BLACK ASSET SUMMARY

BLACK ASSET SUMMARY SEPTEMBER 30.2014 ASSETS DRAFT APO Z I HUS I • LEON & DEBRA we 2014 LLC • BLACK FAMILY BLACK FM1LV NOTE TOTAL BLACK' 2011 TRUSTS GST TRUST" APOI TRUST GRATS PARTNERS CASH U.S. TRUST JP AIORGAN 813.843.323 35.936.607 27.972.101 17.901.573 114.615.424 53.408.180 BLACK FAMILY PARTNERS. LP ACG RELATER ITFLIS; BRH HO-DINGS. LP (45.9%) - 523.84; 92.727.168 SH 2.210.615 637 CONTINGENT RECEIVABLE FROM AFFIUATE 322022.716 FINANCIAL INVESTMENTS MARKETABLE SECURMES 13.278.901 APOLLO RELATED NVESTMENTS 125.812 188 5.875.476 I 7.289.407 8.014.471 134.224 8.169.910 5.875.476 7.423.631 16.184.381 11,787.414 11,787.414 18.169.948 1,768394 19.938.342 226.889.052 i 203.263.677 I 355.850.794 i 2.049.508.063 i • 8.419.163' 20 510 553 6 229 202 • • 2.210.615 637 116.843' 3.048.780 322.022.716 • 1,692.175 35259 265 1320&427 483.944 51.980.398 70,042.348 78.560 730 98.221.719 248.508.972 OTHER PRIVATE EOUITYr DEBT & RESTRICTED 51 184.381 INVESTMENT PARTNERSHIPS E 111.189.618 INTRA FAMILY! TRUST RECEIVABLES GRAT ANNUITIES RECEIVABLE LOB BLACK FAMILY PARTNERS LP CHILDREN'S TRUSTS APOI AGREEMENT APO2 DECLARATION FINE ART AND TANGIBLE MVESTMENTS ART BRONZES . CHINESE ART BRONZES • SOUTHEAST ASIA ART FINE ART RARE BOOKS & MANUSCRIPTS JEWELRY NOTE 1 NOTE 80.871 414.639.9213 34.219.589 1.470.041.860 1 070 041 860 87 392 942 12.423.184 79.932.989 I 1,71A011,P7 - • • 11388 834 486 - 1 150 kg 841 168 309.761 . • , i ' . 134 788 716 • i 134.788.716 ; - - 78,953.512 . ; 78.953.512 3.403.372.300 1.470.883.028 134.788.716 1,765,787.998 309.761 • 31,602.801 31,602.801 , . I • I 331,971,031 I 331,971,031 1 • : . I ' 21195.606 I M.:356.1565 % % • • : • : : - • - : • .Sg.145.1tit : •I.W.:355.§1% : J54.462.411 : e•44.861.166 : ttCditiS:65:5"!" "U:4•6•1:6561- , • 47.626.533 47.626.533; • 2.735.078.979 2.125.787.400 354402.413 254.887.166 PLANES. BOATS & AUTOS AVIONETA HOLDINGS LLC (PLANE ) NOTE 3 21476.000 BJAV MAFINE LTD. (STARFIRE) NOTE 3 26.000.000 AUTOMOBILES NOTE 3 373.536 REAL ESTATE . RESIDENCE 7/30 PARK AVE. NYC 29.000.000 RESIDENCE 750 PARK AVE. NYC 1.000.000 RESIDENCE TOWNHOUSE 50,794,413 RESIDENCE 190200 NARROWS. BEDFORD 30.000.000 RESIDENCE 7301766 MEADOW LANE, SH 50.000 000 RESIDENCE 715 MEADOW LANE. SII 8.300.000 RESIDENCE PARADISE VALLEY. AZ 2.000.000 RESIDENCE FL CONDO 16.500.000 RESIDENCE 101 WARREN STREET. NYC 3.500.500 TANGIBLE PERSONAL PROPERTY HOUSEHOLD PROPERTY NOTE OTHER PERSONAL ITEMS OTHER PRIVATE INVESTMENTS & INSURANCE DRB PRODUCTIONS. INC. NOTE 5 LIFE INSURANCE - CSV NOTE 6 OTHER ASSETS HERITAGE RECEIVABLE TOTAL ASSETS LIABILITIES THIRD PARTY UABILEFIES LOAN PAYABLE-SOFA (ART) LOAN PAYABLE-SOFA (AVIONETA) LOAN PAYABLE-SOFA (BJAV) ACCOUNTS PAYABLE BALANCE PAYABLE FL CONDO INTRA FAMILY! TRUST PAYABLES LOB GRAT ANNUITIES APO I AGREEMENT BLACK FAMILY PARTNERS LP LBF HOLDINGS