Estate Planning Overview Presented to: Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 May 16, 2014 Nancy A. Kistner, CFP® Aaron Shamshoian, CFP® Managing Director Vice President Jealth Strategies Advisor U.S. Trust, Bank of America Private Wealth Management 114 West 47th Street New York, New York 10036 EFTA00602612

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Statement of Disclosure Investment products sech as stocks, bonds and muteal funds: Are Not FDIC Insured Are Not Bank Guaranteed IMPORTANT: This brief summary is for discussion parposes only, It does not contain legal, tax, investment, or insarance advice and cannot be relied upan for implementation amd)/or protection from penalties, The provisions of your estate planning documents will govern the disposition of your estate. Always consalt with your independent attorney and tax advisor for legal and tax advice. IMPORTANT; These projections are estimates only and are based on constantly changing assamptions. Your actwal results may be better or worse, Long-term financial projections cannot be made with any certainty, and are never guaranteed. Abeays consult with your imdependent attorney and tax advisor for legal and tax advice. IRS Circular 230 Disclosure: Pursuant to IRS Regulations, we inform you that any tax advice contained in this communication (Including any attachments) is not intended or written to be used, and cannot be used by any persoa or entity for the purpose of (i) avoiding tax related penalties imposed by any governmental tax authority or agency. or (ii) promoting, marketing or recommending to another party any transaction ar matter Gecussed herein. We advise you to consult with an independent tax advisor om your particular tax circumstances, Investment products and services may be wvailuble through a relationship managed by U.S. Trast, Bank of America Private Wealth Management, of through a relationship with Merrill Lyneh, Pierce, Fenner & Suith Locorpoeuted. Certain U.S. Trust associates are registered representatives with Merrill Lyuch, Pierce, Fenner & Smith Incorporated and may assist you with investment peoducts and services provided through Merrill Lyuch, Pieree, Fenner & Smith Incorporated and other subsidiaries of Bank of America Corporation. However, US. Trust does not manage investments hekl at Merrill Lyweh, Pierce, Fenner & Smith Incorpoested and you must direct your representative to take action om the advice given. Individual transactioes you dizeet will result in your overall portfolio being invested in a manner which may differ fram this report. In addition, these materials may discuss various elements of an individual's overall finanedal profile for which neither U.S. Trust nor Merrill Lyuch, Pierce, Fenner & Smith Incorporated seeves as an setvisor. Merrill Lynch, Pierce, Fenner & Smith Incorporated is a registered broker-dealer, member FINRA and SIPC, and a holly owned subsidiary of Bank of America Corporation. Merrill Lynch, Pieroe, Penner & Smith Incorporated does not serve as a tax or legal advisor. Several products such as mutual funds, variable annuities, and other alternative investments that may be mentioned as an investment altemative for you are only to be sold when preceded or accompanied bya current prospectes and/or offering memoranda, The prospectus and/or offering memoranda peuvide mare complete information on the product. inckeding charges, expenses and special investment risks, and should be read carefully before investing. ‘The following report is for fiduciary use only. The associate presenting this report to you is acting within his ar ber fiduciary eapacity with U.S. Trust, mot within his or her licensed eapacity, if any, with Merrill Lynch, Pierce, Feaner & Suuith Incorporated. ‘The information and data in the following report were obtained from sources deemed reliable. Their accuracy and completeness are not guaranteed, and the giving of the same is not deemed an affer ar ‘solicitation for the purchase or sale of securities. ‘This report attempts to measure « particular universe of investments hy averaging the performance of all securities in the index. The index may be a wseful tool, but is in no way repeesentative of past performance af a particular fund or security, and is mot representative of any future performance of any particular investment. Assumptions concerning inflation or tax rates are illustrative purpases only and are not intended to predict economic performance. Any ssset or portfolio earnings and/or returns shown or used in this report are mot intended to predict mor gaarantee the actaal results of an investment product. Investors may not invest dirvetly i an index. ‘This report is a preliminary analysis and not necessarily the tactical fulfillment of recommendations. This material is for ihwstrative and edecational purposes and bas been prepared solely to assist you in the review of your investment alternatives. You should consult appropriate legal and/or tax advisors and then contact your representative to take appropriate next steps. ‘This report does not constitute legal, sccounting or expert witness advice. Efyou choose to follow an investment strategy set forth in the following report(s) repositioning of your portfolio may result im tax consequences. Again, the contents of this presentation showld not be acted upon without consulting appropriate legal and/or tax advisors. All tax calculations herein are merely estimates and shold not be relied upon for detailed tax planning purposes, All income taxes are based on flat tax rates and do not take al the details of a state's income tax laws into account. ‘This analysis is based on the calendar year, All assets and liabilities are valued at the end of each year, Deaths are also assumed to occer at the end of each year. For the first year of the analysis only, annual returns are promated om a daily basis, U.S. Trest, Bank of America Private Wealth Management operates through Bank of America, N.A. and other subsidiaries of Bank of America Corporation. Bank of America, N.A.. Member FDIC, © 2011 Bank of America Corporation. All rights reserved. Page 2 of 26 EFTA00602613

