10/30/2015

10/30/2015 THIS IS A DRAFT - I WILL FULLY REVIEW OVER WEEKEND THE TERMINAL VALUE OF BFP LP USED WAS THE 9/3/2015 (mean $19.00) FOR ALL ANNUITY DATES SUBSEQUENT. EMPIRE VALUATION FOR 9/30/2015 - BFP VALUED @ $1.69B. APOLLO DISTRIBUTIONS FOR 2016 AND 2017 WAS BASED ON MOST RECENT 2016 CASH ESTIMATE - $1.46 FULL YEAR. ASSUMED PRO RATA PER QUARTER RICHARD JOSLIN EFTA00697981 10/25/2013 1/24/2014 4/24/2014 7/24/2014 10/24/2014 1/24/2015 4/24/2015 7/24/2015 10/24/2015 P APO GRAT 41 % 8FP LP CONTRIBUTED 37.7500% APO Price (Mid) 5 34.1350 Discounted Value 940,000,000 CASH 47000000 56,000,000 35,900,000 11,700,000 IN KIND 62,808,497 53,808,497 73,908,497 98,108,497 Annuity Payments - Year 1 439,233,988 TOTAL 109,808,497 109,808,497 109,808,497 109,808,497 CASH 20,200,000 15,000,000 3,680,000 2,525,730 IN KIND 111,556,087 116,756,087 128,076,087 84,160,649 Annuity Payments - Year 2 527,024,348 TOTAL 131,756,087 131,756,087 131,756,087 86,686,379 FAIL Total Annuity Payments 966,258,336 8FP %PAID WITH ANNUITY 2.5808% 2.4038% 3.5009% 5.2864% 5.6222% 6.2891% 7.1266% 4.9403% 8FP %AFTER EACH ANNUITY DATE 35.1692% 32.7655% 29.2646% 23.9782% 18.3560% 12.0669% 4.9403% 0.0000% FAIL 3/3/2014 6/3/2014 9/3/2014 12/3/2014 3/3/201S 6/3/2015 9/3/201S 12/3/2015 APO GRAT a2 12/4/2013 %UP LP 34.5300% APO Price (Mid) 29.7200 Discounted Value 780,000,000 CASH 27,500,000 47,700,000 23,900,000 15,000,000 IN KIND 63,205,947 43,005,947 66,805,947 75,705,947 Annuity Payments - Year 1 362,823,786 TOTAL 90,705,947 90,705,947 90,705047 90,705,947 CASH 17,770,000 10,062,000 6,482,000 2,102,000 IN KIND 91,072,916 98,780,916 102,360,916 106,740,916 Annuity Payments - Year 2 435,371,664 TOTAL 108042,916 108,842,916 108,842016 108,842,916 Total Annuity Payments 798,195,450 8FP %PAID WITH ANNUITY 2.6640% 2.1525% 3.5281% 3.9477% 4.7350% 5.0143% 6.0569% 6.3160% 8FP %AFTER EACH ANNUITY DATE 31.8660% 29.7135% 26.1854% 22.2377% 17.5027% 12.4885% 6.4316% 0.1156% SUCCESS 6/3/2014 9/3/2014 12/3/2014 3/3/2015 6/3/2015 9/3/2015 12/3/2015 APO GRAT 4 3 3/4/2014 % 8FP LP 5.24474% APO Price (Mid) 32.7750 Discounted Value 129,000,000 CASH 7,800,000 4,050,000 2,350,000 2,910,000 IN KIND 7,236,053 10,986,053 12,686,053 12,126,053 Annuity Payments - Year 1 60,144,212 TOTAL 15,036,053 15,036,053 15,036,053 15,036,053 1,735,000 1,134,000 399,000 46,000 16,306,650 16,907,650 17,642,650 2,336,723 Annuity Payments - Year 2 72,166,599 18,041,650 18,041,650 18,041,650 2,382,723 Total Annuity Payments 132,310,811 8FP %PAID WITH ANNUITY 0.3622% 0.5802% 0.6615% 0.6304% 0.8277% 1.0005% 1.0439% 0.1383% 8FP %AFTER EACH ANNUITY DATE 4.8826% 4.3024% 3.6409% 3.0104% 2.1827% 1.1822% 0.1383% 0.0000% 9/3/2014 12/3/2014 3/3/2015 6/3/2015 9/3/201S 12/3/2015 3/3/2016 FAIL EFTA00697982 3/3/2014 6/3/2014 9/3/2014 12/3/2014 3/3/2015 6/3/2015 9/3/2015 12/3/2015 APO GRAT a4 6/4/2014 %8FP LP 4.91846% INT % APO Price (Mid) 5 25.1700 BAL Discounted Value 99,000,000 CASH 4,150,000 2,340,000 3,240,000 2,082,000 IN KIND 7,389,297 9,199,297 8,299,297 9,457,297 Annuity Payments - Year 1 46,157,186 TOTAL 11,539,297 11,539,297 11,539,297 11,539,297 CASH 1,652,000 799,000 534,000 290,000 IN KIND 12,193,917 13,046,917 13,311,917 13,555,917 Annuity Payments - Year 2 55,383,669 TOTAL 13,845,917 13,845,917 13,845,917 13,845,917 Total Annuity Payments 101,540,855 8FP %PAID WITH ANNUITY 