MorganStanley SmithBarney IM et re \ Y DETAILED PORTFOLIO PERFORMANCE REPORT MORTIMER B. ZUCKERMAN AND RELATED ENTITIES December 31, 2011 PREPARED AND COMPILED BY: IRA MARK CHRIS SPANGO CARL HENNESSY ADDITIONAL PORTIONS PREPARED BY: NEIL MAHESHWARI LYON POLK MORGAN STANLEY SMITH BARNEY FINANCIAL ADVISORS EFTA00284339

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Mortimer B. Zuckerman and Related Entities Table of Contents Section Page IL Portfolio Overview Il. Ill. + Summary of Investment Assets * Detail of Investment Assets * Consolidated Statement of Selected Assets + Private Capital Portfolio Summary Performance Reports * Mortimer B. Zuckerman see eccececccccccseueeceeceesecseueeeeeeceeseueuceeeeeseusaueuseeesecsueuseeeeeeseseuseueeseseseseuseseeeceeseeseneness 21 © The MBZ 1996 Trust (GST Exempt) si sacecsasnssosnsnanccnsosnacesnanaccsnsonsascasessaccanenanscascenavsese nese cases bases nesnsnsseses nena sesnens 30 + The MBZ 1996 Trust (GST Non-Exempt) .........0.000cceseeseseseseesesesseseeuseueseesescseueeseseuecsesecsceececececseceeeceseeeeseseseeeeeeeeees 35 * The MBZ 1983 Family Trust... 39 + USN College Marketing, Inc. * The MBZ Charitable Remainder Unitrust * The USN Charitable Remainder Unitrust * MBZ 1992 News Trust Cash Account Activity * Mortimer B. Zuckerman + The MBZ 1996 Trust (GST Exempt) + The MBZ 1996 Trust (GST Non-Exempt) + The MBZ 1983 Family Trust + USN College Marketing, Inc. “ + The MBZ Charitable Remainder Unitrust .........0.02.....00ccccccecc ccs eseeeeeecececeeeueuceeeeescueuseeceececseceuceecsececseueeeeeseeeseueeeeeeees 84 * The USN Charitable Remainder Unitrust (2........0..00000ccccescsseeesesesseseseeeeseueesescueueesesesecseseeseeccesececseeeesceceececeeeseeseseeeees 88 MorganStanley SmithBarney EFTA00284340

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Mortimer B. Zuckerman and Related Entities Table of Contents Section Page Iv. Appendices * (A) Boston Properties, Inc, oo. eececeecee cece cee eeeeeceeeesee see eeeeeeceeseueuceeeeeseuseueuseeeseceueeueeeeecseseeseuseeeeeseueueeseeceeseuseueeess 90 ® (B) Boston Properties, Inc. (Options) ——csccessasnscosssnancsssosnacesnanarcsasonsnccssosnaceanenanecascenaceene nase csses paces neseseasesss nena sesnene 91 VI. * (C) Schedule of Private Capital Money Movements * (D) Schedule of Transfers to Selected Investments * (E) Schedule of Secured Debt * (F) Schedule of Unsecured Debt * (G) Schedule of Loan Guarantees + (H) Schedule of Contingent Obligations + (1) Fixed Income Summary / Distribution by Product Sector / Maturity Distribution Graph Personal Expenses * MBZ Personal Expenses oe ececcsceseseeeeseseeeeeeseseescseeeesceeseescscseueeseseeecseseescsececeeecsesececeeeeeeseseceeceseseseeteseeeereeeeens 107 Balance Sheet * Mortimer B. Zuckerman eee ee eccecceecccceeecceueeeeseeseceueeecceueeecueeeeeeueeecseuseecueeesseseeeeseeeseuseeeeseeeeseeeeseuteeeeeeeeeeuens + The MBZ 1996 Trust (GST Exempt) + The MBZ 1996 Trust (GST Non-Exempt) © The MBZ 1983 Pamully Trust sc assescsearsssarosnenaranascenavcsnaracasenonsnscdpoonsnsenesana vases pasa cnens acess pages sesne ne racases ne seenesasacasens * USN College Marketing, Inc. oo..eeeececeeeececeeeeeeeeseseeeeseeeseeeeeescscseueeseseeecacseeeesecesececseceeeceececeseseeeeseseseeteseseseeeeeeees * The MBZ Charitable Remainder Unitrust + The USN Charitable Remainder Unitrust * MBZ 1992 News Trust cae ceecceccseuceceueeeseuseseseeseceueeecseuseecueeseseueeeeseuseseseusseaseeessecseeseeesseueeesuceseubeseueuseeeuens MorganStanl ™ SmithBarney EFTA00284341

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Mortimer B. Zuckerman and Related Entities Table of Contents Section VII. Descriptions Of Investments + Descriptions Of Investments For MBZ And Related Entities VIIL. Disclosures * Disclosures cecceceecccccceeccceueeceeeueceeueeeeeeueseeseeeseueeee Page MorganStanl 7 SmithBarney EFTA00284342

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Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 Asset Allocation % for Policy Assets Asset Allocation % for Investment Assets Municipal Securities 3. Zuckerman Real Property & Muricipa/ Corporate Personal Holdings. Options 2.1% AIP Onshore 33% 3.3% Hedge Funds Corporate Bonds AIP Offshore 7 Personal Assets 29% 22% 49% AIP Onshore Hedge Hedge Funds Funds iv : Other Asset Private Capital 26% Cash “eee 8 0.5% 38.3% 64% Notes andLoans AIP Offshore Hedge Corporate Receivable Funds d 43% 0.5% Bonds Global Bonds 13.5% Family Businesses 05% 218% Global Bonds Hedge Funds -Direct 24% Private Capital BXP (Common) 8.2% _ Hedge Funds - B2% Municipal/ Cor Municipal Direct porate Securities 10.1% BXP (Vested BXP (OPUs) 9.9% 14.6% Options andLTIPs) —_BXP (NonVested Sine : 10% Options and LTIPs) 0.7% TOTAL POLICY ASSETS $525,695,878 TOTAL EXCLUDING LIABILITIES $2,458,711,831 Please note: The Total Non-Policy Assets figure does not include the Present Value of Future MBZ Crut Distributions and the Present Value of Future USN Crut Distributions Please nate, Obligations To Related Parties inchade: (1) BR, Inc - ("Lazy Z* Motar Yacht) (2) Pauline Gertler (3) USN Aviation - (ZWA, Inc.) (4) ZAS, LLC- (Waldorf Flight Services) (5) The MBZ News 1992 ‘Trust VAD 12.29.92 Please nate, Unsecured Obligations To Third Parties include: (1) MBZ Printing (APT, LP) (2) Krall Payments (3) Daily News, LP. - NJEDA (4) Daily News, L.P.- HUD (5) Citibank Revolving Line of MorganStanley Credit (6) Bank of America Revolving Line of Credit SmithBarney EFTA00284343

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Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 1y3q/2011 1731/2011 Total Asset Investment Assets Value Value Allocation %o Cash 16,182,078 33,791,910 14% Municipal Securities 91,381,788 76,732,717 3.1% Municipal / Corporate 54,188,896 52,068,384 21% Corporate Bonds 67,182,455 71,040,514 29% Global Bonds 9,670,441 12,654,880 05% AIP Onshore Hedge Funds 11,564,809 11,553,338 05% AIP Offshore Hedge Funds 13,568,722 13,535,447 0.6% Hedge Funds -Direct 56,342,568 53,205,255 22% Private Capital 208,544,349 201,113,433 8.2% Total Policy Assets $528,626,106 $525,695,878 21.4% Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) 193,161,755 201,708,018 8.2% BXP (NonVested Options and LTIPs) 15,350,965 16,185,780 0.7% BXP (OPUs) 731,293,721 763,649,136 31.1% BXP (Vested Options and LTIPs) 23,929,390 25,039,999 1.0% Family Businesses 529,679,866 535,497,412 21.8% Notes and Loans Receivable 104,503,126 104,503,126 43% Other Assets 10,793,097 3,613,926 0.1% Personal Assets 121,490,705, 121,490,705 4.9% Zuckerman Personal Holdings 80,500,000 80,500,000 3.3% Real Property & Options 80,827,852 80,827,852 3.3% Total Non-Policy Assets $1,891,530,476 $1,933,015,954 78.6% Obligations To Related Parties 88,202,320 88,085,503 Mortgages 58,057,270 -57,941,848 Unsecured Obligations To Third Parties -202,869,869 -204,669,869 Total Liabilities ($349,129,459) ($350,647,220) Please note: The Total Non-Policy Assets figure does not include the Present Value of Future MBZ Crut Distributions and the Present Value of Future USN Crut Distributions Please note, Obligations To Related Parties include: (1) BR, Inc - ("Lazy Z* Motor Yacht) (2) Pauline Gertler (3) USN Aviation - (ZWA, Inc.) (4) ZAS, LILC- (Waldorf Flight Services) (5) The MBZ News 1992 Trust VAD 12.29.92 Please note, Unsecured Obligations To Third Parties include: (1) MBZ Printing (APT, LP) (2) Krall Payments (3) Daily News, LP. . NJEDA (4) Daily News, LP. - HUD (5) Citibank Revolving Line of (Credit (6) Bank of America Revolving Line af Credit Policy Asset Allocation Yo 64% 14.6% 9.9% 13.5% 24% 22% 26% 10.1% 38.3% 100.0% MorganStanl oeaie EFTA00284344

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Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 1ysq2011 1/31/2011 Total Asset Investment Assets Value Value Allocation ‘Yo Total Excluding Liabilities $2,420,156,582 $2,458,711,831 100.0% Total Investment Assets $2,071,027,123 $2,108,064,611 Piease note: The Total Non-Policy Assets figure does not include the Present Value of Future MBZ Crut Distributions and the Present Value of Future USN Crut Distributions Please note, Obligations To Related Parties include: (1) BR, Inc - ("Lazy Z* Motor Yacht) (2) Pauline Gertler (3) USN Aviation - (ZWA, Inc.) (4) ZAS, LILC- (Waldorf Flight Services) (5) The MBZ News 1992 Trust VAD 12.29.92 Phease note, Unsecured Obligations To Third Parties include: (1) MBZ Printing (APT, LP} (2) Krall Payments (3) Daily News, LP. - NJEDA (4) Daily News, L.P_- HUD (5) Citibank Revolving Line of Credit (6) Bank of America Revolving Line of Credit Policy Asset Allocation Yo MorganStanl bs SmithBarney EFTA00284345

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Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 199% Trust MBZ 1996 Trust MBZ 1983 USN College Asset Class/Investment MBZ (GST Exempt) (GST Non-Exempt) Family Trust Marketing, Inc. © MBZ CRUT USN CRUT Cash Bank of America - MMF 10,104 - - - 11,985 - . JPM Chase - Checking 108,947 - - - - - - JPM Chase - Money Mkt 98,695 - - - - - - Morgan Stanley - Money Mkt 15,805,865 3,101,629 8,564,909 1,368,536 2,157,168 1,394,833 150,440 Operating Account 1996 TR (AIP) - 542,400 - - - . . Operating, Account MBZ CRUT (AIP) - - - - - 476,400 - Total Cash $16,023,611 $3,644,029 $8,561,909 $1,368,536 $2,169,152 $1,871,233 $150,440 Municipal Securities Citibank - Muni Bonds 11,783,323 - - - - - - MeDonnell - Short Term Muni Bonds 5,901,255 - 5,095,568 1,382,087 2,247,381 7,878,836 876,937 Morgan Stanley - Intermediate Term Muni Bonds 11,543,438 4,674,326 3,792,110 - - 4,112,249 - Morgan Stanley - Long Term Muni Bonds 5,919,291 1,601,346 4,270,439 - 517,274 134,339 - Morgan Stanley - Short Term Muni Bonds 1,133,405 2,454,083 1,046,665 265,952 101,913 - - Total Municipal Securities $36,280,711 $8,730,255 ‘$14,204,782 $1,648,039 $2,866,569 $12,125,424 $876,937 Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly 11,027,030 19,455 3,597,436 1,896,231 10,595,316 24,932,916 - Blackrock) Total Municipal/Corporate $11,027,030 $19,455 $3,597,436 $1,896,231 $10,595,316 $24,932,916 - Corporate Bonds Seix 1,418,759 8,505,035 23,804,221 6,016,987 3,763,238 19,679,220 7,853,054 Total Corporate Bonds $1,418,759 $8,505,035 $23,804,221 $6,016,987 $3,763,238 $19,679,220 97,853,054 Global Bonds Templeton Global Bond Fund 5,024,729 1,153,735 2,142,551 1,169,764 710,635 2,283,924 169,542 Total Global Bonds $5,024,729 $1,153,735 $2,142,551 $1,169,764 $710,635 $2,283,924 $169,542 1) The above values represent a summary of the current monthly values presented in the individual entity pages in Section Il. For additional information regarding individual investments please refer to Section IL 2) Please note: The Family Businesses figure includes the Present Value of Puture USN Crut Dtstributions. The Present Value of Future MBZ Crut Distributions is part of Other Investment Assets Mo 4 MBZ 1992 News Trust Total - 22,089 - 108,947 - 98,695 - 32,543,379 - 542,400 - 476,400 - $33,791,910 . 11,783,323 - 23,382,065 - 24,122,122 - 12,443,189 - 5,002,018 : $76,732,717 - 52,068,384 : $52,068,384 : 71,000,514 ° $71,040,514 - 12,654,880 - $12,654,880 rganStanley SmithBarney EFTA00284346

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Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 Asset Class/Investment AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) Dialectic Antithesis Partners (AIP) Double Black Diamond Class C (AIP) GEM Realty Securities LP (AIP) HBK Fund 1 LP (AIP) Ivory Flagship Fund LP (AIP) Man AHL Diversified I USA (AIP) Mariner Tricadia Credit Strat (AIP) Millenium USA LP (AIP) Ow! Creek II LP (AIP) Seligman Tech Spectrum Fund (AIP) York Credit Opportunity Fund (AIP) Total AIP Onshore Hedge Funds AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) Dialectic Antithesis Partners (AIP) Double Black Diamond Class C (AIP) HBK Offshore Fund Il Ltd. (AIP) Ivory Offshore Flagship Fund (AIP) Kaiser Trading Fund SPC Ltd. (AIP) Mariner Tricadia Credit Strat (ALP) Millenium Int'l Ltd - Class EE (AIP) MQ Asia Long Short Fd Offshore (AIP) OMG Opportunities Trading Fund (AIP) Ow! Creek Overseas Fund (AIP) Oz Overseas Fund Ltd. (AIP) Pharo Macro Fund Ltd. (AIP) Seligman Tech Spectrum Fund (AIP) York Credit Opp Unit Trust (AIP) Total AIP Offshore Hedge Funds 1) The above values represent a summary of the current monthly values presented in the individual entity pages in Section II. For additional information regarding individual investments please refer to Section Il. MBZ 1996 Trust Endnotes MBZ (GST Exempt) - 657,408 - 1,000,171 - 1,128,147 - 1,162,079 : 1,257,042 - 486,154 ° 1,042,380 ° 1,284,959 - 33,929 ° 1,254,826 - 1,148,489 - $11,553,338 MBZ 1996 Trust (GST Non-Exempt) Family Trust Marketing, Inc. = MBZCRUT MBZ 1983 USN College 469,745 1,008,010 1,017,270 - : 571,605 995,448 944,013 1,042,367 1,163,851 - - 582,925 483,587 - : 28,962 2,080,902 963,854 1,139,383 1,013,525 $13,535,447 2) Please note: The Family Businesses figure includes the Present Value of Puture USN Crut Dtstributions. The Present Value of Future MBZ Crut Distributions is part of Other Investment Assets 5 USN CRUT Morga MBZ 1992 News Trust Total - 1,000,171 - 1,128,147 - 1,162,079 - 1,257,042 - 1,097,754 - 486,154 - 1,042,380 - 1,284,959 - 33,929 - 1,254,826 - 1,148,489 - $11,553,338 - 469,745 - 1,008,010 : 1,017,270 - 1,139,383 - 1,043,525 - $13,535,447 nStanley SmithBarney EFTA00284347

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Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 Asset Class/Investment Hedge Funds -Direct AIP Custom HF Solutions American Steadfast, L.P. AP Investments Europe Limited Ascot Fund Limited Blackstone Offshore Pund I CCA Absolute Return Muni Strategy, L.P. GS Investment Partners (Offshore) GS Investment Partners (Onshore) Paulson Advantage LP_ Paulson Advantage Plus, LP. Taconic Opportunity Fund Total Hedge Funds -Direct Private Capital - Fund of Funds Chase Capital Partners Private Equity FF I, LTD GS Private Equity Partners I, L.P. GS Vintage Fund, LP- Quellos Financial Ventures IL, (CRT), L.P. Quellos Financial Ventures IL, LP. Quellos Private Capital 2002, L.P. Quellos Private Capital 2002, L.P. (US Mature) Quellos Private Capital I, LP. Total Private Capital - Fund of Funds 1) The above values represent a summary of the current monthly values presented in the individual entity pages in Section II. For additional information regarding individual investments please refer to Section Il. 2) Please note: The Family Businesses figure includes the Present Value of Puture USN Crut Dtstributions. The Present Value of Future MBZ Crut Distributions is part of Other Investment Assets Endnotes MBZ 338,772 841,720 779,315 6,729,663 8,123,832 $16,813,302 MBZ 1996 Trust (GST Exempt) 2,030,959 $3,631,825 MBZ 1996 Trust (GST Non-Exempt) 6 MBZ 1983 USN College Family Trust Marketing, Inc. = MBZ CRUT USN CRUT . - 5,815,971 - - - 0 - - - 1,838,896 - - 5,607, B64 - - - - 920,077 - 3,483,691 - - . 3,027,979 - - - $6,511,670 $5,607,864 $8,574,944 - 1,359,828 - - . 7 7 391,356 7 1,227,635 - - ° $2,587,463 - $391,356 - Morga' MBZ 1992 News Trust Total - 5,815,971 ° 5,578,572 . 59,676 - 0 - 1,838,896 - 10,738,468 - 920,077 - 1,203,619 - 14,515,380 : 12,416,086 - 118,510 : $53,205,255 . 338,772 - 1,901,332 : 1,359,828 - 391,356 - 735 - 2,455,270 - 6,729,663 : 12,185,750 ° $26,141,286 nStanley SmithBarney EFTA00284348

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Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trust MBZ 1996 Trust MBZ 1983 USN College MBZ 1992 Asset Class/Investment Endnotes MBZ (GST Exempt) (GST Non-Exempt) Family Trust Marketing, Inc. © MBZCRUT USN CRUT News Trust Total Private Capital - Direct Partnerships Brickman 1280 Fifth Investments I, L.P. - 970,090 - - - - - - 970,090 Brickman Real Estate Fund 1, L.P. - 895,317 - - - - - - 895,317 Brickman Real Estate Fund I, L.P. : 2,188,789 : : - - - - 2,188,789 Brickman Real Estate Fund IL, LP. - 1,035,684 - - - - - - 1,035,684 Brickman Real Estate Fund IV, LP - - - 1,713,959 - - - - 1,713,959 Court Square Capital Partners LP. (CVC LMsanu - - - - - - - 114840 Eq-Partners LP.) CVC Capital Partners Asia Pacific I, LP. 2,115,511 - - - - - - - 2,115,511 ‘CVC European Equity Partners [V, L.P. - - 2,390,613 2,390,613 - - - - 4,781,226 CVC European Equity Partners V, LP. 3,341,606 - 3,680,571 - - - - - 7,022,177 Evercore Venture Partners, LP. 118,212 - - - - - - - 118,212 Francisco Partners, L.P. 1,805,546 - - - - - - - 1,805,546 Gabriel Capital Investment 2006 10,115,478 - - - - - - - 10,115,478 Generation Capital Partners I, L.P. 1,285,199 - - - - - - - 1,285,199 Glilot Capital Partners I, LP. 52,500 : - - - . . : 52,500 Greyeroft Partners Il, LP. 413,521 - - - - - - - 413,521 GS Capital Partners II, LP. 375,404 - - - - - - - 375,404 Heartland Industrial Partners, LP. 783,383 - - - - . - - 783,383 Israel Infrastructure Fund 1-C, LP. - 1,484,190 - 1,484,190 - - - - 2,968,379 Legacy Capital, LP. - : 726,027 - - - - - 726027 Morgan Stanley Credit Partners Onshore, LP. 1,984,486 - 1,984,486 - 992,247 5,031,898 - - 9,993,118 Patricof Private Investment Club I, L.P. 1,329 - - - - - - - 1,329 Patricof Private Investment Club II, L.P. 367,145 - - - - - - - 367,145 Patricof Private Investment Club, L.P. 2,155 - - - - - - - 2,155 Pequot / FMVP IL, LP. 31,998 - - - - - . ° 31,998 Quadrangle Capital Partners, LP. 1,899,086 - - - - - - - 1,899,086 Quellos Co-Investment Fund Il, LP. 16,649,274 9,989,565 9,989,565 3,329,853 9,989,565 - - - 49,947,822 Quellos Co-Investment Fund I, LP. - CRT Series - - - - - 10,487,766 - - 10,487,766 Quellos Co-Investment Pund Ill, LP. 3,513,466 2,635,100 3,513,466 878,366 2,635,100 2,289,000 - - 15,464,498 Quellos Co-Investment Fund, LP. 1,748,610 3,855,349 5,141,432 1,080,193 2,673,660 - - - 14,499,204 Quellos Co-Investment Fund, L.P. - CRT Series - - - - - 13,125,490 - - 13,135,490 Valor Equity Partners Il, LP. 1,398,859 - - - - - - - 1,398,459 VSS Communications Partners IV, LP. - 3,547,235 3,547,235 - - - - - 7,094,470 Total Private Capital - Direct Partnerships $49,151,212 $26,601,319 $30,973,395 $10,877,173 $16,290,572 $30,934,154 - - $164,827,825 1) The above values represent a summary of the current monthly values presented in the individual entity pages in Section I. For additional information regarding, individual investments please refer to Section II. 2) Please note: The Family Businesses figure includes the Present Value of Future USN Crut Distributions. The Present Value of Future MBZ Crut Distributions is part of Other Investment Assets Mo! nStanl SmithBarney EFTA00284349

