Confidential Empire Valuation Consultants, LLC DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 6/4/15 PDF Compiled on 10/12/2015 EXHIBIT G-4 APOLLO OPERATING GROUP UNITS BLACK FAMILY PARTNERS, LP AS OF JUNE 4, 2015 Estimated Restricted TRA Value $229,236,500 Weighted Average Restriction Period (yrs.) 1.8 INPUT VARIABLES Unrestricted Block Value $229,236,500 Exercise Price $229,236,500 Estimated Term (years) 1.8 Volatility 30.00% Annual Rate of Quarterly Dividends 0.00% Continuously Compounded Risk Free Rate 0.66% Put Option Value $35,358,995 Discount Implied by Black Scholes Model 15.42% Selected Restriction Period Discount for TRA Value 15% EFTA01088294