Black Fardy P amen - Ownership Perceiver's

Black Fardy P amen - Ownership Perceiver's Ownershlo oercentaoes within 1 BF Holdings (transfers occurred on Apt1119. 2007): 4/1612007 Valuaton -PM Loan Proceeds Se:Aegis Proceeds Add) 2007 income Total Proceeds From EIPP LBF HoMings LBF Holdings LLC Judah investment Trust A (AM ill) 0 0.000% S - 3 - 3 - 3 - Management 111 3 • Judah Investment Trust 8 (AM IV) S 838.243 0.088% 0.1235% S 536.199 5 384,540 $ 7,715 3 392.254 Management IV 838243 Judah Investment Trust C (AM V) 3 3,100,119 0.326% 04568% S 1.963.055 3 1422.164 3 n.s3 1 3 1.450.595 Management V 3 3.100.119 Judah Investment Trust 0 (AM VI) $ 4%23%845 6178% 7.2555% S 31495.360 S 22.587.152 $ 453.139 $ 23.040.291 Management VI 49,236.845 Judan investment Trust E (AIM) $ 206.673.686 21.734% 30.4552% $ 132.20%071 $ 94816501 3 1,902,071 3 96,712,573 Ana 3 206,673.688 Judah Investment Trust F (Value) $ 14746,193 1.551% 21730% 3 9.432.703 S 6.764.740 3 135.713 $ 6.90%453 value Management 14,746,190 SW Management Judah Investment Trust G (SW) 3 104.220.741 10.960% 15.3578% 3 66.666,938 S 47.810,734 3 959.170 S 48.769.904 3 104,22%741 Judah Investment Trus1 H (Asa) 3 15.503.790 1.630% 2.2846% $ 9.917,318 $ 7.112.285 S 142.68$ 3 7.254.970 Asa Management 15,503.790 Judah investment Trust I (Europe) S 163.757.015 17.221% 241310% S 104.750.539 3 75,122,696 3 1.507.098 S 76.629.794 Europe Management 163.757.015 Judah Investment Trust J (MA) 3 12%53%149 12.676% 17.7625% 3 77,105,343 S 55,29%720 $ 1.109,353 S 56.406.073 AAA 3 120.539.149 Goodial $ 272,320,082 28.637% $ Goodwill $ 272.320.082 Total. S 950.935.562 100.000% 100.0000% 3 434.09%527 3 311.311531 3 6,245.477 S 317,557,005 $ 434.09%527 $ 311,311,531 5 6,245.477 3 317.557.003 Value Advisors 3 10,469.702 % LBF tido GVI 71.363% SW Advisors 43.906.237 Asia Advisors 3 11.111.560 SOMA Mason 5 13,684,635 at of Entity Values las of Aor1111) 20075 Ownership percentages of Black family Partners Itransf en occurred on June 7 20071: Strategic Proceeds Add" 2037 Income Total Proceeds LBF Holdings LLC S 651.690.121 07.5962% 3 311.311.531 3 6245.477 3 317,557.006 LBF Hymns 851690.121 Judah Investrner4 Trust K (AA VI) 19.861.216 1.5763% $ 7.259.713 5 145.643 5 7,405.356 SW Advisors 44.880.073 Judo Investmem Trust L $ 24.098.404 19126% 3 8908498 $ 176.715 3 8,985213 Value Advisors S 10,664,982 Judah Investment INN M $ 58.791.672 4.6681% $ 21.48%653 S 431,122 5 21,920.775 Asia Advisors 1155%014 Judah Investment Trust N 5 49,073,988 38949% S 17.937525 3 359.861 3 16,297,487 SOMA Advisers 14.301.558 Juba) Investment Trust 0 53.838.110 4.2730% $ 19.679.017 $ 394,797 $ 20,073.814 Leon 0. Black Investment Trusts A 25.352.301 2 0121% 5 9.266,825 $ 185.909 $ 9.452.735 Advisors IV 37.484.586 Black family 1997 Trull 3 23.274.198 1.8472% $ 8507233 5 176671 $ 8,677.904 Advisors V S 84.143.973 4 separate 1992 trusts for Leon Blacks chicken 72.431.735 57487% 5 26.475,397 S 531,145 $ 27,006342 Advisors VI 68.935204 4 separate 1988 tuts lot Leon Black's cradren 3,215.230 02552% $ 1.175.238 3 23.577 3 1,196.815 AAA Associates 53.831.110 Leon Slack (indMdually) 78339,645 6.218% S 28534569 5 574,468 $ 29,209.336 TOTAL 5 1.259.966.621 100.000% $ 460.545.600 S 9239384 3 469,764.984 Co-Investors III S 7.200.000 $ 469,784.984 Co-Investors IV 7.600.000 %wOo LB 93.78% Co-Investors V S 22,500,000 Co-Investors 1,4 34.050.000 AIC Co-Investors 7.800.000 Value Co -investors 2.920.000 SW Co-Investors $ SOMA Co -Investors 600.000 5 1.259.966.621 List of Entity Values (as of June 7.200711 EFTA01127773 ANNEX A Name of Limited Name of Assignee with General Partner Limited Partnership Transfer Provisions Partnership respect to such Agreement -Lg.... Limited Partnership Apollo Management(L.P. Judah Investment Trust A AIF III Management, Inc. Amended and Restated Limited Partnership Agreement dated as of March 17, 1995 Section 6.3 Apollo Management IV, L.P. Judah Investment Trust B AIF IV Management, Inc. Amended and Restated Limited Partnership Agreement dated as of April 21, 1998 Section 6.3 Apollo Management V, L.P. ' Judah Investment Trust C AIF V Management, Inc. Amended and Restated Limited Partnership Agreement dated as of October 26, 2000 Section 6.3 Apollo Management VI, L.P. Judah Investment Trust 13 ALF VI Management, LLC Third Amended and Restated Limited Partnership Agreement. dated as of April.14, 2005 and Amended as of August 26, 2005, June 8, 2006 and September 21. 2006 Section 6.3. Apollo Investment Management, L.P. Judah Investment Trust E ACC Management, LW Agreement of Limited Partnership dated as of April 8, 2004 Section 7. Apollo Value Management, L.P. Judah Investment Trust F Apollo Value Management GP, LLC Agreement of Limited Partnership dated as of September 15, 2003 Section 7 Apollo SVF Management, L.P. Judah Investment Trust G Apollo SVF Management GP, LW . Agreement of Limited Partnership dated as of May 17, ' • 2006 Section 7 Apollo Asia Management. L.P. Judah Investment Trust H Apollo Asia Management GP, LLC Agreement of Limited. Partnership dated as of December 14, 2006 Section 7 Apollo Europe Management, LP. Judah Investment Trust I AEM GP, LLC Agreement of Limited Partnership dated as of April 4, 2006 Section 7 Apollo Alternative Assets, L.P. Judah Investment Trust J Apollo Alternative Assets GP. . Limited • Amended and Restated Limited Partnership Agreement dated June 8, 2006 Section 6.3 031003.0186 EAST 7712382 A-1 EFTA01127774 ANNEXIA. Name of Limited Name of Assienor General Partner Masked Partnership Transfer Transferred