0% Lone Cascade. LP 1.1inrcuf F.3 335.501725 01.77117213 133.730000 1.5% Ihiawnian Grew USA F-1 Woof F4 324.923.922 15993.922) 523.430.000 1.1% ORII 1144314/2114~Opemang Croon Adel% °peter«? Grap vwo G-1 52209.22.736 (5519224.7301 51.690.000,000 750% Te, Recaval44 AgNemeri (TRA. 0-3 50 5175.000000 $174.030000 60% Tas RoonvaMe Agrearneni . hry 2007 Transawon intwellamow Inwast. ingkáSI LLC G-5 50 11.225.071 593.030.400 15423.777) 5113100.000 3795.101 42% 00% Knolopa Uniacno Educahon LP 134005.876 I18.501.459) 521504.409 1.1% NU Mwarnmer, 534.040 y.5 to) 125.530 00% C6Wde Connertek Non 53066293 121110265 5.1577.51. 03% Rine UP. LLC 5144.015 (165,905) 5122.210 00% 5100.003 (535.001) 45.40 00% Metser Ine 19.996 (13.499) 56.491 00% ProoNssory Meen and liewarables Doe IN« Leon 0 Oteck. nI 531.513.552 10 131.611512 1,4% Opa koen PIM 1.1.C. rauw" werved weest SO 13309.332 01% Ma from ORM no4np. LP $2.527.519 50 52.527.519 0.I% 054 hm • Phadon Credi Lno NI 76230 50 II 769210 04% TOTAL Anti' 57 404194334 MAA MIT 4211 5.7 227697 487 103% I IAPILITIFS / PARTMFRN CAPITAL TOTAL LIPMILITIES 50 30 50 PARTNERS' CAPITAL 12506.945.304 1/251247.421) 12227.697.547 TOTOU„ UA04.31145 & CAPITAL 52 501163 >06 i5281 751 4211 SI 227 697 Mi) Adirmed Dook Vaan 32.227.497AM] Pro Mam MIN ot 3.30mdlnlefes1 35241% 576.595231 Les. Con mad Dricomnt ka Laak cd coma ma Itentelabilty I50% Far MannVIP» d a 3.5251% urnen %Penh. &INCA 111;2 Pro Pau Falr Maft« Va« «a 3.5241%tárdled Pannatahlp1Mannt. roundird 546.506.947 EFTA_R1_0 1942579 EFTA02671583 EMPIRE VALUATION CONSULTANTS. tic PRIVATE & CONFIDENTIAL February 26, 2015 Alan Halperin, Esq. Paul, Weiss, Riflcind, Wharton & Garrison LLP 1285 Avenue of the Americas, Suite 3115 New York, NY 10019-6064 Dear Mr. Halperin: You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the fair market value of a 3.9477% limited partnership interest (the "Interest") in Black Family Partners, LP ("BFP" or the "Partnership") as of December 3, 2014 (the "Valuation Date"). It is our understanding that this summary letter will be used by Mr. Leon Black for estate planning purposes. Valuation Summary Based on the following review and analysis, and subject to the attached Statement of Limiting Conditions, it is our estimate that the fair market value of a 3.9477% limited partnership interest in Black Family Partners, LP is reasonably stated as $75,705,947 as of December 3, 2014. Methodology BFP has been valued on a going concern basis. Since the Partnership is closely-held, and thus without a public market for its ownership interests, this appraisal was conducted according to guidelines established by the Internal Revenue Service ("IRS") and USPAP, and in conformity with the American Society of Appraisers' Principles of Appraisal Practice and Code of Ethics, together with other standards that were deemed relevant to this engagement. 350 Fifth Avenue, Suite 6115, New York, NY 10118 New York • Rochester Boston • Cleveland Tel: (212) 714-0122 empirevateoin West Hartford EFTA_R1_01942580 EFTA02671584 EXHIBIT D CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP AS OF DECEMBER 3. 