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tners, LP ("BFP" or the "Partnership") as of December 4, 2013 (the "Valuation Date"). It is our understanding that this report will be used by Mr. Leon Black for estate planning purposes. This report is an Appraisal Report as defined in Standards Rule 10 of The Appraisal Foundation's Uniform Standards
limited partnership interest (the "Interest") in Black Family Partners, LP ("BFP" or the "Partnership")
uCOutri • Cash 11.404.015 10 11.404.015 0.1% JP 310,946 linelleNte mean • 60010 lerocuntont Corp (Tinter AUN) 1.3.275.702 10 6375762 02% JP Noreen IlIrdirep•Accotird - Enorcrimenal &Nouns WOW (Tick*, ESsVA) JP Nagel Iltrokeene Mewl - AP AI: nun Ansel) t P (finer AAA • Amiteed4m) em Na Fn 151
6 yfalll~~enaMmerimenmearmare~to Blaine id n Black, Conrad & Barbara 001 tam asst.) Hahngm Intemati
4#81 Rosenfeld Donald G u East 68th St 001 R ob ob 001 Rosenthal Jane RimePro 375 nwith1aftli(tt)h floor s? ( ) 4 Roth, Peter Thomas & Noreen 52 E sante. 73rd st h) 10021 (it) rothekoetenhomasnoth.com 6305th P -ras Roth Labs 3i5th Avenue State 1406 (w) NI:(191(eh11h .. )(h (h)
including Alan Dershowitz. Gerald Lefcourt. Roy Black and Kenneth Starr - have been negotiating a deal
Whittaker, Sharon (Exec) Williams, Craig (COMBAT) Williams, Karl (Belle Glade) Williams, Sherry (DOVE) Wilson-Lindsay, K (ATTF/Fel W) Withrow, Noreen (Fell) Woods, Anita (INTAKE) Wright, Nakia (COMBAT) Wyatt, Teresa (DOVE) Vance, Sherry (Juv M) Yeaw, Steven (HOM) Yodbut, Anton (COMBAT)
Entities connected to both Leon Black and Noreen

Jeffrey Epstein
PERSON
Marc Rich
PERSONDarren Indyke
PERSON
Prince Andrew
PERSON
Alan Dershowitz
PERSON
Woody Allen
PERSON
United States
LOCATION
George W. Bush
PERSON
Ghislaine Maxwell
PERSON
Melania Trump
PERSON
Barry Diller
PERSON
Donald Trump
PERSON
Michael Cohen
PERSON
John F. Kennedy
PERSON
George Mitchell
PERSONMartin Weinberg
PERSON
Joe Biden
PERSON
Julie K. Brown
PERSONEileen Alexanderson
PERSON
Bradley Edwards
PERSON