SUMMARY

SUMMARY COMPARISON OF CLAT VS. NO CLAT VS. FOUNDATION Assumptions: Gross value of 108/0R8 assets of time of death is assumed to be $4.38 consistent with 3/31/I6 balance sheet. Net worth after poydown of $600mm art loon and $1.58 of notes to children's trusts is $2.28. From this amount, the estate will pay bequests to charity and family, administration expenses and estate taxes on the non-charitable gifts. The Residuary Estate Is shown at $2.08 with preponderance of remaining assets in BFP valued as if 21 residuary assets are BFP interests. LOB Residuary Estate: Scenario 1: Income: Growth: Scenario 2: Income: Growth: Lack of marketability discount applied to underlying 8FP assets: $ 2,000,000,000 4.0% 5.0% 3.0% 2.0% 13.7% vs. € NO CLAT - 100% TO CHILDREN'S TRUST NO CLAT - 100% TO FOUNDATION r, I,. $cenarIQ Value of MAT at end of 15 years Ito children) Value of Foundation at Salina $ 2,649,769,809 $ 1.984,986,300 Aggregate Amount Paid to Charity Purina 15 year period TOTAL $ 6,880,313,024 $ 3,982,044,325 Value of Trust at end of 15 years Ito children) Aggregate Amount Value of Foundation Pistil to Charity ;tend of 15 year& during 15 year period TOTAL 1 2 $ 3,399,563,827 $ 1,302,312,820 $ 830,979,388 $ 694,745,205 $ 3,289,228,038 $ 1,978,860,276 $ 3,601,887,010 $ 2,002,358,764 $ 2,000,000,000 $ 1,500,000,000 $ 5,604,245,774 $ 3,500,000,000 j EFTA00623350 CHARITABLE LEAD ANNUITY TRUST FIFTEEN (15) YEAR CLAT (ZEROED-OUT) Assumptions: LDB "taxable" residuary estate consists entirely of BFP interests. LDB "taxable" residuary estate - undiscounted: $ 2,000,000,000 Less lack of marketability discount 13.70% Adjusted Value: $ 1,726,000,000 CLAT AGM starting value - per share $ 17.00 Term (years): 15 Required Annuity (as a % of Adjusted Value): 7.667% Annuity Amount (in USD): 132,332,420 Income (Cash Flow): 4.0% Growth (Appreciation): 5.0% Combined (as a % of undiscounted value) 9.0% Foundation: Income (Cash Flow): 4.0% Growth (Appreciation): 5.0% Combined (as a % of Foundation assets) 9.0% Required Annual Distribution (as a % of Foundation assets on 1/1): 5.0% Income Tax Rate: Combined Federal and State (on Ordinary Income): Capital gains taxes not illustrated 42.62% 2 EFTA00623351 CHARITABLE LEAD ANNUITY TRUST FIFTEEN (15) YEAR CWT (ZEROED-OUT) 4% INCOME; 5% GROWTH Assumptions: OAT Principal • Undbcounted Beginning kat Undo( Income (Cash Flow) $ 2 000 000 000 I MOM* I Estimated Stock Taxes I ice for AGM - Ending I I Pr irmh Flow) Ethisiszal MAWR I Growth (Appreciation) (Unrealized! 1 2,000,000,000 80,000,000 $ 100,000,000 (132,332,420) $ $ 2,047,667,580 I $ 17.85 2 $ 2,047,667,580 $ 81,906,703 $ 102.383,379 $ (132,332,420) $ 2,099,625,242 I $ 3 $ 2,099,625,242 83,985,010 $ 104,981,262 (132,332,420) $ $ 2,156,259,094 $ 198.a74 4 $ 2,156,259,094 86,250,364 107,812,955 (132,332,420) $ I $ 2,217,989,993 i $ 20.66 5 $ 2,217,989,993 $ 88,719,600 $ 110,899,500 $ (132,332,420) $ $ 2.285,276,673 $ 21.69 6 $ 2,285,276,673 $ 91,412,067 $ 114,263,834 $ (132,332,420) $ $ 2,358,619,154 $ 22.77 7 $ 2,358,619,154 $ 94,344,766 $ 117,930,958 $ (132,332,420) $ $ 2,438,562,458 $ 23.91 8 $ 2,438,562,458 $ 97,542,498 $ 121,928,123 $ (132,332,420) S $ 2,525,700,659 i $ 25.11 9 10 $ 2,525,700,659 $ 2,620,681,298 $ 301,028.026 $ 104,827,252 $ 126,285,033 S 131,034,065 $ (132,332,420) $ (132,332,420) $ $ 5 2,620,681,298 I $ 26. S 2,724,210,195 I $ 27.69 37 11 $ 2,724,210,195 $ 108,968,408 $ 136.210,510 $ (132,332,420) $ $ 2,837,056,693 i I $ 29.07 12 $ 2,837,056,693 $ 113,482,268 $ 141,852,835 (132,332,420) $ $ 2,960,059,376 I $ 1 30.52 13 $ 2,960,059,376 118,402,375 $ 148,002,969 $ (132,332,420) $ $ 3,094,132,300 i $ 32.05 14 $ 3,094,132.300 $ 123,765,292 $ 154,706,615 $ (132,332,420) $ $ 3,240,271,787 i $ 33.65 IS $ 3,240,271,787 $ 129,610,871 $ 162,013,589 $ (132,332,420) $ 3,399,563,827 1 $ 35,33 To Children I 3 EFTA00623352 CHARITABLE LEAD ANNUITY TRUST FOUNDATION 4% INCOME; 5% GROWTH Beginning Income Growth Distribution from ytat Etinsigal rash flow) pumrpciationl CIST 5% payment Ending Principal Estimated Stock Price for AGM - 9SEihem 1 $ - $ . $ - $ 132,332,420 $ • $ 232,332,420 $ 17.85 2 $ 132,332,420 $ 5,293,297 $ 6,616,621 $ 132,332,420 $ (6,616,621) $ 269,958,137 $ 18.74 3 $ 269,958,137 $ 10,798,325 $ 13,497,907 $ 132,332,420 $ (13,497,907) $ 413,088.882 $ 19.68 4 $ 413,088,882 $ 16,523,555 $ 20,654,444 $ 132,332,420 $ 120,654,444) $ 561,944,857 $ 20.66 5 $ 561,944,857 $ 22,477,794 $ 28,097,243 $ 132,332,420 $ 128,097,243) $ 716,755,071 $ 21.69 6 $ 716,755,071 $ 28,670,203 $ 35,837,754 $ 132,332,420 $ 135,837,754) $ 877,757,694 $ 22.77 7 $ 877,757,694 $ 35,110,308 $ 43,887,885 $ 132,332,420 $ (43,887,885) $ 1,045,200,422 $ 23.91 8 $ 1,045,200,422 $ 41,808,017 $ 52,260,021 $ 132,332,420 $ 152,260,021) $ 1,219,340,859 $ 25.11 9 $ 1,219,340,859 $ 48,773,634 $ 60,967,043 $ 132,332,420 $ (60,967,043) $ 1,400,446,913 i I S 26.37 10 $ 1,400,446,913 $ 56,017,877 $ 70,022,346 $ 132,332,420 $ (70,022,346) $ 1,588,797,210 S 27.69 11 $ 1,588,797,210 $ 63,551,888 $ 79,439,861 $ 132,332,420 $ (79,439,861) $ 1,784,681,518 I $ 29.07 12 $ 1,784,681,518 $ 71,387,261 $ 89,234,076 $ 132,332,420 $ (89,234,076) $ 1,988,401,199 I S 30.52 13 $ 1,988,401,199 $ 79,536,048 $ 99,420,060 $ 132,332,420 $ (99,420,060) $ 2,200,269,667 i $ 32.05 14 $ 2,200,269,667 $ 88,010,787 $ 110,013,483 $ 132,332,420 $ (110.013,483) $ 2.420,612,874 I $ 33.65 15 $ 2,420,612,874 $ 96,824,515 $ 121,030,644 $ 132,332,420 $ (121,030,644) $ 2,649,769,809 I $ 35.33 $ 830,979,388) 4 EFTA00623353 NO CLAT - RESIDUARY ESTATE TO CHILDREN'S TRUST Assumptions: LDB "taxable" residuary estate consists entirely of BFP interests. LDB "taxable" residuary estate - undiscounted: Less lack of marketability discount: Adjusted Value: AGM starting value - per share Trust for Children: $ 2,000,000,000 13.7% $ 1,726,000,000 17.00 LDB "taxable" residuary estate - undiscounted: $ 2,000,000,000 Less: Estate Taxes 49.6% of Adjusted Value (856,096,000) Net Trust Principal $ 1,143,904,000 Term (years): 15 Income (Cash Flow): 4.0% Growth (Appreciation): 5.0% Combined (as a % of Trust assets) 9.0% Income Tax Rates: Combined Federal and State (on Ordinary Income) 42.62% Capital gains taxes not illustrated S EFTA00623354 NO CLAT - RESIDUARY ESTATE TO CHILDREN'S TRUST CHILDREN'S TRUST FIFTEEN (1 5) YEAR PERIOD 4% INCOME; 5% GROWTH Assumptions: Children's Trust Principal - Undiscounted $ 1,143,904,000 Growth Estimated Stock Beginning Income (Appreciation) Federal Ending Price for AGM - Principal (Cash Flow! !Unrealized! rir p_acket 2gssam 1 $ 1,143,904,000 $ 45,756,160 $ 57,195,200 (19,501,275) $ 1,227,354,085 17.85 2 $ 1,227,354,085 $ 49,094,163 $ 61,367,704 $ (20,923,932) $ 1,316,892,020 18.74 3 $ 1,316,892,020 $ 52,675,681 $ 65,844,601 (22,450,375) $ 1,412,961,927 19.68 4 $ 1,412,961,927 5 56,518,477 $ 70,648,096 $ (24,088,175) $ 1,516,040,325 20.66 5 1,516,040,325 $ 60,641,613 $ 75,802,016 $ (25,845,455) $ 1,626,638,499 21.69 6 $ 1,626,638,499 $ 65,065,540 5 81,331,925 $ (27,730,933) $ 1,745,30$,031 22.77 7 1,745,305,031 5 69,812,201 $ 87,265,252 $ (29,753,960) $ 1,872,628,524 23.91 8 $ 1,872,628,524 74,905,141 $ 93,631,426 $ (31,924,571) $ 2,009,240,520 15.11 9 2,009,240,520 $ 80,369,621 100,462,026 $ (34,253,532) $ 2,155,818,635 16.37 10 $ 2,155,818,635 $ 86,232,745 $ 107,790,932 $ (36,752,396) $ 2,313,089,916 27.69 11 $ 2,313,089,916 $ 92,523,597 $ 115,654,496 $ (39,433,557) 2,481,834,452 29.07 12 $ 2,481,834,452 $ 99,273,378 $ 124,091,723 $ (42,310,314) $ 2,662,889,239 30.52 13 $ 2,662,889,239 $ 106,515,570 $ 133,144,462 (45,396,936) $ 2,857,152,335 32.05 14 $ 2,857,152,335 $ 114,286,093 142,857,617 $ (48,708,733) $ 3,065.587,312 33.65 15 $ 3,065,587,312 $ 122,623,492 $ 153,279,366 $ (52,262,132) $ 3,289 228,038 35.33 To Children 6 EFTA00623355 NO CLAT - RESIDUARY ESTATE TO FOUNDATION Assumptions: LDS "taxable" residuary estate consists entirely of BFP interests. LDB "taxable" residuary estate - undiscounted: $ 2,000,000,000 Less lack of marketability discount: 13.70% Adjusted Value: $ 1,726,000,000 AGM starting value - per share 17.00 Foundation Income (Cash Flow): 4.0% Growth (Appreciation): 5.0% Combined (as a % of undiscounted value) 9.0% Required Annual Distribution (as a % of Foundation assets on 1/1): 5.0% 7 EFTA00623356 FOUNDATION ONLY 4% INCOME; 5% GROWTH Estimated Stock Beginning Income Growth 5% payment Ending Price for AGM - Year Principal Tash Flow! !Appreciation) to Charity Principe! per share 1 2,000,000,000 $ 80,000,000 $ 100,000,000 $ (100,000,000) $ 2,080,000,000 17.85 2 $ 2,080,000,000 5 83,200,000 $ 104,000,000 $ (104,000,000) $ 2,163,200,000 18.74 3 $ 2,163,200,000 $ 86,528,000 $ 108,160,000 $ (108,160,000) $ 2,249,728,000 19.68 4 $ 2,249,728,000 $ 89,989,120 5 112,486,400 $ (112,486,400) $ 2,339,717,120 20.66 5 $ 2,339,717,120 $ 93,588,685 $ 116,985,856 $ (116,985,856) 5 2,433,305,805 21.69 6 $ 2,433,305,805 $ 97,332,232 $ 121,665,290 5 (121,665,290) $ 2,530,638,037 22.77 7 $ 2,530,638,037 $ 101,225,521 $ 126,531,902 $ (126,531,902) $ 2,631,863,558 23.91 8 $ 2,631,863,558 $ 105,274,542 $ 131,593,178 $ (131,593,178) $ 2,737,138,100 25.11 9 $ 2,737,138,100 $ 109,485,524 $ 136,856,905 $ (136,856,905) $ 2,846,623,624 26.37 10 $ 2,846,623,624 $ 113,864,945 $ 142,331,181 $ (142,331,181) $ 2,960,488,569 27.69 11 $ 2,960,488,569 $ 118,419,543 148,024,428 $ (148,024,428) $ 3,078,908,112 29.07 12 $ 3,078,908,112 $ 123,156,324 $ 153,945,406 $ (153,945,406) $ 3,202,064,436 30.52 13 $ 3,202,064,436 $ 128,082,577 $ 160,103,222 $ (160,103,222) $ 3,330,147,013 32.05 14 $ 3,330,147,013 $ 133,205,881 $ 166,507,351 $ (166,507,351) 5 3,463,352,894 33.65 15 $ 3,463,352,894 $ 138,534,116 $ 173,167,645 $ (173,167,645) $ 3,601,887,010 35.33 $ (2,002,358,764) 8 EFTA00623357