EFTA01072368.pdf

BLACK FAMILY COMPOSITE BALANCE SHEET SUMMARY DECEMBER 31, 2015 Numbers In 000s LEON & DEBRA BLACK TOTAL TRUSTS GRATS TOTAL ASSETS CASH U.S. TRUST 44.703 48.565 93 93,361 JP MORGAN 6.534 3.025 0 9,559 OTHER 624 0 0 624 51.861 51.590 93 103,544 BLACK FAMILY PARTNERS, LP NOTE 1 (Page 3) 902.765 371.056 607.966 1,881,787 FINANCIAL. INVESTMENTS See schedule A on pages 7-8 lot derails MARKETABLE SECURITIES 1.164 62 0 1,226 APOLLO RELATED INVESTMENTS 24.034 28.824 0 52,858 OTHER PRIVATE EQUITY/ DEBT & RESTRICTED STOCK 12.873 22.198 0 35,071 INVESTMENT PARTNERSHIPS 26 6.211 0 6.237 38.097 57.295 0 95,392 FINE ART AND TANGIBLE INVESTMENTS NOTE 2 ART - BRONZES CHINESE 79.906 118.459 0 198,365 ART - SOUTHEAST ASIA 26.200 0 0 26,200 ART - FINE 1.757.678 661.152 0 2,418,830 ART - RARE BOOKS & MANUSCRIPTS 81.866 94.726 0 176,592 JEWELRY 67.403 0 0 67,403 ART - DEPOSIT 86.250 0 0 86.250 2.099.303 874.337 0 2,973,640 PLANES, BOATS & AUTOS NOTE 3 AVIONETA HOLDINGS LLC (PLANE ) 12.205 0 0 12,205 BJAV MARINE LTD. (STARFIRE) 16.500 0 0 16,500 AUTOMOBILES 423 0 0 423 29.128 0 0 29,128 REAL. ESTATE NOTE 4 RESIDENCE -760 PARK AVE. NYC 29.000 0 0 29,000 RESIDENCE -750 PARK AVE. NYC 1.000 0 0 1,000 RESIDENCE -70th ST. TOWNHOUSE 18.255 37.619 0 55,874 RESIDENCE -190/2O0 NARROWS. BEDFORD 30.246 0 0 30,246 RESIDENCE -730/ 766 MEADOW LANE. SH 50.163 0 0 50,163 RESIDENCE-715 RESIDENCE MEADOW LANE. SH 0 17.271 0 17,271 RESIDENCE-MIAMI CONDO 0 16.510 0 16.510 128.664 71.400 0 200,064 PUBLISHING RELATED NOTE 5 CASH SEGREGATED FOR INVESTMENT 1 659 0 660 PUBLISHING EQUITY 11 16.165 0 16,176 WORKING CAPITAL LOANS • 24 27.068 0 27.092 36 43.892 0 43,928 TANGIBLE PERSONAL PROPERTY NOTE 6 HOUSEHOLD PROPERTY 27.812 1.022 0 28,834 OTHER PERSONAL ITEMS 4.114 0 0 4,114 31.926 1.022 0 32,948 OTHER ASSETS OTHER RECEIVABLES 289 0 0 289 LIFE INSURANCE CSV NOTE 7 25.293 0 0 25,293 DEPOSITSILOANS NOTE 7 878 1.505 0 2.383 26.460 1.505 0 27,965 TOTAL ASSETS 3.308.239 1.472.098 608.059 5.388.396 • Amounts include accrued interest See accompanying footnotes on pages 46 EFTA01072368  BLACK FAMILY COMPOSITE BALANCE SHEET SUMMARY DECEMBER 31, 2015 Numbers in 000s LEON & DEBRA GRATS BLACK TOTAL TRUSTS TOTAL LIABILITIES THIRD PARTY LIABILITIES LOAN PAYABLE-BOFA (ART) (565,000) (565,000) LOAN PAYABLE-BOFA (AVIONETA) (19,725) (19,725) LOAN PAYABLE-SOFA (BJAV) (16.532) (16,532) LOAN PAYABLE-SOFA (CREDIT FACILITY) (30,000) (30,000) TOTAL BANK BORROWING NOTE 8 (631,257) (631,257) USE TAXES PAYABLE NOTE 9 (4,234) (21 (4,448) TOTAL OTHER PAYABLES (4.234) (21 (4,448) TOTAL LIABILITIES (635.491) (2 (635,705) NET WORTH 2,672,748 1,471,884 608,0 9 4,752,691 INTRA FAMILY / TRUST BORROWING Lender/ Borrower LOB! GRAT