EFTA Document EFTA01961168

17695C400—L8—Vid3 Confidential PDF Compiled Janaury 3, 2013 DRAFT COPY - For Discussion Purposes Only Empire Valuation Consultants, LLC CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP SuPPOR I PRO EXHIBIT CAPITAL ACCOUMT EIALANCG MARKET ADJUSTMENTS ADJUSTED BOOK VALUE %OI Assets ASSET( Cash L Marketable Snowden Dank ot Atones - Checker) AggOull: Na 527.313.494 SO 5.27.336,494 51% JP Mayan • Cash Na 5600.267 50 $100.267 0.1% JP Morgan Brokerage Annette - Apar., I-hostler., Coup go.. JI Na 35.100.600 SO 55,100.690 0.3% Apollo Fixed Tenn Entitles (Privet Equity Ohara Littlest%) Ara° Co-ireslon DI. LIC Ea through E-3 U.041.228 (5520.307) 51.560021 0.1% Apollo Co.Invniors IV. LW E-I trough C. $073,622 (5155.436) S605,307 0.0% Apollo Co -Invest= V. LLC E-1 EmOugh 0.3 37.315,441 (51.524.100) 55416.381 0.4% Apollo Ctlevestes VI (N. LLC &I through 0.3 549,230,950 (314.719.2U) 534.46136.4 2.1% Nonapollo Find Term BM/ties [Private Equity Dltdt 10100411) IMO Capital Fund OLP E-I aro.* 6-3 33.624.1112 151.233.401) 53.290.735 02% Sosivnatie Woodlands Fund II. LP 6.1 Ihrough 0.3 518,060,165 (36.320.708) $11.735.457 OA% VVoYerrsohn Captal Patters LP 6-1 'hough 0.3 31.310,211 0451.601) 5051,067 0.1% Apollo Capital Minn Fungi (Hedge Fund Cued ',dustmenII) Apollo SOMA Co.Inveslors. Lir. 3.1 through F-3 52.221.221 ($403226) 51.723.001 0.1% Apollo VIP Coiweuots. LLC F.1 trough F4 57,755,119 0437.119) 37,228,000 0.5% Non-Apollo Capital Marts Funds tn.. ape Fond(' I IT rosin rtH Anchorage Captial Partners F-I through P4 313.306,541 (5804.646) 512,142.000 Oil% Canyon Valve Real:Ann Fund Fa ihrough F.1 515.049.707 (51.033200 513.905,000 0.1% Khg Strom Capital F.1 ititot,gri F-3 313311.241 (5748.246) 512,763300 0.9% Lore Cascade. LP F.1 Ihrough F.3 347.315,932 (32.341.922) 344300300 3.0% Mdenrium Group USA F-I through F-3 520.471.030 0519,030) 519,552.000 1.3% 0101 1104dings (Apollo Operating Growl Apollo Operating Group ants C-I $1.562,170,675 (5552.170,675) 31.010.000.000 87.115 RhOMFAtha ADtheTITIM (TIEN Bonen :ar Ccs:.vny CT Cu G.3 36 S110.0:0.000 $110,000300 7.3% TPA DiviSend • July 2007 Trarnathe• G.S 50 390.030.000 511.000.033 0.5% Miscellaneous Interests -Development Stage Com minis 'Crete LIS 51.549.657 (3542.345) 31,007212 OA% KnoviN00e tanker-a Education LP 533.651,248 (311.710.307) 321.577.161 13% Promissory Moles August 11.2011-P0N01e 55.000.000 SO 55.000,000 0.3% NOTAIthbel 7, 2011 • 10 Note 35.000,000 50 53,030.00 0.3% APIA 13, 2012- VO Note 522.000.003 SO 522.000.000 1.5% June It 2012. VO tame 320.000.000 50 520.000.000 1.3% x 173, 2012- ITO Hole 510.000,000 (36,030.0001 54.000.300 0.3% TOTAL ASSETS SI Mt 832.113 0304 4761061 SI 419.973 927 100% LIABILITIES Z. PARTNERS' CAPITA' TOTAL LIABUTIES $3 so SO PARTNERS' CAPITAL SLTIPL.CT2.113 0394.471.1ND 31.419.973.927 TOTAL LIABILITIES L CAPITAL t 4.4 E.1 II (5394 474 105) 51 499 973 927 Athutted riTC05 Valve 11.411373337 Pro Rata MV ot Subset Peres Less: COthtlroad DISCOmAl the Latt Of Conkol and MarkeTstaty 72 17241', 15 OT., 31.002331 112 FeeMarkel Value eta 71172011 boiled Perhncillap hilecti4 Pro Pala Fair Markel VANN of a 7L1720% Limited Partnership Interesi. rounded 5120,000,100 EFTA01961168