2014 SUP POR Tool Exesa CAN TAL ACCOUNT PALANCE ADJUSTMENTS BOOK VALVE A»441 SIL702.112 SO 112.702.162 OB% CaM1 Birk/4st* Secunt (lont cl Antnca CetnIrg Accourts S Money LWIM Func oP Gorgon Bosherepe Accotel • GAPI Iva 5111.137 30 1117.137 00% JP Morga, Lląskerape Acosirt Aporio bsvettntom Corp iTkker/UNIV) HAMM 10 4.102216 02% JP Moon Oralterne Acton • Enivonmettal SCUOn s Ittdd (Ticker ESNS.) S1441.7111 ($90.471) 14116)346 0.0% JP Mayan Bramo' Acatini • AP Atemellet Mufl L P. frickerAAA • Arniartsm) $(116.571 SO 519.570 0.0% KIL Inc (1044 1.RN) NO 5129130 SO $1263.430 Ol% Apollo Fluid Tenn Enilten (Milo Ovary °PSG 'maso/ Apia Co-Investors N. LIC E-1 swoop E-3 1471.666 ($121.(66) 1340.000 00% Salo Coln4mws V.1.10 E., Pe741E.3 12.124.1167 (1714.137) 62.110.010 0.1% APIto Cots-ewes VI VALISE E. t wrogi, E.3 620224.211 111144235) 123.310.001 10% Argo Crete 0:e °Kuratel GoInstOces III (Al. LP E-1 Pepegi‚ E-3 31.111210 (11101.210) 13.700.030 02% Nen-A0000 Flied Tenn Entitles (Pilnie Equity Direct Interests) MAO Copse, Furt H LP E-1 wsch E.5 11.443.317 (144.337) S2.580.003 al% Suumnatle gasettinds Pieli II. LP E-1 trough E-1 1111014221 (62724237) 111.1190.003 0.7% VioransnCeN Copt* Pannom IP E-II/wean E.5 12.071116 (1721.916) 31.350.030 0.1% Tenfore Hoisng t Fund I. LP E-1 thecegh EJ 1421.214 (3201.214) 3140013 0.0% Apollo Capn.11/4444 Funds 1144,104 Fund Direct tresnmAntG Anto SOMA Go-Innsloes.U.0 F.1 graph F.3 $30/1.711 (141.7111) 33.100.1100 0.1% Apt* VIF OFInverlors. LLB F.1 Inns* F.3 17.700146 (1340.01% 17.420.000 0.1% Fel Ceinvemori 11 (A). LP F.1 1hroggt.F.3 71.572.170 02.312.171B 4,OOD.000 0.3% Paws HMs. Lid. F.1 ‚Input F -3 $10.401.003 03220.0131 51210,030 0.3% AP Tregeolow Partners, LP. F-1 newt F.3 111.700 (117.3001 1141.000 00% AP Sit mvemors. LLC Fa Svoug% F.3 SO so 1.0 00% Nonapotte Capiał Mamł Funds (Hodge Fund Mul Irenetnenlo) A0174,614 Capia, Palma F.1 Wsyp F-3 117.731270 (1111.1701 $16.040.00) 0.7% Cargos Vego ItealKinon Fuld F.I teeo0gh F-3 11%011.133 (61236431 $17.010.030 OS% Keg Siren Gavot F.I Pecogh F-3 11011.217 (1301.211) 1710.000 00% Lone Cascade. LP .F.I trecLigh F.3 1)7.120.124 (31440.924) 1362000:0 1.6% Matasurn 6 ,010 USA F-1 tertagh F-3 126.7111.147 (11.021.147) 124.700000 1.1% BAN Hoosegs (Apollo 094,1010 OPPIP) ApttleOperiOn0 Group Lott GI 1216,42.14 (1501.642.103) 11.710.000003 758% Tex Biterisb* Asiom:PP (TPN Bones nKAPTIO OPersIo9 DaIst ais G-3 SO 3103.000.000 2183.00000 0.114 IRA °pitied • Jay 200? Tronsitthan GB SO 303.000010 116.1103000 4.2% MISCHSPI•Ova Wena" rvWM LIC 11.221.070 (1424727) SMOGI 00% Krai44.341,0/9,14 E0eueon LP 134.4011370 (16.001.176) 127104.702 12% KU MararOinerl. Inc 134.040 (*SM $27.232 00% ESW1V Convent,. Wes S2.910271 (1311.1711 f2A34.601 0.1% Rally Labs, LIC 11111.015 (MAM 3122.210 0.0% T.PIK. Inc 1130.003 (135.001) wsm 0.0% Arusslor Inc stow ($3.01) $0.493 00% PromissoryNow end Rac•fables Ow from Law D. Sack. ml ntsn.ns SO 131.577220 14% Due Men PIS LIC. onclAirg ascend Worem 33211.010 10 13.211.010 0.1% Oso Porn SRN Holmu. LP 1248,131 10 12116.021 00% Due