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Assumptions Exemption Amounts: Leon Debra Prior Taxable Gifts $ 5,340,000 $ 5,120,000 Available Unified Credit Amount $ - $ 220,000 Prior GST Exemption Allocation $ 3,500,000 $ 4,173,596 Available GST Exemption Amount $ 1,840,000 $ 1,166,404 Federal Estate Tax Exclusion & GST Exemption Amounts 2014 $ 5,340,000 $ 2,081,800 40% 16% Notes and Assumptions: + Leon and Debra are presumed to die in 2014 with Leon immediately predeceasing Debra. Federal Estate Tax Highest Federal Estate Highest New York Estate Credit Tax Rate Tax Rate + Debra's Will and Revocable Trust provisions are presumed to mirror those in Leon’s documents. + Administration expenses are assumed to be $5 million in Leon's estate and are assumed to be 2% of Debra's probate estate. + Valuation discounts totaling 30% are applied to the value of Black Family Partners, L.P. interests. + The value of the GRATs is “frozen” on Leon's presumed date of death. Because the GRATs had not terminated, the annuity amounts still payable from the GRATs and any principal value above this amount will be included in Leon's estate (the "Includible Portion"). Because the annuity payments to be received by his estate (“GRAT Annuity Receivables") exceed the date of death value of the GRATs, the Includible Portion will pass entirely to the Marital Trust in satisfaction of the GRAT Annuity Receivables. + Judy Black was born on September 27, 1948. + Jon Ressler is assumed to be age 60. * 100% charitable deduction is assumed for fractional interests in art pledged to museums. Page 3 of 26 EFTA00602614

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Inventory of Family Assets as of April 16, 2014 Liquid Assets - Investment Accounts U.S. Trust Cash Account $s 25,587,000 $ 5562,000 $ 31,149,000 JPM Cash/Marketable Securities 8,556,000 6,927,000 15,483,000 Investments Art-neld through Entities 1,500,000,000 - 1,500,000,000 Collectibles (individually owned an, rare books, bronzes) 402,295,000 402,295,000 * Includible Portion of GRATs 1,600,331,000 - 1,600,331,000 Black Family Partners LP (8.0%) - DISCOUNT 30% 167,641,000 : 167,641,000 AP Altemative Assets 21,655,000 : 21,655,000 Apollo Retated Investments §,247,000 : §,247,000 Investment Partnerships - Various 1,545,000 - 1,545,000 Avionetta LLC: (LDB 50.1%, DRB 49.9%) - AT COST 13,879,000 13,824,000 27,703,000 BUJAV Marine Ltd. (Starfire) 22,121,000 - 22,121,000 Real Estate - Personal Jointly Owned Residences 38,200,000 38,200,000 76,400,000 Narrow's Road Parcel : 10,000,000 10,000,000 750 Meadow Lane 16,600,000 - 16,600,000 Tangible Personal Property Household Property 11,562,000 11,562,000 23,124,000 Jewelry : 46,468,000 46,466,000 Automobiles: 419,000 : 419,000 Total Personal Assets $ 3,835,638,000 $ 132,543,000 $ 3,968,161,000 Loan payable-Bank of America (Art) (470,000,000) (470,000,000) Loan payable-Bank of America (Avionetta Hidgs) (11,135,000) (11,090,000) (22,225,000) Loan payable-Bank of America (BJAV Manne) (17,897,000) - (17,897,000) Loan payable - to APOt Trust {1,694,738,000) - (1,694,738,000) Loan payable - Black Family Partners LP (42,000,000) - (42,000,000) Total Personal Liabilities '$ (2,235,770,000) $ (11,090,000) $ (2.246,860,000) Total Net Estate Assets -$_1,599,868,000_$ 121,453,000 ['$_1.721,321,000] APO! Agreement $ 1,976,541,000 APO2 Declaration 622,577,000 Black 2011 Family Trusts (LDB 2011 LLC) 279,619,000 1999 Life Insurance Trust #2 (death benefit) 100,000,000 1992 Life Insurance Trust (death benefit) 20,000,000 Mallory Trust 4,124,000 Black 1997 GST Exempt Trust 3,007,000 Total Trust Assets [$3:005;268,000] Total Famy Assets [sazzr05000] * GRAT Annuity Receivables Page 4 of 26 EFTA00602615

