Settlement Terms Between Mizzou, Hillsdale Over Conservative Donor's Instructions

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NONJUDICIAL SETTLEMENT AGREEMENT REGARDING

CERTAIN TRUSTS CREATED UNDER ARTICLE SEVEN,SECTION (83)
OF THE LAST WILL AND TESTAMENT OF SHERLOCK HIBBS
Effective as ofthe date that the Court Order and Judgment becomes final("Effective Date")
approving this Nonjudicial Settlement Agreement ("Agreement"), the herein defined "Parties"
enter into this Agreement regarding the Certain Trusts Created under Article Seven, Section (83)
ofthe Last Will and Testament of Sherlock Hibbs, as amended.
The Will and the Trusts:
1. On April 3,2002, Sherlock Hibbs("Grantor") executed his Last Will and Testament. On
April 5,2002, Grantor executed the First Codicil to his Last Will and Testament. The Last Will
and Testament, as amended by the First Codicil, is referred to herein as the "Will."
2. Pursuant to Article Seven ofthe Will, Grantor "devise[d] to the following named persons
the sums of money or other property as specified."
3. Pursuant to Section (83) of Article Seven of the Will, Grantor provided "Five Million
($5,000,000) Dollars to the Curators ofthe UNIVERSITY OF MISSOURI,as trustees, in trust, to
be held and administered" pursuant to this Section. The trust instrument created by Section 83
shall be referred to as the "Section 83 Trust Instrument."
4. The Section 83 Trust Instrument states that the provision for the University of Missouri
was to be divided into six (6) separate amounts and that each "said amount shall be held in a
separate trust fund."
5. Those six separate trust funds created by the Section 83 Trust Instrument are:
A. The James Harvey Rogers Chair of Money, Credit and Banking("Trust I"), which
was to be funded with One Million, One Hundred Thousand ($1,100,000) dollars;
B. The Emma S. Hibbs/Harry Gunnlson Brown Chair of Business and Economics

("Trust 2"), which was to be funded with One Million, One Hundred Thousand
($1,100,000) dollars;
C. The Emma S. Hibbs/Frederick A. Middlebush Chair of Entrepreneurship ("Trust

3"), which was to be funded with One Million, One Hundred Thousand ($1,100,000)
dollars;
D. The Emma S. Hibbs Distinguished Professorship, number one ("Trust 4"), which
was to be funded with Five Hundred and Sixty-Seven Thousand ($567,000) Dollars;
E. The Emma S. Hibbs Distinguished Professorship, number two ("Trust 5"), which
was to be funded with Five Hundred and Sixty-Seven Thousand ($567,000) Dollars;
and
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F. The Myron Watkins Distinguished Professorship ("Trust 6"), which was to be
funded with Five Hundred and Sixty-Six Thousand ($566,000) Dollars.
Trust 1, Trust 2,Trust 3, Trust 4, Trust 5,and Trust 6 are collectively referred to as the "Trusts."
6. The Trusts were established for the benefit of, and were to be used by, the University of
Missouri-Columbia College of Business and Public Administration.
7. The Section 83 Trust Instrument contains additional terms on which the Trusts are to be
held and administered that are discussed more fully herein.
8. The Section 83 Trust Instrument provides that if certain Chairs or Distinguished

Professorships remain vacant for a certain period oftime the specific Trust fund is to be distributed
to Hillsdale College.
9. The Section 83 Trust Instrument authorizes the trustees of the trusts to non-judicially
modify the terms of the trust instrument applicable to the administration of the trusts if, in the
judgment ofthe trustee, it becomes clearly necessary in order to carry out Grantor's wishes for the
use ofthe trusts' funds as long as such modification does notjeopardize tax exemptions or vitiate
the consecutive five year requirement or the free and open market economy qualification of the
Chairs or Distinguished Professorships.
The Parties;
1. The Curators of the University of Missouri, the Board of Curators of the University of
Missouri and the members of the Board of Curators of the University of Missouri (hereinafter
separately or collectively referred to as the "Curators"), in their capacities as trustees and
beneficiaries ofthe Trusts. The legal name ofthe University of Missouri System is"The Curators
of the University of Missouri." R.S. Mo. § 172.020 ("the state university is hereby incorporated
and created as a body politic and shall be known by the name of'The Curators of the University
of Missouri'"). The Board of Curators of the University of Missouri governs the University
System. R.S. Mo. § 172.010 ("A university is hereby instituted in this state, the government
whereof shall be vested in a board of curators"). The Board consists of individual members
appointed by the Governor, by and with the advice and consent of the Senate, each for a term of
six years. The members of the Board of Curators have by unanimous resolution authorized
President Mun Choi to execute this Agreement on behalfof their individual and official capacities
and on behalf of the Board of Curators.
2. Hillsdale College ("Hillsdale") in its capacity as a contingent remainder beneficiary ofthe

Trusts. Hillsdale is a private, nonsectarian, coeducational college located in Hillsdale, Michigan
and is a nonprofit corporation organized under the laws of the State of Michigan.
The Curators and Hillsdale are sometimes individually referred to as a "Party" and collectively as
the "Parties."
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Recitals of Fact:
1. The Trusts were established by the Section 83 Trust Instrument. A copy ofthe Will, which
includes the Section 83 Trust Instrument, is attached hereto as Exhibit A.
2. Grantor died in 2002 and the Trusts were thereafter funded when the Curators received the
funds indicated in the Section 83 Trust Instrument.
3. Since the funding ofthe Trusts, the Curators have acted as the Trustees ofthe Trust.
4. The Trusts are registered with the Probate Court of Boone County, Missouri as a result of
CauseNos. I8BA-PR004I8- 18BA-PR00423.
5. On October 17, 2017, Hillsdale filed suit against the Curators in the Circuit Court of St.
Louis County under Cause No. 17SL-CC03833(the "St. Louis County Lawsuit").
6. In the St. Louis County Lawsuit, Hillsdale asserted a count for declaratory judgment, for
breach ofcontract, and for unjust enrichment.
7. The Curators denied the pertinent allegations of the St. Louis County Lawsuit and sought
to have that lawsuit transferred to Boone County, but their Motion to Transfer venue was denied.
8. The Curators later sought and were granted a writ of prohibition from the Missouri
Supreme Court under Cause No. SC97418, which required the Court in the St. Louis County
Lawsuit to transfer said action to Boone County, Missouri.
9. The St. Louis County Lawsuit,once transferred to Boone County, was assigned Cause No.
I9BA-PR00406(the "Boone County Lawsuit")and remains pending.
10. On October 17, 2019, Hillsdale filed a separate action in the Probate Division of Boone
County under Cause No. 19BA-PR00425,alleging claims for breach oftrust/fiduciary duty,aiding
and abetting breach oftrust/fiduciary duty,and unjust enrichment against all ofthe individuals that
had served as members of the board of curators or had received funds from the Trusts as faculty
members (the "Trust Lawsuit"). The Trust Lawsuit remains pending and none of the defendants
has been served with process or answered.
11. The gravamen of Hillsdale's allegations in the lawsuits is that the Curators and/or the past
and present members ofthe Board ofCurators did not comply with the terms created by the Section
83 Trust Instrument.
12. Specifically, the Section 83 Trust Instrument states that in making the appointment to the
chairs and professorships supported by the Trusts, "[t]he appointee's qualifications will be
considered in light of his or her experience, achievements and reputation within the finance
community. The appointee must be a dedicated and articulate disciple ofthe free and open market
economy (the Ludwig von Mises Austrian School of Economics)."
13. The Section 83 Trust Instrument further provides that the Curators must certify to Hillsdale
once every four(4) years that the appointees meet the aforementioned qualifications.
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14. The Parties have disputed how to determine the qualifications ofsuch appointees pursuant
to the terms of the Section 83 Trust Instrument and whether certain appointees met such
qualifications.
15. Hillsdale alleges that as a result of the Curators' actions and inactions, the funds in the
Trust should be transferred to Hillsdale.
16. The Curators have denied Hillsdale's allegations.
Recitals of Law;
1. All interested persons may enter into a binding nonjudicial settlement agreement with
respect to matters involving a trust, provided that the matters agreed to do not violate a material
purpose ofthe trust and include terms and conditions that could be properly approved by a court.
Mo. Rev. Stat. §456.1-111.
2. The term "interested persons" means the persons "whose consent would be required in
order to achieve a binding settlement were the settlement to be approved by the court." Mo. Rev.
Stat. §456.1-111.1.
3. The term "interested persons" includes beneficiaries and any others having a property right
in or claim against a trust estate which may be affected by a judicial proceeding. It also includes
fiduciaries and other persons representing interested persons. Mo. Rev. Stat. § 456.1-103(10).
4. The Curators and Hillsdale are the only "interested persons" as it relates to the Trusts.
5. Matters that may be resolved by a nonjudicial settlement agreement include, but are not
limited to,"the interpretation or construction of the terms of the trust"; "direction to a trustee to
refrain from performing a particular act or the grant to a trustee of any necessary or desirable
power"; and "liability of a trustee for an action relating to the trust." Mo. Rev. Stat. § 456.1-
111.4(1),(3)and (6).
6. Any interested person may request the court to approve a nonjudicial settlement agreement
and to determine whether the agreement contains terms and conditions the court could have
properly approved. Mo. Rev. Stat. § 456.1-111.5
7. A court may modify the dispositive terms of a trust if, because of circumstances not
anticipated by the settlor, modification will further the purposes of the trust. Mo. Rev. Stat. §
456.4-412.1.
8. A court may modify the management or administrative terms of a trust if modification will
further the purposes of a trust. Mo. Rev. Stat. § 456.4-412.2.
9. If a particular charitable purpose becomes unlawful, impracticable, impossible to achieve,

or wasteful,the court may apply cy pres to modify or terminate the trust by directing that the trust
property be applied or distributed, in whole or in part, in a manner consistent with the settlor's
charitable purposes. Mo. Rev. Stat. § 456.4-413.1
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10. A court may reform the terms ofa trust, even if unambiguous,to conform the terms to the
settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and
the terms of the trust were affected by a mistake of fact or law, whether In expression or
inducement. Mo. Rev. Stat. § 456.4-415.
11. A beneficiary's consent to a trustee's actions and a release ofthe trustee from liability are
valid unless the consent or release was induced by the trustee's improper conduct or the beneficiary
was unaware of his or her legal rights or of the material facts relating to the consent or release.
Mo. Rev. Stat. § 456.10-1009.
12. All interested persons in the Trusts are Parties to this Agreement.
13. Article Eleven, Section (b)of the Will authorizes a trustee of any trust created under the
Will to compromise, settle or adjust any claim or demand by or against any part of any trust and
to agree to any rescission or modification of any contract or agreement in which any trust is in any
way involved, all upon such terms as the trustee shall deem best for the beneficiaries.
14. Article Twelve, Section (d)ofthe Will provides that a trustee of a trust created under the
Will shall have all power, authority and protection granted to the trustees under the laws of the
state in which it is domiciled with reference to the administration ofany trust created by the Will,
although the validity and interpretation of the trust shall be governed by the laws of the State of
Florida.
15. The Parties believe that the Trusts are governed by Missouri law for the purposes of this
Agreement. To the extent the Trusts are governed by Florida law, the relevant provisions of Fla.
Stat. Ann. Chapter 736 are substantially similar to the aforementioned provisions of Missouri law.
16. The Section 83 Trust Instrument authorizes the trustees of the trusts to non-judicially
modify the terms of the trust instrument applicable to the administration of the trusts if, in the
Judgment ofthe trustee, it becomes clearly necessary in order to carry out Grantor's wishes for the
use ofthe trusts' funds as long as such modification does not Jeopardize tax exemptions or vitiate
the consecutive five year requirement or the free and open market economy qualification of the
Chairs and Distinguished Professorships.
17. There is uncertainty and ambiguity regarding the terms of the Trusts, and the Parties have
entered into this Agreement in order to avoid the time and expense of protracted litigation as to
the interpretation and construction ofthose terms.
18. The Parties now intend to make certain agreements regarding the funding and
administration ofthe Trusts and to modify certain provisions under the Section 83 Trust Instrument
as more specifically set forth below.
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Agreement;
In consideration of the mutual covenants and agreements set forth herein, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties, intending to be legally bound, agree as follows:
1. Adoption of Recitals. The Parties hereby consent and agree to the facts and matters
described above and contained in this Agreement, that they are contractual in nature, and that all
representations contained in this Agreement are true, accurate, and material to this Agreement.
2. Contingent Upon Court Approval. Each of the Parties acknowledges that this
Agreement is contingent upon judicial approval. As soon as practicable after the last party
executes this Agreement, the Parties agree to file an action in the Probate Court of Boone County
seeking approval ofthis Agreement and modification of the Section 83 Trust Instrument. A copy
of the Petition to be filed in said action is attached hereto as Exhibit B. A copy of the proposed
Judgment to be filed in said action is attached hereto as Exhibit C. After this Agreement is ftilly
executed, each of the Parties agrees to take all reasonable actions to request the court's approval
ofthis Agreement and modification ofthe Section 83 Trust Instrument. In the event that the court
refuses to approve this Agreement, then this Agreement shall be null and void, but in said event,
the Parties agree to continue discussions to determine if a resolution can nevertheless be reached
consistent with the terms of this Agreement and the exhibits hereto.
3. Amendment to the Section 83 Trust Instrument. The Parties agree that the terms ofthe
Section 83 Trust Instrument should be amended in accordance with this Section.
A. The Parties agree that the revised terms of the Section 83 Trust Instrument are
attached hereto as Exhibit D.
B. The Parties agree that the revised terms ofthe Section 83 Trust Instrument include
terms and conditions that could be properly approved by a court Mo. Rev. Stat. §§
456.4-412,456.4-413, and/or 456.4-415.
C. The Parties acknowledge and agree that they will act upon and be bound by the
revised terms of the Section 83 Trust Instrument at all times following the Effective
Date.
4. Affirmation of Unchanged Provisions. Except as specifically modified by this

Agreement, all Parties agree that the terms of the Will, including any trusts created by the Will
other than the Trusts and the terms ofthe Section 83 Trust Instrument,shall remain unchanged and
in full effect.
5. Payment to Hillsdale. The Curators shall pay to Hillsdale a sum equaling one-half(1/2)
of the amount held in all of the Trusts as of the Effective Date and the Curators shall cause such
payment amount to be transferred to Hillsdale within three (3) business days following the
Effective Date. Prior to the Effective Date, Hillsdale agrees to provide proper wiring instructions
to the Curators.
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6. Dismissal of the Lawsuits. Within three(3)business days after the receipt ofthe payment
referenced in the immediately preceding paragraph, Hillsdale and the Curators shall cause to be
dismissed the Boone County Lawsuit and the Trust Lawsuit. Said dismissals are to be with
prejudice and with each party to be responsible for its own costs and attorneys' fees.
7. Full Satisfaction of Interest Hillsdale acknowledges and agrees that the amounts it will
receive pursuant to the revised terms of the Section 83 Trust Instrument and this Agreement are in
full and complete satisfaction for any devise, bequest, gift, fee, claim, or any other right it may have
under the Trusts or any trusts created under the Section 83 Trust Instrument. Following receipt ofthe
payment referenced in Section 5 of this Agreement, Hillsdale will have no further rights under the
Trusts or any trusts created under the Section 83 Trust Instrument and shall cease to be a beneficiary
thereof. Provided, however, that Hillsdale may have the right to receive other amounts pursuant to
the terms of the Will other than from the Trusts or under the Section 83 Trust Instrument. While
Hillsdale acknowledges that it is no longer entitled to anything from the Trusts or any trusts created
under the Section 83 Trust Instrument,this Agreement does not impact its rights with regard to other
provisions under the Will.
8. Release. Hillsdale, in consideration ofthe promises herein, and with the intent of binding
themselves and their respective assigns, insurers, agents, employees, officers, directors, legal
representatives, related persons or entities, any successors, and any other person or entity claiming
by,through,or under any ofthe aforementioned,does hereby release, acquit, and forever discharge
the trustees and other beneficiaries or recipients offunds ofthe Trusts(past, present or future), the
Curators and any past, present or future member of the Board of Curators, as well as their past,
present or future respective assigns,insurers,agents,employees,administrators,officers, directors,
legal representatives, related persons or entities, and any successors,ofand from any and all claims
that Hillsdale had, now has, or may have, whether known or unknown, for any losses, injuries, or
damages, whether anticipated or unanticipated,resulting from,arising out of, or connected directly
or indirectly with the claims in the Boone County Lawsuit,the claims in the Trust Lawsuit, or any
other claims or actions relating to the Trusts. These releases shall not extend to (1) the Parties'
performance of this Agreement or (2) any obligations created, confirmed, amended, or extended
by this Agreement. If any portion of these releases is held invalid or unenforceable by any court
ofcompetentjurisdiction, the other provisions ofthis release will remain in full force and effect.
9. Consent to Actions. The Parties, as beneficiaries ofthe Trusts, hereby specifically request
that the Curators, as trustee ofthe Trusts, take the actions set forth in this Agreement. Pursuant to
Mo. Rev. Stat. § 456.10-1009 and otherwise, the Parties, as beneficiaries ofthe Trusts, consent to,
release, and ratify the actions of the Curators, as trustee of the Trusts, in taking all actions since
the initial funding of the Trusts, including the actions contemplated by this Agreement.
10. Covenant Not to Sue. Hillsdale covenants and agrees not to file any claims or lawsuits
with any court or government agency against the trustees and other beneficiaries or recipients of
funds of the Trusts (past, present or future), the Curators and any past, present or future member
of the Board of Curators, as well as their past, present or future assigns, insurers, agents,
employees,administrators, officers, directors, legal representatives, related persons or entities, any
successors, and any other person related to the Trusts or any trusts created by the Section 83 Trust
Instrument or otherwise within the scope ofthe release contained in this Agreement. This covenant
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does not prevent the filing of any claims specifically excepted from the release contained in this
Agreement.
11. Establishment of the Sherlock Hibbs Symposium on Austrian Economics.