Partnership with respect to such . Agreement provisions Points jimited Partnershi . Apollo Management Holdings, L.P. LBF Holdings, LLC - Apollo Management Holdings GP, LLC Amended and Restated Limited Partnership Agreement dated as of April 19, 2007 Section 6.3 N/A Apollo Principal Holdings II, L.P. Leon D. Black 1992 Trust for Joshua Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Principal Holdings II GP, LLC Agreement of Limited Partnership dated as of March 21, 2007 Section 9 N/A Apollo Advisors IV, L.P. Judah Investment Trust L Black Family 1997 Trust Apollo Capital Management IV, Inc. Amended and Restated Limited Partnership Agreement dated as of April 21, 1998 Section 6.3 Judah Investment Trust L (361.5 points) Black Family 1997 Trust (264.4 points) Apollo Advisors V, L.P. Judah Investment Trust M Leon D Black Apollo Capital Management V, Inc. Amended and Restated Limited Partnership Agreement dated as of October 26, 2000 Section 6.2 Judah Investment Trust M (351.86 points) 12O11. D. Black PAST 7793002 .A-1 EFTA01127775 Investment Trust A Investment Trust A (151.73 points) Apollo Advisors V (EH Cayman), L.P. Judah Investment Trust M Leon D. Black Investment Trust A Apollo Advisors V (EH), LLC Amended and Restated Limited Partolnhip Agreement dated as of 6 January 2004 Section 6.2 Judah Investment • Trust M (351.86 points) Leon D. Black • Investment Trust A (151.73 points) Apollo Advisors VI, L.P. Judah Investment Trust N Judah Investment Trust K Apollo Capital Management VI, LIE Amended and Restated Limited Partnership Agreement dated as of August 26, 2005 Section 6.3 Judah Investment Trust N (37936137 points) Judah Investment Trust K (142 points) Apollo Advisors VI (ER), L.P. Judah Investment Trust N Judah Investment Trust K Apollo Advisors VI (EH- GP), Ltd. Second Amended and Restated Limited Partnership Agreement dated as of October 30, 2006 Section 6.3 Judah Investment Trust N (37936137 points) Judah Investment Trust K (142 points) AAA Associates, L.P. Judah Investment Trust O AAA MIP Limited Amended and Restated Limited Partnership Agreement dated as of June 8, 2006 Section 6.3 N/A Apollo Co-Investors VI (EH-A), LP. 1992 Trust for Joshua Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Apollo Co-Investors VI (EH-GP), LLC Amended and Restated Limited Partnership Agreement dated as of July 11, 2006 Section 9.1 N/A EAST 7795002 A-2 EFTA01127776 Black 1992 Trust for Victoria Rachel Black Apollo Management IV, L.P. AIF IV Management, Inc. Apollo Management, L.P. Third Amended and Restated Partnership Agreement, dated as of May , 2007 Section 6.3 N/A EAST 7793002 A-3 EFTA01127777 Name of Company Name of Assignor Managers Limited Liability Company Transfer Provisions Agreement Apollo Management Holdings GP, LLC Leon D. Black Leon D. Black Joshua Harris Marc Rowan Amended and Restated Limited Liability Company Agreement dated as of April 19, 2007 Section 11 Apollo Principal Holdings 11 GP, LW Leon D. Black Leon D. Black Joshua Harris Marc Rowan Liability Company Agreement dated as of March 21, 2007 Section 11 Apollo Advisors V (EH), LLC Leon D. Black Black Family 1997 Trust Leon D. Black John Hannan Amended and Restated Limited Liability Company Agreement, dated as of January 6, 2004 Section 6.2 Apollo Capital Management VI, LLC Leon D. Black Leon D. Black Second Amended and Restated Limited Liability Company Agreement, dated as of January 17, 2007 Section 17 Apollo Co-Investors IV, L.L.C. Judah Investment Trust L 1988 Trust for Joshua Max Black 1988 Trust for Benjamin Eli Black 1988 Trust for Alexander Samuel Black 1988 Trust for Victoria Leon D. Black Peter Copses John Hannan Marc Rowan Amended and Restated Limited Liability Company Agreement, dated as of April 21, 1998 ‘ Section 9.1 EAST 7795002 B-1 EFTA01127778 Rachel Black AIC Co-Investors, LLC 1992 Trust for Joshua Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Leon D. Black John Hannan Limited Liability Company Agreement dated as of February 18, 2004 Section 17 Apollo DIE Co-Investors LLC 1992.Trust for Joshua Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Leon D. Black John Hannan limited Liability Company Agreement dated as of May 19, 2003 Section 17 Apollo Co -Investors V, L.L.C. Black Family 1997 Trust 1992 Trust for Joshua Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Andrew th ick Larry Berg Leon D. Black Peter Copses John Hannan Joshua Harris Amended and Restated Limited Liability Company Agreement, dated as of October 26, 2000 Section 9.1 EAST 7795002 B-2 EFTA01127779 Rachel Black Marc Rowan Apollo Co-Investors V (EH), LLC Black Family 1997 Trust 1992 Trust for Joshua Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Leon D. Black John Hannan Amended and Restated Limited Liability Company Agreement, dated as of October 20, 2003 Section 9.1 Apollo Co-Investors VI (A), LIL 1992 Trust for Joshua Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Management VI, L.P. Amended and Restated Limited Liability Company Agreement, dated as of October 26, 2005 Section 9.1 Apollo Co-Investors VI (EH- GP), LLC Leon Black Apollo Advisors VI (Elf-GP), Lid. Limited Liability Company Agreement, dated as of July II, 2006 Section 16 EAST 7795002 B-3 EFTA01127780 ANNEX C Name of Company Name of Assinnor Directors Charter Document(s) . Transfer Provisions Apollo Capital Management IV, Inc. Leon D. Black Leon D. Black John Haman Certificate of Incorporation filed November 13, 1997 Amended and Restated Bylaws Bylaws Section 5 Apollo Capital Management V, Inc. Leon D. Black Leon