Detailed Presentation - Residue to Charitable Lead Annuity Trusts - DRB survives LDB Overview of Estate Plan of Leon D. and Debra R. Black As of June 30, 2016 Apollo Global Management $15.15/Share Date: October 4, 2016 EFTA00299513

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan - 13.05% BFP Discount Family Assets as of June 30, 2016 Liquid Assets - investment Accounts U.S. Trust Cash $ 10,084,576 $ 7,925,092 $ 17,979,668 JPM Cash 830,360 6,202,631 7,033,000 Other 515,000 - 515,000 Marketable Secunties 1,809,925 1,809,925 Investments: Art, Bronzes and Rare Books* 2.225,325,875 2.225,325,875 AP Narrows LP 74,680,375 - 74,680,375 Friends Ventures LLC 12,500,000 - 12,500,000 GRAT Nos. 5 - 6 (16.64% of Black Family Partners)"* 276,693,842 276,693,842 Black Family Partners LP (63,64%)"* 1,088, 181,990 1,058,181,990 Other PE and Restricted Stock 11,269,542 11,269,542 Apollo Related investments 18,535,196 - 18,535,196 Publishing Retated 36,000 - 36,000 Awonetta LLC: (LOB 60.1%, DRB 49.9%) 6,638,250 6,611,750 13,250,000 BJAV Marine Lid. (Starfire) 12,000,000 . 12,000,000 Real Estate - Personal Jointly Owned Residences 52,401,000 52,401,000 104,802,000 Narrow's Road Parcet : 13,333,000 13,333,000 750 Meadow Lane 24,068,000 24,068,000 Receivables Vanous receivables 28,194,156 28,194,156 Tangible Personal Property Household Property 23,828,800 23,828,800 47,657,600 Jewelry : 67,887,000 67,887.00 Automonies 390.000 390.000 Total Personal Assets S$ 3,837,952,896 $ 178,189,273 $ 4,016,142,169 Sales TawOther Payables (3,178,989) . (3.178.969) Liability for tinal payment on Picasso (38,996,250) - (38,956,250) Loan payable-Bank of America (Art) (695,000,000) ° (695,000,000) Loan payable-Bark of Amenca (Avonetta Hidgs) (9,443,850) (9,406,150) (18,850,000) Loan payable-Bark of America (BJAV Manne) (18,925,000) : (18,928,000) Note Payable to BFP (47,125,000) - (47,126,000) Notes Payable to APO2 Declaration (835,508,333) ° (835, 506.333) Notes Payable to APO? Agreement (3,530, 126) - (3,530,126) Notes payable - to LOG 2011 LLC (528,912,000) (528,912,000) Notes payable - to LOB 2014 LLC (23,086,049) : 3,086,049) Total Personal Liabilities $ (2,200,666,697) $ (9,406,150) $ (2,210,071,747) Total Net Estate Assets Total Family Assets includes Art held in Narrows Holdings LLC, Narrow Holdings Il LLC & Pent Holdings, inc Based on AGM at $15. 15/share and 13.05% Discount See Appendix A.2 for details, Notes and Assumptions: See Appendix A, page 1 Page 1 of 13 EFTA00299514

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan Non-Includible Trust Assets as of June 30, 2016 APO-01 Declaration * (12.55% of Black Family Partners) $ 1,597,990,827 APN-B Trust 5,464,350 The Publishing Trust 37,721,810 APO1 Agreement 262,234,833 APO2 Declaration 840,872,237 Black 2011 Family Trusts (LDB 2014 LLC) * (7.17% of Black Family Partners) 222,482,896 1999 Life Insurance Trust #2 (second-to-die death benefit) 117,651,595 1992 Life Insurance Trust (second-to-die death benefit) 23,521,000 Mallory Trust 4,129,351 Black Family 1997 GST Exempt Trust 155.087 Total Trust Assets * Includes Black Family Partners based upon AGM at $15.15/share and a 13.05% discount. See Appendix A-2 for details. Page 2 of 13 EFTA00299515

