[sheet: Cover & Summary]

Field	Value
Document Title	Funds Flow Memorandum — Trust Distribution Closing
Closing Date	April 22, 2024
Prepared By	Grace Nakamura, Lead Associate, Real Estate — Calderwood & Harkness LLP
Matter Number	1026-00005
Trust Name	Eldon M. Briarwood Irrevocable Family Trust
Trust EIN	13-7284915
Trust Agreement Reference	Eldon M. Briarwood Irrevocable Family Trust Agreement dated June 12, 1998, as amended by First Amendment dated March 3, 2008, and Second Amendment dated December 31, 2015
Governing Law	New York
Source Account Holder	Caldwell Fiduciary Services Inc.
Source Account Number	CFT-00298174
Source Account Address	401 Lexington Avenue, 14th Floor, New York, NY 10174
Trust Officer	Howard R. Phelan, Senior Vice President
Successor Trustee	Margot S. Briarwood
Institutional Co-Trustee	Caldwell Fiduciary Services Inc.
Authorization	Consent and Distribution Agreement dated April 8, 2024, executed by all beneficiaries, Margot S. Briarwood as successor trustee, and Caldwell Fiduciary Services Inc. as institutional co-trustee
Total Liquid Assets in Trust (Pre-Distribution)	$22,400,000
Total Administration Costs	$367,550
Net Liquid Assets Available for Cash Equalization	$22,032,450
Total Gross Cash Equalization Payments	$22,400,000
Note	Administration costs are deducted from the liquid-asset pool and reduce cash equalization payments proportionally to each beneficiary.

[sheet: Source of Funds]

Line Item	Asset Category	Custodian / Manager	Account Reference	Amount
1	Marketable Securities	Caldwell Fiduciary Services Inc.	CFT-00298174	$18,340,000
2	Cash and Money-Market Funds	Caldwell Fiduciary Services Inc.	CFT-00298174	$2,210,000
3	Private-Fund Interests — Ashgrove Capital Partners Fund III LP	Ashgrove Capital Partners Fund III LP (Delaware LP)	Redemption/Transfer per Fund Terms	$1,850,000
TOTAL LIQUID ASSETS	$22,400,000

[sheet: Administration Cost Deductions]

Line Item	Payee	Description	Invoice / Reference	Amount
1	Calderwood & Harkness LLP	Legal fees — flat engagement fee for trust administration, trustee succession, and real-estate distribution	Matter No. 1026-00005	$185,000
2	Pinnacle Valuation Group LLC	Independent appraisal fees — three real-estate parcels (Reports PVG-2024-0441, PVG-2024-0442, PVG-2024-0443)	Engagement dated February 14, 2024	$34,500
3	Trident National Title Corp.	Title insurance premiums — three owner's policies (14 Waverly Place, 602 Halsey Street, 27 Fenimore Road)	Policies issued April 15, 2024	$47,200
4a	New York City Department of Finance	NYC Real Property Transfer Tax — 602 Halsey Street, Brooklyn, NY 11233 (Block 1684, Lot 42, Kings County) at 1.425% of $4,200,000	RPTT Filing	$59,850
4b	New York State Department of Taxation and Finance	NYS Transfer Tax — 27 Fenimore Road, Larchmont, NY 10538 (Section 9, Block 32, Lot 14, Westchester County) at $2.00 per $500 of consideration ($6,150,000)	TP-584 Filing	$24,600
4c	Transfer Tax Note	14 Waverly Place, Unit 4W, New York, NY 10003 — Exempt from NYC RPTT (cooperative share transfer via Waverly Place Owners Corp.)	N/A	$0
5	Halford & Kline CPAs	Preparation of final fiduciary income-tax return (Form 1041) for short tax year ending May 20, 2024	Engagement Partner: Lorraine M. Casella, CPA	$12,800
6	Various	Recording fees and miscellaneous closing costs (deed recording — Halsey Street and Fenimore Road; stock/lease assignment processing — Waverly Place)	County clerks / Waverly Place Owners Corp.	$3,600
TOTAL ADMINISTRATION COSTS	$367,550

[sheet: Cash Equalization Payments]

