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 Mr. Halperin: You have requested Empire Valuation Consultants, LLC ("Empire") to estimate the fair market 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 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 a GRAT annuity payment. 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 4.7350% limited partnership interest in Black Family Partners, LP is 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 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 Tel: empireval.com New York Rochester Boston West Hartford EFTA01086168