A Comparison

of

Bill White’s and Rick Perry’s

Available Financial Information

This document contains a side-by-side comparison of the assets, income and other financial
information available to the public regarding Bill White and Rick Perry. Links to original source
documents follow the information in the tables and narratives. The source documents for Bill White’s
information are Bill White’s federal income tax returns for the years he served as mayor of Houston
(2004-2009) and the Personal Financial Statements he filed annually from 2003 forward. The source
documents for Rick Perry’s information are his federal income tax returns for 2001-2003 and
2005-2008 and the Personal Financial Statements he filed annually from 2001 forward. Perry’s tax
returns were found through the Houston Chronicle at the following link:
http://blogs.chron.com/texaspolitics/archives/2010/04/gov_rick_perry.html, and the 2004 return is not
included. To our knowledge, Perry has not disclosed to the public his 2009 tax return.

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Assets and Liabilites

Q: What are Bill White’s assets and liabilities?
A: The Whites’ liquid net worth as of April 30, 2010 consists of cash, publicly traded stocks and
mutual funds with a market value of approximately $2,700,000. In addition, they own the following
assets:
• Non-residential real property with an estimated value of $250,000-$350,000.
• Approximately $400,000 in common stock and mutual funds in a deferred compensation
account, representing income earned before 2004 and paid out in ten annual installments per a
formula.
• IRA accounts with an approximate value of $2 million invested in common stocks and mutual
funds.
• A self-employed retirement account valued at approximately $500,000 invested in
publicly-traded stocks and mutual funds.
• A limited partnership interest in a private equity partnership with an estimated value of
$250,000-$500,000.
• Their home in Houston with an appraised value of $2,120,195, on which there is a first-lien
mortgage of approximately $550,000.
• 527 college savings account for their youngest child in an approximate amount of $60,000.
• Personal items such as household furnishings, clothing and automobiles.

Bill White has filed detailed Personal Financial Statements each year since 2003 which are and have
been publicly available.

Q: What are Rick Perry’s assets and liabilites?

A: Perry’s estimated net worth, broken down by category, has not been disclosed to the public. Perry
keeps most of his assets in a blind trust.1a The value of the assets in Perry’s blind trust is not known.
In 2002, the trustee estimated the trust’s value at 750,000. In August 2009, after sustaining losses of
$567,000 in 2008, Perry’s spokesperson said the trust was worth $896,000.

Rick Perry was first elected to public office in 1984 and to statewide office in 1990. On September
13, 1996, Perry created a blind trust and began transferring his assets into that trust. Earlier that

1a. The trustee of the blind trust is Jeffery L. Nash, president of a state-chartered bank, which is regulated by an agency
controlled by Perry appointees and which was the beneficiary of federal TARP “bailout” funds.

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same year, Perry received media attention concerning a profitable stock trade that some suggested
might have been the result of insider trading.1b

One of Rick Perry’s largest trust assets appears to be an interest in MKS Consulting. MKS
Consulting was managed by a registered lobbyist later appointed by Perry to be the Chair of the
Texas Transportation Commission, Ric Williamson. Mr. Williamson ran MKS until his death in
December 2007. Williamson’s widow succeeded him as president of MKS and was appointed by
Perry to the Texas Lottery Commission where she currently serves as Chair. Before transfer of MKS
into the blind trust, Perry reported more than $25,000 income from MKS per year for 1997 and
1998.

1b. Perry traded in the stock of Kinetic Concepts, Inc., a company controlled by James Leininger, a major Perry donor and
gubernatorial appointee. Perry had met with Leininger on January 24, 1996, the same day Perry spent $30,000 to buy
thousands of shares of KCI stock, and the same day a California investor group purchased 2.2 million shares of the
stock, boosting the stock price. Perry sold the stock less than a few weeks later for a profit. Perry first said that his
broker made the trading decisions, but recanted when the broker reported that Perry had told him to make the trade. A
few months later, Perry created the blind trust and began transferring assets into the trust, and since that time in 1996,
none of those assets have been disclosed to the public.

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Taxable Income
Q: What were the amounts and sources of income for Bill and Andrea White during the years he
served as Mayor of Houston?
A: The table below describes the Whites’ taxable income during the time Bill White was Mayor.

Bill and Andrea White’s Taxable Income

2004 2005 2006 2007 2008 2009
SALARY FOR EMPLOYMENT
*City of Houston2a $152,899 $151,334 $155,099 $159,189 $161,864 $149,185
*WEDGE Services (Jan 1-2, 2004) $1,567
FEES
**Board fees: BJ Services2b $119,322 $245,611 $303,462 $298,313 $202,189 $287,231
**Fee for consulting2c $250,000 $318,000
INCOME FROM INVESTMENT ACTIVITY
Interest & dividends2d $111,791 $207,102 $229,181 $164,596 $114,278 $32,785
Capital gains from stocks, bonds, $667,647 $522,717 $1,087,514 $821,499 $499,365 $(105,509)
mutual funds & other investments2e
Payments on notes2f $120,000
**Contractual payments for pre-2004 $3,387,474
investment2g
*Distribution from deferred $81,855 $83,626 $109,015 $103,498 $83,677
compensation account2h
Limited Partnership Investments2i $(4,922) $524,582 $(12,723) $149,984
*Stock options: EDGE Petroleum2j $27,602
**Stock options: Pioneer Drilling $85,155
Company2k
OTHER INCOME
Rental income: Moab, Utah property2l $13,319 $11,803 $13,667 $12,749 $14,463 $10,325
Book royalty income: Andrea White2m $4,250 - $24,470 $15,503 $4,132 $2,676

*These amounts are included in Line 7 of the Form 1040.

**These amounts are included in Line 1 of Schedule C.

2a. These amounts are reported on Line 7 of Form 1040 and in the W-2 forms.

Click here for source documents.

2b. Board fees consisting of cash payments and stock awards for service on BJ Services’ board. Board service and
compensation was also disclosed in SEC filings each year prepared in accordance with SEC rules as well as White’s
Personal Financial Statements since 2003, all of which have been publicly available through the city of Houston and/or
the Texas Ethics Commission.

Click here for source documents.

2c. Payments for consulting services for Dr. Lee Pearce, a personal friend, largely rendered prior to 2004. Dr. Pearce agreed
to pay Bill if his investments in publicly traded stocks purchased with an original investment in 2001 were sold for
extraordinary returns, which occured in 2007 and 2008.

Click here for source documents.

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2d. The individual investments resulting in dividends and interest are listed in Personal Financial Statements since 2003.
The amounts are reported on Schedule B of the federal tax return. The tax returns show the amounts by brokerage firm
or bank in which cash or publicly-traded investments were held. The Personal Financial Statements report this
income and interest and dividend income received from non-taxable accounts such as IRA accounts and those received
by Bill White’s wife and dependent children.

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2e. Sources of investment gains and losses are listed in Personal Financial Statements since 2003 and amounts are reported
on Schedule D of the federal tax return. A substantial portion of these gains occured on the sale of stock in three public
companies - Pioneer Drilling, Chicago Bridge and Iron, and Frontera Resources - acquired prior to 2004 and where Bill
had served on the boards at various times prior to 2004. The Personal Financial Statements also report gains and losses
from non-taxable accounts such as IRA accounts and transactions by Bill’s wife and dependent children.

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2f. This reflects a note payment by Frontera Resources in 2005, which was disclosed in the Personal Financial Statement for
2005 and included on the 2005 federal income tax return in Line 21 of Form 1040.

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2g. Bill received a payment according to a formula after his resignation from WEDGE Services based on the realized value
of gains from investments he had previously managed. This principally resulted from the gain on the sale of WEDGE’s
interest in Pioneer Drilling Company, a San Antonio-based contract driller. WEDGE sold its interest in a public offering
and Bill was entitled to a payment based on 5% of the gain relative to an over and above annualized return. This
investment and the agreement were made prior to 2004, when Bill was on the Board of Pioneer and WEDGE was the
largest shareholder. To a much lesser extent the payment reflected realized gains on other of WEDGE’s investments into
public oil and gas service firms, OYO Geospace and Dawson Geophysical, both publicly traded, Texas-based firms. Bill
performed no services for his former employer after he began his service as mayor in 2004. This contractual payment is
reported on Schedule C of the 2005 federal income tax return. As with deferred compensation or IRA distributions, this
amount is neither occupational income nor an investment for the purposes of the Personal Financial Statement.

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2h. Bill assigned approximately $500,000 in income from WEDGE earned during 1999-2003 into a deferred compensation
account, maintained at Merrill Lynch, allowing the deferral of earned income. The account was invested in
publicly-traded securities. Those securities were identified in the Personal Financial Statements filed in 2003 through
the current year. The deferral must be paid in ten annual installments after the end of employment. These amounts were
reported as distributions for a non-qualified plan on the federal tax returns on Line 7 of the Form 1040. According to the
Texas Ethics Commission, deferred compensation, like an IRA distribution, is not required to be reported as
occupational income on the Personal Financial Statement. See also note 2y.

Click here for source documents.

2i. In December 2006 Bill invested as a limited partner in a private equity investment made by a large private equity fund.
That firm bought a Houston-based business which acquired and renovated turbines used for electrical power
generation. Bill invested on the same terms as other limited partners in BTEC Investments LLC. Bill also received
partnership income from Enterprise Products Partners and Cheniere Energy Partners, which are publicly traded
Master Limited Partnerships. These investments were listed in the Personal Financial Statements for the years held and
on Schedule E of the federal tax returns.

“PYA” noted on Schedule E for 2007 is an IRS required designation for losses utilized in the current year but were

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disallowed in a prior year due to at risk, basis or passive loss limitations. See instructions to Form 1040 Schedule E,
page E-7.

WSB Office Houston, LLC on the 2008 Schedule E, was from an office sharing arrangement for office space used by
Andrea’s assistant. All expenses were personal and no gain or loss was reported.

Click here for source documents.

2j. Exercise of stock options from board service on board of EDGE Petroleum prior to 2004. This was included in line 7 of
the federal income tax return for 2006.

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2k. Income from board fees including stock options that vested in 2004 acquired during prior board service with Pioneer
Drilling Company. This was included in Line 1 of Schedule C of the tax return.

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2l. The Whites received income from two properties purchased in Moab, Utah, which were identified during family
vacations there. The properties are managed by an agent there. These properties were listed in the Personal Financial
Statements and on Schedule E of the federal income tax return.

Click here for source documents.

2m. Andrea White received royalties from books written by her for young readers. This was listed in the Personal Financial
Statements and on Schedule C of the federal income tax returns.

Click here for source documents.

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Q: What were the amounts and sources of income for Rick and Anita Perry during Rick Perry’s
years as a Texas governor?
A: The table below describes the Perrys’ taxable income based on available tax returns during the
time Rick Perry has been governor.

