BLACK FAMILY PARTNERS, L.P. SUMMARY AND TIMELINE (the "Summary") I. Introduction For estate planning purposes, Leon D. Black created a series of Grantor Retained Annuity Trusts ("GRATs") in 2006 and 2007. The interests held by the GRATs and interests held Leon D. Black personally and through certain estate planning vehicles were assigned and contributed to various Apollo entities during the 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 I: Creation of the 2006 GRATs (December 21, 2006) On December 21, 2006, Leon D. Black created eleven GRATs by entering into the Judah Investment Trust Agreement, dated as of December 21, 2006, by and among Leon D. Black, as Settlor, and Leon D. Black and John J. Hannan, as Trustees (the "Judah Investment Trust Agreement"). Each Schedule to the Judah Investment Trust Agreement created a separate trust as follows: • Schedule A transferred Leon D. Black's entire interest in Apollo Management, L.P. (which was later renamed Apollo Management III, L.P.) to Judah Investment Trust A; • Schedule B transferred Leon D. Black's entire interest in Apollo Management IV, L.P. to Judah Investment Trust B; • Schedule C transferred Leon D. Black's entire interest in Apollo Management V, L.P. to Judah Investment Trust C; • Schedule D transferred Leon D. Black's entire interest in Apollo Management VI, L.P. to Judah Investment Trust D; • Schedule E transferred Leon D. Black's entire interest in Apollo Investment Management, L.P. to Judah Investment Trust E; • Schedule F transferred Leon D. Black's entire interest in Apollo Value Management, L.P. (which was later renamed Apollo Value Investment Fund Management, L.P.) to Judah Investment Trust F; • Schedule G transferred Leon D. Black's entire interest in Apollo SVF Management, L.P. to Judah Investment Trust G; • Schedule H transf