CHILDREN'S TRUSTS VALUATION DISCOUNT GRAT GIFT*" TOTAL LIABILMES NOTE 7 NOTE 7 NOTE 7 NOTE 8 21.475.000 26.000.000 373.536 29.000.000 1.000.000 16,720733 30.000.000 54 000,000 000 2.000.000 8.1:0.030 16.600.030 I 3.500.500 • 34 073 CAD • 191.094.913 129.720.733 28.300.500 34,073,680 23.124,426 23.124.425 536.000 5621236 .....................5B21236 19A38,4112 19438.482 21127.619 ' - I - Lerma 4.131.418.061 I 343.927 869 I 825.910.3071 2.122913.621 1 2.061.805238 1 2.835.511.987 (470.000.000)1 (470.000.000): (21A75.000) (21.475.0001. (17.517.50,1 117.517.5001E (5285.102) (3.906.5SM; (102.796); (1255.717), (8.250,000)i E E 18.250.0001E E (522.507,602) (512.899.089) (8,352,796) (1255,717) (1.470.041.880) (1,898218.584) (32753.730) (7&953.512) (125404,83, (1,68&834.486) (31 602 801) • (1470.0416601 (9.384.078)1 (14.329)1 I1 136 600). I78 953 512) (3,403,372,300) (1.718.437.287) (9.398407) (60.090.11, (3,925.879,906) (2231.336.376) (9.398407)f (88.442.908); 028.660.355h (2.177.168304)1 (125.404.1M, (707.127.044) (125.404.1108) (2.177.188.904) NET WORTH : 5,559,895.191 : 1,900,081.685E 334.529462E 737.487.399E 1,998253,286E (115.563.666): 2.835.511.987 COMMITMENTS • CHARITABLE -CASH NOTE 9 69.939.428 • ;Witt!: assms ana Labia*, et AF Mani II4Av )Jane. Nana.: 'lacings LLC. MIT N2 COMMITMENTS • CHARITABLE - ART NOTE 10 35289,293 - Reeve Melslind leblbes of OFM MC. SN //es.0y. RC COMMITMENTS • PRIVATE EOUITY FUNDS NOTE II 118.072,565 — AOC, Waned on non-deCOonted ban toee3.2os. CRAFT EFTA01201722 BLACK ASSET SUMMARY SEPTEMBER 30. 2014 NOTES TO BLACK ASSET SUMMARY NOTE 1: GRAT ANNUITIES RECEIVABLE APO Imbed ti t" 9404014 Nei Annuity Receivable Gress Receivable Delayed Revenue APO e 9 3014 -523.84 APO1 GRAT No. 1 cias2rdie $34.14 29.2163% 619.526.737 636.832.845 17.306.108 APO1 GRAT It. 2 (12/4413) $29.72 26.1084% 514.085.286 526.077.609 11.992.323 APO1 GRAT Ns. 3 (314/13) $32.78 02897% 99.680.386 102.238.705 2.558319 APO1 GRAT No. 4 (814/13) $25.17 4.5197% 87.749.451 90.001.558 2.252.107 AP01 GRAT No. 4 (14113) $23.39 8.1480% 149,000.000 152.824.115 3.820.115 1.470,041.e40 1.507.974,832 37,932972 MILL NOTE at FINE ART Included In total are several Ilene 01 rare hooks and bronzes PLANES, BOATS 8 AUTOS GulISIMarn V 178 Ft. Benelli 36 Fl. Hinckley Penic Boat Model TYPO Model Year Purchase Dale Purchase IP30.2014 Price Mkt. Value 2002 2011 26.100.000 21.475.000 1997 2011 21.150.000 26.000.000 1995 2011 Year Purchase Price MIcl. Value (a) Chevreel SiNerada LS 1500 pickup Pick UpTruck 2011 2010 32.005 11304 Chevreel SiNerada 2500 Pickup Pick Up Truce' 2012 2012 44.502 16.591 Mercedes Benz S 600 Lumry Sedan 2004 2000 122.900 8.841 Mercedes Benz 560 a 2dr Lunn Spans Car 1989 1989 64.230 4250 Chevroel Tahoe acif LT Sports Ulilily Vehde 2012 2012 50.327 31.108 Mercedes 5600 Sedan 2013 2011 180.288 109.607 Mercedes 