EFTA01127773.pdf

Black Fardy Pamen - Ownership Perceiver's Ownershlo oercentaoes within 1BF Holdings (transfers occurred on Apt1119. 2007): at of Entity Values las of Aor1111) 20075 Total Proceeds 4/1612007 Valuaton -PM Loan Proceeds Se:Aegis Proceeds Add) 2007 income From EIPP LBF HoMings LBF Holdings LLC Judah investment Trust A (AM ill) 0 0.000% S - 3 - 3 - 3 - Management 111 3 • Judah Investment Trust 8 (AM IV) S 838.243 0.088% 0.1235% S 536.199 5 384,540 $ 7,715 3 392.254 Management IV 838243 Judah Investment Trust C (AM V) 3 3,100,119 0.326% 04568% S 1.963.055 3 1422.164 3 n.s31 3 1.450.595 Management V 3 3.100.119 Judah Investment Trust 0 (AM VI) $ 4%23%845 6178% 7.2555% S 31495.360 S 22.587.152 $ 453.139 $ 23.040.291 Management VI 49,236.845 Judan investment Trust E (AIM) $ 206.673.686 21.734% 30.4552% $ 132.20%071 $ 94816501 3 1,902,071 3 96,712,573 Ana 3 206,673.688 Judah Investment Trust F (Value) $ 14746,193 1.551% 21730% 3 9.432.703 S 6.764.740 3 135.713 $ 6.90%453 value Management 14,746,190 Judah Investment Trust G (SW) 3 104.220.741 10.960% 15.3578% 3 66.666,938 S 47.810,734 3 959.170 S 48.769.904 SW Management 3 104,22%741 Judah Investment Trus1H (Asa) 3 15.503.790 1.630% 2.2846% $ 9.917,318 $ 7.112.285 S 142.68$ 3 7.254.970 Asa Management 15,503.790 Judah investment Trust I (Europe) S 163.757.015 17.221% 241310% S 104.750.539 3 75,122,696 3 1.507.098 S 76.629.794 Europe Management 163.757.015 Judah Investment Trust J (MA) 3 12%53%149 12.676% 17.7625% 3 77,105,343 S 55,29%720 $ 1.109,353 S 56.406.073 AAA 3 120.539.149 Goodial $ 272,320,082 28.637% $ Goodwill $ 272.320.082 Total. S 950.935.562 100.000% 100.0000% 3 434.09%527 3 311.311531 3 6,245.477 S 317,557,005 $ 434.09%527 $ 311,311,531 5 6,245.477 3 317.557.003 Value Advisors 3 10,469.702 % LBF tido GVI 71.363% SW Advisors 43.906.237 Asia Advisors 3 11.111.560 SOMA Mason 5 13,684,635 Ownership percentages of Black family Partners Itransfen occurred on June 7 20071: List of Entity Values (as of June 7.200711 Strategic Proceeds Add" 2037 Income Total Proceeds LBF Holdings LLC S 651.690.121 07.5962% 3 311.311.531 3 6245.477 3 317,557.006 LBF Hymns 851690.121 Judah Investrner4 Trust K (AA VI) 19.861.216 1.5763% $ 7.259.713 5 145.643 5 7,405.356 SW Advisors 44.880.073 Judo Investmem Trust L $ 24.098.404 19126% 3 8908498 $ 176.715 3 8,985213 Value Advisors S 10,664,982 Judah Investment INN M $ 58.791.672 4.6681% $ 21.48%653 S 431,122 5 21,920.775 Asia Advisors 1155%014 Judah Investment Trust N 5 49,073,988 38949% S 17.937525 3 359.861 3 16,297,487 SOMA Advisers 14.301.558 Juba) Investment Trust 0 53.838.110 4.2730% $ 19.679.017 $ 394,797 $ 20,073.814 Leon 0. Black Investment Trusts A 25.352.301 2 0121% 5 9.266,825 $ 185.909 $ 9.452.735 Advisors IV 37.484.586 Black family 1997 Trull 3 23.274.198 1.8472% $ 8507233 5 176671 $ 8,677.904 Advisors V S 84.143.973 4 separate 1992 trusts for Leon Blacks chicken 72.431.735 57487% 5 26.475,397 S 531,145 $ 27,006342 Advisors VI 68.935204 4 separate 1988 tuts lot Leon Black's cradren 3,215.230 02552% $ 1.175.238 3 23.577 3 1,196.815 AAA Associates 53.831.110 Leon Slack (indMdually) 78339,645 6.218% S 28534569 5 574,468 $ 29,209.336 TOTAL 5 1.259.966.621 100.000% $ 460.545.600 S 9239384 3 469,764.984 Co-Investors III S 7.200.000 $ 469,784.984 Co-Investors IV 7.600.000 %wOo LB 93.78% Co-Investors V S 22,500,000 Co-Investors 1,4 34.050.000 AIC