EFTA01127773

Black Fardy Pamen - Ownership Perceiver's Ownershlo oercentaoes within 1BF Holdings (transfers occurred on Apt1119. 2007): at of Entity Values las of Aor1111) 20075 Total Proceeds 4/1612007 Valuaton -PM Loan Proceeds Se:Aegis Proceeds Add) 2007 income From EIPP LBF HoMings LBF Holdings LLC Judah investment Trust A (AM ill) 0 0.000% S - 3 - 3 - 3 - Management 111 3 • Judah Investment Trust 8 (AM IV) S 838.243 0.088% 0.1235% S 536.199 5 384,540 $ 7,715 3 392.254 Management IV 838243 Judah Investment Trust C (AM V) 3 3,100,119 0.326% 04568% S 1.963.055 3 1422.164 3 n.s31 3 1.450.595 Management V 3 3.100.119 Judah Investment Trust 0 (AM VI) $ 4%23%845 6178% 7.2555% S 31495.360 S 22.587.152 $ 453.139 $ 23.040.291 Management VI 49,236.845 Judan investment Trust E (AIM) $ 206.673.686 21.734% 30.4552% $ 132.20%071 $ 94816501 3 1,902,071 3 96,712,573 Ana 3 206,673.688 Judah Investment Trust F (Value) $ 14746,193 1.551% 21730% 3 9.432.703 S 6.764.740 3 135.713 $ 6.90%453 value Management 14,746,190 Judah Investment Trust G (SW) 3 104.220.741 10.960% 15.3578% 3 66.666,938 S 47.810,734 3 959.170 S 48.769.904 SW Management 3 104,22%741 Judah Investment Trus1H (Asa) 3 15.503.790 1.630% 2.2846% $ 9.917,318 $ 7.112.285 S 142.68$ 3 7.254.970 Asa Management 15,503.790 Judah investment Trust I (Europe) S 163.757.015 17.221% 241310% S 104.750.539 3 75,122,696 3 1.507.098 S 76.629.794 Europe Management 163.757.015 Judah Investment Trust J (MA) 3 12%53%149 12.676% 17.7625% 3 77,105,343 S 55,29%720 $ 1.109,353 S 56.406.073 AAA 3 120.539.149 Goodial $ 272,320,082 28.637% $ Goodwill $ 272.320.082 Total. S 950.935.562 100.000% 100.0000% 3 434.09%527 3 311.311531 3 6,245.477 S 317,557,005 $ 434.09%527 $ 311,311,531 5 6,245.477 3 317.557.003 Value Advisors 3 10,469.702 % LBF tido GVI 71.363% SW Advisors 43.906.237 Asia Advisors 3 11.111.560 SOMA Mason 5 13,684,635 Ownership percentages of Black family Partners Itransfen occurred on June 7 20071: List of Entity Values (as of June 7.200711 Strategic Proceeds Add" 2037 Income Total Proceeds LBF Holdings LLC S 651.690.121 07.5962% 3 311.311.531 3 6245.477 3 317,557.006 LBF Hymns 851690.121 Judah Investrner4 Trust K (AA VI) 19.861.216 1.5763% $ 7.259.713 5 145.643 5 7,405.356 SW Advisors 44.880.073 Judo Investmem Trust L $ 24.098.404 19126% 3 8908498 $ 176.715 3 8,985213 Value Advisors S 10,664,982 Judah Investment INN M $ 58.791.672 4.6681% $ 21.48%653 S 431,122 5 21,920.775 Asia Advisors 1155%014 Judah Investment Trust N 5 49,073,988 38949% S 17.937525 3 359.861 3 16,297,487 SOMA Advisers 14.301.558 Juba) Investment Trust 0 53.838.110 4.2730% $ 19.679.017 $ 394,797 $ 20,073.814 Leon 0. Black Investment Trusts A 25.352.301 2 0121% 5 9.266,825 $ 185.909 $ 9.452.735 Advisors IV 37.484.586 Black family 1997 Trull 3 23.274.198 1.8472% $ 8507233 5 176671 $ 8,677.904 Advisors V S 84.143.973 4 separate 1992 trusts for Leon Blacks chicken 72.431.735 57487% 5 26.475,397 S 531,145 $ 27,006342 Advisors VI 68.935204 4 separate 1988 tuts lot Leon Black's cradren 3,215.230 02552% $ 1.175.238 3 23.577 3 1,196.815 AAA Associates 53.831.110 Leon Slack (indMdually) 78339,645 6.218% S 28534569 5 574,468 $ 29,209.336 TOTAL 5 1.259.966.621 100.000% $ 460.545.600 S 9239384 3 469,764.984 Co-Investors III S 7.200.000 $ 469,784.984 Co-Investors IV 7.600.000 %wOo LB 93.78% Co-Investors V S 22,500,000 Co-Investors 1,4 34.050.000 AIC Co-Investors 7.800.000 Value Co -investors 2.920.000 SW Co-Investors $ SOMA Co -Investors 600.000 5 1.259.966.621 EFTA01127773 ANNEX A Name of Limited Name of Assignee with General Partner Limited Partnership Transfer Provisions Partnership respect to such Agreement -Lg.... Limited Partnership Apollo Management(L.P. Judah Investment Trust A AIF III Management, Inc. Amended and Restated Limited Section 6.3 Partnership Agreement dated as of March 17, 1995 Apollo Management IV, L.P. Judah Investment Trust B AIF IV Management, Inc. Amended and Restated Limited Section 6.3 Partnership Agreement dated as of April 21, 1998 Apollo Management V, L.P. ' Judah Investment Trust C AIF V Management, Inc. Amended and Restated Limited Section 6.3 Partnership Agreement dated as of October 26, 2000 Judah Investment Trust 13 ALF VI Management, LLC Third Amended and Restated Section 6.3. Apollo Management VI, L.P. Limited Partnership Agreement. dated as of April.14, 2005 and Amended as of August 26, 2005, June 8, 2006 and September 21. 2006 ACC Management, LW Agreement of Limited Section 7. Apollo Investment Judah Investment Trust E Partnership dated as of April 8, Management, L.P. 2004 Apollo Value Management Agreement of Limited Section 7 Apollo Value Management, Judah Investment Trust F GP, LLC Partnership dated as of L.P. September 15, 2003 . Agreement of Limited Section 7 Apollo SVF Management, L.P. Judah Investment Trust G Apollo SVF Management GP, LW Partnership dated as of May 17, '• 2006 Agreement of Limited. Section 7 Apollo Asia Management. L.P. Judah Investment Trust H Apollo Asia Management GP, LLC Partnership dated as of December 14, 2006 AEM GP, LLC Agreement of Limited Section 7 Apollo Europe Management, Judah Investment Trust I Partnership dated as of April 4, LP. 2006 Apollo Alternative Assets GP. Amended and Restated Limited Section 6.3 Apollo Alternative Assets, Judah Investment Trust J . Limited Partnership Agreement dated L.P. • June 8, 2006 031003.0186 EAST 7712382 A-1 EFTA01127774 ANNEXIA. Name of Limited Name of Assienor General Partner Masked Partnership Transfer Transferred Partnership with respect to such . Agreement provisions Points jimited Partnershi . Apollo Management LBF Holdings, LLC - Apollo Management Amended and Restated Section 6.3 N/A Holdings, L.P. Holdings GP, LLC Limited Partnership Agreement dated as of April 19, 2007 Apollo Principal Holdings Leon D. Black Apollo Principal Holdings Agreement of Limited Section 9 N/A II, L.P. II GP, LLC Partnership dated as of 1992 Trust for Joshua March 21, 2007 Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Advisors IV, L.P. Judah Investment Trust Apollo Capital Amended and Restated Section 6.3 Judah Investment L Management IV, Inc. Limited Partnership Trust L (361.5 Agreement dated as of points) Black Family 1997 April 21, 1998 Trust Black Family 1997 Trust (264.4 points) Apollo Advisors