EMPIRE VALUATION CONSULTANTS. = PRIVATE & CONFIDENTIAL October 12, 2015 Alan Halperin, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP Dear Mr. 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, LP ("BFP" or the "Partnership") as of June 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 by you and the Client for estate planning purposes related to GRAT annuity payments. Valuation Summary Based on the following review and analysis, and subject to the attached Statement of Limiting Conditions, it is our estimate that the fair market value of a 1% limited partnership interest in Black Family Partners, LP is 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 without a public market for its ownership interests, this appraisal was conducted according to guidelines established by the Internal Revenue Service ("IRS") and USPAP, and in conformity with the American Society of Appraisers' Principles of Appraisal Practice and Code of Ethics, together with other standards that were deemed relevant to this engagement. 350 Fifth Avenue, Suite 6115, New York, NY 10118 New York Rochester Boston West Hartford Tel: (212) 714-0122 empireval.com EFTA00608765