EFTA01079016Set 9
2015-12-3169p22,497w
CONFIDENTIAL
Valuation Analysis of
Rockefeller Financial Services, Inc.
as of December 31, 2015
Berkshire Capital
EFTA01079016
Rockefeller Financial Services, Inc.
Table of Contents
TAB SECTION PAGE
I Valuation Letter ... Market & Industry Overview 4
III Valuation Methodologies 12
IV Valuation Model
Berkshire Capital CONFIDENTIAL
EFTA01079017
Rockefeller Financial Services, Inc.
Valuation Letter
Pursuant to an engagement letter dated October ... Berkshire Capital Securities LLC ("Berkshire Capital"), Berkshire Capital has prepared a valuation of the Company with its
consolidated subsidiaries (the "Valuation") as of December 31, 2015 (the "Reference Date
https://www.justice.gov/epstein/files/DataSet%209/EFTA01079016.pdf
EFTA01108985Set 9
2014-06-30112p35,472w
Valuation of a 25% non-managing membership interest
As of June 30, 2014
EMPIRE
VALUATION CONSULTANTS. uk
EFTA01108985
Table of Contents
Executive Summary 1
Valuation Standards 1
Sources of Information ... Markets Overview 18
C. Private Equity Industry Outlook 24
D. Fine Art Outlook 28
Valuation Overview 29
A. General Valuation Methods 29
B. Outline of Valuation Proces • 30
Valuation ... Assets and Liabilities 32
A. Valuation of Fixed-Term Fund Interests 32
B. Valuation of Restricted Investments 35
C. Valuation of PLB 38
D. Valuation of Cash, Marketable Securities, Fine
https://www.justice.gov/epstein/files/DataSet%209/EFTA01108985.pdf
EFTA01086276Set 9
2015-11-03108p35,449w
EMPIRE
VALUATION CONSULTANTS. isc
PRIVATE & CONFIDENTIAL
November 3, 2015
Alan Halperin, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019-6064
Dear ... Halperin:
You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the
fair market value of a 1% limited partnership interest (the "Interest") in Black
Family Partners ... Partnership") as of September 3, 2015 (the
"Valuation Date") on behalf of your client, Mr. Leon Black (the "Client"). It is
our understanding that this summary letter will be used
https://www.justice.gov/epstein/files/DataSet%209/EFTA01086276.pdf
EFTA01282820Set 10
2013-10-2833p14,020w
upon a demand made by the Secured Party on or
promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals or exceeds the
Pkdgor's Minimum ... otherwise specified in Paragraph 13, the "Delivery Amount" applicable to the Pledger for
any Valuation Date will equal the amount by which:
(d) the Credit Support Amount
exceeds
the Value ... that Valuation Date of all Posted Credit Support held by the Secured Party.
(b) Return Amount Subject to Paragraphs 4 and 5, upon a demand made by the Pledger
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01282820.pdf
EFTA01101857Set 9
2014-06-24123p41,119w
EMPIRE
VALUATION CONSULTANTS. u.c
PRIVATE & CONFIDENTIAL
June 24, 2014
Alan S. Halperin, Esq.
Paul, Weiss, Ritkind, Wharton & Garrison LLP
1285 Avenue of the Americas, Suite 3115
New York ... Dear Mr. Halperin:
You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the
fair market value of a 37.75% limited partnership interest (the "Interest") in Black
Family Partners ... Partnership") as of October 25, 2013 (the
"Valuation Date"). It is our understanding that this report will be used by Mr.
Leon Black for estate planning purposes.
This report
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101857.pdf
EFTA02690010Set 11
2007-02-1326p14,123w
accordance with Luxembourg law, in particular in accordance with the obligation to deliver a valuation report
from an auditor (reviseur d'entreprises agree), and provided that such assets ... particular, decide that shares of any Class shall only be redeemed on such
valuation date as provided for in the Memorandum (the Redemption Date).
8.5 If, as a result ... redeemed (calculated in the manner described in
article 12) as of the Valuation Date or the time of valuation when the redemption price is calculated if the
Company determines that
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02690010.pdf
EFTA00617244Set 9
1990-11-0513p4,524w
EMPIRE VALUATION CONSULTANTS
CONSIDERATIONS IN THE VALUATION
OF INTERESTS IN ESTATE FREEZE ENTITIES
November 2007
350 Fifth Avenue, Suite 5513, New York, NY 10118 Phone: 212.714.0122
777 Canal View Boulevard ... relative basis the change in value is generally relatively small.
-1-
EMPIRE VALUATION CONSULTANTS
EFTA00617245
Valuing the Units of a Freeze Entity for Gift Tax Reporting Purposes
As part ... Internal Revenue
Code of 1986. Chapter 14, specifically Section 2701, applies special valuation
rules to transfers of subordinate equity-type interests in corporations and
partnerships.
