EFTA02725304.pdf

2006 BLACK FAMILY TRUST SUMMARY OF TRUST ACCOUNTING INCOME 2007-2012 TOTAL per Trust accounting (Sch A-2 - pgs 36.50) DESCRIPTION 2007 2008 2009 2010 2011 2012 Partnership Distributions Apollo Credit Opp Fund I $ 54,785,356 $ 8,405,145 $ 25,921,685 $ 72,572,319 161,684,505 Black Family Partners LP 5,041,180 14,288,749 97,064,735 82,409,654 198,804,318 59,826,536 $ 22,693,894 $ 122,986,420 $ 154,981,973 $ 360,488,823 Dividend Income $ 619,169 878,277 810,821 810,822 637,074 3,756,163 Interest Income $ 11,704,160 7,676,706 53,337 59,988 8,118 1,775 19,504,084 Grantor Loan Interest Income 3,700,295 1,697,397 352,955 5,750447 Management Fee Income 3,780,599 393,213 4,173,812 TOTAL $ 15,404,455 5 9,993,272 $ 61,111,105 $ 27,345,302 $ 124,198,573 $ 155,620,822 393,673,529 EFTA_R1_02212790 EFTA02725304 2006 BLACK FAMILY TRUST SUMMARY OF DISTRIBUTIONS 2007-2012 TOTAL DESCRIPTION 2007 2008 2009 2010 2011 2012 (Rh E + Sch E-1) INCOME DISTRIBUTIONS: Leon Black $ 18,914,231 19,288,749 $ 92,064,735 $ 82,409,654 $ 212,677,369 • PRINCIPAL DISTRIBUTIONS: GRAT Annuity Payments Judahs' Trusts $ 284,725,234 5 341,670,279 $ 626,395513 Disbursements on behalf of Black Famity Partners 125,988,501 125,988,501 Benjamin Black 120,000 120,000 TOTAL $ 410,713,735 $ 341,670,279 18,914,231 $ 19,288,749 92,064.735 $ 82,529.654 $ 965,181,383 • DISTRIBUTION OF INCOME SUBSEQUENT TO DECEMBER 31, 2012 Third Quarter 2012 Dividend Income • Distributed on January 13, 2013 $ 10,825,800 Total Income Distributions Paid through December 31, 2012 212,677,369 Total Income Distributions (accounting income through quarter ended September 30, 2012) 5 223,503,169 EFTA_R1_02212791 EFTA02725305 2006 BLACK FAMILY TRUST RECONCILIATION OF CASH ON HAND DECEMBER 31, 2012 Balances Principal Income Combined Per Bank Balance Balance Balances statements DESCRIPTION (Sch G) (Sch G-1) (Sch G + Sch G-1) (G/L) Bank of America 2006 Trust Account $ 10,000.00 $ 1.51 $ 10,002 $ 10,002 JPM 18559007 (3,593,288.25) 3,756,578.39 163,290 163,291 USTC 11.9582-4 1,494,576.07 37.00 1,494,613 1,494,613 USTC 11-9583-2 644,275.33 501,989.28 1,146,265 1,146,265 USTC 4548 / 5828049 (144,149,119.44) 171,529,996.48 27,380,877 27,380,877 USTC 4902 / 5828403 (14,913,878.06) 15,040,223.54 126,345 126,345 USTC 6216 (394,793.92) 470,925.80 76,132 76,132 TOTAL $ (160,902,228.27) $ 191,299,752.00 $ 30,397,524 $ 30,397,524 EFTA_R1_02212792 EFTA02725306  SURROGATE'S COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK ACCOUNTING OF File No: Leon D. Black John J. Hannan as Trustees of ACCOUNTING BY: BLACK FAMILY 2006 TRUST Executor Administrator X Other [specify] Trustee TO THE SURROGATE'S COURT OF THE COUNTY OF NEW YORK: The undersigned does hereby render the account of the proceedings as follows: Period of account from December 21, 2006 to December 31, 2012 This is a first intermediate account containing the following schedules. PRINCIPAL Schedule A Principal Received 4 Schedule AA Subsequent Receipts of Principal 5 Schedule A-1 Realized Increases 6 Schedule B Realized