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Estate Flow Chart Upon Leon's Death - DRB survives Executors: Debra Black, Barry Cohen and Richard Ressler Gross Estate Less: 1/2 Joint Residences 1/2 of Joint Residences Total Total Probate Estate 3,785,551,896 Last Will and Testament aritable Pledges Probate Estate $ 3,785,551,896 Administration Expenses (35,000,000; Charitable Pledges (56,062,092 Sales Tax / Other Payables (3,178,989)] Liability for final payment on Picasso (38,956,250) Amount owing to Bank of America Amount owing to Trusts Amount owing to Black Family Partners Residuary Assets Charitable Pledges (cash) Art Pledged to Museums Total $ 1,493,824,207 Tangibles Outright Bequest to Debra Trustees: Debra Black, Bary Cohen and Richard Ressler L. B. Revo » Trust Agreement 24,218,800 Residuary Assets: 1,493,824,207 Tangibles to Debra NY Estate Tax Federal Estate Tax Balance of Revocable Trust Residue see page 5 see page 5 Marital Trusts GST Exempt Marital Trust Non-Exempt Marital Trust: Art Black Family Partners LP - 63.64% GRAT Nos. 5 - 8 (BFP 16.64%) 276,693,842 750 Meadow Lane 24,068,000 Balance of Revocable Trust Residue 436,277,000 Total Marital Trust Assets 1,464,161,407 see page 8 . See Appendix A-2 for detais Page 3 of 13 EFTA00299516

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Estate Flow Chart Upon Debra’s later Death - LDB predeceased Trustees of Marital Trusts upon Debra's death Barry Cohen and Richard Ressler D a Black Marital Trusts (Under L. B. Revox Value of Marital Trusts Administration Expenses: Annuity for Jon Ressler GST Exempt Marital Trust to 97 Exempt Tr. Debra's GST Amount to 97 Exempt Tr. Lifetime Annuity Charitable Pledges (cash) for Jon Ressler Art Pledged to Museums 750 Meadow Lane to Heritage Trust Annuity $7,800,850 Liabilities $7,800,850 NY Estate Tax Federal Estate Tax Marital Trust Residue Residue Passes to CLATs Marital Trust Residue Added Upon Debra's Death: 1,358,749,653 . CLATS are funded with: Cash $s 5,000,000 0.3680% Black Family Partners LP (80.28%) 1,334,875,832 98 2430% at _18.873.821 1.3891% $s 1,358,749.653 100.0001% ' See "Notes and Assumptions” page, item #2 Page 4 of 13 Probate Property Last Will and Testament Gross Probate Estate Liabilities Administration Expenses Bequest to brothers Jewelry to Victoria Tangibles to Children NY Estate Tax Federal Estate Tax Residuary Estate Passes to Trusts for Children 254,809,073 109,073 EFTA00299517

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Estimated Estate Tax Calculations $ 3,837,952,896 Debra’s $ 1,718,970,480 Less Deductions: Less Deductions: Liabilities (2,200,665,597) Liabilities (9,406,150) Administration Expenses (35,000,000) Administration Expenses (5,000,000) Charitable Deduction (56,062,092) Charitable Deduction (1,390,706,653) Marital Deduction (1,540,781,207) Marital Deduction - Estimated New York Estate Tax (444,000) Estimated New York Estate Tax (49,684,000) Plus: Adjusted Taxable Gifts 5,450,000 Plus; Adjusted Taxable Gifts 5,120,000 Taxable Estate $ 10,450,000 Taxable Estate $s 269,293,677 Tentative Federal Estate Tax $ 4,125,800 Tentative Federal Estate Tax 107,663,300 Less Credits/Payments: - Less Credits/Payments: = Unified Credit (2,125,800) Unified Credit (2,125,800) Gift Taxes Paid : Gift Taxes Paid - Estimated Federal Estate Tax (@ 40%) $ 2,000,000 Estimated Federal Estate Tax (@ 40%) $ 105,537,500 Estimated New York Estate Tax (@ 14.8%) Estimated New York Estate Tax (@ 16%) Total Estate Tax Due Upon Leon's Death [52444000] Total Estate Tax Due Upon Debra's Death (G155227,500] Combined Federal Estate Tax] $ 107,537,500 Combined NY Estate Tax| Total Combined Federal & NY Estate Tax! Page 5 of 13 EFTA00299518

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Cash Needed to Pay Bequests, Debts, Expenses and Taxes Cash Needed - Leon's Estate Cash Reserve GST Bequest Administration Expenses NY Estate Tax Fed Estate Tax Charitable Pledges (cash) Sales Tax/Other Payables Liability for final payment on Picasso Loan payable-Bank of America (Art) Loan payable-Bank of America (BJAV Marine) Loan payable-Bank of America (Avionetta Hidgs) Cash Distributions to Trust Total Cash Needed - Leon's Estate Cash Needed - Marital Trust Administration Expenses Annuity for Jon Ressler Bequest of DRB GST Amount Charitable Pledges NY Estate Tax Fed Estate Tax Total Cash Needed - Marital Trust Cash Needed - Debra's Estate Administration Expenses Liabilities Bequest to brothers NY Estate Tax Fed Estate Tax Total Cash Needed - Debra’s Estate Page 6 of 13 4,000,000 7,800,850 1,276,404 13,000,000 11,112,700 23,336,800 1,000,000 9,406,150 38,571,300 | EFTA00299519

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Hypothetical Cash raise on Leon's Death - Leon's Estate Total Cash Needed to Pay Bequests, Expenses, Debts and Taxes Cash Used US Trust, JPM Accounts & Marketable securities 13,209,870 Reserve (5,000,000) GST Bequest (1,860,000) Administration Expenses (6,349,870) Assets Sold/Redeemed Investments 58,034,894 (Other PE and Restricted Stock, Apollo related investments, Publishing Related and Various Receivables) Administration Expenses (28,650,130) NY Estate Tax (444,000) Fed Estate Tax (2,000,000) Sales Tax/ Other Payables (3,178,989) Liability for final payment on Picasso (20,761 775) $0 Art - Includes Art held in Friends Ventures LLC 2,237 825,875 Cash from Sale of 50% interests in Art & Friends Ventures LLC 59,250,000 Proceeds from Additional Art Sold 1.132.390.167 Total Art Sold $ 1,191,640,167 Liability for final payment on Picasso (18,194,475) Bank of America loan (Art Loans) (695,000,000) Bank of America Loan (Avionetta Hidgs) (6,730,600) Charitable Pledges (40,438,092) Notes payable to APO2 Declaration (431 277,000) $0 Total Art Not Sold $ = 1,046,185,708 Yacht & Plane (50.1%) Proceeds from Sale of Plane 6,638,250 Proceeds from Boat Sale 12,000,000 Total Sale Proceeds $ 18,638,250 Bank of America loan (BJAV Marine) (15,925,000) Bank of America Loan (Avionetta Hidgs) (2,713,250) Page 7 of 13 13,209,870 1,268,313,311 EFTA00299520

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Hypothetical Distribution of Assets on Leon's Death - Leon's Estate Total Owed to Family Trusts / Entities Total Art Promised to Museums Total Assets to be Distributed Art Entities Distributed AP Narrows LP 74,680,375 Distributed Note payable to BFP (47,125,000) Distributed Notes payable to APO2 Declaration (27,555,375) $0 Art Distributed Art Not Sold 1,046,185,708 (Includes Art held in Narrow Holdings LLC, Narrow Holdings II LLC & Pent Holdings, Inc.) Distributed Promised Gifts to Museums (15,624,000) Distributed Notes payable to APO2 Declaration (376,675,958) Distributed Notes payable to APO1 Agreement (3,530,126) Distributed Notes payable to LDB 2011 LLC (528,912,000) Distributed Notes payable to LDB 2014 LLC (23,086,049) Total Remaining Art to Marital Trust $ 98,357,575 Total Assets Distributed Page 8 of 13 $ 1,438,161,508 15,624,000 EFTA00299521

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan Hypothetical Cash raise on Debra's Death - Marital Trust Total Needed to Pay Bequests, Expenses, Debts and Taxes $ 60,526,754 Less Notes Payable to Family Trusts/Entities 0 Total Cash Needed [s_ 60,526,754 | see page 6 Assets Sold Black Family Partners LP Interests 1,334,875,832 Total Sold Ss Black Family Partners LP Interests (80.28%) - remaining (to CLATs) $ 1,334,875,832 Art 98,357,575 Total Sold $ 60,526,754 Annuity for Jon (7,800,850) GST Bequest (1,276,404) Charitable Pledges (13,000,000) Administration Expenses (4,000,000) NY Estate Tax (11,112,700) Fed Estate Tax 2. Total Art - remaining $ 37,830,821 Art Distributed Balance of Art Not Sold $ 37,830,821 Distributed Promised Gifts to Museums (18,957,000) Remaining Art (to CLATs) $ 18,873,821 Page 9 of 13 EFTA00299522

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan Hypothetical Cash raise on Debra's Death - Debra's Estate Total Needed to Pay Bequests, Expenses, Debts and Taxes Cash Used US Trust Cash Account 7,925,092 JPM Cash/Marketable Securities 6,202,631 Avionetta Sale Proceeds 6,611,750 Total Cash $ 20,739,473 Administration Expenses (1,000,000) Total Remaining Available Cash $ 19,739,473 Residences Sold Sale Proceeds - 760 Park Avenue 29,000,000 Sale Proceeds - 750 Park Avenue 1,000,000 Sale Proceeds - Narrows Rd. 3 Parcels 39,999,000 Sale Proceeds - 766 & 3rd Parcel Meadow Lane 48,136,000 Total $ 118,135,000 Total Sales Proceeds plus Available Cash 137,874,473 Liabilities (9,406,150) Bequest to brothers (1,500,000) Federal Estate Tax (82,200,700) New York Estate Tax (38,571,300) Cash remaining $ 6,196,323 Total Cash Raised Page 10 of 13 20,739,473 118,135,000 (6,196,323) EFTA00299523

--=PAGE_BREAK=--

Detailed Presentation SUMMARY EFTA00299524

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 LDB Gross Estate 3,837,952,896 Marital Trusts 1,464,161,407 Family Trust Assets on 6/30/16 3,112,223,986 DRB Gross Estate 254,809,073 $ 1,718,970,480 Passing on DRB death Less: Less: Added to Trusts 33,400,727 Amounts owing to BofA (720,368,850) Liabilities (9,406,150) Passing Outright 115,934,600 Amounts owing to Trusts (1,391,036,508) Administration Expenses (5,000,000) Amounts owing to BFP (47,125,000) Charitable Pledges (Art) (18,957,000) Total Available [S—73267,559,313] Sales Tax/ Other Payables (3,178,989) Charitable Pledges (cash) (13,000,000) Liability for final payment Annuity Jon Ressler (7,800,850) on Picasso (38,956,250) Bequest to Brothers (1,500,000) Administration Expenses (35,000,000) Jewelry to Victoria (67,887,000) Charitable Pleges (56,062,092) To 97 GST Exempt Trust (3,136,404) Residences to Debra (52,401,000) Residence to Heritage Trust (24,068,000) Tangibles to Debra (24,218,800) Tangibles to Children (48,047,600) Fed and NY Estate Tax (2,444,000) Fed and NY Estate Tax (155,221,500) Estate Residue to Trusts Residue to Marital Trust $ 1,464,161,407 for Children (6, 196, 323) To CLATs $ 1,358,749,653 Page 12 of 13 EFTA00299525