Poor P har:On 010041 TOTAL ASSETS SO 113 677 764 06% n M UT T r37.7 230 173, 1T2415734 10314 IJAHILIDELSZACIKUS6121N. TOTAL LIABILITIES so 30 30 FARYNO:131 CAPITAL tit.S10.337.73T 13202.230 3731 32356.167.364 TOTAL LIABILITIES t CAPITAL it 616 1.97 257 L5747 7)(1 V)) 2.4 107 0D4 Adt med Boot Vats $734.167.34 Pro Rats ASV 04 Subs* WIMP 3.707% 319.065.1120 Less C.CotbSO MIMA W LIKA ci Centel and MartHat110 ISO% 41)359 173) For WAM Vita o/ 3.9477% Lawin Pomneśmy sates 3/5.705.9.7 Pee Rata Falo Mete( Venue W • 34477% Limnos Partnera* imenTst. rounded 176.706.147 EFTA_R1_01942581 EFTA02671585 Confidentiel DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 3/3/15 Empire Valuation Consultants, LLC PDF Compiled on 8/13/2015 EX/0141) CALCULATION OF NET ASSET VALUE tLA K PA - ERS LP AMUI tael I. 1.14.1•16Me 11.071110 DAM el Mena • 61009 Mauts 4 limay 14/411 Fux% .1171Mganttodenme 3.0004 • 011, 1 Papa boleme Amos% 4400 lvermemed 0 111 4 11141 MAI .11111.0en Satin> Acons • UmmarawM0101.4.0.0400 1 TYkle ESWY11 JP Sages llienmAcomrt - N'amen ANS L P (TMer.4714. Atnemiam) KM Am 4/4 /4 1.1110 044410111544 hem &Sm /Prhee 5. 44 000 0441410 Pott Celemila 10. L1.4 3041116040.01e5VALC 34541404500041A1 LL6 300434901 000nuMwt Coemeaps Ill (AL 14 1.4014041•1115•4 Teint Mess 10•7419 Ela* 01.04101••••0 11.40000041 II LI Malemen Cipt.Paitpen LP 100401401.4000 1. Ll Areelle CaMel 444•117•004111444 Fund01.01.17.0400011111 041• 10 soma commue. uc 040 5*Coestoet LLC FC1 Gant« 04 LP Nom /4016110 Ln APTede01094 70 441. I I. AP SM. kneilen. WC 00040119 041•1107041074•0•10•1031 0051inmsbnetel Mc00•00•10,15en Caere Value 04044015.41 Ka* 314910401 Law Caca*. LP Ihikaram Cam USA MN 14110111 M0011* 01001141 0040 AM* 05400; 004040. lm Pecelmeti Arnim« ITRA1 lemelli 147 Apse 0000 004 tas IRA Omend • 00201 tranmsen illmallinion Mengs temiteeltIC 04•10011.41.44. ErhenC0LP KMMMpmNIMF UMM temmsetkén • 1.44134 Mende lm Prommery MM and 1.90,4•0174 CM hm Liront Sa 741 Cm Pm PLE11.1.6. «AM* 0040 1-w • 1000310S1.11 Oui Sn Phatics Cep 70741. 4111575 IMPASIES 1.11m1410.0.9nm TOTAL 41µ032K1 PART/ERS. 4M1TAL TOIALL1M111.1713 CAP(10 AeawO 1100k V Ma PmRiMVMlamaaMMt Lma 47.0•000.444410044 of Cortoolaml IIIM•04.117 Fe Muai Va« M F 4 73(0% U090 Pel40.1•001 F o Pats 003 11401 Value Ma 4.730% United Pie10741.1•44004.41174 Pm Ra MN« 040411•Immi Lat Cavera Panave Io Lait 01 Cama mOMM.41/47.My Fr Pana t' 400671% 145•O Paillenhip 10140. Pro Rab tek Market Vat M s 9430% W./ Padma slaat rounded Pro Ra MN 045:1 Sung Lao Coated arma tor Lee et Corso. 10•10000 Fe OMM« Valée of a 04316%Lmiled Panne... Won« 'Pte RN FEM *MM V** 91•13.4313% had Pelninli*Manalmuieled Pm Pat IA V M 6.4.51 004 Lea Cembém01:0501 M Lack 91 Carbol ted /Amplatay PM lynx Val* et a 01408% Lbued PaiVer001070 Proltale lek Ida- Value et fl an% UMM Inini* Motet rearkil CaF114 MaMEE AtuUSTE0 7105114 ACCOUPT IIALIACF 41).1110104111 60014 wu* Amas Na sonnets° $0 $407/1040 14% Na 1307.00 EO 107.930 00% Mi 14.701430 10 µ701330 02% se 0079.544 1007.04) 3971.500 00% 771 190179 1.0 09610 00% Na 079701 $0 11.717.141 01% 4-1 Peur 42 002211 4112273) 1340.03 00% (-1 44.01t 54 $217067 11714431) 1410.CCO 01% 411109043 123116461 114.746041) 011.070.003 06% E.11110.144 161464119 10140.0111 µ000J0 02% ta PM. 41 1164.34 107%337) 5210010 01% 4141100 1.3 12.01 359 11731.100 11.161000 01% 4111000. 