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Estate Flow Chart Upon Leon's Death Executors: Debra Black, Barry Cohen and Richard Ressler Trustees: Debra Black, Barry Cohen and Richard Ressler Probate Property 2,197,107,000 1/2 of Joint Residences 38,200,000 Non Probate Property 38,200,000 includible Portion of GRATs 1,600.331.000 Total 38.200.000 Gross Estate 3,635,638,000 Last Will and Testament Charitable Pledges Probate Estate 3,797,438,000 Dartmouth Pledge 19,129,000 Administration Expenses: (5,000,000) Art Pledged to Museums 10.731,000 Charitable Pledges (29,860,000) Total 29.860.000 Liabilities Due Upon Leon's Death (541.032.000) Residuary Assets: Loan payable - to APO1 Trust Net Residue to Revocable Trust 1,526,808.000 Tangibles Outright Bequest to Debra Tangible Property $ 11,981,000 L. B. Revocable Trust Agreement 11,961,000 Residuary Assets: 3,221 546,000 Art Entities & Collectibles to Marital Trust > Tangibles to Debra (11,961,000) Bequest/Annulty (Melanie & Judy) {10,254,000} NY Estate Tax (2,609,048) Federal Estate Tax (6.812.000) Balance of Revocable Trust Residue 3,189,869,952 Loan payable - to APO1 Trust {1.694 738.000) Net to Marital Trust i 1,495,151,952 GST Exempt Marital Trust 1,840,000 Cash Bequest Bequest to Melanie Spinella Total Cash Legacies Lifetime Annuity for Judy Black Annuity $ 7,254,000 Total Annuity $ 7,254,000 Non-Exempt Marital Trust: Art Entities & Collectibles 1,421 564,000 750 Meadow Lane 16,600,000 Includible Portion of GRATs 1,600,331 ,000 Balance of Revocable Trust Residue $49,554,952 Total Marital Trust Assets 3,189,869,952 Loan payable - to APO1 Trust (1,694 .738,000) Net Marital Trust Assets $ 1,495,151,952 Page 5 of 26 EFTA00602616

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Estate Flow Chart Upon Debra’s Death Trustees of Mantal Trusts upon Debra's death: Bary Cohen and Richard Ressler Lifetime Annuity tor Jon Ressler 8,484,000 Marital Trust Residue Leon Black Family Foundation Debra’s Revocable Trust Residue Total Added Upon Debra's Death: Debra Black Marital Trusts (Under L. B. Revocable Trust) Net Value of Marital Tru: Annuity for Jon Ressler GST Exempt Marital Trust to 97 Exempt Tr. Debra's GST Amount to 97 Exempt Tr, (1,166,404) Charitable Pledges (Art) to Museums 750 Meadow Lane to Heritage Trust NY Estate Tax Federal Estate Tax Marital Trust Residue 724,920,315 Art Selected tor Heritage Trust (696,473,315), Residue Pi to Foundation 28,447,000 1,495,151,952 1 Parcel Meadow Lane $ 16,700,000 750 Park Ave 2,000,000 Arizona Residence 1,000,000 750 Meadow Lane 16,600,000 28,447,000 28,447,000 “See mventory of Debra’s Taxable Estate. Art Entities & Collectibles to Legacy Trusts 696,473,315 Total Added Upon Debra's Death: $ 732,773,315 Page 6 of 26 Trust Assets $ 3,007,000 GST Exempt Marital Trust 1,840,000 Debra’s GST Amount 1.166,404 Total 1997 GST Exempt Trust 6,013,404 Charitable Pledges Art Pledged to Museums $ 24,533,600 24 533,600 Probate Property” $ 171,634,000 Gross Probate Estate $ 171,634,000 Gross Probate Estate $ 171,634,000 Administration Expenses (2%) (3,433,000)) ——== Reskiuary Estate $ 168,201,000 Passes to Revocable Trust Reskiuary Estate 168,201,000 Reskiences to Heritage Trust (19,700,000) Tangibles & Jewelry to Children (67,771,867) NY Estate Tax (26,001,044) Federal Estate Tax (54,728,089) Revocable Trust Residue $ - Passes to Foundation Tangibles Outright to Children in Equal Shares Tangible Property $ 67,771 867 EFTA00602617

