LDB/ DRB

TAX SUMMARY & BRH CASH FLOW

<table><tr><th>FY 2013-2016</th><th></th><th>FY 2015</th><th>FY 2015

W/PHAIDON</th><th></th><th>FY 2016</th><th>FY 2016
W/PHAIDON</th></tr><tr><td>TAX SUMMARY</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">ORDINARY INCOME</td><td></td></tr><tr><td>BRH</td><td></td><td>31,290,000</td><td>31,290,000</td><td></td><td>69,844,000</td><td>69,844,000</td></tr><tr><td>TRA</td><td></td><td>8,126,000</td><td>8,126,000</td><td></td><td></td><td></td></tr><tr><td>APOLLO</td><td></td><td>2,364,000</td><td>2,364,000</td><td></td><td>2,000,000</td><td>2,000,000</td></tr><tr><td>FORMER APOLLO/ OTHER</td><td></td><td>7,006,000</td><td>7,006,000</td><td></td><td>3,500,000</td><td><u>3,500,000</u></td></tr><tr><td>TOTAL ORDINARY</td><td></td><td>48,786,000</td><td>48,786,000</td><td></td><td>75,344,000</td><td>75,344,000</td></tr><tr><td>SHORT TERM CAP GAIN</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>BRH</td><td></td><td>(124,000)</td><td>(124,000)</td><td></td><td></td><td></td></tr><tr><td>APOLLO</td><td></td><td>(1,543,000)</td><td>(1,543,000)</td><td></td><td></td><td></td></tr><tr><td>NON/FORMER APOLLO</td><td></td><td>1,171,000</td><td>1,171,000</td><td></td><td></td><td></td></tr><tr><td>TOTAL STCG</td><td></td><td>(496,000)</td><td>(496,000)</td><td></td><td></td><td></td></tr><tr><td>QUAL DIVIDENDS (20%)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>BRH</td><td></td><td>3,719,000</td><td>3,719,000</td><td></td><td>2,000,000</td><td>2,000,000</td></tr><tr><td>APOLLO</td><td></td><td>17,000</td><td>17,000</td><td></td><td></td><td></td></tr><tr><td>FORMER APOLLO/ OTHER</td><td></td><td>300,000</td><td>300,000</td><td></td><td>315,000</td><td>315,000</td></tr><tr><td>TOTAL QDI</td><td></td><td>4,036,000</td><td>4,036,000</td><td></td><td>2,315,000</td><td>2,315,000</td></tr><tr><td>LT CAP GAIN (20%)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>BRH</td><td></td><td>38,190,000</td><td>38,190,000</td><td></td><td>29,193,000</td><td>29,193,000</td></tr><tr><td>TRA</td><td></td><td>9,415,000</td><td>9,415,000</td><td></td><td></td><td></td></tr><tr><td>APOLLO</td><td></td><td>3,135,000</td><td>3,135,000</td><td></td><td>4,000,000</td><td>4,000,000</td></tr><tr><td>FORMER APOLLO/ OTHER</td><td></td><td>3,506,000</td><td>3,506,000</td><td></td><td>4,000,000</td><td>4,000,000</td></tr><tr><td>PHAIDON (51%/49%)</td><td></td><td></td><td>(31,954,000)</td><td>b</td><td></td><td>(30,701,000)</td></tr><tr><td>ART</td><td></td><td>1,966,000</td><td>1,966,000</td><td></td><td></td><td></td></tr><tr><td>TOTAL LTCG</td><td></td><td>56,212,000</td><td>24,258,000</td><td></td><td>37,193,000</td><td>6,492,000</td></tr><tr><td>ADJUSTED GROSS INCOME (AGI)</td><td></td><td>108,538,000</td><td>76,584,000</td><td></td><td>114,852,000</td><td>84,151,000</td></tr><tr><td>ITEMIZED DEDUCTIONS</td><td></td><td>77,111,000</td><td>76,680,692</td><td></td><td>52,989,250</td><td>50,008,250</td></tr><tr><td>TAXABLE INCOME</td><td></td><td>31,427,000</td><td>(96,692)</td><td></td><td>61,862,750</td><td>34,142,750</td></tr><tr><td>TAX-ALTERNATIVE MINIMUM TAX (AMT)</td><td></td><td>12,852,000</td><td>6,461,000</td><td></td><td>17,373,000</td><td>11,233,000</td></tr><tr><td>TAX-MEDICARE (3.8%)</td><td></td><td>1,760,000</td><td>750,000</td><td></td><td>1,550,000</td><td>570,000</td></tr><tr><td>TAX DEFFERAL-PFIC</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL FEDERAL TAX</td><td></td><td>14,612,000</td><td>7,211,000</td><td></td><td>18,923,000</td><td>11,803,000</td></tr><tr><td>STATE INCOME TAX</td><td></td><td>12,610,000</td><td>8,550,000</td><td></td><td>13,530,000</td><td>9,630,000</td></tr><tr><td>TOTAL FEDERAL AND STATE INCOME TAX</td><td></td><td>27,222,000</td><td>15,761,000</td><td></td><td>32,453,000</td><td>21,433,000</td></tr><tr><td>EFFECTIVE TAX RATE</td><td></td><td>36.92%</td><td>37.73%</td><td></td><td>36.87%</td><td>37.38%</td></tr><tr><td>a FED + STATE TAX OVER AGI
b SALES PRICE $4MM</td><td>LESS CHARITY</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="7">BRH CASH FLOW TO TAXABLE INCOME</td></tr><tr><td>BRH TAXABLE INCOME</td><td></td><td>67,760,000</td><td>67,760,000</td><td></td><td>95,573,000</td><td>95,573,000</td></tr><tr><td>BRH CASH DISTRIBUTION (ACCRUED BASIS)</td><td></td><td>127,960,000</td><td>127,960,000</td><td></td><td>133,527,000</td><td>133,527,000</td></tr></table>

