Recognition of Tufts Gain in Exchanges
Recognition of Tufts Gain in Exchanges
► Provided that the $1B of debt remains outstanding as structured currently (i.e., no
personal guarantees by individuals, no guarantee by AGM, etc.), the $800M of gain deferred
from the 2007 distribution will be recognized over time as founders exchange APP interests.
As that gain is recognized, additional basis step-up will be delivered to APO Corp., resulting
in additional future TRA benefits payable to founders.
► The following examples were prepared using certain assumptions, including:
► No changes in current law corporate or individual tax rates
► Blended tax rate for individuals of 35% (portion ordinary, portion
subject to 3.8% NIl tax, etc.)
► Combined federal and state corporate tax rate of 40%
► Discount rate of 7.5%
► Net sales price per unit of $22 on all sales (and excludes future
dividends)
► Assumes APO Corp. has income to currently utilize deductions
attributes on a current basis
El ERNST & YOUNG Qualify In Uverylhing We Do
Page 1
EFTA00605877
Recognition of Tufts Gain in Exchanges Sale of 7.5% of Interests and Recognition of 7.5% of Tufts Gain
LB (Amounts in Millions)
MR JH Total
Equity Cash Proceeds ($22/unit) $152.0 $96.7 $96.7 $345.4
Cash Taxes on Equity Proceeds (35% effective rate) 53.2 33.9 33.9 120.9
Gain Recognized - Tufts Gain 26.4 16.8 16.8 60.0
Cash Taxes on Tufts Gain (35% effective rate) 9.2 5.9 5.9 21.0
Total Cash Taxes 62.4 39.7 39.7 141.9
Net After-Tax Equity Cash Proceeds $89.5 $57.0 $57.0 $203.5
Effective Tax Rate (Equity + Tufts Gain) 41.1% 41.1% 41.1% 41.1%
NPV of After-Tax TRA Payments (i 7.5% Discount Rate)
NPV of After-Tax TRA Payments - Cash Equity Sales $18.3 $11.7 $11.7 $41.7
NPV of After-Tax TRA Payments - Tufts Gain $4.9 $3.1 $3.1 $11.1
NPV Total After-Tax TRA Payments $23.2 $14.8 $14.8 $52.8
NPV Value (After-Tax Proceeds + TRA Value) $112.8 $71.8 $71.8 $256.3
(1) Excludes future dividends; assumes $22 per share net price only.
El ERNST & YOUNG Quality In Everything We Do
Page 2
EFTA00605878
Recognition of Tufts Gain in Exchanges Sale of 7.5% of Interests Annually From 2013 Through 2016 and Sale of Remaining 70% in 2017 With Tufts Gain Recognized
Ratably
LB (Amounts in Millions)
MR JH Total
Total Equity Cash Proceeds ($22/unit) (1) $2,026.4 $1,289.5 $1,289.5 $4,605.5
Total Cash Taxes on Equity (35% effective rate) 709.2 451.3 451.3 1,611.9
Total Gain Recognized - Tufts Gain 352.0 224.0 224.0 800.0
Total Cash Taxes on Tufts Gain (35% effective rate) 123.2 78.4 78.4 280.0
Total Cash Taxes 832.4 529.7 529.7 1,891.9
Net After-Tax Equity Cash Proceeds $1,194.0 $759.8 $759.8 $2,713.5
Effective Tax Rate (Equity + Tufts Gain) 41.1% 41.1% 41.1% 41.1%
NPV Summary @ 7.5% Discount Rate
Total Equity Cash Proceeds (@ 7.5% Disc.) (1) $1,609.1 $1,024.0 $1,024.0 $3,657.1
Total Cash Taxes on Equity Proceeds 563.2 358.4 358.4 1,280.0
Total Gain Recognized - Tufts Gain 279.5 177.9 177.9 635.3
Total Cash Taxes on Tufts Gain (35% effective rate) 97.8 62.3 62.3 222.3
Total Cash Taxes 661.0 420.7 420.7 1,502.3
NPV of Net After-Tax Equity Cash Proceeds $948.1 $603.3 $603.3 $2,154.8
NPV of After-Tax TRA Payments (@ 7.5% Discount Rate)
NPV of After-Tax TRA Payments - Cash Equity Sales $194.1 $123.5 $123.5 $441.1
NPV of After-Tax TRA Payments - Tufts Gain 51.8 33.0 33.0 117.8
NPV Total After-Tax TRA Payments $245.9 $156.5 $156.5 $558.9
Total NPV Value (After-Tax Proceeds + TRA Value) 1.194.0 759.8 759.8 2.713.7
(1) Excludes future dividends; assumes $22 per share net price only.