Decreases 7 Schedule C Administration Expenses and Taxes 13 Schedule C-1 Unpaid Administration Expenses 17 Schedule E Distributions of Principal 18 Schedule F New Investments, Exchanges and Stock Distributions 20 Schedule G Principal Remaining on Hand 33 INCOME Schedule AA-1 Income Received 35 Schedule A-2 Income Collected 36 Schedule A-3 Realized Increases 51 Schedule B-1 Realized Decreases 52 Schedule C-2 Administration Expenses Chargeable to Income 53 Schedule El Distributions of Income 54 Schedule F-1 New Investments, Exchanges and Stock Distributions 56 Schedule G-1 Income Remaining on Hand 57 OTHER EFTA_R1_02212793 EFTA02725307  SUMMARY STATEMENT PRINCIPAL ACCOUNT CHARGES: Schedule "A" (Principal Received) 0.00 Schedule "AA" (Subsequent Receipts of Principal) 1,087,387,810.56 Schedule "A-1" (Realized Increases in Principal) 0.00 Total Principal Charges $ 1,087,387,81036 CREDITS: Schedule "B" (Realized Decreases in Principal) 0.00 Schedule "C" (Administration Expenses and Taxes) 495,46534 Schedule "E" (Distributions of Principal) 752,504,014.00 Total Principal Credits $ 752,999,479.54 Principal Balance on Hand Shown by Schedule "G" $ 334,388,331 02 INCOME ACCOUNT CHARGES: Schedule "A-2" (Income Collected) $ 393,673,530.30 Total Income Charges $ 393,673,530.30 CREDITS: Schedule "C-2" (Administration Expenses) 247,732.77 Schedule "E-1" (Distributions of Income) 212,677,369.00 Total Income Credits $ 212,925,101.77 Balance of Undistributed Income as Shown in Schedule "0-1" $ 180,748,428.53 EFTA_R1_02212794 EFTA02725308  SUMMARY STATEMENT COMBINED ACCOUNTS Principal on Hand : Cash $ (150,788,164.74) Other Property 485,176,495.76 Total $ 334,388,331.02 Income on Hand : Cash $ 180,748,428.53 Other Property 0.00 Total 180,748,428.53 Total on Hand as of December 31, 2012 $ 515 136 759.55 The foregoing principal balance of $334,388,331.02 consists of $(150,788,164.74) in cash and $485,176,495.76 in other property on hand as of the 31st day of December, 2012. It is subject to deductions of estimated principal commissions amounting to $0.00, shown in Schedule I and to the proper charge to principal of expenses of this accounting. The foregoing income balance of $180,748,428.53 consists of $180,748,428.53 in cash and $0.00 in other property on hand as of the 31st day of December, 2012. It is subject to deductions of estimated income commissions amounting to $0.00, shown in Schedule I and to the proper charge to income of expenses of this accounting. The attached schedules are part of this account. Leon D. Black Trustee John J. Hannan Trustee EFTA_R1_02212795 EFTA02725309  BLACK FAMILY 2006 TRUST Schedule A Statement of Principal Received Inventory Value None Page 1 (4) EFTA_R1_02212796 EFTA02725310  BLACK FAMILY 2006 TRUST Schedule AA Statement of Subsequent Receipts of Principal Date Received Inventory Value Receipts Subsequent to Inventory 04/30/2007 USTC 4548 / 5828049 431,696,805.00 07/31/2007 Black Family Partners LP 460,545,600.00 07/31/2007 USTC 4548 / 5828049 2,388,409.62 08/31/2007 USTC 4548 / 5828049 5,312.31 