V, L.P. Judah Investment Trust Apollo Capital Amended and Restated Section 6.2 Judah Investment M Management V, Inc. Limited Partnership Trust M (351.86 Agreement dated as of points) Leon D Black October 26, 2000 12O11. D. Black PAST 7793002 .A-1 EFTA01127775 Investment Trust A Investment Trust A (151.73 points) Apollo Advisors V (EH Judah Investment Trust Apollo Advisors V (EH), Amended and Restated Section 6.2 Judah Investment • Cayman), L.P. M LLC Limited Partolnhip Trust M (351.86 Agreement dated as of 6 points) Leon D. Black January 2004 Investment Trust A Leon D. Black • Investment Trust A (151.73 points) Apollo Advisors VI, L.P. Judah Investment Trust Apollo Capital Amended and Restated Section 6.3 Judah Investment N Management VI, LIE Limited Partnership Trust N Agreement dated as of (37936137 points) Judah Investment Trust August 26, 2005 K Judah Investment Trust K (142 points) Apollo Advisors VI (EH- Second Amended and Section 6.3 Judah Investment Apollo Advisors VI (ER), Judah Investment Trust GP), Ltd. Restated Limited Trust N L.P. N Partnership Agreement (37936137 points) Judah Investment Trust dated as of October 30, 2006 Judah Investment K Trust K (142 points) Amended and Restated Section 6.3 N/A AAA Associates, L.P. Judah Investment Trust AAA MIP Limited O Limited Partnership Agreement dated as of June 8, 2006 Amended and Restated Section 9.1 N/A Apollo Co-Investors VI 1992 Trust for Joshua Apollo Co-Investors VI Max Black (EH-GP), LLC Limited Partnership (EH-A), LP. Agreement dated as of July 1992 Trust for 11, 2006 Benjamin Eli Black 1992 Trust for Alexander Samuel EAST 7795002 A-2 EFTA01127776 Black 1992 Trust for Victoria Rachel Black Apollo Management IV, AIF IV Management, Apollo Management, L.P. Third Amended and Section 6.3 N/A L.P. Inc. Restated Partnership Agreement, dated as of May , 2007 EAST 7793002 A-3 EFTA01127777 Name of Company Name of Assignor Managers Limited Liability Company Transfer Provisions Agreement Apollo Management Holdings Leon D. Black Leon D. Black Amended and Restated Limited Section 11 GP, LLC Liability Company Agreement Joshua Harris dated as of April 19, 2007 Marc Rowan Apollo Principal Holdings 11 Leon D. Black Leon D. Black Liability Company Agreement Section 11 GP, LW dated as of March 21, 2007 Joshua Harris Marc Rowan Apollo Advisors V (EH), LLC Leon D. Black Leon D. Black Amended and Restated Limited Section 6.2 Liability Company Agreement, Black Family 1997 Trust John Hannan dated as of January 6, 2004 Apollo Capital Management Leon D. Black Leon D. Black Second Amended and Restated Section 17 VI, LLC Limited Liability Company Agreement, dated as of January 17, 2007 Judah Investment Trust L Leon D. Black Amended and Restated Limited Section 9.1 Apollo Co-Investors IV, L.L.C. Liability Company Agreement, 1988 Trust for Joshua Peter Copses dated as of April 21, 1998 Max Black John Hannan 1988 Trust for Benjamin Eli Black Marc Rowan ‘ 1988 Trust for Alexander Samuel Black 1988 Trust for Victoria EAST 7795002 B-1 EFTA01127778 Rachel Black AIC Co-Investors, LLC 1992 Trust for Joshua Leon D. Black Limited Liability Company Section 17 Max Black Agreement dated as of February John Hannan 18, 2004 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo DIE Co-Investors LLC 1992.Trust for Joshua Leon D. Black limited Liability Company Section 17 Max Black Agreement dated as of May 19, John Hannan 2003 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Co -Investors V, L.L.C. Black Family 1997 Trust Andrew th ick Amended and Restated Limited Section 9.1 Liability Company Agreement, 1992 Trust for Joshua Larry Berg dated as of October 26, 2000 Max Black Leon D. Black 1992 Trust for Benjamin Eli Black Peter Copses 1992 Trust for Alexander John Hannan Samuel Black Joshua Harris 1992 Trust for Victoria EAST 7795002 B-2 EFTA01127779 Rachel Black Marc Rowan Apollo Co-Investors V (EH), Black Family 1997 Trust Leon D. Black Amended and Restated Limited Section 9.1 LLC Liability Company Agreement, 1992 Trust for Joshua John Hannan dated as of October 20, 2003 Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Co-Investors VI (A), 1992 Trust for Joshua Apollo Management VI, L.P. Amended and Restated Limited Section 9.1 LIL Max Black Liability Company Agreement, dated as of October 26, 2005 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Co-Investors VI (EH- Leon Black Apollo Advisors VI (Elf-GP), Limited Liability Company Section 16 GP), LLC Lid. Agreement, dated as of July II, 2006 EAST 7795002 B-3 EFTA01127780 ANNEX C Name of Company Name of Assinnor Directors Charter Document(s) . Transfer Provisions Apollo Capital Management Leon D. Black Leon D. Black Certificate of Incorporation filed Bylaws Section 5 IV, Inc. November 13, 1997 John Haman Amended and Restated Bylaws Apollo Capital Management Leon D. Black Leon D. Black Certificate of Incorporation filed Bylaws Section 5 V, Inc. May 5, 2000 John Hinnan Amended and Restated Bylaws Apollo Advisors VI (EH-GP), Leon D. Black Leon D. Black Memorandum & Articles of Sections 31-24 Ltd. Association dated as of 22n° September, 2005 AAA MIP Limited Leon D. Black Leon D. Black Articles of Association dated as Section 10 \ of June 6, 2006 Josh Harris Brooks Newmark AAA Guernsey Limited Leon D. Black Leon D. Black Articles of Association dated as Section 10 of May 31, 2006 Josh Harris Marc Rowan Paul Guilbert Rupert Dorey Louise MoBain Benoi Suchodolski EAST 7795002 C-I EFTA01127781 CASH RECONCILIATION-2007 BFP 5492 BFP 0135 Lt3Fal a/c 4548 LIESI/14662 TOTAL 7-Apr S 431695,805 dep-Loan proceeds $ 431,696,805 $ (50.000.000) loan taken S (32,000,000) KUE funded S 2,308,409 add Dep7/11 5,312 add Dep7/11 S 12.200.000 interesl Set- >Aye prSe4- $ 8,654.879 July inc - 81(13$ Ot 17-Jul S (394422) cap calls S 460,545,600 strategic sale proceeds S 4,063,547 Aug income $ (100.000.000)loan taken 8/14 S (982.881) cap call S (20600.000) loan taken9/17 (5.006000) wd 9/28 $ (10.000.000)PFPC funded S 1,346,261 Oct Inc $ (5,000,000)loan taken 11/6 S 2.313.366 Nov inc $ (20.000.000)loan taken 11/5 S (713,514) cap calls $ (20.000.000)loan taken 11/8 $ (819.068) Cap calls $ (25.0octooc) cap WO 11/28 —7 pa-- 44.41 , s 3 121.198 Deem S (15.000.000) loan taken 12/10 ;iv .P4" A *us_ p.