El ERNST & YOUNG Quality hi Everything We Do
Page 3
EFTA00605879
Deferral of Tufts Gain Through Guarantees
► A personal guarantee of the debt by the founders will avoid recognition of any Tufts gain on annual
exchanges and defer such gain until the guarantee is eliminated. This deferral of gain will also defer
any TRA benefits associated with the Tufts gain, and may result in an elimination of those TRA benefits
altogether based on the current TRA agreement (although consideration should be given to amending
the TRA agreement to avoid this result).
► Even in the worst case scenario, where all TRA benefits related to the Tufts gain are lost, the NPV of
the deferral of taxes on the Tufts gain may exceed the NPV of the lost TRA benefits, depending on the
period over which the Tufts gain is deferred and the discount rate used.
► The following examples were computed using assumptions consistent with previous examples,
modified by the following:
► Assumes personal guarantee of debt (and, therefore, no recognition of Tufts gain) until sale of
final interest in APP.
► Assumes worst case scenario — that TRA agreement is not amended and that no TRA benefits
are paid to the founders for basis step-up to APO Corp. related to the Tufts gain
U ERNST & YOUNG Quality In Everything We Do
Page 4
EFTA00605880
Deferral of Tufts Gain Through Guarantees Sale of 7.5% of Interests and Deferral of 7.5% of Tufts Gain for 20 Years
LB (Amounts in Millions)
MR JH Total
Total Equity Cash Proceeds ($22/unit) (1) $152.0 $96.7 $96.7 $345.4
Total Cash Taxes on Equity (35% effective rate) 53.2 33.9 33.9 120.9
Total Gain Recognized - Tufts Gain (In 2032) 26.4 16.8 16.8 60.0
Total Cash Taxes on Tufts Gain (35% effective rate) 9.2 5.9 5.9 21.0
Total Cash Taxes 62.4 39.7 39.7 141.9
Net After-Tax Equity Cash Proceeds $89.5 $57.0 $57.0 $203.5
Effective Tax Rate (Equity + Tufts Gain) 41.1% 41.1% 41.1% 41.1%
NPV Summary @ 7.5% Discount Rate
Total Equity Cash Proceeds (@ 7.5% Disc.) (1) $152.0 $96.7 $96.7 $345.4
Total Cash Taxes on Equity Proceeds 53.2 33.9 33.9 120.9
Total Gain Recognized - Tufts Gain 6.7 4.2 4.2 15.2
Total Cash Taxes on Tufts Gain (35% effective rate) 2.3 1.5 1.5 5.3
Total Cash Taxes 55.5 35.3 35.3 126.2
NPV of Net After-Tax Equity Cash Proceeds $96.5 $61.4 $61.4 $219.2
NPV of After-Tax TRA Payments (@ 7.5% Discount Rate)
NPV of After-Tax TRA Payments - Cash Equity Sales $18.3 $11.7 $11.7 $41.7
NPV of After-Tax TRA Payments - Tufts Gain 0.0 0.0 0.0 0.0
NPV Total After-Tax TRA Payments $18.3 $11.7 $11.7 $41.7
Total NPV Value (After-Tax Proceeds + TRA Value) w/Guarantee 114.8 73.1 73.1 260.9
Total NPV Value (After-Tax Proceeds + TRA Value) No Guarantee 112.8 71.8 71.8 256.3
Benefit/Detriment of Guarantee 2.0 1.3 1.3 4.6
El ERNST & YOUNG Quality In Everything We Do
Page 5
EFTA00605881
Deferral of Tufts Gain Through Guarantees Sale of 7.5% of Interests and Deferral of 7.5% of Tufts Gain for 5 Years
LB (Amounts in Millions)
MR JH Total
Total Equity Cash Proceeds ($22/unit) (1) $152.0 $96.7 $96.7 $345.4
