EFTA00617010.pdf

Estate Planning Overview Presented to: Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 - Selected Portions Comparison Apollo Global Management at $25/Share, $27.92/Share and $30/Share June 19, 2014 EFTA00617010 Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Estimated Estate Tax Calculations at Leon's Death AGM at $25/Share AGM at $27.92/Share AGM at 530/Share Gross Estate $ 3,883,327,000 Gross Estate $ 3,832,894,000 Gross Estate $ 3,943.877,000 Less Deductions: Less Deductions: Less Deductions: Liabilities (2,235,770,000) Liabilities (2,235,770.000) Uabilities (2,235,770,000) Administration Expenses (5,000,000) Administration Expenses (5,000.000) Administration Expenses (5,000.000) Charitable Deduction (29,860,000) Charitable Deduction (29,860,000) Charitable Deduction (29,860.000) Marital Deduction (1,391,538,111) Marital Deduction (1,541,105,111) Marital Deduction (1.652.088.111) Estimated NY EstateTax (2.852,222) Estimated NY Estate Tax (2,852,222) Estimated NY Estate Tax (2,852,222) Plus Adjusted Taxable Gifts 5,340,000 Plus Adjusted Taxable Gifts 5,340,000 Plus Adjusted Taxable Gifts 5.340,000 Taxable Estate $ 23,646,667 Taxable Estate 23.646.667 Taxable Estate 23.648,667 Tentative Federal Estate Tax 9,404,487 Tentative Federal Estate Tax 9,404,467 Tentative Federal Estate Tax 9,404,467 Less Credits/Payments: Less Credits/Payments: Less Credits/Payments: Unified Credit (2,081,800) Unified Credit (2,081,800) Unified Credit (2.081,800) Gift Taxes Paid Gift Taxes Paid Gift Taxes Paid Estimated Fed Estate Tax $ 7,322,667 Estimated Fed Estate Tax $ 7,322,667 Estimated Fed Estate Tax 7,322,667 Estimated NY Estate Tax $ 2,852,222 Estimated NY Estate Tax 2,852,2221 Estimated NY Estate Tax 2,852,222 Total Estate Tax Total Estate Tax Total Estate Tax Due Upon Leon's Death $ 10,174,889 Due Upon Leon's Death 5 10,174,889 Due Upon Leon's Death 10,174,889 EFTA00617011 Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Estimated Estate Tax Calculations at Debra's Death Gross Estate S 3,204,959,111 Gross Estate S 3,354,526,111 Gross Estate $ 3,465,509,111 Less Deductions: Less Deductions: Less Deductions: Liabilities (1,694.738,000) Uablliiles (1.694,738,000) Liabilities (1,694,738,000) Administration Expenses (3.376.000) Administration Expenses (3.378.000) Administration Expenses (3.378.000) Charitable Deduction (52.980.600) Charitable Deduction (52.980,600) Charitable Deduction (62.980,600) Marital Deduction Marital Deduction Marital Deduction Estimated New York Estate Tax (232.084.802) Estimated New York Estate Tax (256.015.522) Estimated New York Estate Tax (273.772.802) Plus. Adjusted Taxable Gifts 5.120000 Plus: Adjusted Taxable Gifts 5,120,000 Plus: Adjusted Taxable Gifts 6.120,000 Taxable Estate S 1,226,897,709 Taxable Estate S 1,352,533,989 Taxable Estate S 1,445.759,709 Tentative Federal Estate Tax 490,704,884 Tentative Federal Estate Tax 540,959,396 Tentative Federal Estate Tax 578,249,684 Less Credits/Payments: Less Credds/Payments: Less Credits/Payments: Unified Credit (2.081.800) Unified Credit (2.081.800) Unified Credit (2.081.800) Gift Taxes Paid Gift Taxes Paid Gift Taxes Paid Estimated Federal Estate Tax S 488,623,084 Estimated Federal Estate Tax S 538,877,596 Estimated Federal Estate Tax 576,167,884 Estimated New York Estate Tax S 232.084.802 Estimated New York Estate Tax S 256,015,522 Estimated New York Estate Tax 273,772,802 Total Estate Tax Duo Upon Debra's Death S 720.707,886 Total Estate Tax Due Upon Debra's Death $ 794,893,118 Total Estate Tax Due Upon Debra's Death 849,940,686 Leon and Debra's: Leon and Debra's: Leon and Debra's: Combined Federal Estate Tax S 495,945,750 Combined Federal Estate Tax 546,200,262 Combined Federal Estate Tax 583,490.650 Combined New York Estate Tax 234.937.024 Combined New York Estate Tax 258,867,744 Combined New York Estate Tax 276.625.024 Total Combined Federal & NY Estate Tax S 730,882,774 Total Combined Federal & NY Estate Tax I S SOLOMON Total Combined Federal & NY Estate Tax S 860,115,574 Page 2 of 4 EFTA00617012 Overview of Estate Plan as of April 16, 2014 Inventory of Debra's Taxable Estate Following Leon's Death AGM at 255/Share AGM at 527.92/Share AGM at 530/Share Marital Trust Assets: Marital Trust Assets: Marital Trust Assets: Art $ 1,421.564,000 Art $1,421,564,000 Art 1.421,564,000 750 Meadow Lane 16.600,000 750 Meadow Lane 16,600.000 750 Meadow Lane 16.600,000 Includible Portion of GRATs 1.465.672,000 Includible Portion of GRATs 1,600,331,000 Includible Portion of GRATs 1,700,253,000 Black Family Partners LP (8.0%)' 101,936,111 Black Family Partners LP (8.0%)' 116.844.111 Black Family Partners LP (8.0%)' 127,905,111 AP Alternative Assets 21.655,000 AP