0.3902% 0.4797% 0.4315% 0.4801% 0.7215% 0.7720% 0.7877% 0.8021% BFP %AFTER EACH ANNUITY DATE 4.5282% 4.0485% 3.6170% 3.1370% 2.4154% 1.6434% 0.8557% 0.0536% SUCCESS 12/3/2014 3/3/2015 6/3/2015 9/3/2015 12/3/2015 3/3/2016 6/3/2016 APO GRAT # 5 9/4/2014 % 8FP LP 7.99944% APO Price (Mid) 5 23.3900 GAL Discounted Value 149,000,000 CASH 4,535,000 5,870,000 3,870,000 3,191,000 IN KIND 12,832,224 11,497,224 13,497,224 14,176,224 Annuity Payments - Year 1 69,468,896 TOTAL 17,367,224 17,367,224 17,367,224 17,367,224 CASH 1,705,000 1,346,000 989,000 592,000 IN KIND 19,133,805 19,492,805 19,849,805 20,246,805 Annuity Payments - Year 2 83,355,219 TOTAL 20,838,805 20,838,805 20,838,805 20,838,805 Total Annuity Payments 152,824,115 8FP %PAID WITH ANNUITY 0.6691% 0.5978% 0.6851% 0.8388% 1.1322% 1.1534% 1.1745% 1.1980% 8FP %AFTER EACH ANNUITY DATE 7.3303% 6.7326% 6.0474% 5.2086% 4.0764% 2.9230% 1.7485% 0.5504% SUCCESS EFTA00697983 3/3/2014 6/3/2014 9/3/2014 12/3/2014 3/3/2015 6/3/2015 9/3/2015 12/3/2015 3/3/2015 6/3/2015 9/3/2015 12/3/2015 3/3/2016 6/3/2016 9/3/2016 12/3/2016 APO GRAT 46 12/4/2014 % 8FP LP 11.04442% INT% APO Price (Mid) 5 23.9500 BAL Discounted Value 213,000,000 CASH 8,820,000 5,875,000 4,886,000 2,637,000 IN KIND 15,949,701 18,894,701 1%883,701 22,132,701 Annuity Payments - Year 1 99,078,803 TOTAL 24,769,701 24,769,701 24,769,701 24,769,701 CASH 2,245,000 1,741,000 1,181,000 609,000 IN KIND 27,477,489 27,981,489 28,541,489 29,113,489 Annuity Payments - Year 2 118,889,954 TOTAL 29,722,489 29,722,489 29,722,489 29,722,489 Total Annuity Payments 217,968,757 8FP %PAID WITH ANNUITY 0.8292% 0.9591% 1.1766% 1.3096% 1.6259% 1.6557% 1.6888% 1.7227% 8FP %AFTER EACH ANNUITY DATE 10.21517% 9.25605% 8.07950% 6.76988% 5.14400% 348829% 1.79945% 0.07676% SUCCESS 6/3/2015 9/3/2015 12/3/2015 3/3/2016 6/3/2016 9/3/2016 12/3/2016 3/3/2016 APO GRAT # 7 3/4/2015 % BFP LP 12.84609% APO Price (Mid) 5 23.0400 Discounted Value 245,000,000 CASH 7,367,000 6,222,000 3,411,000 2,983,000 IN KIND 21,060,019 22,205,019 25,016,019 25,444,019 Annuity Payments - Year 1 113,708,077 TOTAL 28,427,019 28,427,019 28,427,019 28,427,019 CASH 2,531,000 1,898,000 1,253,000 595,000 IN KIND 31,578,298 32,211,298 32,856,298 29,710,361 Annuity Payments - Year 2 136,437,193 TOTAL 34,109,298 34,109,298 34,109,298 30,305,361 250,145,270 8FP %PAID WITH ANNUITY 1.0690% 1.3139% 1.4802% 1.5056% 1.8685% 1.9060% 1.9442% 1.7587% FAIL 8FP %AFTER EACH ANNUITY DATE 11.7771% 10.4631% 8.9829% 7.4773% 5.6088% 3.7028% 1.7587% 0.0000% 9/3/2015 12/3/2015 3/3/2016 6/3/2016 9/3/2016 12/3/2016 3/3/2016 6/3/2016 APO GRAT n8 6/4/2015 %UP LP 15.32440% INT% APO Price (Mid) 5 22.6950 GAL Discounted Value 301,000,000 CASH 8,391,000 4,477,000 3,971,000 3,420,000 IN KIND 26,612,192 30,526,192 31,032,192 31,583,192 Annuity Payments - Year 1 140,012,769 TOTAL 35,003,192 35,003,192 35,003,192 35,003,192 CASH IN KIND 2,787,000 2,001,000 1,199,000 382,000 Annuity Payments - Year 2 168,000,260 TOTAL 39,213,065 39,999,065 40,801,065 19,04%850 308,013,029 42,000,065 42,000,065 42,000,065 19,431,850 8FP %PAID WITH ANNUITY 1.5747% 1.8063% 1.8375% 1.8701% 2.3219% 2.3684% 2.4158% 1.1297% FAIL 8FP %AFTER EACH ANNUITY DATE 13.7497% 11.9434% 10.1059% 8.2358% 5.9139% 3.5455% 1.1297% 0.0000% 169,000.00 16%000.00 168,880.42 168,882.50 168,886.44 168,888.67 168,890.86 168,623.79 EFTA00697984