Total Cash Taxes on Equity (35% effective rate) 53.2 33.9 33.9 120.9
Total Gain Recognized - Tufts Gain (In 2017) 26.4 16.8 16.8 60.0
Total Cash Taxes on Tufts Gain (35% effective rate) 9.2 5.9 5.9 21.0
Total Cash Taxes 62.4 39.7 39.7 141.9
Net After-Tax Equity Cash Proceeds $89.5 $57.0 $57.0 $203.5
Effective Tax Rate (Equity + Tufts Gain) 41.1% 41.1% 41.1% 41.1%
NPV Summary @ 7.5% Discount Rate
Total Equity Cash Proceeds (@ 7.5% Disc.) (1) $152.0 $96.7 $96.7 $345.4
Total Cash Taxes on Equity Proceeds 53.2 33.9 33.9 120.9
Total Gain Recognized - Tufts Gain 19.8 12.6 12.6 44.9
Total Cash Taxes on Tufts Gain (35% effective rate) 6.9 4.4 4.4 15.7
Total Cash Taxes 60.1 38.3 38.3 136.6
NPV of Net After-Tax Equity Cash Proceeds $91.9 $58.5 $58.5 $208.8
NPV of After-Tax TRA Payments (@ 7.5% Discount Rate)
NPV of After-Tax TRA Payments - Cash Equity Sales $18.3 $11.7 $11.7 $41.7
NPV of After-Tax TRA Payments - Tufts Gain 0.0 0.0 0.0 0.0
NPV Total After-Tax TRA Payments $18.3 $11.7 $11.7 $41.7
Total NPV Value (After-Tax Proceeds + TRA Value) w/Guarantee 110.2 70.1 70.1 250.5
Total NPV Value (After-Tax Proceeds + TRA Value) No Guarantee 112.8 71.8 71.8 256.3
Benefit/Detriment of Guarantee (2.6) (1.6) (1.6) (5.8)
El ERNST & YOUNG Qualify in Everything We 1)o
Page 6
EFTA00605882
Deferral of Tufts Gain Through Guarantees Sale of 7.5% of Interests Annually From 2013 Through 2016 and Sale of Remaining 70% in 2017 With Tufts Gain Recognized
Entirely in 2017 (5 Year Deferral)
LB (Amounts in Millions)
MR JH Total
Total Equity Cash Proceeds ($22/unit) (1) $2,026.4 $1,289.5 $1,289.5 $4,605.5
Total Cash Taxes on Equity (35% effective rate) 709.2 451.3 451.3 1,611.9
Total Gain Recognized - Tufts Gain (In 2017) 352.0 224.0 224.0 800.0
Total Cash Taxes on Tufts Gain (35% effective rate) 123.2 78.4 78.4 280.0
Total Cash Taxes 832.4 529.7 529.7 1.891.9
Net After-Tax Equity Cash Proceeds $1,194.0 $759.8 $759.8 $2,713.5
Effective Tax Rate (Equity + Tufts Gain) 41.1% 41.1% 41.1% 41.1%
NPV Summary @ 7.5% Discount Rate
Total Equity Cash Proceeds (@ 7.5% Disc.) (1) $1,609.1 $1,024.0 $1,024.0 $3,657.1
Total Cash Taxes on Equity Proceeds 563.2 358.4 358.4 1,280.0
Total Gain Recognized - Tufts Gain 264.4 168.3 168.3 600.9
Total Cash Taxes on Tufts Gain (35% effective rate) 92.5 58.9 58.9 210.3
Total Cash Taxes 655.7 417.3 417.3 1,490.3
NPV of Net After-Tax Equity Cash Proceeds $953.4 $606.7 $606.7 $2,166.8
NPV of After-Tax TRA Payments (@ 7.5% Discount Rate)
NPV of After-Tax TRA Payments - Cash Equity Sales $194.1 $123.5 $123.5 $441.1
NPV of After-Tax TRA Payments - Tufts Gain 0.0 0.0 0.0 0.0
NPV Total After-Tax TRA Payments $194.1 $123.5 $123.5 $441.1
Total NPV Value (After-Tax Proceeds + TRA Value) w/Guarantee 1,147.5 730.2 730.2 2,607.9
Total NPV Value (After-Tax Proceeds + TRA Value) No Guarantee 1,194.0 759.8 759.8 2,713.7
Benefit/Detriment of Guarantee (46.6) (29.6) (29.6) (105.8)
El ERNST &YOUNG Quality In Everything We Do
Page 7
EFTA00605883
Deferral of Tufts Gain Through Guarantees Sale of 7.5% of Interests Annually From 2013 Through 2016, Sale of 69% in 2017 and Sale of Remaining 1% in 2032 With Tufts