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Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 Asset Class/Investment Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC Courtroom Connect Freescale Co-Investment XVI, LLC Keith Glen Media Loud3R Newbridge Vencable Partners, LLC Rely Software (f/k/a Rightfreight, Inc) The Vehicle Production Group, LLC. VISC Japan K.K. Total Private Capital - Direct Companies Closely Held Entities USN College Marketing, Inc. Total Closely Held Entities Consolidating Entry Total Policy Assets Non-Policy Assets Boston Properties, Inc. BXP (Common) BXP (NonVested LTIPs) BXP (Non-Vested Options) BXP (OPUs} BXP (OPUs) - Cambridge Entities BXP (Vested LTIPs) BXP (Vested Options) Total Boston Properties, Inc. Other Investment Assets Family Businesses Notes and Loans Receivable Other Assets Personal Assets Zuckerman Personal Holdings 1) The above values represent a summary of the current monthly values presented in the individual entity pages in Section Il. For additional information regarding individual investments please refer to Section Il. Endnotes [A] [6] MBZ 1,037,361 54,400 3,814 132,500 35,159 17,610 $1,300,844 42,003,345 $42,003,345 $184,622.14 148,931,074 15,924,372 261,408 619,043,282 4,628,810 24,952,863 87,136 $813,828,945 $136,155,963 $542,786,845 $662,266 $3,613,926 $121,490,705 $80,500,000 MBZ 1996 Trust (GST Exempt) 1,037,361 $27,991,113 MBZ 199% Trust (GST Non-Exempt) 1,190,393 75,000 2,230,471 $3,495,864 $115,229,084 $139,977,043 $29,327,783 MBZ 1983 Family Trust Marketing, Inc. = MBZ CRUT 1,037,361 1,190,393 2,040,000 $36,343,618 $84,400 $46,521,964 USN College ($42,003,345) - $0 $14,328,619 2) Please note: The Family Businesses figure includes the Present Value of Puture USN Crut Déstributions. The Present Value of Future MBZ Crut Distributions is part of Other Investment Assets 8 USN CRUT Morga' MBZ 1992 News Trust Total - 3,112,083 - 2,380,785 - 23,814 - 2,040,000 - 250,000 - 35,159 . 2,2M)A71 : 17,610 - $10,144,322 - 42,003,345 : $42,003,345 - ($42,003,345) - —— $525,695,878 - 201,708,018 - 15,924,372 - 261,408 - 759,020,326 - 4,628,510 - 24,952,863 - 87,136 - — $1,006,582,933 - $136,155,963 : $542,871,245 : $104,503,126 - $3,613,926 - $121,490,705 - $80,500,000 nStanley SmithBarney EFTA00284350

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Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 Asset Class/Investment Real Property & Options Total Non-Policy Assets Liabilities Obligations To Related Parties Mortgages Unsecured Obligations To Third Parties Total Liabilities Anticipated distributions as of 12/31/2010 Total Excluding Liabilities Total Investment Assets 1) The above values represent a summary of the current monthly values presented in the individual entity pages in Section Il. For additional information regarding individual investments please refer to Section IL Endnotes MBZ ‘$80,827,852 $1,779,866,502 ($49,935,503) (857,941,848) ($20,669,869) (312,547,220) $1,964,488,616 $1,651,941,396 MBZ 1996 Trust (GST Exempt) $27,991,113 $94,113,583 ‘$94,113,583 MBZ 1996 Trust (GST Non-Exempt) Family Trust Marketing, Inc. $169,304,826 ‘$284,533,910 ‘$284,533,910 MBZ 1983 $46,606,364 $82,949,982 $82,949,982 USN College $0 MBZ CRUT $52,776,944 ($136,155,963) $30,949,601 $30,949,601 2) Please note: The Family Businesses figure includes the Present Value of Puture USN Crut Dtstributions. The Present Value of Future MBZ Crut Distributions is part of Other Investment Assets 9 USN CRUT (87,373,833) $1,676,141 $1,676,141 Morga' MBZ 1992 News Trust Total - $80,827,852 - —-$2,076,545,750 ($88,035,503) ° (357,941,848) ° ($204,669,869) ($350,647,220) 7 ($143,529,796) > $2,458,711,831 ° $2,108,064,611 nStanl SmithBarney EFTA00284351

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Mortimer B. Zuckerman and Related Entities Investment Assets Endnotes- December 31, 2011 Reference Endnotes [A] The Consolidating Entry for the USN College Marketing entity reflects only the value of the Policy Assets and excludes the value of USN Aviation and related debt. {B] Cambridge Entities consists of MZ Burnside Holdings, LP, MZ Longstreet Holdings, L.P., and MZ Meade Holdings, LP. MorganStanley SmithBarney 10 EFTA00284352

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Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/30/2011 12/31/2011 December YTD ITD* IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Boston Properties, Inc. (Closing Price: $99.60) Boston Properties, Inc. 1/30/2004 963,735,830 1,006,582,933 5.0% 18.1% Total Boston Properties, Inc. $963,735,830 1,006,582,933 Municipal Securities Citibank - Muni Bonds 1/15/2009 11,734,793 11,783,323 04% 2.3% 27% 2.7% McDonnell - Short Term Muni Bonds 8/21/2009 38,261,582 23,382,065 25% 5.4% 3.9% 3.6% Morgan Stanley - Intermediate Term Muni Bonds 11/23/2009 23,718,149 24,122,122 1.9% 10.9% 6.0% 65% Morgan Stanley - Long Term Muni Bonds 2/27/2008 12,373,429 12,443,189 1.0% 11.5% 6.1% 65% Morgan Stanley - Short Term Muni Bonds 8/31/2008 5,293,835 5,002,018 0.1% 13% 3.2% 3.9% Total Municipal Securities $91,381,788 $76,732,717 Barclays Capital Muni 1-5 Yr Index 0.7% 4.2% 4.7% Barclays Capital Muni Bond Index 1.9% 10.7% 8.1% Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) 1/31/2009 54,188,896 52,068,384 0.3% 2.8% 3.6% 38% Total Municipal/Corporate $54,188,896 $52,068,384 50% Barclays Credit 1-5 Y / 50%Barclays Muni 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 67,182,455 71,040,514 18% 3.0% 7.0% 7.0% Total Corporate Bonds $67,182,455 $71,040,514 85% Barclays Credit /15%Barclays High Yield 2.1% 7.9% 12.9% 1) Please note: The current month performance data for the AIP hedge funds is preliminary. Mo nStanl SmithBarney 1 EFTA00284353

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Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/30/2011 12/31/2011 December YTD ITD* IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Global Bonds Templeton Global Bond Fund 5/25/2010 9,670,441 12,654,880 40.1% -2.0% 4.6% 42% Total Global Bonds ~~ $9,670,441 «$12,654,880 AIP Onshore Hedge Funds - AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 672,578 657,408 -23% 9.7% 5.6% 5.6% Dialectic Antithesis Partners (AIP) 8/31/2010 1,004,692 1,000,171 5% 20.0% -1.0% 0.9% Double Black Diamond Class C (AIP) 8/31/2010 1,130,861 1,128,147 0.2% 2.4% 0.9% 09% GEM Realty Securities LP (AIP) 8/31/2010 1,144,454 1,162,079 15% 11% 3.2% 3.2% HBK Fund II LP (AIP) 8/31/2010 1,249,865 1,257,042 0.6% 7.0% 95% 9A% Ivory Flagship Fund LP (AIP) 8/31/2010 1,109,739 1,097,754 11% 45% 11% 12% Man AHL Diversified II USA (AIP) 8/31/2010 486,154 486,154 0.0% 9.0% 3.1% 3.1% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,042,380 1,042,380 0.0% -1.9% 21% 21% Millenium USA LP (AIP) 8/31/2010 1,273,245 1,284,959 0.9% 75% 11.3% 11.2% Owl Creek II LP (AIP) 8/31/2010 34,979 33,929 3.0% -16.6% -10.8% -16.0% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,267,373 1,254,826 -1.0% 1.2% 93% 9.2% York Credit Opportunity Fund (AIP) 8/31/2010 1,148,489 1,148,489 0.0% -2.8% 23% 2.2% Total AIP Onshore Hedge Funds - AIP ~~ $11,564,809 «$11,553,338 1) Please note: The current month performance data for the AIP hedge funds is preliminary. nStanl SmithBarney 12 EFTA00284354

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Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Asset Class/Investment/Benchmark AIP Offshore Hedge Funds - AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) Dialectic Antithesis Partners (AIP) Double Black Diamond Class C (AIP) HBK Offshore Fund II Ltd. (AIP) Ivory Offshore Flagship Fund (AIP) Kaiser Trading Fund SPC Ltd. (AIP) Mariner Tricadia Credit Strat (AIP) Millenium Int'l Ltd - Class EE (AIP) MQ Asia Long Short Fd Offshore (AIP) OMG Opportunities Trading Fund (AIP) Ow! Creek Overseas Fund (AIP) Oz Overseas Fund Ltd. (AIP) Pharo Macro Fund Ltd. (AIP) Seligman Tech Spectrum Fund (AIP) York Credit Opp Unit Trust (AIP) Total AIP Offshore Hedge Funds - AIP AIP Hedge Funds (Onshore/ Offshore) Total AIP Hedge Funds (Onshore/Offshore) 1) Please note: The current month performance data for the AIP hedge funds is preliminary. Inception Date 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 1/30/2011 Value 480,576 1,011,753 1,020,535 568,300 1,006,316 940,908 1,042,367 1,153,127 584,679 488,669 29,827 2,080,902 966,463 1,150,775 1,043,525 $13,568,722 25,133,531 $25,133,531 13 12/31/2011 Value 469,745 1,008,010 1,017,270 571,605 995,448 944,013 1,042,367 1,163,851 582,925 483,587 28,962 2,080,902 963,854 1,139,383 1,043,525 $13,535,447 25,088,785 $25,088,785 December -23% 4A% 0.3% 0.6% -1.1% 0.3% 0.0% 0.9% 3% -1.0% -2.9% 0.0% 40.3% -1.0% 0.0% 4.2% YTD ITD* IRR Return Return Return 9.7% 55% 5.6% 20.9% AN 03% -2.8% 0.3% 03% 75% 9.7% 9.7% A7% 13% -14% 6.8% 5.2% 5.2% -1.9% 21% 21% 7.2% 11.0% 10.9% 8.0% 11.3% 113% 43% 3.5% 35% -26.9% -19.4% -16.6% -1.9% 2.0% 2.0% 8.7% 3.7% 3.7% -1.3% 9.2% 92% 3.2% 22% 22% 0.9% 18% 18% MorganStanley SmithBarney EFTA00284355

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Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/30/2011 12/31/2011 December YTD ITD* IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Hedge Funds - Direct AIP Custom HF Solutions 6/9/2011 5,815,971 5,815,971 0.0% 714% 35.5% American Steadfast, LP. 4/1/2010 5,721,561 5,578,572 -25% 21% 6.5% 65% AP Investments Europe Limited 7/1/2007 59,676 59,676 0.0% 64% -125% 17.7% Blackstone Offshore Fund II 1/07/2011 1,838,896 1,838,896 0.0% 13% 3.7% CCA Absolute Return Muni Strategy, L.P. 6/30/2010 10,710,802 10,738,468 0.3% 6.1% 7.9% 65% GS Investment Partners (Offshore) 1/1/2008 910,365 920,077 1.1% 0.6% 18% 0.6% GS Investment Partners (Onshore) 1/1/2008 1,200,957 1,203,619 0.2% 21% 34% 21% Paulson Advantage L.P. 8/3/2009 16,202,011 14,515,380 -10.4% -22.3% 64% 65% Paulson Advantage Plus, L.P. 8/3/2009 13,762,562 12,416,086 9.8% -36.0% 04% 3% Taconic Opportunity Fund 7/1/2007 119,768 118,510 -1.1% 3.2% 1.6% 38% Total Hedge Funds - Direct $56,342,568 $53,205,255 Cash & Fixed Income Cash & Fixed Income 12/31/2007 238,605,658 246,288,405 1.1% 3.9% 3.8% Total Cash & Fixed Income $238,605,658 $246,288,405 Hedge-Funds Hedge-Funds 7/1/2006 81,476,099 78,294,040 3.9% 11.2% 7.2% Total Hedge-Funds ~~ $81,476,099 ~~ $78,294,040 1) Please note: The current month performance data for the AIP hedge funds is preliminary. Mo nStanl SmithBarney 14 EFTA00284356

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Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Asset Class/Investment/Benchmark Policy Assets ex Private Equity Policy Assets ex Private Equity Total Policy Assets ex Private Equity Policy Assets Policy Assets Total Policy Assets Barclays Aggregate Bond Index HE 500 Index MSCI All Country World Index HFRI Fund Of Funds Index Inception 11/30/2011 Date Value 7/1/2006 320,081,757 $320,081,757 6/5/1995 528,710,506 $528,710,506 1) Please note: The current month performance data for the AIP hedge funds is preliminary. 17/31/2011 Value 324,582,444 $324,582,444 525,780,278 $525,780,278 December Return 0.1% 1.1% 1.0% -0.2% 0.3% YTD ITD* IRR Return Return Return 0.0% 7.7% 1.2% 7.9% 2.1% 6.9% 5.5% MorganStanley SmithBarney EFTA00284357

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Mortimer B. Zuckerman and Related Entities Consolidated Statement of Select Investment Endnotes- December 31, 2011 Reference Endnotes ‘1 Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. [*] Please note: The IRR calculations are Net of Fees. [™] Please note: The TWR calculations are Net of Fees. MorganStanl * SmithBamey EFTA00284358

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Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2011 Vintage Committed — Contributed % Est. Remaining Remaining Net _Distributions to Date of Asset Class/Investment Endnotes Year Capital Capital Contributed | Committment Asset Value (1) Date Total Value TVPL IRR pypyirr Private Capital - Fund of Funds Chase Capital Partners Private Equity FF Il, LTD 2000 1,000,000, 912312 n2e 87,4688 338,772 897,745 1,321,506 1.36 65% 9/30/20 GS Private Equity Partners Il, L.P. fA] 1998 23,750,000 22.9514 6.6% S186 1,901,232 27,193,610 29,094,942 17 49% 9/30/2011 GS Vintage Fund, LP. 1998 9,500,000 9003 448 5.1% 466,552 1,359,528 10,145,188 11,505,016 17 81% 69/30/2011 Quellos Financial Ventures IL, (CRT), LP. 2008 5,000,000 3371,765 674% 1,628,235 391,356 2,971,580 3541240 1.00 01% 9/30/2011 Quetlos Financial Ventures IL LP. 2006 10,000,000 6473517 66.7% 3,326,183 TAS 5,555,767 6,691,688 095 414% (9/30/2011 (Quetlos Private Capital 2002, L.P. [B] 2002 4,000,000 388,205 96.1% 156,764 2,455,270 2,696,500 5151.77 134 74% 9/30/2011 Quetlos Private Capital 2002, L.P. (US Mature) Iq 2002 10,000,000 10,538,422 105.4% 538,422 6,729,663 11,176,121 17,905,784 17 «157% «9/30/2011 Quetlos Private Capital fl, LP. [D) 20s 15,000,000 12,525,270 83.5% 2474,7350 12,185,750 2,149,512 14,335,262 iu 37% «9/30/2011 Total Private Capital - Fund of Funds $78,250,000 $69,820,968 Cry $5,420,036 $26,141,286 $62,786,023 $89,547,207 Private Capital - Direct Partnerships Brickman 1280 Fifth Investments Il, LP. 2008 970,090 970,090 100.0% - 970,080 - 970,080 N/M N/M Cost Brickman Real Estate Fund 1, LP. {E} 2002 3,000,000 3,100,304 103.3% 10036 95317 1,861,424 2,756,741 089 65% 12/31/2010 Brickman Real Estate Fund Il, LP. 2006 3,000,000 3,000,000 100.0% - 2,188,789 414,620 2,603,409 0.87 31% = 9/30/2011 Brickman Real Estate Fund IL, LP. 2007 2500000 1,505,853 60.2% 447 1,005,684 - 1,085,684 O67 -119% 9/30/2011 Brickman Real Estate Fund IV, L.P. 2007 2.006,010 2.218508 110.6% 212,498 1,713,959 595,096 2,477,012 La 18% 9/30/2011 Court Square Capital Partners LP. (CVC Eq.Partners LP.) 2001 5,000,000 4,125,869 825% 874,151 184A 7,737,953 8,937,116 216 77% 9/30/2011 (CVC Capital Partners Asia Pacific IL, L.P. 2005 5,000,000 6.093,007 121.9% 1,093,007 2.115511 2,352,022 4,483,482 O73 95% 9/30/2011 * CVC European Equity Partners IV, LP. (F] 2006 7,344,000 51M321 69.9% 2.207.679 4,781,226 2,248,067 7359271 137 «89% 9/30/2011 * CVC European Equity Partners V, LP. 2008 12,391,574 6811,753 55.0% 5,579,821 7022177 - 7,022,177 1.0 19% 9/30/2011 * Evercore Venture Partners, LP. 2000 670,550 670550 100.0% - 118,212 520,965 639,177 0.95 7% = (9/30/2011 Franctsco Partners, LP. 2000 5,000,000 4674524 35% 35476 1,806.6 4,091,722 5,847,268 1.235 46% 9/30/2011 Gabriel Capétal Investment 2006 WO 15,000,000 15,000,000 100.0% - 10,115,478 - 10,115,478 0.67 74% 11/30/2011 Generation Capital Partners Il, L.P. 2000 2.000,000 1,735,746 86.8% 24.254 1,285,199 2,214,763 3,499,962 202 13% «(9/30/2011 Glilot Capital Partners I, L.P. 201 700,000 52.500) 75% 647,500) 52,500 - 52,500 N/M = N/M Cost Greycroft Partners fl, LP. 20 1,000,000 L000 60.0% 400,000) 413521 150,000 713,521 O88 134% 6/30/2011 GS Capital Partners I, LP. 1998 20,000,000 17,7230) 88.6% 227,700 375,404 17,656,069 18,031,473 1.02 04% = (9/30/2011 * Heartland Industrial Partners, LP. 2000 6,000,000 6499711 108.2% 489,711 7383 2,040,463 2,999,762 O44 202% = (9/30/2011 Israel Infrastructure Pund LC, LP. 2006 5,000,000 3,675,268 73.5% 1,324,732 2,968,379 991,308 4,094,120 1.08 36% 9/30/2011 * Legacy Capital, LP. 21 10,000,000 72627 73% 9273973 726007 - 726,007 N/M NM Cost [1] Values presented represent the investment capital account balance as of the respective "Date of TVPL/IRR" adjusted for contributions and distributions post valuation date unless otherwise footnoted. [*] Indicates the Fund valuation has been updated since last month's report. MorganStan ["*] “TVPI" is calculated by adding the most recent fair market value and the distributions to date and then dividing by the Contributed Capital to date. SmithBarney 17 EFTA00284359

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Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2011 Vintage Committed Contributed % Est. Remaining Remaining Net _Distributions to Date of Asset Class/Investment Endnotes Year Capital Capital Contributed | Committment Asset Value (1) Date Total Value TVPI IRR TyPYIRR Morgan Stanley Credit Partners Onshore, LP. 20 25,000,000 10,716,004 429% 14,253,995 9,993,118 1,277,425 11,496,622 1.08 108% = 9/30/2011 Patricoé Private Investment Club IL, LP. 1998 200,000 20K) 100.0% - 132 116,164 141,996 os 63% 6/30/2011 Patrico€ Private Investment Club Ill, LP. 2000 1,000,000 1,000,000 100.0% - 367,145 1,280,621 1,647,766 16 16% =6/30/2011 Patrico€ Private Investment Club, LP. 1996 100,000 1646 103.6% 360 2155 22,799 214,954 207 165% 6/30/2011 Pequot / FMVP Ul, LP. 2000 1,000,000 0,000 4.0% aon AS 291,775 330,78 OM 259% 9/30/2011 * Quadrangle Capital Partners, LP. 2000 10,000,000 11,818,172 118.2% 1,818,172 1,899,086 15,260,694 17,159,780 145 107% «69/30/2011 Quetlos Co-Investment Pund I, L.P- 208 75,000.00 49,133,771 65.5% 566,229 49,947,522 13,499,193 (66,521,382 ist 219% 6/30/2011 Quetlos Co-Investment Pund I, L.P.~ CRT Series 2008 235,000,000 12,271,402 491% 12728598 10,487,766 5,250,487 17,644,003 1.28 Bos 6/30/2011 Quellos Co-Investment Pund I, LP. 2011 75,000,000 15464498 20.6% 59,535,512 15,464,498 - 15,464,498 N/M NM Cost Quetlos Co-Investment Fund, LP. ty 2006 51,000,000 46,900,985 93.9% 3,099,065 14,499,244 41,518,711 64,735,623 1.19 © 69% 6/90/2011 Quellos Co-Investment Pund, LP. - CRT Series ty 206 54,000,000 47224 894% 5,277,571 13,135490 38,730,905 58,160,736 1.16 55% 6/30/2011 Valor Equity Partners Il, L.P. 2007 3,000,000 1,997,042 66.6% 1,002,958 1,398,859 508,002 2,005,744 0.95 22% 9/30/2011 VSS Comunications Partners [V, LP. ii 206 10,000,000 1129566 W13% 129,366 7.04470 694,090 7,788,560 076 62% 9/30/2011 Total Private Capital - Direct Partnerships $431,882.28 $289,706,111 1% $142,176,113 $164,827,525 $161,485,358 $37,676,669 [1] Values presented represent the investment capital account balance as of the respective "Date of TVPI/IRR" adjusted for contributions and distributions post valuation date unless [*] Indicates the Fund valuation has been updated since last month's report. ["*] “TVPI" is calculated by adding the most recent fair market value and the distributions to date and then dividing by the Contributed Capital to date. SmithBarney 18 EFTA00284360

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Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2011 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC Courtroom Connect Freescale Co-Investment XVI, LLC Keith Glen Media Loud3R Newbridge Vencable Partners, LLC Rely Software (f/k/a Rightfreight, Inc) The Vehicle Production Group, LLC. VISC Japan KK. Total Private Capital - Direct Companies ‘Total Private Capital [1.] Values presented represent the investment capital account balance as of the respective "Date of TVPL/IRR" adjusted for contributions and distributions post valuation date unless otherwise footnoted. [*] Indicates the Fund valuation has been updated since last month's report. Vintage Committed Contributed Asset Class/Investment Endnotes Year Capital 45,000,000 50,000 5,000,000 100,000 2,000,000 500,000 500,000 2,000,000 152,409 $55,302,409 $565,434,633 Capital 45,000,000 50,000 5,074,954 100,000 2,040,000 500,000 500,000 2,230,471 152,409 $55,607,834 ‘$415,183,908 % Est. Remaining Contribute Committment 100.0% 100.0% 101.5% 100.0% 102.0% 100.0% 100.0% 115% 100.0% 100.6% 734% 74,958 40,000 -230,471 ($345,425) $150,250,724 Remaining Net Asset Value (1) 3,112,083 54400 2,380,785 23,814 2,040,000 250,000 35,159 2,230,471 17,610 $10,144,322 $201,113,433 [**] Please note: As of 12/31/2010 the market value of (Ally / Cerberus Firm Investors, LLC) is calculated by multiplying the total shares of 319.66 by the price of $10,050.00 . 19 Distributions to Date Total Value 568,896 3,680,979 - 54,400 : 2,380,785 - 23,814 ° 2,040,000 - 250,000 - 35,159 ° 2,230,471 134,604 286,998 $703,590 $10,982,606 $224,974,972 $48,206,482 ~A68% 3.7% 16.0% 25.7% 0.0% 5A% 212% 0.0% D1% Date of TVPYIRR 12/31/2010 4/30/2006 aymy2mit 9/30/2009 7/31/2010 6/30/2004 11/30/2010 8/31/2008 12/31/2002 Valuation Method Cost Basis Cost Basis Cost Basis Write Down Write Down Cost Basis Write Down MorganStanley SmithBarney EFTA00284361

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Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary Endnotes- December 31, 2011 Reference Endnotes id | Please note: The IRR calculations are Net of Fees. [A] Effective January 1, 2003, MBZ's total commitment was reduced to $23.75 million from $25 million. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 44.27%, The MBZ 1996 Trust (GST Exempt) - 19.63%, and The MBZ 1996 Trust (GST Non-Exempt) - 36.10%. [B] The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MBZ 1996 Trust (GST Exempt) - 50°, and The MBZ 1983 Family Trust - 50%. [c] Initial investment of $2,499,344 was effective April 12003 [D] The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 66.67%, The MBZ 1996 Trust (GST Exempt) - 16.67%, and The MBZ 1996 Trust (GSTNon-Exempt) - 16.67%. IE] The Remaining Net Asset value presented represents The MBZ 1996 Trust (GST exempt)'s ownership interest of approximately 4.85% in the total Partners’ Capital as of September 30,2006, adjusted for contributions or distributions post valuation date. [F] The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MBZ 1996 Trust (GST Non-Exempt)-50% and The MBZ 1983 Family Trust - 50S. The investment is held in Euros and values presented are converted at the Euro spot rate on September 30, 2011. Ic] The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 96.88%, The MBZ 1996 Trust (GST Exempt) - 1.10%, and The MBZ 1996 Trust (GST Non-Exempt)} - 2.02%. [fH] The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 44.67%, The MBZ 1996 Trust (GST Exempt) - 19.49%. and The MBZ 1996 Trust (GST Non-Exempt) - 35.84%. ) Monies designated for meeting remaining commitments have been funded in conjunction with the investments in the Z CAP Fund, LP. and the Z CAP Charitable Fund, LP. and are currently invested in the Quellos Appreciation Fund 11, LLC and ILF, Ltd. respectively. Periodic redemptions will be made to fund anticipated capital calls. No further cash commitment is required by MBZ personally. ii} The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MBZ 1996 Trust (GST Exempt) - 50%, and The MBZ 1996 Trust (GST Non- Exempt) -50%. nl SmithBarney EFTA00284362

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Mortimer B. Zuckerman Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Private Capital - Direct Companies 0.9% Cash Private Capital - Direct 11.2% Partnerships 34.5% Municipal Securities 25.4% Private Capital - Fund of Municipal/ Corporate Funds 7.7% 11.8% Hedge Funds -Direct Corporate Bonds 1.0% 3.9% Global Bonds 3.5% Please note: The Total Policy Assets figure does not include the closely held entity (USN College Marketing, INC.) this figure ts included in the Detail of Investment Assets section. 21 Cash @ Municipal Securities O Municipal / Corporate O Corporate Bonds @ Global Bonds G Hedge Funds -Direct @ Private Capital - Fund of Funds O Private Capital - Direct Partnerships @ Private Capital - Direct Companies MorganStant 7 SmithBarney EFTA00284363

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Mortimer B. Zuckerman Executive Summary - December 31, 2011 Investment Assets Cash Municipal Securities Municipal / Corporate Corporate Bonds Global Bonds Hedge Funds -Direct Private Capital - Fund of Funds Private Capital - Direct Partnerships Private Capital - Direct Companies Total Policy Assets Boston Properties, Inc. (Closing Price: $99.60) Other Investment Assets Family Businesses Notes and Loans Receivable Other Assets Personal Assets Zuckerman Personal Holdings Real Property & Options Total Non-Policy Assets Obligations To Related Parties Mortgages Unsecured Obligations To Third Parties Total Liabilities Total Excluding Liabilities Total Investment Assets Endnotes Cost 33,259,680 10,305,749 0 5,200,000 5,000,000 7,963,641 46,725,993 15,498,974 $123,954,036 $124,107,891 $124,107,891 1/30/2011 Value 2,839,047 38,401,107 10,974,987 1,393,245 2,541,337 5,721,561 16,833,243 49,484,052 1,300,844 $129,489,423 779,148,728 150,305,829 537,397,085 662,266 10,793,097 121,490,705 80,500,000 80,827,852 $1,761,125,562 50,102,320 58,057,270 -202,869,869 ($31,029,459) $1,890,614,985 $1,579,585,526 Phease nate: The Total Policy Assets figure does not include the closely held entity (USN College Marketing, INC.), this figure ts included in the Detail of Investment Assets section. 1231/2011 Actual Value Policy % 16,023,611 11.2% 36,280,711 254% 11,027,030 7.7% 1,418,759 1.0% 5,024,729 3.5% 5,578,572 3.9% 16,813,302 118% 49,151,212 34.5% 1,300,844 09% $142,618,769 100.0% 813,828,945 136,155,963 542,786,845 662,266 3,613,926 121,490,705 80,500,000 80,827,852 $1,779,866,502 49,935,503 -57,941,848 -204,669,869 ($312,547,220) $1,922,485,271 $1,609,938,051 MorganStanley SmithBarney EFTA00284364

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Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Cash Bank of America - MMF JPM Chase - Checking JPM Chase - Money Mkt Morgan Stanley - Money Mkt Morgan Stanley - Money Mkt Total Cash Barclays Capital US Treasury Bills 1-3 Mths Index Municipal Securities Citibank - Muni Bonds McDonnell - Short Term Muni Bonds Morgan Stanley - Intermediate Term Muni Bonds Morgan Stanley - Long Term Muni Bonds Morgan Stanley - Short Term Muni Bonds Total Municipal Securities Barclays Capital Muni 1-5 Yr Index Barclays Capital Muni Bond Index Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Total Municipal/Corporate 50% Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y Corporate Bonds Seix Total Corporate Bonds 85%Barclays Credit /15%Barclays High Yield Global Bonds Templeton Global Bond Fund Total Global Bonds Inception Endnotes _ Date 9/19/2008 9/19/2008 9/19/2008 12/1/2011 12/31/2007 12/31/2007 1/15/2009 8/21/2009 1/11/2010 3/31/2008 9/12/2008 3/31/2008 1/31/2009 1/31/2009 1/31/2009 1/31/2009 5/25/2011 5/25/2011 10,844,100 4,599,827 11,177,914 5,541,274 1,096,565 $33,259,680 10,305,749 $10,305,749 o 5,200,000 $5,200,000 11/30/2011 Value 10,104 126,202 98,692 2,604,049 $2,839,047 11,734,793 8,233,709 11,442,969 5,858,327 1,131,309 $38,401,107 10,974,987 $10,974,987 1,393,245 $1,393,245 2,541,337 $2,541,337 Net Cash -17,256 3,000,000 10,201,587 $13,184,332 7 -2,500,000 -35,625 ($2,535,618) 2,500,000 $2,500,000 December $ Return 1 47 181 $232 48,523 167,546 136,094 60,963 2,096 $415,222 52,043 $52,043 25,514 $25,514 -16,609 ($16,609) 12/31/2011 Value 10,104 108,947 98,695 3,000,047 12,805,817 $16,023,611 11,783,323 5,901,255 11,543,438 5,919,291 1,133,405 $36,280,711 11,027,030 $11,027,030 1,418,759 $1,418,759 5,024,729 $5,024,729 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 23 December YTD ITD* Return Return Return 0.0% 01% 0.0% 17% 0.0% 0.0% 0.0% 01% 0.0% 0.1% 0.0% 0.1% 04% 23% 27% 24% 5.1% 3.6% 12% 8.0% 4.6% 10% 12.2% 64% 0.2% 0.5% 21% 1.1% 6.2% 3.5% 0.7% 4.2% 4.1% 1.9% 10.7% 6.3% 05% 3.0% 3.7% 0.5% 3.0% 3.7% 0.6% 3.6% 5.1% 18% 29% 68% 18% 2.9% 68% 2.1% 7.9% 12.9% 4A% 63% 4A% 63% MorganStanley SmithBarney EFTA00284365

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Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Hedge Funds -Direct American Steadfast, L_P_ Total Hedge Funds -Direct Private Capital - Fund of Funds Chase Capital Partners Private Equity FF Il, LTD GS Private Equity Partners II, L.P. Quellos Financial Ventures II, LP. Quellos Private Capital 2002, L.P. (US Mature) Quellos Private Capital II, L.P. Total Private Capital - Fund of Funds Inception Endnotes _ Date [B] 4/1/2010 afy2010 6/15/2000 3/11/1998 4/15/2004 3/26/2003 12/20/2004 3/11/1998 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 11/30/2011 Net Cash December$ 12/31/2011 December YTD ITD* Cost Value Flow Return Value Return Return Return 5,000,000 5,721,561 - -142,989 5,578,572 -25% 21% 65% $5,000,000 $5,721,561 - ($142,989) $5,578,572 -25% 21% 65% T7AT5 358,713 -19,941 - 338,772 - $41,720 - - 841,720 1,208,182 779,315 - - 779,315 256,331 6,729,663 - - 6,729,663 621,653 8,123,832 - - 8,123,832 $7,963,641 $16,833,243 ($19,941) - $16,813,302 MorganStanley SmithBarney 24 EFTA00284366

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Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception Asset Class/Investment/Benchmark Endnotes Date Private Capital - Direct Partnerships Court Square Capital Partners L.P. (CVC Eq.Partners LP.) 8/9/2001 CVC Capital Partners Asia Pacific II, L.P. 5/24/2005 CVC European Equity Partners V, LP. 6/26/2008 Evercore Venture Partners, L.P. 11/27/2000 Francisco Partners, L.P. 10/30/2000 Gabriel Capital Investment 2006 7/11/2006 Generation Capital Partners Il, LP. 3/21/2000 Glilot Capital Partners I, L.P. 3/21/2011 Greycroft Partners Il, LP. 3/31/2010 GS Capital Partners III, L.P. 8/27/1998 Heartland Industrial Partners, L.P. 5/12/2000 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 Patricof Private Investment Club II, LP. 8/1/1998 Patricof Private Investment Club III, L.P. 6/5/2000 Patricof Private Investment Club, L_P. 4/29/1996 Pequot / FMVP II, L-P- 2/14/2000 Quadrangle Capital Partners, L_P. 9/28/2000 Quellos Co-Investment Fund II, LP. 9/8/2008 Quellos Co-Investment Fund III, L-P- 10/24/2011 Quellos Co-Investment Fund, L_P. [A] 6/5/2006 Valor Equity Partners II, L.P. 8/10/2007 Total Private Capital - Direct Partnerships 4/29/1996 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 3/28/2006 Courtroom Connect 11/19/2002 Keith Glen Media 2/24/2004 Newbridge Vencable Partners, LLC 12/31/2001 Rely Software (f/k/a Rightfreight, Inc) 12/31/1999 VISC Japan K.K. 12/31/2001 Total Private Capital - Direct Companies 12/31/1999 3,416,259 3,001,967 149,585 576,084 15,000,000 52,500 450,000 932,855 4,576,026 2,020,864 83,836 648,225 10,478,988 3,513,466 336,318 1,489,020 $46,725,993 14,835,934 50,000 100,000 20,430 475,000 17,610 $15,498,974 11/30/2011 Value 1,148,444 2,131,460 3,341,606 118,212 1,805,546 10,115,478 1,285,199 52,500 413,521 375,404 959,299 1,984,486 1,329 367,145 2,155 31,998 1,899,086 17,674,064 1,841,733 2,536,528 1,398,859 $49,484,052 1,037,361 54,400 23,814 132,500 35,159 17,610 $1,300,844 -1,024,790 1,671,733 -787,918 ($332,840) 12/31/2011 Value 1,148,444 2,115,511 3,341,606 118,212 1,805,546 10,115,478 1,285,199 52,500 413,521 375,404 783,383 1,984,486 1,329 367,145 2,155 31,998 1,899,086 16,649,274 3,513,466 1,748,610 1,398,859 $49,151,212 1,037,361 54,400 23,814 132,500 35,159 17,610 $1,300,844 December YTD Return Return 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley 25 Smith ITD* Return Barney EFTA00284367

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Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Closely Held Entities USN College Marketing, Inc. Total Closely Held Entities Total Policy Assets Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) BXP (NonVested LTIPs) BXP (Non-Vested Options) BXP (OPUs) BXP (OPUs) - Cambridge Entities BXP (Vested LTIPs) BXP (Vested Options) Total Boston Properties, Inc. Other Investment Assets Present Value of Future MBZ Crut Distributions Total Other Investment Assets Family Businesses Present Value of Future USN Crut Distributions The Daily News (Preference and Interest on LOC) US News & World Report, LP Total Family Businesses Notes and Loans Receivable Barbara G. Jensen Carmen Z Robinson Daniel Rothschild Mathias Thorner The Core Club 55th Street LLC Total Notes and Loans Receivable Inception Endnotes _—_ Date (E] [c] 6/23/1997 1/30/2004 1/1/2011 6/23/1997 5/23/2001 2/1/2007 1/30/2004 6/23/1997 12/31/2007 12/31/2007 12/31/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 10/18/2010 9/30/2007 9/30/2007 9/30/2007 9/30/2007 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 11/30/2011 Net Cash December$ 12/31/2011. December YTD ITD* Cost Value Flow Return Value Return Return Return 31,035,500 41,599,220 230,579 173,46 42,003,345 $31,035,500 $41,599,220 $230,579 $173,546 $42,003,345 $154,989,537 $17,088,644 $13,026,511 $506,959 —$184,622,114 0.2% 1.9% - 142,620,942 -747,646 7,057,778 148,931,074 5.0% 18.1% - 15,249,664 -79,942 754,649 15,924,372 5.0% 18.1% 12.2% - 101,300 - 160,108 261,408 158.1% 665.4% - 592,814,742 -3,107,647 29,336,188 619,043,282 5.0% 18.1% 16.5% - 4,432,690 -23,237 219,357 4,628,810 5.0% 18.1% 145% - 23,895,623 125,265 1,182,505 24,952,863 5.0% 18.1% 04% - 33,767 - 53,369 87,136 158.1% 665.3% - $79,148,728 ($4,083,737) $38,763,954 $813,828,945 - 150,305,829 - 14,149,866 136,155,963 - $150,305,829 - ($14,149,866) $136,155,963 - 7,801,619 - ~427,786 7,373,833 - 454,595,466 - 5,817,546 460,413,012 - 75,000,000 - - 75,000,000 ~ $537,397,085 - $5,389,760 $542,786,845 - 28,950 - - 28,950 - 283,316 - - 283,316 - 200,000 - - 200,000 - 50,000 - - 50,000 - 100,000 - - 100,000 - $662,266 - - $662,266 MorganStanley SmithBarney EFTA00284368

