EFTA02671576.pdf

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 SUPPORTING CAPITAL eitIllt/tET ADJUSTED %ol EXHIBIT ACCOUNT MAKE ADJUSTMENTS BOON VALUE Assets ASSET* 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) Fn 1.3.275.702 10 6375762 02% JP Noreen IlIrdirep•Accotird - Enorcrimenal &Nouns WOW (Tick*,ESsVA) em 1513.100 10 5512.100 00% JP Nagel Iltrokeene Mewl - AP AI:nun Ansel) t P (finer AAA • Amiteed4m) Na 1776.716 SO 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 throughE4 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 Fte0 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 PU11.10 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* SO ST 333 105 0 3% TOTAL ASSETS 53 1li L33 _ 7 in 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 &MON 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_01942573 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_01942574 EFTA02671578  EX/0112 0 CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP SUPPORT160 CAN!Al A19113 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 $2.490.000 0.1% (31451.79N 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 61tivmh 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 G-5 30 3102000030 $102600.000 36% allacconeous 'Nerom. in.;List LÅG (cmonly reeme LIC) 11.221078 11428.77R $794.301 0.0% 6.444,90 Ormen* Eel.cmon LP 331442328 07,870.6421 123.612.046 08% 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 $197 M. . 0 0% TOTAL ASSETS 5.3 484n g /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 24640% 074.359.07 Lem. Cttabraid Cuscounl Ir Lkb of Convol and Marmiaboty råa Mand« vala of a 26440% Limad Paineishlp flint 05.0% `2.21)-:" I Pso Rata Falt Markol Vsbai of a 21444% lion640 Partn4nNp Internt roondod 511205,947 EFTA_R1_01942575 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 CAPITAL MARKET ADA/SILO %o1 MUSA ACCOUNT RALANCE ADIUSIVENTS 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 (IKier 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 / 1.111•EwlY Noe haws!.) 4 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 Tonnare HoDen. Tonal. LP 1.1plow?, E.3 12.069758 0719.7734/ 11.350.000 0.1% 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 CPInnoto-1. LLC Wei* F-3 55.107.112 (S17.172) 1410.005 03% ICI C.:71m09140 II IA) LP F-1Pea* 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. LP F.1 pro4.1 $13.K3 (33.663) 110,000 00% AP Sri. Imo:oilcan LLC F.1 prodsh F.3 140.914 011.660 129.003 00% Non ApelloCee61100Ilial Funds (Hods* Fund Diet( Invo envies) AnCNX.I20 CAP, SI Paint" F.I. ING.-ch 93 117.062210 (11242230) :3:440.003 0.7% Can't', Wive ITIVIVerrersnd T.3 Sleep F.3 511.763.41$ 0933.534 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_01942577 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 53.112.009 (MOM 53.04.000 0.1% F-3 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.3 319.0112.019 515.320000 01% m76220391 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 1144314/21 14~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 G-5 50 593.030.400 5113100.000 42% intwellamow Inwast. ingkáSI LLC 11.225.071 15423.777) 3795.101 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% 111;2 Far MannVIP» d a 3.5251% urnen %Penh. &INCA Pro Pau Falr Maft« Va« «a 3.5241%tárdled Pannatahlp1Mannt. roundird 546.506.947 EFTA_R1_01942579 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 Tel: (212) 714-0122 empirevateoin New York • Rochester Boston • Cleveland West Hartford EFTA_R1_01942580 EFTA02671584  EXHIBIT D CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP AS OF DECEMBER 3. 2014 SUPPOR Tool CAN TAL Exesa ACCOUNT PALANCE ADJUSTMENTS BOOK VALVE A»441 CaM1 Birk/4st* Secunt (lont cl Antnca CetnIrg Accourts S Money LWIM Func SIL702.112 SO 112.702.162 OB% 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 SCUOns Ittdd (Ticker ESNS.) S1441.7111 14116)346 0.0% ($90.471) 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 62.110.010 0.1% (1714.137) 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 3140013 0.0% (3201.214) Apollo Capn.1 1/4444 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 51210,030 0.3% 03220.0131 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