At the heart of Section
https://www.justice.gov/epstein/files/DataSet%209/EFTA00617244.pdf
EFTA01127743Set 9
2006-12-2127p7,638w
Schedule A, Part 3 of the Return, there is
shown below (I) the valuation of the initial fair market value of the Trust, (2) the annuity
percentages taken from ... from the Trust in return for his contribution. Based on an appraisal
by Empire Valuation Consultants., a copy of which is attached as Exhibit G- I AP, on
December ... Schedule A, Part 3 of the Return, there is
shown below (1) the valuation of the initial fair market value of the Trust, (2) the annuity
percentages taken from
https://www.justice.gov/epstein/files/DataSet%209/EFTA01127743.pdf
EFTA01087655Set 9
5p1,898w
evidence these obligations and
restrictions.
(what office shall BN hold in the Company?)
Valuations and At all times while the Call Option and the Put Option remain outstanding,
Reports ... Owner shall provide Mr. Nikolic with true and correct copies of all
Information valuations, financial statements (whether audited or unaudited), reports
and other communications (whether in electronic form or hard ... after the later of (a) Exercise Date, and (b) the completion of any
Independent Valuation conducted pursuant to this Agreement. At the
closing, the Owner shall pay Mr. Nikolic
https://www.justice.gov/epstein/files/DataSet%209/EFTA01087655.pdf
Deutsche Bank Group Valuation Statement
Request 182298
08 Apr 2014
SOUTHERN FINANCIAL, LLC
As of 08 Apr 14
Deutsche Bank AG
For Sales Inquiries Contact:
Tazia Smith (Tel) n Email ... questions relatin to this statement contact:
Valuations NY (Tel) (Email) valuations.ny@db.com
SOUTHERN FINANCIAL,
To:
Jabwcpa Gmail (Email) ,Harrybeller Gmail (Email)
,Richard Kahn12 (Email) ,Gedeon
Pinedo (Email) Vahe Ste anian (Email ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01468306.pdf
Deutsche Bank Group Valuation Statement
Request 182298
25 Sep 2015
SOUTHERN FINANCIAL, LLC
As of 24 Sep 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) +41.111.1.11 (Email ... questions relating to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
Hnw Clientservices (Email)
Gedeon Pinedo (Email) ,Vahe
Stepanian (Email)
Mark ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474740.pdf
EFTA01473238Set 10
2015-05-296p826w
Deutsche Bank Group Valuation Statement
Request 182298
29 May 2015
SOUTHERN FINANCIAL, LLC
As of 28 May 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relatin to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
,Gedeon Pinedo (Email) ,Vahe
Stepanian (Email)
,Mark ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473238.pdf
Deutsche Bank Group Valuation Statement
Request 182298
17 Jul 2015
SOUTHERN FINANCIAL, LLC
As of 16 Jul 15
Deutsche Bank AG
For Sales Inquirie
Daniel Sabba (Tel) ail)
For questions ... relating to this statement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
hnw.clientservices@db.com,Gedeon Pinedo ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473987.pdf
Deutsche Bank Group Valuation Statement
Request 182298
23 Apr 2014
SOUTHERN FINANCIAL, LLC
As of 23 Apr 14
Deutsche Bank AG
For Sales Inquiries Contact:
Tazia Smith ... Email)
For questions relating to this statement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Harrybeller Gmail (Email)
,Richard Kahn12 (Email ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01468519.pdf
Deutsche Bank Group Valuation Statement
Request 182298
21 Oct 2015
SOUTHERN FINANCIAL, LLC
As of 20 Oct 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relat' • tement c •
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
,Gedeon Pinedo (Email) Vahe
Stepanian (Email)
,Mark Whyman (Email ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01475363.pdf
Deutsche Bank Group Valuation Statement
Request 182298
29 Jul 2015
SOUTHERN FINANCIAL, LLC
As of 28 Jul 15
Deutsche Bank AG
For Sales Inquiries •
Daniel Sabba (Tel) (Email)
For questions ... relatin to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
,Gedeon Pinedo (Email) Vahe
Stepanian (Email)
,Mark Whyman ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474080.pdf
EFTA01473059Set 10
2015-05-116p826w
Deutsche Bank Group Valuation Statement
Request 182298
11 May 2015
SOUTHERN FINANCIAL, LLC
As of 08 May 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relatill,WIRement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
hnw.clientservices@db.com,Gedeon Pinedo (Email ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473059.pdf
Deutsche Bank Group Valuation Statement
Request 182298
09 Jul 2015
SOUTHERN FINANCIAL, LLC
As of 08 Jul 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) + (Email ... questions relating to this statement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
hnw.clientservices@db.com,Gedeon ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473910.pdf
Deutsche Bank Group Valuation Statement
Request 182298
09 Oct 2015
SOUTHERN FINANCIAL, LLC
As of 08 Oct 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) + (Email ... questions relatin to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
■,Gedeon Pinedo (Email) ,Vahe
Stepanian (Email)
,Mark ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474946.pdf