ANNUITIES RECEIVABLE 598,191 0 (598,191) AP02 DECLARATION/LDS (830,176) 830.176 0 LDB 2011 / LDB (608.383) 608.383 0 LDB 2014 I LOB (13.016) 13.016 0 TOTAL INTRA FAMILY! TRUST NOTE 10 (853,383) 1,451,574 (598.191) NET WORTH 1,819,365 2,923,458 9,868 4,752,69 COMMITMENTS - CHARITABLE - CASH NOTE 11 61,517 COMMITMENTS - CHARITABLE - ART NOTE 11 28,822 COMMITMENTS - PRIVATE EQUITY FUNDS NOTE 12 68,921 GRAT DETAIL NOTE 13 (9g 6) See accompanying fooMotcs on pages 44 2110 EFTA01072369  BLACK FAMILY COMPOSITE BALANCE SHEET SUPPORTING SCHEDULES NOTE 1- BLACK FAMILY PARTNERS BALANCE SHEET DETAIL 12/31/2015 ASSETS Numbers in 000s CASH U.S. TRUST 3.863 JP MORGAN 669 4,531 AOG RELATED ITEMS • BRH HOLDINGS, LP (45.9%) - $15.18; 92,727,166 UNITS 1,407,598 CONTINGENT TM RECEIVABLE FROM AFFILIATE (IRA) 239,160 1,646,759 FINANCIAL INVESTMENTS MARKETABLE SECURITIES 0 APOLLO RELATED INVESTMENTS 108,249 OTHER PRIVATE EQUITY! DEBT & RESTRICTED STOCK 26,219 INVESTMENT PARTNERSHIPS 93,246 227,714 OTHER ASSETS REDEMPTIONS RECEIVABLES 2,783 2,783 TOTAL ASSETS 1,881,787 TOTAL LIABILITIES 0 NET WORTH 1,881,787 BFP Equity Allocation L&D Black Total Trusts GRATs TOTAL 47.97% 19.72% 32.31% 100.00% 902,765 371,056 607,966 1,881,787 * For AOG details see Note 14 • See Schedule A on pages 7-8 for Financial Investment details See accompanying notes on pages 4-6 3/10 EFTA01072370  BLACK FAMILY COMPOSITE BALANCE SHEET SUMMARY FOOTNOTES DECEMBER 31, 2015 NOTE 1 - See previous page for the Black Family Partners balance sheet details NOTE 2 - FINE ART Art purchased prior to 2015 is valued based on the appraisal from Sothebys Inc. dated December 31, 2014. Art purchased subsequent to the appraisal date was valued at cost plus sales tax and commissions, if any. The 386.25mm deposit is with Gagosian Gallery for Picasso's "Buste de Femme". One remaining installment of 328.75mm is due. NOTE 3 - PLANE. BOAT 8, AUTOS The plane is carried at 512.2mm based upon per valuation by Essex Aviation Group dated September 11, 2015. The boat is carried at 526.0mm per the October 2013 appraisal prepared by World Yacht Survey for the BJAV Marine Ltd. loan from Bank of America. See Note 8 for loan details. Autos are carried at Kelly Blue Book valuations, where available, or agreed value per schedule of insurance dated 2/3/14. Balance Sheet Asset Model Year Purchase Date Purchase Price Valuation Valuation Methodology Gulfstream V 2002 2011 26.100 12.205 Consultant NO 8/15 178 Ft. Benetti M/Y 1997 2011 21.150 16.500 Appraisal NO 10/13 36 Ft. Hinckley Picnic Boat 1995 2011 Value included w Benetti Automobiles Various Various 874 423 Kelley Blue Book/Ins. value Total 48,124 29,128 NOTE 4 - REAL ESTATE Balance Sheet Residence Cost