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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")

p Interest, Security, or Intangible Asset. 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 34.53% limited partnership interest in Black Family Partners, LP is reasonably stated as $780,0

ibit N: Option Pricing Method Overview Analysis Black-Scholes Model Black-Scholes Model Assumptions A

ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV

ibit N: Option Pricing Method Overview Analysis Black-Scholes Model Black-Scholes Model Assumptions A

ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV

ibit N: Option Pricing Method Overview Analysis Black-Scholes Model Black-Scholes Model Assumptions A

ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV