Valued coach

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Illustration of Policy Values Funding the Plan

TBD Interest Rate 7.09%

(1)

Initial Premium 2,000,000

(2) Net Policy Loan Proceeds

Initial Policy Death Benefit 48,335,555

(3) Year End Accum Value*

(4) Year End Surrender Value*

(5) Death Benefit

Year

Male Age

1 2 3 4 5 6 7 8 9 10

52 53 54 55 56 57 58 59 60 61

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 0 0 0

0 0 0 0 0 0 0 0 0 0

1,659,996 3,439,866 5,344,961 7,385,139 9,573,607 11,924,982 14,454,008 15,153,487 15,907,727 16,723,570

0 1,697,852 3,638,232 5,714,179 7,939,382 10,327,492 13,176,016 14,194,993 15,268,731 16,404,072

48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555

11 12 13 14 15 16 17 18 19 20

62 63 64 65 66 67 68 69 70 71

0 0 0 0 0 0 0 0 0 0

0 0 14,000,000 0 0 0 0 1,000,000 1,000,000 1,000,000

17,947,350 19,262,349 20,503,739 21,826,398 23,236,562 24,740,877 26,346,806 28,050,163 29,858,789 31,782,282

17,947,350 19,262,349 5,803,739 6,391,398 7,029,812 7,723,790 8,478,864 8,238,824 8,006,883 7,787,781

48,335,555 48,335,555 33,635,555 32,900,555 32,128,805 31,318,468 30,467,613 28,524,216 26,483,649 24,341,054

21 22 23 24 25 26 27 28 29 30

72 73 74 75 76 77 78 79 80 81

0 0 0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

33,829,927 36,015,401 38,354,655 40,867,818 43,579,472 46,520,933 49,719,655 53,127,809 56,758,406 60,622,842

7,585,701 7,408,963 7,267,895 7,176,721 7,153,819 7,223,998 7,407,874 7,650,438 7,957,167 8,331,540

22,091,329 19,729,117 17,248,796 14,644,458 11,909,903 9,550,045 9,893,856 10,306,829 10,795,087 11,362,682

14,000,000

27,000,000

Policy Premium

30 Year Summary *This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

Cum. Payments 14,000,000 Cum. Net Policy Loan Proceeds 27,000,000 Surrender Value 8,331,540 Death Benefit 11,362,682

Page 1 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Illustration of Policy Values Funding the Plan

TBD Interest Rate 7.09%

(1)

Initial Premium 2,000,000

(2) Net Policy Loan Proceeds

Initial Policy Death Benefit 48,335,555

(3) Year End Accum Value*

(4) Year End Surrender Value*

(5) Death Benefit

Year

Male Age

31 32 33 34 35 36 37 38 39 40

82 83 84 85 86 87 88 89 90 91

0 0 0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

64,733,859 69,104,852 73,748,329 78,674,943 83,898,417 89,425,866 95,263,065 101,415,029 107,882,626 114,818,904

8,777,993 9,301,193 9,904,486 10,588,908 11,358,081 12,208,513 13,134,844 14,130,397 15,183,762 16,435,098

12,014,686 12,756,435 13,591,902 14,522,655 15,553,001 16,679,806 17,897,997 19,201,148 20,577,893 21,027,854

41 42 43 44 45 46 47 48

92 93 94 95 96 97 98 99

0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

122,299,608 130,422,604 139,312,298 149,115,292 159,626,623 170,899,500 182,991,240 195,963,595

17,946,611 19,801,957 22,110,619 25,003,528 28,259,272 31,913,781 36,006,235 40,579,339

21,615,599 22,410,409 23,503,742 25,003,528 28,259,272 31,913,781 36,006,235 40,579,339

14,000,000

45,000,000

Policy Premium

48 Year Summary *This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

Cum. Payments Cum. Net Policy Loan Proceeds Surrender Value Death Benefit

Page 2 of 15

14,000,000 45,000,000 40,579,339 40,579,339

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Summary Employer's Tax Bracket 34.00%

Executive's Tax Bracket 39.60%

TBD Interest Rate 7.09%

Initial Policy Death Benefit 48,335,555

Assumed Long-Term AFR for All Years Illustrated 1.90%

Employer (1)

(2)

Net Payment*

Promissory Note Interest Rate 1.90%

Executive

Cumulative Net Payments

(3) Portion of Col. (2) Due as a Loan Receivable

(4)

(5)

Cumulative Charge to Earnings (2) - (3)

(6) (7) Net Policy Loan Proceeds Executive's Available for Share of Net Retirement Accum Payment* Income Value**

(8)

(9)

Executive's Share of Surrender Value**

Executive's Share of Death Benefit

Year

Male Age

1 2 3 4 5 6 7 8 9 10

52 53 54 55 56 57 58 59 60 61

1,974,920 1,949,840 1,924,760 1,899,680 1,874,600 1,849,520 1,824,440 -175,560 -175,560 -175,560

1,974,920 3,924,760 5,849,520 7,749,200 9,623,800 11,473,320 13,297,760 13,122,200 12,946,640 12,771,080

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 14,000,000 14,000,000 14,000,000

-25,080 -75,240 -150,480 -250,800 -376,200 -526,680 -702,240 -877,800 -1,053,360 -1,228,920

38,000 76,000 114,000 152,000 190,000 228,000 266,000 266,000 266,000 266,000

0 0 0 0 0 0 0 0 0 0

-340,004 -560,134 -655,039 -614,861 -426,393 -75,018 454,008 1,153,487 1,907,727 2,723,570

-2,000,000 -2,302,148 -2,361,768 -2,285,821 -2,060,618 -1,672,508 -823,984 194,993 1,268,731 2,404,072

46,335,555 44,335,555 42,335,555 40,335,555 38,335,555 36,335,555 34,335,555 34,335,555 34,335,555 34,335,555

11 12 13 14 15 16 17 18 19 20

62 63 64 65 66 67 68 69 70 71

-175,560 -175,560 -14,000,000 0 0 0 0 0 0 0

12,595,520 12,419,960 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

14,000,000 14,000,000 0 0 0 0 0 0 0 0

-1,404,480 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

266,000 266,000 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 1,000,000 1,000,000 1,000,000

3,947,350 5,262,349 20,503,739 21,826,398 23,236,562 24,740,877 26,346,806 28,050,163 29,858,789 31,782,282

3,947,350 5,262,349 5,803,739 6,391,398 7,029,812 7,723,790 8,478,864 8,238,824 8,006,883 7,787,781

34,335,555 34,335,555 33,635,555 32,900,555 32,128,805 31,318,468 30,467,613 28,524,216 26,483,649 24,341,054

21 22 23 24 25 26 27 28 29 30

72 73 74 75 76 77 78 79 80 81

0 0 0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

0 0 0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

0 0 0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

33,829,927 36,015,401 38,354,655 40,867,818 43,579,472 46,520,933 49,719,655 53,127,809 56,758,406 60,622,842

7,585,701 7,408,963 7,267,895 7,176,721 7,153,819 7,223,998 7,407,874 7,650,438 7,957,167 8,331,540

22,091,329 19,729,117 17,248,796 14,644,458 11,909,903 9,550,045 9,893,856 10,306,829 10,795,087 11,362,682

2,394,000

13,000,000

-1,580,040

Executive's 30 Year Summary Living Values †Death Benefit TBD: Less Loan Repayment Due Employer: Equals Executive's Net Value: Plus Cumulative After Tax Cash Flow: Equals Executive's Total Net Value:

*See appropriate Net Payment Analysis for details. **This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

8,331,540 0 8,331,540 13,000,000 21,331,540

11,362,682 0 11,362,682 13,000,000 24,362,682

†Surrender value less employer's loans plus cum. net policy loans.

Page 3 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Summary Employer's Tax Bracket 34.00%

Executive's Tax Bracket 39.60%

TBD Interest Rate 7.09%

Initial Policy Death Benefit 48,335,555

Assumed Long-Term AFR for All Years Illustrated 1.90%

Employer (1)

(2)

Net Payment*

Promissory Note Interest Rate 1.90%

Executive

Cumulative Net Payments

(3) Portion of Col. (2) Due as a Loan Receivable

(4)

(5)

Cumulative Charge to Earnings (2) - (3)

(6) (7) Net Policy Loan Proceeds Executive's Available for Share of Net Retirement Accum Payment* Income Value**

(8)

(9)

Executive's Share of Surrender Value**

Executive's Share of Death Benefit

Year

Male Age

31 32 33 34 35 36 37 38 39 40

82 83 84 85 86 87 88 89 90 91

0 0 0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

0 0 0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

0 0 0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

64,733,859 69,104,852 73,748,329 78,674,943 83,898,417 89,425,866 95,263,065 101,415,029 107,882,626 114,818,904

8,777,993 9,301,193 9,904,486 10,588,908 11,358,081 12,208,513 13,134,844 14,130,397 15,183,762 16,435,098

12,014,686 12,756,435 13,591,902 14,522,655 15,553,001 16,679,806 17,897,997 19,201,148 20,577,893 21,027,854

41 42 43 44 45 46 47 48

92 93 94 95 96 97 98 99

0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

122,299,608 130,422,604 139,312,298 149,115,292 159,626,623 170,899,500 182,991,240 195,963,595

17,946,611 19,801,957 22,110,619 25,003,528 28,259,272 31,913,781 36,006,235 40,579,339

21,615,599 22,410,409 23,503,742 25,003,528 28,259,272 31,913,781 36,006,235 40,579,339

2,394,000

31,000,000

-1,580,040

Executive's 48 Year Summary Living Values †Death Benefit TBD: Less Loan Repayment Due Employer: Equals Executive's Net Value: Plus Cumulative After Tax Cash Flow: Equals Executive's Total Net Value:

*See appropriate Net Payment Analysis for details. **This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

40,579,339 0 40,579,339 31,000,000 71,579,339

40,579,339 0 40,579,339 31,000,000 71,579,339

†Surrender value less employer's loans plus cum. net policy loans.

Page 4 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Employer's Net Payment Analysis

Employer's Tax Bracket 34.00%

(1)

(2)

Beginning of Year Loan to Executive

Assumed Long-Term AFR for All Years Illustrated 1.90%*

(3)

(4)

Loan Repayment from Executive

Cumulative Loan to Executive

Loan Interest Received from Executive

Promissory Note Interest Rate 1.90%

(5) After Tax Loan Interest Received from Executive

(6)

(7)

(8)

Employer's Employer's Net Annual Payment Charge to (1) - (2) - (5) Earnings

Employer's Cumulative Charge to Earnings

Year

Male Age

1 2 3 4 5 6 7 8 9 10

52 53 54 55 56 57 58 59 60 61

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 0 0 0

0 0 0 0 0 0 0 0 0 0

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 14,000,000 14,000,000 14,000,000

38,000 76,000 114,000 152,000 190,000 228,000 266,000 266,000 266,000 266,000

25,080 50,160 75,240 100,320 125,400 150,480 175,560 175,560 175,560 175,560

1,974,920 1,949,840 1,924,760 1,899,680 1,874,600 1,849,520 1,824,440 -175,560 -175,560 -175,560

-25,080 -50,160 -75,240 -100,320 -125,400 -150,480 -175,560 -175,560 -175,560 -175,560

-25,080 -75,240 -150,480 -250,800 -376,200 -526,680 -702,240 -877,800 -1,053,360 -1,228,920

11 12 13 14 15 16 17 18 19 20

62 63 64 65 66 67 68 69 70 71

0 0 0 0 0 0 0 0 0 0

0 0 14,000,000 0 0 0 0 0 0 0

14,000,000 14,000,000 0 0 0 0 0 0 0 0

266,000 266,000 0 0 0 0 0 0 0 0

175,560 175,560 0 0 0 0 0 0 0 0

-175,560 -175,560 -14,000,000 0 0 0 0 0 0 0

-175,560 -175,560 0 0 0 0 0 0 0 0

-1,404,480 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

21 22 23 24 25 26 27 28 29 30

72 73 74 75 76 77 78 79 80 81

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

14,000,000

14,000,000

2,394,000

1,580,040

-1,580,040

-1,580,040

The promissory note between the employer and the executive is presumed to be secured by a collateral assignment of the policy. *See the accompanying supplemental report entitled "Loan-Based Split Dollar (Preface)" for remarks regarding loan interest rates used in this illustration.

Date: 08/22/2016

Loan arrangement presumed terminated in year 13; however, the employer's loans must be repaid no later than the date specified in the plan documentation.

Page 5 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Employer's Net Payment Analysis

Employer's Tax Bracket 34.00%

(1)

(2)

Beginning of Year Loan to Executive

Assumed Long-Term AFR for All Years Illustrated 1.90%*

(3)

(4)

Loan Repayment from Executive

Cumulative Loan to Executive

Loan Interest Received from Executive

Promissory Note Interest Rate 1.90%

(5) After Tax Loan Interest Received from Executive

(6)

(7)

(8)

Employer's Employer's Net Annual Payment Charge to (1) - (2) - (5) Earnings

Employer's Cumulative Charge to Earnings

Year

Male Age

31 32 33 34 35 36 37 38 39 40

82 83 84 85 86 87 88 89 90 91

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

41 42 43 44 45 46 47 48

92 93 94 95 96 97 98 99

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

-1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040 -1,580,040

14,000,000

14,000,000

2,394,000

1,580,040

-1,580,040

-1,580,040

The promissory note between the employer and the executive is presumed to be secured by a collateral assignment of the policy. *See the accompanying supplemental report entitled "Loan-Based Split Dollar (Preface)" for remarks regarding loan interest rates used in this illustration.

Date: 08/22/2016

Loan arrangement presumed terminated in year 13; however, the employer's loans must be repaid no later than the date specified in the plan documentation.

Page 6 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Executive's Net Payment Analysis

Executive's Tax Bracket 39.60%

(1)

(2)

Policy Premium Due by Executive

Beginning of Year Loan from Employer

Assumed Long-Term AFR for All Years Illustrated 1.90%*

Promissory Note Interest Rate 1.90%

(3) Net Policy Loan Proceeds Available for Loan Repayment

(4)

(5)

(6)

(7)

Loan Repayment

Cumulative Loan Due Employer

Loan Interest Paid to Employer

Executive's Net Payment**

(8) Net Policy Loan Proceeds Available for Retirement Income

Year

Male Age

1 2 3 4 5 6 7 8 9 10

52 53 54 55 56 57 58 59 60 61

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 0 0 0

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 14,000,000 14,000,000 14,000,000

38,000 76,000 114,000 152,000 190,000 228,000 266,000 266,000 266,000 266,000

38,000 76,000 114,000 152,000 190,000 228,000 266,000 266,000 266,000 266,000

0 0 0 0 0 0 0 0 0 0

11 12 13 14 15 16 17 18 19 20

62 63 64 65 66 67 68 69 70 71

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 14,000,000 0 0 0 0 0 0 0

0 0 14,000,000 0 0 0 0 0 0 0

14,000,000 14,000,000 0 0 0 0 0 0 0 0

266,000 266,000 0 0 0 0 0 0 0 0

266,000 266,000 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 1,000,000 1,000,000 1,000,000

21 22 23 24 25 26 27 28 29 30

72 73 74 75 76 77 78 79 80 81

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

14,000,000

14,000,000

14,000,000

14,000,000

2,394,000

2,394,000

13,000,000

The promissory note between the employer and the executive is presumed to be secured by a collateral assignment of the policy.

*See the accompanying supplemental report entitled "Loan-Based Split Dollar (Preface)" for remarks regarding loan interest rates used in this illustration.

Loan arrangement presumed terminated in year 13; however, the employer's loans must be repaid no later than the date specified in the plan documentation.

**Column (7) = Columns (1) - (2) - (3) + (4) + (6)

Date: 08/22/2016

Page 7 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Executive's Net Payment Analysis

Executive's Tax Bracket 39.60%

(1)

(2)

Policy Premium Due by Executive

Beginning of Year Loan from Employer

Assumed Long-Term AFR for All Years Illustrated 1.90%*

Promissory Note Interest Rate 1.90%

(3) Net Policy Loan Proceeds Available for Loan Repayment

(4)

(5)

(6)

(7)

Loan Repayment

Cumulative Loan Due Employer

Loan Interest Paid to Employer

Executive's Net Payment**

(8) Net Policy Loan Proceeds Available for Retirement Income

Year

Male Age

31 32 33 34 35 36 37 38 39 40

82 83 84 85 86 87 88 89 90 91

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

41 42 43 44 45 46 47 48

92 93 94 95 96 97 98 99

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

14,000,000

14,000,000

14,000,000

14,000,000

2,394,000

2,394,000

31,000,000

The promissory note between the employer and the executive is presumed to be secured by a collateral assignment of the policy.

*See the accompanying supplemental report entitled "Loan-Based Split Dollar (Preface)" for remarks regarding loan interest rates used in this illustration.

Loan arrangement presumed terminated in year 13; however, the employer's loans must be repaid no later than the date specified in the plan documentation.

**Column (7) = Columns (1) - (2) - (3) + (4) + (6)

Date: 08/22/2016

Page 8 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Promissory Note Analysis

Assumed Long-Term AFR for All Years Illustrated 1.90%**

Promissory Note Interest Rate 1.90%

Loan Collateral (1)

(2) (3) (4) Annual Annual Loan Loan Interest Loan Interest Repayments Paid from Paid from from Non-Policy Policy Non-Policy Values Values Values

Beginning of Year Loan to Executive

(5) Loan Repayments from Policy Values

(6)

(7)

(8)

(9)

Year End Cumulative Loan to Executive

Year End Policy Accum Value*

Year End Policy Surrender Value*

Year End Policy Death Benefit*

Year

Male Age

1 2 3 4 5 6 7 8 9 10

52 53 54 55 56 57 58 59 60 61

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 0 0 0

38,000 76,000 114,000 152,000 190,000 228,000 266,000 266,000 266,000 266,000

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 14,000,000 14,000,000 14,000,000

1,659,996 3,439,866 5,344,961 7,385,139 9,573,607 11,924,982 14,454,008 15,153,487 15,907,727 16,723,570

0 1,697,852 3,638,232 5,714,179 7,939,382 10,327,492 13,176,016 14,194,993 15,268,731 16,404,072

48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555 48,335,555

11 12 13 14 15 16 17 18 19 20

62 63 64 65 66 67 68 69 70 71

0 0 0 0 0 0 0 0 0 0

266,000 266,000 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 14,000,000 0 0 0 0 0 0 0

14,000,000 14,000,000 0 0 0 0 0 0 0 0

17,947,350 19,262,349 20,503,739 21,826,398 23,236,562 24,740,877 26,346,806 28,050,163 29,858,789 31,782,282

17,947,350 19,262,349 5,803,739 6,391,398 7,029,812 7,723,790 8,478,864 8,238,824 8,006,883 7,787,781

48,335,555 48,335,555 33,635,555 32,900,555 32,128,805 31,318,468 30,467,613 28,524,216 26,483,649 24,341,054

21 22 23 24 25 26 27 28 29 30

72 73 74 75 76 77 78 79 80 81

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

33,829,927 36,015,401 38,354,655 40,867,818 43,579,472 46,520,933 49,719,655 53,127,809 56,758,406 60,622,842

7,585,701 7,408,963 7,267,895 7,176,721 7,153,819 7,223,998 7,407,874 7,650,438 7,957,167 8,331,540

22,091,329 19,729,117 17,248,796 14,644,458 11,909,903 9,550,045 9,893,856 10,306,829 10,795,087 11,362,682

14,000,000

2,394,000

0

0

14,000,000

**See the accompanying supplemental report entitled "Loan-Based Split Dollar (Preface)" for remarks regarding loan interest rates used in this illustration. *This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

Loan arrangement presumed terminated in year 13; however, the employer's loans must be repaid no later than the date specified in the plan documentation.