01/01/2008 Black Family Partners LP 115,787,745.00 05/31/2008 Black Family Partners LP 20,911.63 10/31/2008 Black Family Partners LP 50,000,000.00 12/31/2008 Black Family Partners LP 20,135,706.00 12/31/2008 Black Family Partners LP 6,797,321.00 11/05/2012 Bank of America 2006 Trust Account 10,000.00 Total Receipts Subsequent To Inventory $ 1,087,387,810.56 Total Schedule AA $ 1,087,387,810.56_ Page I (5) EFTA_R1_02212797 EFTA02725311  BLACK FAMILY 2006 TRUST Schedule A-I Statement of Increases on Sales, Liquidation or Distribution Proceeds or Inventory Distribution Value Value Increase Total $ 0.00 5_ 0.00 None Page 1 (6) EFTA_R1_02212798 EFTA02725312  BLACK FAMILY 2006 TRUST Schedule B Statement of Decreases Due to Sales, Liquidation, Collection, Distribution, or Uncollectibility Proceeds or Inventory Distribution Value Value Decrease Collections 07/31/2007 Black Family Partners LP $ 460,545,600.00 $ 460,545,600.00 $ 0.00 Strategic Proceeds 01/01/2008 Black Family Partners LP 115,787,745.00 115,787,745.00 0.00 05/31/2008 Black Family Partners LP 20,911.63 20,911.63 0.00 10/31/2008 Black Family Partners LP 50,000,000.00 50,000,000.00 0.00 12/31/2008 Black Family Partners LP 6,797,321.00 6,797,321.00 0.00 12/31/2008 Black Family Partners LP 20,135,706.00 20,135,706.00 0.00 12/31/2009 Black Family Partners LP 5,000,000.00 5,000,000.00 0.00 02/28/2011 Loan Payable - BPF 33,000,000.00 33,000,000.00 0.00 07/31/2012 Black Family 1997 Trust 6,000,000.00 6,000,000.00 0.00 Loan Payment of Loan 10/31/2012 Due to Black Family 125,936.47 125,936.47 0.00 Partners 1.P From HAO Total Collections 697.413.220.10 $ 697.413.220.10 $ 0.00 Distributions 12/31/2007 Black Family Partners LP $ 50,000,000.00 $ 50,000,000.00 $ 0.00 Lone Cascade 12/31/2007 Black Family Partners LP 900,000.00 900,000.00 0.00 HAO Capital Fund 12/31/2007 Black Family Partners LP 10,315,748.00 10,315,748.00 0.00 Portland Global 12/31/2007 Black Family Partners LP 32,122,793.00 32,122,793.00 0.00 Knowledge Universe 12/31/2007 Black Family Partners LP 1,992,376.00 1,992,376.00 0.00 Icrete LLC 12/31/2007 Black Family Partners LP 435,398.00 435,398.00 0.00 Apollo Fund V $ 95.766.315.00 $ 95.766.315.00 $ 0.00 Page I (7) EFTA_R1_02212799 EFTA02725313  Schedule II (Continued) Proceeds or Inventory Distribution Value Value Decrease Distributions Total Distributions Redemptions 04/30/2007 0 Par $ 739,755,802.10 $ 739,755,802.10 $ 0.00 Commercial Paper 05/31/2007 0 Par 19,912,500.00 19,912,500.00 0.00 Commercial Paper Sale of JP Morgan Chase 05/31/2007 0 Par 449,027,211.99 449,027,211.99 0.00 Commercial Paper 05/31/2007 USTC NA MRA / BA 37,855.00 37,855.00 0.00 M/MKT 06/30/2007 0 Par 319,576,082.43 319,576,082.43 0.00 Commercial Paper 06/30/2007 USTC NA MRA / BA 5,974,924.00 5,974,924.00 0.00 M/MKT 07/31/2007 0 Par 275,613,490.57 275,613,490.57 0.00 Commercial Paper 07/31/2007 0 Par 413,904,725.68 413,904,725.68 0.00 Commercial Paper 07/31/2007 USTC NA MRA / BA 2,522,299.00 2,522,299.00 0.00 M/MKT 07/31/2007 USTC NA MRA / BA 82,966.00 82,966.00 0.00 M/MKT 