„,,,,,Lon • (900,000) HAO Cap funded $ (2.000.000) (Crete funded 27-Dec S (56,247,125) DecGRAT pay $ (50.000.000) LonePine funded $ 7.500,000 Interest 12/31/2007 S 8,641,514 balance $ 308,718,330 balance $ 200,057,582 balance S 517,717,426 EFTA01127782 List of Ownership Pre-Roll Up int. S≥ 1"%y--ti Judah Investment Trust A - Apollo Management III, LP Judah Investment Trust B - Apollo Management IV, LP Judah Investment Trust C - Apollo Management V, LP Judah Investment Trust D - Apollo Management VI, LP Judah Investment Trust E - Apollo Investment Management Judah Investment Trust F - Value Management Judah Investment Trust G - SW Management Judah Investment Trust H - Asia Management Judah Investment Trust I - Europe Management Judah Investment Trust J - Apollo Alternative Assets, LP Judah Investment Trust K - 142/492.86 points in Advisors VI Judah Investment Trust L - 379.5/625.9 points in Advisors IV - 3.41%/18.91% of Co-Investors IV Judah Investment Trust M - 351.86/503.59 points in Advisors V • Judah Investment Trust N - 350.86/492.86 points in Advisors VI Judah Investment Trust O - AAA Associates Leon D. Black Investment Trust A - 151.73/503.59 points in Advisors V Black Family 1997 Trust - 246.4/625.9 points in Advisors VI - 5.65%/23.1% of Co-Investors V - 7.5%/19.91% of Co-investors IV 4 Separate 1992 Trusts for Kids - Value Advisors - AIC Co-Investors - Value Co-Investors - Co-Investors VI - 17.45%/23.1% of Co-Investors V 4 Separate 1988 Trusts for Kids - 8%/18.91% of Co-Investors IV Leon Black (individually) - SVF Advisors - Asia Advisors - SOMA Advisors EFTA01127783 Black Family Partners - Ownership Percentages Ownership percentages within LBF Holdings (transfers occurred on April 19. 2007): Total Proceeds 4/16/2007 Valuation JPM Loan Proceeds Strategic Proceeds Adel 2007 income From BFP LBF Holdings LLC Judah Investment Trust A (AM III) 0 0.000% 5 - S - $ • $ - Judah Investment Trust B (AM IV) S 838,243 0.088% 0.124% S 536,199 $ 384,540 $ 7,715 $ 392.254 Judah Investment Trust C (AM V) S 3.100,119 0.326% 0.457% 5 1.983,065 S 1,422.164 $ 28.531 $ 1.450.695 Judah Investment Trust 0 (AM VI) S 49236,845 5.178% 7.255% S 31.495,360 S 22,587.152 $ 453,139 $ 23.040,291 Judah Investment Trust E (AIM) S 206.673,688 21.734% 30.455% S 132.203.071 S 94.810.501 S 1,902.071 S 96.712.573 Judah Investment Trust F (Value) $ 14.746,190 1.551% 2.173% S 9.432303 $ 6.764.740 $ 135,713 S 6.900,453 Judah Investment Trust G (SW) $ 104,220.741 10.960% 11358% S 66.666.938 S 47.810.734 S 142685 959,170 S 48,769,904 Judah Investment Trust H (Asia) S 15.503.790 1.630% 2.285% S 9.917.318 S 7.112.285 $ 7.254,970 Judah Investment Trust I (Europe) $ 163357.015 17.221% 24.131% S 104.750.539 $ 75.122,696 S 1.507,098 $ 76.629.794 Judah Investment Trust J (AAA) 5 120,539,149 12.678% 17.763% 5 77,105,343 $ 55.296.720 5 1,109,353 $ 56.406.073 Goodwill S 272.320.082 28.637% 5 Total: $ 950,935,862 100.000% 100.000% S 434.090,527 S 311,311,531 $ 6.245.477 5 317.553008 $ 434,090.527 S 311.311.531 $ 8.245,477 5 317.557,008 % of LBF w/c• GW 71.383% $ Ownership percentages of Black family Partners (transfers occurred on Juno 7, 2007): Strategic Proceeds Addl 2007 Income Total Proceeds LBF Holdings LLC $ 851,690.121 67.60% 5 311.311.531 $ 8.245.477 $ 317,557,008 Judah Investment Trust K (AA VI) 5 19,861,216 1.58% S 7.259.713 S 145,643 $ 7,405.356 Judah Investment Trust L S 24,098,404 1.91% 5 8.808.498 S 178,715 S 8,985,213 Judah Investment Trust M 5 58,791,672 4.67% S 21.489.653 S 431.122 S 21.920.775 Judah Investment Trust N $ 49,073,968 3.89% 5 17.937.625 $ 359.861 $ 18,297.487 Judah Investment Trust 0 $ 53,838,110 4.27% S 19,679.017 S 394.797 S 20,073,814 Leon D. Black Investment Trusts A $ 25,352,301 2.01% S 9.266.825 $ 185.909 $ 9,452,735 Black family 1997 Trust $ 23,274.198 1.85% S 8.507.233 S 170.671 S 8,677.904 4 separate 1992 trusts for Leon Black's children $ 72,431,735 5.75% 5 28.475.397 S 531,145 S 27,008.542 4 separate 1988 trusts for Leon Black's children S 3,215.230 0.26% 5 1.175,238 $ 23.577 5 1,198,815 Leon Black (individually) S 78.339.645 6.22% S 28.634.869 $ 574.488 S 29.209.336 TOTAL: S 1.259.986.621 100.00% 5 460,545,600 5 9,239,384 S 469,784.984 $ 469,784,984 % w/o LB 93.78% EFTA01127784 \ttlt de% Work Product Privileged and Confidential Weil, Gotshal & Manges LLP MEMORANDUM November 28, 2007 To: Leon Black cc: Tom Turrin John Suydam From: Carlyn McCaffrey Elyse Kirschner Re: December 2007 Annuity Payments from 2006 GRATs By December 20, 2007, the trustees of each of the eleven (11) grantor retained annuity trusts ("GRATs") Leon established on December 21, 2006 are required to make an annuity payment to Leon. Based on the appraisals of the assets Leon transferred to the GRATs prepared by Empire Valuation Consultants and Ernst & Young, the 2007 annuity payments from the GRATs are as follows: Judah Investment Trust A: $ 22914'1/5 Judah Investment Trust B: S 703.869.77 Judah Investment Trust C: $ 1,829,070.02 Judah Investment Trust D: $ 22.603,141.76 Judah Investment Trust E: 5112,520,025.88 Judah Investment Trust F: $ 4,758,556.16 Judah Investment Trust G: $ 43,124,415.21 Judah Investment Trust H: $ 10,310,205.01 Judah Investment Trust I: $ 48,973,473.82 Judah Investment Trust J: $ 39,902,476.14 Judah Investment Trust K: $ 5.222,185.76 TOTAL: 5290,175,53i68 VA WIG A NYI:\I 5287770RWRMI0MP0O26504.0001 EFTA01127785 Please note that by December 20, 2007 each GRAT should have distributed to Leon an aggregate amount of assets equal to the amount of its required annuity payment. If a GRAT distributed to Leon the operating profits earned by the Apollo interests held in the GRAT during the course of the year, the annuity amount payable to Leon on December 20th should be reduced by the amount of such operating profits he received during the year. If you have any questions, please call Carlyn at or Elyse at As part of its effort to curb tax shelters, the Internal Revenue Service recently issued regulations that impose sanctions on attorneys who provide informal written tax advice without prominently disclosing that the advice cannot be relied upon by the taxpayer for the purpose of avoiding penalties. Because this memorandum contains a discussion of tax issues that we do not believe warrants the significant additional time or expense that would be involved in the preparation of a formal opinion that complies with the IRS rules, we include the relevant IRS disclosure, below. If you would like us to prepare a formal tax opinion on which you may rely for penalty relief, please let us know, and we can discuss the cost of preparing one. * * * * IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. For more information about this notice, see http://www.weil.com/circular230/article.hunl * * * * CSMcC/EGK NY I:11528777bl\WRNII0IL000.26504.0001 2 EFTA01127786 Summary of 2007 Annuity Payments Net Annuity Payments Namo of GRAT 8.00a2aLlIm lat0.20%.066.1294 Loan Intermit Due Due to Leon 1 Judah Investment Trust A 2 Judah Investment Trust B $ 703.86677 $ 703.869.77 3 Judah Investment Trust C S 1.829.070.02 5 1,829,070.02 4 Judah Investment Trust D $ 22.603.141.76 $ (20.030.000) $ (653,726) S 1,949,416.23 5 Judah Investment Trust E $ 112,520,025.88 $ (100,000,000) $ (2.198.