D. Black John Hinnan Certificate of Incorporation filed May 5, 2000 Amended and Restated Bylaws Bylaws Section 5 Apollo Advisors VI (EH-GP), Ltd. Leon D. Black Leon D. Black Memorandum & Articles of Association dated as of 22n° September, 2005 Sections 31-24 AAA MIP Limited Leon D. Black Leon D. Black Josh Harris Brooks Newmark Articles of Association dated as \ of June 6, 2006 Section 10 AAA Guernsey Limited Leon D. Black Leon D. Black Josh Harris Marc Rowan Paul Guilbert Rupert Dorey Louise MoBain Benoi Suchodolski Articles of Association dated as of May 31, 2006 Section 10 EAST 7795002 C-I EFTA01127781 CASH RECONCILIATION-2007 BFP 5492 BFP 0135 Lt3Fal a/c 4548 LIESI/14662 TOTAL 7-Apr S 431695,805 dep-Loan proceeds $ 431,696,805 $ (50.000.000) loan taken S (32,000,000) KUE funded S 2,308,409 add Dep7/11 5,312 add Dep7/11 S 12.200.000 interesl $ 8,654.879 July inc - 81(13$ Ot Set- >Aye prSe4- 17-Jul S (394422) cap calls S 460,545,600 strategic sale proceeds S 4,063,547 Aug income $ (100.000.000) loan taken 8/14 S (982.881) cap call S (20600.000) loan taken9/17 (5.006000) wd 9/28 $ (10.000.000) PFPC funded S 1,346,261 Oct Inc $ (5,000,000) loan taken 11/6 S 2.313.366 Nov inc $ (20.000.000) loan taken 11/5 S (713,514) cap calls $ (20.000.000) loan taken 11/8 $ (819.068) Cap calls $ (25.0octooc) cap WO 11/28 —7 pa-- 44.41, s 3 121.198 Deem S (15.000.000) loan taken 12/10 ;iv .P4" A *us_ p.„,,,,,Lon • (900,000) HAO Cap funded $ (2.000.000) (Crete funded 27-Dec S (56,247,125) DecGRAT pay $ (50.000.000) LonePine funded $ 7.500,000 Interest 12/31/2007 S 8,641,514 balance $ 308,718,330 balance $ 200,057,582 balance S 517,717,426 EFTA01127782 List of Ownership Pre-Roll Up in t. Judah Investment Trust A Judah Investment Trust B Judah Investment Trust C Judah Investment Trust D Judah Investment Trust E Judah Investment Trust F Judah Investment Trust G Judah Investment Trust H Judah Investment Trust I Judah Investment Trust J Judah Investment Trust K Judah Investment Trust L Judah Investment Trust M • Judah Investment Trust N Judah Investment Trust O Leon D. Black Investment Trust A Black Family 1997 Trust 4 Separate 1992 Trusts for Kids 4 Separate 1988 Trusts for Kids Leon Black (individually) S≥ 1"%y--ti - Apollo Management III, LP - Apollo Management IV, LP - Apollo Management V, LP - Apollo Management VI, LP - Apollo Investment Management - Value Management - SW Management - Asia Management - Europe Management - Apollo Alternative Assets, LP - 142/492.86 points in Advisors VI - 379.5/625.9 points in Advisors IV - 3.41%/18.91% of Co-Investors IV - 351.86/503.59 points in Advisors V - 350.86/492.86 points in Advisors VI - AAA Associates - 151.73/503.59 points in Advisors V - 246.4/625.9 points in Advisors VI - 5.65%/23.1% of Co-Investors V - 7.5%/19.91% of Co-investors IV - Value Advisors - AIC Co-Investors - Value Co-Investors - Co-Investors VI - 17.45%/23.1% of Co-Investors V - 8%/18.91% of Co-Investors IV - SVF Advisors - Asia Advisors - SOMA Advisors EFTA01127783 Black Family Partners - Ownership Percentages Ownership percentages within LBF Holdings (transfers occurred on April 19. 2007): LBF Holdings LLC 4/16/2007 Valuation JPM Loan Proceeds Strategic Proceeds Adel 2007 income Total Proceeds From BFP Judah Investment Trust A (AM III) 0 0.000% 5 - S - $ • $ - Judah Investment Trust B (AM IV) S 838,243 0.088% 0.124% S 536,199 $ 384,540 $ 7,715 $ 392.254 Judah Investment Trust C (AM V) S 3.100,119 0.326% 0.457% 5 1.983,065 S 1,422.164 $ 28.531 $ 1.450.695 Judah Investment Trust 0 (AM VI) S 49236,845 5.178% 7.255% S 31.495,360 S 22,587.152 $ 453,139 $ 23.040,291 Judah Investment Trust E (AIM) S 206.673,688 21.734% 30.455% S 132.203.071 S 94.810.501 S 1,902.071 S 96.712.573 Judah Investment Trust F (Value) $ 14.746,190 1.551% 2.173% S 9.432303 $ 6.764.740 $ 135,713 S 6.900,453 Judah Investment Trust G (SW) Judah Investment Trust H (Asia) $ 104,220.741 S 15.503.790 10.960% 1.630% 11358% 2.285% S 66.666.938 S 9.917.318 S 47.810.734 S 7.112.285 959,170 S 48,769,904 $ 142685 S 7.254,970 Judah Investment Trust I (Europe) $ 163357.015 17.221% 24.131% S 104.750.539 $ 75.122,696 S 1.507,098 $ 76.629.794 Judah Investment Trust J (AAA) 5 120,539,149 12.678% 17.763% 5 77,105,343 $ 55.296.720 5 1,109,353 $ 56.406.073 Goodwill S 272.320.082 28.637% 5 Total: $ 950,935,862 100.000% 100.000% S 434.090,527 S 311,311,531 $ 6.245.477 5 317.553008 $ 434,090.527 S 311.311.531 $ 8.245,477 5 317.557,008 % of LBF w/c• GW 71.383% $ Ownership percentages of Black family Partners (transfers occurred on Juno 7, 2007): Strategic Proceeds Addl 2007 Income Total Proceeds LBF Holdings LLC $ 851,690.121 67.60% 5 311.311.531 $ 8.245.477 $ 317,557,008 Judah Investment Trust K (AA VI) 5 19,861,216 1.58% S 7.259.713 S 145,643 $ 7,405.356 Judah Investment Trust L S 24,098,404 1.91% 5 8.808.498 S 178,715 S 8,985,213 Judah Investment Trust M 5 58,791,672 4.67% S 21.489.653 S 431.122 S 21.920.775 Judah Investment Trust N $ 49,073,968 3.89% 5 17.937.625 $ 359.861 $ 18,297.487 Judah Investment Trust 0 $ 53,838,110 4.27% S 19,679.017 S 394.797 S 20,073,814 Leon D. Black Investment Trusts A $ 25,352,301 2.01% S 9.266.825 $ 185.909 $ 9,452,735 Black family 1997 Trust $ 23,274.198 1.85% S 8.507.233 S 170.671 S 8,677.904 4 separate 1992 trusts for Leon Black's children $ 72,431,735 5.75% 5 28.475.397 S 531,145 S 27,008.542 4 separate 1988 trusts for Leon Black's children S 3,215.230 0.26% 5 1.175,238 $ 23.577 5 1,198,815 Leon Black (individually) S 78.339.645 6.22% S 28.634.869 $ 574.488 S 29.209.336 TOTAL: S 1.259.986.621 100.00% 5 460,545,600 5 9,239,384 S 469,784.984 $ 469,784,984 % w/o LB 93.78% EFTA01127784 \ttlt de% Work Product Privileged and Confidential Weil, Gotshal & Manges LLP MEMORANDUM November 28, 2007 To: Leon Black cc: Tom Turrin John Suydam From: Carlyn McCaffrey Elyse Kirschner Re: December 2007 Annuity Payments from 2006 GRATs By December 20, 2007, the trustees of each of the eleven (11) grantor retained annuity trusts ("GRATs") Leon established on December 21, 2006 are required to make an annuity payment to Leon. Based on the appraisals of the assets Leon transferred to the GRATs prepared by Empire Valuation Consultants and Ernst & Young, the 2007 annuity payments from the GRATs are as follows: Judah Investment Trust A: $ 22914'1/5 Judah Investment Trust B: S 703.869.77 Judah Investment Trust C: $ 1,829,070.02 Judah Investment Trust D: $ 22.603,141.76 Judah Investment Trust E: 5112,520,025.88 Judah Investment Trust F: $ 4,758,556.16 Judah Investment Trust G: $ 43,124,415.21 Judah Investment Trust H: $ 10,310,205.01 Judah Investment Trust I: $ 48,973,473.82 Judah Investment Trust J: $ 39,902,476.14 Judah Investment Trust K: $ 5.222,185.76 TOTAL: 5290,175,53i68 VA WIG A NYI: \ I 5287770RWRMI0MP0O26504.0001 EFTA01127785 Please note that by December 20, 2007 each GRAT should have distributed to Leon an aggregate amount of assets equal to the amount of its required annuity payment. If a GRAT distributed to Leon the operating profits earned by the Apollo interests held in the GRAT during the course of the year, the annuity amount payable to Leon on December 20th should be reduced by the amount of such operating profits he received during the year. If you have any questions, please call Carlyn at or Elyse at As part of its effort to curb tax shelters, the Internal Revenue Service recently issued regulations that impose sanctions on attorneys who provide informal written tax advice without prominently disclosing that the advice cannot be relied upon by the taxpayer for the purpose of avoiding penalties. Because this memorandum contains a discussion of tax issues that we do not believe warrants the significant additional time or expense that would be involved in the preparation of a formal opinion that complies with the IRS rules, we include the relevant IRS disclosure, below. If you would like us to prepare a formal tax opinion on which you may rely for penalty relief, please let us know, and we can discuss the cost of preparing one. * * * * IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. For more information about this notice, see http://www.weil.com/circular230/article.hunl * * * * CSMcC/EGK NY I:11528777bl\ WRNI I0I L000.26504.0001 2 EFTA01127786 Summary of 2007 Annuity Payments Namo of GRAT 8.00a2aLlIm lat0.20%.066.1294 Loan Intermit Due Net Annuity Payments Due to Leon 1 Judah Investment Trust A 2 Judah Investment Trust B $ 703.86677 $ 703.869.77 3 Judah Investment Trust C S 1.829.070.02 5 1,829,070.02 4 Judah Investment Trust D $ 22.603.141.76 $ (20.030.000) $ (653,726) S 1,949,416.23 5 Judah Investment Trust E $ 112,520,025.88 $ (100,000,000) $ (2.198.%0) S 10,321,395.74 6 Judah Investment Trust F $ 4258058.18 S 4,768056.16 7 Judah Investment Trust G $ 43.124.415.21 $ (40000000) $ (416,274) $ 2,708,141.24 8 Judah investment Trust H $ 16316205.01 $ (5.000.000) $ (163,432) $ 6,148,773.60 9 Judah Investment Trust I $ 48073.47302 5 (40030,000) 5 (112,863) $ 8,860,610.81 10 Judah Investment Trust J $ 39.902.476.14 $ (25,000,000) S (155,370) $ 14,747,106.27 11 Judah Investment Trust K $ 5.222.185.76 S 5.222.185.76 Total ;unman: of Loans Made to Leon Black In 2007 $ 289,47.41933 S (230003060) ($3.700,295) 56247.125.01- Accrued Interest Accrued Interest SEAM% &13E1 Through 12/20/2007 Bakkoivid LBF Holdings 91 Account From Judah Trust D S 20,000,000 S 653,726 $ 20.653.726 From Judah Trust E 100.000,000 2.198.630 S 102.198030 From Judah Trust G S 40,003,000 S 416,274 40.416274 From Judah Trust H $ 5,000,000 163,432 S 5.163.432 From Judah Trust I $ 40,063,000 112,953 40.112,863 From Judah Trust J $ 25,0:0000 155.370 S 25.155,370 Total: S 3.700,296 $ 233.700,2% 230,003,060 Summary of Withdrawals Dv Leon Black In 2007 Account Black Family Fanners Account Total: Summary of Transfers (*Leon Black In 2007 Account LBF Holdings LLC S1 Account LBF Holdings LLC St Account Total Transfers Total Amount Received by Leon Black In 2007 Amount 25,000.000 (personal capital) 25000000 Amount 230,000,000 (loans) 56,247,125.01 (annuities net of loan repayment) 286247;125 311,247,125 <--I Tub.A. a. *it- ft+- (44 glmlaale EFTA01127787 Amami 134110:05 LEIL140144211/4.6600UPt Jutish PromtmenlTmt A (AM Ill) WWI Dana Lose 10 Lem MAJLeoa WO loorreesdnoms MI Mate Periwig LEIF xi lattainsseg DISIDSIt Manger Porn 02 1/1 NON Galawo S • Judah Invesiment TAM B (AM IV) $ 536.199 (703070) 5 15069 5 (152.602) $ 6.399 (144.203) Judah Irowannenl Must C (NA V) $ 0953665 (1120070) $ 56.729 $ 200713 5 23.666 233,360 Judah Wrantroent Tn451D (AM VO $ 31.495.360 (1,90.416) 5 155,096 $ 35431.040 $ 375175 30006016 Judah Westmont Must E (MA) Judah kwestrrenl Tryst F $ 132.203.071 $ (50.1:050001 (10,321,396) 5 3,715,227 $ 75.596.902 5 0577.750 77,174.652 S 9.432,703 (4,755566) 5 265012 5 4.931.229 S 112673 5051.602 (Value) Judah kvmstmmot That (3 (SVF) S 56066.938 (2.706.141) 5 1.873603 $ 65.032.390 5 795623 18,1520923 Judah Invertmenl Tnall H (Pala) $ 9017.311 (5145774) 5 276,701 $ 5040245 5 118586 5167501 Judah Investment Twat I (Eurcpe) $ 1(4750639 (0160.611) 5 2943.744 5 98035673 