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—— 09/30/2005 10:55 Fax 6149398325 THE NEW ALBANY CO. @ooz/004 ‘ i New Albany Company Cheorgetown “Managed Properties" Comparison of Estimated Value and Performance Fee For the Periods 1/1/2002 and 12/31/2004 Estimate as of As of Estimated 12/31/2004 412002 Change Estimated Performance Fee Payable to Georgetown $ Initial Vested Amount (per agreement) 10,000,000 §$ 10,000,000 i 2,079,495 Interest from the Effective date (see Schedule I, Section 0 Georgetown Capital) 2,079,496 - 20% of Estimated Incremental Change in Value (Future Amount, sce calculation below) 29. $26,315 . 29,526,315 t 31,605,811 Estimated Performance Fee Payable $__41,605,811 $ 10,000,000 . A Cash Flow from Managed Properties for the year 2002 -2004(sec Schedule II) $ 49,123,244 1+ 49,123,244 Estimated Value of Managed Properties Remaining 98,508,332 _ 85,000,000 _ 13,508,332 $ "147,631,576 $ 85,000,000 !\ 62,631,576 ad ' Estimated "Final" Remaining Valuc . Vi ” Plus Li} t" Beginning Value $ 85,000,000 85,000,000 - Carry Coat (see Schedulo J-1, Section DT Summary. of (Capital Account Activity) 14,949,562 - __ 14,949,562 "Beginning Value” Plus "Carry Cost ” $ - 85,000,000 (85,000,000) tation ted * i Estimated "Final” Remaining Value $ 147,631,576 $ 85,000,000 | 62,631,576 “Beginning Value” Plus "Carry Cost - (85,000,000) _ 85,000,000 Estimated Incremental Change in Value (Future Amount) $ 147,631576 §& ~ | 147,631,576 20% of Estimated Incremental Change in Valac (Future Ansoont) $ 29,526,315 $ - 29,526,315 Estimated Value of Managed Properties Remaining Estimate as of Ag of Estimated E 4/1/2001 Change $ 155,614,000 $169,907,696 || (14,293,696) Ssll-Out Lands Ketinated Cash Flow (59,828,000) (117,236,310) __ 57,408,310 Discount on Sell-Out Lands Sell-Out Lands Estimated Value after discount 95,786,000 §2,671 3% 43,114,614 Bulk Land (Licking County & Misc) 19,100,000 18,798,988 301,012 Development Projects . Duke JV 2,266,332 2,144,000 122,332 Market Square (12/31/2004 value reflects mortgage) 3,054,000 6,785,626 (3,731,626) Duffy Condo TV 750,000 - 750,000 Signature Office (to be transferred to Excluded Properties) 700,000 - 700,000 600,000 (600,000) JPI SV (Value/Payment included in Cash Flow from Managed Properties) - New Albany Country Club (Assumed Value ix zero a9 of 12/31/2004) Estimated Value of Managed Properties: Remaining before Contingency Contingency and G&A Adjustment Estimated Vatue of Managed Properties Remalining 4,000,000 _ (4,000,000) $ 121,656,332 $ 85,000,000 §. 36,656,332 (23,148,000) =, (23,148,000) . $_ 98,508,352 $ 85,000,000 § 13,508,332 "Sell-Out Lands includes increases for propesties purchased and decreases for propertics vold during the 2002-2004 time p sriod thereby making comparisons difficult. Prepared by Brent Bradbury 9/30/2005 Py 07/26/17 Page 2624 Public Records Request No.: 17-295 DOJ-OGR- 00032937