8350 Spans Ulilily Vehicle 2012 2011 58.114 32,934 Honda Pilot Spans Uglily Vehicle 2009 2009 32.117 15,638 Bentley CoMmental GT Weir), Sedan 2007 2007 228.450 93286 Subaru Forester Spans Ulilily Vehde 2015 2014 27.385 27.385 Honda Pilot Spans Uglily Vehde 2013 2011 33.272 22714 MI in narre of Leon Black Of BV70 LLC Updaled per KBB (October 2014) unless olherrase noted (b) No data in Katy Blue Bock: used Iasi 'epa ted value TOTAL: rSS36 Assumptions: 10.000 miles pa year Traded MO to dealer NOTE 0: TANGIBLE PERSONAL PROPERTY HOUSEHOLD PROPERTY Values per Sotheby's Appraisal less 40% discount Includes household properly tar 780 Park Ave. and Bedlad residences NOTE 5: DRB PRODUCTIONS, INC. Represents cash held by ORB ProdJclions. Inc. NOTE 6: LIFE INSURANCE - CSV Second.leDe death benelil $100.010.000 NOTE 7: BANK LOANS: BOFA TERMS Narrows • Ad: 1M LIBOR • 125 bps. due May31.2015 Avioneta • Plane: leA LIBOR • 172 bps. due Seplernter 5.2018 13,MV Marine Ltd • Beal: Daily LIBOR •185 bps. due December 1.2018 NOTES: LEON BLACK - NET PAYABLE TO BLACK FAIRLY PARTNERS LP Due Imam Black Fanny Pennon LP Due lo Black Family Partners LP NOTE 9: COMMITMENTS - CHARITABLE - CASH Leon Black Museum ol Modern Arl Daranauth VUurJ Ms Center Rockefeller Uninersily NEW Pod main Melanoma Research Alliance AIPAC AEIF Dann-cur& Elie M Black Prola-torship in Jerash Stud= Dartmouth Presclenrs House Renovation World Jevich Congress North Shore LIJ Darareuth College Fund Prassle Cancer Foundation Sublotal Leon Black Family Foundation, Inc. Birthrighl Israel Foundation Clinton Foundation Harem Village Academes Tony Blair Foundation Sublotal NEW Posl 9,30,14 10.400.000 142.000.0001 131.600.8001 25.000.000 Mult'Year 18.929.428 Multi.Year 10.000.000 Multi.Year 9.500.000 Multi.Year 750.000 Mul5'Year 750.000 Mult'Year 310.000 Annual.recurrire (Avg. arraJrAl 200.000 Multi.Year 200.000 Mul5'Year 125.000 2014 Final Yea 100.000 Annual.recurrire 75.000 2014 Final Yea 65.939.428 1.500.000 Multi.Year 1.000.000 Multi.Year 1.000.000 Multi.Year 500.000 Multi.Year 4.000.000 (b) (bl Value Debl Bank Appraisal Insurance 14,053 45270 13237 15,950 55,677 180,000 63,000 19,905 108,575 33.472 $564.086 Total 69 939 028 10/29/2014 EFTA01201723 IHU2,I • BLACK FAMILY GROUP TOTAL Lem & Ota LOB 2014 LLC ♦ BLACK FAMILY Black Family Black' 2011 TRUSTS GST TRUST" APO 1 TRUST GRATS %dams SEPTEMBER 30, 2014 FINANCIAL INVESTMENTS MARKETABLE SECURMES 4.508.457 3.643.632 962.825 - VECTOR GROUP LTD UNITED RENTALS NC 2.163.450 2.163.450 - K12 INC 1.692.175 - 1.692.175 KROGER CO 1.179.568 1.179.568 - REPUBLIC SERVICES INC. 884.115 884.115 - WYNOHAM WORLDWIDE CORP 798.348 796.348 - REGIS CORPORATION 508.762 506.762 - UNITED TECHNOLOGES CORP 422.400 422.400 - AVIS BUDGET GROUP NC 2138.961 268.981 - BP PLC SPONSERED ADR 223281 223.881 - LADENBURG THALMANN Fitt SVCS 