Gain Recognized Entirely in 2032 (20 Year Deferral)
LB (Amounts in Millions)
MR JH Total
Total Equity Cash Proceeds ($22/unit) (1) $2,026.4 $1,289.5 $1,289.5 $4,605.5
Total Cash Taxes on Equity (35% effective rate) 709.2 451.3 451.3 1,611.9
Total Gain Recognized - Tufts Gain (In 2032) 352.0 224.0 224.0 800.0
Total Cash Taxes on Tufts Gain (35% effective rate) 123.2 78.4 78.4 280.0
Total Cash Taxes 832.4 529.7 529.7 1.891.9
Net After-Tax Equity Cash Proceeds $1,194.0 $759.8 $759.8 $2,713.5
Effective Tax Rate (Equity + Tufts Gain) 41.1% 41.1% 41.1% 41.1%
NPV Summary @ 7.5% Discount Rate
Total Equity Cash Proceeds (@ 7.5% Disc.) (1) $1,599.1 $1,017.6 $1,017.6 $3,634.3
Total Cash Taxes on Equity Proceeds 559.7 356.2 356.2 1,272.0
Total Gain Recognized - Tufts Gain 89.0 56.6 56.6 202.3
Total Cash Taxes on Tufts Gain (35% effective rate) 31.1 19.8 19.8 70.8
Total Cash Taxes 590.8 376.0 376.0 1,342.8
NPV of Net After-Tax Equity Cash Proceeds $1,008.3 $641.6 $641.6 $2,291.5
NPV of After-Tax TRA Payments (@ 7.5% Discount Rate)
NPV of After-Tax TRA Payments - Cash Equity Sales $192.9 $122.7 $122.7 $438.3
NPV of After-Tax TRA Payments - Tufts Gain 0.0 0.0 0.0 0.0
NPV Total After-Tax TRA Payments $192.9 $122.7 $122.7 $438.3
Total NPV Value (After-Tax Proceeds + TRA Value) w/Guarantee 1,201.1 764.3 764.3 2,729.8
Total NPV Value (After-Tax Proceeds + TRA Value) No Guarantee 1,194.0 759.8 759.8 2.713.7
Benefit/Detriment of Guarantee 7.1 4.5 4.5 16.1
El ERNST &YOUNG Quality In Everything We Do
Page 8
EFTA00605884
Deferral of Tufts Gain Through Guarantees
Summary of Scenarios
7.5% Discount Rate
Net After-Tax Equity Cash Proceeds
Plus: NPV of After-Tax TRA - Cash Equity Sales
Plus: NPV of After-Tax TRA - Tufts Gain
Less: NPV of Future Tax - Tufts Gain
NPV Value (After-Tax Proceeds + TRA Value)
Difference versus No Deferral
Net After-Tax Equity Cash Proceeds
Plus: NPV of After-Tax TRA - Cash Equity Sales
Plus: NPV of After-Tax TRA - Tufts Gain
Less: NPV of Future Tax - Tufts Gain
NPV Value (After-Tax Proceeds + TRA Value)
Difference versus No Deferral
Net After-Tax Equity Cash Proceeds
Plus: NPV of After-Tax TRA - Cash Equity Sales
Plus: NPV of After-Tax TRA - Tufts Gain
Less: NPV of Future Tax - Tufts Gain
NPV Value (After-Tax Proceeds + TRA Value)
Difference versus No Deferral Leon Black
7.5% Sale NPV of Total Sale
No Deferral 5 yr Def. 20 yr Def. No Deferral 5 yr Def. 20 yr Def.
$89.5 $98.8 $98.8 $948.1 $1,045.9 $1,039.4
18.3 18.3 18.3 194.1 194.1 192.9
4.9 - - 51.8 - -
- (6.9) (2.3) - (92.5) (31.1)
$112.8 $110.2 $114.8 $1,194.0 $1,147.5 $1,201.1
($2.6) $2.0 ($46.6) $7.1
Marc Rowan
7.5% Sale NPV of Total Sale
No Deferral 5 yr Def. 20 yr Def. No Deferral 5 yr Def. 20 yr Def.
$57.0 $62.9 $62.9 $603.3 $665.6 $661.4
11.7 11.7 11.7 123.5 123.5 122.7
3.1 - - 33.0 - -
- (4.4) (1.5) - (58.9) (19.8)
$71.8 $70.1 $73.1 $759.8 $730.2 $764.3
($1.6) $1.3 ($29.6) $4.5
Josh Harris
7.5% Sale NPV of Total Sale
No Deferral 5 yr Def. 20 yr Def. No Deferral 5 yr Def. 20 yr Def.
