EFTA01127465.pdf

ASSET SUMMARY 12131/11* Leon & Debra Black 1997 Black Family Trust 2006 Trust Judah 2009 Trust Black Family Partners 6.8% interest in BFP $ 100.6m1 6.6% Interest in BFP $97.2ma 4.3% Interest BFP $63.2 mil 73.4%Int in BFP thru LEIF$1.07bi 8.6% Interest in BFP $125.4 mil Cash $13.4 mil (Notepayable to 2006Trust sl3mil) Artbooks.atc at cost $1.5bil E An at Cost $47 mil Art at Cost 3204 mH Art at cost $58 ma 44%Interest BRH HIclgs$1.143bil Starfire 325mil Cash at US Trust $16.5mil Cash at USTnnit: $10 mil Cash at JP Morgan $17.2 mil Cash al US Trust $0.4 mil Apolo Colnvest Ill $4.1 mil Cash&Mkt Sec at JPM $12mil Cash/Stocks at BS/JPM $2.1mil Apollo Investment Corp $ 6.7mil Apollo Colnvest IV $1.3mil Note due from 1997 Trust $19md Stocks held at JPM $5 mll (Note payable to LDB $23mil) Apollo Credit Oppor Fd $162 mil Apollo Coinvest V 58.6 and (Note payable due to BFP $42mil) (Note payable to BFP $33 mil) Apollo Colnvest VI $43.9 mil Investment Partnershios:$15.1 ma 101 Warren Street Apt $3.0mil Note due from 2009Trust $13mil Apollo Value Colnvest $6.8 mil Marketable Securities: $8.8mil AP Technology PannersLLC 0.6 SOMA Colnvest $1.9 mil AP Alternative Assets $8.1mil AP SHL Investors LLC Marketable Securities: $26.3 and AP InvearmentEurope Ltd$0.7mil Apollo RE Investment Fund BlueStar I, LLC $0.285 mii Marketable Securities:598.6 mil Investment Partnershlos510 mil AREIF Ill Transfer Members LLC Buddngham RAF PUs $9.7 mil Lone Cascade LP $36.8mi1 Apollo IF/EU Advisors&Colnvest OHM Investors Lien Global Fund $0.13mIl King Street Capital $12.6mil Apollo Advisors Ill M-Clift Partners .231 Neuberger $15.16 mil AINV shs dist fr AIC $3.9ma Apollo Men Advisors Microbes Investors LLC Anchorage Capital Ptrs $12.5mi1 Apollo Men Colnyestors Remainderman Investors LLC .3 Millennium Group $19.6mil Excelsior Advisors AREIF Colnv IV CartyonValueRealkation$13.2rnil Apollo El II Colnvest LLC Viroproto Investors LLC investment Partnerships- $8.4mil Apollo RE V Colnvest LLC Apollo FCI Colnv 14.0 Apollo Advisors II Apollo Real Estate Cap Partners Apollo Investment Fd AREIF Ill Colnvest LLC Investment Partnershlos156 8mil Apollo Real Estate Fund LP AREIF IV Colnvest LLC HAO Capital Fund LP $3.0mil AP AR Holdco 1.37 Apollo RE Advisors IV, LP iCrete Ile $1.6 mll AP Technology Apollo RE Advisors III, LP Knowledge Universe LP532.0mit Valcour It Assoc .144 AP Energy Partners 1.672 Worfensohn Cap Pus $2.0mil Residual Inv Corp l&II Dune Real Estate Fund LLC 1.7 SustainableWoodlands $18.2mi1 Cardiff Asociates LP .881 Gifthorse Pus LLC .227 MClift Partners LP .266 Quadrangle Cap Ptrs II 4.1 Note due from 2006 Trust $33mi1 Pegasus Partners LP .052 Martstone Cap Ptrs .317 Note due from LDB $42m11 Power Investors LP ProQuest Investments .114 Protocols of ZionLP .019 Blue Sunshine Remainderman LLC .354 Multiple Theatre related LLCs 1997 Black Family GST Exempt Tinwatt Real Estate: $105mil Cash at US Trust $3.0mIT Life Insurance cash value$16.1mil Total Value $1.77 bll Total Value $ 181m11 Total Value $287 mll Total Value $1.283 bil Total Value 5112m11 Total Value $1.45b11 *AGM shs at $12.41, marketable securities values at 12/31/11 Investment Partnerships based on most recent K-1 where interim mkt values aro not available ASSET TOTAL $3.63bi1 es: Al Loan $250 mil NET WORTH $3.37 bil EFTA01127465 Summary of Intrafamily loans outstanding: You owe Black Family Partners $42 mil ($32mi1 was for taxes) 1997 Trust owes you $19mil related to the Rothko purchase 2009 Trust owes the 2006 Trust $13 for annuity payments to you -likely to be settled when GRAT terminates in 2 years by transfer of Black Family Partners interests 2006 Trust owes Black Family Partners $33mi1 related to the Matisse purchase —will repay as cash is dist from Credit Opportunity Fd EFTA01127466