Basis Valuation Methodology Residence - 760 Park Ave. NYC 7,366 29,000 3rd party consultant - 6/2/14 Residence - 750 Park Ave, NYC 800 1,000 3rd party consultant - 6/2/14 Residence - Townhouse 55.874 55,874 Cost plus improvements Residence - 190/200 Narrows, Bedford 25,484 30,246 Cost plus improvements Residence - 730./ 766 Meadow Lane, SH 17.279 50,163 Est. FMV (6/2/14) plus Improvements Residence - 715 Meadow Lane, SH 17.090 17,271 Cost plus improvements Residence - FL Condo 16,452 16,510 Cost plus improvements Total 140,345 200,064 NOTE S - PUBLISHING RELATED Phaidon Global LLC and PLB LLC have cash on hand which has been segregated to support the liquidity needs of the publishing entities. The equity investment in Phaidon Press Ltd. was marked down by $62.8mm, from $66.6mm to 53.8mm, based upon the Dec 14, 2015 valuation of Phaidon Press Ltd. prepared by Empire Valuation consultants. After the sale to Entertainment Finance Services Inc. of a 51% interest, the ownership in Phaidon Press ltd is 49%. PUBLISHING RELATED Cost Balance Sheet Valuation Cash Basis Leon Black Trusts Total Valuation Methodology used Cash segregated for Publishing Investment 660 1 659 661 Cash Publishing Equity Phaidon Press Ltd 66.577 2 1.860 1,862 Empire val. 12./14/15 (49%) Regan Arts LLC 9.113 9 9,104 9,113 Equity funded Artspace LLC 5.201 0 5.201 5,201 Equity funded Total Equity Investment 80,891 11 16,165 16,176 Balance Sheet Working Capital Loans Maturity Leon Black Trusts Total Rate Phaidon Press Ltd 2018 / 2019 24 23.716 23,739 1M LIBOR + 200 bps Artspace LLC 2022 0 3.352 3,352 1M UBOR + 250 bps Total Working Capital Loans 27,092 24 27,068 27,092 Grand Totals for Publishing Related 107,983 36 43,892 43,928 NOTE 6 -TANGIBLE PERSONAL PROPERTY Household Property includes property at the 760 Park Ave. and Bedford residences. Sothebys performed an appraisal of this property in November 2012. The value on the balance sheet is 60% of that appraisal value of 338.5MM (or $23.1MM) plus the cost of purchases made after that date of $4.7MM for a total of 527.8MM. The 40% discount to the Sotheby's appraisal was taken because of the illiquidity of the property. Other Personal Items includes canes. instruments & screenplays which are carried at cost plus sales tax, if any. NOTE 7 - OTHER ASSETS include the following: Life Insurance CSV - the balance sheet value reflects the cash surrender value at 12/31/15 of the Second-to-Die death benefit policies. The valuation was supplied by the Bryant Group for 1999 Trust and statements for the 1992 Trust. See next page for details by carrier. Numbers in 000s EFTA01072371  BLACK FAMILY COMPOSITE BALANCE SHEET SUMMARY FOOTNOTES DECEMBER 31, 2015 Face Amount