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Estimated Estate Tax Calculations llcon'sGross Estate MM Dobra'sGrossesinte Liabilities (2,235,770,000) Liabilities (1,694,738,000) Administration Expenses (5,000,000) Administration Expenses (3,433,000) Charitable Deduction (29,860,000) Charitable Deduction (52,980,600) Marital Deduction (1,545,368,952) Marital Deduction - Estimated New York Estate Tax (2,609,048) Estimated New York Estate Tax (257,126,376) Plus: Adjusted Taxable Gifts 5,340,000 Plus: Adjusted Taxable Gifts 5,120,000 Taxable Estate $ 22,370,000 Taxable Estate $ 1,358,365,976 293,000 Taniatve Federal estate Tax 543,292,190 Unified Credit (2,081,800) Unified Credit (2,081,800) Gift Taxes Paid - Gift Taxes Paid - 3 2.600.048 Total Estate Tax Due Upon Debra’s Death [Sease 767) Total Estate Tax Due Upon Leon's Death Combined Federal Estate Tax} $ 548 390 Combined NY Estate Tax} 259,735,424 Total Combined Federal & NY Estate Tax! Page 7 of 26 EFTA00602618

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Inventory of Debra's Taxable Estate Following Leon's Death Art Entities & Collectibles 1,421,564,000 750 Meadow Lane 16,600,000 Includible Portion of GRATs 1,600,331 ,000 Black Family Partners LP (8.0%) - DISCOUNT 30% 121,107,952 AP Alternative Assets 21,655,000 Apollo Related Investments 5,247,000 Investment Partnerships - Various 1,545,000 Liquid assets in GST Ex Marital Trust 1,840,000 Loan payable - to APO1 Trust 1,694,738,000 U.S. Trust Cash Account $ 5,562,000 JPM Cash/Marketable Securities 6,927,000 Residences (Formerly Joint) 76,400,000 Narrow's Road Parcel 10,000,000 Household Property 23,124,000 Jewelry 46,468,000 Automobiles 419,000 Net Proceeds of sale of Avionetta (49.9%) 2,734,000 Page 8 of 26 EFTA00602619

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Leon D. and Debra R. Black Overview of Estate Plan Cash Needs on Leon's Death ‘Cash Needed at Leon's Death for Expenses Taxes & Bequests GST Bequest 1,840,000 Administration Expenses: 5,000,000 NY Estate Tax 2,609,048 Fed Estate Tax 6,812,000 Dartmouth Pledge 19,129,000 Bequest to Melanie 3,000,000 Annuity for Judy 7,254,000 Loan payable-Bank of America (Art) 470,000,000 Loan payable-Bark of America (BJAV Marine) 17,897,000 Loan payable-Bark of America (Avionetta Hidgs) 11,135,000 Lean - Black Farnily Partners LP 000 U.S. Trust Cash Account (25,587,000 GST Bequest 1,840,000 Administration Expenses: 5,000,000 NY Estate Tax 2,609,048 Fed Estate Tax 6,812,000 Annuity for Judy 7,254,000 Balance 2,071,952 JPM Cash’Mark JPM Cash/Marketable Securities 8,556,000 Bequest to Melanie 000 Balance 5,556,000 Total Remaining Available Cash $627,952 Allocation of Cashtobe Raised Art and Collectibles: 1,902,285,000 Sold to Pay: Bank of America loan (Art) -470,000,000 470,000,000 1,432,295,000 BUAV Marine-Yacht 22,121,000 22,121,000 ‘Sold to pay: Bank of America loan ~ 4,224,000 Avionetta-Ainplane (Leon's 50.1%) 13,879,000 13,879,000 ‘Sold to pay: Bank of America loan 711.135.0009 2,744,000 Black Family Partners, LP Interests (8%) 167,641,000 Sold to pay: Loan to Black Family Partners, LP_ ~42,000,000 42,000,000 Sold to pay: Dartmouth Pledge —14.5353.048) 4,533,048 121,107,952 Dartmouth Pledge US Trust Cash Account balance 2,071,952 JPM Account balance 5,556,000 Yacht sale proceeds-balance 4,224,000 Abplane sale proceeds-balance 2,744,000 BFP Sale proceeds 4,533,048 19,129,000 Total Cash Raised +$552.533,048 Page 9 of 26 EFTA00602620

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Leon D. and Debra R. Black Overview of Estate Plan Cash Needs on Debra's Death - Debra's Estate Administration Expenses 3,433,000 NY Estate Tax 26,001,044 Fed Estate Tax 54,728,089 Total Cash Needed (—~84,162,133] Allocation of AvailableCash US Trust Cash Account 5,562,000 JPM Cash/Marketable Securities 6,927,000 Avionetta Sale Proceeds 2.734.000 Total Available Cash 15,223,000 Administration nses -3,433.000 Allocation of Cashto be Raised Residences Sold to Pay Estate Tax 760 Park Avenue 20,000,000 All Narrows Rd. Parcels 30,000,000 1 Parcel Meadow Lane 16,700,000 Total Residence Proceeds 66,700,000 Jewelry Sold to Pay Estate Tax Total Jewelry in Estate 46,468,000 Sold to pay NY Estate Tax -2,239,133 2,239,133 Balance of Jewelry 44,228,867 Federal Estate Tax Residence Sale Proceeds 54,728,089 54,728,089 New York Esate Tax Residence Sale proceeds 11,971,911 Jewelry Sale Proceeds 2,239,133 Remaining Available Cash 14,790,000 26,001,044 11,971,911 Page 10 of 26 EFTA00602621