Rick and Anita Perry’s Taxable Income

2001 2002 2003 2004 2005 2006 2007 2008 2009
SALARY FOR EMPLOYMENT 2n

Governor of Texas $99,289 $104,156 $103,992 NOT AVAIL. $103,794 $103,320 $111,361 $135,925 NOT AVAIL.
SPE Corporate Services, Inc.: Rick NOT AVAIL. $221 $389 $133 $159 NOT AVAIL.
Perryman Consultants, Inc.: Anita $5,500 NOT AVAIL. NOT AVAIL.
Texas Senate Payroll Office: Rick $42 NOT AVAIL. NOT AVAIL.
CAPS Payroll Service: Anita $57 NOT AVAIL. NOT AVAIL.
Broadcast Traffic & Residuals Talent $2,000 $87 NOT AVAIL. NOT AVAIL.
Acct: Anita
Cast & Crew Talent Services, Inc: $678 NOT AVAIL. NOT AVAIL.
Rick
SELF-EMPLOYED INCOME
Anita Perry: Tx Assn Ag Sex $7,500 NOT AVAIL. $60,000 $63,333 $65,000 $65,000 NOT AVAIL.
Assault2o
Rick Perry: JR Perry Co.2p $5,272 $4,789 $21,950 NOT AVAIL. $7,813 $3,722 $1,654 $20,358 NOT AVAIL.
INCOME FROM INVESTMENTS
Interest & dividends: in blind trust2q $17,748 $6,948 $3,267 NOT AVAIL. $9,849 $13,254 $26,967 $28,170 NOT AVAIL.
Interest & dividends: not in blind $225 $166 $274 NOT AVAIL. $280 $229 $391 $250 NOT AVAIL.
trust2r
Capital gains/losses in blind trust2s $3,337 $(12,197) NOT AVAIL. $(12,313) - $69,472 $(567,523) NOT AVAIL.
Capital gains/losses not in blind $13 NOT AVAIL. - - - NOT AVAIL.
trust2t
Gain on sale of Horseshoe Bay $823,766
property2u
Trust income - in blind trust2v $13,442 $9,096 $15,118 NOT AVAIL. $23,589 $29,988 $31,869 $24,222 NOT AVAIL.
OTHER INCOME
Rental income2w NOT AVAIL. - - $5,200 $6,240 NOT AVAIL.
Royalty income - from JR Perry Co.2x $1,680 $1,297 $1,608 NOT AVAIL. $3,355 $3,505 $3,182 $6,271 NOT AVAIL.
IRA Distribution2y NOT AVAIL. $5,900 NOT AVAIL.
EDFinancial Services NOT AVAIL. $334 NOT AVAIL.

2n. Total income from employment is listed on Line 7 of page 1 of Perry’s tax return. The backup documents that show
each source of income aggregated in Line 7 are included.

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2o. Since 2003, Anita Perry has received self-employment income from a non-profit.

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2p. Each year, Rick Perry receives self-employment income from J.R. Perry Company.

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2q. Most of Perry’s assets are kept in a blind trust, and the interest and dividends produced by these assets far exceed those
of the assets he keeps outside of this trust. The interest and dividends from those assets are included in Schedule B of
his tax return.

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2r. Perry keeps some assets outside of the blind trust, including accounts in various banks, brokerages and mutual funds,
and the interest and dividends from those assets are included in Schedule B of his tax return.

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2s. Most of Perry’s assets are kept in a blind trust, and in most years, the capital gains produced by these assets far exceed
those of the assets he keeps outside of the trust. The capital gains from the non-trust assets are included in Schedule D
of his tax return.

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2t. Perry keeps some assets outside of the blind trust, including a lot in Horseshoe Bay that he acquired from Senator Troy
Fraser for $314,770 paid in cash and then sold for $1,138,536 six years later, without adding any improvements to the
lot. The lot was sold for more than twice its appraised value to Wallace Holdings, L.P. This capital gain and a few others
obtained outside of his blind trust are listed in Schedule D of the federal income tax return.

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2u. According to Perry’s Personal Financial Statement, in 2000, he acquired an option to purchase a lot in Horseshoe Bay
from Senator Troy Fraser. Perry’s tax return indicates that he bought the lot for $314,770 in 2001 and then sold it for
$1,138,536 in 2007, without adding any improvements to the lot. Perry paid cash for the lot in 2001 as he did not list
any related note on his PFS for that year or any subsequent years. The source of the cash is unknown. Perry’s $823,766
gain on the property is listed in Schedule D of the federal income tax return.

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2v. Perry also reports additional income each year from his blind trust.

