<table><tr><th>BLACK FAMILY PARTNERS
CASH PROJECTIONS</th><th colspan="3">USE TO PAY CAPITAL CALLS

ITALICS=NOT PAID/REC'D</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>PREPARED BY R JOSLIN
DEC 23 2014</td><td>FY 2014</td><td></td><td>FY 2015</td><td>FY 2015</td><td>FY 2015</td><td>FY 2015</td><td></td><td>FY 2015</td><td>FY 2015</td><td>FY 2015</td><td>FY 2015</td><td>FY 2015</td></tr><tr><td></td><td>DEC

APO</td><td></td><td>JAN</td><td>FEB

APO</td><td>MAR</td><td>APR

APO</td><td></td><td>MAY

APO</td><td>JUN</td><td>JULY</td><td>AUG

APO</td><td>SEP</td></tr><tr><td></td><td>DISTRIB</td><td></td><td></td><td>DISTRIB</td><td></td><td>DISTRIB</td><td></td><td>DISTRIB</td><td></td><td></td><td>DISTRIB</td><td></td></tr><tr><td></td><td>12/15/2014</td><td></td><td></td><td>2/28/2015</td><td></td><td>4/14/2015</td><td></td><td>5/7/2015</td><td></td><td></td><td>8/7/2015</td><td></td></tr><tr><td>CASH-BOFA 0135</td><td>28,209,782</td><td>12/22</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>CASH-JPM 2008</td><td>187,136</td><td>12/22</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>INFLOWS</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>APO DISTRIBUTION PER SH</td><td>$</td><td></td><td></td><td>$ 0.70</td><td></td><td>$ 0.30</td><td>$</td><td>0.42</td><td></td><td></td><td>$ 0.42</td><td></td></tr><tr><td>APO DISTRIBUTION-$</td><td>10,528,641</td><td></td><td></td><td>64,909,015</td><td></td><td>27,818,150</td><td></td><td>38,945,410</td><td></td><td></td><td>38,945,410</td><td></td></tr><tr><td>TRA</td><td></td><td></td><td></td><td></td><td></td><td>24,470,699</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DISTRIBUTION TO OWNERS</td><td><u>(10,528,641)</u></td><td></td><td></td><td><u>(64,909,015)</u></td><td></td><td><u>(52,288,849)</u></td><td></td><td><u>(38,945,410)</u></td><td></td><td></td><td><u>(38,945,410)</u></td><td></td></tr><tr><td>NET WITHHELD BY BFP</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>APOLLO CO-INVESTORS V LLC</td><td>52,299</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>APOLLO CO-INVESTORS VI (A) LLC</td><td>5,444,854</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>HERITAGE</td><td></td><td></td><td>504,887</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TIMBER SALE</td><td>15,704,910</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>KNOWLEDGE UNIVERSE LIQUIDATION</td><td></td><td></td><td></td><td>4,000,000</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>KNOWLEDGE UNIVERSE LIQUIDATION - PROPCO</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>DIVIDEND - AINV</td><td></td><td></td><td>120,726</td><td></td><td></td><td>120,726</td><td></td><td></td><td></td><td>120,726</td><td></td><td></td></tr><tr><td>WCP DISTRIB</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>REDEMPTION - LOAN CASCADE</td><td></td><td></td><td>10,000,000</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>REPAYMENT OF PHAIDON LINE</td><td></td><td></td><td>13,350,000</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>REPAYMENT OF PLB LOAN</td><td></td><td></td><td>3,200,000</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DISTRIBUTION TO OWNERS</td><td>(5,444,854)</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>DISBURSEMENTS</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>FCI II CAPITAL CALL</td><td></td><td></td><td>(5,om000 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>COF III CONINVEST III CAPITAL CALL</td><td>(896,734)</td><td></td><td></td><td>(2,500,000) </td><td></td><td>(2,500,000) </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>ATHENE CAPITAL CALL</td><td></td><td></td><td></td><td></td><td>(41,600,000) </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TENFORE CAPITAL CALL</td><td>(44,433)</td><td></td><td></td><td>(250,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(250,000)</td><td></td></tr><tr><td>ADVISORY FEE</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>REPAY LOAN TO LDB</td><td>(10,538,000)</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>LOAN TO PHAIDON GLOBAL</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>FAMILY OFFICE</td><td>(250,000)</td><td></td><td>(366,667)</td><td>(366,667)</td><td>(366,667)</td><td>(366,667)</td><td></td><td>(366,667)</td><td>(366,667)</td><td>(366,667)</td><td>(366,667)</td><td>(366,667)</td></tr><tr><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>NET CASH BY MONTH</td><td>4,028,042</td><td></td><td>21,8013,947</td><td>883,333</td><td>(41.966,667)</td><td>(2,745,940)</td><td></td><td>(366,667)</td><td>(366,667)</td><td>(245,940)</td><td>(616,6671</td><td>(366,667)</td></tr><tr><td>CASH BALANCE</td><td>17,387,543</td><td></td><td>39,196,490</td><td>40,079,823</td><td>(1,886,844)</td><td>(4,632,784)</td><td></td><td>(4,999,451)</td><td>(5,366,117)</td><td>(5,612,057)</td><td>(6,228,724)</td><td>(6,595,391)</td></tr></table>