Line Item	Beneficiary	Beneficial Interest %	Total Pro-Rata Entitlement	Value of In-Kind Real Estate Distributed	Gross Cash Equalization	Proportional Share of Admin Costs	Net Cash Equalization Wire	Wire Date	Source Account
1	Margot S. Briarwood	45%	$18,675,000	$12,950,000 (14 Waverly Place: $8,750,000 + 602 Halsey Street: $4,200,000)	$5,725,000	$165,397.50 (45% × $367,550)	$5,559,602.50	April 22, 2024	CFT-00298174 (Caldwell Fiduciary Services Inc.)
2	Tobias E. Briarwood	35%	$14,525,000	$6,150,000 (27 Fenimore Road: $6,150,000)	$8,375,000	$128,642.50 (35% × $367,550)	$8,246,357.50	April 22, 2024	CFT-00298174 (Caldwell Fiduciary Services Inc.)
3	Nadia Briarwood-Chen	20%	$8,300,000	$0 (no real estate)	$8,300,000	$73,510.00 (20% × $367,550)	$8,226,490.00	April 22, 2024	CFT-00298174 (Caldwell Fiduciary Services Inc.)
TOTALS	100%	$41,500,000	$19,100,000	$22,400,000	$367,550.00	$22,032,450.00

[sheet: Wire Instructions]

Wire No.	Payee / Beneficiary	Receiving Bank Name	ABA / Routing No.	Account Name	Account Number	Reference / Memo	Amount	Wire Type
W-001	Margot S. Briarwood	[Receiving bank — to be confirmed]	[ABA — to be confirmed]	Margot S. Briarwood	[Acct — to be confirmed]	Briarwood Trust — Cash Equalization — Margot S. Briarwood	$5,559,602.50	Fedwire
W-002	Tobias E. Briarwood	[Receiving bank — to be confirmed]	[ABA — to be confirmed]	Tobias E. Briarwood	[Acct — to be confirmed]	Briarwood Trust — Cash Equalization — Tobias E. Briarwood	$8,246,357.50	Fedwire
W-003	Nadia Briarwood-Chen	[Receiving bank — to be confirmed]	[ABA — to be confirmed]	Nadia Briarwood-Chen	[Acct — to be confirmed]	Briarwood Trust — Cash Equalization — Nadia Briarwood-Chen	$8,226,490.00	Fedwire
W-004	Calderwood & Harkness LLP	[Receiving bank — to be confirmed]	[ABA — to be confirmed]	Calderwood & Harkness LLP — Client Trust Account	[Acct — to be confirmed]	Matter No. 1026-00005 — Legal Fees	$185,000.00	Fedwire
W-005	Pinnacle Valuation Group LLC	[Receiving bank — to be confirmed]	[ABA — to be confirmed]	Pinnacle Valuation Group LLC	[Acct — to be confirmed]	Appraisal Fees — PVG-2024-0441/0442/0443	$34,500.00	Fedwire
W-006	Trident National Title Corp.	[Receiving bank — to be confirmed]	[ABA — to be confirmed]	Trident National Title Corp.	[Acct — to be confirmed]	Title Insurance Premiums — Briarwood Trust Properties	$47,200.00	Fedwire
W-007	NYC Department of Finance	[Per NYC DOF wire instructions]	[ABA — per DOF]	NYC Department of Finance — RPTT	[Acct — per DOF]	RPTT — 602 Halsey Street, Brooklyn, NY 11233	$59,850.00	Fedwire
W-008	NYS Department of Taxation and Finance	[Per NYS DTF wire instructions]	[ABA — per DTF]	NYS DTF — Transfer Tax	[Acct — per DTF]	Transfer Tax — 27 Fenimore Road, Larchmont, NY 10538	$24,600.00	Fedwire
W-009	Halford & Kline CPAs	[Receiving bank — to be confirmed]	[ABA — to be confirmed]	Halford & Kline CPAs	[Acct — to be confirmed]	Final Form 1041 Preparation — Briarwood Trust (EIN 13-7284915)	$12,800.00	Fedwire
W-010	Various — Recording Fees & Miscellaneous	[Multiple payees — checks/wires as applicable]	Various	Various	Various	Recording fees — Kings County (Halsey St.), Westchester County (Fenimore Rd.), Waverly Place Owners Corp.	$3,600.00	Check / Wire

[sheet: Reconciliation]

Description

SOURCES OF FUNDS

Marketable securities (custody at Caldwell Fiduciary Services Inc., Acct CFT-00298174)	$18,340,000
Cash and money-market funds (custody at Caldwell)	$2,210,000
Private-fund interests — Ashgrove Capital Partners Fund III LP	$1,850,000
Total Liquid Assets	$22,400,000

In-Kind Real Estate (appraised FMV per Pinnacle Valuation Group, March 1, 2024)

