DETAIL LEON & DEBRA 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 1015 FY 2015 PREPARED BY A IOSLIN JAN 1.15 JAN 16.31 APRIL 1.15 APRIL 16.30 TOTAL FEB 27 2015 MN JAN FEB MAR APRIL APRIL JUN JULY AUG SEP OCT NOV DEC NET INFLOW MAY PAYMENT DATE: OSP/ 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 7/20/2015 8/7/2015 9/3/2015 10/24/2015 11/7/2015 12/3/2015 INFLOWS BFP LP DISTIVB 2,003,428 • 2,810,745 5533,378 5,781,892 5,183,717 28801,490 GRAY ANNUITY 70,200,013 38,610,00) 16,575.389 40,033.658 4,733.011 13,416,732 1,067,418 16.081,324 171,718,545 LOAN PROCEEDS BOFA • ART 9,000.000 4,700.000 13,700.000 LOAN PROCEEDS LOB 2014LLC (DUE 4/30/15) 6,000,000 6,000,000 DISTRIS (TRUST) . DIM. APO 2 10,001.000 10,000.000 DISTRIB ICORP) ORB DRB PRODUCTIONS 560,000 560.000 SALE ARIZONA PROPERTY 1.410.497 1,410,497 SALE CLASS B INTEREST AP NARROWS LLC 10,000.000 LOAN REPAYMENT- ARTSPACE ORB 450.000 450.000 LOAN REPAYMENT- PHAIDON GLOBAL ORB 1,000,000 1,000,000 OTHER REFUNDS/ REalPTS 3.166 31.779 35045 TOTAL INFLOWS 18,563,694 30,642,289 12,191,331 50,060,000 2,810,745 16,575,389 5,533,378 40,033.658 4,733.011 5,781,892 23,016,732 1,067,418 5,183,717 26,082,324 243,675,577 OUTLOWS HOUSEHOIO/ TRANSFER TO MS (5,030,000) (3.000,003) (3.000.000) (3,000.000) (3.000000) (17000.000) FINE ART (185.305) 110534,198) 1501,022) 1171,2:711680t3504 24)) RARE BOOKS 118.304) FURNITURE ET Al. (248,305) (315.556) 136.745) ART EXPENSE - CONSULTANT/INSURANCE (4005031 BOFA • MT LOAN - 5470MM; LIBOR 1M+ 125: 5/2015 BOAT: DEBT SERV - 517.2MM; LIBOR IDAY•185; 12/2018 1105.787) 1105.749) 11,794003) (106000) (106.000) (106.000) (1,79000) 1106.000) (1 20 ,000 000 (106,000) (106.000) (106,030) (1,790.0001 1106,0001 1.(2471.736) BOAT- USE (NET OF CHARTER REVENUE)* (4°"3°) (200,000) 162.000 (200,003) (200,000) ((n0106:000060)) (600.606) (200,000) (200,000) (200,000) 21:2743° 787202/ PLANE: DEBT SERV - 521.1MM; LIBOR IM.172; 9/2016 (158.202) (162,000) (162.000) (162,000) (162.000) II210006.,000000: (162.003) (162,030) (162,000) (162.030) (162,000) PLANE USE (NET OF REIMBURSEMENT)* (98.139) (300,000) (300.000) (300.000) (300.000) (300.000) 986010) (300.000) (300,000) (30":" (30110°D) 3,098.139) TOWNHOUSE - CONSTRUCTION 1986,0101 72 :30000 (986,010) f300000) TRANSFER TO NARROWS LW 15,630000) ,695 3285.:0266 30): 5,630,000) APO I INTEREST (6,831,316) (6,831.316) 16,831,316) (6.831,316) LOAN REPAY . LDS 201411C (DUE 4/30/151 16,000,000) 6,000,000) INSURANCE/TAXES - PROPERTY (334,000) 1137,000) (190,000) (27,000) (688.000) LEGAL & ACCOUNTING . CURRENT (150.000) (150.000) 1150,0001 LEGAL & ACCOUNTING - PRIOR YEAR CHARITY 1391,300) • (750,000) - (10.250.000) 00.250,000) (24(600 500.030) , .0001 IRS - INCOME & GIFT (21030000) (12.429.351) (5,774,750) :45;4 ',.