CASH FLOW JULY 7 2015 R JOSLIN BFP PLANE BOAT TAXES MIAMI ART LOAN LEGAL ART BFP BFP BFP FAMILY OFFICE (BFP) COST SHARING APO1 APO1 APO 2 APO2 ASSUMPTIONS APOLLO DISTRIBUTIONS BASED ON JUNE ESTIMATES FROM APOLLO FINANCE AUG $0.40 NOV $0.33 FEB '16 $0.58 70 HOURS OF REIMBURSEMENT/ CHARTER FROM APOLLO CHARTERS IN SUMMER AND DECEMBER TO MOSTLY DEFRAY OPERATING COSTS FROM JULY TO DEC INCOME TAXES BASED ON JUNE APOLLO TAX ESTIMATES ASSUME $500K OF FURNISHINGS JUL - DEC GAGOSIAN OCT INSTALLMENT FUNDED BY BALANCE OF ART LOAN AVAILABLE PLACEHOLDER OF $750K FOR 2014 PW LEGAL PRINTS ACQUISITION OF $35 MILLION NOT REFLECTED KNOWLEDGE UNIVERSE SALE OF PROPCO IN DEC 2015 $7 MILLION KNOWLEDGE UNIVERSE - RELEASE OF LEGAL FEE ESCROW $1.8 MILLION DEC 2015 REPAYMENT OF PHAIDON GLOBAL LOANS BY DEC 2015 - $10.55 MILLION NEW LABOR COSTS ARE GUESSTIMATE TRUST COST SHARE OF FAMILY OFFICE NOT REFLECTED APO 1TO REPLAY BFP FOR PHAIDON BORROWING APO 1 TO FUND DISTRIBUTION TO BEN OF $3.2 MILLION ASSUME NO FURTHER FUNDING OF SH MEADOW FUNDS FUTURE PUBLISHING COSTS EFTA00295586

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SUMMARY OF CASH FLOW - BLACK FAMILY ACTUAL JAN+MAY AND PROJECTED JUN - DEC FY 2015 JUN 25 2015 INFLOWS DISTRIBUTION FROM BFP LP (INCI. APO) NET DISTRIBUTION FROM GRATS INFLOWS - INVESTMENTS TIMBER 101 WARREN ST AZ PROPERTY K-12 INC LOAN CASCADE - PARTIAL WITHDRAWL KNOWLEDGE UNIVERSE - LIQUIDATION REDEMPTION - APOLLO VIF DISTRIB - APOLLO CO-INVESTORS VI DISTRIB - 107 PORTFOLIO DISTRIB - FOIL DIVIDENDS/ INTEREST INFLOWS - OTHER ARTLOAN MISC TOTAL INFLOWS OUTFLOWS - INVESTMENT CAPITAL CALL - FCI CAPITAL CALL - COF CO-INVEST Ill CAPITAL CALL - ATHENE CAPITAL CALL -CURATION MEDIA INVESTMENT - ARCADIA BEACON II ARTSPACE PHAIDON PRESS REGAN ARTS MISC OUTFLOWS - PERSONAL PERSONAL - LEISURE ET AL RESIDENTIAL+LABOR MS DISBURSEMENTS ART & COLLECTIBLES TOWNHOUSE - CONSTRUCTION SH MEADOW - CONSTRUCTION & EXP MIAMI PROPERTY BOAT PLANE FAMILY OFFICE BOFA - ART LOAN INTEREST ART EXPENSE - CONSULTANTS/ INSURANCE LEGAL & ACCOUNTING CHARITY IRS-2014 IRS-2015, NYS/ CA IA TAX-2014 NYS/ CA/ IA TAX-2015 USE TAX ADVISORY/ TRUSTEE FEE Misc TOTAL OUTFLOWS NET IN (OUT) BEFORE INTRA-FAMILY INTRA FAMILY LOANS - DRB/ PUBLISHING INTRA FAMILY LOANS - BFP/ PHAIDON GLOBAL INTRA-FAMILY TRANSFERS - AP NARROWS CLASS B INTRA-FAMILY TRANSFERS - TRUST DISTRIB - ORB INTRA-FAMILY TRANSFERS - INT ON DEBT INTRA-FAMILY TRANSFERS - REIMB CORP DISTRIB - DRB PROD TRUST DISTRIB - BEN/ JOSH/ ALEX/ TOTAL INTRA-FAMILY NET IN (OUT) CASH BALANCE - OPEN CASH BALANCE - END Los NARROWS 25,574,199 153,308,781 1,410,497 96,000,000 7,906,205 285,288,242 (6,041,341) (5,212,966) (3,709,524) {124,639,453} (2,896,653) (2,205,787) (4,852,003) (7,476,359) (2,457,520) (2,090,591) (22,574,804) (27,758,151) (13,211,849) (20,363,201) (8,481,799) (2,964,878) (3,364,800) (259,301,679) 25,986,563 1,450,000 2,000,000 10,000,000 (27,325,266) (3,233,550) 560,000 (16,548,816) 9,437,747 30,188,407 39,626,154 BFP LP (254,676) 15,533,493 1,524,867 10,000,000 12,733,826 5,801,604 3,846,838 633,473 2,318,540 52,137,965 (5,898,532) (5,015,073) (41,600,000) (1,300,000) (5,915,000) (20,000) (2,592) (60,116,762) (7,978,798) 