Co-Investors 7.800.000 Value Co -investors 2.920.000 SW Co-Investors $ SOMA Co -Investors 600.000 5 1.259.966.621 EFTA01127773  ANNEX A Name of Limited Name of Assignee with General Partner Limited Partnership Transfer Provisions Partnership respect to such Agreement -Lg.... Limited Partnership Apollo Management(L.P. Judah Investment Trust A AIF III Management, Inc. Amended and Restated Limited Section 6.3 Partnership Agreement dated as of March 17, 1995 Apollo Management IV, L.P. Judah Investment Trust B AIF IV Management, Inc. Amended and Restated Limited Section 6.3 Partnership Agreement dated as of April 21, 1998 Apollo Management V, L.P. ' Judah Investment Trust C AIF V Management, Inc. Amended and Restated Limited Section 6.3 Partnership Agreement dated as of October 26, 2000 Judah Investment Trust 13 ALF VI Management, LLC Third Amended and Restated Section 6.3. Apollo Management VI, L.P. Limited Partnership Agreement. dated as of April.14, 2005 and Amended as of August 26, 2005, June 8, 2006 and September 21. 2006 ACC Management, LW Agreement of Limited Section 7. Apollo Investment Judah Investment Trust E Partnership dated as of April 8, Management, L.P. 2004 Apollo Value Management Agreement of Limited Section 7 Apollo Value Management, Judah Investment Trust F GP, LLC Partnership dated as of L.P. September 15, 2003 . Agreement of Limited Section 7 Apollo SVF Management, L.P. Judah Investment Trust G Apollo SVF Management GP, LW Partnership dated as of May 17, '• 2006 Agreement of Limited. Section 7 Apollo Asia Management. L.P. Judah Investment Trust H Apollo Asia Management GP, LLC Partnership dated as of December 14, 2006 AEM GP, LLC Agreement of Limited Section 7 Apollo Europe Management, Judah Investment Trust I Partnership dated as of April 4, LP. 2006 Apollo Alternative Assets GP. Amended and Restated Limited Section 6.3 Apollo Alternative Assets, Judah Investment Trust J . Limited Partnership Agreement dated L.P. • June 8, 2006 031003.0186 EAST 7712382 A-1 EFTA01127774  ANNEXIA. Name of Limited Name of Assienor General Partner Masked Partnership Transfer Transferred Partnership with respect to such . Agreement provisions Points jimited Partnershi . Apollo Management LBF Holdings, LLC - Apollo Management Amended and Restated Section 6.3 N/A Holdings, L.P. Holdings GP, LLC Limited Partnership Agreement dated as of April 19, 2007 Apollo Principal Holdings Leon D. Black Apollo Principal Holdings Agreement of Limited Section 9 N/A II, L.P. II GP, LLC Partnership dated as of 1992 Trust for Joshua March 21, 2007 Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Advisors IV, L.P. Judah Investment Trust Apollo Capital Amended and Restated Section 6.3 Judah Investment L Management IV, Inc. Limited Partnership Trust L (361.5 Agreement dated as of points) Black Family 1997 April 21, 1998 Trust Black Family 1997 Trust (264.4 points) Apollo Advisors V, L.P. Judah Investment Trust Apollo Capital Amended and Restated Section 6.2 Judah Investment M Management V, Inc. Limited Partnership Trust M (351.86 Agreement dated as of points) Leon D Black October 26, 2000 12O11. D. Black PAST 7793002 .A-1 EFTA01127775  Investment Trust A Investment Trust A (151.73 points) Apollo Advisors V (EH Judah Investment Trust Apollo Advisors V (EH), Amended and Restated Section 6.2 Judah Investment • Cayman), L.P. M LLC Limited Partolnhip Trust M (351.86 Agreement