°°7 750): 19.1:914781.5300 51) NYS/CA/ IA INCOME TAX (15,470,000) (7.900,000) 13,059.000) 13,059,000) 130,288.000) USE ET AL TAX (6.500.000) (6,500.000) ADVISORY/ TRUSTEE FEE 15,000000) (41,824) (5,000,000) (5,000,000) (10.000,0001 (25,041520) SUPPORT - CHILDREN 120.000) MISC OUTFLOW 12,554) (1.849) 112.203) (20,000) (16,606) TOTAL OUTFLOWS (26.456.164) (26,427.389) (6,993.487) (12.743,316) 128.583.361) (11.750,000) (0.502,0001 (18,777.066) (17,141,010) (3.768,000) (22,967,066) (6.754.010) (3,768,000) 129.820.3161 (210,451,187) NET IN(OUT)FLOWS 17,892,470) 1,214,900 5,197,800 37,316,684 (25,772,616) 4,625,359 1,031,378 21,756,592 (12,407,999) 2,013,892 449,666 (4,686,592) 1,415,717 (3,737,992) 23,224,390 CASH BALANCE 18,444,902 12,659.802 17,857.647 65,174,330 39,001,710 44,127,103 45,258,480 66,515,022 54,102,073 56,110,965 56.570.630 51.884,038 53,299,754 49.561,761 • ANNUAL ESTIMATED OUT OF POCKET COST SPREAD RATABLY CHANGE FROM FEB 15 2015: CHANGE • EOM CASH 11,683.787) 2,839,539 2,839.539 487.949 521.535 324.372 443,545 441,018 321,845 443.545 565,246 443,545 Page 1 441 EFTA_R1_02048227 EFTA02696024

BLACK FAMILY PARTNERS CASH PROJECTIONS FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 FY 2015 EY 2015 Pe 2015 PREPARED BY R 10SUN TOTAL FEB 27 2015 /AN FEB MM MR MAY JUN JULY AUG SEP OCT NOV DEC INFLOWS APOLLO RELATED: 2/27/2015 4/15/2015 5/7/2015 4/7/2015 11/7/2015 APO D5TRIBUTION PER SR $ 0.86 $ 042 $ 0.42 S 0.42 APO DISTRIBUTION • PUBLIC 79,745,361 38.945.410 38.945.410 38,945,410 196.58).591 APO CORP TAX DISTRIB 1,854,543 1,854.543 GROSS UP - ONI TO AP PROFESSIONALS 16.690.890 16.690.890 TRA 16.581.365 16,581.365 INVESTMENT RELATED: DISTRIB (LP) • TENFORE 57,333 57.333 DISTRIB BP) KNOWLEDGE UNIVERSE LIQUIDATION 4,004000 4.000.000 DISTRIB (LP) - KNOWLEDGE UNIVERSE LIQUIDATION • PROPCO 5,000,000.00 6000,000 SALE K12 INC (LM) 665,721 1,129,299 1,795,020 SALE & DISTRIB & FEE SUSTAINABLE WOODLANDS 15,694,938 (161,446) 15,533,493 SALE I -INK 110,100 110,100 REDEMPTION • LOAN CASCADE 10,000,000 10,000.003 REDEMPTION APOLLO VIE (EFF 3/31/15) 6.965,100 6.965,100 REDEMPTION • KING ST (SIDE POCKET) 5,049 5.449 DIVIDEND - AINV 120.726 120.726 120,726 120,726 482.906 LOAN REPAYMENT MANION GLOBAL 11,350.030 LOAN REPAYMENT P1.B LOAN 3,200,040 INT REPAY. PLB/ UP 381,000 HERITAGE PAYMENT 675.192 675.192 TOTAL INFLOWS 25,983,098 79,589.403 7.409,528 40.376.823 45.914510 6.282.463 38.945.410 5,120,726 43,646,059 293,264.020 OUTFLOWS (EXCL DISTRIBUTIONS TO LP'S) • CAPITAL CALL- /CI II CAPITAL CALL - COP CO-INVEST III (192,874) 12844741 (1,526,919) (659,000) (450,000) (600,000) (1,125.000) (750,0001 (500.000) (1,125,000) (504000) 004000) (1,125,000) (500030) (500,000) (1(.512006 000 001 (500,000 (6,878,793) (5,584,874) CAPITAL CALL • ATHENE (41,600,000) (41.600.000) CAPITAL CALL-TENFORE (16,8171 CAPITAL CALI. - HAO (60,000) (250.000) 1250.000) ($16.817) (60.000) CAPITAL CALL - OWL 1650,000) 440000 (650.003) (1.300.010) FAMILY OFFICE (170,000) MISC (95) (S02,100) (440.000) (440,000) (440.000) (440400) (440000) (440,000) (440,0001 (444000) (440030 (5,172,000) (95) TOTAL OUTFLOWS (EXCL DISTRIB. TO LP'S) (824,660) (2,028,919) (44,049000) (1,040,000) (2,315,000) (1,590.000) (2,065000) (1,190,000) 12.0654001 (940,000) (2,065,000) (940,000 161,112.579) DISTRIBUTIONS TO LIMITED PARTNERS (24,999,9991 (55,000,000) (35.126.796) (38,945.410) (38.945.410) (38,945,410) (231.963.025) NET CASH BY MONTH 158.439 22,560,484 (36,639,472) 4,210,027 4,650,100 (1,590,000) 4217,463 (1,190.000) (2.065,000) 4.180,726 2,635,650 (940.000) 188.417 CASH BALANCE 11,275,692 40434,176 4,196,704 8,406,731 13,056,431 11,466,831 15,644,293 14,494,293 12,429,293 16,610,020 19,245,669 14.305,149 CHANGE FROM FEB 15 2015: CHANGE - EOM CASH (7,411.633) 1,405,495 672,463 5,739.229 5,215,896 9,729,299 9.205.966 7457,632 7.034,299 10,086,61$ 9,563,282 Page 1 oil EFTA_R1_02048228 EFTA02696025

APO 1 (INC LDB 2011 LLC/ LBF HOLDINGS) PROJECTED CASH FLOW FEB 27 2015 - R JOSLIN INFLOWS FY 2015 JAN FY 2015 FEB FY 2015 MAR FY 2015 APRIL FY 2015 MAY FY 2015 JUN FY 2015 JULY FY 2015 AUG FY 2015 SEP FY 2015 OCT FY 2015 NOV FY 2015 DEC FY 2015 TOTAL INT INCOME - LOB REAPYMENT 6,831,316 6,831,316 6,831,316 6,831,316 27,325,266 INT INCOME 1,425 1,425 DIVIDEND INC 148,021 144,790 144,790 144,790 582,390 LOAN- BFP PHAIDON GLOBAL LOAN DRB APOLLO CREDIT OPP FUND I 30,182 30,182 NARROWS PURCHASE PRICE ADJ APO 1 FCI INVESTORS I (LDB 2011 LLC) 402,631 1.000000 1,402,631 APOLLO REAL ESTATE INV LOB 2011 LLC TOTAL INFLOWS 552,077 30,182 6,831,316 144,790 6,831,316 144,790 6,831,316 144,790 7,831,316 29,341,893 DISBURSEMENTS TOWNHOUSE - REMAINDER INTEREST (167,833) (167,833) (2,013,990) (2,013,990) (2,013,990) (167,833) 16,545,468) CAPITAL CALL -SEARCHLIGHT (359,894) (90,106) (450,000) PURCHASE CLASS B INTEREST AP NARROWS (10,000,000) PHAIDON PRESS ACTUAL REGAN ARTS ACTUAL DISTRIB - BEN 13,200.000) LOAN PHAIDON GLOBAL (REFI BFP - PRINCIPAL) 116.550.000) LOAN PHAIDON GLOBAL (REFI - BFP INTEREST) (381,000) SALES / USE TAX 18,756) (1,255,717) (1,264,473) ART INSURANCE/ FRAMING (66,332) (140000) (206.332) ART Rhinoceros (B. 136; M, Hill. CORER, ALBRECHT ART - Volo di Rondini EtALLA, GIACOMO VALUATION, LEGAL, ACCOUNTING (55AU) (55,888) MISC (35) (35) TOTAL DISBURSEMENTS (368,685) (290,053) (19,436,447) (3,269,707) (8,265,832) (140,000) (2,013,990) (4,700,650) (167,833) (38,653,196) NET CASH BY MONTH 183,392 (259,8711 (12.605.130) (3,124918) 6.831.316 (8.121.043) 6.691,316 (1,869,200) (4.700.650) 7.663.484 19.311.302) CASH BALANCE 31,217,507 30,957,637 18,352,507 15,227,589 15,227,589 22,058,905 13,937,863 13,937,863 20,629,179 18,759,979 14,059,329 21,722,813 CHANGE FROM FEB 15 2015: CHANGE EOM CASH 2,816,500 (16,178,715) (16,057,015) (16,198,815) 116,175,715) (22,295,171) 122,236,871) (22,139,071) (21,883,671) 126,578,921) (26,646,821) Page 1 of 1 EFTA_R1_02048229 EFTA02696026