168.022 104.847 81.175 - SYLIANTEC CORPORATOR 70.765 70.765 • INTERNATIONAL BUSNESS 60.748 60.746 • PHH CORP 54382 54.782 • MAX CORP 33.751 33.751 • WALT DISNEY CO 32051 32.051 - HERSHEY COMPANY 30.538 aassa • DOOR MOBIL CORP 302913 30.096 • ALCATEL-LUCENT 29.427 29.427 • COCA COLA COMPANY 20.477 20.477 • BOENG CO 20.381 • PHLIP MORRIS NTERNATIONAL 20.018 20.016 • MICROSEall CORP 16.644 - • ALTRIA GROUP INC. 11.028 11.026 • TWENTY FIRST CENTURY FOX CL B 10.659 10.659 • TWENTY FIRST CENTURY FOX CL A 6.858 • MONDELF-Z NTERNATIONAL INC 5419 5.819 • SCLEIENIX INC 4.766 - 4.788 • KRAFT FOODS GROUP INC 2046 - 3.046 • MAGNETEK INC. 2.441 2.441 • NEW CORPORATION CL B 1.290 • NEW COFIPORATION CL A 818 818 • AFP LIAGNG CORP 597 597 • CELL THERAPEUTICS NC 7 7 • TOTAL MARKETABLE SECURITIES 13278.941 8.419.163 116.843 3.048.760 1.692.175 APOLLO RELATED NVESTIAENTS APOLLO VIF CO-NVESTORS LLC 6.1 34.148 8.134.348 APOLLO SOMA COINVESTOftS LLC 3.148095 3 148 095 SUBTOTAL HEDGE FUNDS 11282.443 11282.443 AP ALTERNATIVE ASSETS LP (WAS) - $31.14 21379.572 20,498.130 883.442 APOLLO NVESTMENT CORP (ANV) S8.17 10248.329 I i 5 914 655 4 931 673 SUBTOTAL PUBLIC. 32225,900 I 20.496.130 5.914.655 5215.115 clown Price clown Price clown Price clown Price ClivanPece clown PiKe Clivan Price clown Price clown Price clown Price clown Price Cyan Price Clown Price Clown Price Clolang Price Clolang Prim C10224 Price clown Price Clown Price Clown Price clown Price Clown Price clown Price clown Price clown Price clown Prim clown Price clown Prove clown Prove C10226 Pow ClowisPece clown PIKO clown Price clown Price 8/31/14 Capital Accaint cash 8/31/14 Capital Accaint V. cash Clown Price C104,20 Price 10292614 EFTA01201724 BLACK FAULT GROUP TOTAL Lew & Debt LOB 2014 LLC Black' 2011 TRUSTS z nub t • BLACK FAMILY GST TRUST" APO I TRUST Black Family BRATS Partners SEPTEMBER 30,2014 FINANCIAL INVESTMENTS • 28215.592 APOLLO CO-INVESTORS VI (A) LW 28215.592 6/30/14 Capital Account 4/. cash FCI CO-INVESTORS I (A) LP 18266.406 18.266.408 6/30/14 Capital Acccunt 4/. cash APOLLO CREDIT OPP. I LP 11.077.976 11.077.976 6/30/14 Capital Account 4/. cash ATHENE HOLDING LAIITED 10.400.000 • 10400.000 mud funding FCI CORNESTORS II (A) LP 8,016.559 8.018.559 6/30/14 Capital Acceont 4/. cash APOLLO CO-INVESTORS VI (EH-A) LLC 4.785.899 4.765.899 2013 K.1 (lag) 4/. cash APOLLO CO-INVESTORS V. LLC 3.060.806 31360206 6/30/14 Capital Acceont 4/- cash APOLLO CO-INVESTORS IV. LLC 464.12 484.127 6/30/14 Capital Acceont 4/. cash APOLLO INVESTMENT FUND LP 949 9.670 - Nnanoal Statements 12/31/13 APOLLO ADVISORS LP 4.75 4.751 - K.1 (1a6.4. cash AF II LP 1 - _2013 Zero net assetsper 2013 F/S APOLLO CAPITAL MANAGEMENT INC. 1 - No capital sactIch on K-1 APOLLO DIVESTMENT FUND VI LP 2013 K-1 (Ts6 .4. cash APOLLO OVERSEAS VI LP 2013161 (Taal .4. cash APOLLO OVERSEAS VI