<table><tr><th colspan="5">BLACK FAMILY PARTNERS</th></tr><tr><td>CASH PROJECTIONS</td><td></td><td></td><td></td><td></td></tr><tr><td>PREPARED BY R JOSLIN</td><td>FY 2015</td><td>FY 2015</td><td>FY 2015</td><td></td></tr><tr><td>DEC 23 2014</td><td></td><td></td><td></td><td>TOTAL</td></tr><tr><td></td><td>OCT</td><td>NOV
APO

DISTRIB</td><td>DEC</td><td></td></tr><tr><td></td><td></td><td>11/7/2015</td><td></td><td></td></tr><tr><td>CASH-BOFA 0135</td><td></td><td></td><td></td><td></td></tr><tr><td>CASH-JPM 2008</td><td></td><td></td><td></td><td></td></tr><tr><td>INFLOWS</td><td></td><td></td><td></td><td></td></tr><tr><td>APO DISTRIBUTION PER SH</td><td></td><td>$ 0.42</td><td></td><td></td></tr><tr><td>APO DISTRIBUTION-$</td><td></td><td>38,945,410</td><td></td><td>209,563,394</td></tr><tr><td>TRA</td><td></td><td></td><td></td><td>24,470,699</td></tr><tr><td>DISTRIBUTION TO OWNERS</td><td></td><td><u>(38,945,410)</u></td><td></td><td>(234,034,093)</td></tr><tr><td>NET WITHHELD BY BFP</td><td></td><td></td><td></td><td></td></tr><tr><td>APOLLO CO-INVESTORS V LLC</td><td></td><td></td><td></td><td></td></tr><tr><td>APOLLO CO-INVESTORS VI (A) LLC</td><td></td><td></td><td></td><td></td></tr><tr><td>HERITAGE</td><td></td><td></td><td></td><td>504,887</td></tr><tr><td>TIMBER SALE</td><td></td><td></td><td></td><td></td></tr><tr><td>KNOWLEDGE UNIVERSE LIQUIDATION</td><td></td><td></td><td></td><td>4,000,000</td></tr><tr><td>KNOWLEDGE UNIVERSE LIQUIDATION - PROPCO</td><td>5,000,000.00</td><td></td><td></td><td>5,000,000</td></tr><tr><td>DIVIDEND - AINV</td><td>120,726</td><td></td><td></td><td>482,906</td></tr><tr><td>WCP DISTRIB</td><td></td><td></td><td></td><td></td></tr><tr><td>REDEMPTION - LOAN CASCADE</td><td></td><td></td><td></td><td>10,000,000</td></tr><tr><td>REPAYMENT OF PHAIDON LINE</td><td></td><td></td><td></td><td>13,350,000</td></tr><tr><td>REPAYMENT OF PLB LOAN</td><td></td><td></td><td></td><td>3,200,000</td></tr><tr><td>DISTRIBUTION TO OWNERS</td><td></td><td></td><td></td><td></td></tr><tr><td>DISBURSEMENTS</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>FCI II CAPITAL CALL</td><td></td><td></td><td></td><td>(5,000,000)</td></tr><tr><td>COF III CONINVEST III CAPITAL CALL</td><td></td><td></td><td></td><td>(5,000,000)</td></tr><tr><td>ATHENE CAPITAL CALL</td><td></td><td></td><td></td><td>(41,600,000)</td></tr><tr><td>TENFORE CAPITAL CALL</td><td></td><td></td><td></td><td>(500,000)</td></tr><tr><td>ADVISORY FEE</td><td></td><td></td><td></td><td></td></tr><tr><td>REPAY LOAN TO LDB</td><td></td><td></td><td></td><td></td></tr><tr><td>LOAN TO PHAIDON GLOBAL</td><td></td><td></td><td></td><td></td></tr><tr><td>FAMILY OFFICE</td><td>(366,667)</td><td>(366,667)</td><td>(366,667)</td><td>(4,400,000)</td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>NET CASH BY MONTH</td><td>4,754,060</td><td>(366,667)</td><td>(366,667)</td><td></td></tr><tr><td>CASH BALANCE</td><td>(1,841,331)</td><td>(2,207,998)</td><td>(2,574,664)</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td><u>(19,962,207)</u></td></tr></table>