$57.0 $62.9 $62.9 $603.3 $665.6 $661.4
11.7 11.7 11.7 123.5 123.5 122.7
3.1 - - 33.0 - -
- (4.4) (1.5) - (58.9) (19.8)
$71.8 $70.1 $73.1 $759.8 $730.2 $764.3
($1.6) $1.3 ($29.6) $4.5
El ERNST & YOUNG Qualify In Everything Wr Do
Page 9
EFTA00605885
Blocker Tax Rate 40.0%
Individual Tax Rate 35.0%
Discount Rate 7.5%
JOAN Share of Value 65.0%
Gross Tax Liability for Cash Received 4,605
Tax Liability Per Annum Run-Off 73%
Gross Asset 1,018
Asset Per Annum Run-Off 7.5%
Run-Off Period 15 Yrs
% of 'IRA Benefits Following Amendment 0.0%
EFTA00605886
Tax Deferral Analysis
m mmx,m. unless <Attune noted)
clatarceden Vtruita • IlautneeelA,frili iNsiodo = Alrosilin aI Mont)
!Wake Tax Rate 40%
I raleadual T2,. Rale 39% redivide's' Manta Rate
Dtweam Raw R% Tax Raft 5.0% 73% 100% 119% ISA% 17.5% 201% Tax Ran
ANIII Shut at Vain 650% 250% (5110) ($59) (523) 171 512 522 $211 2.9.0%
Gaon Tn. Landow itt Cash ReCt1“11 4005 273% (101) (00 (16) S 20 29 36 27.5%
Tax I 'able* per Annum Run01 7.9% MO% (91) (00 (8) 14 28 37 43 30.0%
323% 0511 (11) 1 11 16 45 SI 32.5%
Gloss Awl 1118 330% (LIZ (781) (526) 31 45 53 511 33.0%
Ann pet Annum Runt Iff 7.9/* 373% 001 (13) 19 40 53 61 66 37.5%
Run{ HT Penal 15 Yes 4120% (52) (31 26 48 61 69 73 40.0%
2 3 4 3 6 7 0 9 10 11 12
12/111 12/11/14E 12/11/ISE 121)1116E 12/1 1/170 12/1111161 12/11/M1 12/11/201i 12/11/211* 12/1 1/211* 12/111211: 12/11/241.
Tax Labia y Run.O17
duo 130,05 Luau (5120119)
1.930 ($13029)
'tr.. ($120.100
3.495 ($12010) ($1.112223
3.611 3.739 $000
3.079 SOSO
4106 SCA
4214 $0.0)
4.419 MOO
4.662 $0.00
4.959 SOW
5.139 I 12/31/13 %Inane
1 12/31/14 Valero 0.000 I wee 3374 3.495 1611 3.739 3.879 4.036 4.214 4.419 4.662 4.959
3 11/31/15 Vniage 0.000 1.930 3.374 1495 3011 3.739 1579 4036 4214 4.419 4.612
4 11/31/16 Vniage 0.00 0000 1.930 3374 3.495 1611 3.739 3179 4.036 4.214 4419
S 11/31/ Ii Vniage 0.00 .000 0.000 17732 31.038 31152 31224 34.195 35.687 37.130 38765
6 11/31/18 Vniage 0.00 eset0 0.000 0.0)0 0100 0100 QOM 0010 0.000 0.000 MO
7 11/31/19 Vniage 0.000 014)0 0.000 (U.00 0000 0030 QM 0010 0000 0.000 MO
5 11/31/20 Vniage 0.00 eno0 0100 (U00 0.000 00'' WOO 0.0(0 0.(00 0000 0103
9 11/31/21 Vniage 0.00 eno0 0100 (00 0.00 WO, 0.000 0.0(0 0.(00 0.900 MO
It/ 11/31/22 Vniagc 0.00 alai 0.00 (00 0000 (Ii 0401 0.0(0 0.(00 0.900 MO
II 11/31/23 Verann 0.00 alai 0010 (00 0000 Win WOO 0.0(0 0.(00 0.900 MO
12 11/31/24 Vntagc 0.00 alai 0010 0000 OA KO Win WOO 0.0(0 OX00 0.900 MO
13 11/31/23 Vntagc 0.00 alai 0010 0000 0000 Win WOO 0.0(0 0.(00 0.900 0100
14 11/31/26 Venugc 0.00 alai 0010 0000 OA KO u. 0100 0010 0.0/0 0.900 0100
IS 11/31/27 Veteran 0.00 alai 0010 0000 0000 00 . r 0.000 0.0(0 OX00 0.900 0100
16 11/31/28 Vniagc 0.00 alai 0100 0000 0000 Win 0.000 0.0(0 OX00 0.900 0100
17 11/31/29 Verann 0.00 alai 0100 0000 0000 Win WOO 0.0(0 OX00 0.900 0100
IS 11/31/30 Vniagc image alai 0100 0000 0000 Win WOO 0.0(0 OX00 0.900 01300
19 12/31/31 V emagc 0.00 eel*Si 0.1100 0.000 0.00 Win WOO 0.00) 0(00 0.900 0100
