| Field | Extracted content |
|---|---|
| Method | VIA EMAIL |
| Date | November 11, 2015 |
| To | [Name redacted] — [email redacted] |
| CC | [Name redacted] — [redacted] (black-boxed), [Name redacted] — [redacted] (black-boxed) |

Jeffrey,

Here is the VERY PRELIMINARY 2016 cash flow you requested. Even though it's very preliminary Brad asked that I copy Leon since revenue numbers are markedly different than prior years.

Please note:

1. The cash flow is presented in 3 parts: (a) page one - annual projected summary for 2016 (b) page 2 month by month summary and (c) page 3 footnotes that tic back to page 2.

2. Most numbers are "estimated- to the nearest ten thousand dollars.

3. Third party-input was used where available <u>(Lg.,</u> Chris Pollack on the 70th Street expenditures, most recent Apollo projections, etc.)

4. Where relevant, last year's number were used as a starting point <u>(e.g.,</u> plane and boat expense).

5. Only identified art purchases are incorporated.

Let's discuss next steps at your earliest convenience.

# BLACK FAMILY PRELIMINARY COMPOSITE CASH FLOW SUMMARY

# PROJECTED 2016

# PROJECTED 2016 (cont.)

## SOURCES:

<table><tr><th></th><th>PROJECTED</th></tr><tr><td>CASH INFLOWS FROM INVESTMENTS</td><td><u>2016*</u></td></tr><tr><td>APOLLO DISTRIBUTIONS AND TRA</td><td>133,630</td></tr><tr><td>INVESTMENTS</td><td>50,400</td></tr><tr><td>PUBLISHING INFLOWS</td><td>2,200</td></tr><tr><td>ART SALES</td><td></td></tr><tr><td>BOAT/PLANE CHARTER INCOME AND MISC</td><td><u>3,460</u></td></tr><tr><td></td><td>189,690</td></tr><tr><td>CASH INFLOWS FROM FINANCING ACTIVITIES</td><td></td></tr><tr><td>ART LOAN PROCEEDS</td><td></td></tr><tr><td>TOTAL SOURCES</td><td>189,690</td></tr></table>

# PROJECTED 2016 (cont.)

## USES:
CASH OUTFLOWS FROM PERSONAL AND INVESTMENT ACTIVITIES

<table><tr><th colspan="2">CASH OUTFLOWS FROM PERSONAL AND INVESTMENT ACTIVITIES</th></tr><tr><td>ART, JEWELRY AND COLLECTIBLES</td><td>28,750</td></tr><tr><td>INTEREST EXPENSE - ART LOAN</td><td>8,000</td></tr><tr><td>ART ADVISORY &amp; INSURANCE</td><td>2,760</td></tr><tr><td>REAL ESTATE</td><td>12,120</td></tr><tr><td>INVESTMENTS: NON- PUBLISHING</td><td>39,960</td></tr><tr><td>INVESTMENTS: PUBLISHING</td><td>11,000</td></tr><tr><td>PLANE OPERATING EXPENSES</td><td>4,200</td></tr><tr><td>PLANE LOAN P&amp;I</td><td>1,890</td></tr><tr><td>BOAT OPERATING EXPENSES</td><td>4,200</td></tr><tr><td>BOAT LOAN P&amp;I</td><td>1.200</td></tr><tr><td>ADVISORY </td><td></td></tr><tr><td>TAXES - INCOME. GIFT. USE</td><td>46,640</td></tr><tr><td>CHARITY</td><td>34,120</td></tr><tr><td>FAMILY OFFICE</td><td>6,600</td></tr><tr><td>PROFESSIONAL FEES</td><td>1,560</td></tr><tr><td>RESIDENTIAL NON LABOR</td><td>5,280</td></tr><tr><td>INSURANCE FOR REAL ESTATE AND AUTOS</td><td>840</td></tr><tr><td>RESIDENTIAL LABOR</td><td>1,800</td></tr><tr><td>PERSONAL - LEISURE TRAVEL ET AL</td><td>6,000</td></tr><tr><td>MISC. DESIGNATED DISBURSEMENTS</td><td>4,800</td></tr><tr><td>DISTRIBUTIONS TO CHILDREN</td><td>3,840</td></tr><tr><td>TOTAL USES</td><td>225.560</td></tr><tr><td>NET INCREASE (DECREASE) IN CASH</td><td>(35,870)</td></tr><tr><td>PROJECTED CASH AT 1/1/16</td><td>94,150</td></tr><tr><td>PROJECTED CASH AT 12/31/16</td><td>58,280</td></tr></table>

