Epstein Secrets

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")

this engagement. 350 Fifth Avenue, Suite 6115, New York, NY 10118 New York • Rochester Boston • Cleveland Tel: (212) 714-0122 empirevateoin West Hartford EFTA_R1_01942580 EFTA02671584 EXHIBIT D CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP AS OF DECEMBER 3. 2014 SUP POR Tool Exesa

Empire's valuations of: (1) a 37.75% interest in Black Family Partners, LP ("BFP") as of October 25, 201

d of the range from the studies. 350 Fifth Avenue, Suite 6115, New York, NY 10118 Tel: (212) 714-0122 empireval.com New York Rochester Boston West Hartford EFTA00619442 PRIVILEGED - ATTORNEY WORK PRODUCT - DRAFT Alan Halperin, Esq. May 10, 2016 Page 2 Empire selected 15% as the combined discount (

Empire's valuations of: (1) a 37.75% interest in Black Family Partners, LP ("BFP") as of October 25, 20

drawing partner, are subject to 350 Fifth Avenue. Suite 6115. New York. NY 10118 Tel: (212) 714.0122 empirevaLcom Ncw York • Rochester Boston West Hartford EFTA_R1_02076111 EFTA02702706 PRIVILEGED - ATTORNEY WORK PRODUCT - DRAFT Alan Halperin, Esq. April 27, 2016 Page 2 valuation by a qualified a