21 East 26th Street - Projected Distributions 1/31/14 Initial Distribution Distributable Cash 2,250,000 Return of Equity (2.250,000) 10e% of Invesfinenf plus El Dismbution Equity A Equity B $ (2.019.231) S (230.769) Projected Remaining Waterfall Net Sale of Penthouse S 22,000.000 Remaining Return of Equity S 15.550.000) 700% of Investment *ma D(sfribution Equity A Equity (4.980.769) S (569.231) Sub Total Distnbulable Cash S 16,450.000 Development Fee S (225,000) Profit 1/5425) S (9.866.667) Advance Star Distribubco (25%) Equity A. B (75%) Equity A Equity B (2.466.667) $ (7.000.000) S (600.000) Ade.tIonat Profit to EquayA (1,400,000) Sub Total of Ftnat Distributable Cash 4,958,333 -I Advance Star Di:tell:mew $ (4.958.333) Note: B Distribution is 3800.000 on return of moat up to $400.000 of second dostnbution FT Real Estate - Distribution Initial Contnbution: Equity A 220.500.00 Initial Contribution: Advance Star 700,000.00 920,500.00 Initial Return of Equly A 63,605.77 Final Return of Equity A 156,894.23 Profit of Equity A 220,500.00 Additional Profit of EquityA (S1 AMM) 44,100.00 Advance Star DistrOubon (30%) 2.227.500.00 2.712.600.00 EFTA01141192