EFTA02341524

LDB/ DRB TAX SUMMARY & BRH CASH FLOW FY 2013 - 2016 TAX SUMMARY FY 2015 FY 2015 FY 2016 FY 2016 W/ PHAIDON W/ PHAIDON ORDINARY INCOME BRH 31,290,000 31,290,000 69,844,000 69,844,000 TM 8,126,000 8,126,000 APOLLO 2,364,000 2,364,000 2,000,000 2,000,000 FORMER APOLLO/ OTHER 7,006,000 7,006,000 3,500,000 3,500,000 TOTAL ORDINARY 48,786,000 48,786,000 75,344,000 75,344,000 SHORT TERM CAP GAIN BRH (124,000) (124,000) APOLLO (1,543,000) (1,543,000) NON/ FORMER APOLLO 1,171,000 1,171,000 TOTAL STCG (496,000) (496,000) • QUAL DIVIDENDS (20%) BRH 3,719,000 3,719,000 2,000,000 2,000,000 APOLLO 17,000 17,000 FORMER APOLLO/ OTHER 300,000 300,000 315,000 315,000 TOTAL QDI 4,036,000 4,036,000 2,315,000 2,315,000 LT CAP GAIN (20%) BRH 38,190,000 38,190,000 29,193,000 29,193,000 TRA 9,415,000 9,415,000 APOLLO 3,135,000 3,135,000 4,000,000 4,000,000 FORMER APOLLO/ OTHER 3,506,000 3,506,000 4,000,000 4,000,000 PHAIDON (51%/ 49%) (31,954,000) b (30,701,000) ART 1,966,000 1,966,000 TOTAL LTCG 56,212,000 24,258,000 37,193,000 6,492,000 ADJUSTED GROSS INCOME (AGI) 108,538,000 76,584,000 114,852,000 84,151,000 ITEMIZED DEDUCTIONS 77,111,000 76,680,692 52,989,250 50,008,250 TAXABLE INCOME 31,427,000 (96,692) 61,862,750 34,142,750 TAX - ALTERNATIVE MINIMUM TAX (AMT) 12,852,000 6,461,000 17,373,000 11,233,000 TAX - MEDICARE (3.8%) 1,760,000 750,000 1,550,000 570,000 TAX DEFFERAL - PFIC TOTAL FEDERAL TAX 14,612,000 7,211,000 18,923,000 11,803,000 STATE INCOME TAX 12,610,000 8,550,000 13,530,000 9,630,000 TOTAL FEDERAL AND STATE INCOME TAX 27,222,000 15,761,000 32,453,000 21,433,000 EFFECTIVE TAX RATE a a FED + STATE TAX OVER AG LESS CHARITY b SALES PRICE $4MM 36.92% 37.73% 36.87% 37.38% BRH CASH FLOW TO TAXABLE INCOME BRH TAXABLE INCOME 67,760,000 67,760,000 95,573,000 95,573,000 BRH CASH DISTRIBUTION (ACCRUED BASIS) 127,960,000 127,960,000 133,527,000 133,527,000 EFTA_R1_01307251 EFTA02341524 LOB/ DRB ITEMIZED DEDUCTIONS FY 2013 - 2016 ITEMIZED DEDUCTIONS FY2015 FY2015 FY2016 FY2016 STATE INCOME TAX 33,102,000 31,715,692 13,530,000 9,630,000 REAL ESTATE TAX 1,128,000 1,128,000 1,378,000 1,378,000 TOTAL TAX 34,230,000 32,843,692 14,908,000 11,008,000 CHARITY -CASH FOUNDATION (30% AGI) 14,100,000 14,100,000 2,250,000 2,250,000 CHARITY -CASH PUBLIC (50% AGI) 19,690,000 19,690,000 24,570,000 24,570,000 CHARITY - NON-CASH FOUNDATION (20% AGI) 1,021,000 1,021,000 CHARITY - NON-CASH PUBLIC (30% AGI) TOTAL CHARITY 34,811,000 34,811,000 26,820,000 26,820,000 INTEREST EXP - COOP 18,000 18,000 18,000 18,000 INTEREST EXP - ART LOAN 7,000,000 7,000,000 11,215,250 11,215,250 INTEREST EXP BRH 3,464,000 3,464,000 3,464,000 3,464,000 INTEREST EXP APOLLO 705,000 705,000 INTEREST EXP OTHER 130,000 130,000 TOTAL INTEREST EXP 11,317,000 11,317,000 14,697,250 14,697,250 MISC EXP INCL DEDUCTIONS LIMITED TO 2% AGI DISALLOWANCE - 3% AGI (3,247,000) (2,291,000) (3,436,000) (2,517,000) TOTAL ITEMIZED DED 77,111,000 76,680,692 52,989,250 50,008,250 EFTA_R1_01307252 EFTA02341525