EFTA01086276Set 9
2015-11-03108p35,449w
value of a 1% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of September 3, 2015 (the
"Valuation Date") on behalf of your ... reasonably stated as
$17,000,000, rounded, as of September 3, 2015.
Methodology
BFP has been valued on a going concern basis. Since the Partnership is
closely-held, and thus ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01086276.pdf
EFTA01101657Set 9
2015-02-11100p33,859w
value of a 3.5009% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of July 24, 2014 (the
"Valuation Date"). It is our understanding ... reasonably stated as
$73,908,497 as of July 24, 2014.
Methodology
BFP has been valued on a going concern basis. Since the Partnership is
closely-held, and thus without ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101657.pdf
EFTA01101557Set 9
2015-02-12100p33,810w
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 ... 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 ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101557.pdf
EFTA00590400Set 9
2015-02-12100p33,760w
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 ... 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 ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA00590400.pdf
EFTA00597681Set 9
2015-10-1688p28,838w
value of a 7.1266% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of July 24, 2015 (the
"Valuation Date") on behalf of your ... reasonably stated as
$128,076,087, rounded, as of July 24, 2015.
Methodology
BFP has been valued on a going concern basis. Since the Partnership is
closely-held, and thus ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA00597681.pdf
EFTA01085958Set 9
2015-10-12108p35,610w
value of a 1% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of June 3, 2015 (the
"Valuation Date") on behalf of your ... reasonably stated as
$19,700,000, rounded, as of June 3, 2015.
Methodology
BFP has been valued on a going concern basis. Since the Partnership is
closely-held, and thus ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01085958.pdf
EFTA01101257Set 9
2014-11-11100p33,692w
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 ... 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 ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101257.pdf
EFTA00608765Set 9
2015-10-12108p35,523w
value of a 1% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of June 3, 2015 (the
"Valuation Date") on behalf of your ... reasonably stated as
$19,700,000, rounded, as of June 3, 2015.
Methodology
BFP has been valued on a going concern basis. Since the Partnership is
closely-held, and thus ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA00608765.pdf
EFTA01101757Set 9
2015-01-21100p34,068w
value of a 5.2864% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of October 24, 2014 (the
"Valuation Date"). It is our understanding ... reasonably stated as
$98,108,497 as of October 24, 2014.
Methodology
BFP has been valued on a going concern basis. Since the Partnership is
closely-held, and thus without ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101757.pdf
EFTA01086168Set 9
2015-11-03108p35,698w
value of a 4.7350% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of March 3, 2015 (the
"Valuation Date") on behalf of your ... reasonably stated as
$91,072,916 as of March 3, 2015.
Methodology
BFP has been valued on a going concern basis. Since the Partnership is
closely-held, and thus without ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01086168.pdf
EFTA01101457Set 9
2014-11-11100p33,689w
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 ... 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 ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101457.pdf
EFTA01085858Set 9
2015-02-26100p34,196w
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 ... 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 ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01085858.pdf
EFTA01101357Set 9
2014-11-11100p33,298w
value of a 2.4038% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of April 24, 2014 (the
"Valuation Date"). It is our understanding ... reasonably stated as
$53,808,497 as of April 24, 2014.
Methodology
BFP has been valued on a going concern basis. Since the Partnership is
closely-held, and thus without ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101357.pdf
EFTA01086067Set 9
2014-03-03101p34,062w
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 ... 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 ... contain the required
disclosures regarding the nature, history, outlook, ownership, or other factors
regarding BFP, nor does it contain details regarding the valuation analyses
considered and used. Therefore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01086067.pdf
EFTA01101857Set 9
2014-06-24123p41,119w
value of a 37.75% limited partnership interest (the "Interest") in Black
Family Partners, LP ("BFP" or the "Partnership") as of October 25, 2013 (the
"Valuation Date"). It is our understanding ... Rochester • West Hanford
EFTA01101857
Alan S. Halperin, Esq.
June 24, 2014
Page 2
Methodology
BFP has been valued on a going concern basis. Since the Partnership is closely-
held ... including, but not limited to, the following:
• the nature and history of BFP;
• the financial and economic conditions affecting the general economy, the
Partnership, and its industry;
• the past results
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101857.pdf
EFTA01101980Set 9
2014-06-24123p41,127w
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 ... Rochester • West Hanford
EFTA01101980
Alan S. Halperin, Esq.
June 24, 2014
Page 2
Methodology
BFP has been valued on a going concern basis. Since the Partnership is closely-
held ... including, but not limited to, the following:
• the nature and history of BFP;
• the financial and economic conditions affecting the general economy, the
Partnership, and its industry;
• the past results
https://www.justice.gov/epstein/files/DataSet%209/EFTA01101980.pdf
EFTA01144684Set 9
2006-12-2110p3,808w
restructuring that Apollo
undertook in 2007. During this process, Black Family Partners, L.P. ("BFP") was created
to hold all of Leon D. Black's indirect interests in Apollo.
IL Step ... Formation of Black Family Partners, L.P. (May 17, 2007)
On May 17, 2007, BFP and Black Family GP, LLC ("BFP GP") were formed.
The Agreement of Limited Partnership of BFP ... dated as of May 17, 2007, and listed
3
EFTA01144686
BFP GP as its general partner and Leon D. Black, LBF, Judah Investment Trust K, Leon
D. Black Investment Trust
https://www.justice.gov/epstein/files/DataSet%209/EFTA01144684.pdf
EFTA01127300Set 9
2006-12-2110p3,808w
restructuring that Apollo
undertook in 2007. During this process, Black Family Partners, L.P. ("BFP") was created
to hold all of Leon D. Black's indirect interests in Apollo.
IL Step ... Formation of Black Family Partners, L.P. (May 17, 2007)
On May 17, 2007, BFP and Black Family GP, LLC ("BFP GP") were formed.
The Agreement of Limited Partnership of BFP ... dated as of May 17, 2007, and listed
3
EFTA01127302
BFP GP as its general partner and Leon D. Black, LBF, Judah Investment Trust K, Leon
D. Black Investment Trust
https://www.justice.gov/epstein/files/DataSet%209/EFTA01127300.pdf
EFTA01127903Set 9
2007-06-077p2,146w
various June 2007 Reports were considered reasonable. Further,
the fair market values of BFP's interests in the entities concluded in the June 2007
Reports derived from the respective MVIC ... values were considered reasonable and
I used in the determination of BFP's ABV, discussed below.
G. Adjusted Book Value of BFP
I As discussed, a willing buyer would typically ... assess the value of BFP's capital at
least partly on the basis of its underlying assets. Thus, it is reasonable to utilize
ABV as a valuation method. By definition
https://www.justice.gov/epstein/files/DataSet%209/EFTA01127903.pdf