Face Amount Value 1999 Consolidated Insurance Carrier 1999 Trust 1992 Trust Trust Value 1992 Trust Value Prudential 20,000 3.920 0 3.920 New York Life 20,000 3,500 3,913 1,100 5,013 Pacific Life 5,010 673 0 673 John Hancock 30,000 10,000 8,024 1.900 9.924 Hancock 0 10,000 1.900 1.900 AXA Equitable 25,000 3.863 0 3.863 Total 100,010 23,500 20,393 4,900 26,293 Deposits/Loans - Primarily comprised of Avioneta deposit with Jet 50.5MM and loan to Ben 51.5MM NOTE 8 - BANK LOANS set forth below are personaly guaranteed by LDB. The 530MM credit facility was repaid on 1/14/16 Borrower Lender Loan amt Maturity Rate Balloon Pymt Narrows LLC Bob% 565,000 5/31/2017 1M LIBOR +125 bps 565.000 Avioneta LLC BofA 19.725 9/5/2016 1M LIBOR +172 bps 18,725 BJAV Marine Ltd. BofA 16,532 12/1/2018 Daily LIBOR +185 bps 13,650 Credit Facility BofA 30,000 3/31/2016 Daily LIBOR +125 bps 30,000 • Total of Loans 631,267 627,375 This credit facility was repaid on 1/14/16 NOTE 9 - OTHER PAYABLES consists of the following: Sales Tax Personal Payable Leon Black 1,737 Narrows LLC 2,497 Entity 4,234 APO-01 214 Grand total 4,448 NOTE 10 - INTRA FAMILY! TRUST BORROWING Net amounts are shown below Lender Borrower Leon Black Trusts GRAM Total Leon Black GRAT Annuities [see below] 598,191 0 (598.191) 0 LDB 2011 LLC Leon Black (608,383) 608,383 0 0 APO2 Declaration Leon Black (830.176) 830,176 0 0 LOB 2014 LLC Leon Black (13,016) 13.016 0 Totals (853,383) 1,451,574 (598,191) 0 NOTE 11 - COMMITMENTS - CHARITABLE Year Commitment Due Leon Black Personally 2016 2017 2018 2019 2020 Total Committed Dartmouth Visual Arts Center 6.310 6.310 Rockefeller University 2,000 2000 2,000 2.000 8.000 Melanoma Research Alliance 3,000 0 0 0 3,000 Judy Black Garden Trust 3,300 3,300 3.300 3.300 13,200 MOMA• 3,571 3,571 3,571 3.571 3,571 17,857 Friends of IDF 50 50 0 0 100 Melanoma Pledge 2016 Acral Melanoma 333 333 333 0 1.000 Melanoma Pledge 2016 Ocular Melanoma 333 333 333 1,000 AIPAC 250 250 250 0 750 AIEF 250 250 250 0 750 World Jewish Congress 0 0 0 0 Lincoln Center Theater 50 0 0 0 50 Totals 19,448 10,088 10,038 8,871 3,571 52,017 Leon Black Family Foundation, Inc. Park Avenue Synagogue 1,000 1.000 1.000 3,000 Memorial Sloan Kettering Cancer Center 1.000 1,000 1.000 1,000 4.000 Birthright Israel Foundation 500 500 0 0 1,000 Harlem Village Academies 250 250 250 0 750 Clinton Foundation 250 250 0 0 500 Tony Blair Faith Foundation 250 0 0 0 250 Totals 3,250 3,000 2,250 1,000 0 9,500 Grand Totals 22,698 13,088 12,288 9,871 3,571 61,517 Pledge is out to 2021 Numbers in 000s 510 EFTA01072372  BLACK FAMILY COMPOSITE BALANCE SHEET SUMMARY FOOTNOTES DECEMBER 31, 2015 NOTE 11 - COMMITMENTS - CHARITABLE - ART - The amount of the