43 033211 1173211/ $141070 00% 11.000.0 F4 0131772 0301721 126000 01% F.11191401P-3 17471.317 1133104 µ0W00 03% 1.1119409744 110291.00 (61.001.1631 $7200000 03% 11.11050144 00.40000 Iµ17.0001 1720010 03% 7.11104014 0140 417.300) 14100 00% pl Pm/074 IO 10 50 00% F4 10.144 517.901.714 470710 117.279.00) 01% 7.1 00414.3 510102434 CIME» 114.203.000 CM% 1.1•900. 74 11.128.761 4310.00 014100 00% As lestmlAF.3 14.5µ31 1030310 124110.003 1.140.0.43 14.pS.µS 10075.930 $2013:1410 1,1% 41 µ15127071 is4slansi) nus 04 50 00.00010 $114.07600 • a 03 so 1µ0µp0 sosscocco 42% 5105070 1020770 I>14301 004 134.0040 01401.170 STAaosrox 32% 40040 usecti 52.24 00% 53.001104 4542401 $309.954 01% 3114.015 1105061 102210 00% 15108 43490 10.419 00% 4212.60 10 seuEsos 1 13207.10 30 33.207.164 01% 074.112 SO 10711.102 00% 0340130 40414144 0191 52t 11).20 OMM fa so 10 30 17.344.116.644 411.6µ3p1 12.20.141304 4K34366Si 47004330) 322012030 12262.42604 47350% 114.14447 0% %Mire 541.µ72M4 Oµ4% 04.161.14•1 150% 5U.11rft3 112.13043 0011% 19.0340 110% /11 444 501. 01799297 1112111497 0500% 513.501* 110% —*Re 111.197224 Pro Rio UV« Supd Plan Lote Ceubm4Demal Ica tacts 0•471 11.5944441) tais 'Melun Vals 00 012112%1440 0•70,114711101e« F e *sheds meet vase of • 0012% L10074 Preneruip Inn« mprollel 0 MM 150% 5076404 114149.791 EFTA_R1_01942582 EFTA02671586 Confidential DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 6/3/15 Empire Valuation Consultants, LLC PDF Compiled on 9/15/2015 PRIVATE & CONFIDENTIAL September 15, 2015 Alan Halperin, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, NY 10019-6064 Dear Mr. Halperin: You have requested, on behalf of your client Mr. Leon Black (the "Client"), Empire Valuation Consultants, LLC ("Empire") to estimate the percentage interest of a PIK' distribution (the "Interest"), payable by APO 1 GRAT No. 2, in Black Family Partners, LP ("BFP" or the "Partnership") as of June 3, 2015 (the "Valuation Date") having a fair market value of $98,780,916. It is our understanding that this summary letter will be used by you and the Client for estate planning purposes related to a GRAT annuity payment. To estimate the PIK Interest, Empire relied on the valuation report dated August 21, 2015, with an effective date of June 3, 2015 (the "Empire Report"). By reference, the Empire Report should be considered part of this letter and should be read in conjunction with this letter. That report concluded the fair market value of a 1% limited partnership interest in BFP at $19,700,000. Based on the Empire Report, a PIK distribution in the amount of $98,780,916, payable by APO 1 GRAT No. 2, equates to a 5.0143% limited partnership interest in BFP ($98,780,916 ÷ $19,700,000) as of June 3, 2015. It is also our conclusion that there would be no changes or adjustments to any of the valuation adjustments applied in the