EFTA00299513.pdf

Detailed Presentation - Residue to Charitable Lead Annuity Trusts - DRB survives LDB Overview of Estate Plan of Leon D. and Debra R. Black As of June 30. 2016 Apollo Global Management $15.15/Share Date: October 4, 2016 EFTA00299513 Leon D. and Debra R. Black Overview of Estate Plan - 13.05% BFP Discount Family ASsels as of June 30. 2016 Liquid Assets - 1nvestmeM Accounts 35 5 Trust Cash S 10.054.576 S 7.925.012 S 17.979.568 JPIA Cash 1333.369 6.202.631 7633.030 Olnar 515.000 - 515.000 Marketable Spounbes 1.831925 • 1.039.925 *vestments Art. Bronzes and Rare Books• 2225.335.875 - 2.225.325.875 AP Narrows LP 74.880.315 74.580.375 Fnends Ventures LLC 12.500.000 - 12.500.000 GRAT Nos 5 • 8 (16 64% or BLit* Famly Pennas)•• 278.693.542 - 276.893.842 Black Family Partners LP p33 61%)•• 1.058.181.990 - 1.058.181.990 Other PE and Reacted Sena 11.289.542 - 11261.542 Apo* Related invesimerts 18.535.196 - 11.531196 Puddling Related 36.000 - 36.000 Attonetta LLC (LOB 50 1% ORB 499%) 6.638250 5.511.750 13.250.000 BJAV Mama Lid (Sartre) 12.000.000 12.030.000 Real Estate - Personal .loonthr Craned Reedemes 52.401.000 52.401600 104013.000 Narroas Road Pam 13.3336000 13.333030 750 Meadow Lare 2/1.068.000 24.068.000 ReCelVablee Vanaua reterve/POS 28.194.156 28.194.186 Tangible Personal Property HouSehold Property 73828.800 23 828 800 47.657.603 Jewelry 67.887.000 67.8117.000 Antomaxes 390 000 - 390.000 Total Pomona Assets S 3.$37.1152.111 171.111.273 S 1,011,143.111 Sales TatrOtter Payables (3.1719891 (3.178.961) liatulty to Mat payment on Picasso 08.993.260 (38.958250) Loan MOW-Banta Amer( (All) 095.000.000 4895.04:0000 LOan Parable-Bark el America (Avonettatedg* 0.443.850 0.806.4688 (88850980 Loan payable-Bank of America (BJAV mannel 05.925.00:8 (15.925.000) Nole Payable b BFP (7.125.000) (47.125,000) Notes Payable to AP02 OKletabOn 1835.501333) 1835.506.333) Notes Payable to AP0) Agreement (3.530,126) (3.530.128) Mies payable . to LOB 2011 LLC (528 912 003) (528.912000) Holes payable - to LOB 20141.1.0 I:3 n9e, 649 (23.086 049) Total Pomona! Lisiallithrs S t12D0,€6S.597) S (9.408,150) S (2,210,071,747) Total Net Estate Assets s 1 6), 287 299 5 168,783,123f S 1.881.070.432 Total Family Assets 4,918,2946081 inciPatiot Art NM n Narrows kimings LLC. Nitta* eiredingslILLC I Pert ',Pangs. Inc Based on AGM at 115 15rshare and 1305% Derarni See Ap0endn A.2 la de** Notes and Assumptions: See Append.. A. page 1 Page 1 of 13 EFTA00299514 Leon D. and Debra R. Black Overview of Estate Plan Non-Includible Trust Assets as of June 30, 2016 APO-01 Declaration (12.55% of Black Family Partners) $ 1,597,990,827 APN-B Trust 5,464,350 The Publishing Trust 37,721,810 APO1 Agreement 262,234,833 APO2 Declaration 840,872,237 Black 2011 Family Trusts (LDB 2014 LLC) (7.17% of Black Family Partners) 222,482,896 1999 Life Insurance Trust #2 (second-to-die death benefit) 117,651,595 1992 Life Insurance Trust (second-to-die death benefit) 23,521,000 Mallory Trust 4,129,351 Black Family 1997 GST Exempt Trust 155.087 Total Trust Assets $ 3,112,223,988 • Includes Black Family Partners based upon AGM at $15.15/share and a 13.05% discount. See Appendix A-2 for details. Page 2 of 13 EFTA00299515 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Estate Flow Chan Upon Leon's Death - DRB survives Executors. Debra Bladx. Barry Cohen and Richard Ressler Leon Black Gross Estate Gross Estate Less VI Joint Residences Total Probate Estate S 3.837.952,896 (52.401.00D) 3.735,551:596 Non Probate Properly Outright to Debra Last Will and Testament Probate Estate AdminiStratIOn Expenses Chantable Pledges Sales Tax / Other Pa yableS Liability for final payment on Picasso Amount owing to Bank of America Amount owing to Trusts Amount owing to Black Firmly Partners Residuary Assets 3.765.551 806 (35.000.000) (50.062.09D (3.178.989) (38.956.250) (720.368.850) (1.391,038.505) (47.125,000) $ 1493424207 Trustees Debra Black. Barry Conon and Richard Rotator L. B. Revocable Trust Agreement Residuary Assets. Tangibles to Debra NY Estate Tax Federal Estate Tax Balance of Revocable Trust Residue 1.493.824.207 (24.216400) (444.000) (2.000.000g $ 1,444,1614071 Marital Trusts GST Exempt Marital Trust Non.Exempt Marital Trust: Art Black Family Partners LP -63.64% GRAY Nos. 5 (8FP 16.64%) 750 Meadow Lane Balance of Revocable Trust Residue Total Marital Trust Asses 1960.000 see page 5 see page 5 (332.919.425) see page 1.058.181.990 • 276.693.842 24.068.000 438.277.000 $ 1464.161407 See Appendix A.2 for deeds 112 of Joint Residences Total 1 3 52,401.1700 401000 Charitable Pledges Charitable Pledges (cash) Art Pledged to Museums Total 40438.062 15 624 000 56.062.092 Tangibles Outright Bequest to Debra Tangelo Property Total 24,216.800 24.218.800 Page 3 of 13 EFTA00299516 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Estate Flow Chart Upon Debra's later Death - LDB predeceased Trustees 04 Mantel Trusts upon Debra's death Barry Cohen and Richard RS90(0 Debra Black Marital Trusts (Under L. B. Revocable Trust) Lifetime Annuity for Jon Ressler Annuity $7800,850 37.800.850 Value of Marital Trusts Administration Expenses Annuity for Jon Ressler CST Exempt Martial Trust to 97 Exempt Tr. Debra's GST Amount to 97 Exempt Tr. Charitable Pledges (cash' Art Pledged to Museums 750 Meadow Lane to Heritage Trust Liabilities NY Estate Tax Federal Estate Tax Mantel Trust Residue 1.464.161,407 (4,000.000) (7.600.850) (1.850.000) (1.276.404) (13.000.000' (18.957.000) (24.068.000) (11.112,700) (23,338,800 $ 1,3158,749,653 Residue Passes to CLA7s 1 1,358,749,653 see page 5 see page 5 Marital Trust Residue Added U• • Debra's Death: CLATs are funded with Cash Black Famly Partners LP (80.28%1 An See 'Notes and Assumosons" Par. don 82 5,000.000 0.3680% 1,334,875,832 i82430% 18.873.821 1 380148 1,358,749.653 100 0001% V LB Heritage and Legacy Trust 750 Meadow Lane Added Upon Debris Death: 2: 0030C) Oars Black Won Esti% Probate Property S 254 809 013 Gross Probate Estate $ 254.809.073 Last Will and Testament Gross Probate Estate Lie biker., Administration Expenses Bequest to brothers Jewelry to Victoria Tangibles to Children NY Estate Tax Federal Estate Tax Residuary Efate Passes to Trusts for Cluldnin 254.809.073 0.403.1501 11.000.0001 (1.500.000) (87.887.000) (48.047.600) (38,571.300) (82200.700' S 6,196,323 Page 4 of 13 EFTA00299517 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Estimated Estate Tax Calculations Loon's Gross Estate $ 3,837,952,896 Debra's Gross Estate S 1,718,970,480 Less Deductions: Less Deductions: Liabilities (2,200,865,597) Liabdites (9.406,150) Administration Expenses (35.000,000) Administration Expenses (5.000,000) Charitable Deduction (56.062.092) Charitable Deduction (1.390,706,653) Marital Deduction (1,540,781,207) Marital Deduction Estimated New York Estate Tax (444,000) Estimated New York Estate Tax (49.684.000) Plus: Adjusted Taxable Gifts 5.450.000 Plus: Adjusted Taxable Gifts 5.120.000 Taxable Estate $ 10,450,000 Taxable Estate S 269.293.677 Tentative Federal Estate Tax 4,125,800 Tentative Federal Estate Tax $ 107,663,300 Less Credits/Payments: Less Credits/Payments: Unified Credit (2.125,800) Unified Credit (2.125.600) Gift Taxes Paid • Gift Taxes Paid Estimated Federal Estate Tax (C6140%) 2,000,000 Estimated Federal Estate Tax (E2 40%) 105,537,500 Estimated New York Estate Tax (§) 14.8%) 444,000 Estimated New York Estate Tax (0 16%) $ 49,684,000 Total Estate Tax Due Upon Leon's Death Total Estate Tax Due Upon Debra's Death 2.444.000 $ 155,221,500 Combined Federal Estate Tax 107,537,500 Combined NY Estate Tax 50,128,000 Total Combined Federal & NY Estate Taxi $ 157445,500 Page 5 of 13 EFTA00299518 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Cash Needed to Pay Bequests, Debts, Expenses and Taxes Cash Needed - Leon's Estate Cash Reserve 5.000,000 GST Bequest 1.860,000 Administration Expenses 35.000.000 NY Estate Tax 444.000 Fed Estate Tax 2,000.000 Charitable Pledges (cash) 40.438.092 Sales Tax/Other Payables 3,178.989 Liabiity for final payment on Picasso 38.956.250 Loan payable-Bank of America (Art) 695.000.000 Loan payable-Bank of America (BJAV Marine) 15.925,000 Loan payable-Bank of America (Avionetta Hldgs) 9.443.850 Cash Distnbutions to Trust 431,277.000 Total Cash Needed - Leon's Estate $ 1,281,523,181 Cash Needed - Marital Trust Administration Expenses 4.000.000 Annuity for Jon Ressler 7.800.850 Bequest of ORB GST Amount 1,276.404 Charitable Pledges 13,000,000 NY Estate Tax 11,112.700 Fed Estate Tax 23,336,800 Total Cash Needed - Marital Trust $ 60,526,754 Cash Needed - Debra's Estate Administration Expenses 1,000.000 Liabilities 9.406.150 Bequest to brothers 1,500,000 NY Estate Tax 38.571.300 Fed Estate Tax $2.200.700 Total Cash Needed - Debra's Estate 132,678,150 Page 6 of 13 EFTA00299519 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Hypothetical Cash raise on Leon's Death - Leon's Estate Total Cash Needed to Pay Bequests, Expenses, Debts and Taxes S 1,281,523,181 Cash Used 13,209,870 US Trust, JPM Accounts & Marketable securities 13,209,870 Reserve (5.000.000) GST Bequest (1.860.000) Administration Expenses (6.349,870), 50 Assets Sold/Redeemed 1,268,313,311 Investments 58,034,894 (Other PE and Restricted Stock. Apollo related investments, Publishing Related and Various Receivables) Administration Expenses (28.650,130) NY Estate Tax (444.000) Fed Estate Tax (2,000,000) Sales Tax/ Other Payables (3.178.989) Liability for final payment on Picasso (20.761,775) 50 Art - Includes Art held in Friends Ventures LLC 2.237.825.875 Cash from Sale of 50% interests in Art & Friends Ventures LLC 59.250,000 Proceeds from Additional Art Sold 1 132 390 167 Total Art Sold S 1,191,640,167 Liability for final payment on Picasso (18,194,475) Bank of America loan (Art Loans) (695.000.000) Bank of America Loan (Avionetta Hldgs) (6,730,600) Charitable Pledges (40.438.092) Notes payable to APO2 Declaration (431277.000) SO Total An Not Sold S 1.046.185,708 Yacht & Plane (50.1%) Proceeds from Sale of Plane 6,638.250 Proceeds from Boat Sale 12=22 Total Sale Proceeds $ 18,638,250 Bank of America loan (BJAV Marine) (15,925.000) Bank of America Loan (Avionetta Hldgs) (2,713.250) SO S 1,281,523,181 Page 7 of 13 EFTA00299520 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Hypothetical Distribution of Assets on Leon's Death - Leon's Estate Total Owed to Family Trusts / Entities Total Art Promised to Museums 15,624,000 Total Assets to be Distributed $ 1,438,161,508 1,453,785,5081 Art Entities Distributed AP Narrows LP 74,680,375 Distributed Note payable to BFP (47,125,000) Distributed Notes payable to APO2 Declaration (27,555,375) $0 Art Distributed Art Not Sold 1,046,185,708 (Includes Art held in Narrow Holdings LLC, Narrow Holdings II LLC & Pent Holdings, Inc.) Distributed Promised Gifts to Museums (15,624,000) Distributed Notes payable to APO2 Declaration (376,675,958) Distributed Notes payable to APO1 Agreement (3,530,126) Distributed Notes payable to LDB 2011 LLC (528,912,000) Distributed Notes payable to LDB 2014 LLC (23,086,049) Total Remaining Art to Marital Trust 98,357,575 Total Assets Distributed $ 1,453,785.508 Page 8 of 13 EFTA00299521 Leon D. and Debra R. Black Overview of Estate Plan Hypothetical Cash raise on Debra's Death - Marital Trust Total Needed to Pay Bequests, Expenses, Debts and Taxes $ 60,526,754 Less Notes Payable to Family Trusts/Entitie 0 Total Cash Needed $ 60,526,754 Assets Sold Black Family Partners LP Interests 1,334,875,832 Total Sold Black Family Partners LP Interests (80.28%) - remaining (to CLATs) $ 1,334,875,832 Art 98,357,575 Total Sold $ 60,526,754 Annuity for Jon (7,800,850) GST Bequest (1,276,404) Charitable Pledges (13,000,000) Administration Expenses (4,000,000) NY Estate Tax (11,112,700) Fed Estate Tax (23,336,800) Total Art - remaining $ 37,830,821 Total Assets Sold Is 60,526,754 Art Distributed Balance of Art Not Sold $ 37,830,821 Distributed Promised Gifts to Museums (18,957,000) Remaining Art (to CLATs) 18,873,821 see page 6 Page 9 of 13 EFTA00299522 Leon D. and Debra R. Black Overview of Estate Plan Hypothetical Cash raise on Debra's Death - Debra's Estate Total Needed to Pay Bequests, Expenses , Debts and Taxes $ 132,678,150 Cash Used 20,739,473 US Trust Cash Account 7,925.092 JPM Cash/Marketable Securities 6,202,631 Avionetta Sale Proceeds 6.611.750 Total Cash $ 20.739,473 Administration Expenses (1,000,000) Total Remaining Available Cash $ 19,739,473 Residences Sold 118,135,000 Sale Proceeds - 760 Park Avenue 29,000.000 Sale Proceeds - 750 Park Avenue 1,000,000 Sale Proceeds - Narrows Rd. 3 Parcels 39,999,000 Sale Proceeds - 766 & 3rd Parcel Meadow Lane 48,130,000 Total 118,135,000 Total Sales Proceeds plus Available Cash 137,874,473 Liabilities (9.406,150) Bequest to brothers (1,500.000) Federal Estate Tax (82.200.700) New York Estate Tax (38,571.300) Cash remaining 6,196,323 (6,196,323) Total Cash Raised 132,678,150 Page 10 of 13 EFTA00299523 Detailed Presentation SUMMARY EFTA00299524 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 On Death of Leon D. Black On Death of Debra R. Black Assets Available For Children After Death of LDS and DRB _ LDB Gross Estate 3,837,952,896 Marital Trusts 1,464,161,407 Family Trust Assets on 6130116 3,112,223,986 ORB Gross Estate 254,809,073 S 1,718,970.480 Passing on DRB death Less: Less: Added to Trusts 33.400,727 Amounts owing to BofA (720,388,850) Liabilities (9,406.150) Passing