EMPIRE VALUATION CONSULTANTS, at PRIVATE & CONFIDENTIAL April 8, 2014 Leon Black, Trustee of APO1 GRAT c/o Elysium Management 445 Park Avenue, Suite 1401 New York NY 10022 Our Reference: (Please include our reference number on your check.) Empire Valuation Consultants E1N (9 Lf‘ A ( 111(C( INVOICE For services rendered in connection with the preparation of a valuation report to estimate the fair market value of a 37.75% limited partnership interest in Black Family Partners, LP as of October 25, 2013. Less Retainer Out-Of-Pocket Expenses Balance Due $14,000 ($ 7,000) $ 450 Please make your check payable to Empire Valuation Consultants, LLC and remit to the address below. 777 Canal Vicw Blvd., Suite 200, Rochester. NY 14623 Tel: New York • Cleveland • Rochester West Hantord EFTA00603461