14 Waverly Place, Unit 4W, New York, NY 10003 (co-op, 2,400 sq ft)	$8,750,000
602 Halsey Street, Brooklyn, NY 11233 (4-unit brownstone, 4,800 sq ft)	$4,200,000
27 Fenimore Road, Larchmont, NY 10538 (single-family, 5,200 sq ft, 0.82 acres)	$6,150,000
Total Real Estate	$19,100,000
TOTAL TRUST CORPUS	$41,500,000

USES OF FUNDS — IN-KIND DISTRIBUTIONS

Margot S. Briarwood — 14 Waverly Place ($8,750,000) + 602 Halsey Street ($4,200,000)	$12,950,000
Tobias E. Briarwood — 27 Fenimore Road ($6,150,000)	$6,150,000
Total In-Kind Distributions	$19,100,000

USES OF FUNDS — CASH EQUALIZATION PAYMENTS (GROSS)

Margot S. Briarwood	$5,725,000
Tobias E. Briarwood	$8,375,000
Nadia Briarwood-Chen	$8,300,000
Total Gross Cash Equalization	$22,400,000

ADMINISTRATION COSTS (deducted from liquid assets)

Calderwood & Harkness LLP — legal fees	$185,000
Pinnacle Valuation Group LLC — appraisal fees	$34,500
Trident National Title Corp. — title insurance premiums	$47,200
Transfer taxes (NYC RPTT $59,850 + NYS $24,600)	$84,450
Halford & Kline CPAs — final Form 1041	$12,800
Recording fees and miscellaneous	$3,600
Total Administration Costs	$367,550

NET CASH EQUALIZATION PAYMENTS

Margot S. Briarwood (net of 45% share of costs)	$5,559,602.50
Tobias E. Briarwood (net of 35% share of costs)	$8,246,357.50
Nadia Briarwood-Chen (net of 20% share of costs)	$8,226,490.00
Total Net Cash Equalization Wired	$22,032,450.00

VERIFICATION

Total In-Kind + Gross Cash Equalization	$41,500,000
Total Trust Corpus	$41,500,000
Difference	$0
Total Liquid Assets − Admin Costs − Net Wires	$0
STATUS	BALANCED ✓