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Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Other Assets JP Morgan Chase - East Hampton Morgan Stanley Checking Account T. Rowe 401(K) Retirement Plan Total Other Assets Personal Assets Art, Furniture and Other - 21 Drew Lane Art, Furniture and Other - 599 Lexington Avenue Art, Furniture and Other - 950 Fifth Avenue Art, Furniture and Other - 950) Fifth Avenue (Paloma) Art, Furniture and Other - Aspen Art, Furniture and Other - Lazy Z Hampton Golf Club, LLC Lexus LX470-1999 Mercedes Benz $430-2001 Total Personal Assets Zuckerman Personal Holdings BR, Inc - ("Lazy Z" Motor Yacht) USN Aviation - (ZWA, Inc.) ZAS, LLC- (Waldorf Flight Services) Total Zuckerman Personal Holdings Real Property & Options 17 East 75th Street 21 Drew Lane 4 Three Mile Harbor Drive 418 Wrights Road Aspen 950 Fifth Avenue Total Real Property & Options Total Non-Policy Assets Inception Endnotes _—_ Date 9/30/2007 12/31/2007 1/31/2007 1/31/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 10/22/2009 9/30/2007 9/30/2007 153,855 $153,855 $153,855 11/30/2011 Value 3,784 10,443,201 346,112 $10,793,097 2,744,701 184,124 106,065,592 12,000,000 48,864 75,073 309,581 25,275 37,495 $121,490,705 25,000,000 44,000,000 11,500,000 $80,500,000 5,527,852 30,500,000 3,300,000 9,500,000 32,000,000 $80,827,852 1,761,125,562 Net Cash December $ Flow Return -7,179,429 258 ($7,179,429) $258 ($11,263,166) $30,004,106 12/31/2011 Value 3,784 3,264,030 346,112 $3,613,926 2,744,701 184,124 106,065,592 12,000,000 48,864 75,073 309,581 25,275 37,495 $121,490,705 25,000,000 44,000,000 11,500,000 $80,500,000 5,527,852 30,500,000 3,300,000 9,500,000 32,000,000 $80,827,852 1,779,866,502 December Return Return 0.0% 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley 27 YTD 74% ITD* Return 9.9% SmithBarney EFTA00284369

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Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December$ 12/31/2011 December YTD ITD* Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return’ Return Obligations To Related Parties BR, Inc - ("Lazy Z" Motor Yacht) 9/30/2008 - -14,792,507 - - -14,792,507 Pauline Gertler 9/30/2007 - -2,310,090 - - -2,310,476 USN Aviation - (ZWA, Inc.) 9/30/2008 - -30,659,183 - - -30,551,620 ZAS, LLC- (Waldorf Flight Services) 9/30/2008 - -2,340,540 - : -2,280,900 Total Obligations To Related Parties 9/30/2007 = ($50,102,320) = = ($49,935,503) Mortgages Bank of America- 418 Wrights Road 9/30/2007 - -7,369,034 - - -7,329,840 Bank of America-17 East 75th Street 9/30/2007 - -5,401,978 - - -5,409,619 Bank of America-21 Drew Lane 9/30/2007 - -20,402,505 - - -20,364,720 Bank of America-4 Three Mile Harbor Drive 9/30/2007 - $11,241 - - -809,739 Bank of America-950 Fifth Avenue 9/30/2007 - -24,072,512 - - -24,027,930 Total Mortgages 9/30/2007 - ($58,057,270) - - ($57,941,848) Unsecured Obligations To Third Parties Bank of America Revolving Line of Credit 9/30/2007 - -151,669,869 - - -153,469,869 Citibank Revolving Line of Credit 9/30/2007 - - - - - Daily News, L.P.- HUD 3/31/2009 - -2,000,000 - - -2,000,000 Daily News, L.P.- NJEDA 9/30/2008 - -7,900,000 - - -7,900,000 Krall Payments 9/30/2008 - -300,000 - - -300,000 MBZ Printing (APT, LP) 9/30/2008 - 41,000,000 - - 41,000,000 Total Unsecured Obligations To Third Parties 9/30/2007 - ($202,869,869) - - ($204,669,869) Total Liabilities ($31,029,459) $0 = ($312,547,220) Total Excluding Liabilities $155,143,392 —_1,932,214,206 $1,763,345 $30,511,066 1,964,488,616 Total Investment Assets $155,143,392 1,621,184,747 $1,763,345 $32,028,827 1,651,941,396 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanl i omanbariie) 28 EFTA00284370

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Mortimer B. Zuckerman Endnotes- December 31, 2011 Reference Endnotes id | Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. ie | Please note: The TWR calculations are Net of Fees. ia Please note: The current ownership of MBZ in this 'Real Property 4 Options’ (17 East 75th Street) is 3/7 or 42.86%. [A] Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. [B] The November 30, 2011 and December 31, 2011 values represent the September 30, 2011 capital account balance adjusted for contributions post valuation date. [cl The November 30, 2011 and December 31, 2011 values represent the fair market value of vested options that are in the money. [D] The November 30, 2011 and December 31, 2011 value represents the March 31, 2011 capital account balance adjusted for contributions post valuation date. [E] The historical returns of BXP common include the historical appreciation from the exercise of options. [FI The Market Value of the BXP (Vested Options) is calculated by multiplying the shares of BXP (Vested Options) by the (current price minus the exercise price}. The exercise price = $36.45. Ic] The present value of Future MBZ Crut Distributions and the present value of Future USN Crut Distributions are calculated using an estimated capital market growth rate of 5.00% provided by the client and for which the client is solely responsible. Morgan Stanley makes no representation regarding its accuracy nor the accuracy of any calculations based upon such values. nt SmithBarney EFTA00284371

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MBZ 1996 Trust (GST Exempt) Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Private Capital - Direct Companies 16% Global Bonds Municipal/Corporate 00% Private Capital - Direct Partnerships 402% AIP Onshore Hedge Funds 75% Investment Assets Cash Municipal Securities Municipal / Corporate Corporate Bonds Global Bonds AIP Onshore Hedge Funds Hedge Funds -Direct Private Capital - Fund of Funds Private Capital - Direct Partnerships Private Capital - Direct Companies Total Policy Assets Notes and Loans Receivable Total Investment Assets 17% Hedge Funds -Direct 18% Private Capital - Fund of Funds 55% Cash 55% Comorate Bonds 129% Municipal Securities B26 Endnotes Cost 94,879 8,318,263 6,526,592 1,225,000 11,655,710 932,969 2,200,129 20,974,673 14,886,622 $66,814,836 $66,814,836 @ Municipal/ Corporate @ Private Capital - Direct Companies OGlobal Bonds O Hedge Funds -Direct @ Private Capital - Fund of Funds @Cash @ Corporate Bonds O Municipal Securities @ AIP Onshore Hedge Funds @ Private Capital - Direct Partnerships 1/30/2011 1231/2011 Actual Value Value Policy Yo 2,406,730 3,644,029 5.5% 8,884,163 8,730,255 13.2% 19,454 19,455 0.0% 8,347,768 8,505,035 12.9% 1,153,014 1,153,735 1.7% 11,564,809 11,553,338 17.5% 1,200,957 1,203,619 18% 3,631,825 3,631,825 55% 27,540,178 26,601,319 40.2% 1,079,861 1,079,861 1.6% $65,828,760 $66,122,470 100.0% 27,991,113 27,991,113 - $93,819,873 $94,113,583 ~ MorganStanley SmithBarney EFTA00284372

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MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December$ 12/31/2011 December YTD ITD* Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Morgan Stanley - Money Mkt 12/31/2007 - 1,864,331 2,650,419 -1,413,121 3,101,629 0.0% 01% Operating Account 1996 TR (AIP) 8/31/2010 94,879 542,399 - 1 542,400 0.0% 0.0% Total Cash 12/31/2007 $94,879 $2,406,730 $2,650,419 ($1,413,120) $3,644,029 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley - Intermediate Term Muni Bonds 1/13/2010 4,357,817 4,550,299 - 124,027 4,674,326 2.7% 15.2% 91% Morgan Stanley - Long Term Muni Bonds 6/9/2011 1,551,433 1,583,925 - 17,920 1,601,846 11% 3.9% Morgan Stanley - Short Term Muni Bonds 9/30/2008 2,409,013 2,749,939 -298,338 2,481 2,454,083 0.1% 1.2% 3.0% Total Municipal Securities 9/30/2008 $8,318,263 $8,884,163 ($298,338) $144,429 $8,730,255 1.7% 8.6% 53% Barclays Capital Muni 1-5 Yr Index 0.7% 4.2% 4.7% Barclays Capital Muni Bond Index 1.9% 10.7% 8.1% Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) 1/31/2009 - 19,454 - 1 19,455 0.0% 0.0% 2.8% Total Municipal/Corporate 1/31/2009 - $19,454 - $1 $19,455 0.0% 0.0% 28% 50%Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 6,526,592 8,347,768 - 157,267 8,505,035 1.9% 3.0% 7.2% Total Corporate Bonds 1/31/2009 $6,526,592 $8,347,768 - $157,267 $8,505,035 1.9% 3.0% 7.2% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 1,225,000 1,153,014 - 721 1,153,735 01% 5.8% Total Global Bonds 5/25/2011 $1,225,000 $1,153,014 - $721 $1,153,735 0.1% 58% 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanl Smabaiie) 2) Please note: The current month performance data for the AIP hedge funds is preliminary. 31 EFTA00284373

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MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) Dialectic Antithesis Partners (AIP) Double Black Diamond Class C (AIP) GEM Realty Securities LP (AIP) HBK Fund II LP (AIP) Ivory Flagship Fund LP (AIP) Man AHL Diversified II USA (AIP) Mariner Tricadia Credit Strat (AIP) Millenium USA LP (AIP) Ow! Creek I LP (AIP) Seligman Tech Spectrum Fund (AIP) York Credit Opportunity Fund (AIP) Total AIP Onshore Hedge Funds Hedge Funds -Direct GS Investment Partners (Onshore) Total Hedge Funds -Direct Private Capital - Fund of Funds GS Private Equity Partners II, L.P. Quellos Private Capital 2002, L.P. Quellos Private Capital II, L.P. Total Private Capital - Fund of Funds Inception Endnotes Date 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 1/2/2008 1/2/2008 3/11/1998 6/14/2002 12/20/2004 3/11/1998 709,433 1,012,310 1,115,243 1,115,142 1,112,049 1,114,868 506,773 1,014,210 1,115,938 608,025 1,116,195 1,115,522 $11,655,710 932,969 $932,969 618,602 1,581,527 $2,200,129 11/30/2011 Value 672,578 1,004,692 1,130,861 1,144,454 1,249,865 1,109,739 486,154 1,042,380 1,273,245 34,979 1,267,373 1,148,489 $11,564,809 1,200,957 $1,200,957 373,231 1,227,635 2,030,959 $3,631,825 Net Cash Flow December $ Return -15,170 -4,521 -2,714 17,625 7,177 -11,985 11,714 1,050 -12,547 ($11,471) 2,662 $2,662 12/31/2011 Value 657,408 1,000,171 1,128,147 1,162,079 1,257,042 1,097,754 486,154 1,042,380 1,284,959 33,929 1,254,826 1,148,489 $11,553,338 1,203,619 $1,203,619 373,231 1,227,635 2,030,959 $3,631,825 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. 32 December YTD ITD* Return Return Return -23% 97% 5.6% 5% 20.0% 1.0% 4.2% -24% 09% 15% 11% 3.2% 0.6% 7.0% 95% 11% 45% 11% 0.0% 9.0% 3.1% 0.0% 19% 21% 0.9% 75% 11.3% 3.0% -16.6% -10.8% -1.0% 12% 9.3% 0.0% -28% 23% 41% AAS 23% 0.2% 2.1% 34% 0.2% 21% 334% MorganStanley SmithBarney EFTA00284374

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MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, L.P. Brickman Real Estate Fund I, LP. Brickman Real Estate Fund I, L-P. Brickman Real Estate Fund III, L.P. Israel Infrastructure Fund I-C, L.P. Quellos Co-Investment Fund II, L_P. Quellos Co-Investment Fund III, L.P. Quellos Co-Investment Fund, LP. VSS Comunications Partners IV, L.P. Total Private Capital - Direct Partnerships Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC Newbridge Vencable Partners, LLC Total Private Capital - Direct Companies Total Policy Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P_ Total Notes and Loans Receivable Total Investment Assets Inception Endnotes _ Date [A] 5/30/2008 6/18/2002 6/5/2006 4/4/2007 10/18/2006 9/8/2008 10/24/2011 6/5/2006 3/20/2006 6/18/2002 3/28/2006 10/31/1997 19/31/1997 9/30/2007 9/30/2007 970,090 310,968 2,585,381 1,505,853 1,304,480 6,287,393 2,635,100 1,431,331 3,944,077 $20,974,673 14,810,588 76,034 $14,886,622 $66,814,836 $66,814,836 11/30/2011 Value 970,090 895,317 2,188,789 1,035,684 1,409,190 10,604,438 1,381,300 5,592,557 3,462,813 $27,540,178 1,037,361 42,500 $1,079,861 $65,828,760 27,991,113 $27,991,113 $93,819,873 Net Cash Flow $1,413,222 $1,413,222 December $ Return ($1,119,512) ($1,119,512) 12/31/2011 Value 970,090 895,317 2,188,789 1,035,684 1,484,190 9,989,565 2,635,100 3,855,349 3,547,235 $26,601,319 1,037,361 42,500 $1,079,861 $66,122,470 27,991,113 $27,991,113 $94,113,583 December Return 0.5% 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. Morga YTD ITD* Return ‘Return 3.7% nStanley SmithBarney EFTA00284375

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The MBZ 1996 Trust (GST Exempt) Endnotes- December 31, 2011 Reference Endnotes I'l Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. [*] Please note: The TWR calculations are Net of Fees. IA] Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanl bi SmithBarney EFTA00284376

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MBZ 1996 (GST Non Exempt) Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Private Capital - Fund of Funds Private Capital - Direct Comparies == 2.4% 30% Muricpa Corporate Goba Bords Private Capital - Direct Partrerstips @ Private Capital - Direct Partnerships 3.% 19% 26.9% @ Hedge Funds -Direct Cath O Corporate Bonds 7.4% O Municipal Securities Muricipa Securities @Cash =a% @ Municipal/ Corporate @ Private Capital - Direct Companies Corporate Bares O Private Capital - Fund of Funds ~ Hesige Funds -Direct @ Global Bonds 11/30/2011 12/31/2011 Actual Investment Assets Endnotes Cost Value Value Policy Yo Cash - 7,174,163 8,564,909 7AN Municipal Securities 13,072,527 18,255,433 14,204,782 12.3% Municipal / Corporate 2,803,169 3,587,922 3,597,436 3.1% Corporate Bonds 20,301,689 21,107,712 23,804,221 20.7% Global Bonds 2,000,000 2,140,552 2,142,551 1.9% Hedge Funds -Direct 34,562,024 28,016,845 25,728,586 22.3% Private Capital - Fund of Funds - 2,717,340 2,717,340 24% Private Capital - Direct Partnerships 20,951,222 32,313,815 30,973,395 26.9% Private Capital - Direct Companies 4,901,476 3,495,864 3,495,864 3.0% Total Policy Assets $98,592,107 $118,809,647 $115,229,084 100.0% Boston Properties, Inc. (Closing Price: $99.60) - 134,046,289 139,977,043 - Notes and Loans Receivable - 29,327,783 29,327,783 - Total Investment Assets $98,592,107 $282,183,719 $284,533,910 ~ MorganStanley SmithBarney EFTA00284377

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MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Cash Morgan Stanley - Money Mkt Total Cash Barclays Capital US Treasury Bills 1-3 Mths Index Municipal Securities McDonnell - Short Term Muni Bonds Morgan Stanley - Intermediate Term Muni Bonds Morgan Stanley - Long Term Muni Bonds Morgan Stanley - Short Term Muni Bonds Total Municipal Securities Barclays Capital Muni 1-5 Yr Index Barclays Capital Muni Bond Index Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Total Municipal/Corporate 50% Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y Corporate Bonds Seix Total Corporate Bonds 85%Barclays Credit /15%Barclays High Yield Global Bonds Templeton Global Bond Fund Total Global Bonds Hedge Funds -Direct AP Investments Europe Limited CCA Absolute Return Muni Strategy, L.P. Paulson Advantage L.P. Paulson Advantage Plus, L-P. Taconic Opportunity Fund Total Hedge Funds -Direct Inception Endnotes _ Date 12/31/2007 12/31/2007 9/2/2009 1/13/2010 2/29/2008 9/25/2008 2/29/2008 1/31/2009 1/31/2009 1/31/2009 1/31/2009 5/25/2010 5/25/2010 6/19/2007 4/1/2011 8/3/2009 9/1/2009 6/29/2007 6/19/2007 4,405,233 3,568,894 4,069,775 1,028,624 $13,072,527 2,803,169 $2,803,169 20,301,689 $20,301,689 2,000,000 $2,000,000 562,024 5,000,000 9,500,000 9,500,000 10,000,000 $34,562,024 11/30/2011 Value 7,174,163 $7,174,163 9,229,008 3,696,656 4,284,398 1,045,371 $18,255,433 3,587,922 $3,587,922 21,107,712 $21,107,712 2,140,552 $2,140,552 59,676 5,117,800 12,313,528 10,406,073 119,768 $28,016,845 Net Cash Flow 3,146,575 $3,146,575 4,300,000 -50,000 ($4,350,000) 2,300,000 $2,300,000 December $ Return -1,755,830 ($1,755,830) 166,559 95,453 36,041 1,295 $299,349 9,513 $9,513 396,509 $396,509 1,999 $1,999 12,804 -1,281,839 -1,017,966 -1,258 ($2,288,259) 12/31/2011 Value 8,564,909 $8,564,909 5,095,568 3,792,110 4,270,439 1,046,665 $14,204,782 3,597,436 $3,597 436 23,804,221 $23,804,221 2,142,551 $2,142,551 59,676 5,130,604 11,031,689 9,388,107 118,510 $25,728,586 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. December YTD ITD* Return Return Return 0.0% 0.1% 0.0% 0.1% 0.0% 0.1% 24% 5.1% 3.7% 2.6% 14.3% 7.2% 0.9% 11.2% 64% 01% 1.3% 3.6% 1.9% 78% 41% 0.7% 4.2% 4.5% 1.9% 10.7% 6.9% 03% 21% 34% 03% 21% 34% 0.6% 3.6% 5.1% 18% 3.2% 7.1% 18% 3.2% 7.1% 2.1% 7.9% 12.9% 01% -22% 44% 01% 22% 44% 0.0% 4% -12.5% 03% 2.6% -10.4% -23% 64% 98% 36.0% 05% -1.1% 3.2% 1.6% $.2% -24.5% -11.8% MorganStanley SmithBarney EFTA00284378

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MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Private Capital - Fund of Funds GS Private Equity Partners II, L.P. Quellos Private Capital II, L.P. Total Private Capital - Fund of Funds Private Capital - Direct Partnerships CVC European Equity Partners IV, L.P. CVC European Equity Partners V, LP. Legacy Capital, L.P. Morgan Stanley Credit Partners Onshore, LP. Quellos Co-Investment Fund II, L_P. Quellos Co-Investment Fund III, L.P. Quellos Co-Investment Fund, LP. VSS Comunications Partners IV, L.P. Total Private Capital - Direct Partnerships Private Capital - Direct Companies Freescale Co-Investment XVI, LLC Newbridge Vencable Partners, LLC The Vehicle Production Group, LLC. Total Private Capital - Direct Companies Total Policy Boston Properties, Inc. (Closing Price: $99.60) BXP (OPUs) Total Boston Properties, Inc. Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P_ Total Notes and Loans Receivable Total Investment Assets (Al Inception Endnotes Date 3/11/1998 12/20/2004 3/11/1998 9/30/2005 6/26/2008 10/17/2011 4/20/2010 9/8/2008 10/24/2011 6/5/2006 3/20/2006 9/30/2005 11/28/2006 12/31/2001 8/12/2008 12/31/2001 4/1/2000 4/1/2000 9/30/2007 9/30/2007 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 11/30/2011 Net Cash December$ 12/31/2011 December YTD ITD* Cost Value Flow Return Value Return Return Return - 686,381 - - 686,381 - 2,030,959 - - 2,030,959 ~ $2,717,340 - - $2,717,340 1,555,079 2,555,602 -164,989 0 2,390,613 3,340,932 3,680,571 - - 3,680,571 - 726,027 - - 726,027 2,020,864 1,984,486 - - 1,984,486 6,287,393 10,604,438 -614,873 - 9,989,565 3,513,466 1,841,733 1,671,733 - 3,513,466 0 7,458,145 -2,316,713 - 5,141,432 4,233,488 3,462,813 84,422 - 3,547,235 $20,951,222 $32,313,815 ($1,340,420) $0 $30,973,395 2,537,500 1,190,393 - - 1,190,393 133,505 75,000 - - 75,000 2,230,471 2,230,471 - - 2,230,471 $4,901,476 $3,495,864 - - $3,495,864 $98,592,107 $18,809,647 ($243,845) ($3,336,718) _$115,229,084 13% 33% - 134,046,289 -702,696 6,633,450 139,977,043 5.0% 18.1% 15.9% - _ $134,046,289 ($702,696) $6,633,450 $139,977,043 - 29,327,783 - - 29,327,783 - - - $29,327,783 $98,592,107 ($946,541) $3,296,732 $284,533,910 MorganStanley SmithBarney 37 EFTA00284379

