Cash Needs and Anticipated Transfers: Estate Administration Following Leon's Death (if Debra Survives)

Cash Needs and Anticipated Transfers: Estate Administration Following Leon's Death (if Debra Survives) Required Expenditures/Uses Funeral opena8 and expense:, 0r lest Ilan babanal fees %Ices Or hattleheld stall Expenses Iona famn office hbalaneous admnstrabon expenses Interest annuls on bans Income to Dabs (subject lo acorns taxi Cash Needs/Estate Obligations 3100.000 3150.000 $625.000 $930.000 3500000 $12.215.000 $15.329.000 Total 329.649.000 Sources • Use funds In V.S. Trust and JPaAOrgan Braun% 01 ha 30 2016. rougNy 513.000.000)1a ptrl05ls SrPereea • Use projected angora (527.541000)W sa0sy interest payments and dialnbute tisanes 10 Debi) Required Expenditures/Uses SateenOr household staff New York estate lax Way eahln 9 months) Federal estate tax (pay aithn 9 months) Airplane entrance Yacht insurance Fine an insurance premiums Haneteroperly Insurance (exdudes jewelry) Chahlable pledges All pledged to museums (In kind) Repay Bonk Amera bat loen Repay Bank c Amera plane loen Cash beluE•14 Repay «her nett Sates lax and crher paya0les Expenses to run family office Legal leer. Aswan:in foes Oiler enscelaneous ohleptions Interest payments on bans income to Debra (subset lo escome tax) Total Cash Needs/Estate Obligations 51.675.000 3444.000 $2.600.000 3153.000 137.000 3761000 3370000 310.600.000 315.624.000 315.925.000 39.445.000 33.600.000 339.600.000 33.200.000 $2.790.000 $1.125.000 3150000 $5.000.000 336.643.000 334.076.000 5181.622.000 Sources • Use pcition of lords al V.S. Trued end JPMorgan accounts. leavng a reserve of $5.000.000 (rWanly $5.695.000) • Sell bat (eStliated at $12.000.000) • Sell plane (estimated at 511250.900: Leon's share is $6.638.000) • Distnbute an in kind b WIf0 pledges to museums (estimated at $15.624.000) • Cdlect receivables of S26200.000 • Sell $42.600.000 ~rho( art • Use projected dividends ($70.719.000) to sabsfy inmost payments and distal:nob bcianca to Debra 'all net intern must be distritputcd to Debra in order for the trust for her benefit to qualify for the marital deduction. Thus up-cad:beet shows any me cash needs of Leon's estate if Debra survnes him. II does not show subsequent acnonstraecn expenses of Debras estate. Page 1 EFTA00618283 Required Expenertures/Uses Cash Needs/Estate Obligatbas Repay Bank of Amerce an loan (repay when IS months) 5895.030.000 Repay rotes to LOB 2011 US 3528.912.000 Repay rolesto APOI Trust 33.530.000 Repay nolesto AP02 Trust 3835.509000 Repay rolesto LOB 2014 US 523.088.000 Repay rote to OFP S47.125,000 OST bequest 10 1997 Exempt Trust S1.860.000 Charitable pledgee 510.030.000 Expenses nil family 08103 53.720.000 Legal Nee 32.250.000 ACCOuntrig fees 5300.000 Rine all insuranCe premime 5750.000 interest pmmeres on loans S48.1513000 income to Debra (silojest m ammo tax) 5138.735,000 Total $2.339.634.000 Sources • Transfer 51.003.885.030 of art to sandy. n part. debt of SI.438 bilion owng to (emery. truslanStos pnduding riterests in AP Narrows. Narrows Holdings US. Narrows Holdings II LLC and Pont Noldngs Inc.)' • Sell $431.277.000 worth of art and datnbute proceeds to busts lo minty. in part debt 51.438 bilion owing 10 farnly auslRlentOes • Sell %%interest mobil,/ owned art and ninest n Friends Ventures 11.0 for 580.803.000and apply proceeds to nonloan expenses • Sell additond 3821.300.000worth d an • Sell 518.Ø.00001 Apollo-rdated madmen, • Selt 511.303.030 of ether PE and redroted stock • UN projected ffivkl«hOs (5187.592.003)10 Salet' merest Patmefte end Matto% batence to Ocexa 2-47.01B eeltix Required Expenditures/Uses Cash Needs/Estate Obligations Fund mental Mull $1.503.030.000 Executors commissions 32.000.000 lientalnlnq «RAW» pledge8 520.000.000 Expenses utrun family Otte $7.440.000 Legal Nes 42.250.000 Accountreg fees 5300.000 Fine an instance premiums S1.5001300 Income to Debra (Sorel to income tax) 5417.818.000 Total S1.961.108.030 Sources • Sell 533.490.030 wenh elan • Fund Mateal MAI"», remannp oast) reserve am U.S. TRW and JPniorgan accounts. BFP Interests. 750 Meadow Lane. Wier rernanng estate assets • Distnbute projected civlOends(S.0 7.616.000)10 Debra 'Due 10 the step-up in basis et dealti, this transfer will not give rise to Income In, See the Trust Needs timeline tor resulting sales lax payed* by the family trusts. Thz spreadsheet shows onry the cash needs of Leon . estate (Debra sureties him. II does not show subsequent acIminsbabcne expenses of Debra estate. Page 2 EFTA00618284