[sheet: Cover & Summary]
Field | Value
Document Title | Funds Flow Memorandum — Trust Distribution Closing
Closing Date | April 22, 2024
Prepared By | Grace Nakamura, Lead Associate, Real Estate — Calderwood & Harkness LLP
Matter Number | 1026-00005
Trust Name | Eldon M. Briarwood Irrevocable Family Trust
Trust EIN | 13-7284915
Trust Agreement Reference | Eldon M. Briarwood Irrevocable Family Trust Agreement dated June 12, 1998, as amended by First Amendment dated March 3, 2008, and Second Amendment dated December 31, 2015
Governing Law | New York
Source Account Holder | Caldwell Fiduciary Services Inc.
Source Account Number | CFT-00298174
Source Account Address | 401 Lexington Avenue, 14th Floor, New York, NY 10174
Trust Officer | Howard R. Phelan, Senior Vice President
Successor Trustee | Margot S. Briarwood
Institutional Co-Trustee | Caldwell Fiduciary Services Inc.
Authorization | Consent and Distribution Agreement dated April 8, 2024, executed by all beneficiaries, Margot S. Briarwood as successor trustee, and Caldwell Fiduciary Services Inc. as institutional co-trustee
Total Liquid Assets in Trust (Pre-Distribution) | $22,400,000
Total Administration Costs | $367,550
Net Liquid Assets Available for Cash Equalization | $22,032,450
Total Gross Cash Equalization Payments | $22,400,000
Note | Administration costs are deducted from the liquid-asset pool and reduce cash equalization payments proportionally to each beneficiary.
[sheet: Source of Funds]
Line Item | Asset Category | Custodian / Manager | Account Reference | Amount
1 | Marketable Securities | Caldwell Fiduciary Services Inc. | CFT-00298174 | $18,340,000
2 | Cash and Money-Market Funds | Caldwell Fiduciary Services Inc. | CFT-00298174 | $2,210,000
3 | Private-Fund Interests — Ashgrove Capital Partners Fund III LP | Ashgrove Capital Partners Fund III LP (Delaware LP) | Redemption/Transfer per Fund Terms | $1,850,000
TOTAL LIQUID ASSETS | $22,400,000
[sheet: Administration Cost Deductions]
Line Item | Payee | Description | Invoice / Reference | Amount
1 | Calderwood & Harkness LLP | Legal fees — flat engagement fee for trust administration, trustee succession, and real-estate distribution | Matter No. 1026-00005 | $185,000
2 | Pinnacle Valuation Group LLC | Independent appraisal fees — three real-estate parcels (Reports PVG-2024-0441, PVG-2024-0442, PVG-2024-0443) | Engagement dated February 14, 2024 | $34,500
3 | Trident National Title Corp. | Title insurance premiums — three owner's policies (14 Waverly Place, 602 Halsey Street, 27 Fenimore Road) | Policies issued April 15, 2024 | $47,200
4a | New York City Department of Finance | NYC Real Property Transfer Tax — 602 Halsey Street, Brooklyn, NY 11233 (Block 1684, Lot 42, Kings County) at 1.425% of $4,200,000 | RPTT Filing | $59,850
4b | New York State Department of Taxation and Finance | NYS Transfer Tax — 27 Fenimore Road, Larchmont, NY 10538 (Section 9, Block 32, Lot 14, Westchester County) at $2.00 per $500 of consideration ($6,150,000) | TP-584 Filing | $24,600
4c | Transfer Tax Note | 14 Waverly Place, Unit 4W, New York, NY 10003 — Exempt from NYC RPTT (cooperative share transfer via Waverly Place Owners Corp.) | N/A | $0
5 | Halford & Kline CPAs | Preparation of final fiduciary income-tax return (Form 1041) for short tax year ending May 20, 2024 | Engagement Partner: Lorraine M. Casella, CPA | $12,800
6 | Various | Recording fees and miscellaneous closing costs (deed recording — Halsey Street and Fenimore Road; stock/lease assignment processing — Waverly Place) | County clerks / Waverly Place Owners Corp. | $3,600
TOTAL ADMINISTRATION COSTS | $367,550
[sheet: Cash Equalization Payments]
Line Item | Beneficiary | Beneficial Interest % | Total Pro-Rata Entitlement | Value of In-Kind Real Estate Distributed | Gross Cash Equalization | Proportional Share of Admin Costs | Net Cash Equalization Wire | Wire Date | Source Account
1 | Margot S. Briarwood | 45% | $18,675,000 | $12,950,000 (14 Waverly Place: $8,750,000 + 602 Halsey Street: $4,200,000) | $5,725,000 | $165,397.50 (45% × $367,550) | $5,559,602.50 | April 22, 2024 | CFT-00298174 (Caldwell Fiduciary Services Inc.)
2 | Tobias E. Briarwood | 35% | $14,525,000 | $6,150,000 (27 Fenimore Road: $6,150,000) | $8,375,000 | $128,642.50 (35% × $367,550) | $8,246,357.50 | April 22, 2024 | CFT-00298174 (Caldwell Fiduciary Services Inc.)
3 | Nadia Briarwood-Chen | 20% | $8,300,000 | $0 (no real estate) | $8,300,000 | $73,510.00 (20% × $367,550) | $8,226,490.00 | April 22, 2024 | CFT-00298174 (Caldwell Fiduciary Services Inc.)
TOTALS | 100% | $41,500,000 | $19,100,000 | $22,400,000 | $367,550.00 | $22,032,450.00