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The MBZ 1996 Trust (GST Non-Exempt) Endnotes- December 31, 2011 Reference Endnotes I'l Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. [*] Please note: The TWR calculations are Net of Fees. [A] Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanl be SmithBarey EFTA00284380

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MBZ 1983 Family Trust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Goba Bords 32% Private Cepital - Direct Partrerstips Oi Private Capital - Direct Partnerships roR% @ Hedge Funds -Direct O Corporate Bonds O Private Capital - Direct Companies Muricpa Seovities 4.5% Muricpa/Corporae 52% Private Capital - Fund of Funds @ Private Capital - Fund of Funds ™ B Municipal/ Corporate Hedge Funds -Direct @ Municipal Securities Private Capital - Direct Comperies Leded OCash 1M 5 Corporate Bords Global Bonds BH% 1130/2011 12/31/2011 Actual Investment Assets Endnotes Cost Value Value Policy Yo Cash - 851,610 1,368,536 3.8% Municipal Securities 1,456,575 2,401,558 1,648,089 45% Municipal / Corporate 1,752,399 1,889,098 1,896,231 5.2% Corporate Bonds 5,123,262 5,612,604 6,016,987 16.6% Global Bonds 1,215,000 672,984 1,169,764 3.2% Hedge Funds -Direct 6,000,000 7,244,972 6,511,670 17.9% Private Capital - Fund of Funds 618,612 2,587,463 2,587,463 71% Private Capital - Direct Partnerships 7,646,051 11,394,057 10,877,173 29.9% Private Capital - Direct Companies 19,388,088, 4,267,754 4,267,754 11.7% Total Policy Assets $43,199,988 $36,922,098 $36,343,618 100.0% Family Businesses 84,400 $4,400 $4,400 - Notes and Loans Receivable - 46,521,964 46,521,964 - Total Investment Assets $43,284,388 $83,528,462 $82,949,982 - MorganStanley SmithBarney 39 EFTA00284381

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MBZ 1983 Family Trust Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Cash Morgan Stanley - Money Mkt Total Cash Barclays Capital US Treasury Bills 1-3 Mths Index Municipal Securities McDonnell - Short Term Muni Bonds Morgan Stanley - Short Term Muni Bonds Total Municipal Securities Barclays Capital Muni 1-5 Yr Index Barclays Capital Muni Bond Index Barclays Aggregate Bond Index Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Total Municipal/Corporate 50% Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y Corporate Bonds Seix Total Corporate Bonds 85%Barclays Credit /15%Barclays High Yield Global Bonds Templeton Global Bond Fund Total Global Bonds Hedge Funds -Direct Paulson Advantage L.P. Paulson Advantage Plus, L.P. Total Hedge Funds -Direct Inception Endnotes _ Date 12/31/2007 12/31/2007 9/3/2009 4/30/2009 1/31/2009 1/31/2009 1/31/2009 1/31/2009 5/25/2011 5/25/2011 8/3/2009 8/1/2009 8/1/2009 1,200,012 256,563 $1,456,575 1,752,399 $1,752,399 5,123,262 $5,123,262 1,215,000 $1,215,000 3,000,000 3,000,000 $6,000,000 11/30/2011 Value 851,610 $851,610 2,136,192 265,366 $2,401,558 1,889,098 $1,889,098 5,612,604 $5,612,604 672,984 $672,984 3,888,483 3,356,489 $7,244,972 Net Cash 591,883 $591,883 -800,000 ($800,000) 300,000 $300,000 500,000 $500,000 December $ Return -74,957 ($74,957) 45,895 586 $46,481 7,134 $7,134 104,383 $104,383 -3,219 ($3,219) 404,792 -328,510 ($733,302) 12/31/2011 Value 1,368,536 $1,368,536 1,382,087 265,952 $1,648,039 1,896,231 $1,896,231 6,016,987 $6,016,987 1,169,764 $1,169,764 3,483,691 3,027,979 $6,511,670 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. December YTD ITD* Return Return Return 0.0% 0.1% 0.0% 0.1% 0.0% 0.1% 27% 5.8% 41% 0.2% 29% 3.6% 23% 54% 42% 0.7% 4.2% 3.6% 1.9% 10.7% 7.2% 1.1% 7.9% 74% OA’ 24% 3.5% 04% 24% 3.5% 0.6% 3.6% 5.1% 18% 28% 6.7% 18% 28% 6.7% 2.1% 7.9% 12.9% 4A% 6.2% 4A% 6.2% 4% -22.3% 64% 98% 36.0% 04% -10.1% -29.3% 23% MorganStanley SmithBarney EFTA00284382

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MBZ 1983 Family Trust Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Private Capital - Fund of Funds GS Vintage Fund, L.P. Quellos Private Capital 2002, L.P. Total Private Capital - Fund of Funds Private Capital - Direct Partnerships Brickman Real Estate Fund IV, LP. CVC European Equity Partners IV, L.P. Israel Infrastructure Fund I-C, L.P. Quellos Co-Investment Fund II, L_P. Quellos Co-Investment Fund III, L.P. Quellos Co-Investment Fund, LP. Total Private Capital - Direct Partnerships Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC Freescale Co-Investment XVI, LLC Loud3R Total Private Capital - Direct Companies Total Policy Other Investment Assets Total Other Investment Assets Family Businesses MBZ Digital Ventures LLC Total Family Businesses Notes and Loans Receivable Daily News, L.P. The MBZ News 1992 Trust UAD 12-29-92 Total Notes and Loans Receivable Inception Endnotes Date {Al 12/30/1998 6/14/2002 12/30/1998 12/17/2007 9/30/2005 10/18/2006 9/8/2008 10/24/2011 6/5/2006 9/30/2005 3/28/2006 11/28/2006 7/1/2010 3/28/2006 7/1/2010 7/1/2010 9/30/2007 9/30/2007 9/30/2007 618,612 $618,612 1,623,412 1,343,987 1,304,480 2,095,796 878,366 400,011 $7,646,051 14,810,588 2,537,500 2,040,000 $19,388,088 $43,199,988 84,400 $84,400 11/30/2011 Value 1,359,828 1,227,635 $2,587,463 1,867,096 2,555,602 1,409,190 3,534,811 460,433 1,566,925 $11,394,057 1,037,361 1,190,393 2,040,000 $4,267,754 $36,922,098 84,400 $84,400 8,421,964 38,100,000 $46,521,964 Net Cash Flow -153,137 -164,989 75,000 -204,958 417,933 -486,732 ($516,883) $75,000 December $ Return ($653,481) 12/31/2011 Value 1,359,828 1,227,635 $2,587,463 1,713,959 2,390,613 1,484,190 3,329,853 878,366 1,080,193 $10,877,173 1,037,361 1,190,393 2,040,000 $4,267,754 $36,343,618 84,400 $84,400 8,421,964 38,100,000 $46,521,964 December Return Return 0.0% 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley 41 YTD 0.0% ITD* Return 0.0% SmithBarney EFTA00284383

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MBZ 1983 Family Trust Portfolio Details - December 31, 2011 Inception 11/30/2011 Asset Class/Investment/Benchmark Endnotes Date Cost Value Total Investment Assets $43,284,388 $83,528,462 Net Cash Flow $75,000 December $ Return ($653,481) 12/31/2011 Value $82,949,982 December YTD ITD* Return Return Return 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 42 MorganStanl 7 SmithBamey EFTA00284384

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The MBZ 1983 Family Trust Endnotes- December 31, 2011 Reference Endnotes I'l Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. [*] Please note: The TWR calculations are Net of Fees. [A] _ Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanl ° SmithBarney 43 EFTA00284385

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USN College Marketing, Inc. Executive Summary - December 31, 2011 Private Capital - Direct Partnerships 38.8% Hedge Funds -Direct 13.4% Investment Assets Cash Municipal Securities Municipal / Corporate Corporate Bonds Global Bonds Hedge Funds -Direct Private Capital - Direct Partnerships Total Policy Assets Total Investment Assets Actual Allocation % for Policy Assets Cash 5.2% Municipal Securities Global Bonds 1.7% 6.8% Endnotes Municipal/ Corporate 25.2% Corporate Bonds 9.0% Cost 2,457,111 9,908,312 2,428,138 755,000 5,000,000 10,486,940 $31,035,500 $31,035,500 Cash @ Municipal Securities O Municipal/ Corporate O Corporate Bonds @ Global Bonds @ Hedge Funds -Direct @ Private Capital - Direct Partnerships 1/30/2011 1ys1/2011 Actual Value Value Policy %o 372,709 2,169,152 5.2% 3,114,602 2,866,569 6.8% 11,256,805 10,595,316 25.2% 3,695,081 3,763,238 9.0% 710,633 710,635 1.7% 5,593,002 5,607,864 134% 16,856,388 16,290,572 38.8% $41,599,220 $42,003,345 100.0% $41,599,220 $42,003,345 - MorganStanley SmithBarney EFTA00284386

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USN College Marketing, Inc. Portfolio Details - December 31, 2011 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Bank of America - MMF 9/19/2008 Morgan Stanley - Money Mkt 12/31/2007 Total Cash 12/31/2007 Barclays Capital US Treasury Bills 1-3 Mths Index Municipal Securities McDonnell - Short Term Muni Bonds 8/21/2009 Morgan Stanley - Long Term Muni Bonds 6/9/2011 Morgan Stanley - Short Term Muni Bonds 5/31/2009 Total Municipal Securities 5/31/2009 Barclays Capital Muni 1-5 Yr Index Barclays Capital Muni Bond Index Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) 1/31/2009 Total Municipal/Corporate 1/31/2009 50%Barclays Credit 1-5 Y/ 50%Barclays Muni 1-5 Y Corporate Bonds Seix 1/31/2009 Total Corporate Bonds 1/31/2009 85%Barclays Credit /15%Barclays High Yield Global Bonds Templeton Global Bond Fund 5/25/2011 Total Global Bonds 5/25/2011 Hedge Funds -Direct CCA Absolute Return Muni Strategy, L-P. 6/30/2010 Total Hedge Funds -Direct 6/30/2010 1,850,000 506,368 100,742 $2,457,111 9,908,312 $9,908,312 2,428,138 $2,428,138 755,000 $755,000 5,000,000 $5,000,000 11/30/2011 Value 11,984 360,725 $372,709 2,497,324 515,427 101,851 $3,114,602 11,256,805 $11,256,805 3,695,081 $3,695,081 710,633 $710,633 5,593,002 $5,593,002 Net Cash 1,796,395 $1,796,395 -300,000 ($300,000) -700,000 ($700,000) December$ = 12/31/2011 Return Value 0 11,985 49 2,157,168 $49 $2,169,152 50,057 2,247,381 1,848 517,274 62 101,913 $51,966 $2,866,569 38,510 10,595,316 $38,510 $10,595,316 68,157 3,763,238 $68,157 $3,763,238 2 710,635 $2 $710,635 14,862 5,607,864 $14,862 $5,607,864 December YTD ITD* 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 45 Return Return Return 0.0% 0.0% 0.0% 0.2% 0.0% 0.1% 0.0% 01% 22% 5.8% 41% 04% 34% 01% 1.9% 2.5% 18% 5.1% 3.7% 0.7% 4.2% 3.7% 1.9% 10.7% 7.0% OA% 2.6% 3.3% 04% 26% 3.3% 0.6% 3.6% 5.1% 18% 2.9% 71% 18% 2.9% 71% 2.1% 7.9% 12.9% 0.0% 5.9% 0.0% 5.9% 03% 6.1% 8.0% 03% 6.1% 8.0% MorganStantey SmithBarney EFTA00284387

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USN College Marketing, Inc. Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December$ 12/31/2011 December YTD ITD* Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return’ Return Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, L-P_ 4/20/2010 1,010,455 992,247 - - 992,247 Quellos Co-Investment Fund II, LP. 9/8/2008 6,287,393 10,604,438 -614,873 - 9,989,565 Quellos Co-Investment Fund III, L.P. 10/24/2011 2,635,100 1,381,300 1,253,800 - 2,635,100 Quellos Co-Investment Fund, LP. [A] 6/5/2006 553,992 3,878,403 -1,204,743 - 2,673,660 Total Private Capital - Direct Partnerships 6/5/2006 $10,486,940 $16,856,388 ($565,816) - $16,290,572 Total Policy $31,035,500 $41,599,220 $230,579 $173,546 $42,003,345 Other Investment Assets Total Other Investment Assets - - Total Investment Assets $31,035,500 $41,599,220 $230,579 $173,546 $42,003,345 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanl i Seunearney EFTA00284388

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USN College Marketing, Inc. Endnotes- December 31, 2011 Reference Endnotes I'l Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. I"] Please note: The TWR calculations are Net of Fees. [A] Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 47 EFTA00284389

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MBZ Charitable Remainder Unitrust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Cash. Global Bonds 16% 20% Private Capital - Fund of Funds Hedge Funds -Direct @ Private Capital - Fund of Funds @Cash 0.3% an Global Bonds Municipal Securities O Hedge Funds -Direct Private Capital - Direct DS% a a Partnerships AIP Offshore Hedge Funds Muricipal Securities 27. 118% BAIP Offshore Hedge Funds @ Corporate Bonds u 6 f Bonds O Municipal/ Corporate yf rate rate anaeeroial ° aera en @ Private Capital - Direct Partnerships 1/30/2011 1ys12011 Actual Investment Assets Endnotes Cost Value Value Policy % Cash 109,707 2,381,808 1,871,233 1.6% Municipal Securities 10,665,197 19,247,039 12,125,424 10.6% Municipal / Corporate 19,892,932 26,460,630 24,932,916 21.8% Corporate Bonds 14,600,675 19,313,647 19,679,220 17.2% Global Bonds 2,425,000 2,282,497 2,283,924 2.0% AIP Offshore Hedge Funds 13,684,085 13,568,722 13,535,447 118% Hedge Funds -Direct 32,827,343 8,565,232 8,574,944 75% Private Capital - Fund of Funds 400,185 391,356 391,356 0.3% Private Capital - Direct Partnerships 20,048,989 34,650,310 30,934,154 27.1% Total Policy Assets $114,654,113 $126,861,240 $114,328,619 100.0% Boston Properties, Inc. (Closing Price: $99.60) - 50,540,813 52,776,944 - Total Investment Assets $14,654,113 $17,402,053 $167,105,564 : MorganStanley SmithBarney 48 EFTA00284390

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MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Cash Morgan Stanley - Money Mkt Operating Account MBZ CRUT (AIP) Total Cash Barclays Capital US Treasury Bills 1-3 Mths Index Municipal Securities McDonnell - Short Term Muni Bonds Morgan Stanley - Intermediate Term Muni Bonds Morgan Stanley - Long Term Muni Bonds Total Municipal Securities Barclays Capital Muni 1-5 Yr Index Barclays Capital Muni Bond Index Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Total Municipal/Corporate 50% Barclays Credit 1-5 Y/ 50%Barclays Muni 1-5 Y Corporate Bonds Seix Total Corporate Bonds 85%Barclays Credit/15%Barclays High Yield Global Bonds Templeton Global Bond Fund Total Global Bonds Inception Endnotes _ Date 12/31/2007 8/31/2010 12/31/2007 9/2/2009 7/25/2001 5/13/2011 7/25/2001 1/31/2009 1/31/2009 1/31/2009 1/31/2009 5/25/2011 5/25/2011 109,707 $109,707 6,595,854 3,945,310 124,033 $10,665,197 19,892,932 $19,892,932 14,600,675 $14,600,675 2,425,000 $2,425,000 11/30/2011 Value 1,905,408 476,399 $2,381,808 15,087,462 4,028,224 131,352 $19,247,039 26,460,630 $26,460,630 19,313,647 $19,313,647 2,282,497 $2,282,497 Net Cash Flow 3,931,510 $3,931,510 -7,500,000 ($7,500,000) -1,600,000 ($1,600,000) December $ Return ~4,442,085 1 ($4,442,084) 291,375 $4,024 2,987 $378,386 72,287 $72,287 365,573 $365,573 1,426 $1,426 12/31/2011 Value 1,394,833 476,400 $1,871,233 7,878,836 4,112,249 134,339 $12,125,424 24,932,916 $24,932,916 19,679,220 $19,679,220 2,283,924 $2,283,924 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. 49 December YTD ITD* Return Return Return 0.0% 0.2% 0.0% 0.0% 0.0% 0.2% 0.0% 0.1% 26% 5.8% 43% 21% 11.8% 63% 23% 83% 25% 6.5% 44% 0.7% 4.2% 4.7% 1.9% 10.7% 8.1% 0.3% 29% 3.8% 03% 2.9% 38% 0.6% 3.6% 5.1% 1.9% 2.7% 7.0% 1.9% 27% 7.0% 2.1% 7.9% 12.9% 01% 5.8% 01% 5.8% MorganStanley SmithBarney EFTA00284391

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MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) Dialectic Antithesis Partners (AIP) Double Black Diamond Class C (AIP) HBK Offshore Fund II Ltd. (AIP) Ivory Offshore Flagship Fund (AIP) Kaiser Trading Fund SPC Ltd. (AIP) Mariner Tricadia Credit Strat (AIP) Millenium Int'l Ltd - Class EE (AIP) MQ Asia Long Short Fd Offshore (AIP) OMG Opportunities Trading Fund (AIP) Owl Creek Overseas Fund (AIP) Oz Overseas Fund Ltd. (AIP) Pharo Macro Fund Ltd. (AIP) Seligman Tech Spectrum Fund (AIP) York Credit Opp Unit Trust (AIP) Total AIP Offshore Hedge Funds Hedge Funds -Direct AIP Custom HF Solutions Ascot Fund Limited Blackstone Offshore Fund II GS Investment Partners (Offshore) Total Hedge Funds -Direct Private Capital - Fund of Funds Quellos Financial Ventures II, (CRT), LP. Total Private Capital - Fund of Funds Inception Endnotes _—_ Date [B] 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 8/31/2010 6/9/2011 7/12/2006 1/7/2011 1/2/2008 7/12/2006 11/23/2004 11/23/2004 Cost 506,739 1,012,359 1,013,804 505,902 1,013,504 1,013,291 1,014,211 1,014,516 506,070 506,710 506,658 2,028,060 1,013,398 1,014,718 1,014,146 $13,684,085 4,705,731 25,000,000 2,277,517 844,095 $32,827,343 400,185 $400,185 11/30/2011 Value 480,576 1,011,753 1,020,535 568,300 1,006,316 940,908 1,042,367 1,153,127 584,679 488,669 29,827 2,080,902 966,463 1,150,775 1,043,525 $13,568,722 5,815,971 0 1,838,896 910,365 $8,565,232 391,356 $391,356 Net Cash Flow December $ -11,392 ($33,275) 9,713 $9,713 12/31/2011 Value 469,745 1,008,010 1,017,270 571,605 995,448 944,013 1,042,367 1,163,851 582,925 483,587 28,962 2,080,902 963,854 1,139,383 1,043,525 $13,535,447 5,815,971 0 1,838,896 920,077 $8,574,944 391,356 $391,356 December YTD ITD* 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. Return Return Return 23% 97% 5.5% AN 20.9% AS 43% -28% 03% 0.6% 75% 97% 11% AT% 13% 03% 68% 5.2% 0.0% 19% 2.1% 0.9% 7.2% 110% 03% 8.0% 11.3% -1.0% A3% 3.5% -2.9% -26.9% 194% 0.0% -19% 2.0% 3% BI% 3.7% -1.0% 13% 9.2% 0.0% 32% 2.2% 43% -14% 13% 0.0% 71A% 00% 00% 0.0% 13% 1.1% 4.6% 18% 01% 19.3% 10.7% MorganStanley SmithBarney EFTA00284392