dated as of 6 points) Leon D. Black January 2004 Investment Trust A Leon D. Black • Investment Trust A (151.73 points) Apollo Advisors VI, L.P. Judah Investment Trust Apollo Capital Amended and Restated Section 6.3 Judah Investment N Management VI, LIE Limited Partnership Trust N Agreement dated as of (37936137 points) Judah Investment Trust August 26, 2005 K Judah Investment Trust K (142 points) Apollo Advisors VI (EH- Second Amended and Section 6.3 Judah Investment Apollo Advisors VI (ER), Judah Investment Trust GP), Ltd. Restated Limited Trust N L.P. N Partnership Agreement (37936137 points) Judah Investment Trust dated as of October 30, 2006 Judah Investment K Trust K (142 points) Amended and Restated Section 6.3 N/A AAA Associates, L.P. Judah Investment Trust AAA MIP Limited O Limited Partnership Agreement dated as of June 8, 2006 Amended and Restated Section 9.1 N/A Apollo Co-Investors VI 1992 Trust for Joshua Apollo Co-Investors VI Max Black (EH-GP), LLC Limited Partnership (EH-A), LP. Agreement dated as of July 1992 Trust for 11, 2006 Benjamin Eli Black 1992 Trust for Alexander Samuel EAST 7795002 A-2 EFTA01127776  Black 1992 Trust for Victoria Rachel Black Apollo Management IV, AIF IV Management, Apollo Management, L.P. Third Amended and Section 6.3 N/A L.P. Inc. Restated Partnership Agreement, dated as of May , 2007 EAST 7793002 A-3 EFTA01127777  Name of Company Name of Assignor Managers Limited Liability Company Transfer Provisions Agreement Apollo Management Holdings Leon D. Black Leon D. Black Amended and Restated Limited Section 11 GP, LLC Liability Company Agreement Joshua Harris dated as of April 19, 2007 Marc Rowan Apollo Principal Holdings 11 Leon D. Black Leon D. Black Liability Company Agreement Section 11 GP, LW dated as of March 21, 2007 Joshua Harris Marc Rowan Apollo Advisors V (EH), LLC Leon D. Black Leon D. Black Amended and Restated Limited Section 6.2 Liability Company Agreement, Black Family 1997 Trust John Hannan dated as of January 6, 2004 Apollo Capital Management Leon D. Black Leon D. Black Second Amended and Restated Section 17 VI, LLC Limited Liability Company Agreement, dated as of January 17, 2007 Judah Investment Trust L Leon D. Black Amended and Restated Limited Section 9.1 Apollo Co-Investors IV, L.L.C. Liability Company Agreement, 1988 Trust for Joshua Peter Copses dated as of April 21, 1998 Max Black John Hannan 1988 Trust for Benjamin Eli Black Marc Rowan ‘ 1988 Trust for Alexander Samuel Black 1988 Trust for Victoria EAST 7795002 B-1 EFTA01127778  Rachel Black AIC Co-Investors, LLC 1992 Trust for Joshua Leon D. Black Limited Liability Company Section 17 Max Black Agreement dated as of February John Hannan 18, 2004 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo DIE Co-Investors LLC 1992.Trust for Joshua Leon D. Black limited Liability Company Section 17 Max Black Agreement dated as of May 19, John Hannan 2003 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Co -Investors V, L.L.C. Black Family 1997 Trust Andrew th ick Amended and Restated Limited Section 9.1 Liability Company Agreement, 1992 Trust for Joshua Larry Berg dated as of October 26, 2000 Max Black Leon D. Black 1992 Trust for Benjamin Eli Black Peter Copses 1992 Trust for Alexander John Hannan Samuel Black Joshua Harris 1992 Trust for Victoria EAST 7795002 B-2 EFTA01127779  Rachel Black Marc Rowan Apollo Co-Investors V (EH), Black