<table><tr><th colspan="3">SUMMARY OF CASH FLOW-BLACK FAMILY</th><th rowspan="3">LDB</th><th rowspan="3">LBF

BFP LP</th><th>HOLDINGS</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>12/15/2014 to 12/31/2015</td><td></td><td></td><td>LDB 2011 LLC</td><td></td><td></td><td></td><td></td><td>TOTAL</td></tr><tr><td>PREPARED BY RJ 12/23/2015</td><td></td><td>REF</td><td>APO1</td><td>APO 2</td><td>LDB 2014 LLC</td><td>NARROWS</td><td>GRATS</td><td></td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td>33,505,501</td><td>28,209,782</td><td>12,554,652</td><td>8,140,036</td><td>10,928,160</td><td>24,112</td><td>14,352,720</td><td>107,714,963</td></tr><tr><td></td><td></td><td>DRB</td><td>6,704,679</td><td></td><td></td><td></td><td></td><td></td><td></td><td>6,704,679</td></tr><tr><td colspan="3">INFLOWS-APOLLO
APO-(NET DISTRIBUTION FROM BFP LP):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2/28/2015 $</td><td>0.70</td><td></td><td>9,169,972</td><td></td><td></td><td>8,145,945</td><td>4,653,003</td><td></td><td>42,940,095</td><td>64,909,015</td></tr><tr><td>4/14/2015 $</td><td>0.30</td><td>TRA $24.5</td><td>4,184,002</td><td></td><td></td><td>6,562,140</td><td>3,748,326</td><td></td><td>37,794,381</td><td>52,288,849</td></tr><tr><td>5/7/2015 $</td><td>0.42</td><td>EST</td><td>5,442,174</td><td></td><td></td><td>4,887,567</td><td>2,791,802</td><td></td><td>25,823,867</td><td>38,945,410</td></tr><tr><td>8/7/2015 $</td><td>0.42</td><td>EST</td><td>5,784,147</td><td></td><td></td><td>4,887,567</td><td>2,791,802</td><td></td><td>25,481,895</td><td>38,945,410</td></tr><tr><td rowspan="2" colspan="3">11/7/2015 $ 0.42 EST

APO-(NET DISTRIBUTION FROM BFP LP)</td><td>5,075,261</td><td></td><td></td><td>4,887,567</td><td>2,791,802</td><td></td><td>26,190,780</td><td>38,945,410</td></tr><tr><td>29,655,555</td><td></td><td></td><td>29,370,786</td><td>16,776,734</td><td></td><td>158,231,018</td><td>234,034,093</td></tr><tr><td colspan="3">GRAT ANNUITIES</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/24/2015</td><td></td><td></td><td>18,072,534</td><td></td><td></td><td></td><td></td><td></td><td>(18,072,534)</td><td></td></tr><tr><td>3/3/2015</td><td></td><td></td><td>39,160,977</td><td></td><td></td><td></td><td></td><td></td><td>(39,160,977)</td><td></td></tr><tr><td>4/24/2015</td><td></td><td></td><td>20,922,615</td><td></td><td></td><td></td><td></td><td></td><td>(20,922,615)</td><td></td></tr><tr><td>6/3/2015</td><td></td><td></td><td>49,656,630</td><td></td><td></td><td></td><td></td><td></td><td>(49,656,630)</td><td></td></tr><tr><td>7/24/2015</td><td></td><td></td><td>4,626,810</td><td></td><td></td><td></td><td></td><td></td><td>(4,626,810)</td><td></td></tr><tr><td>9/3/2015</td><td></td><td></td><td>23,522,933</td><td></td><td></td><td></td><td></td><td></td><td>(23,522,933)</td><td></td></tr><tr><td colspan="3">10/24/2015</td><td>1,958,962</td><td></td><td></td><td></td><td></td><td></td><td>(1,958,962)</td><td></td></tr><tr><td colspan="3">12/3/2015</td><td>26,190,780</td><td></td><td></td><td></td><td></td><td></td><td>(26,190,780)</td><td></td></tr><tr><td colspan="3">GRAT ANNUITIES (APO DISTR TO BFP LP TO GRAT)</td><td>184,112,242</td><td></td><td></td><td></td><td></td><td></td><td>(184,112,242)</td><td></td></tr><tr><td colspan="3">DISTRIBUTIONS FROM BFP</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/1/2015</td><td></td><td></td><td>1,278,152</td><td>(15,973,494)</td><td></td><td>2,004,640</td><td>1,145,060</td><td></td><td>11,545,642</td><td></td></tr><tr><td>INFLOWS-INVESTMENTS</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TIMBER</td><td></td><td>Per