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2w. For 2007 and 2008, Perry reported rental income on his tax return, although he did not disclose this income in his PFS
as required under Texas law. This income is reported in Schedule E of his tax return.

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2x. Perry received royalty income each year from J.R. Perry Company. That income is reported in Schedule E of his tax
return.

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2y. In 2006, Perry received a distribution from an IRA. The distribution is reported on Line 15a of Page 1 of his tax return.
As with deferred or contractual income from prior employment, an IRA distribution would not qualify as occupational
income required to be reported on a Personal Financial Statement and Perry properly did not report it. Perry would be
required to list any IRA investments unless there was a formal blind trust arrangement.

Click here for source documents.

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Federal Taxes
Q: What were the federal taxes paid by Bill White during the six years he served as mayor of
Houston?
A: The Whites paid a total of $3,029,664 in federal taxes during the six years that Bill served as
mayor of Houston.

Bill and Andrea White’s Total Tax Liability

YEAR AMOUNT
2004 $204,608
2005 $1,574,674
2006 $364,386
2007 $498,933
2008 $208,077
2009 $178,986

TOTAL $3,029,664

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The Whites deducted $664,059 in direct payment of charitable contributions to nonprofit

organizations during the time Bill was mayor of Houston.

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The Whites deducted interest paid to Northern Trust Bank on their home mortgage in the amount of
$183,644 for 2004-2009. The mortgage holder was identified in Bill’s Personal Financial Statements
filed each year.

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Q: What were the federal taxes paid by Rick Perry during the ten years he served as governor of
Texas?
A: The Perrys paid a total of $398,158 in federal taxes for 2001-2003 and 2005-2008. The amounts
he paid for 2004 and 2009 are not known.

Rick and Anita Perry’s Total Tax Liability

YEAR AMOUNT
2001 $23,833
2002 $19,635
2003 $20,187
2004 NOT AVAILABLE
2005 $37,520
2006 $48,348
2007 $195,023
2008 $53,612
2009 NOT AVAILABLE

TOTAL $398,158

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The Perrys claimed deductions for charitable contributions of $64,158 in cash and $26,776 in kind
for 2001-2003 and 2005-2008. The cash contributions included $9,996 to the nonprofit for whom
Anita Perry is a $65,000 a year consultant and $5,000 to the governor’s mansion renovation fund.
The in-kind contributions included donations of clothes, shoes, household items, linens, bicycles,
toys, electronics, shoes, luggage, sports equipment, books, a vacuum, a $7,500 dress, and a picture.

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The Perrys claimed home mortgage interest deductions for 2007 and 2008. Perry’s sworn Personal
Financial Statements for 2007 and 2008 showed ownership in only two properties: an unimproved
lot at Horseshoe Bay that Perry sold on April 11, 2007 for a profit of $823,766 and a house on
Leopard Street in College Station, purchased the same day the Horseshoe Bay property was sold. In
2007 Perry prorated interest on the house in College Station between a home mortgage interest
deduction and an interest deduction on rental property. In 2008 there is no allocation of rental
expense, but he does list rental income in his tax return. Perry’s Personal Financial Statements do
not report a mortgage note associated with either property.

Texas law requires that Perry disclose on his PFS “each person or financial institution to whom a
personal note or notes or lease agreement for a total financial liability in excess of $1,000 existed.”
Tex. Gov’t Code Sec. 572.023. If Perry owed money on account of the Horseshoe Bay or College
Station properties, he was required to disclose the creditor and the amount, within a range. No such

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disclosure was made.

Perry’s PFS’s do not disclose the fact, the source, or the amount of rental income received in 2007
and 2008. Texas law requires that Perry disclose “each source and the category of the amount of
income in excess of $500 derived from each source from interest, dividends, royalties, and rents.” If
Perry received the rents reported as income on his tax returns, he should have disclosed them on the
PFS’s.

Perry does report a debt to Mercedes Benz Financial, presumably in connection with a car note.

Click here for source documents.

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