EFTA01139951.pdf

CASHFLOW UPDATE - Oct 24th TRUSTS BFP APO1 APOZ LOB 2014 current BofA balance $12.7mil 2.Smil current balance $7.5mi1 current bal $6.3mi1 $5.7mi1 1PM balance 10.Omil 69.Smil APO dist 11/30 $.75 /sh 7.Omil LOB 2011 bal 12/4 annuity 39.0mil (70.0m11) pre annuity dist to LPs 12/3 (2mi1) art purchases 4Q household (3.0mil) 5.6mil APO dist 12/15 $0.07 (2.7mil) Phaidon/RA••• (11.3mi1) Phaidon/RA°• • charitable contrib• (10mil) FO expenses (3.5mil) 4Q Phaidon/RA (0.3mi1) 40 ArtSpace int payment to APOI (7mi1) 3.2mi1 Heritage payment 8.75mi1 12/3 BFP dist 5.Omil 12/3 BFP dist 14.Omil repay of Phaidon line by Trusts 7mi1 12/31int pay from LB 12/31 proj balance 41.7mil 24.1mil 13.3mil 3.45mi1 10.7mil IQhousehold (3m11) 10 loan int (1.6mi1) 16mil Timber sale proceeds (2mil) 10 townhouse (1mil) 1QArtspace 1/15/2015 est taxes (37mi1) (10mil) FCI cap call ?timing• (7mi1) SH 1/24 annuity 16.0mil (5mil) COF III cap call ?timing Townhouse IQ (lmil) (.8mi1) FO expenses Boat/plane (2mII) 42.6mil APO dist 2/28/15 $).46/sh 3/3 annuity 27.5mil (42mil) pre annuity distribution 5.325m11 BFP dist 3.Omil BFP dist bal of int pay to APO1 (10mil) 10mil bal of int pay from LB 3/31/15 proj bal 30.6mi1 24.8mil 21.3mi1 (0.8mII) 13.0mil Townhouse 2Q (2m11) 25mil TRA/Gross up (4m11) 2Q townhouse (1mi1) ArtSpace April 15 tax (17mil) use taxes (5.0mil) proj 4/16 bal. 6.6mil 49.8mi1 (40rnil) Athene cap call 21115 $11mil COF dist of bal ?timing (8mil) Miami - Dec '15 potential addl - art sale proceeds 4Q Phaidon/RA represents immediate working cap need in 4Q14 •assumes $7mi1 Dartmouth pledge is pd in stock "cash infusion from trusts to pay off existing credit facility plus check: $5mi1 to MOMA, $3.5mil to MRA,mIsc yr end gifts and transition to direct funding from the Trusts thru PLB "some chance of FCI cap call in 4QI4 rather than 1Q15 if portfolio acq is consumated Townhouse CAM Acct funded with $3mi1 for 14 and $6mil for 2Ct remember gets funded 1/3 LOB 2/3 APO1 other cash-Debra B of A $6.7m11 1PM 6.Omil EFTA01139951