EFTA01088293.pdf

Confidential DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 6/4/15 Empire Valuation Consultants, LLC PDF Compiled on 10/12/2015 EXHIBIT G-3 APOLLO OPERATING GROUP - TAX RECEIVABLE AGREEMENT BLACK FAMILY PARTNERS, LP AS OF JUNE 4, 2015 Number of Shares 92.727,166 Price per Share $22.70 Value of Block $2.104.443.032 Value Attributable to APO Corp. 69.99% $1.472.899,678 Annual Amortization (15 yr.) $98.193,312 Effective Tax Rate (Per Management) 40.35% Discount Rate 12.00% (Smi!lions) Present Value of TRA Year TRA Amortization TRA Tax Shield Days PV Factor Tax Benefit 1 $98.193312 $39.621.001 366 0.89 $35.364.912 2 $98,193312 $39.621,001 731 0.80 $31.575.814 3 $98,193312 $39.621,001 1.096 0.71 $28.192.691 4 $98,193312 $39.621,001 1.461 0.64 $25.172.046 5 $98,193.312 $39.621,001 1.827 0.57 $22.468.064 6 $98,193312 $39.621,001 2.192 0.51 $20,060.771 7 $98,193312 $39.621,001 2.557 0.45 $17,911.403 8 $98,193312 $39.621,001 2.922 0.40 $15,992.324 9 $98,193312 $39.621,001 3.288 0.36 $14.274.428 10 $98,193.312 $39.621,001 3.653 0.32 $12.745.025 11 $98,193312 $39.621,001 4.018 0.29 $11.379.487 12 $98,193312 $39.621,001 4.383 0.26 $10.160.256 13 $98,193312 $39.621,001 4.749 0.23 $9.068.841 14 $98,193312 $39.621,001 5.114 0.20 $8.097.179 15 $98.193312 $39.621.001 5.479 0.18 $7.229.624 $269.692.864 Aggregate Present Value of TRA Tax Benefit, rounded $269,690.000 TRA Tax Benefit Sharing Percentage 85% Net Unrestricted TRA Tax Benefit Available to Block $229.236.500 Less: Restriction Period Discount (from Exhibit G-4) 15% ($34.385.475) Net Fair Market Value of TRA Tax Benefit Available to Block, rounded $195,000.000 EFTA01088293