Contract analysis

§ 7520 Rate (GRAT A — March 2023) | 5.0%

§ 7520 Rate (GRAT B — April 2023) | 5.0%

§ 7520 Rate (GRAT C — May 2023) | 5.0% Annuity Structure | Zeroed-out under IRC § 2702 (taxable gift = $0 for each GRAT) Return Scenarios Modeled | 4%, 6%, 8%, 10% annual return Baseline Hurdle Rate | 5.0% (§ 7520 rate) Aggregate Excess Transfer to Dynasty Trust At 4% Annual Return | Negative; no excess appreciation transferred — corpus insufficient to cover annuity At 6% Annual Return | Approximately $3.4M At 8% Ann

§ 7520 Rate (March 2023) | 5.0% Annual Annuity Payment (zeroed-out) | $32,195,122 Asset Type | Publicly traded securities Scenario: 4% Annual Return Year 1 (Apr 2023–Apr 2024) | $60,000,000 | 4.0% | $2,400,000 | $62,400,000 | $32,195,122 | $30,204,878 Year 2 (Apr 2024–Apr 2025) | $30,204,878 | 4.0% | $1,208,195 | $31,413,073 | $32,195,122 | ($782,049) Remainder to Dynasty Trust | $0 (corpus insufficient; shortfall) |

§ 7520 Rate (April 2023) | 5.0% Annual Annuity Payment (zeroed-out) | $29,375,859 Valuation discount Applied | 25% combined lack-of-marketability / lack-of-control Pre-discount FMV | $80,000,000 Post-discount FMV (for gift tax) | $60,000,000 Note | Annuity calculated on pre-discount corpus ($80M); discount affects gift tax value only Scenario: 4% Annual Return Year 1 (May 2023–May 2024) | $80,000,000 | 4.0% | $3,200,

§ 7520 Rate (May 2023) | 5.0% Annual Annuity Payment (zeroed-out) | $13,953,759 Valuation Firm | Ashford Valuation Group LLC Fund Manager Contact (for valuation) | Gregory S. Fenton, CFO, Caldwell Ridgeline Capital LLC Scenario: 4% Annual Return Year 1 (Jun 2023–Jun 2024) | $38,000,000 | 4.0% | $1,520,000 | $39,520,000 | $13,953,759 | $25,566,241 Year 2 (Jun 2024–Jun 2025) | $25,566,241 | 4.0% | $1,022,650 | $26,588,

§ 7520 Rates | 5.0% for March 2023 (GRAT A), April 2023 (GRAT B), and May 2023 (GRAT C) — all at 5.0% per IRS published rates Mortality Risk | Analysis assumes Jonathan R. Caldwell (age 67, DOB March 14, 1956) survives each GRAT term; if grantor dies during term, GRAT corpus reverts to estate Grantor Trust Status | All GRATs are grantor trusts during the annuity term; income tax on GRAT income is paid by Jonathan R.