Recognizing that one ofthe primary purposes of Grantor's bequest to the Curators was to further
the study of the Austrian School of Economics at his alma mater and in academia generally, the
Curators agree that the Trulaske College of Business ("TCB") shall plan, fund and sponsor a
Sherlock Hibbs Symposium on Austrian Economics to be hosted by the TCB. The Symposium
shall be held at least once every two(2)years. The Curators further agree to fund each Symposium
in an amount not less than $15,000.00. This is a material term of this Agreement. TTie Parties
further agree to explore, within the first twelve(12)months ofthe effective date ofthis Agreement,
opportunities for the exchange ofexpertise or visiting scholars, students or lecturers relating to the
Ludwig von Mises (Austrian School of Economics; provided, however, that failure to reach
agreement on such an exchange shall not be a breach of this Section 11 or ofthe Agreement.
Any actual or alleged breach of this Section 11 shall not impact the validity ofthis Agreement or
the revised terms ofthe Section 83 Trust Instrument. Hillsdale's exclusive remedy for any breach
of this section 11 shall be payment of up to $15,000 from the Curators in each instance in which
the symposium is not held.
12. Intent of Parties. It is the intent of the Parties that this Agreement shall constitute a valid
and binding nonjudicial settlement agreement subject to the review and approval of the court.
Therefore, all Parties acknowledge that the matters agreed to in this Agreement do not violate a
material purpose ofGrantor in establishing the Trusts and include terms and conditions that could
be properly approved by a court under applicable law. Each Party acknowledges that all of the
matters agreed to in this Agreement are appropriate and in the best interests of all beneficiaries
with any interest in the Trusts.
13. Capacity and Representation. Each Party is authorized to enter into and execute this
Agreement. Each Party acknowledges that the terms and conditions of this Agreement will be
binding not only upon that Party but also upon all persons and successors in interest who that Party
represents or could legally represent with respect to this Agreement pursuant to Missouri law.
14. Costs and Attorneys* Fees. The costs and fees incurred by the Parties, including the costs
and fees incurred by said Party in (1) the aforementioned litigation; (2) the preparation of this
Agreement; and(3)carrying out the Parties' rights and responsibilities under this Agreement,shall
be the sole responsibility of, and shall be paid by, the Party that incurred such costs and fees. In
the event it becomes necessary to bring litigation related to this Agreement, the prevailing Party
in said action shall be entitled to an award oftheir costs and attorneys' fees from the non-prevailing
Party.
15. Third-Party Beneficiaries. The Curators, each current, former or future member of the
Board ofCurators and any and all trustees, all in their official and individual capacities, as well as
all individuals or entities that have received benefits from the Trusts, or made decisions regarding
the Trusts in their individual or official capacities since the funding of the Trusts, are expressly
made third-party beneficiaries of this Agreement. The release, consent, and covenant not to sue
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agreed to by Hillsdale in this Agreement shall, in addition to all of those persons and entities
referenced therein, inure to the benefit ofthe aforementioned individuals.
16. Consideration and Construction. The Parties hereto hereby acknowledge the receipt and
sufficiency ofconsideration as reflected in the promises and undertakings set forth in this Agreement.
The Parties agree that in the event of any interpretation or construction of this Agreement, no
provisions or terms shall be construed against any Party based on authorship.
17. Actions Necessary. The Parties agree to execute any and all documents and take any and all
actions reasonably necessary to accomplish the purposes and objectives of this Agreement in
whatever capacity is necessary.
18. Entire Agreement and Amendments. This Agreement and the exhibits hereto contain
the entire agreement and understanding of the Parties with respect to the subject matter of this
Agreement and supersedes all prior agreements, letters ofintent, understandings, negotiations and
discussions of the Parties, whether oral or written. No amendment, modification, supplement,
termination, consent or waiver of any provision of this Agreement or the S.ection 83 Trust
Instrument, nor consent to any departure from this Agreement or the Section 83 Trust Instrument,
shall in any event be effective unless the same shall be in writing and shall be signed by the Party
against whom enforcement ofthe same is sought and is consistent with Missouri law. "
19. Binding Effect. Severabilitv. Headings. This Agreement shall be binding upon and shall
inure to the benefit of all Parties, their heirs, successors and assigns and all persons acting by,
through and under them. This Agreement shall be construed so that the invalidity or
unenforceability of.one or more ofthe provisions shall not affect the remainder ofthis Agreement.
The paragraph headings in this Aêment are for convenience and ease of reference only and do
not in any way explain, modify,amplify or affect the provisions of this Agreement.
20. Counterparts and Signatures. This Agreement may be executed by the Parties on any
number of separate counterparts, and all such counterparts so executed constitute one agreement
binding on all the Parties notwithstanding that all the Parties are not signatories to the same
counterpart. For purposes of executing this Agreement, a document signed and transmitted by
facsimile machine or other electronic method is to be treated as an original document. The
signature of any Party thereon, for purposes hereof, is to be considered as an original signature,
and the document transmitted is to be considered to have the same binding effect as an original
signature or an original document.
21. Forum for Suits. Governing Law. Each of the Parties agrees that the proper forum for
resolving any dispute arising hereunder shall be the Probate Division of the Circuit Court of Boone
County, Missouri and consents to the jurisdiction ofthose courts. The Parties agree that the Trusts
are governed by Missouri law. This Agreement and the rights and obligations ofthe Parties under
this Agreement shall be governed by and construed and interpreted in accordance with the laws of
the State of Missouri applicable to contracts and trusts made and to be performed wholly within
Missouri, without regard to choice or conflict of laws rules.
22. Disclosure of Information. Each Party has reviewed all of the information about the
Trusts(and the administration ofthe Trusts) which that Party desires, each has received all of the
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information regarding the Trusts (and the administration of the Trusts) which that Party has
requested, and each has all ofthe information needed to protect that Party's interests in the Trusts
and enter into this Agreement with full knowledge ofthe facts.
23. Legal Counsel, Understanding of Agreement. Each Party has executed this Agreement
and acknowledges that such Party has read and understands this Agreement in its entirety, that
such Party has consulted with legal counsel and any other advisors as a Party deems appropriate
in connection with such Part>''s interests in the Trusts and the effect of the execution of this
Agreement, and that each has signed the same as that Party's own free act.
IN WITNESS WHEREOF,the Parties, in their respective capacities set forth above, have
executed this Agreement effective as ofthe latest date written below.
CURATO FTHE HILLSDALE COLLEGE

UNIVE OF MISSOURI
By:_
Date:
BOARD OF CURATORS OF THE MEMBERS OF THE BOARD

UNIVERSITY OF MISSOURI OF CURATORS OF THE
UNIVERSITY OF MISSOURI
cL
k
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Exhibit A
LAST WILL AND TESTAMENT
OF
SHERLOCKHIBBS
I. SHERLOCK JEDBBS, domiciled in Broward County,Florida, make, publish and declare

this instrument to be my Last Will and Testament, hereby revoking all of my former Wills and
Codicils.
ARTICLE ONE
Tntftmiftnt. JdiTCct thatmyiemains beinterred in our cryptin our Mausoleum at Laudo-dê

Memorial Gardens, Fort Lauderdale, Florida. I wish to have a Christian burial with a grave side
service only.
ARTICLE TWO
TNJnminarinn ofPersonal Representative. I nominate and appoint BOYD H. ANDERSON,

JR.,of Fort Lauderdale,Florida, asPersonalRepresentative ofmy estate. Iffor any reôn mysaid
Personal Representative is unable or unwilling to serve or does not complete the admin^tration of
my estate, then I nominate and appoint GERALD BRADBURY, also presently residing in Fort
Lauderdale, Florida, as Personal Rq)resentative to fill such vacancy. For convenience and by
custom,Irefer throughout flris Willto thePersonal Representative asthe"Executor". AnyExecutor
ntoed above shall serve without bond and wifli all offixe power and authority granted in this Will.
It is my wish fiiat a beneficiary receive only a copyofthe particular portion ofmy Will which
is pertinent to him and not be firmished a copy ofthe entire Will.I strongly encourage myExecutor
to employJEANNETTECAPONEGRO,presentlyresidingat45-16 248th Street,Douglaston,New
York, U 362,as my Executor's agent and investment adviser and to pay her compensation fiom my
estate equal to ttie compensation my Executor receives. JEANNBTTE CAPONEGRO's supOTor
knowledge of my fmancial affairs will allow her to render valuable assistance to my Executor.I
would have appointed her my Executor except for the fact that Florida law precludes her from
serving in that capacity.
ARTICLE THREE
PaymentofExpensesand Claims. TheExecutor shall paythe expenses oftiie administration

of all of my assets wherever located (including but not limited to cdsts of safeguarding and
delivering from my estate distributions and devises),myfuneral expenses and all claims against my
estate as allowed by law.
ORIGINAL DEPOSITED COMERICA BANK

ARTICLE FOUR.
Residences.
(a) Apartment No.803 Leisure Park Condominium and Jerry Brown Fann. I
devise the condominium apartment commonly known as Apartment No. 803, Leisure Park
Condominium, a/k/a Victoria Park Condominium,900 Northeast 18th Avenue, Fort Lauderdale,
Florida, and legally described as
Apartment803 ofLEISUREPARK,a Condominium accordingto the

Declaration thereof, recorded on October 31, 1969, in 0. R. Book
4061,page 665 ofthe Public Records ofBroward County,Florida,
together with all fiuniture and fuhiishings located thMîn at the time ofmy death
and my Rhode ^land property commonly described as'The Jeny

Browft Farm", Wakefield,Rhode Island, together with ihe furniture
and furnishings located in The Jeny Brown Farm at the time of my
death,to JEANNETTE CAPONEGRO,ifshe survives me and ifshe
&ils to survive me,I instead make these devises to my nephew and
niece, WILLiAM A.(BILL)SIKKENGA and SALLY S.(SALLY)
SETUMATE,asjoint tenants with ri^t ofsxurvivorship and ifeither
ofthem predeceases me,all to the survivor ofthem who survives me.
IfJEANNETTE,WILUAM and SALLY all predecease me,I direct
that all ofthe property subject to these devises shall be sold by my
Executor and the sale proceeds added to myresiduary estate. Itis my
intention that this devise encompass all of my interest in The Jerry
Brown Farm,whether the same be real or personal,including butnot
limited to my share or shares in The JaryBrown Farm Association,
Inc., and including but not limited to my interest in the dock located
on the real estate comprising The Jerry Brown Farm property.
(b) Apartments 808 and 1106 Leisure Park Condominium and Marine Towers
Condominium Apartment 2002fPH-2V I devise the condominium apartmentknown as Apartment
808,Leisure Park Condominium, a/k/a Victoria Park Condominium, 900 Northeast 18th Avenue,
Fort Lauderdale, Floridaj and all appurtenances thereto, and legally described as
Apartment 808 and Apaitmpnt 1106 of LHISURB PARK, a

Condominium according to the Declaration thereof, recorded on
October31,1969,in O.R.Book 4061,page665 ofthePublic Records
ofBroward County, Florida,
(including the furniture and furnishings located therein at the time of my death) and my
condominium apartmentcommonly described as Marine Towers,Apartment2002(PH-2),2500East
Las Otas Boulevard, Ft. Lauderdale, Florida, and all appurtenances thereto, and the fumiture and
furnishings located therein at the time ofray death excepting the bookcase described hereinafter,
to my nephew, WILLIAM A.SDCKENGA and my niece,SALLY S,SHUMATE, as joint tenants
with right ofsurvivorship and if either of them predeceases me, all to the survivor of them who
survives me. If WH.TJAM and SALLY both predecease me, all of the property subject to this
devise shall be sold by my Executor and the sale proceeds added to my residuary estate.
ARTICLE FIVE
Tangible Personal Property. I make the following devises ofspecific items ofmy tangible
personal property:
(a) Bronze Statues. I devise my three(3)bronze statues (two by Remington,

"Bronco Buster" and'The Rebel",and"The Matsh^"byEmyJackson)to BILL SIKKENGA and
GERALD GURUS,as they shall so agree between them or ifnecessary,by lot. Should either of
them predecease me,all to the survivor ofthem who survived me.
• (b) Silver WaterPitcher. I devise my George Jensen sterling silver water pitcher
given to me and my late wife as a wedding present by Price Gilbert to DELTA TAU DELTA,
GAMMA KAPPA CHAPTER,my fraternity at the UWIVBRSITY OF MISSOURI.
(c) Remainder ofTangible Personal Propertv. Idevisealltheremamderofmy

interest in my household furnishings not sold or effectively devised, myjewelry and apparel, and
all otheritems oftangible personalproperty which Iown at mydeath(excepting,however,all money
and all items used primarily in a business or with rental real estate, if any) and which are not
effectually disposed ofunder the above provisions,together with all policies ofinsurance covering
these items, as follows:
1. Specific items of my tangible personal property shall be distributed

in accordance with any written Ust or writtai statement(either being hereafter referred to simply as
a "list") which I may leave at my death provided I shall have personally signed such list. (I
understand that I cannot dispose ofcash or propoty used in a trade or business by such a list, but if
Ishall forget this rule and attempt to do so,tiiat portion only ofsuch list shall be disregarded.) Ifany
beneficiary named in such list shall fail to survive me and no altemate beneficiary is designated,the
item or items given to such beneficiary shall be distributed as though not included on the list If
more than one such list shall exist at my death, then to the extent that there is no conflict between
them,they shall be combined and all honored; but ifthere is conflict between their provisions,the
one bearing the latest date(or otherwise appearing to have been prepared last)shall control asto such
conflicting provision. It shall be presumed that any list which is not dated was executed prior to any
lists which are dated, but at the same time as all other undated lists (unless there is an indication
within such lists as to the order of their preparation). In the event of conflict between lists of the
same date, the conflicting devise shall be disregarded,as though the item involved in such conflict
had not been included on either list. Ifno such list is found by my Executor within ninety(90)days
from the date ofits Court appointment,it shall be conclusively presumed that I did not prepare a list
disposing of my items oftangible personal property, even ifsuch list is later found.
2. Any ofthe remainder ofmy household furnishings, jewelry,apparel

and all other items oftangible personal property which I own at my death (excepting, however,all
moneyand all items used primarily in a business or with rental real estate,ifany)and which are not
effectually disposed of under the above provisions, maybe selected by such ofthe following who
surviveme,towit: nephew,BILLSKKENGA,my niece,SALLYS.SHUMATE,Ifmore than one
desires a particular item, such disagreement shall be settled by lot. Any items which they do not
select shall be sold and the proceeds added to the remainder of my estate.
ARTICLE SIX
Devises ofCash and Stock. To each ofthe following living at the time ofmy death I devise
the sum ofFive Thousand($5,000.00)Dollars and Twenty-Five Thousand($25,000.00)Dollars in
the common stock of General Electric Company:
ANGELA GUBRRERA,daughter ofKITTY GUERRERA

. WAYNE ERNST,son ofKITTY GUERRERA
ELIZABETH SEKKBNGA,daughter ofBILL SIKKENGA
KAREN SIKKENGA,daughter ofBILL SIKKENGA
CARL SIKKENGA,son ofBEL SIKKENGA
DAVID,son ofSALLY SHUMATE
RENE,daughter ofSALLY SHUMATE
Ha^lNffER, daughter ofSALLY SHUMATE and
KRISTA SHUMATE,daughter ofJOHN SHUMATE
In the event ANGELA GUERRERA is under the age oftwenty-five(25)years at the time
ofmy death,her devise shall be held in trustfor her by the trustee named herein tmtil she attains age
twenty-five(^)years, trust assets(income and principal)shall be distributed outright
and freejDfHfiSSTtb her. The tru^ of the trust created for ANGELA GUERRERA shall be her
mbthe^^JOTTY GUERRERAjaaa should she be unable or unwilling to serve as trustee for any
reason,Happoim as trustee to fill such vacancy.
In the event KRISTA SHUMATE is under the age oftwenty-five(25)years at the time of
my death, her devise shall be held in trust for her by the trustee named herein until she attains age
twenty-five(25)years,whereuponthetmst assets(Income and principal)shall be distributed outright
and free oftrust to her. The trustee ofthe trust created for KRISTA SHUMATE shall be her father,
JOHN SHUMATE and should she be imable or unwilling to serve astrustee for anyreason,Iappoint
BILL SIKKENGA as trustee to fill such vacancy. My Executor shall advise KRISTA SHUMATE
of the existence of this trust for her benefit,in writing.
In the event any of the other beneficiaries named in this Article Six are under the age of
twenty five(25)years at the time ofray death,such beneficiary's devise shall be held in trust for the
beneficiary by the trustee named herein until the beneficiary attains age twenty-five(25),whereupon
all trust assets (income and principal) shall be distributed outright and fiêe of trust to such
beneficiary. Except as otherwise provided,the trustees ofeach trust required by the terms ofthis
Article shall be SALLY SHUMATE and BILL SIKKENGA,and should either ofthem be unable
or unwilling to serve as trustee for any reason, the survivor ofthem shall serve as sole trustee. The
trustee,in the trustee's sole discretion, may finm time to time pay to or for the beneficiary so much
ofthe principal ofthe beneficiary's trust as the trustee determines is necessary or desirable for the
beneficiary's health,education,maintenance and support.Should the beneficiarysurvive me but die'
prior to attaining age twenty-five (25), tihe remaining assets of such beneficiary's trust shall be
distributed to such beneficia^s then living children in equal shares,per capita,but ifnone,in equal
shares to such beneficiary's siblings thai living(the share of any such sibling to be added to any
existing trust created by this for the benefit ofsuch sibling).I realize that thê will be an intawal
oftime between the date my Executor gives instructions and provides the documentation necessary
to effectthe transfer ofthe common stock of General Electric Company to the devisees thereofand
their receipt ofstock certificates therefor or other evidence ofownership. Market value changes to
Gener^ Electric Company during this interval shall not be the reônsibility ofthe Executor nor
shall he have any liability therefor. My Executor shall choose a date or dates on which to value the
common stock ofGenerd Electric Companyfor purposes ofsatisfying the pecuniary amount to be
paid in kind by distribution ofsaid stock.Such date or dates chosen by the Executor and the closing
value on such dates shall be binding and conclusive on all coiicemed. I realize the distribution of
the common stock ofGeneral Electric Company may take place by means ofa series ofdistributions
to different devisees at differait times. After choosing the valuation date or dates my Executor is
directed to proceed with reasonable promptness to give instructions or provide the documentation
necessary to effect the transfer ofthe common stock ofGeneral Electric Company to the devisees
thereof.
ARTICLE SEVEN
Miscellaneous Devises. ■ I devise to the following named persons the sums ofmoney or
other property as specified. Except as othawise provided,individual,non-charitable devisees shall
have the option of having their pecuniary devises satisfied wholly or partiaUy in the form of
marketable securities includedin my estatesubject to administratiorL Except asotherwise provided,
marketable securities selected for this purpose by the devisees shall be valued at fair market values
on date or dates ofdistribution in whole or partial satisfaction ofthe pecuniary devises.MyExecutor
shall promptlynotifythe devisees ofthis option.This option(including abeneficiary's option to have
his or her distribution satisfied only in cash orin the form ofthe common stock ofGeneral Electric
Company) is subject to my Executor's determination of the need for the convenient and rapid
administration ofmy estate and my Executor may honor the exercise ofsome, none or all of the
options. Certain ofthe pecuniary devises set out below are to be satisfied in kind by the distribution
of the common stock of General Electric Company or may be satisfied in kind by the distribution
of the common stock of General Electric Company as the beneficiary or beneficiaries of the
pecuniary devise so choose. Should there be insufficient shares ofthe common stock of General
Electric Company subject to administration in my estate to satisfy those certain pecuniary devises
in kind, my Executor is authorized to purchase, for the beneficiaries from the assets of my estate
sufficient shares ofsaid stock to satisfy the pecuniary devises. All such purchases ofthe common
stock ofGeneral Electric Companyshall be made by my Executoron thesame date or within asshort
a period of time as is reasonably practical. The Executor shall distribute the common stock of
General Electric Company thus purchased to the devisees in satisfaction of their devisees as
promptly as the Executor,in his sole discretion, deems prudent underthe prevailing circumstances.
The date or dates upon which die Executor decides to purchase said stock shall not be subject to
question. Anyincrease or decrease in the value ofsaid stock occurring on or after date ofpurchase
shall not be taken into accoiint or result in any liability to the Executor. By way ofexample,ifthe
Executor uses Twenty-Five Thousand ($25,000.00)ofestate assets to purchase the common stock
ofGeneral Electric Company to be distributed in satisfaction ofa pecuniary devise ofthat amount,
the number ofshares thus purchased shall,- upon distribution to the beneficiary,be considered as full
satisfaction ofthe pecuniary devise,regardless ofthe value ofsaid stock on date ofdistribution. My
Executor shall not be required to take into account differing income tax bases of stock upon
distribution ofstock in satisfection ofpecuniary devises. Iwould suggestto the devisees havingtheix
derises satisfied in the form ofstock that they reinvest in the stock at least one-half(}4)ofthe cash
dividends paid on the stock. Over time, such a reinvestment program wiU greatly increase their
capital,
(1) Twenty-Five Thousand ($25,000.00)Dollars to be used by my Executor to