5 0255123 100085796 Judah wesumol Trust J (AAA) S 70105.343 (14,747.106) 5 2.166.847 $ 64425.0134 5 910.1911 65.445.202 TOM' $ 434.090627 S (50.005000) e••••- (51.024,939)1 12.198997 345265585 $ 5110,563 350045140 12191.997 S 345.264.565 6.110 563 Black Family Partnere. LP Acceunl LBF Hteings LLC Judah remsuredt Trust K Judah kwesImmt That Judah Investment Trust /A Judah Westmont Trust N Judah khonlment Trust 0 Leon 0 Ola0lfromenonl Trusts A Black Faddy 1997 Tfuld 1992 WM foe Joshua Max Bleck 1992 trust foe &Maw a Sack 1992 Dust foe Alexander. Samuel Mack ¶992 that foe Mow Rachel 64<k 1988 trust for Joshua Max Black 41.8 wet foe Ilenfamon Eli Mad. 1988 trust foe MCOrtlef Samoa, Mack 1988 Mat for Victors Rachel Black E*6:00040040044i.. .. Tc4a1 Loan VC La .070.000) Maki 8aunce m WO f wasic:desOwnts ,:41.634.36)) W s Annuity Parma LEIF •28FP120 mtAlni co Transfer to LBF 61 317,5576 5,180.563 5 08 7.405 358 ($1,815.079) (5n$ 87 -- -- 1 (5.110.563) 5985213 46.513.03 (S4,425957) 21.920.775 357011 22 190.429627 347 290501.81 327.480 26 20.073.014 (53.895.226) ocs (14110E900 03637: 51.4.0000 5°6271))) 154,210 OS 141,569.W 65.6767.636 904 (51.3 5751.638 83.1160) ($0363.130) 110,14 14MA /8 110,144.86 4.18 6.751.138 5751,630 (51.303.110) 110,144 16 299,704 (580.542) 4089.31 458.0 6803311 299.704 299,704 (5113.583) 299.704 20200330 (580.542) (25.000.6053. 5 (5.0190 91) 7.683,913 (560.4542) (560.542) $ 470,914 . 449.7154 954 1180.009000) (25,000603) ()44 934,009.CC:0) S (5.2)2.186) 5 7163003 S ,11 S 7 I , L 2.4/ )7,-, 171/2008 Balance 75400.171 808 043 0315717 17050.230 14090762 /5345237 7090423 00819,473 5407,101 1497,101 5.497.901 5497.101 244.051 245461 244641 244,051 (02140481 117,146.216 47.145215 EFTA01127788 LBF HOLDINGS LLC IS.TRUST INVESTMENT MANAGEMENT ACCOUNT April I - April 30, 2007 Account number Page 15 Principal amount Interest -Taxable-continued Date Description Units Income amount 04/25/07 TARGET CORP DISC COML PAPER 3/A3 (continued) YRS 3&4 04/25/2007 20,000,000.000 $14,500.00 04/26/07 FEDERAL HOME LN BK CONS DISC NOTE 04/26/2007 30,000,000.000 4,241.70 LEHMAN BROTHERS HLDGS INC DISC COML PAPER 3/A3 YRS 3&4 04/28/2007 20,000,000.000 2,911.20 04/27/07 WINDMILL FOG CORP DISC COML PAPER 4/2 YRS 384 04/27/2007 20,000,000.000 11,666.80 04/30/07 AMERICAN GEN FIN CORP DISC COML PAPER 3/A3 YRS 384 04/30/2007 20,000,000.000 17,466.80 LEHMAN BROTHERS HLDGS INC DISC COML PAPER 3/A3 YRS 3&4 04/30/2007 20,000,000.000 11,655.60 WINDMILL FDG CORP DISC COML PAPER 4/2 YRS 384 04/30/2007 20,000,000.000 8,733.40 Total interest - taxable - this period $244,197.90 S0.00 Adtlit ions Date Activity 04/20/07 ADDITION Description JPMORGAN CHASE tORG-000000C0000739547356 APOLLO MANAGEMENT HOLDINGS LP VILLE 021001318US TR NYC BI4F= 10004548 LBF HOLDINGS, LLC SEGREGATED RFB,4 051 OF 07/04/20 CGB 739547356 APOLLO MANAGEMENT HOLDINGS LP 2 MANHATTANVILLE RD SUITE 203 PURCHASE NY 10577- ORG FROM INCOME 206,342.10 Units Income amount Principal amount $431,696,805.00 04/30/07 TRANSFER Net additions - this period 4/30107 trade date $0.00 $431,903,147.10 EFTA01127789 • J. S. TRUST LEE HOLDINGS LW INVESTMENT MANAGEMENT ACCOUNT Interest - Taxable-continued July 1 - July 31 2007 Account numb Page 11 Date Description Units Income amount Principal amount 07/ 19/07 HSBC FIN CORP DISC COML PAPER 3/A3 YRS 3&4 07/19/2007 17,000,000.000 6103,926.78 RANGER FDG CO LLC DISC COML PAPER 4/2 YRS 3&4 07/19/2007 17,000,000.000 119,000.00 07/20/07 CIT GROUP INC DISC COML PAPER 412 YRS 3&4 07/20/2007 17,000,000.000 106,807.26 THREE PILLARS FDG LLC DISC COML PAPER 4/2 YRS 38,4 07/20/2007 17,000,000.000 74,800.00 07/23/07 COOPERATIVE CENTRALE RAIFFEISEN-BOERENLEENBANK B A DISC COML PAPER 4/2 YRS ISA 07/23/2007 17,000,000.000 121,016.55 07/25/07 NATIONAL RURAL UTILS COOP FIN COOP-DISC COML PAPER 3/A3 YRS 3&4 07/25/2007 17,000,000.000 74,516.78 07/26/07 CITIGROUP FDG INC DISC COML PAPER 3/A3 YRS 3&4 07/26/2007 17,000,000.000 109,187.27 Total interest • taxable • this period $1,569,532.20 $0.00 Additions Date Activity 07/11/07 ADDITION Description JPMORGAN CHASE /ORG-Q92207002 APOLLO MANAGEMENT HOLDINGS LP .2 MANHATTANVI L 021001316U5 TR NYC BRE.= 10004548 LBF HOLDINGS LLC RFB OS'I OF 07/07/11 OGB 99997550 INTERNAL ACCOUNTS PROCESSING GROUP 500 STANTON CHRISTIANA ROAD MAIL CODE DE3-3780 NEWARK DE 19713- ORG Q9 FROM INCOME 1,652,499.00 Units Income amount Principal amount $2,388,409.62 07/31/07 TRANSFER Net additions • this period 7/31/07 trade date 50.00 $4,040,908.62 EFTA01127790 PROMISSORY NOTE $ 50,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Fifty Million Dollars ($50,000,000) ("Principal"). The unpaid Principal shall be due and payable in MI on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such bolder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of May 11, 2007 s ay/ Leon D. Black NYI:tt494378V3IIWI2S01 LOOO26504.0001 EFTA01127791 LBF HOLDINGS LLC U.S. TRUST INVESTMENT MANAGEMENT ACCOUNT May 1 - May 31 2007 Account number Page 14 1, 2 1000. Wted npora (Vary lie Interest - Taxable-continued Date Description Units Income amount Principal amount 05/21/07 YORKTOWN CAP LLC DISC COML PAPER (continued) 4/2 YRS 3&4 05/21/2007 20,000,000.000 $81,666.80 05/22/07 ABBOTT LABORATORIES DISC COML PAPER 4/2 YRS 3&4 05/22/2007 20,000,000.000 52,400.00 J P MORGAN CHASE & CO DISC COML PAPER 3/A3 YRS 3&4 05/24/2007 ACCRUED INTEREST ON SALE 81,655.40 05/25/07 UBS FIN INC-DISC COML PAPER 3/A3 YRS 3&4 05/25/2007 20,000,000.000 87,333.40 Total interest • taxable • this period $1,120,894.92 $0.00 Additions