CASHFLOW UPDATE - Oct 24th

CASHFLOW UPDATE - Oct 24th TRUSTS BFP current BofA balance $12.7mil 2.Smil 1PM balance 10.Omil 69.Smil 12/4 annuity 39.0mil (70.0m11) 4Q household (3.0mil) 5.6mil charitable contrib• (10mil) int payment to APOI (7mi1) 3.2mi1 14.Omil 12/31 proj balance 41.7mil 24.1mil IQhousehold (3m11) 10 loan int (1.6mi1) 16mil 1/15/2015 est taxes (37mi1) (10mil) 1/24 annuity 16.0mil (5mil) Townhouse IQ (lmil) (.8mi1) Boat/plane (2mII) 42.6mil 3/3 annuity 27.5mil (42mil) bal of int pay to APO1 (10mil) 3/31/15 proj bal 30.6mi1 24.8mil Townhouse 2Q (2m11) 25mil April 15 tax (17mil) use taxes (5.0mil) proj 4/16 bal. 6.6mil 49.8mi1 (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 21115 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 4QI4 rather than 1Q15 if portfolio acq is consumated Townhouse CAM Acct funded with $3mi1 for 14 and $6mil for 2Ct remember gets funded 1/3 LOB 2/3 APO1 other cash-Debra B of A 1PM $6.7m11 6.Omil APO1 $7.5mi1 7.Omil (2mi1) (2.7mil) (3.5mil) current bal LOB 2011 bal art purchases Phaidon/RA••• 4Q Phaidon/RA 7mi1 12/31 int pay from LB 13.3mil (2mil) 10 townhouse 10mil bal of int pay from LB 21.3mi1 (4m11) 2Q townhouse APOZ LOB 2014 $6.3mi1 (11.3mi1) (0.3mi1) 8.75mi1 Phaidon/RA°• • 40 ArtSpace 12/3 BFP dist $5.7mi1 5.Omil 12/3 BFP dist 3.45mi1 10.7mil (1mil) 1QArtspace (7mi1) SH 5.325m11 BFP dist (0.8mII) (1mi1) ArtSpace $11mil COF dist of bal ?timing (8mil) Miami - Dec '15 3.Omil BFP dist 13.0mil 4Q Phaidon/RA represents immediate working cap need in 4Q14 "cash infusion from trusts to pay off existing credit facility and transition to direct funding from the Trusts thru PLB EFTA01139951