08/31/2007 0 Par 469,950,839.12 469,950,839.12 0.00 Commercial Paper 08/31/2007 0 Par 520,194,272.58 520,194,272.58 0.00 Commercial Paper 08/31/2007 USTC NA MRA / BA 987,988.00 987,988.00 0.00 M/MKT 08/31/2007 USTC NA MRA / BA 46,724.00 46,724.00 0.00 M/MKT 09/30/2007 0 Par 379,562,391.47 379,562,391.47 0.00 Commercial Paper Page 2 (8) EFTA_R1_02212800 EFTA02725314  Schedule B (Continued) Proceeds or Inventory Distribution Value Value Decrease Redemptions 09/30/2007 0 Par $ 420,185,216.31 $ 420,185,216.31 $ 0.00 Commercial Paper 10/31/2007 0 Par 514,700,332.12 514,700,332.12 0.00 Commercial Paper 10/31/2007 0 Par 440,733,571.22 440,733,571.22 0.00 Commercial 1'aper 10/31/2007 USTC NA MRA / BA 254.00 254.00 0.00 M/MKT 10/31/2007 USTC NA MRA / BA 3,903,671.00 3,903,671.00 0.00 M/MKT 10/31/2007 USTC NA MRA / BA 2,166,769.00 2,166,769.00 0.00 M/MKT 11/30/2007 16,700,000 Par 16,700,000.00 16,700,000.00 0.00 American Express Credit Corp 11/30/2007 0 Par 469,382,492.58 469,382,492.58 0.00 Commercial Paper 11/30/2007 0 Par 384,232,137.76 384,232,137.76 0.00 Commercial Paper 11/30/2007 USTC NA MRA / BA 40,465.00 40,465.00 0.00 M/MKT 11/30/2007 USTC NA MRA / BA 3,807.00 3,807.00 0.00 M/MKT 12/31/2007 5,800,000 Par 5,800,000.00 5,800,000.00 0.00 American Express Credit Corp 12/31/2007 0 Par 373,600,899.05 373,600,899.05 0.00 Commercial Paper 12/31/2007 0 Par 30,171,202.95 30,171,202.95 0.00 Commercial Paper 12/31/2007 0 Par 325,388,125.33 325,388,125.33 0.00 Commercial Paper Page 3 (9) EFTA_R1_02212801 EFTA02725315  Schedule B (Continued) Proceeds or Inventory Distribution Value Value Decrease Redemptions 12/31/2007 USTC NA MRA / BA 31,534.00 $ 31,534.00 $ 0.00 M/MKT 12/31/2007 USTC NA MRA / BA 22,528.00 22,528.00 0.00 M/MKT 01/31/2008 0 Par 350,812,693.73 350,812,693.73 0.00 Commercial Paper 01/31/2008 0 Par 224,683,393.61 224,683,393.61 0.00 Commercial Paper 01/31/2008 USTC NA MRA / BA 4,035,726.00 4,035,726.00 0.00 M/MKT 01/31/2008 USTC NA MRA / BA 5,366,660.00 5,366,660.00 0.00 M/MKT 02/29/2008 0 Par 305,591,471.52 305,591,471.52 0.00 Commercial Paper 02/29/2008 0 Par 202,075,657.09 202,075,657.09 0.00 Commercial Paper 02/29/2008 USTC NA MRA / BA 30,785.00 30,785.00 0.00 M/MKT 02/29/2008 USTC NA MRA / BA 5,292.00 5,292.00 0.00 M/MKT 03/01/2008 0 Par 290,634,601.22 290,634,601.22 0.00 Commercial Paper 03/31/2008 0 Par 417,194,080.21 417,194,080.21 0.00 Commercial Paper 04/30/2008 18,000,000 Par 18,000,000.00 18,000,000.00 0.00 American Express Credit Corp 04/30/2008 4,000,000 Par 4,000,000.00 4,000,000.00 0.00 American Express Credit Corp 04/30/2008 0 Par 43,185,957.19 43,185,957.19 0.00 Commercial Paper Page 4 (10) EFTA_R1_02212802 EFTA02725316  Schedule B (Continued) Proceeds or Inventory Distribution Value Value Decrease Redemptions 04/30/2008 0 Par $ 196,478,895.98 $ 196,478,895.98 $ 0.00 Commercial Paper 04/30/2008 0 Par 127,648,117.20 127,648,117.20 0.00 Commercial Paper 04/30/2008 0 Par 91,525,233.00 91,525,233.00 0.00 Commercial Paper 04/30/2008 0 Par 47,878,284.48 47,878,284.48 0.00 Commercial Paper 