Date Activity Description Units Income amount Principal amount 05/31/07 TRANSFER FROM INCOME $1,158,750.72 Net additions • this period $0.00 $1,158,750.72 Withdrawals Date Activity 05/14/07 TRANSFER Description TO CHECKING ACCOUNT LEON BLACK Units into ine amount pa t LOAN/ 8-50,000,000.0 05/22/07 PAYMENT WEL CR KUE MANAGEMENT INC. ifi gairalITFIELD F: LEON BLACK- LBF HOLDINGS FEDWIRE NBR 5131/07 trade date -32,000.00 Veiwiar wc..07a, :--- EFTA01127792 . May 1 - May 31, 2007 Account number US. TRUST LBF HOLDINGS LLC INVESTMENT MANAGEMENT ACCOUNT Page 15 IVUNkawrils-eontinned Date Activity Description 05/22/07 PAYMENT WELLS (continueo7 CR/ KNOWLEDGE UNIVERSE EDUCATION LP filliarHITFIELD EF: LEON SLACKS LI* HOLDINGS FEDWIRE NSR Units Income amount Principal amount S-31,968,000.00 -Ket.w&-4 84-110-ve--0- Kw— 05/31/07 TRANSFER INCOME TO PRINCIPAL S-1,158,750.72 Net withdrawals - this period 8-1,158,750.72 5-82,000,000.00 Income amount Principal amount Closing Balance ;;;;i1Aill5ii;it. AWIRK1OHNIAVIO 044516lhoinglIIIINVONINNINDIAMMINNIENIV:ITIN022:q For Your Information Assets that are not held and not managed by U.S. Trust are listed solely for the convenience of the client. U.S. Trust has no responsibi l ity to maintain, monitor or value suoh assets. UST maintains both omnibus and individual accounts with the firm's global custodian to hold cl ient cash and global securities and to faci litate the trading of such securities. UST may earn Interest on uninvested cash balances held In omnibus or individual accounts depending on the currency denomination and Issuing country. The Interest rate, or interest earned, varies based on the currency and the global market interest rates. If your financial situation has changed and you wish to alter the investment objectives or limitations currently specified for your account, please contact your relationship officer. 5/31/07 trade date EFTA01127793 US. TRUST UNITED STATES TRUST COMPANY, N.A. 11 West 54TH Street New York NY 10019 293 MO **012430 LBF HOLDINGS LLC C/O APOLLO MANAGEMENT, L.P. MR 'FON D BLACK United States Trust Company, N.A., Member FDIC For personal assistance, call: John Hilderbrandt, Last statement: June 30, 2007 This statement: July 31, 2007 Total days in statement period: 31 Business Money Market Account number Average yield Interest paid yew to date INTEREST RATES Effective dates 06-30-07 07-13-07 07-17-07 DEBITS AND WITHDRAWALS Date Description 07-17 Transfer To ACCOUNT Beginning balance 7.900% Total additions 5398,719.01 Total subtractions Ending balance Interest Rate 0.600% 7.900% 5.050% DEPOSITS AND CREDITS Date Description 07-13 Wire Trs Rec'D JPMORGAN CHASE 021000021 ORG 000000000007395826 07-31 Interest DAILY BALANCES Date Amour* 06-30 0.00 07-13 460,545,600.00 Date 07-17 07-31 Amount Date 0.00 398,719.01 $0.00 460,944,319.01 460,545,600.00 8398,719.01 Subtraction -460,545,600.00 Additions 460,545,600.00 398,719.01 Arnount L 12430 -14647 EFTA01127794 PROMISSORY NOTE $ 100,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly One Hundred Million Dollars ($100,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LW contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of July 23, 2007 NY I M $0721SCIWW.301 t,DOCN26144.0303 Leon D. Black EFTA01127795 August 1 - August 31, 2007 Account number U.S.TRUST LBF HOLDINGS LLC #2 INVESTMENT MANAGEMENT ACCOUNT Page 17 Interest - Taxable-continued Date Description 08/29/07 FEDERAL HOME LN BK CONS DISC NOTE 11,000,000.000 $1,558.37 08/29/2007 SOUTHERN CO FOG CORP DISC 18,000,000.000 34,320.06 COMLPAPER 4/2 YRS 3&4 08/29/2007 08/30/07 RABOBANK USA FINL CORP DISC COML 17,000,000.000 2,583.15 PAPER 3/A3 YRS 3&4 08/30/2007 08/31/07 FEDERAL HOME LN BK CONS DISC NOTE 1,060,000.000 144.29 08/31/2007 Total interest • taxable • this period $1,564,641.84 $0.00 Units Income amount Principal amount Additions Date Activity Description 08/07/07 ADDITION FROM CHECKING NC 08/31/07 TRANSFER INCOME units Income amount Principal amount $398,719.01 1,611,366.49 Net additions • this period 50.00 $2,010,085.50 Withdrawals Date Activity Description 08/09/07 TRANSFER Units TO NC a HOLDINGS #2 BUSINESS MONEY MARKET ACCOUNT AS DIRECTED BY PHONE 8/9107 Income amount Principal amount 08/14/07 TRANSFER TO CHECKING ACCOUNT UNIO L & D BLACK 08/31/07 TRANSFER INCOME TO PRINCIPAL TRANSFER IRAN 8-435,398.00 -100,000,000.00 $-1,611,366.49 $-1,611,366.49 $-100,435,398.00 Net withdrawals - this period Income amount Principal amount • JItLil $6.:24jiri4 4 PPiii0:$01 .48 4. 8/31/07 trade date 002920 53012223 EFTA01127796 PROMISSORY NOTE $ 20,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Twenty Million Dollars ($20,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of September 14, 2007 NYIA152266510I V4.1 W901, DOC \26504.CCOI EFTA01127797 September 1 - September 30 2007 Account number .S.TRUST MOLDINGS LLC #2 MANACiEN Additions Date Activity Description 09/28/07 TRANSFER INCOME Units Income amount Principal amount $1,955,771.70 Net additions • this period 80.00 $1,955,771.70 Withdrawals Date Activity 09/17/07 TRANSFER TO CHECKING ACCOUNT BLACK Description Units income amount Principal amount LoAAl $-20,000,000.00 09/28/07 TRANSFER INCOME TO PRINCIPAL TRANSFER S-1,955,771.70 Net withdrawals - this period $-1,955,771.70 $-20,000,000.00 Fees Date Description 09/28/07 UNITED STATES TRUST COMPANY, N.A. MARKET VALUE FEE ADDITION OF 398,719.01 FOR 13.08 WITHDRAWALS OF 120435,39800 FOR -2,118.00 FROM 07/17/2007 THRU 09/30/2037 Income amount Principal amount $-71,366.72 Total fees - this period $0.00 5-71,366.72 Intorno amount Principal amount Closing Balance 0 ly 9 • 1,, J“1:414441hLe 4;h1 '01 ' • iti••• • ' • , NIA% lb' 13 ;at:: it ••••,1. ; • ke °I28/07 trade date EFTA01127798 PROMISSORY NOTE $ 20,000,000 NEW YORK, NEW YORK For value received, Leon 1). Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Twenty Million Dollars ($20,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% pet annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of November 5, 2007 Leon D. Black NY! A15253740 SW ZSOf I D0026104.0001 EFTA01127799 PROMISSORY NOTE $ 5,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Five Million Dollars ($5,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of November 6, 2007 fta Leon D. Black NYI AlS25969011WPFY01 I. DOC \26,04 0001 EFTA01127800 PROMISSORY NOTE $ 20,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Twenty Million Dollars (S20,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of November 8, 2007 - 9,1711 Leon D. Black NV1:1152596410 IMPFWOILDOCV6504.0001 EFTA01127801 PROMISSORY NOTE S 25,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LI3F Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Twenty-Five Million Dollars ($25,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 535% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it, No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of November 27, 2007 Leon D. Black NnstS2P376101MS2 OILDOC126504.00/11 EFTA01127802 U.S. TRUST e bOdMmeinliMieWRJOMMWOOlma November 1 - November 30, 2007 Account number LSE HOLDINGS LLC #2 INVESTMENT MANAGEMENT ACCOUNT Page 29 Withdrawals Date Activity Description Units 11/01/07 PAYMENT PAY: CITIBANK NA. CITIGB2LJ CH029715/ PFPC INTL LTD PORTLAN 11/05/07 TRANSFER TO CHECKING ACCOUN AS DIRECTED BY FAX DID 11/5/07 (-OANI 11/06/07 TRANSFER TO CHECKING ACCOUNT LEON & DEBRA BLACK MEI WAN 11/08/07 TRANSFER TO CHECKING LEON BLAC AS DIRECTED BY CLIENT'S EMAIL DATED 11/8/07 1-x)Ani 11/28/07 TRANSFER TO CHECKING ACCOUNT_ 1...JAA/ LEON & DEBRA BLACK. 11/30/07 TRANSFER INCOME TO PRINCIPAL TRANSFER Net withdrawals - this period Income amount Principal amount S-loopoo,o0o.00 - 20,000,000.00 -5,000,000.00 - 20,000,000.00 -25,000,000.00 $-1,322,126.63 $-1.922,126.63 $-80,000,000.00 Income amount Principal amount Closing Balance 11/30/07 trade date 002615 20991617 $0.99 $0.91 EFTA01127803 PROMISSORY NOTE S 15,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LSI' Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Fifteen Million Dollars ($15,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of December 7, 2007 Leon D. Black NYNI530679-0MT2V011.1)0O.26504 EFTA01127804 U.S. TRUST 'T ienPrhni..Wia Maatentwal LBF HOLDINGS LI.0 #2 INVESTMENT MANAGEMENT ACCOUNT December I - December 31, 2007 Account number Page 29 Withdrawals Date Activity Description Units Income amount Principal amount 12/10/07 TRANSFER TO CHECKING ACCOUNT LEON 8. DEBRA BLACK Aid $-15,000,000.00 12/20/07 PAYMENT CITY Naillir CR/A RETE, LLC REF: LBF HOLDINGS LLC ATTN: ANGELA MANOUKIAN AS PER LETTER fipTrn 19/11/07 -2,000,000.00 FEDWIRE NBR — 12/21/07 PAYMENT PAY: CLARIDEN LEU AG CLLECHZZ HAO CAPITAL FUND LP I v..a. 1^1.4 -900,000.00 1,11040 ec a t-a 12/28/07 PAYMENT JPMORGAN CHA A TO BENEFIT AC LONE CASCADE CARE OF ACCT GOLDMAN,SACHS & CO., N FFC: LBF HOLDINKIs I r -50,000,000.00 Lon- ei-1 -.~~- FEDWIRE NBR = 12/31/07 TRANSFER INCOME TO PRINCIPAL TRANSFER S-1,050,100.58 Net withdrawals - this period $-1,050,100.58 S-67.900.000.00 F ces Date Description 12/3 1/0 7 UNITED STATES TRUST COMPANY, N.A. MARKET VALUE FEE WITHDRAWALS OF 97,900,000.00 FOR -2,494.54 FROM 10/01/2007 THRU 12/30/2007 Income amount Principal amount 8-74,859.62 Total tees - this period $0.00 S-74,859.62 Income amount Principal amount Closing Balance 12/31/07 trade date 001117 91311617 $0.96 Hogehili(iAillLi ll' :$0.68 EFTA01127805 U.S.TRUST _ UNITED STATES TRUST COMPANY, N.A. 11 West 54TH Street New York NY 10019 ---"---- - 293 MO it *013525 -7 -. - r BLACK FAMILY PARTNERS, L.P. C/O APOLLO MANAGEMENT. LEON D BLACK • • • - • - - . • • - . • . • - • _ • . - • . • _ • • - • • . - • . _ • - . . • • _ • • . • . • • T . ^ • _ • - - • • . • . • • _ • . • . . . • • • _ • - . • , • . . . • • - • _ • - • • . • •-• • . . _ For personal assistance John Hilderbrandt _ _ — Last statement: August 31, 2007 • -7 This statement: September 30, 2007.t-T . Total days in statement period. 30 - • " - United States Trust Company. N.A.• Member FDIC ----Business Money Market • . , ^ ^ • • - - _ • ^ • . --- Account number — ------ - Beginning balance S12,370,582.47 ' "=:= 1 "-- . - - -.-- Average yield --- 4.700% Total additions .. _ . .. .. _ Interest paid year to date :74116,907.79 Total subtractions 6,146,699.00 —. ...—.- --- - --- --- S6,267,967.79 --' =- ...7.-==. INTEREST RATES - ----=-=------ - --- . _ _ -_ _. Effective dates- - - -- ---- Intenitails ._. _.________ _ _ _ . ____ -- -- - -- ---- 7 - 1- 7-- 08-3147 -------=--- - - - - *WO% - - - • .— —__—__.-- _ . . _ .. . ... .._ . . _ • . • • • • .. -' ,.... .o. • ••......... •••• • —...—...............- ..... ... .. .. ... .. ...iim ill ,, • •.•••• •••• .Y.•41 . wil....... . .•• ... •••• • • • . .. . —:..CHECKS PAID ... . - _ Minter _ ' Date - - - - - Amami - &nowt_ ... 0 09-07' -:'7.. 163;818.0(hr= 7-77. - - - . • . . . . ... . . . . ..• • •••• .0: r2••••• .M.•••••••••• ••••=•••=1M.M. . •••••• •• •• 'WM. • . &OW • 0 0.0 ...I. OD • OD • IT. .1. , ... .. • . . . . . . . . .... . . . .. .... " ---= DEBITS AND WITHDRAWAL'S :- - — -- — ... _ . .... ..