*NUMBERS ARE ROUNDED TO TENS OF THOUSANDS

# PROJECTED 2016 (cont.)

## USES:
CASH OUTFLOWS FROM PERSONAL AND INVESTMENT ACTIVITIES (cont.)

<table><tr><th colspan="10">Black Family Preliminary Composite Cash Flow Projection For 2016 ( Numbers Rounded to Tens Of Thousands)</th><th></th><th></th><th></th><th></th><th rowspan="2"></th></tr><tr><td>Amounts in (000s)</td><td>Jan</td><td>Feb</td><td>Mar</td><td>April</td><td>May</td><td>Jun</td><td>July</td><td>Aug</td><td>Sep</td><td>Oct</td><td>Nov</td><td>Dec</td><td>Total</td></tr><tr><td>APO distributions</td><td></td><td>33,380</td><td></td><td></td><td>33,380</td><td></td><td></td><td>33,380</td><td></td><td></td><td>33.380</td><td></td><td>133,520</td><td>1</td></tr><tr><td>TRA Projections</td><td></td><td></td><td></td><td>110</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>110</td><td>2</td></tr><tr><td>Investment Inflows - non publishing</td><td>4,200</td><td>4,200</td><td>4,200</td><td>4,200</td><td>4,200</td><td>4,200</td><td>4,200</td><td>4.200</td><td>4,200</td><td>4,200</td><td>4.200</td><td>4,200</td><td>50,400</td><td>3</td></tr><tr><td>Publishing inflows</td><td>400</td><td>1,800</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2,200</td><td>4</td></tr><tr><td>Art Sales</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>5</td></tr><tr><td>Boat charter income</td><td></td><td></td><td></td><td></td><td>500 88</td><td>500 88</td><td>500</td><td>500</td><td>500</td><td></td><td></td><td></td><td>2,500</td><td>6</td></tr><tr><td>Plane charter Income</td><td>80</td><td>80</td><td>80</td><td>80</td><td>80</td><td>80</td><td>80</td><td>80 80</td><td>80</td><td>80</td><td>80 880</td><td>80 80</td><td>960</td><td>7</td></tr><tr><td>Art Loan</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>8</td></tr><tr><td>Total Sources</td><td>4.680</td><td>39,460</td><td>4,280</td><td>4,390</td><td>38,160</td><td>4,780</td><td>4,780</td><td>38,160</td><td>4,780</td><td>4,280</td><td>37,660</td><td>4.280</td><td>189,690</td><td></td></tr><tr><td>Uses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Art &amp; collectibles</td><td></td><td></td><td></td><td>(28,750)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>(28,750)</td><td>9</td></tr><tr><td>Interest Bofa- Art Loan</td><td></td><td></td><td>(2,000)</td><td></td><td></td><td>(2,000)</td><td></td><td></td><td>(2,000)</td><td></td><td></td><td>(2,000)</td><td>(8,000)</td><td>10</td></tr><tr><td>Art advisory and insurance</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(230)</td><td>(2,760)</td><td>11</td></tr><tr><td>Real Estate</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Miami Property Construction</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(210)</td><td>(2,520)</td><td>12</td></tr><tr><td>Townhouse-Construction</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(800)</td><td>(9,600)</td><td>13</td></tr><tr><td>SH Meadow-Construction</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>14</td></tr><tr><td>Total Real Estate</td><td>(1,010)</td><td>(1,010)</td><td>(1,010)</td><td>(1,010)</td><td>(1,010)</td><td>(1,010)</td><td>(1,010)</td><td>(1,010)</td><td>(1,010)</td><td>(1,010)</td><td>(1.010)</td><td>(1,010)</td><td>(12,120)</td><td></td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investments non-publishing</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(3,330)</td><td>(39,960)</td><td>15</td></tr><tr><td>Investments publishing</td><td></td><td></td><td>(1,500)</td><td>(900)</td><td>(1,000)</td><td>(700)</td><td>(1,300)</td><td>(1,100)</td><td>(1,000)</td><td>(1,400)</td><td>(1,400)</td><td>(700)</td><td>(11,000)</td><td>16</td></tr><tr><td>Total Investments</td><td>(3,330)</td><td>(3,330)</td><td>(4,830)</td><td>(4,230)</td><td>(4.330)</td><td>(4.030)</td><td>(4,630)</td><td>(4,430)</td><td>(4,330)</td><td>(4,730)</td><td>(4,730)</td><td>(4.030)</td><td>(50,960)</td><td></td></tr><tr><td>Plane operating expenses</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(4,200)</td><td>17</td></tr><tr><td>Plane principal and interest</td><td>(160)</td><td>(160)</td><td>(160)</td><td>(160)</td><td>(160)</td><td>(160)</td><td>(160)</td><td>(160)</td><td>(160)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(1,890)</td><td>18</td></tr><tr><td>Boat operating