## LOB/ DRB
ITEMIZED DEDUCTIONS
FY 2013 - 2016

<table><tr><th rowspan="2">ITEMIZED DEDUCTIONS</th><th>FY 2015</th><th>FY 2015</th><th>FY 2016</th><th>FY 2016</th></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td>STATE INCOME TAX</td><td>33,102,000</td><td>31,715,692</td><td>13,530,000</td><td>9,630,000</td></tr><tr><td>REAL ESTATE TAX</td><td>1,128,000</td><td>1,128,000</td><td>1,378,000</td><td>1,378,000</td></tr><tr><td>TOTAL TAX</td><td>34,230,000</td><td>32,843,692</td><td>14,908,000</td><td>11,008,000</td></tr><tr><td>CHARITY-CASH FOUNDATION (30% AGI)</td><td>14,100,000</td><td>14,100,000</td><td>2,250,000</td><td>2,250,000</td></tr><tr><td>CHARITY CASH PUBLIC (50% AGI)</td><td>19,690,000</td><td>19,690,000</td><td>24,570,000</td><td>24,570,000</td></tr><tr><td>CHARITY NON-CASH FOUNDATION (20% AGI)</td><td>1,021,000</td><td>1,021,000</td><td></td><td></td></tr><tr><td>CHARITY NON-CASH PUBLIC (30% AGI)</td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CHARITY</td><td>34,811,000</td><td>34,811,000</td><td>26,820,000</td><td>26,820,000</td></tr><tr><td>INTEREST EXP - COOP</td><td>18,000</td><td>18,000</td><td>18,000</td><td>18,000</td></tr><tr><td>INTEREST EXP-ART LOAN</td><td>7,000,000</td><td>7,000,000</td><td>11,215,250</td><td>11,215,250</td></tr><tr><td>INTEREST EXP BRH</td><td>3,464,000</td><td>3,464,000</td><td>3,464,000</td><td>3,464,000</td></tr><tr><td>INTEREST EXP APOLLO</td><td>705,000</td><td>705,000</td><td></td><td></td></tr><tr><td>INTEREST EXP OTHER</td><td>130,000</td><td><u>130,000</u></td><td></td><td></td></tr><tr><td>TOTAL INTEREST EXP</td><td>11,317,000</td><td>11,317,000</td><td>14,697,250</td><td>14,697,250</td></tr><tr><td colspan="3">MISC EXP INCL DEDUCTIONS LIMITED TO 2% AGI</td><td></td><td></td></tr><tr><td>DISALLOWANCE -3% AGI</td><td><u>(3,247,000)</u></td><td><u>(2,291,000)</u></td><td><u>(3,436,000)</u></td><td><u>(2,517,000)</u></td></tr><tr><td>TOTAL ITEMIZED DED</td><td>77,111,000</td><td>76,680,692</td><td>52,989,250</td><td>50,008,250</td></tr></table>