Outright 115,934,600 Amounts owing to Trusts (1,391,036,508) Administration Expenses (5,000.000) Amounts owing to BFP (47.125,000) Charitable Pledges (Art) (18,957,000) Total Available 3,261,559,313 Sales Tax/ Other Payables (3,178,989) Charitable Pledges (cash) (13.000,000) Liability for final payment Annuity Jon Ressler (7,800,850) on Picasso (38,956,250) Bequest to Brothers (1,500.000) Administration Expenses (35.000,000) Jewelry to Victoria (67.887.000) Charitable Pleges (56,062.092) To 97 GST Exempt Trust (3.136,404) Residences to Debra (52.401 000) Residence to Heritage Trust (24,068,000) Tangibles to Debra (24 218 800) Tangibles to Children (48.047.600) Fed and NY Estate Tax (2 444,000) Fed and NY Estate Tax (155.221,500) Estate Residue to Trusts Residue to Marital Trust $ 1,464,161,407 for Children (6.196.32; To CLATs 1,358,749.653 Page 12 of 13 EFTA00299525 Leon D. and Debra R. 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(eke 04.01 12 011300 Itoesduery husl b Oldtren Item Pima Elute Illeteer• R Sent lent well pie 45 S 130.1 • Is sa.xeses I w 4.O and legacy Thu Trull 551 Let S 6017.000 0.10.01 Ohlanden !fuel b We 1 7..467.207 APH.S hue Trull be ice 1.341.016 The PASSIM, Teal Trust tor Uk 11.00AS3 1001 Penmen' Inn, roc Lae 1 A002 Oideekt Toni lor I 2,021511911 Black 201111•00, 71.4 Tani km tile S 32510.724 IOW Insonno• Tiwchn Trull be Ole 1 2I 412.11.0 1912 Shunter Thou Trial wet .42e 45 6,6012110 1507051 Eton, Trutt Trull be U4 714.101 Mabry True Trwil Sae li4 • 211/W021n 0r*ly.1 bon 0416•1 E Genet 12011200 Armin, harem 67.1167.000 Amboy Mann Ch•srea ton D•thh eine tivNuU21 q OS ate 265472 275 5 nassoona Total For Fsmly: S 261 P34 • Dees 001.1660 popaul OAT ionlelidees Page 13 of 13 EFTA00299526 APPENDIX A Overview of Estate Plan of Leon D. and Debra R. Black As of June 30, 2016 EFTA00299527 Notes and Assumptions 1. Leon and Debra are presumed to die on June 30, 2016 with Leon immediately predeceasing Debra. 2. Debra's Will currently leaves her jewelry to (i) each female descendant of her mother, Dorothy Ressler, and (ii) each wife of a male descendant of Dorothy. We anticipate that the Will be amended to provide that the jewelry will go entirely to Victoria. 3. Administration expenses are assumed to be $35 million in Leon's estate and $5 million in Debra's estate, which is allocable $1 million to Debra's probate estate and $4 million to the Marital Trust. 4. 40% of expenses to run the family office are allocable to Leon's estate. The remainder is allocable to the Trusts. 5. Valuation discounts totaling 13.05% are applied to the value of Black Family Partners, L.P. ("BFP") interests, which are valued based upon a $15.15 per share stock price for AGM, which was the mean price on 6/30/16. 6. The value of GRAT Nos. 5-8 are included in Leon's estate for estate tax purposes but the GRATs continue for their terms. The amount included (and the value of the annuity payments to be received by the Marital Trust) are assumed to equal the discounted fair market value of BFP interests held in the GRATs on 6/30/16. It is also assumed that all annuity payments are made to the Marital Trust on Leon's death (rather than over the remaining GRAT terms). 7. For the $500,000 per year lifetime annuity calculations, Jon Ressler is assumed to be age 62 (with a life expectancy of 20 years) and the June 2016 Section 7520 rate of 1.8% is used. 8. 