16,549,733 16,605,633 8,626,836 18,117,257 26,745,227 apol LDB 2011 LLC LBF HOLDINGS 1,138,503 3,521,661 (3,223,286) {4,415,347} (268,172) {38,938} {3,930,023} (18,838,633) (15,316,972) (1,000,000) {16,549,733} (2,000,000) 25,776,658 3,233,550 {3,200,000} 6,260,475 (9,056,497) 31,034,116 21,977,583 APO? 25,747,696 4,061,810 503,199 30,312,706 (2,481,556) (340,000) (2,150,000) (206,000) (33,070) (244,063) (59,119) (20,026,965) 10,285,740 (451,000) (20,000,000) (17,802) (114,000) (10,582,802) (297,062) 13,545,853 13,248,792 LDB 2014 LLC 14,707,208 7,077 14,714,285 (5,041,784) 9,672,501 9,672,501 9,783,100 19,455,601 GRATS 139,135,273 (153,308,781) (14,173,508) (14,173,508) (14,173,508) 14,352,720 179,212 TOTAL 204,909,700 15,533,493 4,061,810 1,410,497 1,524,867 10,000,000 12,733,826 5,801,604 3,846,838 1,088,560 1,760,525 1,263,183 96,000,000 11, 371,801,350 (5,898,532) (5,015,073) (41,600,000) (1,300,000) (5,000,000) (2,481,556) (2,040,000) (6,800,000) (979,432) (6,041,341) (5,212,966) (3,709,524) (127,865,896) (6,312,000) (5,760,000) (8,750,000) (2,205,787) (4,852,003) (5,915,000) (7,476,359) (2,931,692) (2,224,383) (22,574,804) (27,758,151) (13,211,849) (20,363,201) (8,481,799) (7,138,964) (3,425,511) (363,325,823) 8,475,527 (1,000) (1,520,510) 560,000 (3,314,000) (4,265,510) 4,210,017 117,021,452 121,232,569 EFTA00295587

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SUMMARY OF CASH FLOW - BLACK FAMILY ACTUAL JAN-JUN AND PROJ JUL - DEC FY¥ 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 JAN FEB MAR APRIL May JUN JULY AUG SEP oct Nov DEC TOTAL JUN 25 2015 INFLOWS DISTRIBUTION FROM BFP LP (INCI. APO) 79,745,361 26,873,579 30,599,965 : : 37,090,866 - : 30,599,965 - 204,909,735 INFLOWS - INVESTMENTS TIMBER 15,694,938 (161,446) - - : : - : - : - - 15,533,493 101 WARREN ST 4,061,810 - 4,061,810 AZ PROPERTY 1,410,497 : : : : : : - - 1,410,497 K-12 INC : 857,630 : 967,237 : : . : - 1,524,867 LOAN CASCADE - PARTIAL WITHDRAWL 10,009,000 - - : - : - : : 10,000,000 DISTRIB (LP) - WOLFENSOHN : - - 480,091 : : : . : : - - 480,091 KNOWLEDGE UNIVERSE - LIQUIDATION : - - - 3,933,626 : - : - : - 8,800,000 12,733,826 REDEMPTION - APOLLO VIF : : - - 5,801,604 : - : : : : - 5,801,604 DISTRIB (LP) - 107 PORTFOLIO LP 468,196 : 620,962 : : : : : - : - - 1,088,560 DISTRIB - APOLLO CO-INVESTORS VI : - 2,194,661 : 1,712,177 : : - : - - 3,846,838 DISTRIB - FCI! 402,631 - 357,894 - : : - : - : - 1,000,000 1,760,525 DIVIDENDS; INTEREST 270,172 1.286 1,504 423,161 34,894 383 266,287 : - 265,516 : - 1,263,183 INFLOWS - OTHER ART LOAN 9,000,000 5,000,000 - - 23,000,000 34,500,000 : : - 24,500,000 : - 96,000,000 Misc 245,849 453,900 1,713,501 611,169 46,882 732,994 395,541 6,632,380 4,665 50,165 4,665 4.865 11,386,355 TOTAL INFLOWS 41,654,095 85,039,101 2,693,261 «30,522,660 «64,364,801 36,945,554 1,623,045 43,723,226 4,665 24,815,681 30,604,630 9,804,665 371,801,385 OUTFLOWS - INVESTMENT CAPITAL CALL - FCI II (192,874) (1,526,919) - - (1,285,826) (842,913) - : {1,125,000} : (1,125,000) - (5,898,532) CAPITAL CALL - COF CO-INVEST Ill (284,874) - (59.237) (598,721) : (909,823) (662,418) (500,000) (500,000) (500,000) (00,000) (500,000) (5,015,073) CAPITAL CALL - ATHENE : - - (41,600,000) : : : - : : - (41,600,000) CAPITAL GALL -CURATION MEDIA : - - (650,000) : (225,000) (325,000) : - (1,300,000) INVESTMENT - ARCADIA BEACON tt : - - - (2,010,000) : - {2,000,000} : (890,000) (5,000,000) ARTSPACE : - (350,000) (900,000) (6,556) : (975,000) : (250,000) - - (2,481,556) PHAIDON PRESS : : : : (1,700,000) : - : (340,000) : - (2,040,000) REGAN ARTS : (1,750,000) : (2,900,000) : - (2,150,000) : . . ° (6,800,000) Misc (436,711) - (132,171) (160,550) : - (250,000) - : : - (979,432) OUTFLOWS - PERSONAL PERSONAL - LEISURE ET AL (538,293) (725,549) (487.979) (440,520) (797,000) (468,000) (406,000) (408,000) (481,000) (408,000) (406,000) (481,000) (6,041,341) RESIDENTIAL: LABOR (222,081) (465,812) (372.471) (582,648) (364,604) (726,523) (446,438) (446,438) (396,438) (396,438) (396,438) (396,438) (5,212,986) MS DISBURSEMENTS : : (907,155) - : (1,002,389) - : (800,000) : : (900,000) (3,709,524) ART & COLLECTIBLES (11,311,683) (7,257,606) (1,012,815) (5,615,385) (23,247,584) (43,970,822) - (6,500,000) - (28,750,000) - (127,865,896) TOWNHOUSE - CONSTRUCTION : - - (1,000,000) : : (1,625,000) : {2,750,000} : (837,000) (6,312,000) SH MEADOW - CONSTRUCTION & EXP (700,000) - (2,500,000) - (2,500,000) - - : (60,000) (5,760,000) MIAMI PROPERTY . : - - : : (250,000) : : (280,000) : (8,250,000) (8,750,000) BOAT (105,787) (105,000) (450,000) (105,000) (405,000) (105,000) (155,000) (155,000) (155,000) (155,000) (155,000) (155,000) (2,205,787) PLANE : (258,349) (911.255) (420,144) (624,331) (171,934) (428,000) (428,000) (428,000) (428,000) (428,000) (428,000) (4,852,003) FAMILY OFFICE (270,000) (531,000) (411,000) (511,000) (446,000) (546,000) (449,000) (540,000) (540,000) (557,000) (557,000) (557,000) (5,915,000) BOFA - ART LOAN INTEREST : : (1,701,084) - : (1,797,291) : : (1,962,938) : : (2,015,047) (7,476,358) ART EXPENSE - CONSULTANTS! INSURANCE —_(176,429} (225,016) (145,968) (244,621) (128,102) (875,610) (197,509) (101,383) (447,383) (186,883) (101,383) (101,383) (2,931,682) LEGAL & ACCOUNTING : (472,092) (447,621) (48,341) (83,672) (2.658) (900,000) : (150,000) : - (150,000) (2,224,383) CHARITY (15,000) (25,000) (487.250) (638,500) (2,250,000) (199,054) (10,000) (10,000) {4,010,000} (10,000) (10,010,000) (4,910,000) (22,874,804) IRS-2014 (21,000,000) - - (6,758,151) : : - : - : - - (27,788,151) IRS-2015 : - - (4,081,849) : (4,500,000) : : {4,850,000} : : - (13,211,849) NYS! CAV IA TAX-2014 (15,470,000) - - (4,893,201) : : - : - : : - (20,363,201) NYS! CAV IA TAX-2015 : - - (2,606,799) : (2,800,000) - : {3,075,000} : : - (8,481,799) USE TAX (8,756) - - (6,030,330) - (1,039,878) - : : : - - (7,138,964) Misc (245,472) (239,759) (704,738) (271,609) (139,332) (940,144) (406,266) (135,772) (262.204) (26,782) (28,782) (26,782) (3,425,641) TOTAL OUTFLOWS (50,977,960) (11,830,095) (12,698,591) (78,369,187) (36,418,558) (63,521,018) (7,235,631) (11,622,593) (23,832,963) _(32.286,103) (13,705,603) (20,857,650) (363,325,953) NET IN (OUT) BEFORE INTRA-FAMILY (9,323,865) «73,209,006 (10,005,330) (47,846,527) 27,946,243 (26,575,464) (5,606,586) 32,100,633 (23,828,298) (7,440,422) «16,899,027 (11,052,985) 6,475,432 LY LOANS - DAB! PUBLISHING : - (1,000,000) 999,000 : : : : : - (1,000) CORP DISTRIB - DRE PROD 560,000 - - - : : - : - : - - 560,000 TRUST DISTRIB - BEN! JOSH (9,500) (9.500) (8.500) (9,500) (9,500) (9.500) (3,208,500) (8,500) (9.500) (9,500) (9,500) (9.500) (3,314,000) 2A-FAMILY 550,500 (9.500) (7,009,233) 6,989,233 19,500) (7,520,010) (3,208,500) (9,500) (9,500) (2,500) (9,500) (9,500) (4,265,510) NET IN (OUT) (8,773,365) «73,199,506 (17,014,563) (40,857,294) «27,936,743 (28,095,473) (8,816,086) 32,091,133 (23,837,798) (7,449,922) 16,889,527 (11,062,485) 4,209,922 END OF MONTH CASH 117,021,452 108,248,088 181,447,594 164,433,031 123,575,737 «181,512,480 123,417,006 114,600,920 146,692,053 122,884,255 118,404,333 132,293,860 121,231,375 EXCLUDES DESCENDANT'S TRUSTS EFTA00295588

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LEON & (I BLACK PROJECTED CASH FLOW FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 Fy 2015 FY 2015 FY 2015 Fy 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 ACTUALJAN - JUN; PROJECTED JUL - DEC 2015 JAN 1-15 JAN 16 - 31 APRIL1-15 APRIL 16-30 TOTAL PREPARED BY R JOSLIN JAN JAN FEB MAR APRIL APRIL may JUN JULY AUG Sep oct Nov DEC NET INFLOW JUN 26 2015 PAYMENT DATE: BFP/ GRAT 1/9/2015 1/24/2015 2/27/2015 3/3/2015 4/15/2015 4/24/205 5/7/2015 6/3/2015 7/24/2015 8/28/2015 9/3/2015 10/24/2015 11/28/2015 12/3/2015 INFLOWS LOAN REPAYMENT - ARTSPACE - DRB OTHER REFUNDS/ RECEIPTS “TOTAL INFLOWS 19,033,042 30,647,741 5,418,002 46,731,402 1,451,324 17,234,951 23,034,821 70,020,424 5,685,665 5,545,227 22,393,665 26,356,446 3,968,855 20,590,665 298,112,229 OUTLOWS FURNITURE ET AL : URI/SIRI OPTION - PROFIT DISGORGEMENT TO APOLLO LEGAL & ACCOUNTING - CURRENT (447,621) (48,062 (1,75! (150,000) (150,000); (150,000); (947,433) NYS/ CA/ IA INCOME TAX - 2015 USE ET AL TAX Dee (21,456,164) (27,616,439) (9,130,094) (14,301,094) (23,964,421) (14,150,370) (27,835,816) (62,190,997) (3,312,353) (1,675,093) (24,264,745) (30,266,103) (11,516,103) (16,751,578) (288,431,369) NET IN(OUT)}FLOWS (2,423,122) 3,031,301 (3,712,092) 32,430,308 (22,513,097) 3,084,582 (4,800,994) 7,829,427 2,373,312 3,870,133 (1,871,080) (3,909,658) (7,597,248) 3,839,087 9,680,859 CASH BALANCE 27,308,712 30,340,013 26,627,921 59,058,230 36,545,132 39,629,714 34,828,720 42,658,147 45,031,459 48,901,592 47,030,512 43,120,855 35,573,607 39,412,694 EFTA00295589

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LEON & QR BLACK PROJECTED CASH FLOW FY 2015 FY 2015 ACTUALJAN - JUN; PROJECTED JUL - DEC 2015 JAN 1-15 JAN 16 - 31 PREPARED BY R JOSLIN JAN JAN PERSONAL veces (20,000) (518,293) TPS - PERSONAL TPS - CREDIT CARD MISC - MS DISBURSEMENTS PETTY CASH - LDB DUES - GOLF ET AL KNICKS - FIFELD MELANIE TRUSTEE FEE AMEX - LDB LDB - APOLLO REIMBURSEMENT GIFT - RELATIVE SUPPORT - CHILDREN SUPPORT - CHILDREN - RENT AIPAC - LOBBYING 501 (C)(4)/ POLITICAL - 3840 501 (C)(4)/ POLITICAL - 6273 MEMBERSHIP FITNESS RESIDENTIAL + LABOR HOUSEHOLD LABOR TPS RESIDENTIAL PAT 70 LLC (0945) BV 70 LLC (0945) MAINT & LANDS - COOPER MAINT & LANDS - KRUPINSKI - 0945 MAINT & LANDS - KRUPINSKI - 3840 MAINT & LANDS - KRUPINSKI - 6273 MAINT & LANDS - LUPINO MAINT & LANDS - MARDERS RESIDENTIAL - LIGHTING - 3840 RESIDENTIAL - LIGHTING + OTHER 760 - 6273 RESIDENTIAL - FRANK & LINDY - BEDFORD 0945 CONSTRUCTION - KRUPINSKI - 766 MEADOW MISC OUTFLOWS SERVER - IT - LOB SHARE TPS - MSIC MISC OUTFLOW MISC OUTFLOW - 0945 MISC OUTFLOW 6273 INTEREST BANK FEES EMPIRE VALUATION - INVOICE PECONIC ENVIRONMENTAL CSC FEE MCMT TAX FTB - NOTICE - SEE REFUND LDB TRANSFER TO BFP - HERITAGE/ INTEREST INTERCO- LDB 2014 LLC INTEREST PERSONAL, RESIDENTIAL, OTHER Fy 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 APRIL 1-15 APRIL 16-30 TOTAL FEB MAR APRIL APRIL MAY JUN JULY AUG SEP oct NOV DEC NET INFLOW (30,000) (410,520) _ (466,000) (406,000) (406,000) } EFTA00295590

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LEON & EN BLACK PROJECTED CASH FLOW ACTUAL JAN - JUN; PROJECTED JUL - DEC 2015 PREPARED BY RJOSLIN FINE ART DELALANDE - CANES KAPOOR - FOLD PONTORMO - FINE ART MIERIS/ RUBENS - CHRISTIE'S LUXURY CATALOG - RARE BOOKS GISELLE CROES GEOFFREY DINER GALLERY MAGNAN METZ GUTTMAN - FRAMING A.BLOEMAERT - HEAD AND ARM T & R OAKES - KELLY'S SLOUGH CROWN FINE ART KUNSTHANDLUNG HELMUT DE BAYSER - COYPEL KITA - IRON KNIFE UECKER ELLSWORTH MICHAELANGELO BRONZES GISELLE CROES JEWELRY RARE BOOKS SHAKESPEARE FOLIO Screenplay - The GodFather NUREMBURG CHRONICLE FURNITURE ET AL FLOOR LAMPS - ADNET PHILLIPS - HOFFMAN/ JEANERET/ PONTI FURN. BOILLY - SOTHEBY'S LAMB - STOOLS FINE ART, RARE BOOKS, BRONZES ET AL FY 2015 Fy 2015 FY 2015 F¥ 2015 FY 2015 FY 2015 Fy 2015 FY 2015 F¥ 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 JAN 1-15 JAN 16-31 APRIL 1-15 APRIL 16-30 TOTAL JAN JAN FEB MAR APRIL APRIL MAY JUN JULY AUG SEP oct NOV DEC NET INFLOW £ 381342) (163,313) EFTA00295591

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LDB & NARROWS ACTUAL JAN - JUN, PROJECTED JUL - DEC 2015 PREPARED BY R JOSLIN JUN 25 2015 JAN ART - ADVISORY (DH) (28,083) ART - ADVISORY (GG) - ART - ADVISORY (CM) - ART - ADVISORY (DH EXP) (7,983) ART - ADVISORY (SUBLIME) (25,000) ART - SHIPPING (43,098) ART - CONSERVATION (7,295) ART - INSURANCE - ART - LEGAL (20,000) ART - HANDLING (31,502) ART - PHOTOG (13,467) ART - MISC - ART - FRAMING - ART -RESEARCH BOOKS : (176,429) FEB (28,083) (16,000) (6,478) (25,000) (41,306) (1,607) (3,457) (6,188) (30,567) (158,684) MAR (28,083) (4,800) (25,000) (5,936) (750) (15,147) (4,431) (84,148) APR (28,083) (64,000) (75,000) (26,893) (25,000) (5,215) (4,568) (275) (800) (14,762) (25) (244,621) MAY (28,083) (9,324) (25,000) (30,369) (4,240) (1,188) (4,841) (25,057) ART EXPENSES JUN (28,083) (11,164) (25,000) (2,523) (19,179) (748,495) (10,577) (5,866) (11,967) (5,257) (7,500) JUL (28,083) (48,000) (37,500) (8,300) (25,000) (25,000) (5,000) (10,476) (2,500) (150) (7,500) AUG (28,083) (8,300) (25,000) (25,000) (5,000) (2,500) (7,500) SEP (28,083) (8,300) (25,000) (25,000) (5,000) (2,500) (7,500) oct (28,083) (48,000) (37,500) (8,300) (25,000) (25,000) (5,000) (2,500) (7,500) NOV (28,083) (8,300) (25,000) (25,000) (5,000) (2,500) (7,500) DEC (28,083) (8,300) (25,000) (25,000) (5,000) (2,500) (7,500) TOTAL (337,000) (176,000) (150,000) (116,442) (300,000) (278,447) (61,042) (748,495) (45,568) (41,713) (73,800) (20,891) (30,567) (77,557) (101,383) (2,457,520) (128,102) (875,610) (197,509) (101,383) (101,383) (186,883) (101,383) EFTA00295592