commitment is the pledge value of the art. See attached schedule B on page 9 for details. NOTE 12 - COMMITMENTS • PRIVATE EQUITY FUNDS. The commitment shown is the gross outstanding commitment but the estimated expected future call amounts are smaller. For details see the attached schedule C on page 10 NOTE 13 - GRAT VALUATION AND GRAT ANNUITY RECEIVABLE On the consolidated balance sheet, the valuation of Black Family Partners LP ("BFP") is shown at market value but the annuity payments to Leon Black are shown at the discounted future amounts based upon the valuation reports prepared by Empire Valuation. Therefore, the net GRAT equity shown on the consolidated balance sheet represents the potential market value of BFP that would transfer out of Leon & Debra's estate if the GRATs are successful. GRAT ANNUITIES RECEIVABLE - represents the net annuity receivable by LDB from the Grats in total. Ownership interests in BFP were put into the grats at various dates. The table below breaks down the receivable by individual Grat and details the date the grat was established and the price of APO (BFP'S largest asset at the time). As of 12/31/15, this balance sheet date, APO was priced at $15.18 per share. The remaining 67.69% of BFP was owned by LDB and the trusts as of the balance sheet date. formation ownership. Receivable AP01 GRAT No. 4 (6/4/14) - $25.17 1.52% 26,999 AP01 GRAT No. 5 (9/4/14) - $23.39 3.90% 60.952 AP01 GRAT No. 6 (12/4/14) - $23.95 6.56% 116,180 AP01 GRAT No. 7 (3/4/15) - $23.04 8.74% 161,473 AP01 GRAT No. 8 (6/4/15) - $22.70 11.60% 232,589 Total 32.31% 598,193 NOTE 14 - AOG RELATED ITEMS BRH Holdings LP ("BRH") BFP had an indirect ownership position in the Apollo Operating Group through AOG units held through BRH. In total, BFP held 92.727.166 units. For valuation purposes, each unit is equivalent to one share of AOG stock. The units and interest in BRH are non-marketable and subject to various restrictions including when exchangeable into Class A shares of Apollo. No discounts have been applied in determining the value of BRH. The value of BRH was calculated using the market price of Apollo Global Management, ticker APO, as of the balance sheet date. This does not account for the illiquidity of the units. Contingent Tax Receivable - There is a benefit resulting from the Tax Receivable Agreement (-IRA") associated with the AOG units which allows BFP to share in the future tax savings provided to Apollo Operating Group associated with the sale of Apollo ownership to strategic investors in the July 2007 transaction. This transaction resulted in Apollo Operating Group receiving certain tax deductions and increases in basis. BFP participates in 85% of such benefit. The