GERMANY LP 2013161 (Taal .4. cash APOLLO OVERSEAS VI DELAWARE LP 20131(.1 (Tax) cash APOLLO OVERSEAS VI DEL 692 LP 2013161 (Tal0../. cash AF VI (LS AN) LP 20131610* cash AF VI EURO HOLDINGS UF 2013161 (Taal cash SUBTOTAL OTHER NVES11ENTME FUNDS 62.303923 14.423 29.344.610 52.944.790 TOTAL APOLLO RELATED DIVESTMENTS 125,812.167 I 20.510.553 35.259.265 70.042.148 OTHER PRIVATE EOUITYMIEBT & RESTRICTED STOCK PRIVATE EQUITY • NON APOLLO SUSTAINABLE WOODLANDS FUND II LP 18.971279 18371279 6/30/14 Capital Account 4/. cash HAO CAPITAL FUND LP 3.327.994 3227.994 6/30/14 Capital Amami cash WCLFENSOHN CAPITAL PARTNERS IS 2205.586 2205.586 6/30/14 Capital Amami cash DUNE REAL ESTATE FUND LP 1.906.829 1,906.929 6/30/14 Capital Amami 4/. cast. OUADRANGLE (OFFSHORE) CAPITAL PARTNERS I LP 1.681.214 1.681.214 6/30/14 Capital Amami 4/. cash SEARCHLIGHT CAPITAL LP 798.595 798.595 6/30/14 Capital Amami 4/. cash TENFORE HOLDINGS FUND I LP 705.841 705.841 6/30/14 Capital Amami 4/. cash OUADRANGLE (NV) CAPITAL PARTNERS II LP 382.399 382.399 6/30/14 Capital Amami 4/- cash OUADRANGLE CAPITAL PARTNERS DIP 276.065 276.065 • 6/30/14 Capital Amami 4/. cash OUADRANGLE CAPITAL PARTNERS LP 271.406 271.406 • 6/30/14 Capital Account cash SEARCHLIGHT CAPITAL AN I LP 229.747 229.747 • 6/30/14 Capital Acceont cash OUADRANGLE (ACCESS) CAPITAL PARTNERS LP 125.977 125.977 • 6/30/14 Capital Account 4/. cash MARKSTONE CAPITAL PARTNERS LP 125.119 125.119 • 2013 K.1.1. cash OUADRANGLE (AN2) CAP PARTNERS B LP 107.486 107.486 • 6/30/14 Capital Account cash PEGASUS PARTNERS LP 8.534 8.534 • 2013 K.1 +bosh WCP AN. LP 6.153 6.153 6/30/14 Capital Account 4/- cash OUADRANGLE (OFFSHORE) CAPITAL PARTNERS LP • 6/30/14 Capital Account 4/- cash SUBTOTAL PE FUNDS 31.130214 8.534 4.479.102 1.425.725 25216.653 KNOWLEDGE UNNERSE EDUCATION. LP 34.039.916 34039.918 %of 2013 F/S TRUCKAST LLC 1225.078 1225.078 2013 K-14.1. cash 976 MADISON RESTAURANT LLC 250.000 250.000 Cost of Funileg RALLY LABS LLC 186.015 188.015 20131(.144.mb HAMLET HOLDINGS LLC 1 1 2013 K-14.1. cash • RESTAURANT ADVISORS LLC 1 20131(.1 (Tas) cash • SUBTOTAL OTHER PE 35.703.013 250.002 35.453.011 SUBTOTAL 68.833.227 258.536 4.479.102 1.425.725 Co colorised et ram**, lifoi Ed. LP I134.005.878I & KU Manacomeni Inc. (134.0401 1049.9)I4 EFTA01201725 BLACK FAMILY GROUP TOTAL Law oeixa LOB 2014 LLC Black' 2011 TRUSTS BLACK FAMILY Black Family GST TRUST" APO I TRUST GMTS Partners SEPTEMBER 30.2014 FINANCIAL INVESTMENTS RIVATE EQUITY -REAL ESTATE 8 FORMER APOLLO AP CAPITAL PROP CO LLC ARES EUROPEAN RE ADVMOFIS 1 LP 857.340 851.898 785.855 780.814 857.340 851.896 APOLLO POLAND RE ADVISORS LLC 785.855 780.614 AREIF V CO-PNESTORS LLC AREIF IV CO-IIVESTORS LLC 755.468 71.029 APOLLO NM RE CO4NVESTORS LLC 263.720 283.720 107 PORTFOLIO lD 176.445 176.445 APOLLO RE ADVISORS ry LP 109.532 109.532 APOLLO