expenses</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(350)</td><td>(4,200)</td><td>19</td></tr><tr><td>Boat principal and interest</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(100)</td><td>(1,200)</td><td>20</td></tr><tr><td>Advisory</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>21</td></tr><tr><td>Taxes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal 2016</td><td></td><td></td><td></td><td>(6,000)</td><td></td><td>(6,000)</td><td></td><td></td><td>(6,000)</td><td></td><td></td><td></td><td>(18,000)</td><td>22</td></tr><tr><td>State 2016</td><td></td><td></td><td></td><td>(3,000)</td><td></td><td>(3,750)</td><td></td><td></td><td>(3,750)</td><td></td><td></td><td></td><td>(10,500)</td><td>23</td></tr><tr><td>State 2015</td><td>(1,500)</td><td></td><td></td><td>(2,100)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>(3,600)</td><td>24</td></tr><tr><td>Use tax 2015</td><td></td><td>(10,200)</td><td></td><td>(4.340)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>(14,540)</td><td>25</td></tr><tr><td>Total Taxes</td><td>(1,500)</td><td></td><td></td><td>(15,440)</td><td></td><td>(9,750)</td><td></td><td></td><td>(9,750)</td><td></td><td></td><td></td><td>(46,640)</td><td></td></tr><tr><td>Charity</td><td>(20)</td><td>(40)</td><td>(500)</td><td>(480)</td><td>(2,510)</td><td>(340)</td><td>(750)</td><td>(130)</td><td>(170)</td><td>(11,600)</td><td>(9.010)</td><td>(8,570)</td><td>(34,120)</td><td>26</td></tr><tr><td>Family Office</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(550)</td><td>(6,600)</td><td>27</td></tr><tr><td>Professional Fees</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(130)</td><td>(1,560)</td><td>28</td></tr><tr><td>Residential non-labor Including insurance</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(440)</td><td>(5,280)</td><td>29</td></tr><tr><td>Insurance for Real Estate and Autos</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(70)</td><td>(840)</td><td>30</td></tr><tr><td>Residential Labor</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(150)</td><td>(1.800)</td><td>31</td></tr><tr><td>Personal - Leisure Et Al</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(500)</td><td>(6,000)</td><td>32</td></tr><tr><td>MS Miscellaneous Disbursements</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(400)</td><td>(4,800)</td><td>33</td></tr><tr><td>Total uses</td><td>(9,290)</td><td>(18,010)</td><td>(11,770)</td><td>(53,340)</td><td>(11,280)</td><td>(20,560)</td><td>(9,820)</td><td>(9,000)</td><td>(20,690)</td><td>(20,760)</td><td>(18,170)</td><td>(19,030)</td><td>(221,720)</td><td></td></tr><tr><td>Net In (Outflow) before Intra-Family</td><td>(4,610)</td><td>21,450</td><td>(7,490)</td><td>(48,950)</td><td>26,880</td><td>(15,780)</td><td>(5,040)</td><td>29,160</td><td>(15,910)</td><td>(16,480)</td><td>19,490</td><td>(14,750)</td><td>(32,030)</td><td></td></tr><tr><td>IntraFamily</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trust Distributions - Ben Donalbane</td><td>(900)</td><td></td><td></td><td>(900)</td><td></td><td></td><td>(900)</td><td></td><td></td><td>(900)</td><td></td><td></td><td>(3,600)</td><td>34</td></tr><tr><td>Trust Distributions - Alex and Victoria</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(20)</td><td>(240)</td><td>35</td></tr><tr><td>Total Intra-Family</td><td>(920)</td><td>(20)</td><td>(20)</td><td>(920)</td><td>(20)</td><td>(20)</td><td>(920)</td><td>(20)</td><td>(20)</td><td>(920)</td><td>(20)</td><td>(20)</td><td>(3,840)</td><td></td></tr><tr><td>Net cash provided (used)</td><td>(5,530)</td><td>21,430</td><td>(7,510)</td><td>(49,870)</td><td>26,860</td><td>(15,800)</td><td>(5,960)</td><td>29,140</td><td>(15,930)</td><td>(17,400)</td><td>19,470</td><td>(14,770)</td><td>(35,870)</td><td>[ ]</td></tr><tr><td>Beginning of month cash balance</td><td>94,150</td><td>88,620</td><td>110,050</td><td>102,540</td><td>52,670</td><td>79,530</td><td>63,730</td><td>57,770</td><td>86,910</td><td>70,980</td><td>53,580</td><td>73,050</td><td>94,150</td><td>[ ]</td></tr><tr><td>End of month cash balance</td><td>88,620</td><td>110,050</td><td>102,540</td><td>52,670</td><td>79,530</td><td>63,730</td><td>57,770</td><td>86,910</td><td>70,980</td><td>53,580</td><td>73,050</td><td>58,280</td><td>58,280</td><td>[ ]</td></tr></table>

