EMPIRE

EMPIRE VALUATION CONSULTANTS, Etc PRIVATE & CONFIDENTIAL April 8, 2014 Leon Black, Trustee of AP01 GRAT No. 2 do Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Our Reference: 270479A (Please include our reference number on your check.) Empire Valuation Consultants EIN h (9 ///174/t1( INVOICE For services rendered in connection with the preparation of a valuation report to estimate the fair market value of a 34.53% limited partnership interest in Black Family Partners, LP as of December 4, 2013. $6,000 Less Retainer ($5,000) Out-Of-Pocket Expenses $ 450 Balance Due $1450 Please make your check payable to Empire Valuation Consultants, LLC and remit to the address below. 777 Canal View Blvd., Suite 200. ROchester, NY 14623 Tel: (585) 475-9260 anpireval.com New York • Cleveland • Rochester • West Hanford EFTA01101249 01<dr7 aG.1 ANTS, LLC PRIVATE & CONFIDENTIAL September 24, 2014 Leon Black, Trustee of APOI GRAT No. 2 do Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Our Reference: 270479B&C (Please include our reference number on your check.) Empire Valuation Consultants EIN A-44aly Pt/Tien/A anic INVOICE For services rendered in connection with the p paration of a valuation report to estimate the fair market value of: (1) a 2.664 % limited partnership interest in Black Family Partners, LP as of March 3, 2014; and (2) a 2.1525% limited partnership interest in Black Family Partners, LP as of June 3, 2014. 270479B: as of March 3, 2014 $ 5,000 270479C: as of June 3, 2014 $ 5,000 Out-Of-Pocket Expenses $ 490 Balance Due $10,490 Please make your check payable to Empire Valuation Consultants, LLC and remit to the address below. 777 Canal View Blvd., Suitc 200, Rochester, NY 14623 Tel: (585) 475-9260 cmpireval.com New York • Cleveland • Rochester • West Hanford EFTA01101250 EMPIRE VALUATION CONSULTANTS, isc PRIVATE & CONFIDENTIAL November 18, 2014 Leon Black, Trustee of APO1 GRAT No. 2 c/o Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Our Reference: 270479D (Please include our reference number on your check.) Empire Valuation Consultants BIN iiMa Ana.)iif pi-i/went. INVOICE For services rendered in connection with the preparation of a valuation report to estimate the fair market value of a 3.5281% limited partnership interest in Black Family Partners, LP as of September 3, 2014. Out-Of-Pocket Expenses Balance Due $4,000 $ 295 azz Please make your check payable to Empire Valuation Consultants, LLC and remit to the address below. 777 Canal View Blvd., Suite 200, Rochester. NY 14623 Tel: (585) 475-9260 cmpirevaicom New York • Cleveland • Rocbester • West Hartford EFTA01101251 EMPIRE VALUATION CONSULTANTS,u.c PRIVATE & CONFIDENTIAL February 5, 2015 Leon Black, Trustee do Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Our Reference: 27041111 (Please include our reference number on your check.) Empire Valuation Consultants FIN P/1401 fitMen INVOICE For services rendered in connection with the preparation of valuation reports to estimate the fair market value of limited partnership interests in Black Family Partners, LP as of December 3, 2014 and December 4, 2014. For APO1 GRAT No. 2 $ 4,000 For APO1 GRAT No. 3 $ 2,500 For APO1 GRAT No. 4 $ 2,500 For APO1 GRAT No. 5 $ 2,500 For APO1 GRAT No. 6 $ 5,000 Out-Of-Pocket Expenses $ 480/5.7 q6 (pe st* Balance Due $16.980 Please make your check payable to Empire Valuation Consultants, LLC and remit to the address below. 