o custody so that they can be sold — $1.6MM. In name of LBF Holdings. K12 Inc (LRN) came out of Knowledge Universe, an investment that was moved to BFP LP a long while back but the communication was not made to Knowledge Universe. From: Richard D'Agostino Sent: Tuesday, October 28, 2014 3:46 PM To:

family (entities, trusts, individuals)* C) TRA calculation (FO; Empire (draft)) Global family list: LDB AIF MANAGEMENT BJAV NARROWS ILIT #2 BFP LP APO 1 AGR LBF HOLD APO1 GRAT #1 APO1 GRAT #2 APO1 GRAT #3 B FAM 1997 TR B FAM 1997 GST TR SH MEADOW OFH LLC LDB 2011 LLC ASB 2011 TR BEB

dge_Agreement_(08-26-13).pdf; Phaidon_Credit_Facility-- Closing_Binder Index_of Documents_(6.25.14).pf.pdf; Credit_Facility_Usage.xlsx In June 2013, BFP LP provided a line of credit with Phaidon Global LLC. Attached are: drawdown history (excel); Loan Agreement; Security Pledge Agreement; closing bi

GSCO and giving GSCO the W-8-IMY of BRH which reflects the US owners of BRH. GSCO issues 1099's directly to US owner. We know that BRH is owned by BFP LP (not LDB). The BRH K-1 was picked up by BFP but this 1099 was reported directly on LDB's 1040 (should have been BFP pro forma K1 (if not reported b

PO 2 FUNDS FUTURE PUBLISHING COSTS EFTA00295586 SUMMARY OF CASH FLOW - BLACK FAMILY ACTUAL JAN+MAY AND PROJECTED JUN - DEC APO 1 FY 2015 LOB BFP LP LDS 2011 U.0 APO 2 LDS 201411C GRATS TOTAL HP12$ 2013 NARROWS LBF HOLDINGS INFLOWS DISTRIBUTION FROM BFP LP (INCE APO) 2&574,199 (254,676

GSCO and giving GSCO the W-8-IMY of BRH which reflects the US owners of BRH. GSCO issues 1099's directly to US owner. We know that BRH is owned by BFP LP (not LDB). The BRH K-1 was picked up by BFP but this 1099 was reported directly on LDB's 1040 (should have been BFP pro forma K1 (if not reported b

PO 2 FUNDS FUTURE PUBLISHING COSTS EFTA00708554 SUMMARY OF CASH FLOW - BLACK FAMILY ACTUAL JAN+MAY AND PROJECTED JUN - DEC APO 1 FY 2015 LOB BFP LP LDS 2011 U.0 APO 2 LDS 201411C GRATS TOTAL HP12$ 2013 NARROWS LBF HOLDINGS INFLOWS DISTRIBUTION FROM BFP LP (INCE APO) 2&574,199 (254,676

APO DISTRIBUTIONS TO BFP LP 11/21/2014 S 0.73 12/15/2014 5 0.18 TOTAL 2/28/2015 0.70 4/15/2015 S 0.28 4/15/2015 4/15/2015 $ 0.02 APO DISTRIBUTION 67.683,532 6

P G RAT 2-ET SEQ GRAT 1 BFP DISTRIB ANNUITY ANNUITY DISTRIB 2/28/2015 3/3/2015 4/24/205 5/7/2015 DISTRIB 11/21/2014 ANNUITY 12/3/2014 BFP LP DISTRIB 9,114,138 9,114,138 29,566,366 9,374,965 31,897,623 4,183,762 5,541,904 GRAT BFP 29,566,366 15,715,993 19,558,139 805,000 ART SA

BLACK FAMILY BAL 2014 AND FY 2015 LDB LBF HOLDINGS LDB 2011 LLC BFP APO 1 APO 2 I (DB 2014 LLC TOTAL INFLOWS APO - (NET DISTRIBUTION FROM BFP LP) 11/21/2014 0.731 12/15/2014 0181 2/28/2015 0.70 4/14/2015 0.30 TRUE UP 0.28 5/7/2015 0.42 EST 8/7/2015 $ 0.42 EST 11/7/2015 0.42 EST