purchase a single premium deferred single life, 20 years term certain, variable annuity, on the life
ofmy late wife's great granddaughter, NATALIE BLACK BOWMAN,provided she survives me.
Said policy shall be purchased from a well recognized, financiallysound insurance company and
shall name the trustee ofthe NATALIE BLACK BOWMAN TRUST as owner. The policy shall
provide for monthly annuity payments to NATALIE BLACK BOWMAN commencing upon her
attaining age 60 and continuing for the remainder of her lifetime, but if she should die prior to
attaining age 60,or within twenty years ofthe first such payment,the remaining payments for said
20 years term certain shall be paid to her children surviving from time to time dining the remainder
ofsaid term, in equal shares among such survivors and ifthere be none,to BIG BROTHERS AND
BIG SISTERS, INC., New York, New York. Said annuity paymmts shall not be subject to
anticipation,alienation orcommutation byanyofsaid beneficiaries and shall befreefrom the claims "
oftheir creditors. IfNATALIEBLACK BOWMAN survives me,my Executor shall also distribute
to her the sum ofFive Thousand($5,000.00)Dollars.
(2) If she shall survive me, NATALIE BLACK BOWMANs mother, LYNN
BALMA,shall be the Trustee ofthe NATALIE BLACK BOWMAN TRUST; but ifshe shall not
survive me,or shall be then or thereafter unable to act,then NATALIE'S aunt,KITTY GUERRERA,
shall serve as Trastee in her stead. In the event of a further vacancy in the office of Trustee, the
Trustees named" in Article Eleven shall seive as successor Trustee of the NATALIE BLACK
BOWMAN TRUST.No individual Trustee named in this paragr^h shall be entitled to receive fees
for serving as Trustee and each individual Trustee shall be required to sign a waiver offees before
undertaking her duties as Trustee.
(3) The omission ofROBERT BLACK from beneficial provisions of this Will
is intentional.
(4) Fifty Thousand($50,000.00)Dollars to SHEILA SUCKENGA,provided she

survives me. IfSHEILA fails to survive me,this devise shall be distributed to BILL SIKKENGA,
provided BILL SIKKENGA survives me,and if he also fails to survive me,this devise shall be
distributed to BILL SDCKENGA's children who survive me,in equal shares, per capita, and ifno
child ofhis survives me,this devise shall lapse to my residuary estate.
(5) Fifty Thousand ($50,000.00)Dollars to BILL SIKKENGA, provided BILL

SIKKENGA survives me.IfBILL fails to survive me,this devise shall be distributed to SHEILA
SIKKENGA,provided SHEILA SIKKENGA survives me,and ifshe also fails to survive me,this
devise shall be distributed to SHEILA SIKKENGA's children who survive me,in equal shares,per
cjqsita, and ifno child of bet's survives me, this devise shall lapse to my residuary estate.
(6) One Hundred Thousand ($100,000.00)Dollars to SALLY S. SHUMATE,

provided she survives me.IfSALLY fails to survive me,this devise shall be distributed m equal
shares to SALLY's children surviving me. Any distribution pursuant to the terms ofthis paragraph
that would be made to a beneficiary who is under the age oftwenty-five(25)years, shallinstead be
distributed to the Trustee ofthe trust established for such beneficiary under Article Six ofthis WilL
(7) Ten Thousand ($10,000.00)Dollars to BOYD H. ANDERSON,JR., if he

survives me, aid if he fails to survive me,this devise shall lapse.
(8) If PETER BALMA, husband of LYNN BALMA, 14775 Northeast 126th

Place Road, Ft McCoy,Florida, 32134, survives me,I devise to him the sum ofFive Thousand
$5,000.00)Dollars, but failing to survive me,this devise shall lapse.
(9) Fifty(50)Shares ofthe cominon stock of General Electric Company to my

friend, MICHAEL BELL,a deputy appraiser for the Broward County Property Appraiser in the
residential building department, if he survives me, and ifhe friils to survive me,this devise shall
lapse.
(10) Five Hundred Thousand($500,000.00)Dollars to BIG BROTHERS AND

BIG SISTERS,INC. 223 East 30th Street, New York,New York, 10016.
(11) Twenty-FiveThousand($25,000.00)Dollars,fifty(50%)percent of allstock

(whether common or preferred), fifty(50%)percent of all other equity interests that I own at the
time of my death in CORONADO,INC., fifty (50%) percent of all debt obligations, includmg
accrued interest, owed me at the time ofmy death by CORONADO,INC., and fifty(50%)percent
ofall oil, gas or mineral interests I own at the time of my death, tb JOHN BOLLENBACTOR,do
Coronado Oil Co.,1550 Denver Club Building,Denver, Colorado, but failing to survive me,to his
wife,MARTHA,and ifshe also fails to survive me,this devise shall lapse.
(12) Fifty Thousand($50,000.00)Dollars in the common stockofGeneral Electric
Companyjointlyto GERALDBRADBURY and ARLINEBRADBURY ofFortLauderdale,Florida,
or all to the survivor ofthem who survives me.Should both GERALD BRADBURY and his wife,
ARLINE,fail to survive me, this devise shall lapse.
(13) Twenty-Five Thousand($25,000,00)Dollars in the common stock ofGeneral

Electric Company to R.R."HAPPY" CACQOTTIof 11872 Alta Road, Jacksonville, Florida, but
failing to survive me,this devise shall lapse. • •
(14) Ten Thousand($10,000.00)Dollars to DUDLEY GATES,aformeremployee

of KIDDER,PEABODY & CO.,New York,New York,in charge oftheir mutud fund department,
but failing to survive me,to his widow,hut also"failing to survive me,this devise shall lapse.
(15) Ten Thousand($10,000.00)Dollarsin the common stock of General Electric

Company,to JOHN CERVINL ofHillsdale College,but failing to survive me,to his wife,SUSAN,
but also failing to survive me,this devise shall lapse.
(16) Two Thousand Five Hundred($2,500.00)Dollars and Seven Thousand Five

Hundred ($7,500.00) Dollars in the common stock of Genersd Electric Company to DBLORIS
DELAINE COLLINS,presentlyresiding in Hollywood,Florida,butfiling to survive me,this devise
shall lapse.
(17) Two Hundred and Fifty Thousand ($250,000.00) Dollars to COTTEY

COLLEGE,Nevada,Missouri,to be added to the principal of their scholarship fund in memory of
my mother,EMMA S. HIBBS.
(18) Ten Thousand($10,000.00)Dollarsin the common stock ofGeneral Electric

Company to HARRY CRAIG of1824 Stanley Dollar Drive, Walnut Creek, California,94595,but
failing to survive me,to his wife,DOROTHY,but also failing to survive me,this devise shall lapse.
(19) Five Thousand($5,000.00)DoUarsjointly to MR.& MRS.MDKE CURASI
ofLeisure Park Condominium,a/k/a Victoria Park Condominium, Fort Lauderdale,Florida and if
either predeceases me,all to the survivor ofthem who survives me,and ifthey both predecease me,
this devise shall lapse.
(20) Twenty-Five Thousand ($25,000.00) Dollars to JEAN CURTIS, wife of

GERALD CURTIS, of21 Longwood Road,Milton,Mass.,02187,but failing to survive me,to her
husband,GERALD CURTIS,but also &iling to survive me, in equal sharesto JEANs children who
surviveme,in equal shares,per cîta,and ifno child ofJBANssurvive me,this devise shall lapse
to my residuary estate.
(21) Twenty-Five Thousand ($25,000.00) Dollars to GERALD CURTIS if he
survives me,but failing to survive me,to JEAN CURTE and ifJEAN also fails to survive me,this
Twenty-Five Thousand($25,000.00)Dollar devise shall be distributed to her children who survive
me,in equal shares, per capita, and ifno child ofJEAN's survives me, this devise shall lapse to my
residuary estate,
(22) One Hundred Thousand ($100,000.00) Dollars in the common stock of

GeneralElectric Conqjanyto DELTA TAUDELTA,NAUONALHEADQUARTERS,Ihdiaiu^jolis,
Indiana.
(23) Fifty Thousand($50,000.00)Dollarsin thecommon stockofGeneralElectric

Company to DELTA TAU DELTA, GAMMA KAPPA CHAPTER, my fraternity at the
UNIVERSITY OF MKSOURL It is my suggestion that the dividends from this stock be used to
employ academic tutors for the pledges and brofcers ofthis Chapter. The tutors may be University
ofMissouri students employed in grading papers for the Universiys professors.
(24) Twenty-Five Thousand($25,000.00)DollarsinthecommonstockofGeneral

Electric Company to CAPTAIN I. L.DEW,U^(Ret.),2433Pembroke Circle, Medford,Oregon,
but failing to survive me,this devise shall lapse.
(25) Twenty-FiveThousand($25,000.00)Dollarsin the common stock ofGeneral

Electric Company to PHYLLIS DURGIN,the dau^ter of ADMIRAL C.T. DURGIN,but failing
to survive me, this devise shall be distributed to her children surviving me, in equal shares, per
capita, and should no child ofhers survive me,this devise shdl lapse to my residuary estate.
(26) Twaity-HveThousand($25,000.00)Dollars in the commonstock ofGeneral

Electric Companyto C.T.DURGD^,Jr., son ofADMIRAL C.T.DURGIN,hutfailing to survive me
this devise shall be distributed to his children surviving me,in equal shares, per capita, and should
no child of his survive me,this devise shall lapse to my residuary estate.
(27) Twenty-Five Thousand($25,000.00)Dollarsin thecommon stock ofGeneral

Electric Companyto JEAN DURGIN,daughter ofADMIRAL C.T.DURGIN,but failing to survive
me this devise shall be distributed to her children surviving me, in equal shares, per capita, and
should no child of hers survive me,this devise shall lapse to my residuary estate.
(28) Fifteen Thousand ($15,000.00) Dollars in the common stock of General

Electric Company to MARGARET ELLISTON, Unit 1107, Leisure Park Condominium, a/k/a
Victoria Park Condominium,Fort Lauderdale, Florida, but failing to survive me,this devise shall
lapse.
(29) Twenty-Five Thousand($25,000,00)Dollars to JEANNE FIEDLER of 821
Northwest 79th Terrace, Plantation, Florida, 33324, and Twenty-Five Thousand ($25,000.00)
Dollars to her sister, JOAN FIEDLER,residing at the same address. If either predeceases me, the
survivor shall receive Fifty- Thousand ($50,000.00)Dollars. If both predecease me, these devises
shall lapse.
(30) Fifty Thousand($50,000.00)Dollars to FIFTH AVENUEPRESBYTERIAN

CHURCH,New York,New York where I served as an usher for a number of years.
(31) Ten Thousand ($10,000.00) Dollars to MARK FOSTER,(my excellent

mechanic and handyman)presently employed by Encore Auto Sale,ifhe survives me,and ifhe fails
to survive me,diis devise shall be distributed to his son, but should he also fail to survive me, this
devise shall lapse.
(32) Fifteen Thousand(S15,000.00)Dollarsto ANN GATES,widow ofTHOMAS

S. GATES,who was secretary ofthe Navy,Secretary ofDefense and Chairman ofJ.P. MORGAN,
- but failing to survive me,this devise shall lapse.
(33) Twenty-FiveThousand($25,000.00)Dollars in the common stock of Gaaeral

Electric Company to LUCY GIBBIA (a former secretary of mine) of New York, New York,
formerly employed by KIDDER,PEABODY & CO.,New York, New York,but failing to survive
me,this devise shall lapse.
(34) Two Thousand Five Hundred ($2,500.00) Dollars to PROFESSOR DEL

GIBSON,LeisurePark Condominium,a/k/a Victoria Park Condominium,FortLauderdale,Florida,
but failing to survive me,this devise shall l^se.
(35) Five Thousand ($5,000.00) Dollars and Two Thousand Five Hundred
($2,500.00)Dollars in the common stock ofGener^ Electric Conqrany to MARY GOLDTHORP
of 273Northeast44th Court,Pompano Beach,Florida,33064,but failing to survive me,this devise
shall lapse.
(36) TenThousand($10,000.00)DoIlarsto ALBERTH.GORDON ofTen Gracie

Square,New York,New York, 10028, but failing to survive me, this devise shall lapse.
(37) Ten Thousand ($10,000.00) Dollars to MIMI GRACE, wife of the late
ROBERT GRACE (a former employee ofmine who worked in my citrus grove) of 318 Northwest
31st Avenue,Fort Lauderdale, Florida, but failing to survive me,this devise shall lapse.
(38) Twenty-Five Thousand($25,000.00)Dollarsin the common stock of General

Electric Company to LUCY HACKING,North Kingstown,Rhode Island,but failing to survive me,
10
Hundred ($7,500.00) Dollars in the common stock of General Electric Company to PAMELA
HENRY of3143 Northwest39th Place,Lauderdale Lakes,Florida,33309,butfoiling to survive rne,
(40) Ten Thousand($10,000.00)Dollys in thecommon stock ofGeneralElectric

Companyto NICHOLAS KELLEY,Paine Webber,New York,New York,butfailing to survive me,
to his widow, but also failing to survive me, this devise shall lapse.
(41) Fifteen Thousand ($15,000.00) Dollars in the common-stock of General

Electric Company to SUB KOPPEL,Leisure Park Condominium,a/k/a VictoriaPark Condominium,
Fort Lauderdale, Florida, but failing to survive me,this devise shall lapse.
(42) Fifty Thousand ($50,000.00) Dollars, fifty (50%) percent of all stock
(whether common or preferred), fifty(50%)percent of all other equity interests that I own at the
time of my death in CORONADO,INC., fifty(50%)percent of all debt obligations, including
accmed interest, owed me at the time ofmy death by CORONADO,INC.,and fifty(50%)percent
of all oil, gas or mineral interests I own at the time of my deafli, to my attorney, ROBERT A.
KRANTZ,but foiling to survive me,the Fifty Thousand($50,000.00)Dollars cash devise shall be
made to the vridow ofROBERT A,KRANTZ,provided he is survived by a widow, who survives
me,.otherwise, the Fifty Thousand ($50,000.00) Dollars cash devise shall lapse but the said
CORONADO,INC.stock, the said CORONADO,INC.debt obligations,including accrued interest,
and the oil, gas or mineral interests I own at the time of my death, shall be distributed to JOHN
BOLLENBACHER,but failing to surviveme,to JOHNBOLLENBACHER's wife,MARTHA,and
if MARTHA also fails to survive me, this devise shall l^se. Notwithstanding the foregoing
provisions ofthis paragraph(43),ifROBERT A.KRANTZ disclaims all or any part ofthis devise,
such disclaimed propertyshall be distributed to HEATHER WREATHPARTNERS,L.P.,a Kansas
limited partnersMp.
(43) Ten Thousand($10,000.00)Dollars to RALPH LEACH of2872 Northeast

26th Place, Fort Lauderdale,Florida,but failing to survive me,to his wife,HARRIET LEACH,but
also failing to survive me, this devise shall be distributed to the FLORIDA PHILHARMONIC
ORCHESTRA in memory ofRALPH AND HARRIET LEACH.
■ (44) Ten Thousand ($10,000.00) DoUars to THE LEISURE PARK

CONDOMINIUM ASSOCIATION to establish a fund to be used for the comfort and pleasure of
Leisure Park Condominium, a/k/a Victoria Park Condominium, apartment owners, as determined
by the Board ofDirectors.
(45) Twenty-Five Thousand($25,000.00)Dollarsin the commonstock ofGeneral

Electric Company to BERNADETTE (Mrs. A1 "IBuddy") lEUBER, Marine Towers, Fort
Lauderdale, Florida, but failing to survive me, this devise shall lapse.
11
(46) Ten Thousand($10,000.00)Dollars in the common stock ofGeneral Electric
Company to HELEN LOVERD (widow ofBELL LOVERD,a partner at KIDDER PEABODY &
CO.), of 11 Elden Drive, Saddle River, New Jersey,07458, but failing to survive me,this devise
shall lapse.
(47) Fifty Thousand($50,000.00)Dollarsin the common stock ofGeneral Electric

Company to MARTHA LYNSION(widow of my late wife's nephew ROBERT),prMendyresiding
in New Beme,North Carolina, but failing to survive me,this devise shall lapse.
(48) OneHundred(100)Shares ofthe common stock ofGeneralElectric Company

to RICHARD McCARGAR,presently employed by Mellin hidustries, Inc. a Florida corporation,
ifhe survives me,andlf he fails to survive me,this devise shall lapse.
(49) Ten Thousand ($10,000.00) Dollars to GARY McCOOLAH, who may be
located through Paine Webber in Boston,Mass., but failing to survive me,to his widow,but also
failing to survive me,this devise shall lapse.
(50) Fifty Thousand($50,000.00)Dollarsin the common stockofGeneralElectric

Compffliy to ELIZABETH MACHHOLD ofNew York,New York,ifshe survives me,but failing
to survive me, this devise shall lapse. ELIZABETH MACHHOLD was formerly employed by
KIDDER PEABODY & CO.,New Yorl^ New York.
(51) -Ten Thousand($10,000.00)Dollarsin the common stock ofGeneralElectric

Company to MRS.LOUIS MILTTMORB, widow of a KIDDER,PEABODY & CO., New York,
New York, department headj but failing to survive me,this devise shall lapse.
(52) Fifteen Thousand ($15,000.00) Dollars to my physician, DR. ALEX E.

