BLACK FAMILY PRELIMINARY COMPOSITE CASH FLOW SUMMARY PROJECTED 2016* SOURCES: PROJECTED CASH INFLOWS FROM INVESTMENTS 2016" APOLLO DISTRIBUTIONS AND TRA 133.630 INVESTMENTS 50.400 PUBLISHING INFLOWS 2,200 ART SALES BOAT/PLANE CHARTER INCOME AND MISC 3.460 189.690 CASH INFLOWS FROM FINANCING ACTIVITIES ART LOAN PROCEEDS TOTAL SOURCES 189.690 USES: CASH OUTFLOWS FROM PERSONAL AND INVESTMENT ACTIVITIES ART. JEWELRY AND COLLECTIBLES 28.750 INTEREST EXPENSE - ART LOAN 8.000 ART ADVISORY & INSURANCE 2.760 REAL ESTATE 12.120 INVESTMENTS: NON- PUBLISHING 39.960 INVESTMENTS: PUBLISHING 11.000 PLANE OPERATING EXPENSES 4,200 PLANE LOAN IN 1.890 BOAT OPERATING EXPENSES 4,200 BOAT LOAN U 1,200 ADVISORY TAXES - INCOME. GIFT, USE 46.640 CHARITY 34.120 FAMILY OFFICE 6.600 PROFESSIONAL FEES 1.560 RESIDENTIAL NON LABOR 5,280 INSURANCE FOR REAL ESTATE AND AUTOS 840 RESIDENTIAL LABOR 1.800 PERSONAL - LEISURE TRAVEL ET AL 6.000 GIFT/GRAT 4.000 MISC. DESIGNATED DISBURSEMENTS 4.800 DISTRIBUTIONS TO CHILDREN 3.840 TOTAL USES 229.560 NET INCREASE (DECREASE) IN CASH (39.870) PROJECTED CASH AT 1/1/16 94.150 PROJECTED CASH AT 12/31/16 54,280 ' This is a composite cash flow, therefore not all inter-family obligations and payments are detailed. For example, the $27.3MM in interest payments on the 1.7b obligation from LDB to APO1 is not reflected on this summary sheet. "Numbers are rounded to the nearest ten thousand EFTA00602334