20 12,131/32 Vnexec 0.90 IP •• 9 0900 0.000 0180 0.110 00o 0000 MO (IWO 0.00 now
Total Asset Run-Off 1030 5-303 8.798 12.019 31.971 45.762 47417 .0.091 50142 53.017 55092 58.144
Nei Cash Flows (110.964) (113.390) (112.093) (103.431) (1.030.241) 43.762 47.417 50.942 53.017 55332 50.144 09.091
NPV or Cash Taxes 04274
NPV o(TRA Bend*. 5419
NPV or Nei Cash Flows (9990
Model • Cash (20 Year Et° Castanet Rae
3.0%
(167)
O9)
<51)
(42)
(34)
(26)
MO
Ii
12/11/IM
50.00
~I~~~~~~~~~~~~~~~~~~~E
61270 7.5% 10.0%
(531) ($7)
(21) 1
(14) 26
(6) IS
3 27
11 35
19 43
14 IS
12111/26Ii 12/1 1/270
MO) WOO
6.695 1498
5165 6695
5339 5.865
4.959 5.119
42-886 45.619
0010 0.000
0010 0.000
0.000 0000
0.000 0.00
0.000 CWOO
0.000 CWOO
0.000 0.000
0.000 0880
0.000 0880
0.000 0.00
0.000 00:00
0.000 0.(00
0.000 WOO
1000 01.00
1180 0090
65.746 72.016
65.746 72.016
EFTA00605887
Tax Deferral Analysis
."3
Jai».
115x1e. 11.,4 or .120.111.1 -
14.16-41•2 Rae lasmina 311•cmum Ras 414banum Rr
Dawn Ratt T/a 51% 73% MAS 423% ISMS 173% »I% Tails 5.9% 73% 164%
AMU Siint orion 159% 01101 0591 (t5) 11/1 111 123 SU aW 14.1 (1511 In
G0.4 tit 144144v Aa ). Rec. rta 4.401 DJ% <1491 (i91 (16) 1 3> m m 27.9% "41 W) 1
InTan Daua pa Sawn Banal 73% 30ini SI) PA 441 14 P P 41 30,1% ."51) (141 26
32.5% 190 01) I 21 36 45 51 32.5% (61 IS
GTeuil 1214 35.014 (516) (Val (217) 31 41 SI SI 332% 44A I II
.Anery. Amur. Ra 431f 73% 37211 ÅJ (13) 19 4> 51 61 66 31.5% Gm II 33
L.< I« hend IS Yen 48214 "'I ol x• 44 ei 69 ?I Ø am 19 41
4 3 6 9 10 11 12 11 14 15
AY" nLt Mint WSW& Syllllpt ll!lllllR IZLEILLW S1ll1ll9k 12L8/at ItLaalt Il/1l/ut um. >t ucacatWin 4m it/as I1llllaTt
Tax 44,141, 10.02 413>291 013'291 (313)21) (513,291 "132134) PM» sna sna IN» 9>I2 30» IN» IQ») IN»
12,4 31/1S ‘Its. 1 vs) 1 .4.1. Sill 3-7,9. 1 .1.1,1 4i916 4214 4414 4662 4099 5314 3316 6401 RIM
ø31/14311a1, 1111. 3.493 3411 3_739 3279 4036 4214 4419 4,4 4939 5.»1 5.1135 6.695
12444145 Yen. 1444, 1111 n 3314 LIM 3611 3-11.1 31r. 41116 4214 4419 4662 4091 5314 5311
12431//6 Vers. ii,.. I99> 33'4 3,411 3411 3.'31 SCI 41411 4214 4416 4r..: 4.491 5314
12431/1, 316~ 1110. 1111. 1111. 111110 18-9100 31M1 2615 »706 ‘1,11t 37661 Zi V/ 4124: 439)9 443»
124 31/18 Yen. '.. ,..,..) 114.» 11111> ad» ad» 111.• inns 11.1.1» nu. sol» lid»
12451/191444. o4. Mb Oil» Oil» ad» 111.• 111» an» 1111. .3)11> Oil»
12.43142/31~ WIN. Illoil nm) 111111 11110 0.22 1111i. 11110 an» 1110. 111111 n11111
124 31/21 nay nu. 1.11.6 Oils Hill) ad» 111.• 111111 4lø 1111. 111111
12431422~ 111.. in» nu. 1111i. to,, 1110. 111.1
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12!51/a neap Oil. 111111 nag 1111. 111111 ad» 111.• iii 1, 111111 ILI» 1111. 111111
12.4314W•In~ 1110. 11111) 11111) 10» 1110. 11110 n11111) 11.1» 111.. 111111 n1111) to,, 1110. 11111) 11111)
I2.431/Ilia. 111.. 111» 111» 111» II.., n a» no» ad» r..1. Illa» an» an» 1110. 11» no,
124 31/21.4~ 1111. alm (14963 11263 15,55 nav ad» ad» ii,.. ties» ild» ild» 1111. al» aft*
6 124314.,131~
124 31/29 neap .....