MOLCHAN, but failing to survive me,to his widow,but also failing to survive me,this devise shall
lapse.
(53) Fifty Thousand($50,000.00)Dollarsin thecommonstock ofGaieral Electric

Companyto JACQUELYNMURPHY(Mra.WilIiam)McMANUSofWobum,Mass.,(myformer
secretary and the'heneficiary" who Irefer to as "MJ«I.")ifshe survives me,but failing to survive
(54) Ten Thousand ($10,000.00) DoUars to KENNETH M. MYERS of 5515

Huckleberry Lane, Tillamook, Oregon, 97141, but failing to survive me, this devise shall be
distributed to his widow,and ifshe also fails to survive me,this devise shall lapse.
(55) Two Thousand Five Hundred ($2,500.00) Dollars to STANLEY NAPIER,
Marine Tower Condominium,Fort Lauderdale, Florida, but failing to survive me,this devise gbaH
lapse.
12
(56) Ten Thousand ($10,000.00) Dollars to W. J; NAUMUCK, of Townville,
Pennsylvania, 16360,son ofthe late JOHNNY NAUMUCK,my UtUe brother in BIG BROTHERS
AND BIG SISTERS,INC.,New York, New York,but ifW.J. NAUMUCK fails to survive me,to
his brother, MICKEY NAUMUCK,but also failing to survive me,this devise shall lapse.
(57) Ten Thousan4($10,000.00)Dollarsto MICKEY NAUMUCK,son ofthe late

JOHNNY NAUMUCK, my little brother in BIG BROTHERS AND BIG SISTERS, INC., New
York, New York, but if MICKEY NAUMUCK foils to survive me, to his brother, WJ.
NAUMUCK,but also failing to survive me,this devise shall lapse.
(58) Twenty-FiveThousand($25,000.00)Dollarsto BLIZÊTH(Betty)ODELL,

niece ofJOHN DEXTER STEBBINS,provid^ she survives me,otherwise,to her brother,PERRY
ODELL,butifhe also fails to survive me,this devise shall lapse. This devise is made in appreciation
ofJOHN DEXTER STEBBINS,my late fiiend, who graciousfy shared his apartment with me at 64
Barrow Street in New York City during my early days in New York City.
(59) OneHundred Thousand($100,000.00)Dollarsin thecommon stock ofGraeral

Electric Company to my Goddaughter, VIRGINIA LADA-MACARSKI(Nfrs. David)PENNOCK
ofOld Mill Bbad,Morristown,New Jersey, but failing to survive me,in equal shares, per capita, to
such ofher children who survive me,but ifnone,this devise shall lapse to my residuary estate.
(60) Ten Thousand($10,000.00)Dollars in the common stock ofGeneral Electric

Company To MARIAN RAFF(whose husband was a partner at KIDDER,PEABODY & CO.), of
649 Dakota Trail, Franklin Lakes, New Jersey, 07417, but foilmg to survive me,this devise shall
lapse.
(61) Ten Thousand($10,000.00)Dollars to MRS.JAYRINTLEMAN,LeisurePark

Condominium,a/k/a VictoriaPark Condominium,FortLaudeidale,Florida,butfoilingto survive me,
(62) Twenty-Five Thousand ($25,000.00)Dollars to GEORGE ROCHE,former

President ofHillsdale College,but failing to survive me,fois devise shall Isqjse.
(63) An amount equal to one year's pay to my housekeeper,JOYCE SARRACIN,

provided she survives me, otherwise this devise shall lapse. My housekeeper is receiving weekly
compensation and my Executor shall multiply the weekly compensation she is receiving at the time
ofmy death by fifty-two(52)in order to arrive at the amount of this devise.
(64) FortyThousand($40,000.00)Dollarsinthe common stock ofGeneralElectric

Company jointly to JOSEPH and MARIA SCALZO (sister of JBANNBTTE CAPONEGRO)of
Douglaston, New York,or all to the survivor of them who survives me. Should both JOSEPH and
MARIA predecease me,this devise shall lapse.
13
(65) Fifty (50) Shares of the common stock of General Electric Company to
VINCENT SEPI,Leisure Park Condominium,a/k/a Victoria Park Condominium, Fort Lauderdale,
Florida, and ifhe fails to survive me,this devise shall lapse.
(66) Fifty Thousand($50,000.00)Dollarsjointlyto GEORGESILVIUS(sonofmy

best fiiKidin high school)ofTumey,Missouri,and his wife,DOROTHY SILVIUS,and ifeitherfoils
to survive me,all to the survivor ofthem who survives me.Ifboth fail to survive me,this devise shall
be distributed in equal shares to such oftheir children who survive me,but ifnone,fliis devise shall
lapse. This distribution may be made in cash or in the common stock ofGeneral Electric Company,
as the benefidary or beneficiaries choose but in the absence of a clear and timely choice (the
determination of which shall be conclusively decided by my Executor), then distribution shall be
made in cash or in said stock or partly in each, as ray Executor shall choose.
(67) Fifty Thousand($50,000.00)Dollarsin thecommon stock ofGeneral Electric

Companyto BARBARA CHAMBEjÎN(Mrs.Rex)SPRINKLE(myformer secretary at KIDDER,
PEABODY& CO.), of 3231 Tumberty Court, Winston-Salem,North Carolina,27104, butfailing
to survive me,this devise shall lapse.
(68) Twenty Five Thousand ($25,000.00) Dollars to EVANGELINESTEBBrNS

(widow ofthe late JOHN DEXTER STEBBINS),ifshe survives me,and ifshe fails to survive me,
(69) Twenty-Five Thousand ($25,000.00) Dollars to WILLIAM STEBBINS (a

graduate ofStevens Institute ofNew Jersey and the son ofthe late JOHN DEXTER STEBBINS),if
he survives me,and if he foils to survive me,this devise shall lapse. The last STEBBINS'address
known to me is 13408 Daphine Street, Wheaton, Maryland,20906,telephone(301)208-0492.
(70) Twenty-Five Thousand($25,000.00)Dollars to JOHN STEBBINS(son ofthe

late JOHN DEXTER STEBBINS)ifhe survives me,and ifhe fails to survive me,this devise shall
lapse.
(71) Thirty Thousand ($30,000.00) Dollars in the common stock of General

Electric Company to CELIASTRUBEN of26 Elizabeth Street, Plattsburg, New York, 12902,
daughter ofROBERT MACLAURY(my assistant), deceased, if she survives me, but failing to
survive me,in equal shares,per capita,to her children who survive me,but ifnone, this devise shall
• lapse to my residuary estate.

Hundred ($7,500.00) Dollars in the common stock of General Electric Company to MARIE
TERNTVAL of5411 Northwest 25th Court,Unit 5,Lauderhill,Florida,33305,but failing to survive
14
(73) Five Thousand($5,000,00)Dollars to MR.and MRSJOSE VEGA,of 3570
Northwest 35th Terrace, Lauderdale Lakes, Florida, 33309,and if either predeceases me, all to the
survivor ofthem who survives me and if both predecease me,this devise shall lapse. This devise is
made in appreciation ofJOSE VEGA'S services as maintenance superintendent ofLEISUREPARK
CONDOMINTUM.
(74)' Ten Thousand($10,000.00)Dollars to FRANK VOySEY,who was a partner

at KIDDER,PEABODY & CO.,Chicago,Illinois; but failing to survive me,to his widow,but ifhis
widow does not survive me,this devise shall lapse to my residuary estate.
(75) Tw«ity-Five Thousand($25,000.00)Dollars in the common stock ofGeneral

■ Electric Company to EDWA]^ VRANA of Fort Lauderdale,Florida, but failing to survive me,to
his wife,FRANKIE.Ifboth EDWARD and FRANKIE predecease me,this devise shall lapse to my
residuary estate.
(76) FiftyThousand($50,000.00)Dollarsinthe common stock ofGeneral Electric

Companyjointlyto WALTER WALL and his wife,VIRGINIA WALL,ofWakefield,Rhodelsland,
and ifeithra-predeceases me,all to the survivor ofthem who survives me and ifboth predecease me,
(77) Five Thousand ($5,000.00)Dollars jointly to MR & MRS.MIKE WASKO

of Leisure Park Condominium,a/k/a Victoria Park Condominium,Fort Lauderdale, Florida and if
• either predeceases me,all to the survivor Ofthem who survives me,and iftiiey both predecease me,
(78) Twenty-Five Thousand($25,000.00) Dollarsin the common stock ofGeneral

Electric Company to MARY WATERS(widow ofSUMNBR WATERS,the first employee I hired
at KIDDER,PEABODY & CO.), ofSands Point,LongIsland,New York,but failing to survive me,
(79) Ten Thousand ($10,000.00) Dollars to THELMA OLIVER WOODS (a

graduate ofthe University ofMissouri and an ofiHcer and an employee ofits alumni associatidn), of
Columbia,Missouri,butfailingto survive me,this devise shall lapse. This distribution maybe made
in cash or in market value ofthe common stock General Electric Company, as the beneficiary shall
choose but in the absence of a clear and timely choice (the determination of which shall be
conclusively decided by my Executor), then distribution shall be made in cash or in said stock, or
partly in each, as my Executor shall choose.
(80) One Million Three Hundred Thousand ($1,300,000.00) Dollars to

HILLSDALE COIXEGE for the purpose ofthe endowment ofa permanent chair for an economics
professor, which shall be known as the "WILLIAM E. HBBS/LUD'WIG VON MISES CHAIR OF
ECONOMICS".The professor appointed to this chair shall be a dedicated and articulate disciple of
theLudwig vonMises (Austrian) School ofEconomics.
15
(81) One Million ($1,000,000.00) Dollars to ROBERT COLLEGE,Istanbul,
Turkey. ROBERT COLLEGE shall use this devise for the purpose ofendowing a permanent chair
for an economics professor who is a dedicated and articulate disciple ofthe the Ludwig von Mises
(Austrian) School of Economics. This Chair shall be known as the"BAYARD SCHIEFFELIN
CHAIR OF ECONOMICS."This devise is subject to the requirement that the competent authorities
of ROBERT COLLEGE advise my Executor in writing within six months ofbeing notified ofthis
devise by ray Executor that this chair of economics shall be established at ROBERT COLLEGE,
Istanbul, Turkey, in the event that my Executor does not have in hand said advisement within said
six(6)month period, this devise shall instead be distributed to HILLSDALE COLLEGE,Hillsdale,
Michigan, and ifHILLSDALE COLLEGE is not then an organization described in Sections 170(c)
and 2055(a)ofthe Internal Revenue Code of 1986 at the time when any principal or income ofthe
devise is to be distributed to it, then ray Executor shall distribute the devise to such one or more
publiclysupported charitable organizations described in Sections 170(c)and 2055(a)as the Executor
in his sole discretion shall select My Executor's detennination of the timeliness ofthe advisement
shall be final, binding and not subject to question. To the extent that it is reasonably feasible,I direct
that this devise shall be maintained and administered within the continental llnit^ States.
(82) Seven Hundred Fifty Thousand($750,000.00)Dollars to the UNIVERSITY

OF KANSAS,for the purpose of endowing a permanent chair for an economics professor to be
known as"THE HAROLD OTTO CHAIR OF ECONOMICS". Harold Otto was my cousin. The
professor appointed to this chair shall be a dedicated and articulate disciple of the Ludwig yon Mises
(Austrian) School ofEconomics.If the competent authority of the UNIVERSITY OF KANSAS
decides thatthesum devised is icsuffici^ to endow a permanent chair as aforesaid,this devise shall
lapse. My Executor shall, promptly after my death, notify the appropriate personnel of the
UNIVERSITY OF KANSAS of the terms of this devise and inform them that absent a written
statemait signed by an authorized officer ofthe UNIVERSITY OF KANSAS to the effect that this
devise will be used to endow a permanent chair for an economics professor upon the conditions
stated, being delivered to my Executor and in his hands within six(^ months ofnotification by my
Executor,this devise shall instead be distributed to HILLSDALB COILEGE,HUlsdale, Michigan
upon the same terms and conditions with respect to HILLSDALE COLLEGE as are stated in
paragraph (80) above. If this Chair is established but remains vacant for a period of five (5)
consecutive years,the UNIVERSITY OF KANSAS shallforthwith distribute the balance ofthe fund
to HILLSDALE COLLEGE,Hillsdale, Michigan, upon the same terms and conditions with respect
to HILLSDAIE COLLEGE as are stated in paragraph (80)above. At the end ofeach-four(4) year
term commencing with the date ofmy death,the UNIVERSITY OFKANSAS shall promptly and in
writing inform the competent authorities ofHILLSDALE COLLEGE ofthe name and qudifications
of each prior and present year's appointee and shall certify that the appointee is a dedicated and
articulate disciple ofthe Ludwig von Mises(Austrian)School ofEconomics.Failure to promptly so
inform and certify shall create a legal presumption that the balance ofthe fund should be distributed
to HILLSDALE COLLEGE at the end ofthe consecutive five(5) year term that coincides with the
four(4) year term.
16
(83) Five Million($5,000,000.00)Dollars to the Curators oftheUNIVBRSITY OF
MISSOURI, as trustees, in trust, to be held and administered upon the following terms and
conditions:
(a) Thetrusteesshall divide this devise into six(6)separateamounts,to wit:

One Million One Hunched Thousand($1,100,000.00) Dollars, One Million One Hundred Thousand
($1,100,000.00)Dollars,One Million OneHundred Thousand($l,100,000.00)Dollars,FiveHundred
Sixty Seven Thousand ($567,000.00) Dollars, Five Hundred Sixty Seven Thousand ($567,000.00)
Dollars and Five Hundred Sixty Six Thousand($566,000.00)Dollars.Each said amount shall be held
in a separate trust &nd as follows, to be known respectively as,
THE JAMES HARVEY ROGERS CHAIR OF MONEY, CREDIT

AND BANKING ($1,100,000.00),
THE EMMA S.HIBBS/HARRY GUNNISON BROWN CHAIR OF

BUSINESS AND ECONOMICS($1,100,000.00),
THE EMMA S.ffiBBS/FRBDERICK A.MIDDLEBUSH CHAIR OF

ENTREPRENEURSHIP($1,100,000.00), and three(3)distinguished
professorships,two ofthem to benamed solely THEEMMA S.HIBBS
DISTO^GUISHED PROFESSORSHIP(each at $567,000.00)and one
of them to be named THE MYRON WATKINS DISTINGUISHED
PROFESSORSHIP($566,000.00).
(b) The said separate and named trust funds are established for the benefit
of and shall be used at the UNIVERSITY OF MISSOURI-COLUMBIA COLLEGE OFBUSINESS
AND PUBUC ADMINISTRATION.
(c) Each said separate and named trust fund shall be administered and
distributed as follows:
(i) The principalsum,and any other fimds contributed after

the death of Sherlock Hibbs firom any source, shall be added to the
corpus provided, however, that a donor may request that a particular
gift be added to the distribution account in order to provide increased
stipoids.
(ii) Investment and reinvestment of the fund shall be in

accordance with the policy of the Curators ofthe UNIVERSITY OF
MISSOURI It is my earnest suggestion and reque^'(butnot direction)
that the fund be invested conservatively and prudently in common
stocks of high-quality companies, exclusively.
17
(iii) Distributions from the fund shall be credited to a
distribution accountestablished on the records ofthe UNIVERSITY OF
MISSOURI-COLUMBIA to augment and support the work of the
Chair or Distinguished Professorship, as the case maybe.
(iv) Uses of distributions from the fund to the occupant of

the Chair or Distinguished Professor, as the case may be (hereinafter
"the appointee"),may in his or her sole discretion,include but shall not
be limited to, research support, professional development, teaching
fnaterials, travel, staffsupport and salaiy. The trustees shall distribute
to the appointee an annual amount equal to no less that five (5%)
percent of the fair market value of the fimd determined as of the last
business day ofeach year.
(v) Thelength oftime the appointee shall occupy his or her

position, and the selection of the appointee shall be recommended to
the Provost of the UNrVBRSITY OF MISSOURI-COLUMBIA by the
Dean of the College of Business and Public Administration. The
■ appointee shall be designated under the regular procedures applying to
the appointment ofa member ofthe university faculty. The appointee
shall become a member ofthe faculty ofthe College ofBusiness and
Public Administration, with duties and responsibilities comparable to
other professors ofthe College ofBusiness and Public Admim'stratibn.
The appointee's imiversity salary payable from other sources shall be
comparable to salaries paid to other professors of the College of
Business and Public Administration.
(vi) The appointee shall have all the rights, privileges and
obligations of a member of the faculty of the UNIVERSITY OF
MISSOURI-COLUMBIA COLLEGE OF BUSINESS AND PUBLIC
ADMINISTRATION.The appointee's qualifications will be considered ■
in light ofhis orher experience,achievements and rqrutation within the
finance community.Ihe appointee must be a dedicated and articulate
disciple ofthe free and open market economy(the Ludwig von Mises
Austrian School of Economics). If the Chair or Distinguished
Professorship, as the case may be,remains vacant for a period offive
(5) consecutive years, the'trustees shall forthwith distribute the then
balance of the fiind to HILLSDALE COLLEGE,Hillsdale, Michigan,
and if HILLSDALE COLLEGE is not then an organization described
in Sections 170(c) and 2055(a) ofthe Internal Revenue Code of 1986
at the time when any principal orincome ofthefund is to be distributed
to it, then the trustees shall distribute the balance of the fund to such
one or more publicly supported charitable organizations described in
18
Sections 170(c)and 2055(a)as the trustees in their sole discretion shall
select Atthe end ofeach four(4)year term commencing with the date
of my death, the trustees shall promptly and in writing inform the
cdmpetent authorities of HILLSDALE COLLEGE of die name and
qualifications of each prior and present year's appointee and shall
certify that die ^pointee is a dedicated and articulate disciple of the
Ludwig von Mises (Austrian) School of Economics. Failure to
prompdyso infonn and certify shall create a legal presumption that the
balance ofthe fund should be distributed to HELLSDALE COLLEGE
at the end ofthe consecutive Eve(5)year term that coincides with the
fbur(4)yearterm.
(vii) Any amount fixim die fund credited to die distribution

account in excess ofthe amount expended in any one dscal year shall
be retained for future use. Periodically, however, the Dean qf the
College ofBusiness and Public Administration,after consultation with
the Provost ofthe UNIVERSIIY OF MISSOURI-eOLUMBIA,may
request that specific unused sums in die distribution account be
transferred to, and become a permanent part ofthe fund.
(viii) Realizing that the human mind cannot predict the

circumstances ofthe fiitore, the trustees are audiorized to change the
toms and conditions ^plicable to die administration ofthis^d(but
never in a manner that would jeopaidize any state, or federal tax
exmnptions available to the fund),if in thejudgment ofthe trustee,it
becomes clearly necessary to do so in order to carry out my wishes for
the use ofthe ^d.Notwithstanding the foregoing provisions ofthis
paragraph, the trustees do not have the authority to make changes
vitiating theconsecutivefive(5)yearrequirement and thefiee and open
madret economy qualification requirement set out in the preceding
snbparagraph (vi).
(ix) Announcemoitofthefimd and pertinent details shall be

made in the usual universily publications provided for this purpose.
(84) IfPHILIP CHASE survives me,I devise to the Trustee herdn qipointed, the
sum of Two Hundred Twentj^Five Thousand($225,000.00)Dollars to fund a Special Needs Trust,
to be held, administered and distributed uiider &e provisions of Subsection(a)below.
(a) The Trustee shall hold,administer, interpret and distribute the trust for
the benefit ofPHILIP CHASE,as follows:
19
(i) Income and Principal: During the lifetime ofPHILIP CHASE,
the Trustee may, from time to time, pay for his benefit so much of the income and
principal ofthis trust(including the whole thereof)as the Trustee,in its sole discretion,
detennines is necessary or desirable to provide for his special needs. Anyincome not
so paid shall be added to trust principal annually. Except insofar as they conflict with
my intentions expressed in subparagraph(b) below,PHILIP CHASE's special needs
may include the following but are not limited to the following:
1. enhanced living arrangements, e.g., private quarters or larger quarters,

2i dental care,
3. additional nursing care,
4. physical or mental therapy,
5. expensesoftravel and lodging necess^to providefor visits to PHILIP CHASE
by close fiiends and family members,
6.. expenses oftravel and lodging necessary to allow PHILIP CHASE to visit his
close friends and family members,
7. recreational, cultural or educational expenses,
8. special equipment,
9. dlagaostic services, and
10. services for personal grooming.
(b) This Special Needs Trustis notintended to rqjlace or be a substitutefor

public or otherprivate financial aid that may be available to PHILIP CHASE,but only to supplement
those financialresourcesso thatthe quality ofPHEJP CHASE's life may be improved andhemaylive
in reasonable comfort. This trust is not intended to provide forPHILIP CHASE's basic requirements
for food,shelter and medical attention.
(c) I^pointBANK OF AMERICA as Trustee ofthis Special NeedsTmst.

