FW: Date: Fri, 28 Mar 2014 14:11:26 +0000 Inline-Images: image002.png; image003.jpg Thank you. Regards, David David J. Thompson, CFA I Manager Empire Valuation Consultants. LLC 777 Canal View Blvd., Suite 200 Rochester, NY 14623 P: 585.475.9260 F: 585475.9380 Experience Excellence www.empireval.com _,EVC-25Yr- Ema

return so we can be official in moving forward. Thanks for your assistance. Best regards, Scott Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultants, LLC 350 Fifth Ave., Suite 6115 We have moved up to a new suite! New York NY 10118-5513 General: Direct: Experience Excellence www.empireval.c

ts we did for the GRATS in 2006. I look forward to meeting you next Friday. Best regards, Scott Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultants, LLC 350 Fifth Ave., Suite 5513 New York NY 10118-5513 General: Direct: Experience Excellence www.empireval.com Bio Pursuant to U.S. Treasury

ult in changes to our model. Please feel free to email or call if you have any questions. Thanks!! Jeffrey T Schultz p Senior Valuation Associate Empire Valuation Consultants, LLC 777 Canal View Blvd., Suite 200 Rochester. NY 14623 Experience Excellence Pursuant to U.S. Treasury regulations, any federal tax advice cont

mean an amount equal to the fair market value of a 34.53% limited partnership interest in the Partnership as of December 4, 2013, as determined by Empire Valuation Consultants. d. The words "In-Kind Annuity Amount" shall mean an amount equal to the Annuity Amount reduced by the Cash Distribution. 4. The Assignee is ent

mean an amount equal to the fair market value of a 34.53% limited partnership interest in the Partnership as of December 4, 2013, as determined by Empire Valuation Consultants. NO: USI:10362175v3 EFTA00601114 b. The words "Cash Distribution" shall mean the sum of Two Million Seventy-Five Thousand Two Hundred Forty-Nin

mean an amount equal to the fair market value of a 34.53% limited partnership interest in the Partnership as of December 4, 2013, as determined by Empire Valuation Consultants. d. The words "In-Kind Annuity Amount" shall mean an amount equal to the Annuity Amount reduced by the Cash Distribution. 4. The Assignee is ent

Confidential DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 6/4/15 Empire Valuation Consultants, LLC PDF Compiled on 10/12/2015 EFTA00604157

Confidential DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 6/4/15 Empire Valuation Consultants, LLC PDF Compiled on 10/12/2015 EXHIBIT G-5 EFTA00604156

mean an amount equal to the fair market value of a 37.75% limited partnership interest in the Partnership as of October 25, 2013, as determined by Empire Valuation Consultants. d. The words "In-Kind Annuity Amount" shall mean an amount equal to the Annuity Amount reduced by the Cash Distribution. 4. The Assignee is ent

an be official in moving forward. EFTA00626117 Thanks for your assistance. Best regards, Scott Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultants, LLC 350 Fifth Ave., Suite 6115 We have moved up to a new suite! New York, NY 10118-5513 General Direct: Experience Excellence Bio Original

rt/exhibits accurately reflect Phaidon Press Limited, then we will issue a final report. Thanks!! Jeffrey T. Schultz I Senior Valuation Associate Empire Valuation Consultants, LLC 777 Canal View Blvd., Suite 200 Rochester, NY 14623 tx enence txcenence From: Schultz, Jeff Sent: Tuesday, January 06 2015 11:07 AM To: Ri

17695C400—L8—Vid3 Confidential PDF Compiled Janaury 3, 2013 DRAFT COPY - For Discussion Purposes Only Empire Valuation Consultants, LLC CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP SuPPOR I PRO EXHIBIT CAPITAL ACCOUMT EIALANCG MARKET ADJUSTMENTS ADJUSTED BOO

ts you have. If you are missing any other than the AAA report, let me know. Best regards, Scott Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultants, LLC 350 Fifth Ave., Suite 5513 Experience Excellence www.empireval.com Bio From: Eileen Alexanderson Sent: Tuesday, November 13, 201 : To: Na

derson Subject: RE: Reports Yes, but better in afternoon. Pretty open now. Best regards, Scott Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultants, LLC 350 Fifth Ave., Suite 5513 New Yor 13 General: Direct: Experience Excellence www.emoireval.com Bio From: Eileen Alexanderson [mailto Se

, that it makes=sense to get a more formal valuation. Are they not willing to do a formal valuation? Scott Scott Nammacher - From the Road Cell- Empire Valuation Consultants, LLC From: Richard Joslin Sent: Tuesday, June 24, 2014 3:45 PM To: Nammacher, Scott; Thompson, David Subject: LDB 2011 LLC Items iii and iv.

LP, a Delaware limited partnership. The Taxpayer received no consideration from the Trust in return for his contribution. Based on an appraisal by Empire Valuation Consultants., a copy of which is attached as Exhibit G- I AP, on December 21, 2006 the gift tax value of the 30.35% limited partnership interest in Apollo Mana

the word document.=/o:p> Would you be so kind as to pass the document along? Thanks!! </=:p> Jeffrey T. Schultz I Senior Valuation As=ociate Empire Valuation Consultants, LLC Experience Excellence www.EmpireVal.com <http://www.empireval.com/> From: John Murphy imailto Sent: Thursday, November 20, 2014 3:50 PM To:

that it makes=sense to get a more formal valuation. Are they not willing to do a formal valuation? Scott Scott Nammacher - From the Road Cell: Empire Valuation Consultants, LLC 3 EFTA_R1_02169000 EFTA02718255 Front Richard Sent: Tuesday, June 24, 2014 3:45 PM To: Nammacher, Scott; Thompson, David Subject: LDB 201

to=our model. Please feel free to email or call if you have any questions.c:p> Thanks H </=:p> Jeffrey T. Schultz I Senior Valuation As=ociate Empire Valuation Consultants, LLC EFTA_R1_02175656 EFTA02719236 777 Canal View Blvd., Suite 200=/span> Rochester, NY 14623 p F: =/o:p> Experience Excellence www.EmpireV