APO 2 PROJECTED CASH FLOWS FY2015 PREPARED BY Ft JOSLIN FEB 27 2015 JAN BFP DISTRIBUTION DATE INFLOWS FY2015 FEB BFP DISTRIB 2/28/2015 FY2015 MAR FY2015 APRIL BFP DISTRIB 4/15/2015 FY2015 MAY BFP DISTRIB 5/7/2014 FY2015 JUN FY2015 JULY FY2015 AUG BFP DISTRIB 8/7/2014 FY2015 SEP FY2015 OCT FY2015 NOV BFP DISTRIB 11/7/2014 FY2015 DEC FY 2015 TOTAL BFP DISTRIBUTIONS 3,137,447 6,902,384 4,408.339 4,887,567 4,887,567 4,887,567 29,110,871 SALE - 101 WARREN ST 4,061,810 4,061,810 DISTRIB (LP) - BLUE STAR 5,997 5,997 DISTRIB (LP) - M RELATED 45.500 45,500 45,500 45,500 182,000 MISC INFLOWS 260 260 TOTAL INFLOWS 7,250,754 6,902,384 4,453,839 4,887,567 45,500 4,887,567 45,500 4,887,567 33,360,678 DISBURSEMENTS DISTRIBUTION TO ORB 110.000.000) (10,000,000) LOAN REPAYMENT ORB - PHAIDON/ REGAN ARTS (1,000000) LOAN REPAYMENT DRB - ARTSPACE (450,000) ARTSPACE (2,475,000) PHAIDON PRESS (1,200,000) REGAN ARTS (5,600,000) SH MEADOW - CONSTRUCTION (700,000) (1,466,900) (1,466,900) (1,466,900) (733,500) (5,834,200) SH MEADOW - REAL ESTATE TAX (160,000) 1160,0001 (320,000) MIAMI PROPERTY ACQUISITION (8,250,000 (8.250,000) USE TAX 1261,813) (261,813) ART INSURANCE (206,000) (206,000) DISTRIB TO JOSH BLACK (9,500) (9,500) (19,000) LEGAL & ACCOUNTING FEES (20,000) (20.000) MISC OUTFLOWS/ EXPENSES (12.0121 (12,012) TOTAL DISBURSEMENTS (721,512) (379,500) (5,566,900) (1,728,713) (1,626,900) (3,158,500) (3,356,000) (700,000) (8,410,000) (25,648,025) 7,712,653 NET CASH BY MONTH 6,529,242 6,522,884 (5,566,900) 2,725,126 3,260,667 13.158,500) 45,500 4,887,567 (3,356,000) 45,500 4,187,567 (8,410,000) CASH BALANCE 20,080,735 26,607,619 21,000,719 23,765,845 27,026,512 23,868,012 23,913,512 28,801,079 25,445,079 25,490,579 29,678,146 21,268,146 CHANGE FROM FEB 15 2015: CHANGE - EOM CASH 26,275,932 23,606,432 24,197,532 23,161,532 21,212,432 21,853,652 22,735,752 21,035,252 22,591,252 21,273,752 21,168,079 Page 1 of 1 EFTA_R1_02048230 EFTA02696027

LDB 2014 LLC PROJECTED CASH FLOWS FEB 27 2015 R JOSLIN INFLOWS FY 2015 JAN BFP DISTRIB FY 2015 FEB BFP DISTRIB FY 2015 MAR BFP DISTRIB FY 2015 APRIL FY 2015 MAY FY 2015 JUN FY 2015 JULY FY 2015 AUG FY 2015 SEP FY 2015 OCT FY 2015 NOV FY 2015 DEC FY 2015 TOTAL 1/9/2015 2/27/2015 4/15/2015 5/7/2015 8/7/2015 11/7/2015 CASH ON HAND INFLOWS BFP DISTRIBUTION 1,792,125 3,942,675 2,518,064 2,791,802 2,791,802 2,791,802 16,628,270 REPAYMENT - LOAN - LDB 6,000,000 6,000,000 TOTAL INFLOWS 1,792,125 3,942,675 8,518,064 2,791,802 2,791,802 2,791,802 • 22,628,270 DISBURSEMENTS LOAN -LDB (6,000,000) -6000000 TOTAL OUTFLOWS (6,000,000) - (6,000,000) NET CASH BY MONTH (4,207,875) 3,942,675 8,518,064 2,791,802 2,791,802 2,791,802 16,628,270 CASH BALANCE 5,575,225 9,517,900 9,517,900 18,035,964 20,827,766 20,827,766 20,827,766 23,619,568 23,619,568 23,619,568 26,411,370 26,411,370 Page 1 of 1 EFTA_R1_02048231 EFTA02696028