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: 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.

+ TRA Value) Difference versus No Deferral Leon Black 7.5% Sale NPV of Total Sale No Deferral 5 yr

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SBURG MD OFFICE PROD. & SUPPUES PRINTHEAD,2000,BLACK,O1800A ROC No. 350010313 0% INTRO RATE 36.05

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