f lease agreement, this will trigger New York State sales tax. Team to discuss Team to discuss V. RESTRUCTURING OF FAMILY BUSINESS ENTITIES (A) BLACK FAMILY PARTNERS I. Confirm each partner's ownership percentage and adjust capital accounts to reflect partner contributions and partnership distributions.

orrower executed this Agreement as of the date stated at the top of the first page, intending to create an instrument executed under seal. Lender: BLACK FAMILY PARTNERS, M. By: Black Family G LLC, its ge erg! partner By: L Name: Leon D. Black Title: Manager Borrower: PHAIDON GLOBAL LLC By: JMWT Lly7

21 59,058,230 36,64%132 39,629,714 34,228,720 42,658,147 45,031,459 48,901,592 47,030.512 43,120,865 35,573,607 39,412,690 EFTA00295594 BLACK FAMILY PARTNERS CASH PROJECTIONS FY 2015 FY2015 FY2015 FY 201.5 FY 201S FY 2015 FY2015 FY2015 FY2015 FY2015 FY2015 FY2015 FY 2015 PREPARED BY

9827,613 GRATS 10.219.657 TOTAL 156,473,953 10,431.853 172,464 7,044 9.837.400 41.509.684 59.756.707 65,426,670 10,219.657 178.922.718 BLACK FAMILY PARTNERS. LP 210.142.973 517846.606 1.896.235.966 AOG RELATED (TF ORM HOLDINGS. LP µ5.9%) .1218:92.727.166 SHS 2.002.906.786 2.002.906.786 CO

03/15 0.00 EFTA00604454 Bank of America 47 Bank of America. N.A. P.O. Box 25118 Tampa, FL 33622-5118 III,I,.I,I,.I JMWT ACQUISITION LLP BLACK FAMILY PARTNERS C/O APOLLO MANAGFIMP T, Page 1 of 3 Statement Period 05/01/13 through 05/31/13 En P PB OB 60 Account Number U.S. TRUST it Our Online

stribution. in whole or in part. without the express consent of Apollo Global Management. l.1!. ' Jim EFTA00669965 irect Intere State Inforon0on BLACK FAMILY PARTNERS.. áb017 Incone (Loss) Net Portfoba Income Qaabfred Dividends Shon.Term Capital Coin (Loss) long-Term Canal Gain (Loss) Investne

, without the express consent of Apollo Global hlanagentent. LLC. EFTA00669967 Leon Blac erest Tax Estimate - FY Proj APOLLO State Informatica BLACK FAMILY PARTNERS,. Ordion0 Iacomc Itoss ) Nel P°01.4Ii° Income Quall" Divklends Shon.Term Capaalain (Laas) Lons.Term Capaal GS (1.430 InvesInant

BLACK FAMILY PARTNERS CASH PROJECTIONS PREPARED BY R 10SLIN DEC 23 2014 USE TO PAY CAPITAL CALLS ITALICS = NOT PAID/ FY 2014 DEC APO DISTRIB FY 2015 FY

BLACK FAMILY PARTNERS CASH PROJECTIONS PREPARED BY RJOSLIN DEC 22 2014 INFLOWS FY 2014 DEC FY 2015 JAN FY 2015 FEB FY 2015 MAR FY 2015 APR FY 2015

LDB/ DRB NO LOOK THRU Balance Sheet Apr 30,2014 Assets Cash U.S. TRUST 63.262.000 JPM CASH/MARKETABLE SECURITIES 7.766.000 71.028.000 BLACK FAMILY PARTNERS, LP (LOOK THRU) - 0.10538172 APOLLO OPERATING GROUP -BRH HOLDINGS 265.840.000 APOLLO OPERATING GROUP - TRA FUTURE 27.224.000 NON-BRH IN

FIRST AMENDMENT TO THE LIMITED PARTNERSHIP AGREEMENT OF BLACK FAMILY PARTNERS, L.P. This First Amendment dated December 2009 (this "Amendment"), by BLACK FAMILY GP, LLC, as general partner (the "General Partner"), t

BLACK FAMILY PARTNERS CASH PROJECTIONS PREPARED BY R 10SLIN DEC 23 2014 USE 70 PAY CAPITAL CALLS ITALICS = NOT PAID/ RECO FY 2014 FY 2015 DEC APO DISTRI

ussion Purposes Only VALUATION DATE: 6/3/15 Empire Valuation Consultants, LLC PDF Compiled on 10/12/2015 EXAM. D CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS. LP SUPPOR1PM EXHIBIT CAPITAL ACCOUNT OALNOCE MARKET ADJUSTMENTS ADJUSTED 1300KVAl VE %M ASK% Awn Cash I Marketable %curt% Bank

iggSO96801112daging2M 10/3/2012 EFTA_R1_02050354 EFTA02696504 J.P.Morgan J.P, Morgan Securities 00itee 1 of I NSP0PODL-ZI 000000 LDB 2011 LLC BLACK FAMILY PARTNERS 0/O APOLLO MANAGEMENT 9 WEST 57TH ST NEW YORK NY 10019-2700 October 4, 2012 WIRE NOTIFICATION Account: XXX-42260 Dear Account Holder(