IfBANK OF AMERICA refuses to serve as said Trustee or resigns,BOYD H. ANDERSON,JR,
shall have the authority to appoint, in writing, a successor Trustee willing to serve. In default of
appointment by BOYD H. ANDERSON, JR., JEANNETTE CAPONEGRO shall have the same
authority to appoint in writing a successor Trastee. No successor Tmstee shall be obligated to inquire
into,nor shall it be responsible for,the accounts or the actions or defaults ofany predecessor Trustee.
Any successor Trustee shall have all the powers given the originally named Trustee.
(d) This trust shall not be subject to §738.12 Florida Statutes,By waiving
the application of that section ofthe Florida Statutes it is my intention to allow the Trustee, if the
Trustee so chooses, to invest and reinvest the principal of this trust for the total return of the tmst
(income and csîtal appreciation)and without concern for producing an arbitrary minimum amount
offiduciary accoimting income.
20
(e) Upon the death ofPHILIP CaiASE,all fee rest, residue and remainder
of this trust, including any accrued but undistributed income shall be distributed in equal shares to
SOUTH COUNTY HOSPITAL. Wakefield, Rhode Island, and NORWICH FREE ACADEMY,
Norwich, Connecticut. IfPHILIP CHASE does not survive me,this Special Needs Trust shall not be
established and I instead devise the sum of Two Hundred Twenty-Five Thousand ($225,000.00)
Dollarsin equalsharesto SOUTH COUNTY HOSPITAL,Wakefiel4 RhodeIsland,and NORWICH
FREE ACADEMY,Norwich,Connecticut.
(jO I realize that this trust, ifestablished, will not be a qualified charitable
remainder trust and it is not my intention that this trust be a qualified charitable remainder trust.
ARTICLE EIGHT
Creation ofCharitable Remainder Unitrusts. The Executor shall set aside from my estate fee
sum stated for each ofthe following, to wit:
(1) One Hundred Thousand ($100,000.00)Dollars for my cousin,

CHARLES HIBBS,son ofROBERT HIBBS of Merango,Iowa, but
failing to survive me,to COTTEY COLLEGE.
(2) One Million ($1,000,000.00) DoUars for JEANNBTTE

CAPONEGRO, but failing to survive me, to COLUMBIA
PRESBYTERIAN HOSPITAL.
(3) Two Hundred Thousand ($200,000.00) Dollars for my late

wife's granddaughter,KITTY GUERRERA,bjat felling to survive me,
this devise shall lapse to my residuary estate.
(4) One Hundred Thousand($100,000.00)Dollars for my cousin,

HELEN SWANEYPOE(Mis.EmestPoe),West Lake Village,Apt.B
213,WestLake Ohio,44145,butfailing to survive me,this devise shall
lapse to my residuaiy estate.
(5) Three Hundred Thousand($300,000.00)Dollars for my niece,

SALLY S.SHUMATPybutfailingto survive me,this devise shall lapse
to my residuary estate.
(6) ' Three Hundred Thousand ($300,000.00) Dollars for SHEILA

SIKKENGA, but failing to survive me,this devise shall lapse to my
residuary estate. ,
21
(7) Three Hundred Thousand ($300,000.00) Dollars for BILL
SIKKENGA,but failing to survive me, this devise shall lapse to my
residuary estate,
(8) Two Hundred Thousand ($200,000.00) Dollars for LYNN

BALMA, but failing to survive me, this devise shall lapse to my
residuary estate.
(9) One Hundred Fifty Thousand($150,000.00)Dollars forPETER

BALMA,but failing to survive me, to COTTEY COLLEGE.
(10) One Hundred Thousand($100,000.00)Dollars for mycousin,

DOROTHY SWANEY (widow of my cousin, Robert Swaney),1005
Royal Oak Road,Sun City, Arizona,85351,but failing to survive me,
to COTTBY COLLEGE.
(I I) One Hundred and Fifty Thousand ($150,000.00) Dollars for

DONALD ZIMMERMAN, the son of MARGE SWANEY
23MMERMAN,818 East Meadow Lane,Phoenix,Arizona,85351,but
failing to survive me,to COTTEY COLLEGE.If the said DONALD
ZIMMERMAN has chosen to seek protection from creditors under
bankruptcy laws and has not been discharged from bankruptcy at the
time ofmy death, he shall be treated as having failed to survive me.
(12) One Hundred Thousand($100,000.00)Dollars for my cousin,

MARGE SWANEYZIMMERMAN,10330 West Thunderbird Road,
Apt.C320, Sun City, Arizona, 85351, but failing to survive me, to
COTTEY COLLEGE.
(13) One Hundred Thousand ($100,000.00) Dollars for ROSE

GERZ,widow ofmycousin,DICK WILLIAMS,of3918 Royal Palms
Court,Dallas,Texas,75244,but failing to survive me,this devise shall
lapse to my residuary estate.
Each such sum set aside for a surviving beneficiary shall be distributed to the Trustee
hereafter appointed to be held as the corpus of a separate Charitable Remaind^ Unitrust for such
beneficiary. It is myintention that eachsuch separate trust shall be considered a Charitable Remainder
Unitrust within the meaning of Section 6 ofRev.Proc. 90-30 and Section 664(d)(2)of the Internal
Revenue Code (hereinafter referred to as the "Code"). The terms of each separate tmst shall be as
describ^ in subparagraphs(a) through (k)ofthis Article. The non-charitable beneficiary of each
separate unitrust is identified Weinafter as the "Recipient".
22
(a) Payment ofUnitrust Amount In each taxable year of the Trust, the Trustee
shall pay to the Recipient during the Recipient's life a unitrust amount equal to five (5%)percent of
the net fair market value ofthe assets ofthe Trust valued as ofthe first day ofeach taxable year ofthe
Trust (the "valuation date"). The unitrust amount shall be paid in equal quarterly amounts from
income and, to the extent that income is not sufficient, from principal. Any income ofthe Trust for
a taxable year in excess ofthe unitrust amotmt shall be added to principal. Iffor any year the net fair
market vûe ofthe Trust assets is incorrectly determined, then within a reasonable period after the
value is finally determined forfederal tax purposes,the Trustee shall pay to the Recipients(inthe case
ofan undervaluation)orreceiveform the Recipients(in the case ofan overvaluation)an amount equal
to the difference between the unitrust amountproperly payable and the unitrust amount actually paid.
(b) Defbiral Provision. The obligation to payfire unitrust amoimt shall commence
with the date ofmy death, but payment ofthe unitrust amount may be deferred frx>m such date until
the end ofthe taxable year ofthe Trust in which occurs the complete funding ofthe Trust. Wifliin a
reasorrable time after the end ofthe taxable year in which the complete funding ofthe Trust occurs,
the Trustee must pay to the Recipients(in the case ofan underpayment)or receive from the Recipients
(in the case ofan overpayment)the difference between:(i) any urritrust amounts actually paid, plus
interestcompounded aruiually, computed for any period at the rate ofinterest that the federal income
tax regulations under Section 664 offire Code prescribe for the Trust for such corrrputation for such
period; and (ii) the unitrust amounts payable,plus interest compounded armually,computed for any
period at the rate ofinterest that the federal income tax regulations under Section 664 prescribe for
the Trust for such computation for such period.
(c) Proration of the Unitrust Amount. In determining the unitrust amount, the
Trustee shall prorate the same on a daily basis for a short taxable year and for the taxable year ending
with the Recipient's death.
(d) Distribution to Charitv. Except as otherwise provided, upon fiie death ofthe
Recipient, the Trustee shall distribute all ofthe then principal and income of his or her Trust(other
than any amount due the Recipient or the Recipient's estate under the provisions above) to the
charitable beneficiaries (hereinafter referred to as "the Charitable Organizations")identified below.
If a Charitable Organization is not an organization described in Sections 170(c) and 2055(a) ofthe
Code at the time when any principal or income ofthe Trust is to be distributed to it, then the Trustee
shall distribute such principal or income to such one or more publicly supported organizations
described in Sections 170(c)and 2055(a) as the Trustee shall select in its sole discretion.
Provided JEANNETTE CAPONEGRO survives me,then upon her death,the Trustee

shall distribute all ofthe then principal and income ofher trust(other than any amount due her or her
estate under die provisions above)to COLUMBIA PRESBYTERIAN HOSPITAL,New York,New
York. If COLUMBIA PRESBYTERIAN HOSPITAL is not an organization described in Sections
170(c) and 2055(a) of the Code at the time when any principal or income of the Trust is to be
23
distributed to it,then the Trustee shall distribute such principal or income to such one or more publicly
supported organizations described in Sections 170(c)and 2055(a)as the Trustee shall select in its sole
. discretion.
Upon the death of a Recipient surviving me and named in paragraphs (1) and (9)
through (12)ofthis Article, to wit: CHARLES HBBS,PETER"BALMA,DOROTHY SWANEY,
DONALD ZIMMERMAN and MARGE SWANEY ZIMMERMAN,the Trustee shall distribute aU
ofthe then principal and income of his or her trust(other than any amount due the decedent or the
decedent's estate,under the provisions above)to COTTEY COLLEGE.IfCOTTEYCOLLEGE is not
an organization described in Sections 170(c)and 2055(a)ofthe Code at the time when any principal
or income ofthe trust is to be distributed to it, thai the Trustee shall pay such principal and income
to such one or more publicly supported organizations described in Sections 170(c)and 2055(a)as the
Trustee shall select in its sole discretion. It is my wish that COTTEY COLLEGE keep intact and in
a separatefund the charitable remainderinterests it receives until thefund is ofsufficient size to endow
a Chair ofEconomics at COTTEY COLLEGE,dedicated to the espousal ofthe Ludwig von Mises
(Austrian)School ofEconomics.
lôn the deathofaRecipientsurviving mefor whose trusta remainderbeneficiary has

not been previously identified, to wit: KITTY GUERRERA,HELEN SWANEY POE, SALLY S.
SHUMATE,SHEILA SIBCKENGA, BUL SKKENGA,LYNN BALMA and ROSE GERZ,the
Trustee diall distribute all ofthe then prmcipal arui income ofhis or her Trust(other than the amount
due the Recipient or the Recîent's estate under the provisions above)to the charitable beneficiaries
(hereinafter referred to as "the Charitable Organizations")as listed in Article Ten(a)through(e)of
this Willin the percentage shares stated in Article Ten(a)throu^(e). If a Charitable Organization
is not an organization described in Sections 170(c) and 2055(a) ofthe Code at the time when any
principal or income ofthe Trust is to be distributed to it, then the Trustee shall distribute such income
or principal to such one or more publicly supported organizations described in Sections 170(c) and
2055(a)as the Trustee shall select in its sole discretion.
(e) Additional Contributions. No additional contributions shall be made to the

Trust after the initial contribution. The initial contribution, however, shall consist of all property
passing to the Trust by reason of my death.
(f) Prohibited Transactions. The Trustee shall make distributions atsuch time and
in such manner as not to subject the Trust to tax under Section 4942 of the Code. Except for the
paymentofthe unitmst amountto the Recipient,the Trustee shall not engagein any actofself-dealing,
as defined in Section 4941(d), and shall not make any taxable expenditures, as defined in Section
4945(d). The Trustee shall not make any investments thatjeopardize the charitable puipose ofthe
Trust,within the meaning ofSection4944 and theregulations thereunder,orretain any excess business
holdings, within the meaning ofSection 4943(c).
(g) Taxable Year. The taxable year ofthe Trust shall be the calendar year.
24
(h) Governing Law. The operation of the Trust shall be governed by the laws of
the State of Florida. The Trustee, however, is prohibited jfrom exercising any power or discretion
granted under said laws that would be inconsistent with the qualification ofthe Trust under Section
664(dX2) ofthe Code and the corresponding regulations.
(i) Limited Power ofAmendment. The Trustee shall have the power,acting alone,
to amend the Trustin any maimerrequired foi the sole purpose ofensuring that the Trust qualifies and
continues to qualify as a Charitable Remainder Unitrust within the meaning ofSection 664(d)(2) of
the Code.
(j) Investment ofTrust Assets. Nothing herein shall be construed to restrict the
Trustee fi-om investing the Trust assets in a manner that could result in the annual realization of a
. reasonable amount ofincome or gain fium the sale or disposition ofTrust assets.
(k) Appointment of Trustee. Except as otherwise provided, JEANNETTE

CAPONEGRO,BOYD H.ANDERSON,Jr., and ROBERT A KRANTZ,Jr., are hereby appointed
as Trustees of each separate Charitable Remainder Unitrust Upon the death,incapacity or written
resignation ofa Trustee,the remaining Trustees or Trustee shall continue to serve withoutthe necessity
ofappointing a successor. If,for anyreason,there shall be acon^lete vacancy in the office ofTrustee,
1 appomt BANEC OF AMERICA Trustee.
ARTICLE NINE
Additional Charitable Cash Devises.In addition to aU precedingcharitable devisesI devise the

following amounts to the charities listed below in this Article Nine,to wit:
(a) One Million($1,000,000.00) Dollars to the COLUMBIA PRESBYTERIAN

HOSPITAL ofNew York, New York.
(b) One Million Two Hundred Fifty Thousand ($1,250,000.00) Dollars to the
MEMORIAL SLOAN-KETTERMG CANCER CENTER,New York,New York.
(c) SeveaHundredFiflyThousand($750-,000.00)DolIars to CARROLLCENTER

FOR THE BLB^,Newton,Massachusetts.
(d) One Million ($1,000,000.00) Dollars to JOHNS-HOPKINS UNIVBRSITY,
Baltimore,Maryland,for medical research.
(e) One Million ($1,000,000.00)DoUars to HILLSDALE COLLEGE,Hillsdale,

Michigan.
25
(Q One Million($1,000,000.00) Dollars to such one or more publicly supported
organizations described in Sections 170(c)and 2055(a)ofthe Internal Revenue Code that operate in
Browaid County,Florida, or Dade County,Florida, as my Executor shall select in his sole discretion
and in such shares as he shall decide in his sole discretion. As guidance to myExecutor in maVing his
selection or selections, but not as a direction or command,myExecutor may consider such charitable
organizations as the BOY SCOUTS OF AMERICA, SOUTH FLORIDA COUNCIL,
WESTMINSTER ACADEMY, Fort Lauderdale, Florida, and THE FORT LAUDERDALB
HISTORICAL SOCIETY.
ARTICLE TEN
Residuary Estate. Excqjt as I have otherwise provided,I devise the remainder ofmy estate,
including every kind ofproperty, wherever located, which Iown at my death which is not otherwise
effectually disposed ofin this Will(that is, my residuary estate as determined by the law ofFlorida)
as follows:
(a) Twenty(20%)percent to the COLUMBIA PRESBYTERIAN HOSPITAL

ofNew York,New York; ''
(b) Twenty-Five (25%)percent to the MEMORIAL SLOAN-KETTERING

CANCER CENTER,New York, New York; '
(c) Fifteen (15%)percent to CARROLL CENTER FOR THE BLIND,Newton,

Massachusetts;
(d) Twenty(20%)percent to JOHNS-HOPKINS UNIVERSITY,Baltimore,

Maryland for medical research;
(e) Twenty (20%)percent to HILLSDALE COmOE,Hillsdale, Michigan;
My directions with respect to the distribution of my residuary estate to the charities named
immediately above in this Article shall be subject to modification as follows:
1. Ifthetotalvalueofthenetdistributableamountofmyresiduaryestate,(valued
at fair market value on date or dates of distribution), including net residuary estate income earned
during die administration ofmyestate,exceeds TwentyMillion($20,000,000.00)Dollars,such excess
over Twenty Million ($20,000,000.00) Dollars, up to and including Two Million ($2,000,000.00)
Dollars shaU be distributed as follows;
(i) Fifty(50%)percent to ROBERT COLLEGE;

