Confidential Empire Valuation Consultants, LLC DRAFT COPY - for Discussion Purposes Only VALUATION DATE: 6/4/15 PDF Compiled on 10/12/2015 EXHIBIT G-5 APOLLO OPERATING GROUP - TAX RECEIVABLE AGREEMENT BLACK FAMILY PARTNERS, LP AS OF JUNE 4, 2015 Effective Entity Ownership of Existing TRA Discount Rate (1) ($millions) 41.68% 10.0% Payment for Fiscal Year (2) Entity Pro Rata Share Days PV Factor Present Value of TRA Tax Benefit 2015 $0 210 0.95 $0 2016 $11,435,945 576 0.86 $9,839,001 2017 $18,019,385 941 0.78 $14,093,739 2018 $23,079,902 1,306 0.71 $16,410,716 2019 $15,824,219 1,671 0.65 $10,228,764 2020 $16,672,581 2,037 0.59 $9,794,846 2021 $19,113,952 2,402 0.53 $10,208,281 2022 $15,117,021 2,767 0.49 $7,339,655 2023 $5,194,638 3,132 0.44 $2,292,831 2024 $1,785,025 3,498 0.40 $716,069 2025 $613,385 3,863 0.36 $223,692 2026 $210,777 4,228 0.33 $69,879 2027 $72,429 4,593 0.30 $21,830 2028 $24.889 4,959 0.27 $6,818 2029 $8,552 5,324 0.25 $2,130 2030 $2,939 5,689 0.23 $665 $127,175,639 $81,248,916 Concluded Pro Rata Present Value of Existing TRA Benefit dividends $81,000,000 (1) Based on a review of: N 15 yr corporate bond yields (BB yield was 6.6% as of the Valuation Date): (1) Apollo Operating Group's cost of equity: and (iii) asset specific risk factors (2) Distribution of TRA Dividend received by Black Family Partners by April 15 of the subsequent year. E.g. Fiscal 2014 dividend will be received by April 15. 2015. EFTA01088295