As of September 30, 2014 Trustees Beneficiaries Dolled HISIOriCal Solid ine - Current TRUSTS WITH EXTERNAL TRUSTEES (in millions) U.S. Trust (Delware) as BC DB JH JH LDB RR BC RR JH JH LDB NB BC administrative Matte 1997 Black Judah 2009 Leon Black 1968 Trusts 1992Trusts B J AV : :8 J A V Slack 2003 Fond/ Trust Family Trust Om LOB by Trust twimase 1999 Insurance Trust A) Trust 1 asselsclecoledZen all moots docinoaXii3 .0 met, drenlet 2014 Black 2011 Family Trust APO Agreement EIHEEI LDB 2011 LLC LBF Holdings LLC 1.1% LDB 2014 LLC Black Family Partners LP Black 2011 Family Trust • Cash - $0.1 • Notes rec. (APOI) - $135 • LDB 2014 LLC - $209 • Notes pay. (LOB 2011)- ($9) Total Value: $335 LDB 2014 LLC • Cash - $6 • BFP LP (7.2%) - $203 APOI Agreement • Cash $8 • Note rec. (LOB) - $1.687 • LOB 2011 LLC - $126 • LBF Hldgs LLC - $97 • Art - 4182 • Life Int. M Townhouse - $34 • Notes pay. (MI Tr) - (4f35) • Sates Tax payable- ($1) Total Value: $1,998 LDB 2 11 LLC • Cas - $7 • Notes rec. (2011 Tr) - $9 Mar etable Sec. - $3 • Pvt. Eq. (Apollo) - $18 • Pvt. Eq. (non Apollo) - $4 • Art -$75 • Phaidon Global cost- $11.6 • Regan Arts cost- 40.4 • Loans (BFP) - ($2) separate trutt lot 010% chdd rah nurbatory income to the chid enter ice 25 end cascrebco to clittabuto prinocol tote Or Id at anytime LBF Holdings LLC • Cash - SI • Note rec. (AP02) - $79 • Apollo Inv Corp. - $6 • Apollo Credit Ow. - $11 APO2 Declaration 125% Back Family 1997 GST Exempt Trust Art Partnership ! BAR LLD Black Family Partners LP Cash $20 Notes rec.-net (LOB) - $32 Heritage rec. - $3 BRH Holdngs LP - $2.210 TRA (contingent rec.) - $322 Investment Ptrsps - $98 Apollo Investments - $70 Ph. Eq. (non Apollo) - $62 Credit Facility (Phaidon Global) - $13 Pvt. ED/Debt/ROStr. Stock - S6 Total Value: $2.836 11.00 trust 2/100 Debra and all doutedmus with dscreten to doubyte ncome end min:oriel Trustees