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©8/30/2005 10:38 FAX 61493985325 THE NEW ALBANY co. @jo03/004 SCE EDULE} THE NEW ALBANY COMPANY ANALYSIS OF THE NACO AND GEORGETOWN CAPITAL ACCOUNTS FROM 1/1/2002 - 12/31/2004 Aa of 1/20/2005 100 % POSITIVE CASH FLOW APPLIED TO NACO’S INTEREST PAYMENT AND A REDUCTION OF NACO'S CAPITAL ACTOUNT: INTEREST ON GEORGETOWN CAPITAL ACCRUBD INTEREST ONLY APPLIED FOR THE YEAR 2004 Cash Flow from Intercat Capital Additions/ Capital Account 1 NACO CAPITAL Qherations (13) _Bxponee (2) (3) _(Reductions)(3) Balance (4) 75,000,000 2002 10,546,345 (4,875,000) (5,671,345) 69,328,655 2003 20,162,655 (4,506,363) (15,656,292) 53,672,363 2004 18,414,244 (3,488,704) (14,925,540) 38,746,822 Totals 49,123,244 (12,870,066) (36,253,178) Cath Plow from Interest Capita! Additions’ Capital Account TD GEORGETOWN CAPITAL Qpepstions (1)(3) _Bxpense (2) (3) _(Reductions)(3) Balance (4) 10,000,000 2002 . (650,000) 650,000 10,650,000 2003 - (692.250) 92,250 11,342,250 204 7 (737,246) 737,246 12,079,496 Totals 2 2 QATIAM) - 2,079 495 iy SUMMARY OF NACO & GEORGETOWN CAPITAL ACCOUNT ACTIVITY Ending En: ling Cash Flow from Interest Capital Additions/ NACO Capital Goorgeto' yn Capital Quenution: (113) _ Expense (2) (3) _(Reductions)(3) Balance (4) Bale: ce (4) 202 10,446,345 (5,525,000) (5,021,345) 69,328,655 If, 650,000 2003 20,162,655 (5,198,613) (14,964,042) 53,672,363 1 342,250 2006 18,414,244 (4,225,950) (14,188,294) 38,746,822 311,079,496 _—— ed eee eee Total 49,123,244 (14,549,562) (34,173,682) {1) Sce page 2 of the Calculation of Estimated Perfornance Fee for detail of the Managed Cash Flows for years 2002-2004 . Picasa note New Albany Country Club ts not included until) 1/1/2005 All Cash Flows arc usod to pay NACO Interest and any excess is applied as a NACO Capital Account reduction. (2) The Annual Interest rate ix 6.5%. Interest ia calculated on the previous Year’a Ending Capital Account Balanco. Interest Payments end Capital Account Additions (Reductions) arc applied at the end of Calendar Year. (3) Positive Carh flow from Manaped Properties ie applied in the following order: (i) Interest Expense for NACO if any, and the balance applied to reduce the NACO (Capital Account until balance ie Zero. If the Cash Flow iy inoufficient to pay the current intsrest expense then the unpaid portion of the intercat will be added to tha Capital Account Balance. Interest on Goorgetown's Capital socrucs and is added to the Capital Account. Interest for 2004 is based on 124 days and a 366 day year. (4) Capital Account Balance ag of January 1, 2002 4s $8.1,000,000. NACO ia allocated $75,000,000 or 88.24% and Georgetown is allocated $10,000,000 or 11.76%. Thereafter, the Capital Account Balance ig the sum of the Capital es of January I, 2002 plus Additions and Iese sny Reductions. The Capital Acciunt Balance is aa of the end of each Calendar Year. Prepared by Brent Bredbury 9/30/2005 I-1 07/26/17 Page 2623 Public Records Request No.: 17-295 DOJ-OGR- 00032936