CASH FLOW ASSUMPTIONS JULY 7 2015 R JOSLIN BFP APOLLO DISTRIBUTIONS BASED ON JUNE ESTIMATES FROM APOLLO FINANCE AUG $0.40 NOV $0.33 FEB'16 $0.58 PLANE 70 HOURS OF REIMBURSEMENT/ CHARTER FROM APOLLO BOAT CHARTERS IN SUMMER AND DECEMBER TO MOSTLY DEFRAY OPERATING COSTS FROM JULY TO DEC TAXES INCOME TAXES BASED ON JUNE APOLLO TAX ESTIMATES MIAMI ASSUME $500K OF FURNISHINGS JUL - DEC ART LOAN GAGOSIAN OCT INSTALLMENT FUNDED BY BALANCE OF ART LOAN AVAILABLE LEGAL PLACEHOLDER OF $750K FOR 2014 PW LEGAL ART PRINTS ACQUISITION OF $35 MILLION NOT REFLECTED BFP KNOWLEDGE UNIVERSE SALE OF PROPCO IN DEC 2015 $7 MILLION BFP KNOWLEDGE UNIVERSE - RELEASE OF LEGAL FEE ESCROW $1.8 MILLION DEC 2015 BFP REPAYMENT OF PHAIDON GLOBAL LOANS BY DEC 2015 - $10.55 MILLION FAMILY OFFICE (BFP) NEW LABOR COSTS ARE GUESSTIMATE COST SHARING TRUST COST SHARE OF FAMILY OFFICE NOT REFLECTED APO 1 APO 1 TO REPLAY BFP FOR PHAIDON BORROWING APO 1 APO 1 TO FUND DISTRIBUTION TO BEN OF $3.2 MILLION APO 2 ASSUME NO FURTHER FUNDING OF SH MEADOW APO 2 FUNDS FUTURE PUBLISHING COSTS EFTA00591070