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Leon D. and Debra R. Black Overview of Estate Plan Cash Needs on Debra's Death - Marital Trust Cash Needed in Marital Trust on Debra’s Death for Bequest, Debts, Expenses and Taxes Total Cash Needed Loan Payable- APO1 Trust Annuity For Jon Bequeste of Debra's GST Amount NY Estate Tax Fed Estate Tax Allocation of Cash to be Raised Black Family Partners LP Interests to be Distributed BFP Interest in Marital Trust Distributed Distributed Sold Sold Sold Balance of BFP BFP (Includible Portion of GRATs) BFP (8% from LDB) To pay Jon's Annuity To pay Debra’s GST bequest To pay Taxes Loan Payable APO1 Trust Art and Collectibles Art and Collectibles Distributed Sold BFP Interests Distributed Sold and Distributed in Marital Trust To Museums To pay tax Balance of Art and Collectibles Annuity for Jon BFP sale proceeds Bequest of GST Amount BFP sale proceeds New York Esate Tax Federal Estate Tax Total Cash Raised Art sale proceeds BFP sale proceeds Art sale proceeds 1,721,438,952 -1,600,331,000 94,407,000 8,484,000 -1,166,404 17,050,548 0 1,694,738,000 1,421,564,000 -24,533,600 -700,557,085 696,473,315 8,484,000 1,166,404 231,125,332 17,050,548 469,431,753 486,482,301 1,694,738,000 8,484,000 1,166,404 231,125,332 486.482,301 1,694,738,000 8,484,000 1,166,404 231,125,332 486,482,301 Page 11 of 26 EFTA00602622

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Heritage Trust Flow Chart - Following Debra's Death Trustees: Barry Cohen, Richard Ressler, John Hannan, Benjamin Black, Joshua Black, Alexander Black and Victoria Black Trust Assets (Net of Liabilities) Added Upon Debra's Death: 750 Meadow Lane A single Heritage Trust is created for Debra and Leon's descendants and four separate Legacy Trusts are created (one for each of Leon's chikiren). The Trustees may distribute income and principal to Debra and Leon's descendants, subject to the distribution guidelines outined in te Trust Agreement. Alter Leon's death, art and collectibles held in the Heritage Trust designated for a particular child will be distributed to such chiki’s Legacy Trust. After Debra’s death, similarly designated items in the Marital Trust will be selected by the Trustees to be held in a child's Legacy Trust. Alter Leon's death the Trustees shail distribute te following amounts to each child's Legacy Trust: $10 milion when the child attains age 30 (request it is used to acquire a principal residence). $50 milion when the child attains age 35. $100 million when the child attains age 40. Na child dies under age 40. the above amounts wil be divided into shares for the child's descendants and each share will be held in a separate Legacy Trust for each such descendant. Trustees: Bary Cohen, Richard Ressler and John Hannan During the beneficiary's life: The Trustee may pay the income and principal to the beneficiary subject to distribution guidelines (the descendant’s financial acumen, marital discord, creditor claims, pending litigation, or substance abuse). Trustees are authorized to invest in a business venture proposed by the beneficiary, so long as it is a career commitment. Alter age 35, the beneficiary is 4 co-trustee of his/her Legacy Trust. At the beneficiary's death: oo may By Will mv rapvhyneicerty Trust property among Leon's descendants and up to $10 milion in favor 174,118,329 174,118,329 Page 12 of 26 EFTA00602623

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Leon D. and Debra R. Black Overview of Estate Plan APO1 Agreement Flow Chart - Following Debra's Death Trustees: Barry Cohen, Richard Ressler and John Hannan Trust Assets 281,803,000 Repayment of Note Payable 1,694,738,000 Less 34% Capital Gains Tax (576,210,920) (Combined Federal, NY & NII Surtax) A single Discretionary Trust is created for Debra and Leon’s descendants until the Trustees decide to create and fund Separate Trusts for descendants (each called a “Beneficiary” of his/her Trust). The Trustees may distribute income and principal to Debra and Leon's descendants, subject to the distribution guidelines outlined in the Trust Agreement. Instead of making distributions to a descendant, the Trustees may distribute to his/her Separate Trust. Discretionary Trust terminates 21 years after the death of the survivor of Leon's children and Debra. The remaining trust property will be distributed to Leon’s descendants or if none, to Leon's estate. Trustees: Barry Cohen, Richard Ressler and John Hannan Alter age 35, each Beneticiary is a co-Trustee of his/her Separate Trust During the Beneficiary’s lifetime, the Trustee may pay the income and principal to the Beneficiary after considering the Beneficiary's circumstances (financial acumen, marital discord, creditor claims, pending litigation, substance abuse, etc.). Each Separate Trust terminates on the Beneficiary's death and is distributed to the Beneficiary’s descendants as the Beneficiary appoints by Will. Unappointed property will be divided for the Beneficiary's descendants and held in Separate Trusts subject to the same trust terms and Agreement. a $ 350,082,520 $ 350,082,520 Page 13 of 26 EFTA00602624