Page 9 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Promissory Note Analysis

Assumed Long-Term AFR for All Years Illustrated 1.90%**

Promissory Note Interest Rate 1.90%

Loan Collateral (1)

(2) (3) (4) Annual Annual Loan Loan Interest Loan Interest Repayments Paid from Paid from from Non-Policy Policy Non-Policy Values Values Values

Beginning of Year Loan to Executive

(5) Loan Repayments from Policy Values

(6)

(7)

(8)

(9)

Year End Cumulative Loan to Executive

Year End Policy Accum Value*

Year End Policy Surrender Value*

Year End Policy Death Benefit*

Year

Male Age

31 32 33 34 35 36 37 38 39 40

82 83 84 85 86 87 88 89 90 91

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

64,733,859 69,104,852 73,748,329 78,674,943 83,898,417 89,425,866 95,263,065 101,415,029 107,882,626 114,818,904

8,777,993 9,301,193 9,904,486 10,588,908 11,358,081 12,208,513 13,134,844 14,130,397 15,183,762 16,435,098

12,014,686 12,756,435 13,591,902 14,522,655 15,553,001 16,679,806 17,897,997 19,201,148 20,577,893 21,027,854

41 42 43 44 45 46 47 48

92 93 94 95 96 97 98 99

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

122,299,608 130,422,604 139,312,298 149,115,292 159,626,623 170,899,500 182,991,240 195,963,595

17,946,611 19,801,957 22,110,619 25,003,528 28,259,272 31,913,781 36,006,235 40,579,339

21,615,599 22,410,409 23,503,742 25,003,528 28,259,272 31,913,781 36,006,235 40,579,339

14,000,000

2,394,000

0

0

14,000,000

**See the accompanying supplemental report entitled "Loan-Based Split Dollar (Preface)" for remarks regarding loan interest rates used in this illustration. *This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

Loan arrangement presumed terminated in year 13; however, the employer's loans must be repaid no later than the date specified in the plan documentation.

Page 10 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Employer's 48 Year Analysis

$15,000,000

$10,000,000

$5,000,000

$0

$0

$-1,580,040 $-1,580,040 $-5,000,000 10

20

30

40

Years At Year 48 Employer's Cumulative Net Payments

$-1,580,040

Cumulative Charge to Earnings

$-1,580,040

Loans Due Employer from Executive

Date: 08/22/2016

Page 11 of 15

$0

50

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Executive's 48 Year Analysis

$60,000,000

$45,000,000 $40,579,339 $40,579,339

$31,000,000

$30,000,000

$15,000,000

$2,394,000

$0

10

20

30

40

50

Years At Year 48 Executive's Cumulative Net Payments Executive's Cumulative Net Loan Proceeds 1

1

$31,000,000

Executive's Surrender Value Less Cum. Loan Due Employer

$40,579,339

Executive's Death Benefit Less Cum. Loan Due Employer

$40,579,339

For retirement income.

Date: 08/22/2016

$2,394,000

Page 12 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Executive's Personal Report

Executive's Tax Bracket 39.60%

TBD Interest Rate 7.09%

Valued Coach Costs (1)

Valued Coach Values (3)

(4)

(5)

Executive's Net Payment*

(2) Net Policy Loan Proceeds Available for Retirement Income

Executive's Share of Accum Value**

Executive's Share of Surrender Value**

Executive's Share of Death Benefit

Year

Male Age

1 2 3 4 5 6 7 8 9 10

52 53 54 55 56 57 58 59 60 61

38,000 76,000 114,000 152,000 190,000 228,000 266,000 266,000 266,000 266,000

0 0 0 0 0 0 0 0 0 0

-340,004 -560,134 -655,039 -614,861 -426,393 -75,018 454,008 1,153,487 1,907,727 2,723,570

-2,000,000 -2,302,148 -2,361,768 -2,285,821 -2,060,618 -1,672,508 -823,984 194,993 1,268,731 2,404,072

46,335,555 44,335,555 42,335,555 40,335,555 38,335,555 36,335,555 34,335,555 34,335,555 34,335,555 34,335,555

11 12 13 14 15 16 17 18 19 20

62 63 64 65 66 67 68 69 70 71

266,000 266,000 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 1,000,000 1,000,000 1,000,000

3,947,350 5,262,349 20,503,739 21,826,398 23,236,562 24,740,877 26,346,806 28,050,163 29,858,789 31,782,282

3,947,350 5,262,349 5,803,739 6,391,398 7,029,812 7,723,790 8,478,864 8,238,824 8,006,883 7,787,781