04/30/2008 USTC NA MRA / BA 22,349,714.00 22,349,714.00 0.00 M/MKT 04/30/2008 USTC NA MRA / BA 46,410.00 46,410.00 0.00 M/MKT 04/30/2008 USTC NA MRA / BA 76,088.00 76,088.00 0.00 M/MKT 04/30/2008 USTC NA MRA / BA 14,646,599.00 14,646,599.00 0.00 M/MKT 05/31/2008 4,700,000 Par 4,700,000.00 4,700,000.00 0.00 American Express Credit Corp 05/31/2008 0 Par 185,170,403.45 185,170,403.45 0.00 Commercial Paper 06/30/2008 0 Par 167,437,127.02 167,437,127.02 0.00 Commercial Paper 07/31/2008 0 Par 80,968,835.51 80,968,835.51 0.00 Commercial Paper 08/31/2008 0 Par 209,777,591.36 209,777,591.36 0.00 Commercial Paper 09/30/2008 0 Par 122,423,468.85 122,423,468.85 0.00 Commercial Paper 10/31/2008 0 Par 109,444,626.00 109,444,626.00 0.00 Commercial Paper 11/30/2008 0 Par 20,212,466.12 20,212,466.12 0.00 Commercial Paper Page 5 EFTA_R1_02212803 EFTA02725317  Schedule B (Continued) Proceeds or Inventory Distribution Value Value Decrease Redemptions 12/31/2008 Black Family Partners LP $ 46,812,983.41 $ 46,812,983.41 $ 0.00 12/31/2008 0 Par 25,062,209.39 25,062,209.39 0.00 Commercial Paper Total Redemptions $ 9.922.488.447.60 $9.922.488.447.60 $ 0.00 Returns of Principal 08/31/2008 Apollo Credit Opp Fund I $ 4,001,054.00 $ 4,001,054.00 $ 0.00 Return of Capital Total Returns of Principal $ 4.001.054.00 $ 4.001.054.00 $ 0.00 Total Schedule B 90,719,669,036.70 50.719.669.036.70 $ 0.00 Page 6 (12) EFTA_R1_02212804 EFTA02725318  BLACK FAMILY 2006 TRUST Schedule C Statement of Administration Expenses Charged to Principal Administration Expenses Empire Valuation 06/30/2012 Valuation Services $ 10,000.00 Total 10,000.00 Interest Expense 01/31/2012 Black Family Partners LP 28,671.78 07/31/2012 Black Family Partners LP 42,253.15 10/31/2012 Black Family Partners LP 8,342.00 17/31/2012 Black Family Partners LP 164,318.00 Total $ 243,584.93 Reclassification 12/31/2012 Reclassification of Expenses to Income (247,732.77) Total (247,732.77) US Trust Co 05/31/2009 615.75 06/30/2009 (365.75) 03/31/2012 Liabilty Hold on Account 1.00 Total 251.00 Total $ 6,103.16 Fees and Commissions US Trust Co 06/29/2007 66,890.03 09/28/2007 82,045.97 09/28/2007 71,366.72 Page 1 (13) EFTA_R1_02212805 EFTA02725319  Schedule C (Continued) Fees and Commissions US Trust Co 12/31/2007 82,375.35 12/31/2007 74,859.62 12/31/2007 Allocation of expense to Black Family Partners (153,326.34) 03/31/2008 76,129.81 03/31/2008 62,586.70 04/30/2008 25,454.93 04/30/2008 20,911.63 05/31/2008 22,351.59 06/30/2008 2.96 06/30/2008 21,953.14 07/31/2008 1,666.66 07/31/2008 21,957.36 08/31/2008 2.76 08/31/2008 21,973.19 09/30/2008 21,026.88 10/31/2008 16,244.95 11/30/2008 10,649.12 Page 2 (14) EFTA_R1_02212806 EFTA02725320  Schedule C (Continued) Fees and Commissions US Trust Co 11/30/2008 1,666.67 12/31/2008 Reversal of Expense (1,666.67) 12/31/2008 10,663.61 12/31/2008 Allocation of Expense to Black Family Partners (84,858.29) 02/28/2009 5.37 03/31/2009 5.38 04/30/2009 5.38 05/31/2009 5.38 06/30/2009 5.38 07/31/2009 499.73 08/31/2009 499.74 09/30/2009 2,249.75 10/31/2009 2,249.62 11/30/2009 