777 Canal View Blvd.. Suite 200. Rochester, NY 14623 Tel: (585) 475-9260 empirevaLcom Ncw York Rochester • Boston Cleveland West Hartford &-/Q/1--,-) EFTA01101252 EMPIRE VALUATION CONSULTANTS, lie PRIVATE & CONFIDENTIAL November 23, 2015 Leon Black, Trustee c/o Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Our Reference: 2804118 (Please include this number on your check) Empire Valuation Consultants El N FINAL INVOICE For services rendered in connection with the preparation of valuation reports to estimate the fair market value of limited partnership interests in Black Family Partners, LP as of March 3, 2015 and March 4, 2015. For APO1 GRAT No. 2 $ 4,000 For APO1 GRAT No. 3 $ 2,500 For APO1 GRAT No. 4 $ 2,500 For APO1 GRAT No. 5 $ 2,500 For APO1 GRAT No. 6 $ 2,500 For APO1 GRAT No. 7 $ 5,000 Less Over-payment from previous invoice ($ 90) Out-Of-Pocket Expenses $ 480 Balance Due S19.39Q fro (del Please make your check payable to Empire Valuation Consultants, LLC and remit to the address below. 777 Canal Vicw Blvd., Suite 200, Rochester, NY 14623 Tel: (585) 475-9260 empircval.com Rochester • New York • Boston • Cleveland • West Hanford EFTA01101253 EMPIRE VALUATION CONSULTANTS, tic PRIVATE & CONFIDENTIAL November 23, 2015 Leon Black, Trustee c/o Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Our Reference: 2804487 (Please Include this number on your check.) Empire Valuation Consultants EIN eto/tot-Li prit‘ Mein I FINAL INVOICE For services rendered in connection with the preparation of valuation reports to estimate the fair market value of limited partnership interests In Black Family Partners, LP as of June 3, 2015 and June 4, 2015. For APO1 GRAT No. 2 $ 4,000 For APO1 GRAT No. 3 $ 2,500 For APO1 GRAT No.4 $ 2,500 For APO1 GRAT No. 5 $ 2,500 For APO1 GRAT No. 6 $ 2,500 For APO1 GRAT No. 7 $ 2,500 For APO1 GRAT No. 8 $ 5,000 Out-Of-Pocket Expenses ja) ..plrofcchol Balance Due 521•910 Please make your check payable to Empire Valuation Consultants, LLC and remit to the address below. 777 Canal Vicw Blvd., Suite 200, Rochester, NY 14623 Rochester Ncw York Boston Cleveland West Hartford Tel: (585) 475-9260 empireval.com EFTA01101254 EMPIRE VALUATION CONSULTANTS, LLc PRIVATE & CONFIDENTIAL November 23, 2015 Leon Black, Trustee c/o Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Our Reference: 2804693 (Please include this number on your check.) Empire Valuation Consultants EIN 7-rAk tkiA,LPL, patmeo_ FINAL INVOICE For services rendered in connection with the preparation of valuation reports to estimate the fair market value of limited partnership interests in Black Family Partners, LP as of September 3, 2015. For APO1 GRAT No. 2 $ 4,000 For APO1 GRAT No. 3 $ 2,500 For APO1 GRAT No. 4 $ 2,500 For APO1 GRAT No. 5 $ 2,500 For APO1 GRAT No. 6 $ 2,500 For APO1 GRAT No. 7 $ 2,500 For APO1 GRAT No. 8 $ 2,500 Out-Of-Pocket Expenses $ 480 pe' (6441 Balance Due S19.480 Please make your check payable to Empire Valuation Consultants, LLC and remit to the address below. 777 Canal View Blvd., Suite 200, Rochester, NY 14623 Tel: (585) 475-9260 empircvacom Rochester • Ncw York • Boston • Cleveland • West Hartford EFTA01101255 EMPIRE VALUATION CONSULTANTS, LLc PRIVATE & CONFIDENTIAL November 23, 2015 Leon Black, Trustee c/o Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Ou► Reference: 2804916 (Please Include this number on your check.) Empire Valuation Consultants EIN A (IA.) L pc,,f f- FINAL INVOICE For services rendered in connection with the preparation of valuation reports to estimate the fair market value of limited partnership interests in Black Family Partners, LP as of December 3, 2015 and December 4, 2015. For APO1 GRAT No. 2 $ 4,000 For APO1 GRAT No. 3 $ 2,500 For APO1 GRAT No.4 $ 2,500 For APO1 GRAT No. 5 $ 2,500 For APO1 GRAT No. 6 $ 2,500 For APO1 GRAT No. 7 $ 2,500 For APO1 GRAT No. 8 $ 2,500 For APO1 GRAT No. 9 $ 5,000 Out-Of-Pocket Expenses $ 480 f %%tied Balance Due $24.480 Please make your check payable to Empire Valuation Consultants, Lit and remit to the address below. 777 Canal Vicw Blvd., Suite 200, Rochester, NY 14623 Tel: (585) 475-9260 empireval.com Rochester • Ncw York • Boston • Cleveland • West Hartford EFTA01101256