%0) S 10,321,395.74 6 Judah Investment Trust F $ 4258058.18 S 4,768056.16 7 Judah Investment Trust G $ 43.124.415.21 $ (40000000) $ (416,274) $ 2,708,141.24 8 Judah investment Trust H $ 16316205.01 $ (5.000.000) $ (163,432) $ 6,148,773.60 9 Judah Investment Trust I $ 48073.47302 5 (40030,000) 5 (112,863) $ 8,860,610.81 10 Judah Investment Trust J $ 39.902.476.14 $ (25,000,000) S (155,370) $ 14,747,106.27 11 Judah Investment Trust K $ 5.222.185.76 S 5.222.185.76 Total $ 289,47.41933 S (230003060) ($3.700,295) 56247.125.01- ;unman: of Loans Made to Leon Black In 2007 Accrued Interest Accrued Interest SEAM% &13E1 Through 12/20/2007 Bakkoivid LBF Holdings 91 Account From Judah Trust D S 20,000,000 S 653,726 $ 20.653.726 From Judah Trust E 100.000,000 2.198.630 S 102.198030 From Judah Trust G S 40,003,000 S 416,274 40.416274 From Judah Trust H $ 5,000,000 163,432 S 5.163.432 From Judah Trust I $ 40,063,000 112,953 40.112,863 From Judah Trust J $ 25,0:0000 155.370 S 25.155,370 Total: 230,003,060 S 3.700,296 $ 233.700,2% Summary of Withdrawals Dv Leon Black In 2007 Account Black Family Fanners Account Amount 25,000.000 (personal capital) <--I Tub.A. a. Total: 25000000 *it- ft+- (44 glmlaale Summary of Transfers (*Leon Black In 2007 Account Amount LBF Holdings LLC S1 Account 230,000,000 (loans) LBF Holdings LLC St Account 56,247,125.01 (annuities net of loan repayment) Total Transfers 286247;125 Total Amount Received by Leon Black In 2007 311,247,125 EFTA01127787 Amami 134110:05 LEIL140144211/4.6600UPt LEIF xi Manger Porn WWI Dana Lose 10 Lem MAJLeoa WO loorreesdnoms MIMate Periwig lattainsseg DISIDSIt 02 1/1NON Galawo Jutish PromtmenlTmt A (AM Ill) S • Judah Invesiment TAM B (AM IV) $ 536.199 (703070) 5 15069 5 (152.602) $ 6.399 (144.203) Judah Irowannenl Must C (NA V) $ 0953665 (1120070) $ 56.729 $ 200713 5 23.666 233,360 Judah Wrantroent Tn451D (AM VO $ 31.495.360 (1,90.416) 5 155,096 $ 35431.040 $ 375175 30006016 Judah Westmont Must E (MA) $ 132.203.071 $ (50.1:050001 (10,321,396) 5 3,715,227 $ 75.596.902 5 0577.750 77,174.652 Judah kwestrrenl Tryst F (Value) S 9.432,703 (4,755566) 5 265012 5 4.931.229 S 112673 5051.602 Judah kvmstmmot That (3 (SVF) S 56066.938 (2.706.141) 5 1.873603 $ 65.032.390 5 795623 18,1520923 Judah Invertmenl Tnall H (Pala) $ 9017.311 (5145774) 5 276,701 $ 5040245 5 118586 5167501 Judah Investment Twat I (Eurcpe) $ 1(4750639 (0160.611) 5 2943.744 5 98035673 5 0255123 100085796 Judah wesumol Trust J (AAA) S 70105.343 (14,747.106) 5 2.166.847 $ 64425.0134 5 910.1911 65.445.202 TOM' $ 434.090627 S (50.005000) e••••- (51.024,939)1 12.198997 345265585 $ 5110,563 350045140 12191.997 S 345.264.565 6.110 563 Black Family Partnere. LP Acceunl Maki 8aunce Loan VC Lam WO fwasic:d ,:41.634.36)) esOwnts s W Annuity Parma LEIF •28FP120 mtAln ic o Transfer to LBF 61 171/2008 Balance LBF Hteings LLC 317,557608 .070.000) 5,180.563 5 (5.110.563) 75400.171 Judah remsuredt Trust K 7.405 358 (5n$-- --87 808 043 Judah kwesImmt That 5985213 ($1,815.079) 146.513.03 0315717 Judah Investment Trust /A 21.920.775 (S4,425957) 357011 22 17050.230 Judah Westmont Trust N 9.426 10 972 34 7 (53.895.226) 290501.81 14090762 Judah khonlment Trust 0 20.073.014 327.480 26 /5345237 Leon 0 Ola0lfromenonl Trusts A (1 oc s141 30 0E900 :63751.4°56 .0000 2 71)) 154,210 OS 7090423 Black Faddy 1997 Tfuld 904 7.636 76 6.6 5 141,569.W 00819,473 1992 WM foe Joshua Max Bleck 14MA /8 5407,101 1992 trust foe &Maw a Sack 5751.638 (51.383.1160) 110,144.86 1497,101 1992 Dust foe Alexander. Samuel Mack 6.751.138 ($0363.130) 110,144.18 5.497.901 ¶992 that foe Mow Rachel 64<k 5751,630 (51.303.110) 110,144 16 5497.101 1988 trust for Joshua Max Black 299,704 (580.542) 4089.31 244.051 41.8 wet foe Ilenfamon Eli Mad. 299.704 (580.542) 58.0 4 68031 245461 1988 trust foe MCOrtlef Samoa, Mack 299,704 (560.4542) 244641 1988 Mat for Victors Rachel Black 299.704 (560.542) 244,051 E*6:00040040044i.. .. 20200330 (25.000.6053. 5 (5.0190 91) $ 470,914 . (02140481 7.683,913 Tc4a1 449.7154 954 1180.009000) (25,000603) 934,009.C :0) S ()44 (5.2)2.186) 5 7163003 S (5113.583) 117,146.216 47.145215 ,11 7 SL I 2.4/, )7,-, EFTA01127788 April I - April 30, 2007 Account number LBF HOLDINGS LLC IS.TRUST INVESTMENT MANAGEMENT ACCOUNT Page 15 Interest -Taxable-continued Date Description Units Income amount Principal amount 04/25/07 TARGET CORP DISC COML PAPER 3/A3 20,000,000.000 $14,500.00 (continued) YRS 3&4 04/25/2007 04/26/07 FEDERAL HOME LN BK CONS DISC NOTE 30,000,000.000 4,241.70 04/26/2007 LEHMAN BROTHERS HLDGS INC DISC 20,000,000.000 2,911.20 COML PAPER 3/A3 YRS 3&4 04/28/2007 04/27/07 WINDMILL FOG CORP DISC COML PAPER 20,000,000.000 11,666.80 4/2 YRS 384 04/27/2007 04/30/07 AMERICAN GEN FIN CORP DISC COML 20,000,000.000 17,466.80 PAPER 3/A3 YRS 384 04/30/2007 LEHMAN BROTHERS HLDGS INC DISC 20,000,000.000 11,655.60 COML PAPER 3/A3 YRS 3&4 04/30/2007 WINDMILL FDG CORP DISC COML PAPER 20,000,000.000 8,733.40 4/2 YRS 384 04/30/2007 Total interest - taxable - this period $244,197.90 S0.00 Adtlit ions Date Activity Description Units Income amount Principal amount 04/20/07 ADDITION JPMORGAN CHASE $431,696,805.00 tORG-000000C0000739547356 APOLLO MANAGEMENT HOLDINGS LP VILLE 021001318US TR NYC BI4F= 10004548 LBF HOLDINGS, LLC SEGREGATED RFB,4 051 OF 07/04/20 CGB 739547356 APOLLO MANAGEMENT HOLDINGS LP 2 MANHATTANVILLE RD SUITE 203 PURCHASE NY 10577- ORG 04/30/07 TRANSFER FROM