2,796.75 12/31/2009 2,796.73 01/31/2010 4,377.89 09/30/2010 464.12 Page 3 (15) EFTA_R1_02212807 EFTA02725321  Schedule C (Continued) Fees and Commissions US Trust Co 12/31/2010 $ 472.81 07/31/2011 535.50 08/31/2011 Reversal of Expense (0.07) 10/31/2011 Reversal of Expense (535.43) Total 489,362.38 Total 489,362.38 Total Schedule C 495 465 54 Page 4 (16) EFTA_R1_02212808 EFTA02725322  BLACK FAMILY 2006 TRUST Schedule C-1 Statement of Unpaid Administration Expenses None Page 1 (17) EFTA_R1_02212809 EFTA02725323  BLACK FAMILY 2006 TRUST Schedule E Statement of Distributions of Principal Distribution Value Annuity Payments - Judah Trusts B-J 12/31/2007 Cash $ 284,725,234.00 Annuity Payments to Judah Trusts 12/31/2008 Cash 341,670,279.00 Annuity Payments to Judah Trusts Total To Or For Beneficiary $ 626,395,513.00 Benjamin Black 04/30/2012 Cash 120,000.00 Total To Or For Beneficiary 120,000.00 Leon Black 05/31/2007 Cash 50,000,000.00 08/31/2007 Cash 100,000,000.00 09/30/2007 Cash 20,000,000.00 I1/30/2007 Cash 70,000,000.00 12/31/2007 Cash (284,725,234.00) Reclassification of Distribution for Annuity 12/31/2007 Cash 3,700,295.00 Non-taxable interest income from Grantor 12/31/2007 Cash (5,222,186.00) Reclassification of Distribution BFP 12/31/2007 Cash (25,000,000.00) Reclassification of Distribution BFP 12/31/2007 Cash 56,247,125.00 12/31/2007 Cash 15,000,000.00 12/31/2008 Cash (177,450,265.00) Reclassification of Distribution for Annuity 12/31/2008 Cash 62,655,162.08 Page 1 (18) EFTA_R1_02212810 EFTA02725324  Schedule E (Continued) Distribution Value Leon Black (Continued) 12/31/2008 Cash $ 114,795,102.92 Total To Or For Beneficiary 0.00 Payments on Behalf of Black Family Partners 12/31/2007 Black Family Partners LP $ 50,000,000.00 Lone Cascade 12/31/2007 Black Family Partners LP 900,000.00 HAO Capital Fund 12/31/2007 Black Family Partners LP 10,315,748.00 Portland Global 12/31/2007 Black Family Partners LP 32,122,793.00 Knowledge Universe 12/31/2007 Black Family Partners LP 1,992,376.00 Icrete LLC 12/31/2007 Black Family Partners LP 435,398.00 Apollo Fund V 12/31/2007 Cash 25,000,000.00 12/31/2007 Cash 5,222,186.00 Total To Or For Beneficiary $ 125,988,501.00 Total Distributions of Principal to Beneficiaries $ 752,504,014.00 Total Schedule E $ 752 504 014 00 Page 2 (19) EFTA_R1_02212811 EFTA02725325  BLACK FAMILY 2006 TRUST Schedule F Statement of New Investments, Exchanges and Stock Distributions Inventory Value New Investments American Express Credit Corp 06/30/2007 5,000,000 Par Purchased S 5,000,000.00 07/31/2007 8,000,000 Par Purchased 8,000,000.00 08/31/2007 4,600,000 Par Purchased 4,600,000.00 08/31/2007 18,000,000 Par Purchased 18,000,000.00 09/30/2007 400,000 Par Purchased 400,000.00 11/30/2007 4,500,000 Par Purchased 4,500,000.00 12/31/2007 4,000,000 Par Purchased 4,000,000.00 04/30/2008 4,700,000 Par Purchased 4,700,000.00 Apollo Credit Opp Fund I 04/30/2008 Purchased 75,150,000.00 06/30/2008 Purchased 593,443.00 08/31/2008 Purchased 7,114,069.00 10/31/2008 Purchased 2,396,762.00 12/31/2008 