100% charitable deduction is assumed for fractional interests in art pledged to museums. Charitable pledges of cash payable at Leon's death are assumed to include pledges made by the Leon Black Family Foundation. Charitable pledges of cash payable on Debra's death include her joint pledges with Leon. 9. It is assumed that on Leon's death (i) Ronald Lauder will purchase Leon's 50% interest in Friends Ventures LLC (which owns the Schwitters: Ja-Was?-Bild) for $12,500,000, and (ii) the Neue will purchase Leon's 50% interest in two Kirchner works (Berliner Strassenszene and Stehendes Madchen, Karyatide) for $26,750,000, and in the Beckman: Self-Portrait with Horn for $20,000,000. 10. Approximately $140 million of life insurance will be payable to the trusts at the death of the survivor. 11. The plan assumes that the entire residue of the Marital Trust will pass to two zero-out CLATs. 12. The presentation shows separate trusts, such as the Heritage and Legacy Trust, APO-01 Declaration, the Publishing Trust, APO1 Agreement and APO2 Declaration. It is anticipated that, over time, some of these trusts will be consolidated. Appendix A - 1 EFTA00299528 Black Family Partners - Financial Inventory as of June 30, 2016 Assets Cash U.S. Trust Cash Account JP Morgan Cash Account BRH Holdings, LP (48.2%) AOG Units (92,727,166 Units @$15.15) Tax Receivable Agreement Financial Investments Marketable Securities AP Alternative Assets LP (AAA-AS) - $31.56 Apollo Related Investments Private Equity and Restricted Stock Investment Partnerships Receivables Receivable - Loan to PLB Receivable - Loan to Leon Heritage Receivable Other Receivables Total Assets (Undiscounted) Total Liabilities Net Value (undiscounted) Net Value with 13.05% DISCOUNT 63.64% owned by LDB 16.64% owned by GRAT5 5-8 12.55% owned by APO-01 07.17% owned by LDB 2014 LLC 1,346,990 208,990 1,404,816,565 240,376,536 808,750 120,983,391 24,648,021 67,343,319 3,206,212 47,184,708 127,695 1,242,851 1,912,294,028 $ 1,912,294,028 $ 1,662,739,657 1,058,181,990 276,693,842 208,670,333 119,193,491 Appendix A - 2 EFTA00299529 Estate Cash Flow Overview of Estate Cash Flow as of June 30, 2016 Hypothetical Dividend Income & Cash Flow Assumptions: A0G units owned by BFP: 92,727,166 Percentage of BFP owned by LDB & GRATs 80.28% indirect A0G units owned by LDB & GRAB 74,441,369 Annual Interest Payable on Promissory Notes $ (36,057,784) Annual Interest Payable on Art Loans $ (12,800,000) Interest on cash balance 1.0% SOURCES USES Estimated Opening Interest Interest Interest Distribution Closing Dividend Cash Projected Income Expense on Expense on to Cash 2016/ Qtr: MC Balance Dividends on cash balance Promissory Notes Wloans Marital Trust Balancq 3 0.37 $ 10,054.576 $ 27,543.306 $ 100,546 $ (9,014,446) $ (3,200,000) $ (25,483,982) $ 4 0.31 $ $ 23,076,824 $ . $ (9,014,446) $ (3,200,000) $ (10,862,378) $ 2017/ Qtr: 1 0.30 $ 22,332,411 $ (9,014,446) $ (3,200,000) $ (10,117,965) $ 2 0.34 $ 25,310,065 $ $ (9,014,446) $ (3,200,000) $ (13,095.619) $ 3 0.40 $ 29,776,548 $ $ (9,014,446) $ (3,200,000) (17,562,102) $ 4 0.81 $ 60,297,509 $ $ (9,014,446) $ (3,200,000) $ (48,083,063) 2018/ an: 1 0.65 $ $ 48,386,890 $ $ (9,014,446) $ (3,200,000) $ (36,172,444) $ 2 0.66 $ $ 49,131,303 $ $ (9,014,446) $ (3,200,000) $ (36,916,857) $ Appendix A-3 EFTA00299530