Empire Report, for a 5.0143% interest. Scott A. Nammacher, ASA, CFA Managing Director Payment In Kind. To be clear, the PIK is a limited partnership interest in BFP. EFTA_R1_01942583 EFTA02671587 Confidential DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 6/3/15 Empire Valuation Consultants, LLC PDF Compiled on 10/12/2015 EXAM. D CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS. LP SUPPOR1PM EXHIBIT CAPITAL ACCOUNT OALNOCE MARKET ADJUSTMENTS ADJUSTED 1300KVAl VE %M ASK% Awn Cash I Marketable %curt% Bank %Amen - ~Mg Memos lt Honey Mans' Funds we 115.930.181 10 115.930.1111 0.7% JP Morgan Broken* Mom. • Ca% Na 29113 10 59133 00% JP Wigan Brokerage Accoun • Apilo Iencurnonl Cap (TIckar»/N) Na 14.781693 50 54.7106% 02% JP Morgan EaMertme Amotet • Endronmertal SMA.Ona World (110drESWA1 Na 3863.520 6163521 3777.168 0.0% %Mogan 806108% Atmore • AP Azepudoo Aso% L P. (11cluetANA• AmMerdam) Na $1.065.828 10 31,055.821 0.0% I(12. IN. (Ticket %Rh) Na 1927%3 so 1127.853 00% AOX40 Mad Terre EMS. tPhado Equity pima 1141mele/ Kale Cormuorm N. LLC 6-1 Keough E.3 1318.701 (19.1 708) 5290.000 00% AM000%-tennulom V. LLC 0.1 Memo E.3 12.376164 0516.9041 31.710.000 0.1% AcclbCc.InvesionVi (Al. LLC E-Ilbrov05E.3 323.511.075 M4.811.9711 518120000 0 6% Am% Comet Opeope-Mett Comvealom Ill ON. LP (.1 ihmugh E.3 58.014.149 (32.134.149) 33.850.000 01% Nedapolle FIRM Term En19~1PrInt• Equity Olmo %%el") MAO ~Dal Fend 111.11 E.11Notry. E.] 53.112318 (195.1318) naso.000 01% worcenionn Copal Pidemes LP E.% W00% E.] 51.441313 (1-524.393) MOE% 0.0% Ton.% MANN% KM I. LP E.% Vvovah E.] 5950593 (13411593) 3650100 00% Apollo CapliallesAtt NM* (Kedge Fund Olm% mreumemal Apo% SOMA CoMinen. LLC F.1 Womb F.3 521.57.390 0177.304 12.083.010 01% FC1 Co Ma Pors o W. LP F.1 aveman F-3 112701156 03409150 111.960.5% 0.4% Amme toKang. Ltd F.1 through 7.3 101.000.030 (115.600.0O3) 11% AP INAnciogy Panne°, L P F.1 Mreergh F.3 125.579 137.5791 $18.030 0.0% AP SHI Innnwi. LLC F.1 Cough 13 so so 30 00% MmApoile caotai Nano Fege 01~ Fund 0610 bemmment0 Mumma. Cmend %Mom F.1 Wm% F-3 218601995 01.3031%) 117.300.000 01% Canton moue Realzatton FuNJ F.1 through F.3 118790,172 (1990.17% 318030100 Of% KM Sove Caps! F-1 %out F4 $1.024.317 (3304.391) 1720000 00% Lone Castacle, LP F-1 dim% F-3 $26.385.105 (31.415101) 52050000 12% %mom% Grow USA F-1 Wm% 63 527,968.994 (30118194) 128%0.000 12% ORE Holdings (Am% %%among Group) Mold Ommong Grop mil 01 12108.152.119 (2038152119) 21170=000 76.5% Tan R ecovabk Apmenen (TRA) Danell for Apolo Operate, Cumvp tons 0-3 30 3195000000 1195030000 6.4% IRA Peden. • AN 2007 Trenuchnn 0-5 30 181.010,000 1111.000.003 3.5% Mmollantrova Interne. %Mast LLC stzokora 04%7775 136,301 00% Knoneedpe Unstte Educa,on LP 522561,26 (64.110241) 519140.1014 Oh% KU Mmagemert. Inc 320512 Rti.304 $21210 00% Common MM. 5640.000 0:27.800) 5422%0 Oft (SAW Comm. OM Notes 52993.379 (1162.372) 32.441.037 01% Ra1N Laos %IC $41.277 063.447) 2117.430 0014 An beCce Inc 19.991 113.499) 56.499 OA% Premlesory tealoa and REMaNat Ove kom Ism O. Mack. net 342.157.010 SO 42152000 11% Oue Inom LOP Vedops LLC 5174115 SO 1174.136 00% Ove 'om PLO LIC. Inck4n9 «mad rare« 33.208.332 SO 33.208332 01% RedervveaRnevatikt $865.113 10 1460113 00% Out %en ORM MOM% LP 1127.695 50 5127.6% 00% Due Men ANN« Global 17 456 753 SO 17 4% 753 03% TOTAL ASSETS 57415 35) 599 (5102111 550'31 12 313142 4% 100% LSLDIUTIF82 PARTNFR1 FAINTAl TOTAL LMOILMES 50 so so PARTNER S' CAPITA.. 