INCOME 206,342.10 Net additions - this period $0.00 $431,903,147.10 4/30107 trade date EFTA01127789 • July 1 - July 31 2007 Account numb LEE HOLDINGS LW J.S. TRUST INVESTMENT MANAGEMENT ACCOUNT Page 11 Interest - Taxable-continued Date Description Units Income amount Principal amount 07/ 19/07 HSBC FIN CORP DISC COML PAPER 3/A3 17,000,000.000 6103,926.78 YRS 3&4 07/19/2007 RANGER FDG CO LLC DISC COML PAPER 17,000,000.000 119,000.00 4/2 YRS 3&4 07/19/2007 07/20/07 CIT GROUP INC DISC COML PAPER 412 17,000,000.000 106,807.26 YRS 3&4 07/20/2007 THREE PILLARS FDG LLC DISC COML 17,000,000.000 74,800.00 PAPER 4/2 YRS 38,4 07/20/2007 07/23/07 COOPERATIVE CENTRALE 17,000,000.000 121,016.55 RAIFFEISEN-BOERENLEENBANK B A DISC COML PAPER 4/2 YRS ISA 07/23/2007 07/25/07 NATIONAL RURAL UTILS COOP FIN 17,000,000.000 74,516.78 COOP-DISC COML PAPER 3/A3 YRS 3&4 07/25/2007 07/26/07 CITIGROUP FDG INC DISC COML PAPER 17,000,000.000 109,187.27 3/A3 YRS 3&4 07/26/2007 Total interest • taxable • this period $1,569,532.20 $0.00 Additions Date Activity Description Units Income amount Principal amount 07/11/07 ADDITION JPMORGAN CHASE /ORG-Q92207002 $2,388,409.62 APOLLO MANAGEMENT HOLDINGS LP .2 MANHATTANVI L 021001316U5 TR NYC BRE.= 10004548 LBF HOLDINGS LLC RFB OS'I OF 07/07/11 OGB 99997550 INTERNAL ACCOUNTS PROCESSING GROUP 500 STANTON CHRISTIANA ROAD MAIL CODE DE3-3780 NEWARK DE 19713- ORG Q9 07/31/07 TRANSFER FROM INCOME 1,652,499.00 Net additions • this period 50.00 $4,040,908.62 7/31/07 trade date EFTA01127790 PROMISSORY NOTE $ 50,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Fifty Million Dollars ($50,000,000) ("Principal"). The unpaid Principal shall be due and payable in MI on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such bolder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of May 11, 2007 Leon D. Black s ay/ NYI:tt494378V3IIWI2S01 LOOO26504.0001 EFTA01127791 May 1 - May 31 2007 Account number LBF HOLDINGS LLC U.S. TRUST INVESTMENT MANAGEMENT ACCOUNT Page 14 Interest - Taxable-continued Date Description Units Income amount Principal amount 1, 2 05/21/07 YORKTOWN CAP LLC DISC COML PAPER 20,000,000.000 $81,666.80 1000. (continued) 4/2 YRS 3&4 05/21/2007 05/22/07 ABBOTT LABORATORIES DISC COML 20,000,000.000 52,400.00 PAPER 4/2 YRS 3&4 05/22/2007 J P MORGAN CHASE & CO DISC COML 81,655.40 PAPER 3/A3 YRS 3&4 05/24/2007 ACCRUED INTEREST ON SALE Wted 05/25/07 UBS FIN INC-DISC COML PAPER 3/A3 20,000,000.000 87,333.40 npora YRS 3&4 05/25/2007 Total interest • taxable • this period $1,120,894.92 $0.00 (Vary lie Additions Date Activity Description Units Income amount Principal amount 05/31/07 TRANSFER FROM INCOME $1,158,750.72 Net additions • this period $0.00 $1,158,750.72 Withdrawals Date Activity Description Units intoine amount pa t 05/14/07 TRANSFER TO CHECKING ACCOUNT LOAN/ 8-50,000,000.0 LEON BLACK 05/22/07 PAYMENT WEL -32,000.00 CR KUE MANAGEMENT INC. ifi gairalITFIELD V eiwiar wc..07a, F: LEON BLACK- :--- LBF HOLDINGS FEDWIRE NBR 5131/07 trade date EFTA01127792 . May 1 - May 31, 2007 Account number LBF HOLDINGS LLC US.TRUST INVESTMENT MANAGEMENT ACCOUNT Page 15 IVUNkawrils-eontinned Date Activity Description Units Income amount Principal amount 05/22/07 PAYMENT WELLS S-31,968,000.00 (continueo7 CR/ KNOWLEDGE UNIVERSE EDUCATION LP filliarHITFIELD EF: LEON SLACKS LI* HOLDINGS -Ket.w&-4 84-110-ve--0- FEDWIRE NSR Kw— 05/31/07 TRANSFER INCOME TO PRINCIPAL S-1,158,750.72 Net withdrawals - this period 8-1,158,750.72 5-82,000,000.00 Income amount Principal amount Closing Balance ;;;;i1Aill5ii;it. AWIRK1OHNIAVIO 044516lhoinglIIIINVONINNINDIAMMINNIENIV:ITIN022:q For Your Information Assets that are not held and not managed by U.S. Trust are listed solely for the convenience of the client. U.S. Trust has no responsibi l ity to maintain, monitor or value suoh assets. UST maintains both omnibus and individual accounts with the firm's global custodian to hold cl ient cash and global securities and to faci litate the trading of such securities. UST may earn Interest on uninvested cash balances held In omnibus or individual accounts depending on the currency denomination and Issuing country. The Interest rate, or interest earned, varies based on the currency and the global market interest rates. If your financial situation has changed and you wish to alter the investment objectives or limitations currently specified for your account, please contact your relationship officer. 5/31/07 trade date EFTA01127793 US. TRUST UNITED STATES TRUST COMPANY, N.A. 11 West 54TH Street New York NY 10019 293 MO **012430 LBF HOLDINGS LLC C/O APOLLO MANAGEMENT, L.P. MR 'FON D BLACK For personal assistance, call: John Hilderbrandt, Last statement: June 30, 2007 This statement: July 31, 2007 Total days in statement period: 31 United States Trust Company, N.A., Member FDIC Business Money Market Account number Beginning balance $0.00 Average yield 7.900% Total additions 460,944,319.01 Interest paid yew to date 5398,719.01 Total subtractions 460,545,600.00 Ending balance 8398,719.01 INTEREST RATES Effective dates Interest Rate 06-30-07 0.600% 07-13-07 7.900% 07-17-07 5.050% DEBITS AND WITHDRAWALS Date Description Subtraction 07-17 Transfer To -460,545,600.00 ACCOUNT DEPOSITS AND CREDITS Date Description Additions 07-13 Wire Trs Rec'D 460,545,600.00 JPMORGAN CHASE 021000021 ORG 000000000007395826 07-31 Interest 398,719.01 DAILY BALANCES Date Amour* Date Amount Date Arnount 06-30 0.00 07-17 0.00 07-13 460,545,600.00 07-31 398,719.01 L 12430 -14647 EFTA01127794 PROMISSORY NOTE $ 100,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly One Hundred Million Dollars ($100,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LW contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of July 23, 2007 Leon D. Black NY I M $0721SCIWW.301t,DOCN26144.0303 EFTA01127795 August 1 - August 31, 2007 Account number LBF HOLDINGS LLC #2 U.S.TRUST INVESTMENT MANAGEMENT ACCOUNT Page 17 Interest - Taxable-continued Date Description Units Income amount Principal amount 08/29/07 FEDERAL HOME LN BK CONS DISC NOTE 11,000,000.000 $1,558.37 08/29/2007 SOUTHERN CO FOG CORP DISC 18,000,000.000 34,320.06 COMLPAPER 4/2 YRS 3&4 08/29/2007 08/30/07 RABOBANK USA FINL CORP DISC COML 17,000,000.000 2,583.15 PAPER 3/A3 YRS 3&4 08/30/2007 08/31/07 FEDERAL HOME LN BK CONS DISC NOTE 1,060,000.000 144.29 08/31/2007 Total interest • taxable • this period $1,564,641.84 $0.00 Additions Date Activity Description units Income amount Principal amount 08/07/07 ADDITION FROM CHECKING NC $398,719.01 08/31/07 TRANSFER INCOME 1,611,366.49 Net additions • this period 50.00 $2,010,085.50 Withdrawals Date Activity Description Units Income amount Principal amount 08/09/07 TRANSFER TO NC a HOLDINGS #2 8-435,398.00 BUSINESS MONEY MARKET ACCOUNT AS DIRECTED BY PHONE 8/9107 08/14/07 TRANSFER TO CHECKING ACCOUNT IRAN -100,000,000.00 UNIO L & D BLACK 08/31/07 TRANSFER INCOME TO PRINCIPAL TRANSFER $-1,611,366.49 Net withdrawals - this period $-1,611,366.49 $-100,435,398.00 Income amount Principal amount • JItLil $6.:24jiri4 4 PPiii0:$01 .48 4. 