Family 1997 Trust Leon D. Black Amended and Restated Limited Section 9.1 LLC Liability Company Agreement, 1992 Trust for Joshua John Hannan dated as of October 20, 2003 Max Black 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Co-Investors VI (A), 1992 Trust for Joshua Apollo Management VI, L.P. Amended and Restated Limited Section 9.1 LIL Max Black Liability Company Agreement, dated as of October 26, 2005 1992 Trust for Benjamin Eli Black 1992 Trust for Alexander Samuel Black 1992 Trust for Victoria Rachel Black Apollo Co-Investors VI (EH- Leon Black Apollo Advisors VI (Elf-GP), Limited Liability Company Section 16 GP), LLC Lid. Agreement, dated as of July II, 2006 EAST 7795002 B-3 EFTA01127780  ANNEX C Name of Company Name of Assinnor Directors Charter Document(s) . Transfer Provisions Apollo Capital Management Leon D. Black Leon D. Black Certificate of Incorporation filed Bylaws Section 5 IV, Inc. November 13, 1997 John Haman Amended and Restated Bylaws Apollo Capital Management Leon D. Black Leon D. Black Certificate of Incorporation filed Bylaws Section 5 V, Inc. May 5, 2000 John Hinnan Amended and Restated Bylaws Apollo Advisors VI (EH-GP), Leon D. Black Leon D. Black Memorandum & Articles of Sections 31-24 Ltd. Association dated as of 22n° September, 2005 AAA MIP Limited Leon D. Black Leon D. Black Articles of Association dated as Section 10 \ of June 6, 2006 Josh Harris Brooks Newmark AAA Guernsey Limited Leon D. Black Leon D. Black Articles of Association dated as Section 10 of May 31, 2006 Josh Harris Marc Rowan Paul Guilbert Rupert Dorey Louise MoBain Benoi Suchodolski EAST 7795002 C-I EFTA01127781 CASH RECONCILIATION-2007 BFP 5492 BFP 0135 Lt3Fal a/c 4548 LIESI/14662 TOTAL 7-Apr S 431695,805 dep-Loan proceeds $ 431,696,805 $ (50.000.000) loan taken S (32,000,000) KUE funded S 2,308,409 add Dep7/11 5,312 add Dep7/11 S 12.200.000 interesl Set- >Aye prSe4- $ 8,654.879 July inc - 81(13$ Ot 17-Jul S (394422) cap calls S 460,545,600 strategic sale proceeds S 4,063,547 Aug income $ (100.000.000)loan taken 8/14 S (982.881) cap call S (20600.000) loan taken9/17 (5.006000) wd 9/28 $ (10.000.000)PFPC funded S 1,346,261 Oct Inc $ (5,000,000)loan taken 11/6 S 2.313.366 Nov inc $ (20.000.000)loan taken 11/5 S (713,514) cap calls $ (20.000.000)loan taken 11/8 $ (819.068) Cap calls $ (25.0octooc) cap WO 11/28 —7 pa-- 44.41 , s 3 121.198 Deem S (15.000.000) loan taken 12/10 ;iv .P4" A *us_ p.„,,,,,Lon • (900,000) HAO Cap funded $ (2.000.000) (Crete funded 27-Dec S (56,247,125) DecGRAT pay $ (50.000.000) LonePine funded $ 7.500,000 Interest 12/31/2007 S 8,641,514 balance $ 308,718,330 balance $ 200,057,582 balance S 517,717,426 EFTA01127782  List of Ownership Pre-Roll Up int. S≥ 1"%y--ti Judah Investment Trust A - Apollo Management III, LP Judah Investment Trust B - Apollo Management IV, LP Judah Investment Trust C - Apollo Management V, LP Judah Investment Trust D - Apollo Management VI, LP Judah Investment Trust E - Apollo Investment Management Judah Investment Trust F - Value Management Judah Investment Trust G - SW Management Judah Investment Trust H - Asia Management Judah Investment Trust I - Europe Management Judah Investment Trust J - Apollo Alternative Assets, LP Judah Investment Trust K - 142/492.86 points in Advisors VI Judah Investment Trust L - 379.5/625.9 points in Advisors IV - 3.41%/18.91% of Co-Investors IV Judah Investment