TRA is comprised of two parts: (1) the Dividend, and (2) the Future amount. Both of these components are based on cash flows, actual and projected. BFP follows the valuation model created by Empire Valuation Consultants which determines the FMV of the TRA. Numbers in 000s 6110 EFTA01072373  BLACK FAMILY COMPOSITE BALANCE SHEET SUPPORTING SCHEDULES SCHEDULE A FINANCIAL INVESTMENT SUMMARY Mvestments Investments Incorporated local:mated Into Composite Into Black Balance Sheet Family Partners LEON 4 DEBRA Summary on balance anent on BLACK TOTAL TRUSTS Page page 3 MARKETABLE SECURITIES K12 INC 0 0 0 Closing Price VECTOR GROUP LTD 0 0 0 Closing Price LUMOS NETWORKS CORP 0 0 0 Closing Price APPLE INC 211 211 Closing Price D+il Group. Inc 0 62 62 Closing Pnce FX STRUCTURED NOTE 954 954 Closing Price TOTAL 1,164 62 1,226 4,aa APOLLO RELATED INVESTMENTS HEDGE FUNDS APOLLO SOMA CO-INVESTORS LLC 0 0 0 2,590 t/30/15 Cap. Acct +1- cash SUBTOTAL HEDGE FUNDS 0 0 0 2,590 PUBLIC AP ALTERNATIVE ASSETS LP (AAA.AS) • $31.56 24,024 0 24.024 907 Closing Nice APOLLO INVESTMENT CORP (AJNV) • $5.22 0 3,779 3.779 3.151 Closing Price SUBTOTAL PUBLIC 24,024 3,779 27&03 4.058 OTHER INVESTMENTIPE FUNDS APOLLO CO-INVESTORS VI (A) LLC 0 18.712 8/30/15 Cap. Acct. +I- cash FCI CO-INVESTORS I (A) LP 18,30 18,303 0 6.130/15 Cap. Mel +1- cash APOLLO CREDIT OPP. I LP 6,74 6,741 0 9/30/15 Cap. Acct. +1- cash ATHENS HOLDING LIMITED 0 52,000 Amount of Capital Called FCI CO-INVESTORS II (A) LP 0 20,320 9130/15 Cap. Acct. +1- cash APOLLO CREDIT OPPORTUNITIES III (A) LP 0 8,707 9.70/15 Cap. Acct. +1- cash APOLLO CO-INVESTORS VI (EH-A) LLC 0 1.388 9/30/15 Cap. AOM +1- cash APOLLO CO-INVESTORS V, LLC 0 2.080 9/30/15 Cap. Awl. +1-cash APOLLO CO-INVESTORS IV. LLC 0 418 9/30/15 Cap. Acct +/• cash APOLLO INVESTMENT FUND LP 6 0 2014 Fin. Stmts. APOLLO ADVISORS LP 4 0 2014 K-I (fax) +/- cash SUBTOTAL OTHER INVESTMENT/PE FUNDS 25.04 25,055 101,602 TOTAL 24,034 28,82 52,858 108.249 OTHER PRIVATE EQUITY/DEBT & RESTRICTED STOCK PRIVATE EQUITY • NON APOLLO HAO CAPITAL FUND LP 0 0 3.21 9/30/15 Cap. Met. +/• cash WOLFENSOHN CAPITAL PARTNERS LP 0 0 1.53 9/30115 Cap. Acct. +7- CaSh DUNE REAL ESTATE FUND LP 1,614 1.614 9/30/15 Cap. Acct. +/- cash QUADRANGLE (OFFSHORE) CAPITAL PARTNERS II LP 376 378 9/30/15 Cap. Acct. +1- cash SEARCHLIGHT CAPITAL LP 1.340 1.340 9/30115 Cap. Acct. .1- cash TENFORE HOLDINGS FUND I LP 0 0 1.088 9/30/15 Cap. Aal. •/- cash QUADRANGLE CAPITAL PARTNERS II LP 227 227 9130115 Cap. Acct. +1- cash QUADRANGLE (AM CAPITAL PARTNERS II LP 371 371 9/30/15 Cap. Acct. +1- cash ARCADIA BEACON B INVESTORS LLC 1.860 1&60 Amount of Capital Called SEARCHLIGHT CAPITAL AIV I LP 897 697 9/30/15 Cap. Acct. +/- cash