EFTA01977590.pdf

ASSET SUMMARY 12/31/11" Leon & Debra Black LDB 2011 LLC 1997 Black Family Trust 2006 Trust Judah 2009 Trust Black Family Partners 6.8% interest in BFP S 100.6mi1 65% Interest in BFP $97.2mi1 4.3% Interest BFP 563.2 mil 73.4%Int in BFP thru LBF$1.07bi 8.6% Interest in BFP $125.4 mil Cash $13.4 mil (Notepayable to 2006Trust $13m11) ArLbooks.etc at cost $1.5bil E M at Cost $47 mM Art at Cost $204 mil Art at cost $58 mil 44%Interest BRH HIdgs$1.143bil Starfire 525mil Cash at US Trust 516.5mil Cash at USTrust. $10 mil Cash at JP Morgan $17.2 mil Cash at US Trust $0.4 mil Apollo Colnvest III $4.1 mil Cash&Mkt Sec at JPM $12mi1 Cash/Stocks at BS/JPM $2.1mil Apollo Investment Corp $ 6.7mil Apollo Colnvest IV $1.3mi1 Note due from 1997 Trust $19mil Stocks held at JPM $5 mil (Note payable to LDB $23mil) Apollo Credit Oppor Fd $152 mil Apollo Colnvest V 58.6 mil (Note payable due to BFP $42mil) (Note payable to BFP $33 rail) Apollo Colnvest VI 543.9 mil Investment Pannershios:$15.1 mil 101 Warren Street Apt $3.Omil Note due from 2009Trust $13mil Apollo Value Colnvest $6.8 mil Marketable Securities. $8.8mil AP Technology PartnersLLC 0.6 SOMA Colnvest $1.9 mil AP Alternative Assets S8.1mil AP SHL Investors LLC Marketable Securities: $26.3 mil AP InvestmentEurope Ltd$0.7mil Apollo RE Investment Fund BlueStar I, LLC $0.285 mil Marketable Securities:$985 ma Investment Partnershios$10 mil AREIF III Transfer Members LLC Buckingham RAF Ptrs $9.7 mil Lone Cascade LP $36.8mil Apollo IF/EU Advisors&Colnvest BHM Investors Lion Global Fund $0.13mil King Street Capital 512.6m11 Apollo Advisors III M-Clift Partners .231 Neuberger $15.16 mil AINV sin dist fr AIC $3.9rnil Apollo Men Advisors Microbes Investors LLC Anchorage Capital Pus $12.5m11 Apollo Men Colnvestors Remainderman Investors LLC .3 Millennium Group $19.6m11 Excelsior Advisors AREIF Colnv IV CanyonValueRealization$13.2mil Apollo El II Colnvest LLC Viroproto Investors LLC Investment Partnerships: $8.4m11 Apollo RE V Colnvest LLC Apollo FCI Colnv 14.0 Apollo Advisors II Apollo Real Estate Cap Partners Apollo Investment Fd AREIF III Colnvest LLC Investment Partnershios:S56 8mii 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 LLC $1.6 mil AP Technology Apollo RE Advisors III, LP Knowledge Universe LPS32.Omil Valcour II Assoc .144 AP Energy Partners 1.672 Wolfensohn Cap Ptrs $2.Omil Residual Inv Corp 1811 Dune Real Estate Fund LLC 1.7 SustainableWoodlands $18.2m11 Cardiff Asociates LP .881 Gifthorse Ptrs LW .227 M-Clift Partners LP .266 Quadrangle Cap Ptrs 11 4.1 Note due from 2006 Trust $33m11 Pegasus Partners LP .052 Markstone Cap Pus .317 Note due from LDB $42mi1 Power Investors LP ProQuest Investments .114 Protocols of ZionLP .019 Blue Sunshine Remainderman LLC .354 Multiple Theatre related U-Cs 19lAsrjinkfiLi 97 i liFn - 811maanrM i Real Estate: $105mil Cash at US Trust $3.0mil Life Insurance cash value$16.1mil Total Value $1.77 bll Total Value $ 181m11 Total Value $287 mil Total Value $1.283 hil Total Value $112mil 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 are not available ASSET TOTAL $3.63bi1 Lrati ities: Art Loan $260 mM NET WORTH $3.37 bit 99l49400-Ld-VIA3 EFTA01977590 Summary of Intrafamily loans outstanding: You owe Black Family Partners $42 mil ($32mil 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 EFTA_R1_00464156 EFTA01977591