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Leon D, and Debra R. Black Overview of Estate Plan APO2 Declaration Flow Chart - Following Debra's Death Trustees: Barry Cohen, Richard Ressler and John Hannan Trust Assets (Net of Liabilities) 622,577,000 Added Upon Debra's Death: A single Discretionary Trust is created for Debra and Leon's descendants until the Trustees decide to create and fund Separate Trusts for descendants (each called a “Beneficiary” of his/her Trust). The Trustees may distribute income and principal to Debra and Leon's descendants, subject to the distribution guidelines outlined in the Trust Agreement. Instead of making distributions to a descendant, the Trustees may distribute to his/her Separate Trust. Discretionary Trust terminates 21 years after the death of the survivor of Leon's children and Debra. The remaining trust property will be distributed to Leon’s descendants or if none, to Leon's estate. Trustees: Barry Cohen, Richard Ressler and John Hannan Alter age 35, each Beneticiary is a co-Trustee of his/her Separate Trust During the Beneficiary’s lifetime, the Trustee may pay the income and principal to the Beneficiary after considering the Beneficiary's circumstances (financial acumen, marital discord, creditor claims, pending litigation, substance abuse, etc.). Each Separate Trust terminates on the Beneficiary's death and is distributed to the Beneficiary’s descendants as the Beneficiary appoints by Will. Unappointed property will be divided for the Beneficiary's descendants and held in Separate Trusts subject to the same trust terms and Agreement. Page 14 of 26 EFTA00602625

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Black 2011 Family Trust Flow Chart - Following Debra's Death Trustees: Barry Cohen and John Hannan Administrative Trustee: U.S. Trust Company of Delaware LDB 2011 LLC $ 279,619,000 Property is held in four separate Trusts; one for each child: Prior to age 25, Trustees have discretion to pay the child income. After age 25, child receives all trust income quarterly. Trustees have broad discretion to distribute principal to the child. Each child's trust terminates upon the child's death: - If Leon and Debra are deceased and child was over age 35, child may appoint the principal of his/her trust to Leon's issue. - Unappointed assets will pass to child's issue, subject to lifetime trusts. / Page 15 of 26 EFTA00602626

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Leon D. Black 1999 Life Insurance Trust #2 Flow Chart - Following Debra’s Death Trustees: Barry Cohen, John Hannan and Richard Ressler Combined Death Benefit: $ 100,000,000 Upon the death of the survivor of Leon and Debra, Trust principal is divided into separate trusts; one for each of Leon's children. Prior to age 21, Trustee has discretion to pay the child income. After age 21, child receives all trust income quarterly. The Trustee has broad discretion to pay principal to the child. Each child's trust terminates 21 years after the death of the survivor of: - Leon, Debra and their issue living on 9/13/99. Child has a testamentary power to appoint the trust to his/her issue. - Assets not appointed will pass to the child's issue. Page 16 of 26 EFTA00602627

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Debra and Leon D. Black Life Insurance Trust Flow Chart - Following Debra's Death Death Benefit: 20,000,000 Upon the death of the survivor of Debra and Leon, Trust is divide into separate trusts; one for each of Leon’s children. Prior to age 25, Trustees has discretion to pay the child income. After age 25, the child receives all trust income quarterly. Trustee has broad discretion to pay principal to the child. Trustee is authorized (if deemed advisable) to distribute principal: - 1/4th at age 30; - another 1/3rd at age 35; - another 1/2 at age 40: and - the balance of the child's trust principal at age 45. If the child dies prior to age 45, assets will pass to the child's issue, Subject to trust until age 45. $ 5,000,000 $ 5,000,000 Trustee: Barry Cohen Page 17 of 26 EFTA00602628