(ii) Twenty-five(25%)percent to BIG BROTHERS AND BIG SISTERS,
INC. OF NEW YORK CITY;
26
(Hi) Twelve and one-half(12.5%) percent to FIFTH AVENUE
.PRESBYTERIAN CHURCH;
(iv) Twelve and one-half(12.5%)percent to COTTEY COLLEGE.
2. Ifthetotalvalueofthenetdistribntableamountofmyresiduaiyestate,(valued
at fair market value on date or dates of distribution) including net residuary estate income earned
during the administration ofmy estate, exceeds Twenty-Two Million($22,000,000.00)Dollars, such
excess over Twenty-Two Million($22,000,000.00)Dollars shall be distributed to the UNIVERSITY
OF MISSOURIto endow an additional chair or chairs ofeconomics onthe same terms and conditions
applicable to the UNIVERSITY OF MISSOURI as set out in Article Seven.
If any charitable organization described id this Article Nine is not an organization

described in Sections 170(c) and 2055(a)ofthe Memal Revenue Code of 1986 at the time when any
principal or income of my estate is to be distributed to it, then the Executor shall distribute such
income or principal to such one or more publicly supported charitable organizations described in
Sections 170(c)and 2055(a) as the Executor shall select in its sole discretion.
ARTICLE ELEVEN
Powers ofExecutor and Trustee. MyExecutor and myTrustee(including any successors)are

each granted the powers set forth below with respect to the administration ofmy estate and all trusts,
subject to the limitation of Article Thirteen. My said Executor and "Dmstee (which are referred to
hereafter as niy "Fiduciaries")may each exercise any ofthe powers granted herein without notice to
or permission of any person and without order of any court (all of which are hereby specifically
waived); provided,however,that each shall always exercise such powers onlyin a fidudaiy edacity
in accordance with the generalstandards oftrust administration imposed upon fiduciaries,said powers
and authority being as follows:
(a) Broad Statutory Investment and Administrative Powers. In addition to and

without limitation of the powers herein contained, to have all the powers, rights, authority and
protection granted Personal Representatives under Chapters 731 through 733,Florida Statutes, and
granted Trustees under the Trust Administration Law, Chapter 737, Florida Statutes, and granted
Fiducimes under Chapter 518,Florida Statutes,relating toinvestmentoftrust ilinds,as said lawsnow
exist or may be hereafter renumbered or amended; but ifthe same shall not be in effect at any time
. during the continuation ofthe tmst,then as they now exist. Ispecifically empower my Fiduciaries to
invest in common trust fimds,mutual funds or similar forms ofinvestment even though the same may
not be specifically approved for investment under the provisions of Chapter 518,Florida Statutes,
(b) Settlement ofClaims. To compromise,settle or adjust any claim or demand

by or against any part of my estate or any trust and to agree to any rescission or modification ofany
contract or agreement in which my estate or any trust is in any way involved, all upon such terms as
die Fiduciaries shall deem best for the beneficiaries. In case ofany litigation in connection with any
part of my estate or any trust, the Fiduciaries may under advice of their counsel arbitrate, settle or
27
adjust any such matter in dispute. Any such decision of the Fiduciaries shall be binding upon all
persons whomsoever.In the event my Executoris unable to locate an individual who is the beneficiary
of a pecuniary devise within six (6) months firom the date of the Executor's appointment, after
conducting a reasonable search at reasonable expense, such devise shall lapse and ray Executor's
decision in this regard shall be binding and conclusive. I am not aware ofany outstanding loansI may,
have made to individuals but to the extentthere are any at the time ofmy death,I hereby forgive them
and any interest thereon.
(c) BroadPowerofSale. To sell,exchange,transferor lease(even beyond the term

of the trust), mortgage, enciunber or otherwise dispose ofthe whole or any part of any business or
security or property, whether real or personal, either publicly or privately to anyone at such time and
place anduponsuch price,terms and conditions(including credit)and taking such securityfor deferred
payments as mayseem advisable to the Fiduciaries in their sole discretion. The Executor shall sell all
ofmy real estate not specifically devised.
(d) Borrow Money. To borrow money upon such terms and security(or with no
security)as in the Fiduciaries'sole discretion shall seem best Ifsecurity is given,die Fiduciaries may
encumber real or personal property ofthe estate or trust, and may repay from real property or other
assets ofthe estate or trust any sums borrowed.
(e) Abandon Worthless Assets. To abandon at anytime and in any way,property

which the Fiduciaries determine in good faith not to be worth preserving.
(0 Allocating Income and Principal. To determine, in a fiduciary capacity, how

expenses ofadnunistration and receipts are to be apportioned between principal and income.
(g) Distribution in Cash or in Kind Except as this instrument may otherwise

specifically provide, to make distributions ofincome or principal(including the satisfaction ofany
pecuniary bequest orresiduary share)in cashor in kind,or partly in each. To divide,partition,allocate
or distribute different kinds or disproportionate shares ofassets or undivided interests therein,without
any obligation to make proportionate distributions, withoutregard to the income tax basis ofassets,
and without regard to any inrovision oflaw expressing a preference for proportionate distributions or
distributions in kind; and in doing so to value such property at fair market values on date or dates of
distribution unless otherwise provided herein, but all in good faith and only to the extent permitted by
law, and the other provisions offiiis instrument.
(h) Operation of Business. To do all things necessary to operate any business

interest which may constitute apart of my estate, whether I may own the same as sole proprietor or
have a partnership interest or own stock in a closely held corporation. To this end, to employ agents
and managers, enlarge or change same and otherwise do all things which I might have done as an
individual in the management and continuance ofsaid business for such period as to the Fiduciaries
shall seem advisable and proper.
28
(i) Minors. If any beneficiary has not attained the age oftwraity-one(21) years
at the time of distribution of my estate or any trust, such minor's share shall be distributed to the
Executor 6r Trustee (or,ifthe Executor or Trustee is unable,declines or is ineligible to serve,to such
eligible person as the Executor or Trustee shall choose)as custodian for such minor under the Florida
Uniform Transfers to Minors Act,pursuant to Chapter 710.106,Florida Statutes(as said chapter may
be hereafter renumbered or amended).
0) General Electric Stock. I realize that there will be an interval oftime between
the date myExecutor givesinstructions and provides the documentation necessaryto effectthe transfer
ofthe common stock of General Electric Company to the devisees thereofand their receipt ofstock
certificates therefor or oflier evidence of ownership. Market value changes to General Electric
Company during this interval shall not be the responsibility ofthe Executor nor shall he have-any
liability therefor. My Executor shall choose a date or dates on which to value the common stock of
General Electric Company for purposes of satisfying the pecuniary amount to be paid in kind by
distribution of said stock. Such date or dates chosen by the Executor and the closing value on such
dates shallbe binding and conclusive on all concerned. 1 realize the distribution ofthe common stock
ofGeneralElectric Companymay take place by means ofaseries ofdistributions to different devisees
at different times. After choosing die valuation date or dates my Executor is directed to proceed with
reason^le pron^tness to give instructions or provide the docummitatioQ necessary to effect the
transfer ofthe common stock of Genial Electric Company to the devisees thereof.
ARTICLE TWELVE
Appointment ofSuccessor Trustee.
(a) Should there be acomplete vacancyin the office ofTrustee for anytrust created
by the terms of my will by reason of resignation, death or incapacity or any other reason, and no
successor is otherwise named herein to fill the vacancy, th^ I nominate, constitute and appoint
BANK OF AMERICA as Trustee for that trust and should BANK OF AMERICA decline to serve or
resign, then such financial institution as BILL SIKKENGA selects shall serve as successor Trustee.
IfBILL SIKKENGA fails to so act or is then deceased, BANK OF AMERICA, shall appoint a
corporate fiduciary as Trustee. Any successor Trustee hereby sppointed shall have full pow«- and
authorify as though originally appointed hereunder.
(b) Throughout this Will for convenience,I may have refacred to the Co-Trustees
or Trustee ftom time to time serving in the singular as "Trustee" and in the neuter gender,intending
reference to the Trustee or Trustees then in office, Every successor or additional Trustee shall enjoy
all ofthe power and protection granted the original Trustee hereunder. No successor or additional
Trustee shall be liable or responsible in any way for any acts or defaults of any predecessor Trustee
or Trustees, or for any loss or expoise fiom or occasioned by anything done or neglected to be done
by any predecessor Trustee or Trustees,and the successor or additional Trustee or Trustees may accept
the account or accounts rendered and the property delivered to him or them bythe predecessor Trustee
or Trustees, and shall incur no liability or responsibility to any person by reason ofso doing. No
29
Trustee shall be liable for anj'thing done or omitted to be done in good faith, norfor the acts ofany Co-
Trustee, nor for the acts or omissions of any agent appointed with due care, nor for any other thing
other than his own- willful default or gross negligence. The Trustees may receive reasonable
compensation for their services.
(c) Any Fiduciary at any time serving under this Will may authorize in writing his
Co-Fiduciary to act alone in exercising any or all ofthe powers and in discharging any or all of the
duties granted or imposed upon the Co-Fiduciaries underfte terms ofthis Will,without liabilityto the
delegating Co-Fiduciary for any action taken during the period the delegating Co-Fiduciary is not
exercising his powers. Said delegated authorityshall continuefor the period specified in said writing^
but may be revoked in writing at any time. No purchaser or other person dealing with any
Co-Fiduciary purporting to act alone under such a delegation need inquire into the propriety ofthe
grant thereofnor as to whether fire same is still in valid effect
(d) If a Trustee shall be appointed who is domiciled in a state other than the State
of Florida,Ifimhergrant unto myTrustee all power,authority and protection granted to trustees under
the laws of the state in which it is domiciled, with reference to the adn^stration of any trust
hereunder. The same shall be cumulative and in addition to the power, authority and protection
contained in the foregoing provisions ofthis instrument. While granting such power, authority and
protection in respect to the administration ofthe trust, nevertheless ifthe validity ofany provision of
this instrument shall be called into question or if this instrument shall require any interpretation, I
direct that all questions as to validity and interpretation shall be govemed by the laws of&e State of
Florida in which I am domiciled.
ARTICLE THIRTEEN
Payment of Estate Taxes and Abatement. I direct that estate and inheritance taxes and other
death duties by whatever name called,including interest and penalties thereon,imposed by the laws
ofany and everyjurisdiction by reason of my death, upon or in relation to all property includable in
my taxable estate for the purpose ofsuch taxes, whether such property under or outside of this Will,
shall be paid out ofthe residuary estate and the same shall be treated as an expense ofadministration,
without apportionment. I realize that having taxes apportioned to myresiduary estate will reduce the
estate tax charitable deduction for my estate, I also realize that generation skipping taxes may have
the effect ofreducing the charitable deduction otherwise available to my estate. Generation skipping
taxes,if any, shall be apportioned and paid in accordance with Sections 2603(a) and 2603(b)ofthe
Intemal Revenue Code of 1986. Hie allocation of my remaining generation sldpping tax exemption
shall be within the sole discretion ofmyExecutorand he shall incurno liability whôeveron account
ofhis allocation.It is my hope,but not direction or command,that myExecutor allocate myremaining
generation skipping tax exemption in such as manner as -will preserve, to the greatest extent, the
charitable deduction available to my estate.In the event that abatement results in the elimination of
my residuary estate,I direct that the following order of abatement shall be observed:(1)all pecuniary
devises, devises of General Electric Company stock, devises ofthe stock ofany other company and
30
devises ofdebt obligations,shall first abate equally and ratably; (2)all devises ofreal property shall
next abate, equally and ratably, and (3) all devises of tangible personal property shall last abate,
equally and ratably.
ARTICLE FOURTEEN
Preservation of Charitable Deduction. In administering the Charitable Remainder Unitrusts,

the Trustee shall have all the power and authority which is conferred by law upon Trustees butsubject
to the following limitations:
h is my intent and purpose that said trusts shall qualify for a charitable deduction, under the
United States income tax and estate tax laws. In the administration and distribution ofmy estate and
the adminishration ofsaid trusts,the fiduciaries may not exercise anydiscretionaiy power in a manner
which would disqualify the trusts for the charitable deduction, and all ofiier provisions ofthis Will
shall be subordinate to this intention on my part To the extent that any provisions ofthis Will or any
Codicil shall conflict with fiiê purposes or with the provisions of this Article, they shall be
inoperable, ofno effect and void.
ARTTCLB FIFTEEN
Compensation ofTrustee. Anyindividual Trustee shall receive reasonable compensation for

its services as Trustee and reimbursement of die Trustee's expenses directly incident to trust
administration. Any corporate Trustee shall receive such compensation for its services as provided
for in its schedule offees from time to time in effect
ARTTCLB SIXTEEN
Coronado Inc. Stock. Should the fiduciaries appointed by tliis Will come into possession of
any stock ofCORONADO INC., of which I am a major stockholder, I state for the guidance of my
fiduciaries that they would be well served bythe employment ofAttorneyROBERT A.KRANTZ,Jr.,
to advise.them with respect to their hol^gs in said corporation. MR KRANTZ has rendered
valuable service to me with respect to said corporation and for which he remains largely unpaid. To
the extent that he remains unpaid at the time of my death,I direct my fiduciaries to look favorably
iqron a claim he might file against my estate for the balance ofhis legal fees.
ARTICLE SEVENTEEN
Miscellaneous. The titles given to the various paragraphs of this Will are inserted for the
purposes ofreference only and are not to be considered as fbrming a part ofthe Will in interpreting,
its provisions. All words used herein in any gender or number shall extend to and include all genders
and numbers when the contextorfacts so require, and anypronoun shall be taken to refer to die person
or persons intended regardless of gender or number. I further intend that the Words "children",
"grandchildren", "issue", "lineal descendants", or words of similar import, shall be construed as
31
referring only to children bom of marriages of the person or persons referred to, and children who,
prior to attaining age eighteen (18), are legally adopted by such persons.I realize that I have made a
large number of devises and certain individual beneficiaries may be difficult to identify or locate or
both. My Executor, at his discretion, may make a reasonable investigation ofand search for such
beneficiaries at reasonable expense. Anyindividual beneficiary my Executor determines he rs unable
to locate or properly identify within six(6)months from the date ofhis appointment shall be deemed
as having predeceased me for all purposes ofthis Will even though such beneficiary may later be
ideiitified and located. My Executor's written determination to this effect shall be binding and
conclusive and my Executor shall incur no liability whatsoever on account thereof. I wish to avoid
the necessity ofdqrositing a devise with the court or having a devise escheat to the State. Many offoe
addresses I have furnished are from years past or hearsay.
I realize that some ofthe beneficiaries I have named may be deceased without notification to me of
their deaths.
IN WITNESS WHÊOF,I have hereunto set my hand and seal to this, my Last Will and
Testament,consisting ofthirty-three(33) typewritten pages,on April 3. ,
2002, at Fort Lauderdale, Florida.
SHERLOCK HCBBS
Theforegoinginstrument was signed,sealed,declared andpublishedbySHERLOCK HIBBS,

the Testator,as his Last Will and Testament,in the presence ofus,the undersigned,who,at his special
instance and request, do attest as witnesses after said Testator had signed his name thereto and in his
presence and in the presence ofeach ofoer.
ofFort Lauderdale, Florida,
ofFort Lauderdale,Florida.
32
STATE OF FLORIDA )
§
COUNTY OF BROWAKD )
WE, SHERLOCK HIBBS, the Testator, and

gUSAN g. PARRI?H and BOYD H. ANDERSON. JR. thetwo(2)Witnesses,
whose names are signed to this instrument,having been sworn,declared to the undersigned o£5certhat
the Testator, in the presence ofthe witnesses, signed the instrument as his Last Will and Testament,
that he signed, and that each ofthe witnesses,in the presence ofthe Testator, and in the presence of
each othOT, signed the Will as a witness.
SHERLOCK HBBS
Witness
Prin] SAN S. PARRISH
Witn^
Print Name: BOYD H. ANDERSON, JR.
The foregoing instrument was subscribed and swom to before me this L of

Aprti , 2002, by SHERLOCK HIBBS, the Testator, and
SUSAN S. PARRISH and BOYD H. ANDERSON, JR. ,the two(2)witnesses,who
are personally known to me and who each took an oath.
Notary Public
(Notary Stamp)
. OiiRCWLNCKfAMYSiiAL "
. JQANMMCCHESNEY
NOTARYPUBLICSrArcCF RORIDA
COMMISSION NO.CC854081
. ?iV COMMISSION
■*.. T-l -1 I w III,
EXP. AUG.9!SXSS.
ft > I ■ 1^
33
FIRST CODICIL TO THE LAST WILL AND TESTAMENT
OF
SHERLOCK HIBBS
I,SHERLOCKHIBBS,domiciled inBrowaid Coimty,Florida,do make,publish and declare

this instrument to be the First Codicil to my Last Will and Testament,heretofore executed on April
3,2002, as follows:
FIRST: I amend my said Will, by deleting paragraph (a)of ARTICLE FOUR and
substituting therefor the following, to wit:
Residences.
(a) Apartment No. 803 Leisure Park Condominium and Jerry Brown Farm. I
devise the condominiuin apartment commonly known as Apartment No. 803, Leisure Park
Condominium, a/k/a Victoria Park Condominium,900 Northeast ISth Avenue,Fort Lauderdale,
Florida, and legally described as
Apartment803ofLEISUREPARK,a Condominium accordingto the

Declaration thereof, recorded on October 31, 1969, in 0. R. Book
4061,page 665 ofthe Public Records ofBroward County,Florida,
together with all furniture and furnishings located therein at the time of my death
and my Rhode Island property commonly desoibed as "The Jerry

Brown Fann", Wakefield,Rhode Island,together with the furniture
and furnishings and all other contents located in The Jeriy Brpwfi
Farm atthetime ofmydeath,to JEANNETTE CAPONEGRC(ifshe
survives me and if she fails to survive me,I instead make these
devises to my nephew and niece, WILLIAM A.(BILL)SIKKENGA
and SALLY S.(SALLY)SHUMATE,- as joint tenants with right of
survivorship and ifeither ofthem predeceases me,all to the siorvivor
ofthem who survives me.IfJEANNETTE,WILLIAM and SALLY
all predecease me,I direct that all of the property subject to these
devises shall be sold by my Executor and the sale proceeds added to
my residuary estate. It is my intention that this devise encompass all
of my interest in The Jerry Brown Farm,whether the same be real or
personal,including but not limited to my share or shares in The Jeny
Brown Farm Association,Inc., and including but not limited to my
interest in die dock located on or adjacent to the real estate
comprising The Jerry Brown Farm property, any ground lease or
camp site agreement, and house located on Jeizy Brown Farm Road
#21,Fire Lane No.5, Wakefield, Rhode Island, 02878, and the real
estate comprising The Jerry Brown Fami property.
In all other respects, I hereby ratify, confirm and republish my Last WiU and Testament
amended as aforesaid.
IN ■WITNESS WHEREOF, I have hereunto set my hand and seal to this, the First Codicil
to my Last Will and Testament, consisting of three (3) typewritten pages, on the S day of
Apr? I 2002, at Fort Lauderdale, Florida.
.(SEAL)
SHERLOCK HIBBS
The foregoing instrument was signed, sealed, declared and published by SHERLOCK
HIBBS, the Testator, as the First Codicil to his Last Will and Testament, in the presence of us, the
undersigned^^ô, at his spe^ instance and request, do attest as witnesses after said Testator had
signed hi§al|me thereto aiîp^ presence and in the presence of each other.
of Fort Lauderdale, Florida.
of Fort Lauderdale, Florida.