# PROJECTED 2016 (cont.)

## USES:
CASH OUTFLOWS FROM PERSONAL AND INVESTMENT ACTIVITIES (cont.)

# BLACK FAMILY

# PRELIMINARY COMPOSITE CASH FLOW SUMMARY -2016 PROJECTION FOOTNOTES AND ASSUMPTIONS

<table><tr><th></th><th>Cash Flow Category</th><th>Notes!Assumptions</th></tr><tr><td>N </td><td>Inflows </td><td></td></tr><tr><td>1</td><td>APO Distributions</td><td>As of 10/28 Apollo distributions for 2016 are expected to be $1.44 per share. Calculated based upon 92.7MM shares, LDB and the Trusts can expect to receive 5133.5MM. It is assumed that the distributions will
be spread evenly across the year.</td></tr><tr><td>2</td><td>TRA Projections</td><td>Apollo projects that the TRA distribution will be nominal at around 5100K</td></tr><tr><td>3</td><td>Investment Inflows - Non-Publishing</td><td>Based on 2015 projected numbers and the assumption that the same approximate decline in investment inflows that took place between 2014 and 2015 happens in 2015-6</td></tr><tr><td>4</td><td>Publishing Inflows</td><td>These projected repayments were provided by John Murphy, CFO of the publishing entities</td></tr><tr><td>5</td><td>Art Sales</td><td>There are no known projected art sales</td></tr><tr><td>6</td><td>Boat Charter Income</td><td>This projection is based upon an average of the last 2 years of boat charter income</td></tr><tr><td>7</td><td>Plane Charter Income</td><td>Revenue is based upon total usage of 200 hours and 30% of those hours being reimbursed by Apollo. This is similar to the full year 2014. Revenue per hour used is 92.5% of the current reimbursement rate of
$17,765 to account for FET</td></tr><tr><td>8</td><td>Art Loan</td><td>The art loan has been fully drawn down. Unless its size is increased there are no projected inflows.</td></tr><tr><td></td><td>Outflows </td><td></td></tr><tr><td>9</td><td>Art &amp; Collectibles</td><td>Arts and collectibles only includes the final payment for the Picasso 'Buste".</td></tr><tr><td>10</td><td>Interest Bofa - Art Loan</td><td>P&amp;I payments calculated assuming the loan will be outstanding throughout the year and that the rate will be 1.44% (current one month libor plus 1.25%). Maturity is 5/31/17 and full principal outstanding ($565MM
)is due as a balloon payment</td></tr><tr><td>11</td><td>Art Expense - Advisory/Insurance</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015</td></tr><tr><td>12</td><td>Miami Property Construction</td><td>Based upon the average of the project estimate range provided by Lorraine who is working on the project with Debra</td></tr><tr><td>13</td><td>NY Townhouse - Construction</td><td>Based upon monthly estimates provided by Chris Pollack, building advisor</td></tr><tr><td>14</td><td>SH Meadow - Construction</td><td>There are no known projects projected for 2016 according to Ben Krupinski's office. (They are the builders who worked on SH Meadow Lane.)</td></tr><tr><td>15</td><td>Investments Non-Publishing</td><td>Based on 2015 projected numbers and the assumption that the same approximate decline in investment outflows that took place between 2014 and 2015 happens in 2015-6.