--=PAGE_BREAK=--

Leon D. and Debra R. Black Overview of Estate Plan Distributions to Chikiren and Family Trusts Upon Lean's/Debra's Death Osentw Proesnns Benjamin £ Mack Montage and Legacy Trust ‘Trust for Lite APO-1 Dectaration Trust for Life APN-B Trust Trust for Life The Pubsisting Trost Trust for Life APO! Agreement Trust for Lite APO? Oectarwton Trust for Lite ‘Black 2011 Favmsty Trane Trust for Lite 1980 insueance Trust #2 ‘Trust for Lite , 1992 instance Trust Trust unt age 45 1997 GST Exempt Trust ‘Trust for Life Matory Trust ‘Trust for Life Tangittes Outight bem Debra’s Estate Ouanight Reesituary Trust tor Chichen tom Debea's Estate Trust unt age 45 Joshua M Biock Montage and Legacy Trust Trust for Lie APO-01 Dectaraton ‘Trust for Lite APN-B Trust ‘Trust for Lite ‘The Pubtsting Trust Trust for Life APO! Agreement ‘Trust for Life APO? Deciaraton Trust for Life {Black 2011 Famty Trot Trust for Life 1989 insurance Trust #2 Trust for Lite 1982 nsusance Trust Trust unt age 4 1997 OST Exempt Trt ‘Trust for Ute Matory Trust Trust tor Lie Tangiies Qubight bom Debra’s Estate Oma Residuary Trust tor Chichen trom Debra's Estate ‘Trot unt age 45 Alexander 8. Black Hostage and Legacy Trust Trust for Ute ‘APO-01 Declaration Trust for Lite APN Trt Trust for Lie ‘The Putiiaiing Trust Trust for Lite APO! Agreement ‘Trust for Lite APO2 Deciaraton ‘Trust for Lite Black 2011 Favmaty Trust Trust for Lite 1989 insurance Trust #2 Trust for Lie 1982 Insueanice Trust ‘Toast ntl age 45 1997 GST Exempt Trust ‘Trust for Lite Matory Trust ‘Trust for Lite Tangtstes Oumrightt ram Debew's Estate Outright Ronsetusry Trust tor Chacren fom Debra’ Estate Trust unl age 45 Victoria R. Black Hastage and Legacy Trust ‘Trust for Lite APO-01 Dectaration ‘Trust for Lite APNE Tone Trust for Lite The Putiiniing Trest ‘Trust for Lite ABON Agreement ‘Trust for Lite APO? Dectaration Trust tor Ute Black 2011 Faemsity Trust Trust for Lite 1999 insurance Trust #2 Trust for Ute 1992 insuance Trust ‘Trust unt age 45 1997 GST Exemgt Trsst Trust for Lite Masory Teust Trust for Lite Tangibtes Outsight trom Detea’y Estrin Outright Jewelry Outright Rewdwary Trust for Chibdren hom Outra's Estate ‘Yount unt age 45 * Does mot inctude projected CLAT remainders. Upar Leoos woe “eo oe wee oe Upan Oebra’s 6.017,000 29.412,600 $880,250 784,101 12,011,900 1548.08 Lilanme Panning awe wwee “wwe “eo oeue ‘390,497,707 9.430453 65,558,706 210.218,059 95.620,72¢ mz 1.032.398 290,487,707 9.490453 65.998, 706 270.218.0850 55,620,724 38772 103.28 299,487,707 9.420.452 65.568,706 200.218,.050 99.620,724 Page 13 of 13 EFTA00299526

--=PAGE_BREAK=--

APPENDIX A Overview of Estate Plan of Leon D. and Debra R. Black As of June 30, 2016 EFTA00299527