EA</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>ART SALE</td><td></td><td>Per HG</td><td></td><td></td><td></td><td></td><td></td><td>1,322,500</td><td></td><td>1,322,500</td></tr><tr><td>WARREN ST</td><td></td><td></td><td></td><td></td><td></td><td>4,052,563</td><td></td><td></td><td></td><td>4,052,563</td></tr><tr><td>DIVIDENDS</td><td></td><td></td><td></td><td>482,900</td><td>579,200</td><td></td><td></td><td></td><td></td><td>1,062,100</td></tr><tr><td colspan="3">LOAN CASCADE-PARTIAL WITHDRAWAL</td><td></td><td>10,000,000</td><td></td><td></td><td></td><td></td><td></td><td>10,000,000</td></tr><tr><td colspan="3">HERITAGE</td><td></td><td>504,887</td><td></td><td></td><td></td><td></td><td></td><td>504,887</td></tr><tr><td>KNOWLEDGE UNIVERSE-LIQUIDATION</td><td>#1</td><td>Per EA</td><td></td><td>4,000,000</td><td></td><td></td><td></td><td></td><td></td><td>4,000,000</td></tr><tr><td>KNOWLEDGE UNIVERSE-LIQUIDATION</td><td>#2</td><td></td><td></td><td>5,000,000</td><td></td><td></td><td></td><td></td><td></td><td>5,000,000</td></tr><tr><td>DUNE REAL ESTATE DISTRIB
BUCKINGHAM-PARTIAL WITHDRAWAL</td><td></td><td></td><td></td><td></td><td></td><td>216,678
6,000,000</td><td></td><td></td><td></td><td>216,678
6,000,000</td></tr><tr><td>COFI DISTRIBUTION</td><td></td><td></td><td></td><td></td><td>923,989</td><td></td><td></td><td></td><td></td><td>923,989</td></tr><tr><td>FCI I DISTRIB</td><td></td><td></td><td></td><td></td><td>1,000,000</td><td></td><td></td><td></td><td></td><td>1,000,000</td></tr><tr><td>TOTAL</td><td>INFLOWS</td><td></td><td>215,045,949</td><td>4,014,293</td><td>2,503,189</td><td>41,644,667</td><td>17,921,794</td><td>1,322,500</td><td>(14,335,582)</td><td>268,116,810</td></tr><tr><td colspan="3">OUTFLOWS - INVESTMENT</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>FCI II CAPITAL CALL Q1</td><td>2015</td><td>Estim</td><td></td><td>(5,000,000)</td><td></td><td></td><td></td><td></td><td></td><td>(5,000,000)</td></tr><tr><td>COFIII CONINVEST III CAPITAL Q1</td><td>2015</td><td>Per EA</td><td></td><td>(5,000,000)</td><td></td><td></td><td></td><td></td><td></td><td>(5,000,000)</td></tr><tr><td>ATHENE CAPITAL CALL MAR</td><td>2015</td><td></td><td></td><td>(41,600,000)</td><td></td><td></td><td></td><td></td><td></td><td>(41,600,000)</td></tr><tr><td>SEARCHLIGHT CAPITAL CALL</td><td></td><td>Per EA</td><td></td><td></td><td>(450,000)</td><td></td><td></td><td></td><td></td><td>(450,000)</td></tr><tr><td>TENFORE CAPITAL CALL</td><td></td><td>Per EA</td><td></td><td>(500,000)</td><td></td><td></td><td></td><td></td><td></td><td>(500,000)</td></tr><tr><td>PHAIDON/PUBLISHING:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>ARTSPACE INVESTED</td><td>$5.2MM</td><td></td><td></td><td></td><td></td><td>(2,950,000)</td><td></td><td></td><td></td><td>(2,950,000)</td></tr><tr><td>PHAIDON PRESS INVESTED</td><td></td><td>$77.8MM</td><td></td><td></td><td>(217,905)</td><td>(1,242,095)</td><td></td><td></td><td></td><td>(1,460,000)</td></tr><tr><td>REGAN ARTS INVESTED</td><td>$3MM</td><td></td><td></td><td></td><td>(794,125)</td><td>(4,526,375)</td><td></td><td></td><td></td><td>(5,320,500)</td></tr><tr><td>OUTFLOWS - PERSONAL</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>HOUSEHOLD</td><td></td><td></td><td>(12,000,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(12,000,000)</td></tr><tr><td>TOWNHOUSE-CONSTRUCTION</td><td></td><td></td><td>(3,615,370)</td><td></td><td>(7,384,630)</td><td></td><td></td><td></td><td></td><td>(11,000,000)</td></tr><tr><td>SH MEADOW-CONSTR. &amp; EXF INVESTED</td><td>$1.1MM</td><td></td><td></td><td></td><td></td><td>(6,403,000)</td><td></td><td></td><td></td><td>(6,403,000)</td></tr><tr><td>MIAMI PROPERTY INVESTED