12.4151%999 M102111.5031 12311242.496 TOTAL ~Inca a CAPITAL 12 415 112 609 11102111 5031 512132424% Aoseneo Book yak* 12313.242.456 Pro Rota AOV of %bred MM.% I 0% 123.132.425 Less. Comb1m0 04scosil lot Lack ot Control 4r4 mon.tuboy 110% t53 469 8641 Feu Markel Wide of k 1.0.4 Limo% Premennd intorm 519162161 Pro Rats File Market Vakm or a 1.0% WM« PuInenalp lemma rounded 119,700100 EFTA_R1_0 1942584 EFTA02671588 Confidential DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 9/3/15 Empire Valuation Consultants, LLC PDF Compiled on 10/16/2015 PRIVATE & CONFIDENTIAL October 16, 2015 Alan Halperin, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, NY 10019-6064 Dear Mr. Halperin: You have requested, on behalf of your client Mr. Leon Black (the "Client"), Empire Valuation Consultants, LLC ("Empire") to estimate the percentage interest of a PIK' distribution (the "Interest"), payable by APO I GRAT No. 2, in Black Family Partners, LP ("BFP" or the "Partnership") as of September 3, 2015 (the "Valuation Date") having a fair market value of $102,360,916. It is our understanding that this summary letter will be used by you and the Client for estate planning purposes related to a GRAT annuity payment. To estimate the PIK Interest, Empire relied on the valuation report dated October 16, 2015, with an effective date of September 3, 2015 (the "Empire Report"). By reference, the Empire Report should be considered part of this letter and should be read in conjunction with this letter. That report concluded the fair market value of a 1% limited partnership interest in BFP at $17,000,000. Based on the Empire Report, a PIK distribution in the amount of $102,360,916, payable by APO 1 GRAT No. 2, equates to a 6.0212% limited partnership interest in BFP ($102,360,916 $17,000,000) as of September 3, 2015. It is also our conclusion that there would be no changes or adjustments to any of the valuation adjustments applied in the Empire Report, for a 6.0212% interest. Scott A. Nammacher, ASA, CFA Managing Director I Payment In Kind. To be clear, the PIK is a limited partnership interest in BFP. EFTA_R1_01942585 EFTA02671589 Confidential DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 9/3/15 Empire Valuation Consultants, LLC PDF Compiled on 10/16/2015 E011131/ CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS. LP AS OF SEPTEMBER 3.2015 SVpPORTIN tiaMEW PRNIBIT ACCOUNT BALANCP POJUSTMENTS BOON VALUE Asser* Casa 6 kiarietratio kaan** Boa 01 Omina • Crroaing Accoirts .5 Money Minel Fundi $20.955.110 so 320.935940 1.0% AMorgan Orciriyi Acces«. Coili nei 59.433 so 39933 0.0% -6.10.9m Break.» ~I • Apolkr Irreeslinort Cap, (Tkkarnmr) Na 13.B1µ5 sa 13410445 0.2% Mceoin Bratrago Account • Enk/omen/al &non, Woild Maar E5201) nta $759.070 076932) 5642110 00% A ~am Bromise ~kun.. AP N9m01Aa Amen LP. (70108PAA • Amilerdvid Na 31.051.0117 so 31ø1,ø7 0.1% 102. Ine (Tdim 1R/11 Na 311110 50 $451.010 00% Apollo Flad Tenn tmtdos ASO* 4000 Weel Intema) Amin, Co-Invesicei IV, LLC E.I nokyi E 3 $911.900 (5101.900) $290.070 00% Apoio Co-Impala. V. LLC E.I evour E.3 $2213.541 (5153,581) 51.060.020 0.1% Apoio Ctilmealors VI W. LLC irrough E.3 119.774.934 (51.964.93) 118.810.020 Os% Apolo Ckedi GPporlantrts Cokneraws Ill (A), LP kanapollo Rail Term Er4111•1(PriaaNI CNIN 1 inaareau) E-I LØ11 E-3 39207.932 (52467.932) 55.340.070 03% MAO C &paal Fund II LP R I Ovough E.3 34.251.707 (1451.757) 53.400.000 02% Wol' ANN] Cantal Parammr UI ET Mam% E.3 $1.1129.472 (3569.472) 31 050.000 ()I% TanlonØvyaFWgI.LP mØ E.) 51.010ø3 (53300831 5400.003 00% Apollo Capita. Marl« F (14.020 Fond Oket1Inmaknen110 dooi° SOMA Coindealers. LLC FL IØ F4 $2.771160 0149.750 1.7.030.050 01% FCI Codaeiton II (AI 1.2 Fa ~AF] 3141/.0721 04.463.721) no.azo.cco 05% Abn Noking. U4 F-1 Tremt, F.3 102.000.040 1/11900000 1313.4011,000 16% AP Technorogy Prima L P. F.19Ø0 F.3 525,579 ($7.571) 311100 00% AP SOL Inaslas. LLC F.10+Ø11 F.3 50 50 40 00% Non Apollo Copleal Moraal Funds (MAO Fond 00481InaenmeraG 01.0811424 C-001 Pinnen F.1 Wok» F.3 $111.540.721 (5926.721) 317.660.000 0.9% Canyon Virdm flostabon Faal F-1 Mrousin F.3 $10.426.1113 0798613) 519940.000 00% Ring Som Cipier F.I thnx0h F.3 51.095.11.1 (1325.111 5770.000 02% 1.0-8 Cescade.10 F•1 ihrouon F-3 129.973.013 (51.353.0•13) 535.620.000 1.3% inennum 000 USA elw IMMIng a (Apollo Opanling °tØ) ApqCputlpCrcuplMt F.1 inprik* 2.3 G.1 $211.967.143 91.761910.15e (54457.1131 0261.416.154) 527.710.000 51.500.000~ 13% 244% Taa Rearame Aprowira (TRA1B4.0010 dook. Opraak" Groop snot 4.3 so 5163,040.000 5163.000200 11.1% 1RA Orriderd • .1,0 2007 Transacion inecenintous Munisu in:aars; LLC 0-5 so 51 50 143.040~ II 4.1% 0.0% KamatI9e Urmen* (chr alon LP 110536,490 ($2.107.296) 111922192 09% Áu monomment Tc 514,415 132.497) 111.548 0.0% Carboon 114411 51300.000 0410000 5645.000 0.0% ESWITICenvinete ham 53.069383 07090151 52.210.105 0.1% Roof Laps. LLC 5111277 (s63.447) 5117.1130 00% Mibinam rec 59 998 (53.4991 56.49$ 00% Pramascry Non ond RecolmMea Cm Man Larm 0 Ondit. M 542.122.440 so 342.122.440 2.1% Out lam LOF Holdno LIG 13.310.580 SO 53.340.440 02% Duo kam PL8 11.C. ~no Acrued Wem« 1)110.030 50 13.210.030 02% Rodeamllon Raeravale 1410.11315 $0 1850940 0.0% Duo dom ØRN Notiv04, lfr 30 $127 099 0tjit TOTAL ASSETS 17414 400 03 s127Ass I GS/141610i 12 (04 115310 1 11196 RIPS EPARINFIIM CAPITA TOTAL LaBILITIES $0 50 PARTNERS' CAPITAL 52.093.460.031 1552.341.692) 12.034.114.339 TOTAL UABILITIES 1 CAPITAL OSO 440 DA 1192241 6971 12_004 119_339 ArLikad Back Vaar* S2004.118.339 PniRala ALIV Sabioa ~mal 10% 520,011.183 Lets C0iO4riod Cisccure lor Ika Cl CØ and MorkeutalRy 150% t$3 005 174) Feit Man* Pais of • 1.0% urreted Palnenhåp Mank 117.033.003 Pro Rato Fok Martel Valpolo 12% ~0 Partnership Intenst. rounOed 517900.000 EFTA_R1_0 1942586 EFTA02671590