$mil Total value of BFP $3,000 APO@$28 2006 Trust value 82,168 72.28% ' At 5150m0 income level ($1.62 div) At $200mi1 income level (52.15 div) LDB purchases 40% 50% 75% 80% 100% 40% 50% 75% 80% 100% $ value of purchase $867.4 $1,084.20 $1,626.30 $1.734.72 $2,168 $867.4 $1,084.20 $1,626.30 $1,734.72 $2,168 price O 30% disc $607.15 $758.94 $1.138.41 $1.214.30 $1,517.88 $607.15 $758.94 $1,138.41 $1,214.30 $1,517.88 less contrib of residences $80.00 $80.00 $80.00 $80.00 $80.00 $80.00 $80.00 $80.00 $80.00 $80.00 S purch after contrib of RE new LDB %ownership" 36.702 43.93 62 65.614 80.07 36.702 43.93 62 65.614 80.07 proj BFP income at 55.053 65.895 93 98.421 120.105 73.404 87.86 124 131.228 160.14 Art Partnership Trust contributes $1,301.04 $1,084.20 $542.10 $433.68 $1,301.04 $1,084.20 $542.10 $433.68 value contrib O30%disc $910.73 $758.94 $379.47 $303.58 $910.73 $758.94 $379.47 $303.58 LOB contrib Art w/value 900 700 350 300 1000 1000 500 400 7.5% Pfd Int coupon 67.5 52.5 26.25 22.5 75 75 37.5 30 check inc support 64.98 54.21 27 21.66 86.64 72.2 36.1 28.88 Proj inc=BFP+Pfd coupon 122.553 118.395 119.25 120.921 120.105 148.404 162.86 161.5 161.228 160.14 less taxes due"' 67.5 67.5 67.5 67.5 67.5 90 90 90 90 90 Int due@ mid term AFR 1.63% $8.59 $11.07 $17.25 $18.49 $23.44 $8.59 $11.07 $17.25 $18.49 $23.44 NET CASH FLOW 'repay of notes outstanding at GRAT termination adds .775% to 71.5% bringing 2006 Trust's ownership to 72.28% "8/13/13 Annuity payment of $10,058.800 adds 0.3679% to 7.4194% bringing LDB ownership to 7.7873% '"assumes tax rate of 45% On6L61.0-L8-Vid3 EFTA02678848