RE ADVISORS III LP 56.743 58.743 APOLLO RE MEZ7-ANNE ADVISORS LP 54.819 54.81 AREIF III CPINVESTCRS LLC 34.776 34.778 AREMF CO-NVESTORS LLC 28.315 28.31 AREIF III TRANSFER MEIMERS LLC 3.731 • APOLLO RE INVESTMENT FUND LP • APOLLO CORP EU II COINVESTDRS LLC 1 • APOLLO RE CAP PARTNERS LP • APOLLO RE ADVISORS LP APOLLO RE CAPITAL INC. 1 APOLLO RE MANAGEMENT INC. 1 APOLLO RE FUND ADMN LTD 1 SUBTOTAL REAL ESTATE 4.758 660 3.798.41 272.080 AP AR HOLDCO LLC 446.570 448.570 SUBTOTAL OTHER PE 446.570 448.570 SUBTOTAL. 5205.230 4.244.981 272.080 MATE EQUITY/ DEBT & RESTRICTED STOCK ENVIRONMENTAL SOLUTIONS WORLDWIDE (ESVAN) - 4.175.348 520.411 1283.900 SUBTOTAL - PUBLIC 4.175.348 520.411 1283.900 PLB ILO 88.338.274 69.549 55.377.880 DUE FROM PHAIDON 03FP IS) 10285.116 ARTSPACE LLC 5.000.000 5.000.000 DUE FROM PLB LLC (BFP LP) 3209.830 ENVIRONMENTAL SOLUTIONS WORLDWIDE CONVER" 3.088.551 RGENDL INC 135.725 135.725 T-INK. NC. 100.003 ARTBINDER, NC. 9.998 SUBTOTAL OTHER 88.167.498 205.274 81.377.880 725.685 SUBTOTAL 92.342.844 82641.7130 TOTAL OTHER PRIVATE EOUITWDEBT & RESTRICTED 184.381.301 5229 202 67,392.942 • Allocated debt el excess of miaow tax basis 684.437 • 3.731 • 2013 K•1 Efax).E1. cash • 2013 K•1N. cash • 2013 K.I cash • 2013 K.I cash • 2013 It.1.4. cash • 2013 if. cash • 2013 (THO•1. cash • 2013 K•1•f. cash • 2013 K•1•f. cash • 2013 It.1.4. cash • 2013K•1tf.cash • 2013 It.1.4. cash • 2013 It.1.4. cash • /013 It.1 (Tax) cash* • /013 It.1 (Tax) cash* • 2013 K.I (Tax)../. cash • • 2013 K.2 (Taa)../. cash • • No Capital Section on K.1 • No Capital Section on K.1 • 5472 only 888.189 • 2013 K.2 cash 688.169 1.203.888 1.203.888 1.187.369 claqn; Ppm 1.187.369 9.890.885 11.094.533 • Equity 10285.116 Drava plus Interest • Cost of funding 3209.830 Note pits interest 3.088.551 Cost phis Interest • Latest linanons round 100.003 Cora of funding 9.998 Cool of funding 18.693.497 17880367 13.208.427 78.559730 EFTA01201726 z Inwl • BLACK FAMLY GROUP TOTAL Lew & Elea LOB 2014 LLC BLACK FAMILY Bieck Family Bieck' 2011 TRUSTS GST TRUST" APO I TRUST GMTS Partners SEPTEMBER 30.2014 FINANCIAL INVESTMENTS NVESTIENT PARTNERSHIPS LONE CASCADE LP 30.773.897 30.773497 9/30/1A Estimate MLLENNIUM GROUP USA LP 25.300.226 25.300.226 9/30/14 Estimate CANYON VALUE REAL2. FUND LP 19478.785 19.078.785 4/31/14 Capital *caw ANCHORAGE CAPITAL PARTNERS IF 17.982.797 17.982.797 9/30/14 Estimate BUCKINGHAM RAF PARTNERS LP 11.883546 11.883.546 - 9/30/14 Capital Acccont KNG STREET CAPITAL LP 1408,1346 1.008446 4/31/14 Capital Acccont BLUE STAR I LLC 88.060 88050 - 4/31/14 Capital Account V. cash SUBTOTAL HEDGE FUNDS 110479.727 11.931.596 98.148.131 321.024 73.587 AP TECHNOLOGY PARTNERS LLC 455.281 60.670 %of Est. Faure Cash flows GIFTHORSE PARTNERS. LLC 227,1111 227.611 2013K-104 cash AP ENERGY PARTNERS 177484 177.884 2013 8.1 (Tax) cash