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Leon D. and Debra R. Black Overview of Estate Plan Black Family 1997 GST-Exempt Trust Flow Chart - Following Debra's Death Trustees: Barry Cohen, John Hannan and Richard Ressler Trust Assets (Net of Liabaities) Added upon Debra’s death GST Marital Trust Debra's GST Bequest Total Upon the death of the survivor of Leon and Debra, trust principal is divided into separate trusts; one for each of Leon's children. The Independent Trustees have discretion to pay income and principal to the child. After age 25, child can withdraw up to 3% of the principal of the child's trust and can appoint the principal at death to anyone (except his/her creditors or estate). After age 35, Trustees are requested to pay 10% of the principal of the child's trust to the child. The child's trust terminates at the child's death. Any property not appointed will pass to the child's issue (subject to 2 continuing trust). ———— Page 18 of 26 EFTA00602629

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Mallory Trust Flow Chart - Following Debra's Death Trustee: Richard Ressler Trustees: After age 35, a child can be co-Trustee of his/her separate Trust. 4,124,000 Upon the death of the survivor of Leon and Debra, any property not appointed by Leon at his death will be divided into per stirpital shares for Debra's descendants. Each share for a descendant of Debra will be held in a separate Trust for the lifetime of the beneficiary: - The Independent Trustee must distribute income and principal needed for the beneficiary's health, education, support and maintenance. - The Independent Trustees also has broad discretion to distribute income and principal to the beneficiary for any purpose. - Alter age 35, the beneficiary may appoint income and principal among Debra’s descendants. At the beneficiary's death: - The beneficiary's Trust will terminate and will be distributed as the beneficiary appoints. Any property not appointed will be distributed to his/her descendants, subject to the same trust terms. Page 19 of 26 EFTA00602630

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Distributions to Children and Charitable Institutions Upon Leon's /Debra's Death Dispositve Upan Leon's Upan Oebra's vas Provisions Daath Dest Lretine Planning Benjamin El Black [= “2en302.300] APO? Agreement Trust for Life 360,062,520 * APO 2 Declaration Trust for Lite 155,644,250 1992 Insurance Trust Trust undil age 45 . . 5,000,000 1999 Insurance Trust #2 Trust for Life : : 25,000,000 Heritage ard Legacy Trust Trust for Life - 183,199,329 - 1997 GST Exempt Trust Trust for Lite 751,601 751,750 Black 2011 Family Trust Trust for Lite 69,904,750 Mabory Trust Trust for Life : 1,031,000 Tangibles Outright from Debra's Estate Outright : 16,943,000 : Joshua Max Bivck [= son'302,200] APO? Agreement Trust for Life 360,062,520 * APO 2 Declaration Trust for Life 155,644,250 1992 Insurance Trust Trust urdil age 45 . . 5,000,000 1999 Insurance Trust #2 Trust for Lite . . 25,000,000 Heritage and Legacy Trust Trust for Life - 183,190,329 - 1997 GST Exerrpst Trast Trust for Life 751,601 751,750 Black 2011 Family Trust Trust for Lite 69,904,750 Matiory Trust Trust for Lite . 1,081,000 Tangibles Outright from Debra's Estate Ousright : 16,943,000 : Alexander 8. Black [5 sen302.200] APO! Agroemant 360,082,520 * APO 2 Declaration 155,644,250 1992 Insurance Trust : - 5,000,000 1999 Insurance Trust #2 : 25,000,000 Hortage and Legacy Trust 163,193,229 . 1997 GST Exerrpt Trast 751,601 751,750 Black 2011 Family Trust 69,904,750 Mallory Trust 1,081,000 Tangitles Outright trom Debra’s Estate 16,943,000 : Victoria A. Black [5 san302.200] APO! Agroemant 360,062,520 * APO 2 Declaration 155,644,250 1992 Insurance Trust : - 5,000,000 1999 Insurance Trust #2 - : 25,000,000 Hortage and Legacy Trust 163,193,223 . 1997 GST Exempt Trust 751,601 751,750 Black 2011 Family Trust 69,904,750 Mabry Trust 1,091,000 Tangitles Outright trom Debra’s Estate eT [5s 00} ‘Art Pledged to Museums $ = 10,731,000 $ 24,533,600 Dartmouth Pledge $ 13,123,000 Leon Black Farrily Foundation 28,447,000 [Saezarri7a] rr rr New York Estate Tax 2,609,068 257.126.376 $ 6,966,221,133 Adrinisiration Expenses 5,000,000 3.433,000 Capital Gans Tax 576,210,920 abilities 541,032,000 1,694,738,000 * APO! Trust reduced by 34% capital gains tax paid on Leon's death with respect to the $1,638,667.370 Note trom Leon assumed to have a zero basis. Page 20 of 26 EFTA00602631