34,335,555 34,335,555 33,635,555 32,900,555 32,128,805 31,318,468 30,467,613 28,524,216 26,483,649 24,341,054

21 22 23 24 25 26 27 28 29 30

72 73 74 75 76 77 78 79 80 81

0 0 0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

33,829,927 36,015,401 38,354,655 40,867,818 43,579,472 46,520,933 49,719,655 53,127,809 56,758,406 60,622,842

7,585,701 7,408,963 7,267,895 7,176,721 7,153,819 7,223,998 7,407,874 7,650,438 7,957,167 8,331,540

22,091,329 19,729,117 17,248,796 14,644,458 11,909,903 9,550,045 9,893,856 10,306,829 10,795,087 11,362,682

2,394,000

13,000,000

*Assuming all parties follow the procedure outlined on the Executive's Net Payment Analysis page.

Note: Any negative values represent the unsecured portion of the premium loans.

**This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

Loan arrangement presumed terminated in year 13; however, the employer's loans must be repaid no later than the date specified in the plan documentation.

Page 13 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Executive's Personal Report

Executive's Tax Bracket 39.60%

Valued Coach Costs (1)

TBD Interest Rate 7.09%

Valued Coach Values (3)

(4)

(5)

Executive's Net Payment*

(2) Net Policy Loan Proceeds Available for Retirement Income

Executive's Share of Accum Value**

Executive's Share of Surrender Value**

Executive's Share of Death Benefit

Year

Male Age

31 32 33 34 35 36 37 38 39 40

82 83 84 85 86 87 88 89 90 91

0 0 0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

64,733,859 69,104,852 73,748,329 78,674,943 83,898,417 89,425,866 95,263,065 101,415,029 107,882,626 114,818,904

8,777,993 9,301,193 9,904,486 10,588,908 11,358,081 12,208,513 13,134,844 14,130,397 15,183,762 16,435,098

12,014,686 12,756,435 13,591,902 14,522,655 15,553,001 16,679,806 17,897,997 19,201,148 20,577,893 21,027,854

41 42 43 44 45 46 47 48

92 93 94 95 96 97 98 99

0 0 0 0 0 0 0 0

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

122,299,608 130,422,604 139,312,298 149,115,292 159,626,623 170,899,500 182,991,240 195,963,595

17,946,611 19,801,957 22,110,619 25,003,528 28,259,272 31,913,781 36,006,235 40,579,339

21,615,599 22,410,409 23,503,742 25,003,528 28,259,272 31,913,781 36,006,235 40,579,339

2,394,000

31,000,000

*Assuming all parties follow the procedure outlined on the Executive's Net Payment Analysis page.

Note: Any negative values represent the unsecured portion of the premium loans.

**This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

Loan arrangement presumed terminated in year 13; however, the employer's loans must be repaid no later than the date specified in the plan documentation.

Page 14 of 15

Loan-Based Split Dollar Funded With TBD Presented By: Daniel P. Wachs

Insured: Valued Coach University of Michigan

Executive's Matching Values at Age 99 (Year 48)

Male Age 52

Executive's Tax Bracket 39.60%

TBD Interest Rate 7.09%

Gross Interest Rate Required on a Hypothetical Taxable Investment to Match the Executive's Share of TBD Policy Values over 48 Years (Executive's Net Payments Used as the Hypothetical Investment) Hypothetical Taxable Alternative To match Surrender Value of: $40,579,339 To match Death Benefit of: $40,579,339

22.01% 22.01%

To Match Surrender Value

To Match Death Benefit

$40,579,339

$40,579,339

22.01% Required

22.01% Required

Income Tax Considerations 1. Hypothetical Taxable Investment: Interest is taxed as earned.

2. TBD: a. Death Benefit including available cash value component is income tax free. b. Loans are income tax free as long as the policy is kept in force. c. Withdrawals and other non-loan policy cash flow up to cost basis (not in violation of IRC Section 7702) are income tax free as a return of premium. d. Cash values shown assume most favorable combination of b and/or c.

*This illustration assumes the nonguaranteed values shown continue in all years. This is not likely, and actual results may be more or less favorable. This illustration is not valid unless accompanied by a proposal from TBD.

Date: 08/22/2016

Page 15 of 15