BOAT-NET OF CHARTER REVENUE</td><td></td><td>$8.25MM</td><td>(3,672,000)</td><td></td><td></td><td>(8,250,000)</td><td></td><td></td><td></td><td>(8,250,000)
(3,672,000)</td></tr><tr><td>PLANE-NET OF APOLLO REIMB</td><td></td><td></td><td>(5,544,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(5,544,000)</td></tr><tr><td>FAMILY OFFICE</td><td></td><td></td><td></td><td>(4,400,000)</td><td></td><td></td><td></td><td></td><td></td><td>(4,400,000)</td></tr><tr><td>BOFA-ART LOAN</td><td></td><td></td><td>(7,176,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(7,176,000)</td></tr><tr><td>ART EXPENSE CONSULTANT/INSURANCE</td><td></td><td></td><td>(400,000)</td><td></td><td></td><td></td><td></td><td>(800,000)</td><td></td><td>(1,200,000)</td></tr><tr><td>LEGAL &amp; ACCOUNTING
CHARITY-ADD'L 2015</td><td></td><td></td><td>(500,000)
(22,500,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(500,000)
(22,500,000)</td></tr><tr><td>CHARITY-ADD'L 2014</td><td></td><td></td><td>(3,000,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(3,000,000)</td></tr><tr><td>CHARITY-ADD'L 2014</td><td></td><td></td><td>(10,700,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(10,700,000)</td></tr><tr><td>IRS/NYS/CA/IA TAX-JAN</td><td></td><td></td><td>(35,373,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(35,373,000)</td></tr><tr><td>IRS/NYS/CA/IA TAX-APR</td><td></td><td></td><td>(29,091,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(29,091,000)</td></tr><tr><td>IRS/NYS/CA/IA TAX: JUN-DEC</td><td></td><td></td><td>(20,344,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(20,344,000)</td></tr><tr><td>USE ET AL TAX</td><td></td><td></td><td>(7,000,000)</td><td></td><td>(1,308,000)</td><td>(102,000)</td><td></td><td></td><td></td><td>(8,410,000)</td></tr><tr><td>ADVISORY FEE</td><td></td><td></td><td>(25,000,000)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(25,000,000)</td></tr><tr><td>TOTAL</td><td>OUTFLOWS</td><td></td><td>(185,915,370)</td><td>(56,500,000)</td><td>(10,154,660)</td><td>(23,473,470)</td><td></td><td>(800,000)</td><td></td><td>(276,843,500)</td></tr><tr><td>NET IN</td><td>(OUT)</td><td></td><td>29,130,579</td><td>(52,485,707)</td><td>(7,651,471)</td><td>18,171,197</td><td>17,921,794</td><td>522,500</td><td>(14,335,582)</td><td>(8,726,690)</td></tr><tr><td>REPAY BFP FOR PUBLISHING LOANS</td><td></td><td></td><td></td><td>16,550,000</td><td>(2,470,088)</td><td>(14,079,913)</td><td></td><td></td><td></td><td></td></tr><tr><td>REPAY LDB FROM BFP</td><td></td><td></td><td>10,538,000</td><td>(10,538,000)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>INTRA-FAMILY TRANSFERS-INT ON</td><td>DEBT (FY</td><td>'15)</td><td>(27,325,266)</td><td></td><td>27,325,266</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>INTRA-FAMILY TRANSFERS-INT ON</td><td>DEBT (FY</td><td>'14)</td><td>(17,325,267)</td><td></td><td>17,325,267</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>NET CASH</td><td></td><td></td><td>35,228,227</td><td>(18,263,925)</td><td>47,083,626</td><td>12,231,320</td><td>28,849,954</td><td>546,612</td><td>17,138</td><td>105,692,951</td></tr></table>

Prepared by Richard Joslin