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SRA•telsfeefleM
EFTA00605892
Tax Deferral Analysis
( 4. 4.11.4.3.34.143.414440.4 ewe*
100031414
frecke. Rat AM,
leavalaalTrt Roe thaaeum Res
73K NAG Mown Poe Yo IMAM
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Tm loklis pc. Ammon Roo Off 75% 30474 )01 5110 NI 14 26 n 4) MO. -711 041 26
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31.54 /III) (loll) Cr) 31 41 II SS MO% 54) I 11
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11.464111152.4 If Ye. 41014 ,.24 th ZI .4s ea ea
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4 12/11/16 'Amp 1110) 1111$ IIIIS 11310 1140 11%14 11961 09)4 LOP LII19 1.121 1.181 1 240 1-321 i.e ails
5 11.04/17 Yung. 010) 000. 000. 000. 013 11_415 It IV 904 9325 9_675 10.066 10310 11102 11627 12361 0.10)
0 12./11/1/1‘1n. 111.4) MO) 1111$ 1111$ 1111$ 1111.6) 1111.4) 11111). IMO 1110) 1110) 1110) 1111.6) 1111.6) nib) 'Ills
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a 11.04/31‘losge 0070 000. 000. 000. 000. 000. 000. 0.070 0.115 000. 000. 000. 0.070 WOO WO) WO)
0 12/11/Z1 'Amp 1111$ 1111$ 1111$ 1111$ 1111$ 1111$ 1111$ alit) 1111$ 1111$ 1111$ 1111$ 611$ itill) 611$ 611$
10 Ilt 31 I Z2 Irwi; 0070 000. 000. 000. 000. 000. 000. 0.070 am) 010) 010) 000. 0.10) WO) WO) WO)
11 1321604uµ1 0.03) 11.113) tIO tIO 010) WO) WO) 11.10) One) WO) 010) WO) WO) 11.1n) am) WE*
12 12.111/21. 'neap 11141) 11111) IMO 11111) 11111) IMO din) 11111) 611$ dill) 11111) 611$ 11110 1111$ 11110 0111)
13 11/31/231inwa nal/ n .00 am) am) win) an)) an)) WON 0.1110 Win) Win) nal) an)) a n11 n n11 n n11
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Taal "Len Run-0a 0316 1.411 MN UM 1313 12330 NJ% $1146 ISM 14403 11044 NAV) MIN 17336 19.42 0100
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)4PV 41441)7444• Nap
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vs
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EFTA00605893
Tax Deferral Analysis
1110.:1(0,410.0•INIWo naloat.
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WO> MO 460 Mm Will Will WO> WIG Will Mm Will iw„
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EFTA00605894
Tax Deferral Analysis
inhon....k.ndu.•09 mad,
Illtda Tn. Rai -
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3 12/11/15 'Coop 314) 011» 0.0(0 00» 11(111 0010 Me» 00(0 On» 001) 0.000 011» (4)(0 OM) R(111 0010 1111»
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8 12/11/20 Vg0gr 314) Om) n(0) 0,»0 011» 00(0 On)) R(0) 0.000 Om) 011» R(01 0010 on»
9 12J11/11 Vg0gr 314) as) u(Oli 0..»0 an» 0000 elm 0.(0) 0400 an) elm MO) 00/0 on»
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11 12/11/21V800 314) 0..»0 on» WX0 00» Mal 0~ elm 0(01 00/0 on»
LI 12/11/24 Vv.!, 31//a 00» o» IOW 00» 11011 00» Olm 11(01 00)0 on»
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14 12J11/3.44ung 401 0400 on» 10841 004) Mu) 0000 61m IMO onlo on»
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NUM of Gash Tan OM) NUM åTM ~is 5111
NPV Ji=7.