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MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception Asset Class/Investment/Benchmark Endnotes Date Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 Quellos Co-Investment Fund II, LP. - CRT Series 11/25/2008 Quellos Co-Investment Fund III, L.P. 12/9/2011 Quellos Co-Investment Fund, LP. - CRT Series [Cc] 6/5/2006 Total Private Capital - Direct Partnerships 6/5/2006 Total Policy Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) 2/21/2001 Total Boston Properties, Inc. 2/21/2001 Other Investment Assets Total Other Investment Assets Total Investment Assets 4,754,629 7,020,915 2,289,000 5,984,445 $20,048,989 $114,654,113 $114,654,113 11/30/2011 Value 5,031,898 12,393,516 17,224,896 $34,650,310 $126,861,240 50,540,813 $50,540,813 $17,402,053 Net Cash -1,905,750 2,289,000 -4,099,406 ($3,716,156) ($8,884,647) -264,945 ($264,945) ($9,149,591) December $ Return ($3,647,974) 2,501,076 $2,501,076 ($1,146,898) 12/31/2011 Value 5,031,898 10,487,766 2,289,000 13,125,490 $30,934,154 $14,328,619 52,776,944 $52,776,944 $167,105,564 December YTD ITD* Return Return Return 0.6% 43% 5.0% 18.1% 14.8% 1) Please note: The performance returns for investments in Private Capital ~ Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. 51 MorganStant r9°SmithBarney EFTA00284393

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The MBZ Charitable Remainder Unitrust Endnotes- December 31, 2011 Reference Endnotes ‘1 Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. [*] Please note: The TWR calculations are Net of Fees. [A] _Inwestment represents assets owned by Z CAP Charitable Fund, LP. [B] The November 30, 2011 and December 31, 2011 values represent the September 30, 2011 capital account balance adjusted for contributions or distributions post valuation date. MorganStanl bs SmithBarney 52 EFTA00284394

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USN Charitable Remainder Unitrust Executive Summary - December 31, 2011 Investment Assets Cash Municipal Securities Corporate Bonds Global Bonds Total Policy Assets Total Investment Assets Actual Allocation % for Policy Assets Global Bonds 19% Cash 17% Municipal Securities Corporate Bonds 86.8% 775,000 6,861,239 180,000 $7,816,239 $7,816,239 11/30/2011 Value 156,011 1,077,886 7,712,398 169,422 $9,115,718 $9,115,718 Cash @ Municipal Securities O Corporate Bonds O Global Bonds 12/31/2011 Actual Value Policy % 150,440 1.7% 876,937 9.7% 7,853,054 86.8% 169,542 1.9% $9,049,974 100.0% $9,049,974 = MorganStanley SmithBarney EFTA00284395

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USN Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December$ 12/31/2011 December YTD ITD* Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return’ Return Cash Morgan Stanley - Money Mkt 12/31/2007 - 156,011 5,579 8 150,440 0.0% 0.2% Total Cash 12/31/2007 - $156,011 ($5,579) $8 $150,440 0.0% 0.2% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Muni Bonds 3/10/2010 775,000 1,077,886 -225,000 24,051 876,937 25% 6.3% 5.7% Total Municipal Securities 3/10/2010 $775,000 $1,077,886 ($225,000) $24,051 $876,937 25% 6.3% 5.7% Barclays Capital Muni 1-5 Yr Index 0.7% 4.2% Barclays Capital Muni Bond Index 1.9% 10.7% Corporate Bonds Seix 7/16/2009 6,861,239 7,712,398 - 140,656 7,853,054 18% 3.1% 48% Total Corporate Bonds 7/16/2009 $6,861,239 $7,712,398 = $140,656 $7,853,054 18% 3.1% 48% 85%Barclays Credit /15%Barclays High Yield 2.1% 7.9% Global Bonds Templeton Global Bond Fund 5/25/2011 169,422 - 120 169,542 0.1% 58% Total Global Bonds 5/25/2011 $169,422 - $120 $169,542 0.1% 5.8% Total Policy ($230,579) $164,834 18% 3.5% Other Investment Assets Total Other Investment Assets - - Total Investment Assets $7,816,239 $9,115,718 ($230,579) $164,834 $9,049,974 MorganStanley SmithBarney EFTA00284396

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The USN Charitable Remainder Unitrust Endnotes- December 31, 2011 Reference Endnotes I'l Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. i i | Please note: The TWR calculations are Net of Fees. MorganStanl bs SmithBarney 55 EFTA00284397

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MBZ 1992 News Trust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets 1/30/2011 Investment Assets Endnotes Cost Value Obligations To Related Parties - 38,100,000 Total Investment Assets ($38,100,000) 56 1731/2011 Value -38,100,000 ($38,100,000) Actual Policy % MorganStanl bs SmithBarney EFTA00284398

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MBZ 1992 News Trust Portfolio Details - December 31, 2011 Inception Asset Class/Investment/Benchmark Endnotes Date Obligations To Related Parties The Mortimer B. Zuckerman 1983 Family TR UAD 12-21- Total Obligations To Related Parties 9/30/2007 9/30/2007 Total Investment Assets Cost 11/30/2011 Value -38,100,000 ($38,100,000) ($38,100,000) 57 Net Cash December$ 12/31/2011 December YTD ITD* Flow Return Value Return Return Return - - -38,100,000 - - ($38,100,000) $0 - _ ($38,100,000) MorganStanl ST Smabarne) EFTA00284399

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MBZ 1992 News Trust Endnotes- December 31, 2011 Reference Endnotes I'l Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. [*] Please note: The TWR calculations are Net of Fees. MorganStanl bs SmithBarney EFTA00284400

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Date 1am yam Ayaan yan 1/3/2011 WHI 13/201 Wa 13/201 W¥2IL 1/7/20 1/7/20 Ya 1/10/2011 Yw/a qty yn/~ Aynzy201t Aynay20t yizy2t yizy2t yiz2 yuyu Yisy2n 1yis/2011 Yis/211 1yis/2011 Yum 1/26/2011 2/1 1/28/2011 Yaa 1/28/2011 Y2s/m 1/28/2011 1/28/2011 YIM wyw 21m wywu 21m yyw asym ‘Opening Balance Interest: New York Tax Free Bonds Interest: New Yurk Tax Free Bonds Interest: New York Tax Free Bonds Interest: New Yurk Tax Frew Bonds Interest: New York Tax Free Bonds USN Aviation Loan Payment 43566740 Daily News Letters of Credit Bank of Amurica an Revetving Liew of Crodit Interest & SWAP Payn [BR Ine.» Lazy 2 Yache ‘Csbank Revolving Line of Credit Daily News Loan Boerner S000-00000010(001, Lown #36(82250-1 $165,236.00 Swaps Payment of $330,458.53 Partial Repayment of Loan tu Pauline Gertler Rediomptice: New York Tax Fee Bonds Redempthoec New York Tax Pree Bonds Redimptice: New York Tax Fee Bonds Mangas Stanley Credit Partrers { Capital Call ) CVE European Equity Partners V ( Capital Cail } GS Capital Partners IIL LP. ( Disteibutions ) Daily News, LP. Concentration Account ( Moetimer 1. Zuckerman « (Contribration for DN Operating, Cash $2,025,000, Pension Payment $1,175,000, ATEX Project $550,000, Office Mowe $750,000) Bank of America Mortgage Payments Interest: Morgan Stanley fank NA Interest: Morgans Stanley Private Bank NA ‘Gesbanik Monthly Custodian Foe Interest: New York Tax Free Bons Interest: New Yurk Tax Free Bands Interest: New York Tax Free Bons Interest: New Yurk Tax Free Bands Waldoef Flight Service Interest: New York Tax Free Bands UNS Financial Services (2,950 Shares of Demand Meda ) Boston Properties 2008 OFP Units Dividend Boston Properties L- TIPS Devidendt Boston Propestion Common Stick Devidiead Boston Properties OFU Devidend: Boston Propestion Common Stock Devidiead Interest: Morgan: Stanley Bank N.A Interest: Morgan Stanley Private Bank NA. Morgan Stanley s 2088 A33 4 220.00 11,125.00 1000.00 (128,360.71) (19:362.92) 7832487 (56,123.0% (495,694.20) (27,000.00) 2084.00 00 1007 447 50 1108,9%6.00 00.00) (M9444. 00) (Q0,87 1.00 (4:300,2000.00) (280,163.72) 7808 16m 4.2000 (125,000.09 (30,150.00) 7,587.75 180,612.90 S23 469.96 SGI 478.100 24,061.00 or 1742 s LAT? 437.63 11,500.00 6200 US Government Ending i Balance - s 1354, 27107 1354052107 - 1355164607 13,566, n46807 - 13ST 13,584 39807 - 3AMIIS.36 19AdH ATLAS - 13058 347.55 13,022.204.46 - 12521539013 7 1249953013 1459603013 - 163147763 16,660433.60 - 16,654. 833.63 16,106,389.60 - 16,72h.26060 . 12.22%,26063 . 119605691 . 119661749 1.9664,191.10 . 11,963,41823, L9H 668.23 . 11,97616823, . L7H IMS.23 - 11,976,830.85, TLSS1S30.85 - AS41555 TLS. 265.85 - 1A 8S3.60 1997 466.10 - 12520,936.08, 15ST - 15,778.665.06 - 15,78 706800 IST FIS Balance as of January 3, 2011 Interest: Taxable Bonds Interest: New Yark Tax Frew Bonds USN Aviation Loan Payment #3566790 USN Aviation Loan Payment A(0260-0859.3 Interest: New York Tax Free Bonds Interest: New Yark Tax Frew Bonds $ 42750127 (112:338.76) (sala) synD.00, 4.75000 $s . $ ISFTRIIIOS 1578493040 - 15,790,930.40 1SBTRIIO6E - 1554477597 ISSMTTSIT - 1559 5258.97 MorganStanley SmithBarney EFTA00284401

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Date awymn 2y3y@i aye 29/1 2ylay20n 2yny20n 2nyam 2n/w 24/2 2a 2/15/2011 2y1s/2011 2/15/2011 2y1sy2011 2y 15/2011 2/16/2011 2/6/2011 217/211 2yngy/2011 2y1s/2011 2/22/2011 ym 2/25/2011 2/25/2011 2/25/2011 2/25/2011 2/25/2011 azn 3/20 azn 3/20 Ye 3/4/2011 37/2 3/8/2011 3/8/2011 3/8/2011 9/1 3/9/2011 wy RI 3/201 yn 3/4/2011 ‘Csgroup Veotare Capital Partners Asia EL LIP ( Capital Call Investor @ LP No 99) Bank of America Mortgage Payments Generation Capital Partners Il LP ( Capital Call ) ‘Giribarik Revolving Line af Ceedit/ Daily News Loan Borrower #OO)-OO0DOINCAT, Loan #36822501 $164,907 58 Swap Payment of $290,704.85 (Casbanik Monthly Custodian Foe ‘Court Square Capital Partners { Distribution } ‘QULK Private Capital 2002, LP ( Distsibustioes ) Daily News, Li”. Concentration Account ( Moetimer 18. Zuckerman » ‘Contribetion for DN Operating Cash $2.300,00, New Editorial ‘System (ATEX) $250,000, Office Mowe $750,000 ) Interest: Taxable fonds QUILK Coslewestnent Fund Il, LP ( Cagstal Call ) Interest: New Yark Tax Free Bonds Investment: New York Tax Free Bons Interest: New York Tax Frew Bonds Interest: New York Tax Free Bonds Investment: New Yark Tax Frew Bonds Interest: Taxatiie fonds Funds Transferred trom McDonnet Portiatio Non Deductabie Contribution: Otmwrt Dasense Fandl Funds Transferred trom McDonnet Portfolio Newbridge Andean Partners LP ( Distributice } US, News de World Repost ( Mortimer B. Zuckerman } Waldoef Flight Service Interest: Taxabi Bonds Interest: Taxable Bonds Lazy Z Yacht Operating Expense Interest: Morgan Stanley Bank N.A Interest: Morgan Stanley Private Bank NA. Balance as of February 28, 2001 USN Aviation Loan Payment #3566700 Interest: New York Tax Frew Bans Oni Inetitutional Money Market Interest: New York Tax Frew Bones Interest: New York Tax Pree Bonds: QCP Distribution Bank of America Loan Foe Funds Transferred trom Citi Portiotio (Gitbank Revolving Line af Cordit/ Daily News Loan Borrower #O00-(02009100001, Loan #3822501 $149,055.16 Swap Payment of $281,565.59 Hunk of America Mortgage Payments Interest: Taxatiie fonds QUILK Co-tewestment Fund, LP ( Destritvution ) Investment: New York Tax Free Bons ‘Gribarik Monthly Custodian Foe Tesla Muturs Inc Stock Recsivedd Redemptioec New York Tax Pree Bonds Morgan Citibank JP Mangan Deuteche Bank Goldman, US Treaeury US Government Ending Stanley Chase Sects & Co. Bills i Balance (16,646.38) 15.582,879.59 (250,677.70) - - - - : - 15.332,201.89 (914.0% 19325, 287.89 (455,612.44) 14.80,875.45 - (276938) : - - - - 14.866, 906.06 3,853.00 - : - - : - 14870,759.06 128,760 16.251,502.06 B300200.0 12.951, 902.06 : 22 12953004.50 14463,649.000) : 12,287,065.) - 2000.00 : : - 12.288,965.50 {9168,750100) 132.208.80 11,250.00 - : - - MRQA65.50 11.8000 TLS. 908.50 {971,250.00 - : - - : - w3TATISS0 : 740 WSTSATLM 2,000,000.00 - : - - : - 1237347420 (25,000.00) 1234847420 1,000,000,00 - - - - : : 134847420 24457000 TRS ¢2,000,000.00) - : - - : - 1259.04.20 (135,000.00) : 1245804.20 - 531250 : - - - - 12.463.35670 : 450009 12467 89670 (450,000 00) - - - - : - 127,856.70 M878 1201816548 3357 - : - - - - 12018,199.05 $ AS91567 LSS. $ s s s : $_1207819905 (1008511253) : TLSIILI86.52 - 6750.00 : - - - - 11,916,83652 : 3m : 11.916,84002 25,000.00 - - - - - - 11,941,84002 L875 : T9488 77 63,108.00 - : - - - - 12.006,917.77 {457,50.00) . USWATE TF 700,000.00 - - - - - - 1226841777 (aa e19.05) TLAWI9872 (259,735.92) - : - 11.5 8062.80 : Mons TL SSL E09.488 190,088.00 - - : - . - L7H 68 {106,861.11} : TASS 84657 : (273955) : - - : - 11.651,10698 . TLASL.1069% 15,000.00 - : - - - - 11.666,106.98 MorganStanley SmithBarney EFTA00284402

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Date 3/15/2011 31S/211 3/15/2011 ys 211 3/15/2011 yD 3/15/2011 sy1s/211 3/15/2011 3/2 3/6/2011 3/2 36/1 3/18/2011 3/24/2011 yusm yaw yaya Sy28y 2011 3/28/2011 Sy28/ 2011 3/28/2011 3/28/2011 329/211 3/29/2011 3/29/2011 3/29/2011 MYM SHY IIL 3/30/2011 3/30/2011 3/30/2011 3/30/2011 MY DI 3/31/2011 waz 3/31/2011 apo afm afm 4p1/201 4p1y201 Interest: New York Tax Free Bands Interest: New York Tax Free Bones Interest: New York Tax Free Benes Interest: New York Tax Free Bonds Redemption: New York Tax Pree Bonds Interest: New York Tax Pree Bons: Interest: New York Tax Frew Bands Interest: New York Tax Pree Bonds: Interest: New York Tax Frew Bones Interest: Taxable Bonds: Inturest: Taxable Bonds Parcial Payment of Lowes ty Carmen Robinsces Investment Procwds for Newbralge Andvan 4% Pastacpation ( Jaren Geetlue) Investment Proceeds tor Newbridge Andean 4% Paeticipatice ( Eric Gertler) Lazy Z Yacht Operating Expense Gliket Capital Invwtments I} Lid for Paenersip Gilot Capital Partners (Caymen), LP - Capital Call Investment: New Yurk Tax Free Bands Interest: Taxable Bonds: Hank of America Rvolving Line of Credit ‘Sold -5,000 Shares Tesla Motors Ine ‘Sold » 5,000 Shares Tesla Motors Inc Sold - 800 Shares Tesla Motors Ine ‘Sold » 5,000 Shares Tesla Motors Inc Waldeet Flight Service ‘Sold » 3.953 Shares Tesla Motors Inc ‘Sold - 4.200 Shares Tesla Motors Ine Investment: New York Tax Free Banc Fords Transferred from Chucking Act # 476-063665 Daily News, LP. Concentration Account ( Moetimer 18. Zuckerman » ‘Operating $1425.00), New Battoeial Systems $375,000, 4NYP Retincation $710,000 } Co#493 MBZ Printing Loan # 1222539299 ( Inperest ) MBZ Printing Loam #5014865 175,000,000 - Bank Of America on Revolving Line of Credit Interest & SWAP Payment Interest: Morgan Stanley Bank NA, Interest: Morgans Stanley Private Bank NA BR Inc.» Lazy Z Yacht Macla F. Prather ($87,500 Alimony de $20,000 Chad Support } Interest: Taxabi Bonds Balamce aes of March 31, 2011 USN Aviation Loan Payment ‘Gsbanik Revolving Line af Credit! Daily News Loan Borrower #O0-OD0DD1NCUT, Swap Payment af SS10S6L11, LC Fees $19,102.71 (OR Inetinational Mowey Market Interest: New York Tax Free Benes Interest: New York Tax Free Bands Morgan Stanley 25,000.00 9.75290) (200,000.00) (L000) (500,000.00) 500,000.00 17774 L774 1775.63 7M {125,000.09 9299135 98,972.00 (953,750.00) 1,500,000 00 (2.500000 104 (199,467 36) (457,075.80) (5230904) 145 DM (35,529.15) (107,500.00) 6750.00 328123 TaD an 1.21250 JP Morgen ‘Chase 61 Ending Balance 1872.85698 LST R569 7285698 UFA976L 12,098, 497.61 12.108, 997.61 12,130,997.61 121419761 12,138,635.11 T2142 936.6 12,143,87606 SLASH 13133893.25 13,126,10046 12.8246,10046 1277 R046 12.271,80046 112.272.890.002 14.772. 9000 14 NHL 2376 150 51.50 1S M7.13 151437487 1ST ST 15,111,70622 1S2MZ7BAZ 14225282 INFMNISA2 13.224528.32 13,086,860. 12,629,785.16 12,127,18612 12130657 1AZNAL 12,091 807.25 1198430725 1,987 369.76 1887 269.76 MASA PII 115379939 ILS 1534,976.40 154247640 MorganStanley SmithBarney EFTA00284403

