BLACK FAMILY PARTNERS

BLACK FAMILY PARTNERS CASH PROJECTIONS FY 2014 [repeated 3 times] NOV DEC CASH APO APO 10/31/2014 DISTRIB DISTRIB 11/21/2014 12/15/2014 CASH -BOFA 0135 5,493,853 CASH -SOFA 0127 N/A CASH -JPM 2008 66,393 INFLOWS APO DISTRIBUTION PER SH $ 0.73 $ 0.18 APO DISTRIBUTION - $ 67,683,532 16,689,090 TRA DISTRIBUTION TO OWNERS (67,683,532) NET WITHHELD BY BFP 16,689,090 HERITAGE TIMBER SALE KNOWLEDGE UNIVERSE LIQUIDATION DIVIDEND - AINV TOTAL FY 2015 [repeated 14 times] JAN FEB MAR APRIL MAY JUN JULY APO [repeated 3 times] DISTRIB [repeated 3 times] 2/28/2015 4/14/2015 5/7/2015 0.70 84,372,622 64,902,016 (67,683,532) (64,902,016) 16,689,090 REPAYMENT OF PHAIDON UNE REDEMPTION - LOAN CASCADE MONTHLY DISBURSEMENTS FCI CAPITAL CALL COF III CONINVEST III CAPITAL CALL ATHENE CAPITAL CALL TENFORE CAPITAL CALL FAMILY OFFICE (10,000,000) (736,524) (183,000) (183,000) NET CASH BY MONTH (919,524) 6,506,090 CASH BALANCE 5,560,246 4,600,722 11,146,812 RESIDUAL FUNDING OF ATHENE - MAY BORROW FROM LOB 2014 LLC 228,000 16,000,000 4,000,000 $ 0.30 $ 0.42 27,815,150 38,941,209 24,470,699 (52,285,849) (38,941,209) 120,726 [repeated 3 times] 10,030,030 (10,000,000) (736,524) (2,500,000) (2,500,000) (366,000) (40,000,000) (250,000) (200,000) (200,000) (183,000) [repeated 5 times] 7,648,726 15,550,000 3,817,000 (2,562 274) 83,000) 83,000) (40,062,274) 5,586,566 18,795,538 34,345,538 38,162,538 35,600,265 35,417,265 35,234,265 44,828,009) Page 1 of 2 EFTA01087311 BLACK FAMILY PARTNERS CASH PROJECTIONS FY2015 FY 2015 AUG APO DISTRIB 8/7/2015 FY2015 FY 2015 SEP FY2015 FY 2015 OCT FY2015 FY 2015 NOV APO DISTRIB 11/7/2015 FY2015 FY 2015 DEC TOTAL CASH -BOFA 0135 CASH -BOFA 0127 CASH -JPM 2008 INFLOWS APO DISTRIBUTION PER SH $ 0.42 $ 0.42 APO DISTRIBUTION - $ 38,941,208 38,941,209 209,540,793 TRA 24470499 DISTRIBUTION TO OWNERS (38,941,208) (38,941,209) (234,011,492) NET WITHHELD BY BFP HERITAGE 228,000 TIMBER SALE 16,000,000 KNOWLEDGE UNIVERSE LIQUIDATION DIVIDEND - AINV 120,726 482,906 REPAYMENT OF PHAIDON UNE REDEMPTION - LOAN CASCADE MONTHLY DISBURSEMENTS FCI CAPITAL CALL COF III CONINVEST III CAPITAL CALL (5,000,000) ATHENE CAPITAL CALL (40,000,000) TENFORE CAPITAL CALL (250,000) (500,000) FAMILY OFFICE (183,000) [repeated 5 times] (2,230,000) NET CASH BY MONTH (433,000) (183,000) (62,274) (183,000) (183,000) CASH BALANCE (5,261,009) (5,444,009) (5,506,283) (5,689,283) (5,872,283) (31,019,094) RESIDUAL FUNDING OF ATHENE - MAY BOF Page 2 of 2 EFTA01087312