Purchased 42,906,833.00 03/31/2010 Purchased 2,942,657.00 04/30/2010 l'urchased 16,291,281.00 Apollo Inv V 05/31/2008 Purchased 9,992,240.00 12/31/2008 Purchased 617,752.72 12/31/2008 Purchased 966.53 12/31/2009 Purchased 674,569.00 Artwork - "Gun Powder on Paper" 01/31/2012 Purchased 566,150.00 1'age 1 (20) EFTA_R1_02212812 EFTA02725326  Schedule F (Continued) Inventory Value New Investments Artwork - "Matisse Nu De Dos" 12/31/2010 Purchased $ 2,000,000.00 02/28/2011 Purchased 53,133,721.88 Artwork - "The Sword" 12/31/2011 Purchased 2,850,000.00 Artwork - Head of a Woman (Fernande) 1909 11/30/2012 Purchased 7,500,000.00 Artwork - Picasso 05/31/2012 Purchased 1,350,000.00 Black Family Partners LP 05/31/2007 Purchased 32,000.00 05/31/2007 Purchased 31,968,000.00 08/09/2007 Purchased 435,398.00 11/30/2007 Purchased 10,000,000.00 12/31/2007 Purchased 2,000,000.00 12/31/2007 Purchased 900,000.00 12/31/2007 Purchased 50,000,000.00 12/31/2007 Purchased 430,917.00 04/30/2008 Purchased 3,993,734.17 04/30/2008 Purchased 456,829.72 04/30/2008 Purchased 539.60 04/30/2008 Purchased 47,878,284.48 04/30/2008 Purchased 150,000,000.00 Loan Receivable 08/31/2008 Purchased 42.16 08/31/2008 Purchased 22,086.20 08/31/2008 Purchased 20,000,000.00 10/31/2008 Purchased 60,000,000.00 Page 2 (21) EFTA_R1_02212813 EFTA02725327  Schedule F (Continued) Inventory Value New Investments 12/31/2008 Purchased $ 85,170.71 12/31/2009 Purchased 6,242,871.00 12/31/2009 Purchased 5,041,180.00 Commercial Paper 04/30/2007 Purchased 1,168,547,069.70 05/31/2007 Purchased 381,300,542.68 06/30/2007 Purchased 321,961,241.80 07/31/2007 Purchased 274,176,698.45 07/31/2007 Purchased 872,818,847.88 08/31/2007 Purchased 468,380,966.00 08/31/2007 Purchased 403,584,956.80 09/30/2007 Purchased 377,035,951.38 09/30/2007 Purchased 400,369,133.17 10/31/2007 Purchased 444,397,590.46 10/31/2007 Purchased 520,221,814.24 11/30/2007 Purchased 466,669,034.58 11/30/2007 Purchased 316,013,613.02 12/31/2007 Purchased 314,680,559.19 12/31/2007 Purchased 285,267,966.87 01/31/2008 Purchased 356,225,892.67 01/31/2008 Purchased 230,895,702.35 02/29/2008 Purchased 305,025,531.56 02/29/2008 Purchased 202,203,759.31 03/01/2008 Purchased 279,876,768.59 03/31/2008 Purchased 397,682,729.22 04/30/2008 Purchased 200,835,402.76 04/30/2008 Purchased 83,826,215.22 05/31/2008 Purchased 161,074,218.56 06/30/2008 Purchased 124,656,635.74 Page 3 (22) EFTA_R1_02212814 EFTA02725328  Schedule F (Continued) Inventory Value New Investments 07/31/2008 Purchased $140,219,410.16 08/31/2008 Purchased 126,322,336.60 09/30/2008 Purchased 106,222,331.11 10/31/2008 Purchased 8,394,610.00 11/30/2008 Purchased 18,190,342.72 12/31/2008 Purchased 6,872,179.17 12/31/2008 Purchased 146,354.23 Loan Receivable - 2009 Family Trust 08/31/2010 Purchased 5,825,000.00 08/31/2011 Purchased 6,982,000.00 08/31/2012 Purchased 8,382,350.00 Total New Investments 16,450,053,254.36 Exchanges and Stock Distributions American Express Credit Corp 06/30/2007 5,000,000 Par Purchased 5,000,000.00 07/31/2007 8,000,000 Par Purchased