MARKSTONE CAPITAL PARTNERS LP 31 31 2014 K•1 *1- cash QUADRANGLE (AIV2) CAP PARTNERS II LP 68 68 9/30/15 Cap. Aeet. +1- cash QUADRANGLE (ACCESS) CAPITAL PARTNERS LP 49 49 9/30/15 Cap. Acct. +/- cash QUADRANGLE CAPITAL PARTNERS LP 84 84 9/30/15 Cap. Acct. +1- cash PEGASUS PARTNERS LP 0 8 2014 K•1 +1-cash WCP AN. LP 0 0 6/30/15 Cap. Acct. +/- cash SUBTOTAL PRIVATE EQUITY • NON-APOLLO 6,518 8,524 5.83 OTHER PRIVATE EQUITY KNOWLEDGE UNIVERSE EDUCATION. LP 0 0 0 10.551 Monetization value per company +/- cash 976 MADISON RESTAURANT LLC 136 0 136 0 2014 K-I (Tax) RALLY LABS LLC 0 0 0 181 2014 K-I +/- cash SUBTOTAL OTHER PRIVATE EQUITY 136 0 136 10,732 PRIVATE EQUITY • REAL ESTATE & FORMER APOLLO APOLLO RE CAP PARTNERS LP 4,070 0 4.070 9/30/15 Val. per ARES +/• cash AP CAPITAL PROP CO LLC 956 0 956 2014 K-1 (fax) +1- cash AREIF 11/ CO•INVESTORS LLC 0 152 152 9/30/15 Val. per ARES +1-cash APOLLO RE INVESTMENT FUND LP 1,025 205 1,230 9/30115 Val. per ARES +/- cash APOLLO POLAND RE ADVISORS LLC 969 0 969 9/30/15 Val. per ARES +1- cash EFTA01072374  BLACK FAMILY COMPOSITE BALANCE SHEET SUPPORTING SCHEDULES SCHEDULE A FINANCIAL INVESTMENT SUMMARY Investments Investments Incorporated InTnrPorated Into Composite Into Black Balance Steel Family Partners LEON a DEBRA Summary en balance sheet on BLACK TOTAL TRUSTS Paga I Pant 3 AREIF V CO-INVESTORS LLC 745 0 745 9/30/15 vat. per ARES +/- cash ARES EUROPEAN RE ADVISORS 1 LP 1.412 0 1,412 9/30/15 Val. per ARES +1- cash AP AR HOLM() LLC 292 0 292 2014 K-1 +1- cash APOLLO INTL RE CO-INVESTORS LLC 249 0 249 9/30/15 Val. per ARES +/- cash AREIF III TRANSFER MEMBERS LLC 0 3 3 930/15 Val. per ARES +1- cash BLUE SUNSHINE, LLC 0 13 13 9/30/15 Val. per ARES +1- cash APOLLO RE FUND ADMIN LTD 40 0 40 9/30/15 Val. per ARES +1- cash APOLLO RE ADVISORS LP 205 0 205 9/30/15 Vat per ARES +/- cash SUBTOTAL REAL ESTATE & FORMER APOLLO 9363 405 10.367 PRIVATE EQUITY & RESTRICTED STOCK ENVIRONMENTAL SOLUTIONS WORLDWIDE (ESVVW) 2.631 14.777 17.407 5,268 Cost SUBTOTAL - PRIVATE EQUITY & RESTRICTED STOCK 2.631 14.777 17,407 5.268 OTHER PRIVATE EQUITY & DEBT ENVIRONMENTAL SOLUTIONS WORLDWIDE CONV. NOTE 0 0 0 3,016 Cost plus interest CURATION MEDIA. INC. 0 0 0 1,354 Cost CIRCLE 9 0 500 500 Cost RGENLX, INC 138 0 136 0 Latest Onanong rotmd ARTBINDER, INC. 0 0 0 10 Cost of funding SUBTOTAL OTHER PRIVATE EQUITY & DEBT 138 500 636 4.380 TOTAL 12,873 22,198 35,071 26,219 INVESTMENT PARTNERSHIPS HEDGE FUNDS LONE r AS .ADE LP 0 25,793 12/31/15 Cap Account MILLENNIUM GROUP USA LP 0 29,644 12/31/15 Cap Account CANYON VALUE REALIZ. FUND LP 18.774 12/31/15 Cap Account ANCHORAGE CAPITAL PARTNERS LP 0 18397 1231/15 Cap Account BUCKINGHAM RAF PARTNERS LP 5374 5,87 0 12/31/15 