12/1/2024 to 3/31/26 Highlights & Accomplishments Miller Paint Co., Inc. Business Operations
· Completed $801.362K in Discretionary/Contractual and Transaction Fee payments of $180.000K on 1/2/2025 and $621.362 on 5/15/25; these payments followed the Discretionary/Contractual and Transaction Fees of $2.128 paid in November 2024 and included in the FYE 11/30/24 Financials
· Paid off $3.498M Standard Insurance (Grand Avenue) Mortgage at End of Term on 1/31/25
· Completed True-up/Reconciliation per APA with Rodda/Cloverdale on 2/15/25; Received $1.636M
· Negotiated/Agreed Final Value & Repurchased Nippon Shares on 2/28/25 @ $4.636M (per APA)
· Transferred 401k Plan Assets to Rodda & Individuals and Terminated Miller Paint 401k on 3/30/25
· Sold All-Pro and NPA Stock on 3/15/25 at $29.8K (NBV of $ 19.3K) for a $10.6K Gain-on-Sale
· Paid Retro (Form 945) Federal/State Tax of $90.483K on Q2 2021 ERC Award on 4/15/25
· Sold four Miller Paint-Owned Properties – Beaverton/Albany/Vancouver/Murray Road @ $6.896M for $3.073M Gain-on-Sale (@102.4% of Asking Price in total); Paid off $1.686M Murray Mortgage simultaneous with Closing; Took $1.556M One-year Non-interest bearing Note for Beaverton property on 6/1/25; Total of all sales included $521.8K expense for Broker/Closing Costs
· Gained possession of four (Grand/Pine/Ballard/Salem) Miller-Owned Properties on 6/30/2025 from Rodda Lease(s); Returned Security Deposits 100%
· Gained possession of last two (Gresham/Whitaker Way) Miller-Owned Properties on 11/30/2025 from Rodda Lease(s); Returned Security Deposits 100%;
· Total MPC-Owned Properties Lease Income (Base Rent/NNN’s& Parking) in 2025 was $1.448M
· Paid down $583K in Employee Stock Repurchase Notes from 11/30/2024 balances outstanding
· Paid off $4.503M Standard Insurance (Whitaker Way) Mortgage at End of Term on 12/31/25 and refinanced property with new $4.0M Short-Term Bridge Loan to allow for penalty-free future sale
12/1/2024 – 3/31/2026 Highlights & Accomplishments Miller Paint Co., Inc. Business Operations (Continued)
· Completed Perkins & Co. Audit and Published Final Audited FYE 11/30/24 Financials on 4/25/25
· Completed Miller Paint Co., Inc. Valuation and Established new 12/31/24 Stock Price on 5/30/25
· Negotiated new ESOP Service Agreements with Commerce/PPS/Pen Checks on 5/1/25
· Processed first Miller Paint Trust ESOP & MPC Share Distribution of $6.101M on 6/15/25
· Filed Final Fed/State/Local Taxes for FYE 11/30/24 (No taxes due-Tax Loss Carry-forward to 2025)
· Paid FYE 11/30/25 Estimated Tax of $ 2.484M in May ($519K) and December 2025 ($1.945M)
· Negotiated 11/30/25 Insurance Renewal(s) on Property & G/L Insurance; Extended D&O/E&O/EPL
· Agreed Engagement Fees & Process with Perkins & Co. that FYE 11/30/25 will be a Review (instead of full Audit) to reduce costs
· FYE 11/30/2025 Pre-tax Operating Profit (including property sale gains of $3.073M) finished at $13.473M; Additional one-time income items resulting from the 12/1/2024 asset sale was a $10.452M in gain on sale of Goodwill/Intangible Assets. Taxes paid in FY2025 were $2.484M
· Completed Perkins Audit and Published Final Reviewed FYE 11/30/25 Financials on 2/15/2026
· Completed Miller Paint Co., Inc. Valuation and Established new 12/31/25 Stock Price on 5/30/25
· Transitioned Broker representation from Kidder Mathews to new brokerage firms for: a) Ballard/Gresham/Salem to Marcus & Millichap, b) Whitaker Way to Capacity Commercial Industrial Division, and c) Grand/Pine to Capacity Commercial Retail Properties Division
· Coupled with the new listings completed updated market studies resulting in a reduction of Asking Price for each of the six remaining properties, developed new marketing materials and re-launched the marketing on all properties in early-mid March