CASHFLOW UPDATE Oct 24th

CASHFLOW UPDATE Oct 24th TRUSTS Lue BFP current BofA balance $12.7mil 2.Smil 1PM balance 10.Omil 69.Smil 12/4 annuity 39.0mil (70.0m11) 4Q household (3.0mill 5.6mil charitable contrib• (10mil) (.6mil) int payment to AP01 3.2mil 14.Omil 12/31 proj balance 41.7mil 24.1mil 1Qhousehold (3mil) 1C1 loan int (1.6mil) 16mil 1/15/2015 est taxes (37mil) (10mil) 1/24 annuity 16.Omil (5mil) Townhouse IQ (lmil) (.8mil) Boat/plane (2mil) 42.6mil 3/3 annuity 27.5mil (42mil) bal of int pay to AP01 (10mil) 3/31/15 proj bal 30.6mi1 24.8m11 Townhouse 2Q (2mil) 25mi1 April 15 tax (17mil) use taxes (5.0mill proj 4/16 bal 6.6mil 49.8mil (40rnil) current balance APO dist 11/30 $.75 /sh pre annuity dist to LPs 12/3 APO dist 12/15 $0.07 FO expenses Heritage payment repay of Phaidon line by Trusts Timber sale proceeds FCI cap call ?timing" COF III cap call ?timing FO expenses APO dist 2/28/15 $).46/sh pre annuity distribution TRA/Gross up Athene cap call 2H15 potential addl - art sale proceeds 'assumes $7mi1 Dartmouth pledge is Pd in stock plus check: $5mi1 to MOMA, $3.5mil to MRA,misc yr end gifts • • some chance of FCI cap call in 4014 rather than 1Q1S if portfolio acq is consumated Townhouse CAM Acct funded with $3mi1 for 1Q and $6mil for 2Q remember gets funded 1/3 LDB 2/3 APO1 other cash-Oebra B of A 1PM $6.7mil 6.Omil APO1 $7.5mil current bal $6.3mil $5.7mil 7.Omil 1DB 2011 bal (2mill art purchases (2.7mi1) Phaidon/RA••• (11.3mi1) Phaidon/RA• • • (3.5mil) 4Q Phaidon/RA (0.3mi1) 4Q ArtSpace 8.75mi1 12/3 BFP dist S.Omil 12/3 BEP dist 7mi1 12/31 int pay from LB 13.3m11 3.45mi1 10.7mil APOZ LOB 2014 (2m11) 1C1 townhouse 10mil bal of int pay from LB 21.3mi1 (4mil) 20 townhouse 1QArtspace (7mi1) 5H 5.325mil BFP dist (0.8mil) (lrna) ArtSpace $11mil COF dist of bal ?timing (8mi1) Miami - Dec '15 3.0mil BFP dist 13.0mll 4Q Phaidon/RA represents immediate working cap need in 4014 • • *cash infusion from trusts to pay off existing credit facility and transition to direct funding from the Trusts thru PL8 EFTA01125910