• ... Description --=:-____ _ _ _ Subtractions - . _ _ . • • ...M... •••••••••••••. .• .. - 09-21 Transfer Debit -982,881.00 - - . - . • • - • • FOR APOLLO INVESTMENT FUND VI CAPITAL CALL -- . ____ __. - - --- • 09-28 Transfer Debit -5,000,000.00 -- - _ _ -.----.. TRANSFER TO DEPOSIT ACCOUNT - . _ . - - - - - - - - -- - - - - - -- - - • _ , _ - . . . .. . - 77: 7----- --- DEPOSITS AND CREDITS _ _ _ ___ .— .. . --.— _ _ - - . - Date Description _ • . Adations - -: — --: 09-30 Interest 44,084.32 - - 7.7.- 7-r a- - ___ ... _ . . .. _ . . ..._ . . -..-----.__ ------- .. .. - -._ _.- ....-...• _ __--- ..________..__ - .. . .. . . .... ... __ .. . .. .. DAILY BALANCES __ _ _ _ ------- - Amount Date Amount Date Amount 08-31 12370,582.47 09-21 11,223,883.47 09-30 6,267,967.79 09.07 12,206,764.47- 09-28 :::. .6,223,883.47 • - • EFTA01127806 Page 1 of 1 Melanie Spinella From: Melanie Spinella Sent: Friday, September 28, 2007 9:12 AM To: 'Garcia, Alicia2' Cc: ilderbrandt, John'; John J. Suydam Dear Alicia: Confirming our conversation this morning, please transfer the sum of $5,000,000 (FIVE MILLION DOLLARS) from o(Black Family Partners LP) into Leon Black's Account: As always. thank you for your help. Melanie 9/28/2007 EFTA01127807 December 1 - December 3 I7U:S. TRUST' Atlantan ray.klovn•nla ihnogronme Account number LBF HOLDINGS 1.1.0 INVESTMENT MANAGEMENT ACCOUNT Page 25 Additions Date Activity Desaiption 12/31/07 TRANSFER Units Income amount Principal amount FROM INCOME $1,272,030.82 Net additions • this period $0.00 $1,272,030.82 Withdrawals Date Activity Descnption 12/27/07 TRANSFER TO CHECKING ACCOUNT REF: ANNUITY PAYMENT.. JUDAH TRUSTS INCOME TO PRINCIPAL $-1,272,030.82 Net withdrawals • this period Units Income amount Principal amount 8-56,247,125.00 12/31/07 TRANSFER $-1,272,030.62 $-56,247,125.00 Fees Date Description income amount Principal amount 12/31/07 UNITED STATES TRUST COMPANY, N.A. MARKET VALUE FEE WITHDRAWAL OF 58,247,125.00 FOR -30788 FROM 10/01/2037 THRU 12/30/2007 $-82,375.35 To • this period CI°Sing 12131/07 trade date 001116 90971415 Iki101:, r1 $0.00 $-82,375.35 Income amount Principal amount $0.86 EFTA01127808 CASH RECONCILIATION-2008 DETAIL BFP 5492/4386 BFP 0135 31-Dec $ $ 12.185.558 dep kom $ S 7,606.612 from AP $ $ (1.874.988) cap call $ (3.000,000) trans to 0135 31-Jan S 14,949,107 3.826.220 trans fr 0135 inc 28-Feb $ 314Aar $ $ $ 4/30/2008 S 8,541,514 3,000,000 trans from 5492 1,019.013 Inc Colnc IV (10,027,129) cap calls LBF#1 acct 4548)8049 LBF #2 acct 4902/8403 S 308.718,330 w/acc Inc S 200,457.582 $ 2,545,771 S 309,240,323 $ (877,398) cap call 5 69,862,066 Inc ApolloV&Colny 18,815,313 2,441.714 10 bfp int Inc S 18,814,445 51.850,564 tran from UW*2 $ 66.964,802 tran from BFP 0135 $ (20,000.000) Loan taken (1,203,517) coinvest cap call 1,814,079 colnvest income 116,380.364 5/31/2008 $ 116.531.984 $ (22.664.000) GRAT payment 30-Jun S 94,272,196 S 22.109.049 AGM Div S (10,000,000) loan taken 7/31/2008 $ 106,530,276 8/31/2008 $ 106,710,130 (32.000.000) ban to 0135 30-Sop $ 74.894.413 $ (25.000,000) trans to 0135 31-Oct $ 49,929,585 30-Nov $ 49,943,826 $ (3.878.323) cap calls $ (20.135.706) trans lo LBF $ 5,526,547 Dlv $ 1,324,316 TRA 12/31/2008 $ 32,803,089 71,660,499 (513,861) cap call 71,314,187 (66,964.802) Iran to BFP5492 30,879,084 AGM Div (4,349,385) Mac cap calls $ 31,927,257 31,273,125 2,084,903 Colnvealinc (15,268,621) GRAT payment 18,104,778 6.306.659 various income $ 24,411,435 $ (1,203,517) coinvest cap call $ 1,955,762 coinvest Income $ 310,142,498 $ 3,254,205 10 LBF InI inc 310,990.018 (75,150,000) Credit Opp TOTAL $ $ S S 200,829,793 $ S 201,384,507 $ $ S $ $ S $ $ 23,752 $ 22,128 (22,127) Iran to BFP $ $ 201,955,205 (150,000,000) taxes (51,850,564) Iran to BFP S 236,747,451 S 2,753 $ (9,992,240) AINV buy S 227,226.149 S 23.714 S 227,224,510 S S S S 25,212,058 $ 32,000.000 $ (20.000.000) loan taken-faxes $ (1.960,560) coinvest cap calls S 34,230,734 S 25,000,000 trans from 5492 S (3,146,162) cap cats S 1,892,814 oar/ Income S 58,104,235 $ 58,182,533 $ (6.797,321) 1ran$ frLe clj $ 61,416,766 S S 227,656,648 (10,000,000) Leon 8/7 (10,000,000) Leon 8/29 (7,114,069) Credit Opp 4.001,054 Credit Opp Ret 204,907,881 (60,000,000) to Stral dep a/c $ $ 1 60,000,000 neeiLBRI621i § 145,271,763 $ 60,029,672 (50,000,000) trans to 6216 S 50,000,000 Iransfr 8049 (10,000,000) Leon 10/08 $ 86,380,623 85,421,397 (17,906,833) COF Cap cat 20,135,706 trans in fr BFP (25,000,000) Addl COF Call $ (62,655,162) GRAT Pay S 42,991 (2,396.762) COF Cap call 107,852,446 107,997,782 6,797,321 trans fr BFP (114,795,102) GRAT Pay 75,185 517,717,428 12,185,558 initial dep 7,606.612 from API-I (11,902,117) cap calls 1,019.013 Income 527,564,994 (877,398) cap calls 69.862,066 Income 3,826.220 income 602,002,949 (513,581) cap call 603,073,855 (150,000,000) loan for taxes (75,150,000) Credit Opp (20,000,000) loan taken 30.879,084 AGM Div (3.738,823) cap calls/inc not 385,057,825 (9,992,240) AINV buy 375,054,972 2,064,902 colnvest Inc (37,932.621) GRAT payment 339,626,234 22.109.049 AGM Div (10,000,000) loan taken 6.306,659 various inc 388,620,487 (20,000600) Dist-GRAT Mc to Leon (3,113,015) Credit Opp net (1,203,517) coinvest cap call 1.955,766 coinvest Income 336,830,069 (20,000,000) loan for est taxes (1,980,560) coinvest cap calls 314,426,682 (10,000,000) loan taken 1.892,814 Income (5,542,914) cap calls 301.286,889 301,545,538 (46,785,156) COF Cap calls 1,415,458 tnt Income 6,850,863 DMdend/TRA (177,450,265) GRAT Payment _ I 84,338,031 EFTA01127809