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Megan (Citibank JP Margen ‘Deutsche Bank Goldman, US Treawury US Government Ending Date Stanley Chase Sacto de Co Bille Balance 4ny2 Interest: New York Tax Free Bands 719498 - - - - . - 1154957133 anon Interest: New York Tax Free ons 2.6222 - : - : : . 1158220385 any Interest: New York Tax Free Bands Tt - - - - . - 11580,15799 anyon Interest: New York Tax Free Bonds 2550.00 - : - : : : TLS A799 any Interest: New York Tax Frev Bonds 25,000.00 7 7 - - - : Mp3 86799 anyon Interest: New York Tax Free Bonds seyeun.00 - : - : : : TL663 057. 99 4/420 coat dino woketa te een ie me Wocnes 4409025 . . . . . - 16, 1065.983.24 afayon USN Aviation Loan Payment #3566700 (19.2804) : : - : : : 15.98672073 4/aj2001 LCs & Swap Collateral (2,000,900.005 - : - - - - 1498%,720.75 4/6/21 Generation Capital Partners LP ( Capital call} (6:28.00) : : : : : . 1498149975 4/s/2001 Bank of America Mortgage Payments 59.75.92) - : - - - - 147070859 yn Fond Riaceived from Bunk of America Revolving Line af Cowie 4000/0000 : : - : : . 17M. apy Lazy Z Operating Expense and Shipyard Expence (500,000.00) - : - : - - 18.220,708.59 wen fa emma amy ras Zateme sg ane 4yt4y201 Investment: New Yark Tax Free Bands (980,200.00) . . - . . . 15,340,608.89 4/15/2011 (Gitbark Monthly Custodian Fee - 7a - - - - - 15.337 87008 aisy2n1 Interest: Taxable fonds . 7 1AS3859614 4yi9/2011 Mongae Sankey Smith Barney Credit Partners ( Distribution ) 147,399.42 - - - - : - 15485 995.56 ayi9/201 peak rt aml fake a (2,000,200.00) - : - - : - 14,485, 995.56 4/21/2011 Court Square Capital Partners { Distribution } 9.51200 - - - - - : 14495507 56 4/2/21 Waaldoef Flight Service (125,000.00) : : : : - : 1asmsors6 4/26/2011 Mongae Stanley Smith Barney Credit Partners { Distribution } 3467481 - : - - - 7 14,406,18237 Daily News, LP. Concentzation Account Moetimes B. Zuchennses- 4/26/21 Operating Cash $1,000,000, Neve Ealitoral Systern ( ATEX ) 2100195 : : - : : . 12018237 ‘00000, 4 New York Plaza Relocation $710 000 ) 4/25/2011 fiank of Amexice Mortgage Payments (295,006.49) . . . - . . wa9Mnass97 4/25/21 Interest: Morgan Stanley Bank N.A. as1.28 - . - . : . rays 25 4/25/2011 Interest: Morgan Stanley Private Bank N.A 3356 - - - - . - ows7Ost 4/29/21 Beton Properties 2008 OFP Units Dividend 337200 - : - : : . TUNIS 4/29/2011 Benton Properties L.- TIPS Dividend 20928400 - - - - - - 1221633651 429/21 Beton Properties Common Stock Devidend mas - : - : : . 127877352 4/29/2011 ‘Benton: Propuetisn OU Dividnad 300,248.00 . . - - . . 177A 29/201 Beton Properties Common Stock Devidend Zao1.00 : : : : : : 199,174.52 Balance we of April 30, 2081 Ss _aamsem ss nssrar Ss - s - s - s - s - $15 995,17452 5/1/2011 Cas Inatiaticeal Mowwry Market - 463 - - - . - 15.995,1795 s/2n Interest: New York Tax Free Bonds 21,2000 - - - : : : 1414 429.15 sym Interest: New York Tax Free Bands 2.50000 - - - - - - 1601892915 spam Interest: New York Tax Free tons 1.10000 - : - : : : TMEV. 5/2/2001 Heartland Industrial partners LP ( Distribution } 406,956.00 7 7 - 7 - 7 16408, 985.15 s/2/201 USN Aviation Loan Payment #3568700 (n19315.78) : : - : : : 130 9.37 5/4/2001 USN Aviation Loses Payment (232,288.75) 7 7 - 7 - 7 16,175,400.61 5/6/21 Q.BLK Co trmwstment Fernd, LP Distribution ) 28.988.00 : : : : : : THAIZ35R61 ‘Crnbank Revolving Line of Credit Daily News Loan 5/6/21 Boerowver #OO-{ONMOOTINEA, Swap Payment af $313,243.06, (813,043.06) : . : : : . 112920085 Interest Payment af S00, LC Frac $8.00 5/14/2011 Valor Equity Partners If, Li?. ( Distribution } 106,736.00 - . . . . - 16.235,93655 5/13/2011 Casbank Monthly Custodian Fee . (274766) : - . : . 128518889 5/15/2011 Interest: New York Tax Free Bonds 2361.01 - - - . - - 16.235, 550.00 MorganStanle ° SmithBarney EFTA00284404

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Date 5/15/2011 S/15/2011 5/15/2011 sy 15/2011 5/6/2011 5/16/2011 5/6/2011 5/16/2011 5/06/2011 syiz/2n 5/18/2011 5/89/2011 5/25/2011 5/27/2011 5/27/2011 5/27/2011 sya 5/31/2011 6/1/20 of ofl 6/1/20 of 6/120 of 6/6/2011 6/o/2 6/8/2011 6/9/21 6/9/20 6/9/21 6/10/2011 6/1/2011 6/00/2011 6/4/21 6/14/2011 6/14/2011 6/15/2011 6/15/2011 6/15/2011 6/15/2011 6/15/2011 6/15/2011 Morgan Citibank JP Morgan Deutsche Bank Goldman, US Treasury US Government Ending ‘Stanbey Chae Sache & Co. Bille - Balance Interest: New York Tax Free Bends 7,500.00 - : - - . . 16.253,050.00 Interest: New York Tax Free Bonds 23,0000 . : 16,308 1150.00 Interest: New York Tax Free Bends 18,750.00 - - - - - - 16,325,800.00 Interest: New York Tax Free Bones 51.20.00 : . : 1637H ISO. Interest: New York Tax Frew Banc - 10,375.09 - - - - - 16,388 425.0 Interest: New York Tax Free Bonds 7500.00 . : : 16395250 Interest: New York Tax Frew Benes - 5250.00 - - - - - 16,401,175.00 Interest: Taxable Bonds 28 . : . 16 AD. 307 43 Interest: Tasabhy Bonds - BOE - - - - - 16,40401576 Marra Gahan ( Catt } 7500.00 . : 163M SIS 76 Lazy Z Operating Expense and Shipyard Expenee 400,000.00) 7 7 : . : : 153M S176 Daily News, LP. Concentration Account ( Moetimer 8. Zuckerman « ‘Operating Cash $1,754,000, Nive Editirial Systern ( ATEX ) (2.450,000.00) - - - - - - 13,446 515.76 $300,000, 4 New York Plaza Relocation $400,000 ) ‘Squase 26 Office Building LLC ( Final Distribution ) nme . . TRAD Funds Transferred to Checking Act # 476063685 ( ersceal Expense (250,000.00) - : - - - - 13219,44265 Interest: Morgan Seanley Bank NA. Ma19 . : : . . 13.219,988.84 Interest: Morgan Stanley Private Bank NA. BH - . - . . . 132m0778 Waldorf Flight Service {135,000.00 : . : : . . 138812778 Interest: Taxabiy Bonds - 2408.25 : - - - - 13,087 44.00 Balamce aoe of May 31, 2018 1AM 13255 s USA WAR s - $ - $ - s - $ - $ 13,087 44.03 ‘Citi netituticesal Moewy Market - 43 - - - - - 13,087 438.96 Funds Transfarrad trom Seix Porttolo 270900000 17S AIS ‘Chase capital Partners ( Distribution ) 65,087.00 TSSSZ ASS USN Aviation Loan Payment 443565790 (119,985.85) - - - - - - 1573255001 USN Aviation Loan Payment {132.061.17) . : : . . 15,000, 588.94 ‘Templeton Lobat Bond Investment (2.700,000.00) - - - - - - 12.900, 3884 Interest: New York Tax Free Bonds 35,625.00 . : : . : 12.934 A394 G5 Capital Parmers IEL LP. ( Distribution 44,095.00 - - - - - - 12.988,10894 Heartland Industrial Partners ( Distributions ) 353,482.00 . : : . . 13333-79098 (Gisbank Revolving Line of Covdit/ Daily News Loan Beeronver #000-(0000010(I01, Swap Payment af $405,316.67, (4516.87) - : - - - - 1302847427 Interest Payment of $0.01), LC Fees $9.00 Investment: New York Tax Free tons (512.293.8% . . : . . 12.516,180.38 Reckermptions New York Tax Frew Bonds mL - - - - - - 127 ATIAD Redempthoec New York Tax Pree Bonds ‘BWS29AZ : . : : . . 1300400131 Interest: Taxabtiy Bonds - 656.235 : - - : - 13,004,657 56 ‘Crank Monthly Custodian Fee . (275617) . . 13,001,901. Lazy Z Yacht Operating Expense (500,000.00) - : - - - - 1250190139 Fomdh Tranafiered to Checking Act # 476-083665 ( Persceal Expense £350,000109) . . 12.151,901.34 Legal and Audit Fees for dissolution o¢ Company (20,000.00 - : - - - - 12,131,901.39 Bank of America Mortgage Payments (29,735.92) : . : TLST2ASSAT Interest: New York Tax Free Benes - 7500.00 - - - - - MATa ASS AT Interest: New York Tax Free Bones 37300 TLSSS.S4047 Fords Received from Bank of America Rewolving Line of Credit 270000000 14.583. 54047 Funds Transfarrad trom MeDonnal Partial 1.200000 1SPSSSHAT Daly Sew LF. Comet Aes MestimesB. Zucharan qusoanon, renga? US, News & World Report ( Mortimer I Zuckerman } 4900,000.00) 13,083,34047 MorganStanley SmithBarney EFTA00284405

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Morgan Citibank JP Morgan Deuteche Bank Goldman, US Treaeury US Government Ending Date Stanley Chase Sache & Co. Bills Balance 6/15/2011 Interest: New York Tax Free Bends 22,995.00 - : - : : - 1310421547 15/200 Redempthoec New York Tax Pree Bonds #5,00000 : : : : : : TRAM,2ISAF a/15/2011 Interest: New York Tax Free Bends 2,125.00 - : - - - - 13,198 34047 e/1s/2001 Interest: New York Tax Free Bonds 2500000 : : : : : : 13218047 6/16/2011 Interest: Taxabily Bonds - 70025 - - - - - 13219,04072 6/17/20 Stacy Exnow, Persceal Banker | EB) (10,000.00) . . . : . . 13.2080072 6/22/2011 Newbridge Andean Partners LP ( Distribetion } 25,466.00 - - - - - - 13.237,50872 6/22/20 Generation Capital Partners Il LP ( Capital Call ) (21,708.00) : . : : . : 1321579872 6/22/2011 Walkout Flight Service (175,000.00) - - - - - - 1304079872 eam Redemptionc New York Tax Pree Bonds 1,101 362.90 : : : : : : 141421612 4/23/2011 Investment: New York Tax Frew Bands (2,200,476) - - - - - - 13,041,885.19 o/s Interest: Taxable Bonds: : 629000 . . - . . 1SMMF 973.19 6/27/2011 Ponds Transferred to Checking Act # 47082665 ( Personal Expense (250,000.00) - - - - - - 12790,975.19 6/27/20 Evercore Venture Partners LP ( Distribution } TOT : . : : : - 12,868,746) 6/29/2011 QUILK Co Investment Band, LI? Distribution } 580,061.00 - : - : : - 1344429790 6/29/2011 Interest: Morgan Stanley Bank NA. 2480 : : : : : - 13AAQOIZ70 6/29/2011 Interest: Morgan Stanley Private Bank NA. 6 - : - : : - 13,445,055.86 6/29/2001 Interest: Taxable fonds : 4470 . : : . . 13,451,.530.86 6/90/2011 Interest: Taxabi Bord - 1880 50 - - - : - 12458 208.36 oxy MBZ Printing Lowes @ 50014865 {A7LAS2NS) : . : : . - 12.981.965.59 6/30/2011 ‘$175,000,000 - Bank of America Revolving Line of Credit Interest (555,234.90) - : - - : - 1AM AIT oxy BR Ine. - Lazy 2 Yacht (4.287.146) : . . : . . 12.991. 899.47 6/30/2011 Marla F. Prativer (‘$47,500 Alimony de $20,000 Child Support } (107,500.00) - : - - : - 12.284,30947 6/30/2011 Investment Proceeds for Newbridge Andean ¢& Participation quae . . 7 7 7 . namwen 6/90/2011 Invests Pracnde for Newbridge Auinn 6 Preticipaticn (utes) . . - - - . 122206219 Balacice a of ure 30, 201% 3 HAST $I SME s - $ - $s - 5 - $ - $12282.062.19 7/1/20 (Cis Inotitaticnsl Moewy Market - Sat : - - : - 12.280,067.60 72m Interest: New York Tax Free tans : 11,500.00 . : : . : 12,295,567 44) 7/1/20 Interest: New Yurk Tax Free Bonds - 6250.00 : - - . - 1229981740 72 USN Aviation Loan Payment #3566700 (11200054) : . . . . . 12187 777.06 72 USN Avistinn Lows Payment (130,730.34) - : - - : - 12057 M672 72 Interest: New York Tax Free Hands 2575000 : . : : . : 128279672 7/1/20 Interest: New York Tax Frew Bonds 11,125.00 - : - - : - 12098,921.72 7/5/2001 Interest: Taxable fonds : sar 78 : : : . : 12097 409 7/5/20 Co #493 MBZ Printing Loom @ 1222339299 (142,616.73) - - - - - - U9546,85277 7/6/21 CVC Capital pectnors Avia Pacific I (Distritusion } 17,215.19 : : : : . . TANTRUM. 7/6/2001 Hank of America on Revatving tine of Create SWAP Payment (283,442.73) - : - : - - 11 7825.29 7/6/01 Redemptices New York Tax Feew Bonds 1s Az78 - - - - - - 12.808,(63.01 7/6/2001 Redempthex New York Tax Pree Bonds AGT ARI NO : . : : . . 13,846,941.) 7/6/21 Redemptice: New York Tax Frew Bonds 1606671.11 - - - - - - 1488361301 7/7/21 Func Transferred to Checking Act & 476-063665 ( Persceal Expense (150,000.00) : . : : . . 1a7OTROL 7/7/20 GS Private Equity Partners Il, LI°{ Distribution } (886,562.00 - : - : : - 1SAMLA7SOL 7/8/21 (Cortiied check for Muara Gabon (00.09) ° . . ° . ° ISA19. 575.01 7/8/20 ‘Certitied check for Muara Gahan (75.0 - : : - : - 15,419,500.01 7/sf3 Cortatied check for Muara Gabon aso ° . ad ° bd ° S419 30001 7/8/20 Certitied check for Muara Gaban (aan. - : - - : - IS AIR SS0.01 7/8/2001 Contified chuck for Muara Gaban (400.0%) : . : : . . 1SAIZ55001 7/8/2011 ‘Certitied check for Muara Gaban 2000 - - - - - - 1540835001 MorganStanley SmithBarney EFTA00284406

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Date 7/8/2011 7/s/2 7/8/20 2/12/2011 7/12/2011 72 7/15/2011 FAS INL 7/15/2011 FAISAL 7/18/21 7/18/2011 7/19/2011 79/11 7/19/2011 7/20/2011 7/20/21 7/20/2011 7/2 7/25/2011 725/I 3/26/2011 7/26/ I 7/28/2011 Ff 28/2 3/29/2011 7/292 3/29/2011 7/29/2011 3/29/2011 7/29/20 8/1/20 s/s 8/1/20 afm afa/2t s/s afa/2t s/s 8/5/2011 8/8/2011 B/10/2011 8/12/2011 8/12/2011 ay 1s2011 ‘Contitied chuck for Muara Gaban ‘Contitied chuck for Muara Gaban (Gisbank Revolving Line of Cordit/ Daily News Loan Borrower #OO0-OCOO1IKOU1, Swap Payment af SMM,704.17, Interest Mavment cf $0.04. LC Fees $0.00 ‘Court Squaze Capital Partzwre { Distribution ) Redkemptice: New York Tax Feew Bonds Funds Transforrad from MeDannall Partial Interest: New York Tax Free Benes Interest: New York Tax Free tons (Cabank Monthly Custodian Foe Daily News, LP. Concentration Account ( Moetimer 6. Zuckerman ) Fonds Received trom Bank of America Revolving Line of Credit Interest: Taxable Bonds Bank of America Mortgage Payments Redemption: New York Tax Fevw Bonds Redemption: New York Tax Pree Bonds Fonds Transferred to Checking Act # 476063685 ( Mersceal Expense Daily News, LE. Concentration Account { Moetimer B. Zuckerman NJ Sales tax on Gulfstream Lease Charges Wakdoef Flight Service Reckemptice: New York Tax Few Bonds Interest: New York Tax Free Bonds Interest: Taxabily Bonds Redemption: New York Tax Pree Bonds Interest: Morgan Stanley Bank NA. Interest: Mogan Seanley Private Bank NA. Boston Propestios 2008 OFP sits Dividend Boston Properties L = TIPS Dividend Boston Properties Common Stock Devideesd Boston Properties OPU Dividend Boston Propestios Common Stock Devidend Boston Properties Common Stock Dividend Balaece a of July 31, 201 (Cis Inotinaticnsll Morwy Market Interest: Taxable Bonds Interest: New Yark Tax Free Bonds US. News & World Report ( Mortimer & Zuckerman } USN Aviation Loan Puymume 43566740 USN Aviation Loan Payment Interest: New Yurk Tax Frew Bonds Masara Gahan - Galt Ponds Transfesred to Checking Act # 4708465 ( Personal Expense ‘Cisbarik Revolving Line af Ceedit/ Daily News Loan Boerenver S000-(0000010(001, Swap Payment af $317,297.92, Interest Payment of $0.00, LC Foxes $0.00 Patriceé Private investment Club It ( Distriterion } ‘Cinbanik Monthly Custodian Fee ‘Certitied check for Muara Gaban » caecelied Interest: Taxable Bonds Morgan Stanley ABD DY) (258.00) (6,704.17) 4,756.00 1408,333.33, 2,800,000 LAD 200.104 2,500,000 (812.07 04) 140035556 TAG 455.56 Fa1,000.0% 2.500,000.1005 (225,000.00) (90,000.09) 915,000.00 #850,000 00) (119,639.90) 3.27099) 50,000.00 000.0% 950,000.00) 317,297.92) 16,947.00 JP Margen Deutsche Bank Goldman, US Treasury US Government Ending Chase Sacks & Co. Bills Balance . . . - - 15,406470.01 TSA. S90 TIES. - - - : - 15,101, 641.84 - - - : - 1619417517 . : . . : TRONLTSAT - - - - - 18634.875.17 . : : . : 186%.59017 - - - - - 19A3S.RISSL : : : : : 172SSSISS1 : : : : : 19F3582881 197M5TSI2 : : - : : 19AZATLAG TATA . - . - - 217442220 . : : . . 18674AIZD 1839942220 . - - - - 1927442220 19.279.508.53 - - - - - 19.287 150.53 . : : . : Ds AO - - - - - mAs E26 . : : . : ‘B341.88652 - - - - - MAwSSR52 : : : : : BSW T8852 294,628.23 DAS) : - - : - 233681,15070 2288001 : - - : - 227988011 : : : : - Zamssor - - - : - 292,880.11 . . . - - 2.60058219 - - - - - 2452919 : - : : : meno9r13 - - . = - 2ses7213 AMms6S70 MorganStanley SmithBarney EFTA00284407

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Date R/15/2011 8/15/2011 R/15/2011 B/1S/2011 g/15/2011 8/16/2011 a/17/2011 8/25/2011 8/25/2011 8/25/2011 8/25/2011 8/29/2011 8/30/2011 8/30/2011 apm smu 9fyz am 9fayz s/s 9/z 9/6/2011 9/7/20 9/8/2011 9/8/2011 9/8/2011 9/9/2011 9/9/20 9/9/2011 op o/s 201 oyt4y20 oy taszout oss B/AS/ 2011 9/15/2011 Bf AS/ 2011 9/15/2011 9/15/2011 9/16/2011 9/16/2011 ae 9/22/21 9/22/2011 9/22/2011 US Government Ending Morgan Stanley ‘Contitied chock for Muara Gaban - cameulBocl 15000 ‘Contitied chock for Muara Gaban - cameulBocl 40000 Interest: New York Tax Free Bends 11,250.00 Interest: New York Tax Free Bonds 11,400.00 Lazy Z Yacht Operating Expense and Shipyard (500,000.00) Interest: Taxable Bonds . Daily News, LP. Concentration Account ( Moctimer B. Zuckerman ) 2,000,000.00) Interest: Taxable Bonds . Interest: Tasabily Borde - Patrice Private Irvwemment Chub Il { Disteibvation } 7496.00 Waldorf Flight Service {100,000.15 Redemption: New York Tax Pree Bonds 15,000.00 Interest: Morgan Stanley Bank NA. 1452.66 Interest: Morgan Stanley Private Bank NA MB Balance as of Augest 31,2011 $ sali si033 (Cis Inotinaticnal Moewy Market - (Cs Inetinational Money Market Interest: New York Tax Frew Bends - QPC 240 Matar ( Distribution } 4.74000 USN Aviation Loses Payment 4435665740 (119,152.75) Redemptioec New York Tax Pree Bonds 73,000.00 Interest: New York Tax Free Bens 1,968.75 Fond Transfeered to Checking Act # 476-063665 ( Perscel Expense 430,000,100) Bank of America Mortgage Payments (294,664.92) GS Private Equity Partners Il ( DXstribvatice ) 85,049.25 ‘Cisbank Revolving Line of Cerdit/ Daily News Loan Beerower S0000X00010K0001, Swap Payment of $315,592.06, (315,592.06) Interest Payment of $0.00), LC Fees $0.00 Reckemptioe: New York Tax Few Bonds 2.219,206.87 ‘Crsbank Monthly Custodian Fee ° QC E [ Distribsation } 343,433.00 US. News & World Report ( Mortimer {8 Zuckerman } 16280,000 100) Fords Transferred to Checking Act # 476063665 ( Persceal Expense (00,000.00) Greyernft Massagers IE Escrow { Mortimer B, Zuckerman - investor - _ ’ (150,000,100) Wire Retumed by Greycroft Managers It Escrow ( Mortimer B. rsaemns0 ‘Zuckerman - Investor - Jeet Inoeallment } Daily News, LP. Concentration Account ( Moetimer B. Zuckerman ) (2.074.285 .00) Interest: New York Tax Free tans : Draw from fank of Ameria om Revolving line of Credit 6.252,061.00 Dally News, LP. Concentration Account ( Moetimer 18. Zuckerman (62520041. 00) Interest: New York Tax Frew Bens 64083 Interest: New York Tax Free Bands 7.20000 Interest: New York Tax Frew Bands 125875 Interest: Taxable Bonds Interest: Taxable fonds reve Managers It crow { Matimer Zuckerman » hnvwestor qs00009 Investment: New York Tax Free Bones {104,200.00 ‘Certitied Check Voided 6,400.00 ‘Contitied Chuck Voudied 3.20000 $M a72 72757 17 6750.00 3.28123 ward ‘D951 68848 . DANO . ‘BL 158. 987 31 DH 636% - 1329.44.50 - 254825117 2M5761.15 - DAG INAS mass - AIMS 270819415 - AIMS . ,684,908.15 . ‘691,699.15 . 943.0015 : DH91.699.15 . ‘B62 299.78 . DAV A9O7H - DW FS853 DI TOLIDOTH DITION - MISSES aN - B1A56904.50 - my4s0,104.50 MorganStanley SmithBarney EFTA00284408