Exhibit B
IN THE CIRCUIT COURT OF BOONE COUNTY

STATE OF MISSOURI
PROBATE DIVISION
In the Matter of certain Testamentary Trusts)

created under the Last Will and Testament ) Case No.
ofSherlock Hibbs, )
) Probate Division
JOINT PETITION FOR APPROVAL OF NONJUDICIAL SETTLEMENT

AGREEMENT AND REOUEST FOR MODIFICATION OF TRUSTS
COMES NOW Petitioners The Curators of the University of Missouri, the Board of
Curators ofthe University ofMissouri and the Members ofthe Board ofCurators ofthe University
of Missouri (hereinafter referred to separately or collectively as the "Curators") individually and
as trustee and beneficiary ofvarious testamentary trusts created under the Last Will and Testament
of Sherlock Hibbs, and Hillsdale College,a beneficiary under such trusts, and for their Petition to
Approve Nonjudicial Settlement Agreement and Request for Modification of Trusts, state as
follows:
PARTIES
1. The legal name of the University of Missouri System is "The Curators of the
University of Missouri." R.S. Mo. § 172.020 ("the state university is hereby incorporated and
created as a body politic and shall be known by the name of'The Curators of the University of
Missouri'"). The Board of Curators ofthe University of Missouri governs the University System.
R.S. Mo.§ 172.010("A university is hereby instituted in this state, the government whereof shall
be vested in a board of curators"). The Board consists of individual members appointed by the
Governor, by and with the advice and consent of the Senate, each for a term of six years. The
members ofthe Board of Curators have by unanimous resolution authorized President Mun Choi
to execute this Petition and the non-judicial settlement agreement on behalfoftheir individual and
official capacities and on behalfofthe Board of Curators. The Curators have their principal place
of business in Boone County, Missouri, and serves as a trustee of various testamentary trusts
(hereinafter collectively referred to as "the Trusts") created under the Last Will and Testament of
Sherlock Hibbs and is a permissible beneficiary ofthe Trusts.
2. Hillsdale College ("Hillsdale") is a private, nonsectarian, coeducational college
located in Hillsdale, Michigan and is a nonprofit corporation organized under the laws ofthe State
of Michigan, and is a qualified beneficiary ofthe Trusts.
3. The Settlor of the Trusts is deceased and there are no permissive or qualified
beneficiaries under the Trusts, living or deceased, other than Curators and Hillsdale.
JURISDICTION AND VENUE
4. Jurisdiction and venue are proper in this Court pursuant to Mo.Rev. Stat. §§ 456.2-
202 and 456.2-204 because the principal place ofadministration ofthe Trusts are in Boone County,
Missouri and the Trusts have been registered in the Circuit Court of Boone, County, Missouri,
Probate Division, in cases numbered 18BA-PR00418, 18BA-PR00419, 18BA-PR00420, 18BA-
PR00421,18BA-PR00422 and 18BA-PR00423.
5. Curators and Hillsdale are subject to the jurisdiction of this Court in matters
involving the internal affairs ofthe Trusts, including an action to approve a nonjudicial settlement
agreement and to modify a trust, by virtue of Mo. Rev. Stat. §456.2-202.

THE TRUST AGREEMENT
6. Sherlock Hibbs("Settlor")executed his Last Will and Testament on April 3,2002
and his first Codicil to the Will on April 5,2002(collectively referred to as the "Will").
7. Settlor died on July 5, 2002 while domiciled in Broward County, Ft. Lauderdale,
Florida and the Will was admitted to Probate on July 9,2002 in the Probate Division of Broward
County,Florida, Case Number PRC020003961.
8. Pursuant to Article Seven, Section (83) of the Will (hereinafter the "Section 83
Trust Instrument"), a certain sum was to be paid to Curators as trustees in trust to be divided into
six (6) separate and named trust funds for the benefit of and to be used at the University of
Missouri-Columbia College of Business and Public Administration to fund certain Chairs and
Distinguished Professorships.
9. That the stated purpose of the Settlor as stated by Article Seven, Section (83)(b)
was as follows:
The said separate and named trust funds are established for the benefit ofand shall be used
at the UNTVERSITY OF MISSOURI-COLUMBIA COLLEGE OF BUSINESS AND
PUBLIC ADMINISTRATION.
10. Pursuant to the terms of the Section 83 Trust Instrument, if the Chair(s) or
Distinguished Professorship(s) were vacant for a certain period of time, the Curators were to
distribute the balance ofsuch trust fund to Hillsdale College.
11. Pursuant to the terms of the Section 83 Trust Instrument, the Curators as Trustee
received the distribution into the Trust and then separated the Trust into Six (6) separate Trusts
and administered the Trusts pursuant to the terms ofthe Section 83 Trust Instrument.
12. The six separate Trusts were registered with this Court as follows:
3
(1) The James Harvey Rogers Chair of Money, Credit and Banking Trust, Case
No. 18BA-PR00419;
(2) The Emma S. Hibbs/Harry Gunnison Brown Chair of Business and
Economics, Case No. 18BA-PR00421;
(3) The Emma S.Hibbs/Frederick A. Middlebush Chair ofEntrepreneurship, Case
No. 18BA-PR00422;
(4) The Emma S. Hibbs Distinguished Professorship (I), Case No. 18BA-
PR00420;
(5) The Emma S. Hibbs Distinguished Professorship (II), Case No. I8BA-
PR00418; and
(6) The Myron Watkins Distinguished Professorship, Case No. 18BA-PR00423.
13. Article Twelve, Section (d) of the Will provides that a trustee of a trust created
under the Will shall have all power,authority and protection granted to the trustees under the laws
ofthe state in which it is domiciled with reference to the administration ofany trust created by the
Will, although the validity and interpretation ofthe trust shall be governed by the laws ofthe State
of Florida.
14. This matter involves the power and authority and protection granted to the trustee
in reference to the administration of the Trusts, rather than the validity and interpretation of the
Section 83 Trust Instrument, and therefore Missouri law applies.
15. Both Missouri and Florida have adopted the Uniform Trust Code and the applicable
law ofMissouri and Florida are similar and the applicability ofeither state law regarding the Court
approval of a nonjudicial settlement agreement or modification ofthe Section 83 Trust Instrument
does not affect the requests for relief herein. Mo. Rev. Stat. §456.1-101 et. seq.; Fla. Stat. Ann.
§736.0101 et. seq.
THE LAWSUITS
16. Hillsdale first filed a lawsuit against Curators relating to the Trusts in Case No.
17SL-CC03833, of which venue was changed to the Boone County, Missouri Circuit Court,
Probate Division, and assigned a new case number of 19BA-PR00406.
17. Hillsdale filed a second lawsuit against past and current members ofthe Board of
Curators ofthe University of Missouri and recipients oftrust funds relating to the Trusts in Case
No. 19BA-PR00425.
18. The gravamen ofthe lawsuits is a dispute between Curators and Hillsdale regarding
certain provisions in the Section 83 Trust Instrument regarding the qualifications and experience
ofappointees to the Chairs and Distinguished Professorships.
19. Specifically, the Section 83 Trust Instrument provides that the appointees to the
Chairs and Distinguished Professorship "must be a dedicated and articulate disciple ofthe free and
open market economy (The Ludwig von Mises Austrian School of Economics)"(hereinafter "a
Disciple").
20. Final judicial resolution of the lawsuits would not necessarily result in a final
resolution of the dispute as the applicability of certain terms ofthe Section 83 Trust Instrument,
including the qualifications and experience offuture appointees of the Chairs and Distinguished
Professorships, may continue to be litigated into perpetuity.
APPLICABLE LAW
21. All interested persons may enter into a binding nonjudicial settlement agreement
with respect to matters involving a trust, provided that the matters agreed to do not violate a
material purpose ofthe trust and include terms and conditions that could be properly approved by
a court. Mo. Rev. Stat. § 456.1-111.
22. The term "interested persons" meansthe persons"whose consent would be required
in order to achieve a binding settlement were the settlement to be approved by the court." Mo.
Rev. Stat. § 456.1-111.1.
23. The term "interested persons" includes beneficiaries and any others having a
property right in or claim against a trust estate which may be affected by ajudicial proceeding. It
also includes fiduciaries and other persons representing interested persons. Mo.Rev. Stat. § 456.1-
103(10).
24. Curators and Hillsdale are the only "interested persons" as it relates to the Trusts.
25. Matters that may be resolved by a nonjudicial settlement agreement include, but are
not limited to,"the interpretation or construction ofthe terms ofthe trust"; "direction to a trustee
to re&ain from performing a particular act or the grant to a trustee of any necessary or desirable
power"; and "liability of a trustee for an action relating to the trust." Mo. Rev. Stat. § 456.1-
111.4(1),(3)and (6).
26. Any interested person may request the court to approve a nonjudicial settlement
agreement and to determine whether the agreement contains terms and conditions the court could
have properly approved. Mo.Rev. Stat. § 456.1-111.5

27. A court may modify the dispositive terms ofa trust if, because ofcircumstances not
anticipated by the settlor, modification will further the purposes of the trust. Mo. Rev. Stat. §
456.4-412.1.
28. A court may modify the management or administrative terms of a trust if
modification will further the purposes ofa trust. Mo.Rev. Stat. § 456.4-412.2.
29. If a particular charitable purpose becomes unlawful, impracticable, impossible to
achieve, or wasteful, the court may apply cy pres to modify or terminate the trust by directing that
the trust property be applied or distributed, in whole or in part, in a manner consistent with the
settlor's charitable purposes. Mo.Rev. Stat. § 456.4-413.1
30. A court may reform the terms ofa trust, even ifunambiguous,to conform the terms
to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's
intent and the terms of the trust were affected by a mistake of fact or law, whether in expression
or inducement. Mo.Rev. Stat. § 456.4-415.
31. A beneficiary's consent to a trustee's actions and a release of the trustee from
liability are valid unless the consent or release was induced by the trustee's improper conduct or
the beneficiary was unaware ofhis or her legal rights or ofthe material facts relating to the consent
or release. Mo.Rev. Stat. § 456.10-1009.
32. Article Eleven, Section(b)ofthe Will authorizes a trustee ofany trust created under
the Will to compromise, settle or adjust any claim or demand by or against any part of any trust
and to agree to any rescission or modification of any contract or agreement in which any trust is
in any way involved, all upon such terms as the trustee shall deem best for the beneficiaries.
COUNT I: APPROVAL OF NONJUDICIAL SETTLEMENT AORF.F.IVIF.NT
33. The parties incoiporate each and every allegation contained in the paragraphs above
as if more fully set forth herein.
34. Curators and Hillsdale have reached an agreement on mutually beneficial
settlement terms under which Hillsdale will receive a lump sum payment and will relinquish any
past, current or future claims they may have against any person or entity relating in anyway to the
Trusts and the parties further agree that the terms of the Section 83 Trust Instrument will be
modified, all as set forth in the non-judicial Settlement Agreement, a copy of which is attached
hereto and incorporated by reference as Exhibit 1.
35. Those persons who are the sole distributees ofthe Trusts and thus are the qualified
beneficiaries as the term "Qualified Beneficiaries" is defined by Mo. Rev. Stat. §456.1-103(21)
and Fla. Stat. Ann.736.0103(16)consist of Curators and Hillsdale.
36. The Settlement Agreement does not violate a material purpose ofthe Trusts.
37. The beneficiary's consent and release of the trustee from any liability was not
induced by the trustee's improper conduct and the beneficiary is aware of its legal rights and the
material facts relating to the consent and release.
38. Pursuant to Mo.Rev. Stat. §456.1-111.4 and Fla. Stat. Ann. §736.0111 this matter
may be resolved by a nonjudicial settlement agreement because it involves a matter involving a
trust and does not violate a material purpose ofthe trust; and pursuant to said statutes any interested
person may petition the court to approve a nonjudicial settlement agreement and to determine
whether the representation of all parties was adequate and to determine whether the agreement
contains terms and conditions the court could have properly approved.
8
WHEREFORE,the parties pray for ajudgment finding that all necessary parties have been
named; ajudgment finding that the nonjudicial settlement agreement attached hereto as Exhibit 1
contains terms and conditions the court could have properly approved; a judgment finding the
consents and releases contained in the nonjudicial settlement agreement are binding on the Parties
and their successors in interest; ajudgment approving the nonjudicial settlement agreement; and
such other and further reliefas the Court deemsjust and appropriate under the circumstances.
COUNT n:REQUEST FOR MODIFICATION OF TRUST AGREEMENT
39. The parties incorporate each and every allegation contained in the paragraphs above
as if more fiilly set forth herein.
40. Sections Mo. Rev. Stat. 456.4-412 and Fla. Stat. Ann. 736.04113 permit the Court
to modify a trust if, because of circumstances not anticipated by the settlor, modification will
further the purposes of the trust, and to the extent practicable, the modification is made in
accordance with the settlor's probable intention.
41. Sections Mo. Rev. Stat. 456.4-412 and Fla. Stat. Ann. 736.04113 also permit the
Court to modify the management or administrative terms ofa trust if modification will further the
purposes ofa trust.
42. Sections Mo. Rev. Stat. 456.4-413 and Fla. Stat. Ann. 736.0413 permit the Court
to apply cy pres to modify the Trust by directing the trust property be applied or distributed, in
whole or in part, in a manner consistent with the settlor's charitable purposes if a particular
charitable purpose becomes unlawful, impractical, impossible to achieve, or wasteful, when there
is not a provision in the trust that would result in distribution ofthe trust property to a noncharitable
beneficiary and when such noncharitable provision takes effect the trust property is to revert to the
9
settlor and the settlor is still living, or fewer than twenty-one years have elapsed since the date of
the trust's creation.
43. There is no provision in the Section 83 Trust Instrument which would result in
distribution ofthe trust property to a noncharitable beneficiary.
44. A court may also reform the terms of a trust to conform the terms to the settlor's
intention if the settlor's intent and the terms ofthe trust were affected by a mistake offact or law,
whether in expression or inducement. Mo.Rev. Stat. § 456.4-415; Fla. Stat. Ann. 736.0415.
45. The Section 83 Trust Instrument grants the Trustee authority to modify the
administrative terms of the trust instrument as long as such modification does not jeopardize tax
exemptions or vitiate the consecutive five year requirement and "the free and open market
economy qualification" ofthe appointee as further described in the Section 83 Trust Instrument
46. The Settlor did not anticipate that Curators and Hillsdale would be involved in
multiple lawsuits, and possibly be parties to multiple future lawsuits into perpetuity, regarding the
meaning and application ofcertain provisions ofthe Section 83 Trust Instrument.
47. Modification of the management and administrative terms of the Section 83 Trust
Instrument will further the purposes of the Trust to provide funds for the University of Missouri-
Columbia College of Business and Public Administration, as well as Hillsdale, rather than to be
spent in unending litigation.
48. There is no recognized independent accrediting organization that Curators and
Hillsdale agree would determine whether an appointee would qualify as a Disciple.
49. Due to facts and circumstances related to Curators, it is impractical, or impossible
to achieve, the agreement of the parties as to appointment of a Disciple to the Chairs and
10
Distinguished Professorships and such provision results in the wasting of trust assets in multiple,
and most likely endless, litigation regarding whether such a Disciple has been appointed to the
Chairs or Distinguished Professorships.
50. Modification ofthe terms of the Section 83 Trust Instrument to provide funds for
Hillsdale to use consistent with its understanding ofthe Settlor's intent, and to retain the remaining
funds in trust with the Curators as Trustee for the benefit ofthe University of Missouri-Columbia
College ofBusiness and Public Administration to fund Chairs and/or Distinguished Professorships
and to recognize certain individuals in such Chairs and/or Distinguished Professorships will further
the purposes ofthe Trusts.
51. Modification ofthe Section 83 Trust Instrument to provide funds for Hillsdale and
to retain the remaining funds in trust with Curators as Trustee for the benefit ofthe University of
Missouri-Columbia College of Business and Public Administration to fund Chairs and/or
Distinguished Professorships,to recognize certain individuals in such Chairs and/or Distinguished

Professorships, and whose appointees teach economics including, but not limited to, the
importance of fi-ee and open markets consistent with Settlor's charitable purposes and is clearly
necessary to carry out his wishes for the use ofthe fund.
52. The Settlor was mistaken in fact as to the ease and ability ofthe parties to agree as
to who qualifies as a Disciple and he did not intend that the Trusts were to be the subject of
continuous litigation.
53. There are no parties that object to the modification of the Section 83 Trust
Instrument as provided in the nonjudicial settlement agreement.
II
WHEREFORE,the parties pray for ajudgment finding that all necessary parties have been
named;that all beneficiaries have consented to the modification ofthe Section 83 Trust Instrument
and that the modification is not inconsistent with a material purpose of the Trust; a Judgment
modifying the Section 83 Trust Instrument as provided in the nonjudicial settlement agreement;
and such other and further relief as the Court deemsJust and appropriate under the circumstances.
The Curators ofthe University of Missouri Board of Curators ofthe University

Of Missouri
By: By:
Printed Name Printed Name
Hillsdale College Members ofthe Board of Curators of

the University of Missouri
By: By:
Printed Name Printed Name
12
STATE OF )
)ss
COUNTY OF )
On this day of November, 2019, before me the undersigned, a Notary Public, in

and for the County and State aforesaid, personally appeared ,to me known
to be the person described in and who executed the foregoing Petition and acknowledged that
he/she had the authority to execute the document on behalf of the Curators of the University of
Missouri and executed the same as his/her free act and deed.
IN TESTIMONY WHEREOF,I have hereunto set my hand and affixed my official seal in
the County and State aforesaid,the date and year first above written.
Notary Public
My Commission expires:
13
STATE OF )
)ss
COUNTY OF )

he/she had the authority to execute the document on behalf of the Board of Curators of the
University of Missouri and executed the same as his/her free act and deed.
IN TESTIMONY WHEREOF,1 have hereunto set my hand and affixed my official seal in
the County and State aforesaid, the date and year first above written.
Notary Public
My Commission expires;
14
STATE OF )
)ss
COUNTY OF )
On this day of November, 2019, before me the undersigned, a Notaiy Public, in

he/she had the authority to execute the document on behalf of the Members of the Board of
Curators ofthe University ofMissouri and executed the same as his/her free act and deed.
IN TESTIMONY WHEREOF,I have hereunto set my h^d and affixed my official sea! in
Notary Public
My Commission expires;
15
STATE OF )
)ss
COUNTY OF )

he/she had the authority to execute the document on behalf ofHillsdale College and executed the
same as his/her free act and deed.
IN TESTIMONY WHEREOF,I have hereunto set my hand and affixed my official seal in
Notary Public
My Commission expires:
16
Respectfully Submitted,
/s/ Daniel P. Wheeler

Daniel P. Wheeler, No. 33265
JohnM. Challis,No. 56751
KIRKLAND WOODS & MARTINSEN LLP
132 Westwoods Dr.
Liberty, Missouri 64068
Telephone: (816)792-8300
Facsimile: (816)792-3337
dwheeler@kwm-law.com
jchallis@Icwm-law.com
ATTORNEY FOR CURATORS AND BOARD
and MEMBERS OF THE BOARD OF
CURATORS OF THE UNIVERSITY OF
MISSOURI
/s/ Peter W.Herzoe III

Peter W.Herzog III, No.36429
Thomas J. Palazzolo, No.40566
Wheeler Trigg O'Donnell LLP
211 N. Broadway, Suite 2825
St. Louis, MO 63102
Telephone: (314)326-4129
Facsimile: (314)244-1879
pherzog@.wtotrial.com
palazzolo@.wtotrial.com
ATTORNEY FOR HILLSDALE COLLEGE
17
Exhibit C
IN THE CIRCUIT COURT OF BOONE COUNTY

STATE OF MISSOURI
PROBATE DIVISION
In the Matter of certain Testamentaiy Trusts)

created under the Last Will and Testament ) Case No.
ofSherlock Hibbs, )
) Probate Division
JUDGMENT APPROVING NONJUDICIAL SETTLEMENT AGREEMENT AND

