BFP LP

BFP LP EMPIRE VALUATION SUMMARY 10/25/2013 12/4/2013 3/4/2014 6/4/2014 7/24/2014 9/4/2014 10/24/2014 12/4/2014 1/24/2015 APO PRICE $ 34.14 29.72 32.78 $ 25.17 27.48 23.39 23.31 23.95 24.75 BFP GAV 3,945,069,873 3,525,545,175 3,817,864,376 3,063,779,403 3,202,266,064 2,788,886,007 2,772,401,022 2,853,400,521 2,921,547,114 LIQUIDITY & RESTRICTION DISCOUNT (1,007,834,003) (863,141,138) (926,468,591) (689,248,280) (718,588,125) (594,187,004) (589,038,413) (586,237,965) (587,183,638) 2,937,235,870 2,662,404,037 2,891,395,785 2,374,531,123 2,483,677,939 2,194,699,003 2,183,362,609 2,267,162,556 2,334,363,476 CONTROL & MARKETABILITY DISCOUNT (440,585,381) (399,360,606) (433,709,368) (356,179,668) (372,551,691) (329,204,850) (327,504,391) (340,074,383) (350,154,521) NET DISCOUNTED VALUE 2,496,650,490 2,263,043,431 2,457,686,417 2,018,351,455 2,111,126,248 1,865,494,153 1,855,858,218 1,927,088,173 1,984,208,955 TOTAL DISCOUNT TO GAV 36.715% 35.810% 35.627% 34.122% 34.074% 33.110% 33.060% 32.463% 32.084% Page 1 of 2 EFTA01087313 BFP LP EMPIRE VALUATION SUMMARY 3/4/2015 4/24/2015 6/4/2015 7/24/2015 9/3/2015 12/3/2015 APO PRICE 23.04 21.94 22.70 20.36 $ 19.00 $ 15.81 BFP GAV 2,775,509,669 2,649,270,389 2,721,994,165 2,481,046,069 2,331,246,980 2,001,131,856 LIQUIDITY & RESTRICTION DISCOUNT (533,664,064) (465,181,588) (408,788,287) (366,738,114) (327,128,642) (225,758,682) 2,241,845,605 2,184,088,801 2,313,205,878 2,114,307,955 2,004,118,338 1,775,373,174 CONTROL & MARKETABILITY DISCOUNT (336,276,841) (327,613,320) (346,980,882) (317,146,193) (300,617,751) (266,305,976) NET DISCOUNTED VALUE 1,905,568,764 1,856,475,481 1,966,224,996 1,797,161,762 1,703,500,587 1,509,067,198 TOTAL DISCOUNT TO GAV 31.343% 29.925% 27.765% 27.564% 26.927% 24.589% Page 2 of 2 EFTA01087314