UM SEP LP APO 1 APO 2 CASH BALANCE 33.095.377 28,209.782 12.554.652 8,140,0M ORB 6.704,679E INFLOWS -APOLLO APO -1NET DISTRIBUTION FROM BFP LP): 2/28/20/5 $ 0.70 9,169,972 8,145,945 4/14/2015 $ 0.30 TM $245 4,184,002 6,562,140 5/7/2015 042 EST 174 4,887 567 8/7/2015 $ 0.42 ES

626 29,655355 1.8 072334 39 160,977 20 922,615 49.656,630 4,626910 522,933 1,952362 26190780 189.112,242 LBF HOLDINGS LOB 20111/C TOTAL BFP LP APO 1 APO 2 TDB 2014 LLC NARROWS GRATS 21409,782 12,554,652 8440.036 10328460 24,112 14,352,720 El 107,714962 64704979 8.145 SC) 4,03,0

BFP LP CASH DISTRIBUTIONS 11/21/2014 - 6/30/2015 PREPARED BY RI 11/21/2014 11/29/2014 12/3/2014 12/10/2014 12/15/2014 12/31/2014 1/24/2015 1/31/20

2/22 CASH - LEON 11PM) 10,000,010 12/22 PAYMENT DATE 12/3/2014 1/24/2015 2/28/2015 3/3/2015 4/15/2015 4/24/205 5/7/2015 6/3/2015 INFLOWS BFP LP DISTRIB 1,278,152 - 9,169,972 0 4,184,002 - 5,442,174 GRAY ANNUITY 24 225 000 18 072 534 39 160 977 20922 615 49 656 630 25,503,152 18

.pdf; Phaidon_Global_LLC_- 9.30.14_P&L.pdf Embedded: unnamed To be clear, the FO writes up the books of Phaidon Global LLC. Any money borrowed from BFP LP (on LOC) is then funded at FO instruction to Phaidon Press Ltd or as equity funding of Regan Arts LLC. Attached is 9/30/14 financials prepared by F

om: Richard Joslin To: Jeffrey E. <jeevacationggmail.com> Subject: simple solution Date: Mon, 24 Nov 2014 21:19:49 +0000 All the asset raising in BFP LP can be distributed — the Athene $40MM payment looks to be a 2016 event. Richard loslin CFO Elysium Management LLC 445 Park Ave Ste. 1401 New Yo

10/30/2015 THIS IS A DRAFT - I WILL FULLY REVIEW OVER WEEKEND THE TERMINAL VALUE OF BFP LP USED WAS THE 9/3/2015 (mean $19.00) FOR ALL ANNUITY DATES SUBSEQUENT. EMPIRE VALUATION FOR 9/30/2015 - BFP VALUED @ $1.69B. APOLLO DISTRIBUTIONS F

[email protected]> Subject: RE: Knowledge Universe Education L.P. -- Confidential Memorandum Date: Thu, 23 Apr 2015 15:32:13 +0000 The economic owner is BFP LP. The titular owner on Knowledge Universe records is LBF Holdings. This was an investment that dates to the period of rollup (BFP creation) and initi

GSCO and giving GSCO the W-8-IMY of BRH which reflects the US owners of BRH. GSCO issues 1099's directly to US owner. We know that BRH is owned by BFP LP (not LOB). The BRH K-1 was picked up by BFP but this 1099 was reported directly on LDB's 1040 (should have been BFP pro forma K1 (if not reported by

6/3/2014 9/3/2014 12/3/2014 3/3/2015 6/3/2015 9/3/2015 12/3/2015 3/3/2016 6/3/2016 9/3/2016 12/3/2016 3/3/2016 6/3/2016 APO GRAT ft 2 %BFP LP APO Price (Mid) Discounted Value Annuity Payments - Year 1 Annuity Payments - Year 2 APO GRAT 4 3 %BFP LP APO Price (Mid) Discounted Value A