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Black Family Partners - Financial Inventory Detail as of April 16, 2014 Assets Cash U.S. Trust Cash Account $ 8,789,000 JP Morgan Cash Account 1,525,000 Marketable Securities Lone Cascade LP 935,075,000 Millennium Group USA LP 23,567,000 Canyon Value Realization Fund LP 18,604,000 Anchorage Capital Partners LP 17,394,000 FCI Co-Invest Il (A) LP 12,041,000 AINV shs dist fr AIC 5,016,181 King Street Capital LP 49,000 Environmental Solutions Worldwide 4,000 Iliquid Assets Investment Partnerships: Knowdedge Universe LP 33,771,000 Sustainable Woodlands LP 19,090,000 HAO Capital Fund LP 3,141,000 Wolfensohn Capital Partners LP 2,067,000 iCrete LLC 1,501,000 Tenfore Holdings Fund | LP 494,000 Rally Labs 188,000 44% Interest BRH Hidgs 2,588,479,000 Apollo Co-Invest VI (A) LLC 38,075,000 Apollo Value Co-lnvest LLC 8,052,000 Apollo Co-Invest V LLC 3,551,000 SOMA Co-Invest LLC 3,063,000 Apollo Co-Invest Ill LLC 2,151,000 AP Alternative Assets LP 933,000 Apollo Co-lnvest IV LLC 539,000 T-Ink, linc. 100,000 Convertible Promissory Note- ESWW 2,941,000 Credit Line - Phaidon Global 8,600,000 TRA Dividend - July 2007 Transaction 83,946,000 Note due from LDB 42,000,000 Note due from Narrows Hidgs 25,000,000 Note due from PLB LLC 3.200.000 Total Assets (Undiscounted) == $2, 992,946,181 Page 21 of 26 EFTA00602632

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 Includible Portion of APO GRATs as of April 16, 2014: APO1 GRAT $ 789,069,292 APO1 GRAT No. 2 691,093,551 APO1 GRAT No. 3 120,168,025 Rounded Value: $ 1,600,331,000 Page 22 of 26 EFTA00602633

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Leon D. and Debra R. Black Overview of Estate Plan Personal Real Estate--Financial Inventory As of April 16, 2014 Jointly Owned Residences 760 Park Avenue, NY, NY 750 Park Avenue, NY, NY 5226 E. Desert Vista Rd, AZ 766 Meadow Lane and 3rd Parcel, Southampton, NY 190 and 200 Narrows Road, Bedford, NY Total Jointly Owned Individually Owned Residences 3rd Parcel Narrows Road, Bedford, NY* 750 Meadow Lane, Southampton, NY** Total Individually Owned Total Personal Real Estate Total Liabilities Net Value Leon Debra Total $10,000,000 $10,000,000 $20,000,000 500,000 500,000 1,000,000 1,000,000 1,000,000 2,000,000 16,700,000 16,700,000 33,400,000 10,000,000 10,000,000 20,000,000 38,200,000 38,200,000 76,400,000 - 10,000,000 10,000,000 16,600,000 : 16,600,000 16,600,000 10,000,000 26,600,000 $54,800,000 $48,200,000 $103,000,000 $ - *Allocates $30 million value equally among the three Narrows Road parcels. **Allocates $50 million value equally among the three Meadow Lane parcels Page 23 of 26 EFTA00602634

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Leon D. and Debra R. Black Overview of Estate Plan APO1 Agreement - Financial Inventory As of April 16, 2014 Cash and Marketable Securities 12,298,000 Apollo Credit Opportunities 40,838,000 Note Receivable From Leon D. Black 1,694,738,000 Note Receivable From APO2 Declaration 86,436,000 142,231,000 Art Sa. Includes assets held through LBF Holdings LLC Page 24 of 26 EFTA00602635

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Leon D. and Debra R. Black Overview of Estate Plan APO2 Declaration - Financial Inventory As of April 16, 2014 Iliquid Assets “Rounded Cash & Marketable Securities Black Family Partners LP (12.55%)* - DISCOUNT 30% Investment Partnerships - Various Apollo Related Investments Other Assets Art Phaidon Investment - AT COST SH Meadow Lane LLC 101 Warren Street LLC OFH LLC - NET VALUE Note Payable to APO1 Agreement Page 25 of 26 16,851,000 262,926,000 5,088,000 889,000 298,000 348,899,000 54,000,000 8,312,000 3,500,000 8,250,000 (86,436,000) a 22,977,000, EFTA00602636

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Leon D. and Debra R. Black Overview of Estate Plan as of April 16, 2014 LDB 2011 LLC - Financial Inventory Detail Cash and Marketable Securities $ 24,779,000 Iliquid Assets Black Family Partners LP (7.2%)* - DISCOUNT 30% 150,185,000 Apollo Related Investments 19,827,000 Investment Partnerships 2,394,000 Art 72,750,000 Phaidon Global - AT COST 10,000,000 Liabilities 316,164 Rounded Value: $ 279,619,000 “Rounded Page 26 of 26 EFTA00602637