Alternative Assets 21.655.000 AP Alternative Assets 21,655,000 Apollo Related Investments 5.247.000 Apollo Related Investments 5,247,000 Apollo Related Investments 5,247.000 Investment Partnerships - Various 1.545,000 Investment Partnerships - Various 1.545,000 Investment Partnerships - Various 1,545,000 Liquid assets in GST Ex Marital Trust 1,840,000 Liquid assets in GST Ex Marital Trust 1.840.000 Liquid assets in GST Ex Marital Trust 1,840,000 Note payable - to APO1 Trust (1.694.738,000) Note payable - to APO1 Trust (1,694,738,000) Note payable - to APO1 Trust (1.694.738.000) Total Marital Trust Assets: $ 1,341,321,111 Total Marital Trust Assets: $1,490,888,111 Total Marital Trust Assets: 1,601,871,111 Debra's Probate Assets: Debra's Probate Assets: Debra's Probate Assets: U.S. Trust Cash Account $ 5,562.000 U.S. Trust Cash Account $ 5,562.000 U.S. Trust Cash Account $ 5,562,000 JPM Cash/Marketable Securities 6,927,000 JPM Cash/Marketable Securities 6.927,000 JPM Cash/Marketable Securities 6.927,000 Residences (Formerly Joint) 76,400,000 Residences (Formerly Joint) 76.400.000 Residences (Formerly Joint) 76,400,000 Narrow's Road Parcel 10,000,000 Narrow's Road Parcel 10.000.000 Narrow's Road Parcel 10,000,000 Household Property 23,124,000 Household Property 23,124,000 Household Property 23.124.000 Jewelry 46,468.000 Jewelry 46,468.000 Jewelry 46.468.000 Automobiles 419,000 Automobiles 419,000 Automobiles 419.000 Net Proceeds of sale of Avionetta (49.9%) Net Proceeds of sale of Avionetta (49.9%) Net Proceeds of sale of Avionetta (49.9%) • Total of Debra's Probate Assets: $ 168,900,000 Total of Debra's Probate Assets: $ 168,900,000 Total of Debra's Probate Assets: 168,900,000 • Discounted 30% Page 3 of 4 EFTA00617013 Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Distributions to Children and Charitable Institutions Upon Leon's/Debra's Death AGM at 525/Share AGM at 527.92/Share AGM at $30/Share Family Family Family Upon Debra's Death Upon Debra's Death Upon Debra's Death In Trust Outright Outright Total In Trust Total Outright (Tangibles) (Tangibles) In Trust Total (Tangibles) Benjamin E. Black 762.931,053 16.664,000 S 779.595,053 Benjamin E. Black 791,028,418 16.597,000 $ 807,623,418 Benjamin E. Black 811,866.890 16.556.000 $ 828.422.890 Joshua M. Black 762.931,053 16,664,000 S 779.595.053 Joshua M. Black 791.028.418 16,597.000 $ 807.823,418 Joshua M. Black 811,866.890 16.556.000 $ 828.422,890 Alexander S. Black 762,931.053 16.664.000 S 779.595,053 Alexander S. Black 791.026,418 16,597.000 $ 807.623.418 Alexander S. Black 811,866.890 16.556.000 $ 828.422.890 Victoria R. Black 762.931.053 16.664,000 $ 779,595,053. Victoria R. Black 791.026,418 16597,000 $ 807.623.418 Victoria R. Black 811.886.890 16.556.000 828.422,890 Total to Family 3,118,380,212 Total to Family 3,230,493,872 Total to Family 3,313,691,560 Charity Charity Charity Upon Leon's Upon Debra's Upon Leon's Upon Debra's Upon Leon's Upon Debra's Death Death Death Death Death Death Art Pledged to Museums 10,731,000 24,533.600 Art Pledged to Museums 10,731,000 24,533,600 Art Pledged to Museums 10.731.000 24.533.600 Dartmouth Pledge 19,129.000 Dartmouth Pledge 19.129,000 Dartmouth Pledge 19.129,000 Leon Black Family Foundation 28,447.000 Leon Black Family Foundation 28.447.000 Leon Black Family Foundation 28,447,000 29,880.000 52.980,600 29,860,000 52,980.600 29.860,000 52,980,600 Total to Charity _S 82,840,600 Total to Charity $ 82,840,600 Total to Charity $ 82,840,600 Estimated Taxes and Expenses Estimated Taxes and Expenses Estimated Taxes and Expenses Upon Leon's Upon Debra's Upon Leon's Upon Debra's Death Upon Leon's Upon Debra's Death Death Death Federal Estate Tax Death Death 7.322.867 488.623.084 Federal Estate Tax 7.322.667 538,877,596 Federal Estate Tax 7,322.687 578,187,884 New York Estate Tax 2.852222 232,084,802 New York Estate Tax 2.852222 256,015,522 New York Estate Tax 2.852222 273,772,802 Adnenistration Expenses 5.000.000 3.378.000 Administration Expenses 5.000.000 3,378,000 Administration Expenses 5.600000 3.378.000 Fed & NY Cap Gains Tax & NII Tax' 578.210020 Fed & NY Cap Gains Tax & NII Tax' 576.210.920 Fed & NY Cap Gains Tax & NIl Tax' 578,210,920 Liabilities 541,032,000 1,694,738,000 Liabilities 541.032,000 1,694,738,000 Liabilities 541.032.000 1,694.738,000 1,132,417.809 2.418.823,886 1.132.417.809 2,493,009.118 1,148,094.587 2.548.058,686 Total Taxes and Expenses $3,551,241,695 Total Taxes and Expenses $ 3,625,426,927 Total Taxes and Expenses $3,680,474,495 APO1 Trust reduced on Leon's death by 34% capital gains tax (and tax on NII) with respect to the 51.694.738.000 Note from Leon assumed to have a zero basis. 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