8/31/07 trade date 002920 53012223 EFTA01127796 PROMISSORY NOTE NEW YORK, NEW YORK $ 20,000,000 to LBF Holdings, For value received, Leon D. Black promises to pay pal sum of exactly Twenty Million LLC, a Delaware limited liability company, the princi pal shall be due and payable in Dollars ($20,000,000) ("Principal"). The unpaid Princi hereof, or on such earlier date full on the day before the first (1st) anniversary of the date st at the fixed rate of 5.35% per as the loan is repaid completely, together with intere annum from and after the date hereof. ined in this The rights and privileges of LBF Holdings, LLC conta and assigns, and the duties of Promissory Note shall inure to the benefit of its successors the undersigned shall bind his successors and assigns. d or If any provision hereof shall for any reason be held invali and this Promissory Note unenforceable, no other provisions shall be affected thereby, never been a part of it. shall be construed as if the invalid or unenforceable provision had right No delay or omission on the part of the holder in exercising any right of such holde r, nor hereunder shall operate as a waiver of such right or of any other a bar to or waive of r shall any delay, omission or waiver on any one occasion be deemed s presentment, the same or any other right on any future occasion. The undersigned waive demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of September 14, 2007 NYIA152266510I V4.1W901, DOC\26504.CCOI EFTA01127797 September 1 - September 30 2007 Account number MOLDINGS LLC #2 MANACiEN .S.TRUST Additions Principal amount Income amount Units Activity Description $1,955,771.70 Date INCOME 80.00 $1,955,771.70 09/28/07 TRANSFER Net additions • this period Withdrawals income amount Principal amount Units $-20,000,000.00 Date Activity Description LoAAl 09/17/07 TRANSFER TO CHECKING ACCOUNT BLACK S-1,955,771.70 INCOME TO PRINCIPAL TRANSFER $-1,955,771.70 $-20,000,000.00 09/28/07 TRANSFER Net withdrawals - this period Fees Income amount Principal amount $-71,366.72 Date Description TRUST COMPANY, N.A. 09/28/07 UNITED STATES MARKET VALUE FEE ADDITION OF 398,719.01 FOR 13.08 WITHDRAWALS OF 120435,39800 FOR -2,118.00 5-71,366.72 FROM 07/17/2007 THRU 09/30/2037 $0.00 Total fees - this period Intorno amount Principal amount • ke , 0 ly 9• 4;h1 '01 '• iti•••lb' • ' • it ••••,1. ; Closing Balance 13 ;at:: 1,, J“1:414441hLe NIA% °I28/07 trade date EFTA01127798 PROMISSORY NOTE NEW YORK, NEW YORK $ 20,000,000 ldings, val ue rec eiv ed, Le on 1). Bla ck promises to pay to LBF Ho For y com pan y, the pri nci pal sum of exactly Twenty Million LLC, a Delaware limited liab ilit ("P rin cip al" ). Th e unp aid Principal shall be due and payable in 000 ) e Dollars ($20,000, firs t (1s t) ann ive rsa ry of the date hereof, or on such earlier dat full on the day before the eth er with interest at the fixed rate of 5.35% pet is rep aid com ple tely , tog as the loan hereof. annum from and after the date ed in this LBF Holdings, LLC contain The rights and privileges of ies of inu re to the ben efi t of its suc cessors and assigns, and the dut Promissory Note shall cessors and assigns. the undersigned shall bind his suc or pro vis ion her eof sha ll for any reason be held invalid If any ssory Note oth er pro vis ion s sha ll be affected thereby, and this Promi e, no t of it. unenforceabl as if the inv alid or une nfo rce able provision had never been a par shall be construed om iss ion on the par t of the holder in exercising any right No delay or holder, nor rat e as a wa ive r of suc h rig ht or of any other right of such hereunder shall ope wa ive r on any one occ asi on be deemed a bar to or waiver of shall any delay, omission or occ asion. The undersigned waives presentment, oth er rig ht on any fut ure the same or any every kind. demand, protest and notices and s of the rig hts and obl iga tio ns her eun der shall be governed by the law All State of Ne w Yo rk. Dated as of November 5, 2007 Leon D. Black 26104.0001 NY! A15253740 SW ZSOf I D00 EFTA01127799 PROMISSORY NOTE $ 5,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LBF Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Five Million Dollars ($5,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of November 6, 2007 fta Leon D. Black NYI AlS25969011WPFY01I.DOC\26,04 0001 EFTA01127800 PROMISSORY NOTE NEW YORK, NEW YORK $ 20,000,000 Holdings, For value received, Leon D. Black promises to pay to LBF of exact ly Twen ty Million LLC, a Delaware limited liability company, the principal sum shall be due and payable in Dollars (S20,000,000) ("Principal"). The unpaid Principal f, or on such earlier date full on the day before the first (1st) anniversary of the date hereo at the fixed rate of 5.35% per as the loan is repaid completely, together with interest annum from and after the date hereof. in this The rights and privileges of LBF Holdings, LLC contained s, and the duties of Promissory Note shall inure to the benefit of its successors and assign the undersigned shall bind his successors and assigns. d or If any provision hereof shall for any reason be held invali this Prom issory Note unenforceable, no other provisions shall be affected thereby, and sion had never been a part of it. shall be construed as if the invalid or unenforceable provi any right No delay or omission on the part of the holder in exercising right of such holder, nor hereunder shall operate as a waiver of such right or of any other ed a bar to or waiver of shall any delay, omission or