</td></tr><tr><td>16</td><td>Investments Publishing</td><td>These projected needs were provided by John Murphy, CFO of the publishing entities</td></tr><tr><td>17</td><td>Plane Operating Expenses</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015</td></tr><tr><td>18</td><td>Plane Principal and Interest</td><td>P&amp;I based upon the amortizing loan balance and current rate 1.91% (1 mo libor plus 1.72%) and assumed the plane loan would remain outstanding on the same terms rather than be repaid as a balloon payment
of $18.7MM on maturity date of 9/5/16</td></tr><tr><td>19</td><td>Boat Operating Expenses</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015</td></tr><tr><td>20</td><td>Boat Principal and Interest</td><td>Projected principal plus interest based upon the amortizing loan balance and current interest rate of 1.98% (daily libor plus 1.85%). Maturity of loan is 1211/18 with a balloon payment of $13.6MM</td></tr><tr><td>21</td><td>Advisory</td><td>Unknown</td></tr><tr><td>22</td><td>Federal Taxes 2016</td><td>Based upon estimates provided by Richard Joslin</td></tr><tr><td>23</td><td>State Taxes 2016</td><td>Based upon estimates provided by Richard Joslin</td></tr><tr><td>24</td><td>State Taxes 2015</td><td>Based upon estimates provided by Richard Joslin</td></tr><tr><td>25</td><td>Use Taxes 2015</td><td>Based upon estimates provided by Richard Joslin. Added to this estimate was the tax due in February for the Picasso purchase. This is payable to Gagosian.</td></tr><tr><td>26</td><td>Charity</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015</td></tr><tr><td>27</td><td>Family Office</td><td>The family office grew in 2015, therefore this estimate was based upon the most recent three months ending September 2015</td></tr><tr><td>28</td><td>Professional Fees</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015, this was reduced by $1MM relating to settlement in 2015 of prior year legal expenses</td></tr><tr><td>29</td><td>Residential Non Labor Excluding Insurance</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015.5400K was added to that for Miami taxes, fees and utility expenses</td></tr><tr><td>30</td><td>Insurance For Real Estate and Autos</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015</td></tr><tr><td>31</td><td>Residential Labor</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015</td></tr><tr><td>32</td><td>Personal &amp; Leisure</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015</td></tr><tr><td>33</td><td>Miscellaneous Disbursements</td><td>Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015</td></tr><tr><td>34</td><td>Trust Distribution - Ben Donalbane</td><td>This is based upon the current projected budget for Donalbane for 2016 spread out evenly over 4 quarters</td></tr><tr><td>35</td><td>Trust Distribution - Josh and Victoria</td><td>Based upon projected living needs for Alex and Victoria</td></tr></table>