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PROPERTY TAX AND INSURANCE LEON & QJ BLACK PROJECTED CASH FLOW FY 2015 FY 2015 FY 2015 F¥ 2015 FY 2015 Fy 2015 FY 2015 Fy 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 ACTUALJAN - JUN; PROJECTED JUL - DEC 2015 JAN 1-15 JAN 16 - 31 APRIL1-15 APRIL 16-30 PREPARED BY R JOSLIN JAN JAN FEB MAR APRIL APRIL May JUN JULY AUG SEP oct Nov DEC SROPeeTy a beeen Er : 760 Park Ave/ 750 Park Ave. EFTA00295593

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LEON & DEBRA BLACK PROJECTED CASH FLOW ACTUALJAN - JUN; PROJECTED JUL - DEC 2015 PREPARED BY R JOSLIN CASH - DEBRA -6140- US TR CASH - MELANIE POA - US TR CASH - TPS (5493) CASH - HOUSEHOLD 6296 CASH - NY 70 MAINT A/C CASH - LEON 6273 CASH - JOINT - 0945 - US TR CASH - DEBRA (JPM) - 2465 CASH - LEON (JPM) - 1534 CASH - LEON (JPM) - 8005 CASH - JUDY TRUST - 7203 CASH - DFD Fy 2015 JAN 1-15 JAN 6,278,887 6,341,801 741,082 73,004 50,000 3,116 4,741,280 6,201,644 131,221 1,000,297 1,745,588 794 27,308,712 Fy 2015 JAN 16-31 JAN 6,279,880 5,725,042 95,540 9,787 50,000 144,930 8,919,173 6,201,737 131,246 1,000,297 1,745,588 36,794 30,340,013 Fy 2015 FEB 6,280,603 3,796,465 66,406 14,195 50,000 125,496 6,915,787 6,201,790 131,246 1,000,297 1,745,588 300,048 26,627,921 FY 2015 6,280,603 1,684,083 234,451 7,002 5,536 92,572 42,282,122 6,201,838 131,246 1,000,297 838,433 300,048 59,058,230 FY 2015 APRIL 1-15 7,731,927 1,864,083 734,451 207,002 5,536 92,572 17,437,701 6,201,838 131,246 1,000,297 838,433 300,048 36,545,132 (CASH BALANCES (EOM) BY ACCOUNT FY 2015 APRIL 16-30 APRIL 7,733,292 1,259,133 262,323 129,376 5,536 27,987 21,740,153 6,201,891 131,246 1,000,297 838,433 300,048 39,629,714 Fy 2015 MAY 7,734,080 3,444,580 682,934 70,675 5,536 124,230 13,794,719 6,201,942 131,246 1,000,297 1,338,433 300,048 34,828,720 Fy 2015 7,734,080 3,225,477 857,934 49,779 705 124,230 22,696,346 6,201,942 131,246 1,000,297 336,064 300,048 42,658,147 FY 2015 JULY 7,734,080 3,037,258 282,934 108,112 705 124,230 25,774,543 6,201,942 131,246 1,000,297 336,064 300,048 45,031,459 FY 2015 AUG 7,734,080 2,849,040 307,934 166,445 705 124,230 29,749,562 6,201,942 131,246 1,000,297 336,064 300,048 48,901,592 FY 2015 7,734,080 2,585,822 282,934 224,778 705 124,230 28,408,367 6,201,942 131,246 1,000,297 36,064 300,043 47,030,512 FY 2015 oct 7,734,080 2,397,603 257,934 283,111 705 124,230 24,653,595 6,201,942 131,246 1,000,297 36,064 300,048 43,120,855 FY 2015 NOV 7,734,080 2,209,385 232,934 341,444 705 124,230 17,261,232 6,201,942 231,246 1,000,297 36,064 300,048 35,573,607 FY 2015 DEC 7,734,080 1,946,167 207,934 399,777 705 124,230 21,230,204 6,201,942 131,246 1,000,297 136,064 300,048 39,412,694 EFTA00295594

