EFTA02677282

CASHFLOW UPDATE - Oct 24th TRUSTS SU 116 LO- La V133 IQ! BFP current BofA balance $12.7mi1 2.5mil 1PM balance 10.Omil 69.5mil 12/4 annuity 39.0mil (70.0mil) 4Q household (3.Omil) 5.6mil charitable contrib• (10mí1) (.6mi1) int payment to AP01 (7mi1) 3.2mi1 14.0mí1 12/31 proj balance 41.7mil 24.1mí1 1Qhousehold (3mi1) IQ loan int (1.6mi1) 16mil 1/15/2015 est taxes (37mil) (10mil) 1/24 annuity 16.0mil (Smil) Townhouse 10 (1mí1) (.8mi1) Boat/plane (2mi1) 42.6mi1 3/3 annuity 27.5mil (42mi1) bal of int pay to APO1 (10mil) 3/31/15 proj bal 30.6mí1 24.8m11 Townhouse 2Q (2mí1) 25mi1 April 15 tax (17mil) use taxes (5.0mí1) proj 4/16 baL 6.6mi1 49.8mí1 (40mil) current balance APO dist 11/30 $.75 /sh pre annuity dist to LPs 12/3 APO dist 12/15 $0.07 FO expenses Heritage payment repay of Phaidon line by Trusts Timber sale proceeds FCI cap call ?timing•• COF Ill cap call ?timing FO expenses APO dist 2/28/15 $).46/sh pre annuity distribution TRA/Gross up Athene cap call 2H15 potential addl - art sale proceeds •assumes $7mi1 Dartmouth pledge is pd in stock plus check: 55mil to MOMA, $3.5m11 to MftikrnIsc yr end gifts • • some chance of FCI cap call in 4Q14 rather than 1015 if portfolio acq is consumated Townhouse CAM Acct funded with $3mi1 for 10 and $6mil for 20 remember gets funded 1/3 LOB 2/3 APO1 other cash-Debra B of A 1PM $6.7mil 6.0mil APO1 $7.5mil 7.0mil (2mi1) (2.7mil) (3.5mil) current bal LOB 2011 bal art purchases Phaidon/RA••• 4Q Phaidon/RA 7mí1 12/31 int pay from LB 13.3m11 (2m11) IQ townhouse 10mil bal of int pay from LB 213mil (4m11) 2Q townhouse APOZ LOB 2014 $6.3mll (11.3mi1) (0.3mil) 8.75mil Phaidon/RA••• 4Q ArtSpace 12/3 BFP dist $5.7mí1 5.0mil 12/3 BFP dist 3.45mi1 10.7mil (lmil) 10Artspace (7mi1) 5H 5.325mil BFP dist (0.8m11) (lmil) ArtSpace $11mil COF dist of bal ?timing (8mi1) Miami - Dec .15 3.0mi1 BFP dist 13.0mil 4CIPhaidon/RA represents immediate working cap need in 4414 ••'cash infusion from trusts to pay off existing credit facility and transition to direct funding from the Trusts thru PLB EFTA02677282