MICROBES INVESTORS LLC 142.916 102.918 2013K-104 cash PROOUEST INVESTMENTS. LP 82.631 82.831 6/30/14 Capital Acccont JERUSALEM VENTURE PARTNERS LLC 3480 3.480 • 2013 84 e/-cash AP SHL INVESTORS LLC 3 1 Expected Write-Off VIROPRO INVESTORS LLC 1 • Expected Wrae-Olf BHM INVESTORS LLC 1 • Expected Write-Ulf BLUE SUNSHNE, LLC • 2013 L. 1 (Tax)../. cash' IA-RELATED LLC • 2013 K-1 (TaO th cash' PAM CENTRE LP 1 • 2013K4044 cash' SUBTOTAL OTHER FUNDS 1489.79 60.671 49'.598 463.944 73 588 TOTAL NVESTMENT PARTNERSHWS 111.169.51 60.671 12423.184 463.944 98221.719 • Allocated debt n excess of nepore tax basis EFTA01201727 BLACK FAMILY GROUP NOTE TO BLACK ASSET SUMMARY COMMITMENTS - PRIVATE EQUITY FUNDS SEPTEMBER 30, 2014 NOTE 11: Investor Investment OUTSTANDING COMMITMENTS NON-APOI I CI LDB 2011 LLC Searchlight Capital. LP 2.000.000 1,104.105 1,104.105 717114 Call Notice Black Family Partners LP Wollensohn Capital Partners... 5.000.000 1,077.521 1.077.521 6+3014 Capital Account Black Family Partners LP HAO Capital Fund II LP 6.000.000 1,020.000 1.020.000 6+3014 Capital Account Black Family Partners LP Tenlore Holdings Fund I LP 1.500.000 870.926 870.926 9112/4 drawdown notice APO2 Declaration Quadrangle Capital Partners II LP 5.000.000 541.875 541.875 6+30/14 Capital Account APO2 Declaration Markstone Capital Partners LP 500.000 31.339 31.339 3.31/14 Capital Account LDB 2011 LLC Quadrangle Capital Partners LP 5.000.000 27.558 27.558 6+3014 Capital Account 3.569.219 4.673.324 APOLLO Black Family Partners LP Athena Holding Ltd 52.000.000 41,600.000 41,600.000 Initial Funding Notice LBF Holdings LLC Apollo Credit Opportunity Fund I. LP 125.000.000 25.457.053 • 912914 Distribution Notice Black Family Partners LP Apollo Credit Opportunity Fund III (A). LP 15.000.000 15.000.000 15.000.000 Subscription Agreement Black Family Partners LP FCI Co-Investors II (A). LP 25.000.000 14,412.413 14,412.413 6+3014 Capital Account LDB 2011 LLC FCI Co-Investors I (A). LP 25.000.000 13645.081 8+6(14 Distribution Notice Black Family Partners LP Apollo Co-Investors VI (A). LLC 45.949.072 1,774,549 1,774.549 6130/14 Capital Account Black Family Partners LP Apollo Co-Investors V. LLC 23.647.680 1,487,047 1,487.047 6130/14 Capital Account Black Family Partners LP Apollo Co-Investors IV. LLC 26.099.000 127.203 127.203 6+3014 Capital Account 112503.346 74,401.212 TOTAL 116,072,565 79,074,536 Remaining Expected Future Source of Remaining Commitment Commitment Call Amount commitment COMPLETED COMMITMENTS APO2 Declaration Dune Real Estate Fund. LP 3.000,000 - 12+31/13 Capital Account Leon Black Pegasus Partners LP 1.000,000 - 12+31/02 Audit Confirm APO2 Declaration ProOuesl Investments. LP 1.000,000 - 12+31/13 Financial Stmt Black Family Partners LP Sustainable Woodlands II Fund. LP 20.000,000 - 12+31/13 Financial Stmt 10212014 EFTA01201728