waiver on any one occasion be deem signed waives presentment, the same or any other right on any future occasion. The under demand, protest and notices and every kind. of the All rights and obligations hereunder shall be governed by the laws State of New York. Dated as of November 8, 2007 - 9 ,1711 Leon D. Black NV1:1152596410 IMPFWOILDOCV6504.0001 EFTA01127801 PROMISSORY NOTE RK NEW YORK, NEW YO S 25,000,000 . Bl ac k pr om ise s to pay to LI3F Holdings, on D ty-Five For value received, Le , th e pr in ci pa l sum of exactly Twen pa ny LLC, a Delaware lim ited liability co m ). Th e un pa id Pr in ci pal shall be due and 00,000) ("Principal" hereof, or on such Million Dollars ($25,0 before the first (1st) anniversary of the date of payable in full on the da y el y, to ge th er w ith in te rest at the fixed rate is repaid complet earlier date as the loan . pe r an nu m fro m an d after the date hereof 535% this s of LB F H ol di ng s, LLC contained in ge of The rights and privile of its successors and assigns, and the duties inure to the be ne fit Promissory Note shall d assigns. bind his successors an the undersigned shall invalid or re of sh al l fo r any reason be held e If any provision he af fe ct ed th er eb y, an d this Promissory Not r provisions shall be r been a part of it, unenforceable, no othe invalid or unenforceable provision had neve the shall be construed as if right on th e pa rt of th e ho lder in exercising any No delay or omission ch holder, nor ve r of su ch rig ht or of any other right of su ver of hereunder shall operat e as a w ai an y on e oc ca sio n be deemed a bar to or wai ion or waiver on esentment, shall any delay, omiss y fu tu re oc ca sio n. Th e undersigned waives pr ht on an the same or any other rig and every kind. tic es demand, protest and no e laws of the lig at io ns he re un de r shall be governed by th All rights and ob State of New York. 27, 2007 Dated as of November Leon D. Black DOC126504.00/11 NnstS2P376101MS2 OIL EFTA01127802 November 1 - November 30, 2007 Account number U.S.TRUST e LSE HOLDINGS LLC #2 bOdMmeinliMieWRJOMMWOOlma INVESTMENT MANAGEMENT ACCOUNT Page 29 Withdrawals Date Activity Description Units Income amount Principal amount 11/01/07 PAYMENT PAY: CITIBANK NA. S-loopoo,o0o.00 CITIGB2LJ CH029715/ PFPC INTL LTD PORTLAN 11/05/07 TRANSFER TO CHECKING ACCOUN - 20,000,000.00 AS DIRECTED BY FAX DID 11/5/07 (-OANI 11/06/07 TRANSFER TO CHECKING ACCOUNT -5,000,000.00 LEON & DEBRA BLACK MEI WAN 11/08/07 TRANSFER TO CHECKING - 20,000,000.00 LEON BLAC AS DIRECTED BY CLIENT'S EMAIL DATED 11/8/07 1-x)Ani 11/28/07 TRANSFER TO CHECKING ACCOUNT_ -25,000,000.00 LEON & DEBRA BLACK. 1...JAA/ 11/30/07 TRANSFER INCOME TO PRINCIPAL TRANSFER $-1,322,126.63 Net withdrawals - this period $-1.922,126.63 $-80,000,000.00 Income amount Principal amount Closing Balance $0.99 $0.91 11/30/07 trade date 002615 20991617 EFTA01127803 PROMISSORY NOTE S 15,000,000 NEW YORK, NEW YORK For value received, Leon D. Black promises to pay to LSI' Holdings, LLC, a Delaware limited liability company, the principal sum of exactly Fifteen Million Dollars ($15,000,000) ("Principal"). The unpaid Principal shall be due and payable in full on the day before the first (1st) anniversary of the date hereof, or on such earlier date as the loan is repaid completely, together with interest at the fixed rate of 5.35% per annum from and after the date hereof. The rights and privileges of LBF Holdings, LLC contained in this Promissory Note shall inure to the benefit of its successors and assigns, and the duties of the undersigned shall bind his successors and assigns. If any provision hereof shall for any reason be held invalid or unenforceable, no other provisions shall be affected thereby, and this Promissory Note shall be construed as if the invalid or unenforceable provision had never been a part of it. No delay or omission on the part of the holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The undersigned waives presentment, demand, protest and notices and every kind. All rights and obligations hereunder shall be governed by the laws of the State of New York. Dated as of December 7, 2007 Leon D. Black NYNI530679-0MT2V011.1)0O.26504 EFTA01127804 December I - December 31, 2007 Account number U.S.TRUST'T LBF HOLDINGS LI.0 #2 ienPrhni..Wia Maatentwal INVESTMENT MANAGEMENT ACCOUNT Page 29 Withdrawals Date Activity Description Units Income amount Principal amount 12/10/07 TRANSFER TO CHECKING ACCOUNT $-15,000,000.00 LEON 8. DEBRA BLACK Aid 12/20/07 PAYMENT CITY Naillir -2,000,000.00 CR/A RETE, LLC REF: LBF HOLDINGS LLC ATTN: ANGELA MANOUKIAN AS PER LETTER fipTrn 19/11/07 FEDWIRE NBR — 12/21/07 PAYMENT PAY: CLARIDEN LEU AG -900,000.00 CLLECHZZ HAO CAPITAL FUND LP I v..a. 1^1.4 1,11040 ec a t-a 12/28/07 PAYMENT JPMORGAN CHA A -50,000,000.00 TO BENEFIT AC LONE CASCADE CARE OF ACCT GOLDMAN,SACHS & CO., N FFC: LBF HOLDINKIs I r Lon-ei-1 -.~~- FEDWIRE NBR = 12/31/07 TRANSFER INCOME TO PRINCIPAL TRANSFER S-1,050,100.58 Net withdrawals - this period $-1,050,100.58 S-67.900.000.00 F ces Date Description Income amount Principal amount 12/3 1/07 UNITED STATES TRUST COMPANY, N.A. 8-74,859.62 MARKET VALUE FEE WITHDRAWALS OF 97,900,000.00 FOR -2,494.54 FROM 10/01/2007 THRU 12/30/2007 Total tees - this period $0.00 S-74,859.62 Income amount Principal amount Closing Balance $0.96 :$0.68 Hogehili(iAillLi ll' 12/31/07 trade date 001117 91311617 EFTA01127805 U.S.TRUST UNITED STATES TRUST COMPANY, N.A. • • - _ • . - • . _ • - ..• 11 West 54TH Street • • _ • • .• . New York NY 10019 • T.^ • _ •- • - • • . ---"---- . • _ • . • • . .. • • - 293 MO it *013525 • _ • - .• BLACK FAMILY PARTNERS, L.P. .. • . , • _•- •- • • • . -7 -. - r C/O APOLLO MANAGEMENT. LEON D BLACK • •-• • For personal assistance _ . . _ John Hilderbrandt -.••-. •• • •- - _ — Last statement: August 31, 2007 • • . . • _ -• - • . • _ • • -• . • -7 This statement: September 30, 2007.t-T Total days in statement period. 30 - •" - United States Trust Company. N.A.• Member FDIC •- _ - • . • ^ ,^ • ----Business Money Market ^ • . --- Account number — ------ - Beginning balance S12,370,582.47 ' "=:= 1 "-- ._ .. - - -.-- Average yield --- 4.700% Total additions . —. .. ....—.- _ Interest paid year to date :74116,907.79 Total subtractions 6,146,699.00 --- - --- --- S6,267,967.79 --'=- ...7.