Trust M - 351.86/503.59 points in Advisors V • Judah Investment Trust N - 350.86/492.86 points in Advisors VI Judah Investment Trust O - AAA Associates Leon D. Black Investment Trust A - 151.73/503.59 points in Advisors V Black Family 1997 Trust - 246.4/625.9 points in Advisors VI - 5.65%/23.1% of Co-Investors V - 7.5%/19.91% of Co-investors IV 4 Separate 1992 Trusts for Kids - Value Advisors - AIC Co-Investors - Value Co-Investors - Co-Investors VI - 17.45%/23.1% of Co-Investors V 4 Separate 1988 Trusts for Kids - 8%/18.91% of Co-Investors IV Leon Black (individually) - SVF Advisors - Asia Advisors - SOMA Advisors EFTA01127783 Black Family Partners - Ownership Percentages Ownership percentages within LBF Holdings (transfers occurred on April 19. 2007): Total Proceeds 4/16/2007 Valuation JPM Loan Proceeds Strategic Proceeds Adel 2007 income From BFP LBF Holdings LLC Judah Investment Trust A (AM III) 0 0.000% 5 - S - $ • $ - Judah Investment Trust B (AM IV) S 838,243 0.088% 0.124% S 536,199 $ 384,540 $ 7,715 $ 392.254 Judah Investment Trust C (AM V) S 3.100,119 0.326% 0.457% 5 1.983,065 S 1,422.164 $ 28.531 $ 1.450.695 Judah Investment Trust 0 (AM VI) S 49236,845 5.178% 7.255% S 31.495,360 S 22,587.152 $ 453,139 $ 23.040,291 Judah Investment Trust E (AIM) S 206.673,688 21.734% 30.455% S 132.203.071 S 94.810.501 S 1,902.071 S 96.712.573 Judah Investment Trust F (Value) $ 14.746,190 1.551% 2.173% S 9.432303 $ 6.764.740 $ 135,713 S 6.900,453 Judah Investment Trust G (SW) $ 104,220.741 10.960% 11358% S 66.666.938 S 47.810.734 S 142685 959,170 S 48,769,904 Judah Investment Trust H (Asia) S 15.503.790 1.630% 2.285% S 9.917.318 S 7.112.285 $ 7.254,970 Judah Investment Trust I (Europe) $ 163357.015 17.221% 24.131% S 104.750.539 $ 75.122,696 S 1.507,098 $ 76.629.794 Judah Investment Trust J (AAA) 5 120,539,149 12.678% 17.763% 5 77,105,343 $ 55.296.720 5 1,109,353 $ 56.406.073 Goodwill S 272.320.082 28.637% 5 Total: $ 950,935,862 100.000% 100.000% S 434.090,527 S 311,311,531 $ 6.245.477 5 317.553008 $ 434,090.527 S 311.311.531 $ 8.245,477 5 317.557,008 % of LBF w/c• GW 71.383% $ Ownership percentages of Black family Partners (transfers occurred on Juno 7, 2007): Strategic Proceeds Addl 2007 Income Total Proceeds LBF Holdings LLC $ 851,690.121 67.60% 5 311.311.531 $ 8.245.477 $ 317,557,008 Judah Investment Trust K (AA VI) 5 19,861,216 1.58% S 7.259.713 S 145,643 $ 7,405.356 Judah Investment Trust L S 24,098,404 1.91% 5 8.808.498 S 178,715 S 8,985,213 Judah Investment Trust M 5 58,791,672 4.67% S 21.489.653 S 431.122 S 21.920.775 Judah Investment Trust N $ 49,073,968 3.89% 5 17.937.625 $ 359.861 $ 18,297.487 Judah Investment Trust 0 $ 53,838,110 4.27% S 19,679.017 S 394.797 S 20,073,814 Leon D. Black Investment Trusts A $ 25,352,301 2.01% S 9.266.825 $ 185.909 $ 9,452,735 Black family 1997 Trust $ 23,274.198 1.85% S 8.507.233 S 170.671 S 8,677.904 4 separate 1992 trusts for Leon Black's children $ 72,431,735 5.75% 5 28.475.397 S 531,145 S 27,008.542 4 separate 1988 trusts for Leon Black's children S 3,215.230 0.26% 5 1.175,238 $ 23.577 5 1,198,815 Leon Black (individually) S 78.339.645 6.22% S 28.634.869 $ 574.488 S 29.209.336 TOTAL: S 1.259.986.621 100.00% 5 460,545,600 5 9,239,384 S 469,784.984 $ 469,784,984 % w/o LB 93.78% EFTA01127784  \ttlt de% Work Product Privileged and Confidential Weil, Gotshal & Manges LLP MEMORANDUM November 28, 2007 To: Leon