Cap Account KING STREET CAPITAL LP 0 912 10/31/15 Cap Acct .1. cash (Side Pocket) BLUE STAR I LLC 32 3 0 9/30/15 Cap. Acct. 4/. cash SUBTOTAL HEDGE FUNDS 5,706 3706 93,220 OTHER FUNDS AP TECHNOLOGY PARTNERS LLC 26 112 138 26 % of Est. Future CF as of Sep *15 GIFTHORSE PARTNERS. LLC 114 114 0 2014 K-1 (Tax) +/- cash AP ENERGY PARTNERS 206 206 0 2014 K-1 (Tax) +/- cash MICROBES INVESTORS LLC 0 0 0 2014 K-1 (Tax) +/- cash PROQUEST INVESTMENTS. LP 71 71 0 8/30/15 Cap. Acct +1- cash JERUSALEM VENTURE PARTNERS LLC 3 3 0 12/31/14 Cap. Acct. SUBTOTAL OTHER FUNDS 26 508 532 26 TOTAL 26 6 11 93,246 TOTAL FINANCIAL INVESTMENTS 38,098 57,294 95,392 227,714 1110 EFTA01072375  BLACK FAMILY SCHEDULE B NOTE 11 - CHARITABLE COMMITMENTS -ART DECEMBER 31, 2015 IF PARTIAL, IF PROMISED NAME OF (PLEDGED) GIFT, Pledgee Value PARTIAL OWNERSHIP OTHER NAME OF DONEE Date of Total Paid (in Charity 000s Artist Item Description INTEREST? % OWNER INSTIL Purchase 000s USD) USD SERRA. RICHARD TORQUED ELLIPSE IV 1' 50.00% MOMA MotitA 10/06/1998 1.017 6,250 SMITH. DAVID SENTINEL V 66.67% MAMA MoMA 06/17/1998 2.462 5.334 LEYDEN, LUCAS VAN THE ANGEL GABRIEL FOR AN ANNUNCIATION V 44.22% Met Met 06/25/2008 3.251 3,007 JOHNS. JASPER UNTITLED N 100% NA MoMA 01/1512014 2.940 2.700 BRAQUE. GEORGES LA TABLE (STILL LIFE WITH A FAN) V 50.00% MoMA MoMA 05/05/2006 2.872 2.750 BRONZINO. AGNOLO SEATED MALE NUDE (STUDY FOR THE MARTYRDOM OF SAINT LAWRENCE) V 50% Met Met 10/12/2005 2.173 2.030 UECKER, GUNTHER CHAIR II N 100% NA %WA 06/05/2015 1.307 1.307 STUDIES FOR HERCULES HOLDING A CLUB SEEN IN FRONTAL VIEW A LEONARDO DA VINCI DOUBLESIDED DRAWING Y 50% Met Met 07/05/2000 333 1.030 GAUGUIN. PAUL THE ARTISTS PORTFOLIO. PONT AVEN Y 50% Met Met 09/13/2000 724 750 THE BEARER OF THE BANNER OF THE CANTON GLARUS (A LANDSKENECHT WITH GRAF, URS THE BANNER OF GLARUS) r 50% Met Mel 06/11/2003 516 750 VAN DYCK. SIR ANTHONY LANDSCAPE WITH A FARM BUILDING V 50% P.Iet Met 01/15/2002 135 625 VIRGIL READING THE AENEID TO AUGUSTUS. LIVIA. AND OCTAVUI, WIRGILE LISANT INGRES. JEAN-AUGUSTE-DOMINIQUE L'ENEIDE DEVANT AUGUSTE, LIVIE ET OCTAVE) V 40% Met Met 10/20/2009 650 600 FRIEDRICH. CASPAR DAVID VIEW OF THE ISLAND OF RUGEN WITH A SHEPHARD AND HIS DOG Y 50% PM: Met 07/1012002 375 400 LOUIS DE LORRAINE-GUISE. PRINCE DE PHALSBOURG. IN ARMOUR, ON CALLOT. JACQUES HORSEBACK V 50% Met Mel 06108(2034 287 300 Nan GaO. Wash TIEPOLO. GIOVANNI BATTISTA A MOORISH NOBLEMAN N 100% NA DC 10/21/1998 170 300 GERICAULT. THEODORE RECTO: DEUX TETES D'ORIENTAUX VERSO. UN PAAMELOUK DEBOUT N 100% NA Met 02/08/2030 275 250 MANET. EDOUARD APRES LE BAIN N 100% NA Met 04/1412039 210 200 SAINTAUBIN. GABRIEL DE THE TRIUMPH OF POMPEY V 50% Met Met 1012112004 212 200 SE