MODIFICATION OF TRUSTS
NOW comes before the Court the Joint Petition for Approval of Nonjudicial Settlement
Agreement and Request for Modification ofTrusts("Petition"), which seeks thejudgment ofthis
Court approving the parties' nonjudicial settlement agreement("Settlement Agreement") and the
modification of the Trusts created by the Settlor Sherlock Hibbs ("Settlor") pursuant to Article
Seven, Section (83) of his Last Will and Testament and Codicil (the "Section 83 Trust
Instrument"). Having reviewed the pleadings and taken judicial notice of the file, the Court is
fully informed. The Court finds as follows:
1. The Court hasjurisdiction over this action and the parties thereto;
2. All interested persons and necessary parties have been named and have joined in
the Petition;
3. Virtual representation of the interests of any interested person not a party to the
Petition, if any, is adequate;
4. All interested persons and necessary parties have consented to the approval of
Settlement Agreement and a Judgment modifying the terms ofthe Section 83 Trust Instrument as
requested in the Petition;

5. The Agreement does not violate a material purpose of the Section 83 Trust
Instrument;
6. The Agreement contains terms and conditions the court could have properly
approved pursuant to sections Mo.Rev. Stat. §§456.1-101 to 456.11-1106 or other applicable law;
7. As set forth in the Petition, circumstances not anticipated by the Settlor have
occurred and the proposed modification of the Section 83 Trust Instrument will further the
purposes ofthat trust;
8. The proposed modification of the Section 83 Trust Instrument will further the
purposes ofthat trust;
9. A particular charitable purpose of the Section 83 Trust Instrument has become
impracticable, impossible to achieve, or wasteful, and the Court should apply cy pres to modify
the Section 83 Trust Instrument as proposed in the Petition and such modification is in a manner
consistent with the Settlor's charitable purposes;
10. It has been clearly and convincingly established that the Settlor's intent and the
terms of the Section 83 Trust Instrument were affected by a mistake of fact or law, whether in
expression or inducement, such that the terms of the Section 83 Trust Instrument should be
reformed as proposed in the Petition;
11. The beneficiaries' consent to the trustee's action and the release ofthe trustee from
liability was not induced by the trustee's improper conduct and the beneficiaries are aware oftheir
legal rights and the material facts relating to the consent or release in the Settlement Agreement
and proposed modification ofthe terms ofthe Section 83 Trust Instrument;

12. A justiciable controversy exists as to the issues raised in the Petition, which
represents a real, substantial, presently existing dispute as to the specific relief sought in the
Petition which is ripe for Judicial determination;
Therefore, for good cause shown,
IT IS HEREBY ORDERED,ADJUDGED AND DECREED as follows:
1. The Settlement Agreement is hereby approved, and the parties are directed to act
in accordance therewith.
2. For the reasons set forth above and in the Petition,the Section 83 Trust Instrument
is modified as follows
(83) Five Million ($5,000,000.00)Dollars to the Curators ofthe UNIVERSITY

OF MISSOURI, as trustees, in trust, to be held and administered upon the following
terms and conditions:
(a) The trustees shall initially divide this devise into six(6)separate amounts, to wit:
One Million One Hundred Thousand ($1,100,000.00) Dollars, One Million One
Hundred Thousand ($1,100,000.00) Dollars, One Million One Hundred Thousand
($1,100,000.00) Dollars, Five Hundred Sixty Seven Thousand ($567,000.00) Dollars,
Five Hundred Sixty Seven Thousand ($567,000.00) Dollars and Five Hundred Sixty
Sbc Thousand ($566,000.00)Dollars. Each said amount shall be held in a separate trust
fund as follows, to be known respectively as,
THE JAMES HARVEY ROGERS CHAIR OF MONEY, CREDIT

AND BANKING ($1,100,000.00),
THE EMMA S. HIBBS/HARRY GUNNISON BROWN CHAIR OF

BUSINESS AND ECONOMICS($1,100,000.00),
THE EMMA S. HIBBS/FREDERICK A. MIDDLEBUSH CHAIR OF

ENTREPRENEURSHIP ($1,100,000.00), and three (3) distinguished
professorships, two ofthem to be named solely THE EMMA S. HIBBS
DISTINGUISHED PROFESSORSHIP (each at $567,000.00) and one
of them to be named THE MYRON WATKINS DISTINGUISHED
PROFESSORSHIP($566,000.00);
provided, however,that the trustees may further divide such separate trust fund(s) into
3
additional separate shares or one or more additional separate trust funds to establish
additional Chairs or distinguished professorships if the trustees reasonably deem it
appropriate, and such a division would not substantially impair the interests ofthe then
current appointee(s)(as defined herein) of the existing trust fund(s); and provided,
further, that the trustees may merge one or more of the separate trust funds herein
created into a single trust fund and thereby reduce the number of Chairs or
distinguished professorships supported hereunder if the trustees reasonably deem it
appropriate and such a merger is reasonably necessary to recruit and/or retain one or
more appointees (as defined herein). In the event of a merger of one or more of the
original separate trust funds herein created into a single trust fund, the names of the
original separate trust funds shall be combined and retained.
(b) The said separate and named trust funds are established for the benefit ofand
shall be used at the UNIVERSITY OF MISSOURI-COLUMBIA COLLEGE OF
BUSINESS AND PUBLIC ADMINISTRATION.
(c) Each said separate and named trust fund shall be administered and distributed as
follows:
(i) The principal sum, and any other funds contributed after the
death of Sherlock Hibbs from any source, shall be added to the corpus
provided, however, that a donor may request that a particular gift be
added to the distribution account in order to provide increased stipends.

accordance with the policy of the Curators of the UNIVERSITY OF
MISSOURI. It is my earnest suggestion and request(but not direction)
that the fund be invested conservatively and prudently in common stocks
of high-quality companies, exclusively.
(iii) Distributions &om the fund shall be credited to a distribution

account established on the records ofthe UNIVERSITY OF MISSOURI-
COLUMBIA to augment and support the work of the Chair or
Distinguished Professorship, as the case may be.
(iv) Uses of distributions from the fund to the occupant of the

Chair or Distinguished Professor, as the case may be (hereinafter "the
appointee"), may in his or her sole discretion, include but shall not be
limited to, research support, professional development, teaching
materials, travel, staff support and salary. The trustees shall distribute to
the appointee an annual amount equal to no less than five(5%)percent
ofthe fair market value ofthe fund determined as ofthe last business day
4
ofeach year.
(v) The length of time the appointee shall occupy his or her
position, and the selection ofthe appointee shall be recommended to the
Provost ofthe UNIVERSITY OF MISSOURI-COLUMBIA by the Dean
of the College of Business and Public Administration. The appointee
shall be designated under the regular procedures applying to the
appointment of a member ofthe university faculty. The appointee shall
become a member of the faculty of the College of Business and Public
Administration, with duties and responsibilities comparable to other
professors of the College of Business and Public Administration. The
appointee's university salary payable from other sources shall be
comparable to salaries paid to other professors ofthe College ofBusiness
and Public Administration.
MISSOURI-COLUMBIA COLLEGE OF BUSINESS AND PUBLIC
ADMINISTRATION. The appointee's qualifications will be considered
in light of his or her experience, achievements and reputation. The
appointee's qualifications must include experience in the study and
advancement ofthe free and open market economy.
(vii) Any amount from the fund credited to the distribution account
in excess ofthe amount expended in any one fiscal year shall be retained
for future use. Periodically, however,the Dean ofthe College ofBusiness
and Public Administration, after consultation with the Provost of the
UNIVERSITY OF MISSOURI-COLUMBIA, may request that specific
unused sums in the distribution account be transferred to, and become a
permanent part ofthe fund.

circumstances of the future, the trustees are authorized to change the
terms and conditions applicable to the administration of this fund (but
never in a manner that would jeopardize any state or federal tax
exemptions available to the fund), if, in the judgment of the trustee, it
becomes clearly necessary to do so in order to carry out my wishes for
the use of the fund. Notwithstanding the foregoing provisions of this
paragraph, the trustees do not have the authority to make changes
vitiating the fiee and open market economy qualification requirement set
5
out in the preceding subparagraph (vi).
(ix) Announcement ofthe fund and pertinent details shall be made

in the usual university publications provided for this purpose.
Dated: ,2019
Judge
Exhibit D
(83) Five Million ($5,000,000.00) Dollars to the Curators ofthe UNIVERSITY

OF MISSOURI, as trustees, in trust, to be held and administered upon the following terms and
conditions:
(a) The trustees shall initially divide this devise into six (6) separate
amounts, to wit: One Million One Hundred Thousand ($1,100,000.00)Dollars, One Million One
Hundred Thousand($1,100,000.00)Dollars,One Million One Hundred Thousand($1,100,000.00)
Dollars, Five Hundred Sixty Seven Thousand ($567,000.00) Dollars, Five Hundred Sixty Seven
Thousand ($567,000.00) Dollars and Five Hundred Sixty Six Thousand ($566,000.00) Dollars.
Each said amount shall be held in a separate trust fund as follows, to be known respectively as,
THE JAMES HARVEY ROGERS CHAIR OF MONEY,CREDIT

AND BANKING ($1,100,000.00),
THE EMMA S. HIBBS/HARRY GUNNISON BROWN CHAIR

OF BUSINESS AND ECONOMICS($1,100,000.00),
THE EMMA S. HIBBS/FREDERICK A. MIDDLEBUSH CHAIR

OF ENTREPRENEURSHIP ($1,100,000.00), and three (3)
distinguished professorships, two ofthem to be named solely THE
EMMA S. HIBBS DISTINGUISHED PROFESSORSHIP (each at
$567,000.00) and one of them to be named THE MYRON
WATKINS DISTINGUISHED PROFESSORSHIP($566,000.00);
provided, however, that the trustees may further divide such separate trust fund(s) into additional
separate shares or one or more additional separate trust funds to establish additional Chairs or
distinguished professorships if the trustees reasonably deem it appropriate, and such a division
would not substantially impair the interests ofthe then current appointee(s)(as defined herein) of
the existing trust fund(s); and provided, further, that the trustees may merge one or more of the
separate trustfunds herein created into a single trust fund and thereby reduce the number ofChairs
or distinguished professorships supported hereunder ifthe trustees reasonably deem it appropriate
and such a merger is reasonably necessary to recruit and/or retain one or more appointees (as
defined herein). In the event ofa merger ofone or more ofthe original separate trust funds herein
created into a single trust Rind, the names of the original separate trust funds shall be combined
and retained.
(b) The said separate and named trust funds are established for the
benefit of and shall be used at the UNIVERSITY OF MISSOURI-COLUMBIA COLLEGE OF
BUSINESS AND PUBLIC ADMINISTRATION.
(c) Each said separate and named trust fund shall be administered and
distributed as follows:
(i) The principal sum, and any other funds contributed

after the death ofSherlock Hibbs from any source, shall be added to
the corpus provided, however, that a donor may request that a
particular gift be added to the distribution account in order to provide
increased stipends.

accordance with the policy ofthe Curators ofthe UNIVERSITY OF
MISSOURI. It is my earnest suggestion and request (but not
direction) that the fund be invested conservatively and prudently in
common stocks of high-quality companies, exclusively.
(iii) Distributions from the fund shall be credited to a

distribution account established on the records ofthe UNIVERSITY
OF MISSOURI-COLUMBIA to augment and support the work of
the Chair or Distinguished Professorship, as the case may be.
(iv) Uses ofdistributions from the fund to the occupant of

the Chair or Distinguished Professor, as the case may be(hereinafter
"the appointee"), may in his or her sole discretion, include but shall
not be limited to, research support, professional development,
teaching materials, travel, staffsupport and salary. The trustees shall
distribute to the appointee an annual amount equal to no less than five
(5%)percent ofthe fair market value ofthe fund determined as ofthe
last business day ofeach year.
(v) The length of time the appointee shall occupy his or

her position,and the selection ofthe appointee shall be recommended
to the Provost of the UNIVERSITY OF MISSOURI-COLUMBIA
by the Deian of the College of Business and Public Administration.
The appointee shall be designated under the regular procedures
applying to the appointment of a member of the university faculty.
The appointee shall become a member of the faculty of the College
of Business and Public Administration, with duties and
responsibilities comparable to other professors of the College of
Business and Public Administration. The appointee's university
salary payable from other sources shall be comparable to salaries paid
to other professors of the College of Business and Public
Administration.
MISSOURI-COLUMBIA COLLEGE OF BUSINESS AND
PUBLIC ADMINISTRATION. The appointee's qualifications will
be considered in light of his or her experience, achievements and
reputation. The appointee's qualifications must include experience in
the study and advancement ofthe free and open market economy.
(vii) Any amount from the fund credited to the distribution
account in excess ofthe amoimt expended in any one fiscal year shall
be retained for future use. Periodically, however, the Dean of the
College of Business and Public Administration, after consultation
with the Provost of the UNIVERSITY OF MISSOURI-
COLUMBIA, may request that specific unused sums in the
distribution account be transferred to, and become a permanent part
ofthe fund.

circumstances ofthe future, the trustees are authorized to change the
terms and conditions applicable to the administration ofthis fund(but
never in a manner that would jeopardize any state or federal tax
exemptions available to the fund), if, in the judgment ofthe trustee,
it becomes clearly necessary to do so in order to carry out my wishes
for the use ofthe fund. Notwithstanding the foregoing provisions of
this paragraph,the trustees do not have the authority to make changes
i vitiating the free and open market economy qualification requirement
set out in the preceding subparagraph (vi).
(ix) Announcement ofthe fund and pertinent details shall

be made in the usual university publications provided for this
purpose.
.ir

Settlement Terms Between Mizzou, Hillsdale Over Conservative Donor's Instructions

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Settlement Terms Between Mizzou, Hillsdale Over Conservative Donor's Instructions

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« -*

NONJUDICIAL SETTLEMENT AGREEMENT REGARDING

The Will and the Trusts:

B. The Emma S. Hibbs/Harry Gunnlson Brown Chair of Business and Economics

C. The Emma S. Hibbs/Frederick A. Middlebush Chair of Entrepreneurship ("Trust

8. The Section 83 Trust Instrument provides that if certain Chairs or Distinguished

2. Hillsdale College ("Hillsdale") in its capacity as a contingent remainder beneficiary ofthe

16. The Curators have denied Hillsdale's allegations.

9. If a particular charitable purpose becomes unlawful, impracticable, impossible to achieve,

4. Affirmation of Unchanged Provisions. Except as specifically modified by this

11. Establishment of the Sherlock Hibbs Symposium on Austrian Economics.

CURATO FTHE HILLSDALE COLLEGE

BOARD OF CURATORS OF THE MEMBERS OF THE BOARD

LAST WILL AND TESTAMENT

I. SHERLOCK JEDBBS, domiciled in Broward County,Florida, make, publish and declare

Tntftmiftnt. JdiTCct thatmyiemains beinterred in our cryptin our Mausoleum at Laudo-d^e

TNJnminarinn ofPersonal Representative. I nominate and appoint BOYD H. ANDERSON,

PaymentofExpensesand Claims. TheExecutor shall paythe expenses oftiie administration

ORIGINAL DEPOSITED COMERICA BANK

Apartment803 ofLEISUREPARK,a Condominium accordingto the

and my Rhode ^land property commonly described as'The Jeny

Apartment 808 and Apaitmpnt 1106 of LHISURB PARK, a

(a) Bronze Statues. I devise my three(3)bronze statues (two by Remington,

(c) Remainder ofTangible Personal Propertv. Idevisealltheremamderofmy

1. Specific items of my tangible personal property shall be distributed

2. Any ofthe remainder ofmy household furnishings, jewelry,apparel

ANGELA GUBRRERA,daughter ofKITTY GUERRERA

(1) Twenty-Five Thousand ($25,000.00)Dollars to be used by my Executor to

(4) Fifty Thousand($50,000.00)Dollars to SHEILA SUCKENGA,provided she

(5) Fifty Thousand ($50,000.00)Dollars to BILL SIKKENGA, provided BILL

(6) One Hundred Thousand ($100,000.00)Dollars to SALLY S. SHUMATE,

(7) Ten Thousand ($10,000.00)Dollars to BOYD H. ANDERSON,JR., if he

(8) If PETER BALMA, husband of LYNN BALMA, 14775 Northeast 126th

(9) Fifty(50)Shares ofthe cominon stock of General Electric Company to my

(10) Five Hundred Thousand($500,000.00)Dollars to BIG BROTHERS AND

(11) Twenty-FiveThousand($25,000.00)Dollars,fifty(50%)percent of allstock

(13) Twenty-Five Thousand($25,000,00)Dollars in the common stock ofGeneral

(14) Ten Thousand($10,000.00)Dollars to DUDLEY GATES,aformeremployee

(15) Ten Thousand($10,000.00)Dollarsin the common stock of General Electric

(16) Two Thousand Five Hundred($2,500.00)Dollars and Seven Thousand Five

(17) Two Hundred and Fifty Thousand ($250,000.00) Dollars to COTTEY

(18) Ten Thousand($10,000.00)Dollarsin the common stock ofGeneral Electric

(20) Twenty-Five Thousand ($25,000.00) Dollars to JEAN CURTIS, wife of

(22) One Hundred Thousand ($100,000.00) Dollars in the common stock of

(23) Fifty Thousand($50,000.00)Dollarsin thecommon stockofGeneralElectric

(24) Twenty-Five Thousand($25,000.00)DollarsinthecommonstockofGeneral

(25) Twenty-FiveThousand($25,000.00)Dollarsin the common stock ofGeneral

(26) Twaity-HveThousand($25,000.00)Dollars in the commonstock ofGeneral

(27) Twenty-Five Thousand($25,000.00)Dollarsin thecommon stock ofGeneral

(28) Fifteen Thousand ($15,000.00) Dollars in the common stock of General

(30) Fifty Thousand($50,000.00)Dollars to FIFTH AVENUEPRESBYTERIAN

(31) Ten Thousand ($10,000.00) Dollars to MARK FOSTER,(my excellent

(32) Fifteen Thousand(S15,000.00)Dollarsto ANN GATES,widow ofTHOMAS

(33) Twenty-FiveThousand($25,000.00)Dollars in the common stock of Gaaeral

(34) Two Thousand Five Hundred ($2,500.00) Dollars to PROFESSOR DEL

(36) TenThousand($10,000.00)DoIlarsto ALBERTH.GORDON ofTen Gracie

(38) Twenty-Five Thousand($25,000.00)Dollarsin the common stock of General

(40) Ten Thousand($10,000.00)Dollys in thecommon stock ofGeneralElectric

(41) Fifteen Thousand ($15,000.00) Dollars in the common-stock of General

(43) Ten Thousand($10,000.00)Dollars to RALPH LEACH of2872 Northeast

■ (44) Ten Thousand ($10,000.00) DoUars to THE LEISURE PARK

(45) Twenty-Five Thousand($25,000.00)Dollarsin the commonstock ofGeneral

(47) Fifty Thousand($50,000.00)Dollarsin the common stock ofGeneral Electric