--=PAGE_BREAK=--

Notes and Assumptions py = wo - Leon and Debra are presumed to die on June 30, 2016 with Leon immediately predeceasing Debra. Debra's Will currently leaves her jewelry to (i) each female descendant of her mother, Dorothy Ressler, and (ii) each wife of a male descendant of Dorothy. We anticipate that the Will be amended to provide that the jewelry will go entirely to Victoria. . Administration expenses are assumed to be $35 million in Leon's estate and $5 million in Debra's estate, which is allocable $1 million to Debra’s probate estate and $4 million to the Marital Trust. 4. 40% of expenses to run the family office are allocable to Leon's estate. The remainder is allocable to the Trusts. 5. Valuation discounts totaling 13.05% are applied to the value of Black Family Partners, L.P. ("BFP") interests, which are 10. 11. 12. valued based upon a $15.15 per share stock price for AGM, which was the mean price on 6/30/16. . The value of GRAT Nos. 5-8 are included in Leon's estate for estate tax purposes but the GRATs continue for their terms. The amount included (and the value of the annuity payments to be received by the Marital Trust) are assumed to equal the discounted fair market value of BFP interests held in the GRATs on 6/30/16. It is also assumed that all annuity payments are made to the Marital Trust on Leon's death (rather than over the remaining GRAT terms). . For the $500,000 per year lifetime annuity calculations, Jon Ressler is assumed to be age 62 (with a life expectancy of 20 years) and the June 2016 Section 7520 rate of 1.8% is used. 100% charitable deduction is assumed for fractional interests in art pledged to museums. Charitable pledges of cash payable at Leon's death are assumed to include pledges made by the Leon Black Family Foundation. Charitable pledges of cash payable on Debra's death include her joint pledges with Leon, It is assumed that on Leon's death (i) Ronald Lauder will purchase Leon's 50% interest in Friends Ventures LLC (which owns the Schwitters: Ja-Was?-Bild) for $12,500,000, and (ii) the Neue will purchase Leon's 50% interest in two Kirchner works (Berliner Strassenszene and Stehendes Madchen, Karyatide) for $26,750,000, and in the Beckman: Self-Portrait with Horn for $20,000,000. Approximately $140 million of life insurance will be payable to the trusts at the death of the survivor, The plan assumes that the entire residue of the Marital Trust will pass to two zero-out CLATs. The presentation shows separate trusts, such as the Heritage and Legacy Trust, APO-01 Declaration, the Publishing Trust, APO1 Agreement and APO2 Declaration. It is anticipated that, over time, some of these trusts will be consolidated. Appendix A - 1 EFTA00299528

--=PAGE_BREAK=--

Black Family Partners - Financial Inventory as of June 30, 2016 Assets Cash U.S. Trust Cash Account JP Morgan Cash Account BRH Holdings, LP (48.2%) AOG Units (92,727,166 Units @$15.15) Tax Receivable Agreement Financial Investments Marketable Securities AP Alternative Assets LP (AAA-AS) - $31.56 Apollo Related Investments Private Equity and Restricted Stock Investment Partnerships Receivables Receivable - Loan to PLB Receivable - Loan to Leon Heritage Receivable Other Receivables Total Assets (Undiscounted) Total Liabilities Net Value (undiscounted) Net Value with 13.05% DISCOUNT 63.64% owned by LDB $ 1,346,990 208,990 1,404,816,565 240,376,536 808,750 120,983,391 24,648,021 67,343,319 3,206,212 47,184,708 127,695 1,242,851 $ 1,912,294,028 1,058,181,990 16.64% owned by GRATs 5-8 276,693,842 12.55% owned by APO-01 208,670,333 07.17% owned by LDB 2014 LLC 119.193.491 Appendix A - 2 EFTA00299529

--=PAGE_BREAK=--

Estate Cash Flow Overview of Estate Cash Flow as of June 30, 2016 Hypothetical Dividend Income & Cash Flow Assumptions: AOG units owned by BFP: Percentage of BFP owned by LDB & GRATs Indirect AOG units owned by LDB & GRATs Annual Interest Payable on Promissory Notes Annual Interest Payable on Art Loans Interest on cash balance 2016/ Qtr: Estimated Dividend Rate: 0.37 0.31 0.65 0.66 $ $ uuu ww Opening Cash Balance 10,054,576 $ wunmn ww 92,727,166 80.28% 74,441,369 (36,057,784) (12,800,000) 1.0% 27,543,306 23,076,824 22,332,411 25,310,065 29,776,548 60,297,509 48,386,890 49,131,303 wvuvuw Appendix A-3 Interest Expense on Promissory Notes $ (9,014,446) $ (9,014,446) $ (9,014,446) $ (9,014,446) $ (9,014,446) $ (9,014,446) $ (9,014,446) $ (9,014,446) $ $ vvuvw uw USES Interest Expense on Art loans (3,200,000) (3,200,000) (3,200,000) (3,200,000) (3,200,000) (3,200,000) (3,200,000) (3,200,000) $ $ vuuuw vw Distribution to Marital Trust (25,483,982) (10,862,378) (10,117,965) (13,095,619) (17,562,102) (48,083,063) (36,172,444) (36,916,857) vvwe EFTA00299530