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BLACK FAMILY PARTNERS CASH PROJECTIONS FY 2015 FY 2035 FY 2015 F¥ 2015 F¥ 2015 FY 2015 FY 2015 FY 2015 FY 2035 Fy 2015 Fy 2015 FY 2015 Fy 2015 PREPARED BY R JOSLIN TOTAL JUN 30 2015 JAN FEB MAR APR MAY JUN JULY AUG SEP oct Nov DEC INFLOWS APOLLO RELATED: EDEMPTION - APOLLO VIF (EFF 3/31/15) TOTAL INFLOWS 25,983,098 79,589,403 41,250,410 7,087,963 37,218,561 120,726 35,149,965 OUTFLOWS (EXCL. DISTRIBUTIONS TO LP"S) CAPITAL CALL - TENFORE CAPITAL CALL -CURATION MEDIA TOTAL OUTFLOWS (EXCL. DISTRIB. TO LP's) (824,660) (2,077,919) (870,237) (43,399,515) (4,732,663) (2,424,446) (1,436,418) (1,290,000) (2,165,000) (2,057,000) (2,182,000) —1,057,000) (60,116,857) DISTRIBUTIONS TO LIMITED PARTNERS (25,000,000) (55,000,000) (26,873,578) (30,600,000) (37,090,266) (30,599,965) . 1 NET CASH BY MONTH 158,438 77,511,484 (54,488,944) (34,487,485) 39,517,747 (31,082,233) 5,651,545 (1,162,305) (2,165,000) (936,274) 2,368,000 7,743,000 8,627,973 CASH BALANCE 18,275,692 95,787,176 41,298,232 6,810,747 46,328,494 15,246,260 20,897,806 19,735,501 17,570,501 16,634,227 19,002,227 26,745,227 EFTA00295595

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NARROWS HOLDINGS LLC PROJECTED CASH FLOW JUN 30 2015 INFLOWS NARROWS PURCHASE PRICE ADJ - APO 1 ART SALES CAPITAL CONTRIB TOTAL INFLOWS OUTLOWS REIMBURSEMENT - APO 1 ART EXPENSE - INSURANCE NARROWS PURCHASE PRICE ADJ - APO 1 MARTIN PURYEAR CALIARI & CARRACCI PLACEHOLDER - FINE ART (1031) PICASSO - BUSTE DE FEMME ART - EXPENSES TOTAL OUTFLOWS NET IN(OUT)FLOWS CASH BALANCE Fy2015 FY2015 FY2015 FY2015 JAN FEB MAR APRIL 85,000 601,013 5,630,000 3,233,550 85,000 5,630,000 601,013 3,233,550 (3,233,550) (1,469,813) (4,641,000) (16,000) - (139,300) (6,126,813) - (3,372,850) 85,000 (496,813) 601,013 (139,300) 541,573 44,760 645,773 506,473 FY 2015 MAY 23,000,000 23,000,000 (23,000,000) (34,500,000) (34,124) Fy 2015 JUN 34,500,000 34,500,000 FY 2015 FY 2015 JULY AUG 6,500,000 6,500,000 (6,500,000) (32,263) (103,626) (7,500) (23,034,124) (34,532,263) (103,626) (6,507,500) (34,124) 472,349 (32,263) (103,626) (7,500) 336,460 328,960 321,460 228,460 220,960 213,460 ia 440,086 Page 1 of 1 FY 2015 FY 2015 Fy 2015 FY 2015 TOTAL SEP oct NOV DEC | NETINFLOW 7,186,013 28,750,000 95,113,550 - 28,750,000 - - | 102,299,563 (28,750,000) (7,500) (93,000) (7,500) (7,500) (7,500) (28,843,000) (7,500) —_(7,500)| (102,542,675) (7,500) (93,000) (7,500) (7,500) EFTA00295596

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APO 1 (INC LDB 2011 LLC/ LBF HOLDINGS) PROJECTED CASH FLOW Fy 2015 Fy 2015 FY 2015 Fy 2015 FY 2015 Fy 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 JUN 30 2015 - RJOSLIN TOTAL JAN FEB MAR APRIL MAY JUN JULY AUG SEP oct NOV DEC INFLOWS INT INCOME - LOB REAPYMENT INT INCOME INT INCOME - INTERCO DIVIDEND INC SALE - VECTOR GROUP SHS DISTRIB (LP) - AP TECHNOLOGY 114,420 DISTRIB (LP) - APOLLO CREDIT OPP FUND | : 214 “ DISTRIB (LP) - FCI INVESTORS | {LOB 2011 LLC) 402,631 iod0,o00 **’ "'i,760,525 vlrneth aon nhahowne wR eee ecg ETRE casa ggse ete . ; SO TE TOTAL INFLOWS 552,077 7,218,275 3,672,509 34,894 7,160,619 $08,719 6,887,464 DISBURSEMENTS TOWNHOUSE - REMAINDER INTEREST CAPITAL CALL - SEARCHLIGHT CAPITAL - AP NARROWS PURCHASE CLASS B INTEREST - AP NARROWS PHAIDON PRESS ACTUAL REGAN