[sheet: Wire Instructions]
Wire No. | Payee / Beneficiary | Receiving Bank Name | ABA / Routing No. | Account Name | Account Number | Reference / Memo | Amount | Wire Type
W-001 | Margot S. Briarwood | [Receiving bank — to be confirmed] | [ABA — to be confirmed] | Margot S. Briarwood | [Acct — to be confirmed] | Briarwood Trust — Cash Equalization — Margot S. Briarwood | $5,559,602.50 | Fedwire
W-002 | Tobias E. Briarwood | [Receiving bank — to be confirmed] | [ABA — to be confirmed] | Tobias E. Briarwood | [Acct — to be confirmed] | Briarwood Trust — Cash Equalization — Tobias E. Briarwood | $8,246,357.50 | Fedwire
W-003 | Nadia Briarwood-Chen | [Receiving bank — to be confirmed] | [ABA — to be confirmed] | Nadia Briarwood-Chen | [Acct — to be confirmed] | Briarwood Trust — Cash Equalization — Nadia Briarwood-Chen | $8,226,490.00 | Fedwire
W-004 | Calderwood & Harkness LLP | [Receiving bank — to be confirmed] | [ABA — to be confirmed] | Calderwood & Harkness LLP — Client Trust Account | [Acct — to be confirmed] | Matter No. 1026-00005 — Legal Fees | $185,000.00 | Fedwire
W-005 | Pinnacle Valuation Group LLC | [Receiving bank — to be confirmed] | [ABA — to be confirmed] | Pinnacle Valuation Group LLC | [Acct — to be confirmed] | Appraisal Fees — PVG-2024-0441/0442/0443 | $34,500.00 | Fedwire
W-006 | Trident National Title Corp. | [Receiving bank — to be confirmed] | [ABA — to be confirmed] | Trident National Title Corp. | [Acct — to be confirmed] | Title Insurance Premiums — Briarwood Trust Properties | $47,200.00 | Fedwire
W-007 | NYC Department of Finance | [Per NYC DOF wire instructions] | [ABA — per DOF] | NYC Department of Finance — RPTT | [Acct — per DOF] | RPTT — 602 Halsey Street, Brooklyn, NY 11233 | $59,850.00 | Fedwire
W-008 | NYS Department of Taxation and Finance | [Per NYS DTF wire instructions] | [ABA — per DTF] | NYS DTF — Transfer Tax | [Acct — per DTF] | Transfer Tax — 27 Fenimore Road, Larchmont, NY 10538 | $24,600.00 | Fedwire
W-009 | Halford & Kline CPAs | [Receiving bank — to be confirmed] | [ABA — to be confirmed] | Halford & Kline CPAs | [Acct — to be confirmed] | Final Form 1041 Preparation — Briarwood Trust (EIN 13-7284915) | $12,800.00 | Fedwire
W-010 | Various — Recording Fees & Miscellaneous | [Multiple payees — checks/wires as applicable] | Various | Various | Various | Recording fees — Kings County (Halsey St.), Westchester County (Fenimore Rd.), Waverly Place Owners Corp. | $3,600.00 | Check / Wire
[sheet: Reconciliation]
Description | Amount
SOURCES OF FUNDS
Marketable securities (custody at Caldwell Fiduciary Services Inc., Acct CFT-00298174) | $18,340,000
Cash and money-market funds (custody at Caldwell) | $2,210,000
Private-fund interests — Ashgrove Capital Partners Fund III LP | $1,850,000
Total Liquid Assets | $22,400,000
In-Kind Real Estate (appraised FMV per Pinnacle Valuation Group, March 1, 2024)
14 Waverly Place, Unit 4W, New York, NY 10003 (co-op, 2,400 sq ft) | $8,750,000
602 Halsey Street, Brooklyn, NY 11233 (4-unit brownstone, 4,800 sq ft) | $4,200,000
27 Fenimore Road, Larchmont, NY 10538 (single-family, 5,200 sq ft, 0.82 acres) | $6,150,000
Total Real Estate | $19,100,000
TOTAL TRUST CORPUS | $41,500,000
USES OF FUNDS — IN-KIND DISTRIBUTIONS
Margot S. Briarwood — 14 Waverly Place ($8,750,000) + 602 Halsey Street ($4,200,000) | $12,950,000
Tobias E. Briarwood — 27 Fenimore Road ($6,150,000) | $6,150,000
Total In-Kind Distributions | $19,100,000
USES OF FUNDS — CASH EQUALIZATION PAYMENTS (GROSS)
Margot S. Briarwood | $5,725,000
Tobias E. Briarwood | $8,375,000
Nadia Briarwood-Chen | $8,300,000
Total Gross Cash Equalization | $22,400,000
ADMINISTRATION COSTS (deducted from liquid assets)
Calderwood & Harkness LLP — legal fees | $185,000
Pinnacle Valuation Group LLC — appraisal fees | $34,500
Trident National Title Corp. — title insurance premiums | $47,200
Transfer taxes (NYC RPTT $59,850 + NYS $24,600) | $84,450
Halford & Kline CPAs — final Form 1041 | $12,800
Recording fees and miscellaneous | $3,600
Total Administration Costs | $367,550
NET CASH EQUALIZATION PAYMENTS
Margot S. Briarwood (net of 45% share of costs) | $5,559,602.50
Tobias E. Briarwood (net of 35% share of costs) | $8,246,357.50
Nadia Briarwood-Chen (net of 20% share of costs) | $8,226,490.00
Total Net Cash Equalization Wired | $22,032,450.00
VERIFICATION
Total In-Kind + Gross Cash Equalization | $41,500,000
Total Trust Corpus | $41,500,000
Difference | $0
Total Liquid Assets − Admin Costs − Net Wires | $0
STATUS | BALANCED ✓

[sheet: Cover & Summary]

SOURCES OF FUNDS

NET CASH EQUALIZATION PAYMENTS

VERIFICATION

Record

Parties

Dates

Amounts