Black cc: Tom Turrin John Suydam From: Carlyn McCaffrey Elyse Kirschner Re: December 2007 Annuity Payments from 2006 GRATs By December 20, 2007, the trustees of each of the eleven (11) grantor retained annuity trusts ("GRATs") Leon established on December 21, 2006 are required to make an annuity payment to Leon. Based on the appraisals of the assets Leon transferred to the GRATs prepared by Empire Valuation Consultants and Ernst & Young, the 2007 annuity payments from the GRATs are as follows: Judah Investment Trust A: $ 22914'1/5 Judah Investment Trust B: S 703.869.77 Judah Investment Trust C: $ 1,829,070.02 Judah Investment Trust D: $ 22.603,141.76 Judah Investment Trust E: 5112,520,025.88 Judah Investment Trust F: $ 4,758,556.16 Judah Investment Trust G: $ 43,124,415.21 Judah Investment Trust H: $ 10,310,205.01 Judah Investment Trust I: $ 48,973,473.82 Judah Investment Trust J: $ 39,902,476.14 Judah Investment Trust K: $ 5.222,185.76 TOTAL: 5290,175,53i68 VA WIG A NYI:\I 5287770RWRMI0MP0O26504.0001 EFTA01127785  Please note that by December 20, 2007 each GRAT should have distributed to Leon an aggregate amount of assets equal to the amount of its required annuity payment. If a GRAT distributed to Leon the operating profits earned by the Apollo interests held in the GRAT during the course of the year, the annuity amount payable to Leon on December 20th should be reduced by the amount of such operating profits he received during the year. If you have any questions, please call Carlyn at or Elyse at As part of its effort to curb tax shelters, the Internal Revenue Service recently issued regulations that impose sanctions on attorneys who provide informal written tax advice without prominently disclosing that the advice cannot be relied upon by the taxpayer for the purpose of avoiding penalties. Because this memorandum contains a discussion of tax issues that we do not believe warrants the significant additional time or expense that would be involved in the preparation of a formal opinion that complies with the IRS rules, we include the relevant IRS disclosure, below. If you would like us to prepare a formal tax opinion on which you may rely for penalty relief, please let us know, and we can discuss the cost of preparing one. * * * * IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. For more information about this notice, see http://www.weil.com/circular230/article.hunl * * * * CSMcC/EGK NY I:11528777bl\WRNII0IL000.26504.0001 2 EFTA01127786 Summary of 2007 Annuity Payments Net Annuity Payments Namo of GRAT 8.00a2aLlIm lat0.20%.066.1294 Loan Intermit Due Due to Leon 1 Judah Investment Trust A 2 Judah Investment Trust B $ 703.86677 $ 703.869.77 3 Judah Investment Trust C S 1.829.070.02 5 1,829,070.02 4 Judah Investment Trust D $ 22.603.141.76 $ (20.030.000) $ (653,726) S 1,949,416.23 5 Judah Investment Trust E $ 112,520,025.88 $ (100,000,000) $ (2.198.%0) S 10,321,395.74 6 Judah Investment Trust F $ 4258058.18 S 4,768056.16 7 Judah Investment Trust G $ 43.124.415.21 $ (40000000) $ (416,274) $ 2,708,141.24 8 Judah investment Trust H $ 16316205.01 $ (5.000.000) $ (163,432) $ 6,148,773.60 9 Judah Investment Trust I $ 48073.47302 5 (40030,000) 5 (112,863) $ 8,860,610.81 10 Judah Investment Trust J $ 39.902.476.14 $ (25,000,000) S (155,370) $ 14,747,106.27 11 Judah Investment Trust K $ 5.222.185.76 S 5.222.185.76 Total $ 289,47.41933 S (230003060)