ARTS ACTUAL DISTRIB - BEN LOAN REPAYMENT - DRB - PHAIDON/ REGAN ARTS LOAN PHAIDON GLOBAL (REFI - BFP - PRINCIPAL) LOAN PHAIDON GLOBAL (REFI - BFP - INTEREST) INTEREST - 2011 TRUSTS SALES / USE TAX ART INSURANCE/ FRAMING FINE ART VALUATION, LEGAL, ACCOUNTING TOTAL DISBURSEMENTS 368,685) (105,270) (8 811,573) (4,756,727) (4,760,550) (4,751,087) (12,344,699) (2,077,183) (4,550,000) (629,036) (43,154,811) NET CASH BY MONTH 183,392 73,802 1,593,299) 1,084,219) 4,725,656) 2,409,532 _ (11,835,980) - 4,810,282 144,790 4,550,000) 7,258,428 | —_(9,056,532}| CASH BALANCE 31,217,507 31,143,706 —=«29,550,407 «28,466,188 «23,740,532 «26,150,064 14,314,084 «14,314,084 19,124,366 19,269,155 14,719,155 21,977,583 Page lof1 EFTA00295597

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APO 2 PROJECTED CASH FLOWS F¥ 2015 PREPARED BY R JOSLIN JUN 30 2015 JAN BFP DISTRIBUTION DATE INFLOWS BFP DISTRIBUTIONS SALE - 101 WARREN ST DISTRIB (LP) - QUADRANGLE DISTRIB (LP) - BLUE STAR DISTRIB (LP) - M RELATED ARTSPACE MISC INFLOWS TOTAL INFLOWS DISBURSEMENTS DISTRIBUTION TO DRB E LOAN REPAYMENT - DRB - ARTSPA ARTSPACE PHAIDON PRESS REGAN ARTS INTEREST - LBF HOLDINGS SH MEADOW - CONSTRUCTION : SH MEADOW - REAL ESTATE TAX = MIAMI PROPERTY ACQUISITION USE TAX FINE ART ART INSURANCE DISTRIB TO ALEX BLACK LEGAL & ACCOUNTING FEES MISC OUTFLOWS/ EXPENSES TOTAL DISBURSEMENTS (10,721,512) NET CASH BY MONTH (3,470,498) CASH BALANCE 10,075,355 FY 2015 FEB (29,500) (29,272) 10,046,083 Fy 2015 BFP DISTRIB 3/2/2015 (2,862,657) 4,040,076 14,086,159 FY 2015 APRIL BFP DISTRIB 4/15/2015 (1,966,730) 1,960,668 16,046,827 F¥ 2015 MAY BFP DISTRIB 5/29/2014 (49,295) (3,390) 16,043,438 FY 2015 FY 2015 JUN JULY BFP DISTRIB 6/1/2015 (2,510,736) (1,265,837) 1,438,634 (1,220,337) 17,482,072 16,261,735 Page lof 1 Fy 2015 AUG BFP DISTRIB 8/7/2014 (2,159,500) 2,495,326 18,757,060 Fy 2015 SEP (215,500) (215,500) 18,541,560 F¥ 2015 (849,500) (804,000) 17,737,560 F¥ 2015 NOV BFP DISTRIB 11/7/2014 (9,500) 3,830,731 21,568,292 FY 2015 DEC (8,319,500) 13,248,792 FY 2015 TOTAL **(53,119) (8,319,500) (297,062) EFTA00295598

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LDB 2014 LLC PROJECTED CASH FLOWS FY 2015 JUN 30 2015 INFLOWS JAN 1/9/2015 CASH ON HAND INFLOWS BFP DISTRIBUTION 1,792,125 REPAYMENT - LOAN - LDB INTEREST INCOME 1,792,125 DISBURSEMENTS LOAN - LDB (6,000,000) INVESTMENT - ARCADIA BEACON II PROFESS FEES - MILLIMAN (6,000,000) NET CASH BY MONTH (4,207,875) CASH BALANCE 5,575,225 FY 2015 FY 2015 FEB MAR 3/2/2015 3,942,675 3,942,675 3,942,675 5,575,225 9,517,900 FY 2015 APRIL 1,926,432 6,000,000 7,077 7,933,509 (36,174) (36,174) 7,897,335 17,415,235 FY 2015 5/28/2015 (2,010,000) (5,610) (2,015,610) (2,015,610) 15,399,625 Fy 2015 JUN 6/1/2015 2,193,559 2,193,559 2,193,559 17,593,184 FY 2015 FY 2015 JULY AUG 8/28/2015 2,658,859 2,658,859 2,658,859 17,593,184 20,252,043 Page 1 of 1 FY 2015 FY 2015 SEP oct (2,000,000) (2,000,000) (2,000,000) 18,252,043 18,252,043 Fy 2015 NOV 11/28/2015 2,193,558 2,193,558 2,193,558 20,445,601 FY 2015 DEC 14,707,208 6,000,000 7,077 20,714,285 (990,000) (930,000)| (11,041,784) (990,000)| 9,672,501 19,455,601 EFTA00295599