-==. INTEREST RATES - ----=-=------ - . _ _--- -_ _. Effective dates- - - -- ---- Intenitails ._. _.________ _ _ _ . ____ - -- ---- 7 - 1- 7-- 08-3147 -------=--- - - - - *WO% - - - • . . _ .— —__—__.-- _ -- .. . ... .._ . . _ -' • . • • • • .. ...-- —:..CHECKS PAID ,.... .o. • ••......... •••• • —...—...............- ..... ... .. .. ... .. ...iim ill ,, • •.•••• •••• .Y.•41 . wil....... . .•• ... •••• • . • • . .. . - _ Minter _ ' Date - - - - - Amami - &nowt_ ... .• 0 09-07' -:' 7.. 163;818.0(hr= 7-77. - -- . .. . ... . . .. IT. .1. , ... .. • ..• • •••• .0: r2••••• .M.•••••••••• ••••=•••=1M.M. . •••••• •• •• 'WM. • . &OW • 0 0.0 ...I. OD • OD • . . . . . . . . .... . . . .. .... " DEBITS AND WITHDRAWAL'S :- -...— ---= -- — ... _ . .... ..• Description --=:-____ _ _ _ Subtractions - . __ . • • ...M... •••••••••••••. .• .. - 09-21 Transfer Debit -982,881.00 - - . __. . ____ FOR APOLLO INVESTMENT FUND VI CAPITAL CALL -- -.•• -•• - - --- • 09-28 Transfer Debit -5,000,000.00 -- - _ _ -.----.. TRANSFER TO DEPOSIT ACCOUNT . _ - . - - -- , - - - - -- .- - - - - . -- _ _ . - - -. • _ .._ ___ .—_.. --.— - _-- DEPOSITS AND CREDITS . - 77: 7---- _ - . -- Date Description _ • . Adations - -: — --: 09-30 Interest ___ ... _ 44,084.32 - - 7.7.- 7-r a- - . -..-----.__ ------- . . .. _ . . .. .. - -._ _.- ....-...• . .._ . _ __--- ..________..__ - .. . .. ... __ . .... ... ------- - . .. .. DAILY BALANCES __ _ _ _ Amount Date Amount Date Amount 08-31 12370,582.47 09-21 11,223,883.47 09-30 6,267,967.79 09.07 12,206,764.47- 09-28 :::. .6,223,883.47 EFTA01127806 Page 1 of 1 Melanie Spinella From: Melanie Spinella Sent: Friday, September 28, 2007 9:12 AM To: 'Garcia, Alicia2' Cc: ilderbrandt, John'; John J. Suydam Dear Alicia: Confirming our conversation this morning, please transfer the sum of $5,000,000 (FIVE MILLION DOLLARS) from o(Black Family Partners LP) into Leon Black's Account: As always. thank you for your help. Melanie 9/28/2007 EFTA01127807 December 1 - December 3 Account number LBF HOLDINGS 1.1.0 Page 25 I7U:S. TRUST' INVESTMENT MANAGEMENT ACCOUNT Atlantan ray.klovn•nla ihnogronme Additions Income amount Principal amount Units Date Activity Desaiption $1,272,030.82 12/31/07 TRANSFER FROM INCOME $1,272,030.82 $0.00 Net additions • this period Withdrawals Income amount Principal amount Units Date Activity Descnption 8-56,247,125.00 12/27/07 TRANSFER TO CHECKING ACCOUNT REF: ANNUITY PAYMENT.. JUDAH TRUSTS $-1,272,030.82 12/31/07 TRANSFER INCOME TO PRINCIPAL $-56,247,125.00 $-1,272,030.62 Net withdrawals • this period Fees income amount Principal amount Date Description $-82,375.35 NY, N.A. 12/31/07 UNITED STATES TRUST COMPA MARKET VALUE FEE WITHDRAWAL OF 58,247,125.00 FOR -30788 FROM 10/01/2037 THRU 12/30/2007 $0.00 $-82,375.35 To • this period Income amount Principal amount $0.86 Iki101:, r1 CI°Sing 12131/07 trade date 001116 90971415 EFTA01127808 CASH RECONCILIATION-2008 DETAIL BFP 5492/4386 BFP 0135 LBF#1 acct 4548)8049 LBF #2 acct 4902/8403 TOTAL 31-Dec $ 8,541,514 S 308.718,330 w/acc Inc S 200,457.582 517,717,428 $ 12.185.558 dep kom $ 3,000,000 trans from 5492 12,185,558 initial dep S 7,606.612 from AP $ 1,019.013 Inc Colnc IV $ 7,606.612 from API-I $ (1.874.988) cap call (10,027,129) cap calls $ (11,902,117) cap calls $ (3.000,000) trans to 0135 S 1,019.013 Income 31-Jan S 14,949,107 $ 2,545,771 S 309,240,323 S 200,829,793 527,564,994 3.826.220 trans fr 0135 inc $ (877,398) cap call $ (877,398) cap calls 5 69,862,066 Inc ApolloV&Colny 69.862,066 Income S 3,826.220 income 28-Feb $ 18,815,313 71,660,499 $ 310,142,498 201,384,507 602,002,949 2,441.714 10 bfp int Inc S (513,861) cap call $ 3,254,205 10 LBF InI inc $ (513,581) cap call 314Aar $ 18,814,445 71,314,187 310,990.018 201,955,205 $ 603,073,855 51.850,564 tran from UW*2 $ (66,964.802) Iran to BFP5492 (75,150,000) Credit Opp (150,000,000) taxes S (150,000,000) loan for taxes 66.964,802 tran from BFP 0135 $ 30,879,084 AGM Div (51,850,564) Iran to BFP $ (75,150,000) Credit Opp $ (20,000.000) Loan taken (4,349,385) Mac cap calls (20,000,000) loan taken (1,203,517) coinvest cap call $ 30.879,084 AGM Div $ 1,814,079 colnvest income S (3.738,823) cap calls/inc not 4/30/2008 S 116,380.364 $ 31,927,257 S 236,747,451 S 2,753 $ 385,057,825 $ (9,992,240) AINV buy (9,992,240) AINV buy 5/31/2008 $ 116.531.984 31,273,125 S 227,226.149 S 23.714 $ 375,054,972 $ (22.664.000) GRAT payment 2,084,903 Colnvealinc 2,064,902 colnvest Inc (15,268,621) GRAT payment (37,932.621) GRAT payment 30-Jun S 94,272,196 18,104,778 S 227,224,510 23,752 339,626,234 S 22.109.049 AGM Div 6.306.659 various income 22.109.049 AGM Div S (10,000,000) loan taken (10,000,000) loan taken $ 6.306,659 various inc 7/31/2008 $ 106,530,276 $ 24,411,435 227,656,648 22,128 388,620,487 $ (1,203,517) coinvest cap call S (10,000,000) Leon 8/7 (22,127) Iran to BFP $ (20,000600) Dist-GRAT Mc to Leon $ 1,955,762 coinvest Income S (10,000,000) Leon 8/29 $ (3,113,015) Credit Opp net S (7,114,069) Credit Opp (1,203,517) coinvest cap call S 4.001,054 Credit Opp Ret $ 1.955,766 coinvest Income 8/31/2008 $ 106,710,130 25,212,058 204,907,881 1 336,830,069 (32.000.000) ban to 0135 $ 32,000.000 (60,000,000) to Stral dep a/c $ 60,000,000 neeiLBRI621i § (20,000,000) loan for est taxes $ (20.000.000) loan taken-faxes (1,980,560) coinvest cap calls $ (1.960,560) coinvest cap calls 30-Sop $ 74.894.413 S 34,230,734 S 145,271,763 $ 60,029,672 314,426,682 $ (25.000,000) trans to 0135 S 25,000,000 trans from 5492 S (50,000,000) trans to 6216 S 50,000,000 Iransfr 8049 (10,000,000) loan taken S (3,146,162) cap cats 1.892,814 Income S 1,892,814 oar/ Income (10,000,000) Leon 10/08 $ (2,396.762) COF Cap call (5,542,914) cap calls 31-Oct $ 49,929,585 S 58,104,235 86,380,623 107,852,446 301.286,889 30-Nov $ 49,943,826 $ 58,182,533 85,421,397 107,997,782 301,545,538 $ (3.878.323) cap calls (17,906,833) COF Cap cat (46,785,156) COF Cap calls $ (20.135.706) trans lo LBF 20,135,706 trans in fr BFP 1,415,458 tnt Income $ 5,526,547 Dlv (25,000,000) Addl COF Call $ 6,797,321 trans fr BFP 6,850,863 DMdend/TRA $ 1,324,316 TRA $ (6.797,321) 1ran$ frLe clj (62,655,162) GRAT Pay S (114,795,102) GRAT Pay (177,450,265) GRAT Payment _ I 12/31/2008 $ 32,803,089 $ 61,416,766 42,991 75,185 84,338,031 EFTA01127809