Modal • Utz (5 Year DINGfral)
EFTA00605895
Tax Deferral Analysis
46644,4•6 •641
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wm S
14.6144116
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EFTA00605896
Tax Deferral Analysis
CS n inbory lakahavic m01)
4164.114901
Blida Tat 1144‘ 4)%
Inchatill Tax Ran AS%
Gunn* Ran t%
MII1Mun of Vila 1000%
Orna 1•5140 T. on Nn
Tax1.1414, iva Ansum Rin44/( 13%
Gm. ,V44( 272
Assci pit Mann Run011
Run(Ittnin1 15 Yn
xltee(10 F•Tgai
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2 12/11/14 Wage
3 12/11115 Menge
• 12/11116 Menge
5 12/11/11 Vow,.
lo i2/11/if; Virg,
7 i21 11119 Vow"
8 12/11/10 Menge
9 12/11/11 Vtisage
Kt 12/11M Menge
11 12/11/21Vtisage
LI 12/11/24 Vow,
/1 12/11/25 Menge
14 12/31/bNotair
Total Run.Off
NO Cab VI** (MI Sae) pixy 451) 4-ts) (114. Ill sr SS
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(91) ON 01) 14 24 r 41
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31.554
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2.141 WO) 0010 an» ROW 01130 0(01 0010 .1111)
2.141 WO) 0010 an» ROW 01130 0(01 0010 .1111)
2.141 WO) 0010 an» ROW 01130 0(01 0010 (1111)
2.141 0,0> 0010 ram) 00(0 01130 0(01 0000 a to>
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NPV of Gash1"0.6 (416)
NM' al TRA Down's
NOV Ogecormuni Ram
St% 13%
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(14)
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EFTA00605897
Tit Ra., bak 541.61.3
'Opar Tteamilon 340040
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Renn Wd In Saab., 331 «A ' • 1 +tak Raa Sicive 10.1.4
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DT3alatd no 11U. $. 11361
Tal DIA $ »341
Mams» Aanamea hal 15,63
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N of Ikal..01Talkt411. Nei o.Cunem evna, 45.00%
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Mnal 31.11. Rar 1901
»»Mf Mil 1113 0.17%
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111.71 AmrAna .0.e6.1... Cia ne Ilain 531.909 i 0.793 1.417 1.06 113» 1.593 I459 1417 191733 1195 1411 2731 3494 1755 0.5971130 039 MO OD» 0.01» 0101
Roma( VY. od 111.) .140Kula 5 16.41$ I 0.741 1.192 1.146 1.103 1.35 1101 1101 1977 0.914 19141 0.910 0.971 1031 1217 0564 0.110 1057 0.111 303 001! 301 010>
&0.3111021i1211 4
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Pa:arden I 13»a $ 1317 0301 14101 0.13 0301 0.101 0.101 11101 RIM 0301 RIM 0301 0101 0001
Payerar 1 12,63 $ 11» 11111 311 0311 311 «III iflIII 0.111 0311 311 0311 11111 0111
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📷 Images in this document (24 detected; 6 largest described)
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[Image 1] The image is a document scan, specifically a page from a financial report or a similar document. The page contains a table with various columns and rows of numerical data. The table appears to be related to financial performance or investment returns, with columns labeled "Date," "Amount," "Amount," and "Amount." There are also sections with headings such as "Summary of Settlements," "Summary of S
[Image 2] The image is a document scan, specifically a financial report titled "TUTES GAIN THROUGH GUARANTEES." The document contains a table with various financial data, including figures for "Total Guarantees," "Total Guarantees Outstanding," "Total Guarantees Paid," "Total Guarantees Expired," and "Total Guarantees Expired." The table is organized by columns with headings such as "Date," "Amount," "Amoun
[Image 3] The image is a document scan, specifically a financial report or statement titled "TUTES GAIN THROUGH GUARANTEES." It appears to be a page from a larger document, as indicated by the page number at the bottom. The document contains various financial data presented in tables and figures, including numbers such as $10,000, $100,000, and $1,000,000, which are likely to represent monetary values. Ther
[Image 4] The image is a document scan, specifically a financial report or a set of financial data. It contains tables with numerical data, including figures for revenue, expenses, and net income. The document is titled "RECOGNITION OF TUTS GAIN IN EXCHANGE EXCHANGES" and includes a subtitle "REPORT OF TUTS DATA REQUIRED BY THE TUTS REGULATORY AUTHORITY." The document appears to be from a financial institut
[Image 5] The image is a document scan, specifically a page from a financial report or a similar document. It contains a table with various financial data, including numbers and percentages. The table is organized with columns and rows, and there are headers such as "Time," "Amount," and "Percentage." The document is titled "Definitions of TUTES Gain through Guarantees," and it appears to be related to fina
[Image 6] The image is a document scan, specifically a page from a financial report or a similar type of document. It contains a table with various financial data, including figures for revenue, expenses, and profit. The table is organized with columns for different time periods, such as "Q1," "Q2," and "Q3," and rows for different categories of financial data. There are also percentages and dollar amounts