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Date 9/22/2011 9/22/21 9/23/2011 9/26/2011 9/26/2011 9/29/2001 9/29/2011 9/3/11 9/30/2011 9/30/2011 9/30/2011 9/30/2011 9/30/2011 9/3 wos1s20u1 w/a wisn w/w 1/1/2011 wys1j21 ws1s20u w/y20n 1/3/2011 w/s/211 wy3y201 w/3/M 1/3/2011 was 10/5/2011 10/s/2011 10/6/2011 1/7/2011 ayta/201t aoytay2011 10/14/2011 w/M/20n1 10/17/2011 10/19/2011 10/20/2011 1/20/3011 10/20/2011 w/2/2 10/24/2011 1/24/2011 10/24/2011 1/28/2011 Certified Chuck Veadiod Cortiied Chuck Veadiod Daily News, LP. Concentration Account ( Moetimer B. Zuchermaes ) Interest: Taxable fonds Morgan Stanley Smith Barney Credit Partners ( Capital call }) Interest: Morgan Stanley Bank NA. Interest: Morgan Stanley Private Bank NA. Interest: Taxable Bonds: 173000000 » Quarterly Banik o¢ America Revotving Line of Crectit Interest Daily News, LP. Concentrasion Account ( Moetimer B. Zuckerman ) Co #493 MBZ Printing Loan 1222339-209 BR Ine. - Lazy Z Yacht MIBZ Printing Loan #0014865. USN Aviation Loan Payment Balance a of September 30, 2001 Interest: New Yurk Tax Free Bonds Interest: New York Tax Free Bonds Interest: New Yurk Tax Frew Bonds Interest: New York Tax Free Bonds Interest: New Yurk Tax Frew Bonds Interest: New York Tax Free Bonds Interest: New Yark Tax Free Bonds (Cs Inetinational Money Market (Cis Inotinaticesl Morwy Market Interest: New York Tax Free thands Interest: New Yurk Tax Free Bonds Bank of Amurica an Revatving Liw of Crodit SWAP payment #5001 USN Aviation Loos Payment M41566790 Gift to Maura Gaban Lazy Z Yacht Operating Expense aed Shipyard Bank of Amurica Mortgage Payments ‘QUILK Financial Ventures Il, LP { Distribution } CVC European Equity Partners V ( Capital Call - Europe Esterpeise Ponds Transferred to Checking Act # 476(84065 ( Persoeal Expense (Gisbank Revolving Linw of Condit! Daily News Loan Boerner S000-(0000010(001, Swap Payment af $334,033.33, Interest Payment cf $0.00, LLC Fin $0.00 Masia F. Prather ($87.00 Alimony & $20,000 Child Suppost } ‘Cribank Monthly Custodian Fee Interest: Taxabi Bord Fruruhs Received from Bank of Amwrica Revedving Liew of Crit ‘Court Square Capital Parmers ( Distribution } Purcbaow of Hicene { "Nate" } Daily News, LP. Concentration Account ( Mostimer B. Zuckerman ) Frunais Transferred to Checking Act # 476-063665 ( Persceal Expense Funds Transferred trom McDonnet Portiatio QUILK Co Inwestementt Fanad EL LP ( Capital Call } QUILK Co Investment Pond Ell, LI (Capital Cait) Monga Stanley Smith Harney Credit Pastnees ( Capital call }) Morgan Stanley 2,880.00 200 (2.500,900.00) (234,906.00) Mua 10.7% (580,748.94) (1.200,000.005 (135,291.49 (3946.05) (73,802.06) (031.272.03) 4 ART STZ 1226.21 (28317 54) (121,458.55) OUD (500,000.00) (295.02) 40) 356,606.00 (354,968.20) (200,000.00) 934,033.23) (107,500.00) Tae D0 3719.00 (130,000.00) (2,800,000.00) (400,000.00) 2.500,000.00 (998,209.00) (241,738.00) (209,290.00) (2471.06) 5470 JP Mangas Chae 67 US Treaeury US Government Ending Bills Balance m1a462, 984.50 : : mae 8M. - - 19,985, 864.50 18967, 164.50 - - 18732.259.50 IRTIDOTRID - - IA 732A te WIM At - : 1RASA9IT72 169499772 - - 1631874623 1678480018 - - 16.310,998.12 1617972608 7 $ - $§_1,179,726.00 . 7 16,188,463.50 271871 . - 16.MBSIK7L W62KSISTL . - 16.236,.80871 16,261,81871 . - 16.311,.81871 163182561 - - 16.31.8311 W3ZMMSOL . - 163MSA5.61 1OM2 22800 . - 15,920,560.52 . . 1929.52 . - 1542006952 1SADMS.12 . - 1548164912 . . TRIAZ 683.92 : - 14.942. p8 92 - - 14,608 65059 - - 1450115059 146A 67.53 - - 14493429 293M - - 16 AMG 29 162003. - - 1440015323 TAKOLOS.23 : - Jo S063. 29 . . 155M 8OM.23 . - 13,6980071.23 LABIA MorganStanley SmithBarney EFTA00284409

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Morgan Citibank FP Margen Deuteche Bank Goldman, US Treasury US Government Ending Date Stanley Chase Sache & Co. Bills is Balance 10/28/2011 Interest: Morgans Stantey Bank N.A 1408 - : - - : - AB RSL 1/28/2011 Interest: Morgans Stantey Private Bank NA om : : : : : : TRATES 10/31/2011 Boston Properties 2008 OFP Units Dividend 3065.00 - : - - : - 13,42K, 960.06 my31/21 Boston Properties L~ TIPS Devidendt 197,061.00 : : : : : - TR62KUZL A 10/31/2011 Boston Propestion Common Stock Devideead 3504.75 - - - - - - 14147 815.81 mys Boston Properties OFU Devidend 2.9864.271.00 : : : : : - 1713188651 ay34/ 2011 Boston Propestios Common Stock Deviderad 24,051.00 - : - - : - 1735550781 Balance a of Qetober 31, 2001 S$ SA4973A2 SOR - $ - $ - 5 - $ - $1735 9a781 nyay20u (Cis Inotinaticesll Morwy Market - 775 - - - - : 17355556 nym C8 Inetinational Mosey Market : m3 : : : : - 17assz08 nym USN Aviation Loan Payment {13242710} : . : : . . ams nya USN Aviation Loses Payment A43566740 (10842453) - : - - - - 17114101.06 ny1j2 Interest: New York Tax Free Bonds 21,2000 : : : : : - IPAM uy1y2onn Interest: New York Tax Frew Bands 2.50000 - : - : - - 17,137,851.06 nim Interest: New York Tax Free Bonds 1.10000 : : : : : - 171395.06 ny/sy2 Lazy Z Yacht Operating Expense aed Shipyard 45400,000.100) : : : : : - 16,638.951.06 my/4s201L Maura Gahan 00.0%) . 7 . ° : . 166 ASL 1/2011 Valor Equity pactnoes Il, LP. { Distribution ) 93,863.00 - : - - - - 16737 314.06 ‘Catbank Revolving Line af Condit Daily News Loan nys/2 Borrower OOOCOXOO1NCANT, Swap Payment af $282,008.54, (22.0086) : . . - . : 16ASS 208.50 Interest Payment of $0.01 LC Fees $0.00 Uys 201 Hank of America Mortgage Payments (295,008.40), - : - - : - 16,160,179.10 a1yu4/2011 Interest: Taxabiy Borde - 211285 : - - : - 1616229195 nyM/2 ‘Obonk Monthly Custodian Fee : (arss7) . : : : : 16.19.1808 14/25/2011 Interest: New York Tax Frew Bands - 10375.00 : - - : - 16,A7UA9R.08 ny 1s/2011 Interest: New York Tax Free Bonds : 7500.00 : : : : - 161778 a4yasy2011 Interest: New York Tax Frew Bands - 525000 - - - - - 16,182,943.08 ny 15/2011 Interest: New York Tax Free Bonds 47,50000 : 162A ny 15/2011 Interest: New York Tax Frew Bands 25,000.00 - - - - - - 16255 43.08 ny 1/2001 Interest: New York Tax Free Bones 1873000 : : : : : - 1627419818 nyis/2011 Interest: New York Tax Frew Bands 12,5000 - - - - - - 16.286 598.08 ny/1s/2001 Interest: New York Tax Free Bons 22000 : : : : : - 16.298, 945.008 ny5/2011 Interest: New York Tax Frew Bonds 51,250.00 - : - - - - 16,340,193.08 11/t6/201 Interest: Taxable Bonds : a7 : : : : - 1634,89845 11/16/2011 Funds Transferred to Checking Act # 47082665 ( Personal Expense (600,000.00) - : - : : - 15,740,838.45 nyi7/2o Morgan Sankey Credit Partners { Capital call } (438.220.00) : . : : . . 15,901, 60845 21/18/2011 ‘The PMVP fl Liquidating Trust { Distribution ) 7A - : - : : - 15,308,609.66 ny22n Partial Repayment of Loam to Pauline Gertler {4001,000,00) : . : : . . 14.908,099.66 14/22/2011 Lazy Z Yacht Operating Experow aed Shipyard (500,000.00) - : - : : - 14,408,609.66 niy22/2011 USN Aviation Loan Payment (131,728.45) : . . : . : 14274971.21 11/23/2011 Morgan Stanley Condit Partowrs { Distribution } 395485 - - - - : - 14336,286.06 11/29/2011 Interest: Morgan Stanley Bank NA. 10.38 : . : : . . 1434 AMAL 11/29/2011 Interest: Morgan Stanley Private Bank NLA. 1074 - : - - : - 14336497.15 ny3yoL Interest: Taxable fonds : 240625 : : : : : 14.38.843.40 Baleerce as of Noworber 30, 2001 S$ 2s04M8S TTS - $ - $ - 5 - $ - S$ SIR S40 yy ‘Citi Inatituticeal Moewy Market - mS : - - : - 14338, 869.55 22y/1/ ‘Ci Institutional Money Market : sa . : : : - 1ASIRATROL MorganStanley SmithBarney EFTA00284410

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Rw 12/1/11 yyw 12/2/21 ys/2 12/6/2011 wy7/2uL 1Bys/2011 12/9/21 Rye 12/9/21 yy 12 yaya 1211 aay1ay2011 121 yaya 12131 wyay20 Iya yaya 12/1331 yaya yaya 121 Bray 1B naysy20t 1B 1ayisy2011 1M 1ayi3y2011 1B 1ay13y201 aya 1213/2011 Ryan any15/2011 12/15/2011 12/15/2011 12/1/2011 1ayisy2011 12/15/2011 12/16/2011 12/1/2011 12/19/2011 12/19/2011 2/20/2011 Interest: New Yuri Tax Free Bands USN Aviation LLC (Laan Payment } Interest: New Yark Tax Free Bands Bank of America Mortgage Payments Waldoet Flight Service Lazy Z Operating, de Sbipryand Expereee Interest: Taxabiy Bonds ‘Cisbanik Revolving Line of Credit Daily News Loan Borrower #O00-OO0DOINCANT, Swap Payment af $282.08 5, Interest Payment af $0.00, LC Fen $0.00 ‘Cisbank Monthly Custodian Fee Fonds Transferred from Personal Checking Account (Acct#0 63665) QBlk Cotretment Fund IL, LP - Capital Call Purads Transferred to Letter of Credit Acoommt (Acct@(eeaits) Fund Transfiered to Checking Act # 476063665 ( Persceal Expense QBLK Co. tnyvestenent Fund, LI Distribution 1,000,000 Bonds Tranéermvd to Letter af Condit Account (Acct #08645 477,000 Bonds Tranederred to Letter of Credit Account (Acct#OS6488 511,000 Bonds Trarsdervd te Letter of Credit Account (Acct #086488 $0,000 Bonds Transferred to Letter of Credit Account (Acct# (86488), 200,000 Bonds Transderm te Letter of Credit Account (Acct #086488 2000000 Bonds Transferred to Letter of Credit Account (Acct#0S64s 1,200,000 Bonds Traméernvd to Letter af Condit Account (Acct #08645 1,000,000 Bonds Traneterred to Letter of Credit Account (Acct¥OS648 751,000 Bonds Trarséernvd to Letter of Credit Account (Acct #086488 501,000 Bonds Tranederred to Letter of Credit Account (Acct#OS6488 100,000 Bonds Tramséerred to Letter of Credit Account (Acct#08488 100,000 Bonds Trarséerred to Letter of Credit Account (Acct#085488 55,000 Bonds Transferred to Letter of Credit Account (Acct (6488) 1,000,000 Bonds Trarséerred to Letter of Cerdit Account (Acct#08645 20011,000 Bonds Transderred to Letter af Credit Account (Acct OS64s 2,000,000 Bonds Transdersvd to Letter af Condit Account (Acct 0845 1421.00 Bonds Transéemed to Letter af Credit Account (Acct#OS648 1,061,000 Bonds Traméerrvd to Letter af Condit Account (Acct #08645 25,000 Hons Transferred to Letter of Credit Account (Acct#(R648S) 500,000 Bonds Traréerrvd to Letter of Credit Account (Acct#08488 501,000 Bonds Tranederred to Letter of Credit Account (Acct#OS6488 445,000 Bonds Traréerevd to Letter af Credit Account (Acct#086458, 451,000 Bonds Tranederred to Letter of Credit Account (Acct 086488 80,000 Bonds Transfvered to Letter of Credit Account (Acct@(B6438) Interest: New York Tax Free Benet Interest: New York Tax Free Bonds Purads Transferred from MIKZ CRUT Act# 476 (61989 to cover quarterty distribations for the Second Quarter af 2011 Funds Transferred trom McDonnell Portiato US, News & World Report (Mortimer B. Zuckerman } Fam Transferred to Doubline Investment Interest: Taxable Bonds QLBLK Co, fewentment Fund If, LP- Distribution ‘Chase Capral Partners (Distribution) Daily News, LP. Concentzation Account ( Moetimer B. Zuchermars - ‘Operating: Cah $1,750,000) CVE Capital Partners Asia Pacific | » Distribution Hi 700,000.00 APLISSI 2,000,000.) (50,000.00) 787,718.00 1A, 79000 19,961.00 (LTO 15,609.37 4600.00 281250 (2699.01) 3875.00 7500.09 619.80 US Government Ending Balance - 144347501 : 1425S. - 14.2te462.04 : 13STLABS - I3A51 AIS 68 : 133SLAIS - 135424814 . 14052 37RI4 : 13,049,743 - SUM 7H13 : 18377.981.13 - 157,981.13 15,027,981.13 - 15,815,890.13 15,815,899.13 - 15,815,890.13 15,815,899.13 - 15.815,890.13 : 15.815,899.13 - 15.8915,899.13 . 15,815,899.13 : 15,815,890.13 . 15.815,899.13 : 15,815,890.13 : 15.815,890.13 . 15.815,899.13 : 15.815,890.13 . 15.815,899.13 . 15.815,890.13 . 15.815,899.13 . 15.815,890.13 . 15.815,899.13 . 15.815,890.13 . 15.815,899.13 - 15.815,890.13 - 1815,899.13 - 15.815,890.13 : 1815,999.13 - 1581957413 ISSZ AAAS . 289,397.38 . LTT . 2360,397.38 19808. 997-38 - 198707 38 . ASOT - Bg T4818 191 748.18 - 19.87 5S MorganStanley SmithBarney EFTA00284411

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Date 12/20/2011 1ay22y 20 12/22/2011 92/22/2011 12/27/IU 12/29/2011 12/29/21 12/29/2011 42/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 Heartland Industrial Partners LP - Distribmation Daily Newes, LP. Concentration Account ( Moetimer B. Zuckerman - BA $2,000,000) Lazy Z Operating de Shipyard Experow Waktoet Plight Service Interest: Taxable Bonds Interest: Taxabiiy Bord Interest: Morgan Seanley Bank NA. Interest: Morgan Stanley Private Bank NA Fonds Transferred from MISZ CRUT Act# 476 (6199 to cover quarterly distritetions for the Third Quarter of 2001 Ponds Transferred from MISZ CRUT Act# 47% (619% to cover quarterly distributions for the Fourth Quarter of 2011 MBZ Printing Loves ASOOL4855 Marla F. Prather » $47,500 Alimony & $20,000 Child Support ‘Co #493 MBZ Printing Lowe #1222338.299 - Intereat USN Aviation LLC» Loan Payment Balance a of December 31, 2011 * MBZ Morgan Stanley Cash Account Activity includes Accounts 060652 & 086488 * Citibank Value Inclusive of Fixed Income Securities and Cash Morgan Citibank JP Morgan Deuteche Bank Goldman, US Treasury US Government Ending Stanley Chase Sacks & Co. Bills js Balance 175,916.00 - - - - - I9AS6HIRSS 2,000,000.00) - - - - TWATRSLSS (750,000.00) 16,606,613.55 (90,000.00) - - 165161355 : 620000 16.522.908.55 . 6A7S00 - 16,529.37855 1A 16.529,600.16 1346 - - - 16,529,405.60 4442.33.25 - DOST1 MRSS 448,323.25 - - - : - Baez7210 (463.4588 99) . - SNLSTR20 (107,500.00) - - - ‘AMS SIRD (140,202.45) : . . RIND (133,088.00) - - - - MSTMRZ7S $ 12,315 382 93 $s U764, 199.77 s - s - $ - $ 2 SMMODTS MorganStanley SmithBarney EFTA00284412

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The MBZ 1996 Trust (GST Exempt ‘The MBZ 1996 Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bask US Treasry US Government Ending Date Description ‘Stanley ‘Chase Bills Agencies Balance 11st Opening Balce s 67.344.66 $ * $ . $ : $ . $ 67,344.66 ayayamit Interest: New York Tax Free Bonds 13,125.00 - - - - 406066 yim Interest: New York Tax Pree Bonds 15,000.00 - - - - BAI 6 ayay2mit Interest: New York Tax Free Bonds 14,905.00 - - - 7 1109446 1/13/21 Redemption: New York Tax Free Bonds 413,565.33 - - - - 52,759.99 a/mm Dnvestmwnt: New York Tax Free Bonds: (495,355.00) - - - - Poh hed 1y15/2mt Interest: New York Tax Free Bonds 3250.00 - - - - 1M 1/24/21 VSS Communications Partners [V, LP ( Distribution ) 59,355.00 - - - - 259 Yam Interest: Morgan Standey Private Bank NA. Mi - - - - 92,554.10 Balance as of January 31, 2001 $s 25510 - 3 - $ : 3 - $ 92.554.10 sso 2ytymit Interest: New York Tax Free Bonds 5,000.00 - - - . 7554.10 aytyait Interest: New York Tax Free Bonds 6250.0 - - - - 100,804.10 arya Interest: New York Tax Free Boods 15,0000 - . - - 118,804.10 2yuy2mt Q.BLK Private Capital 2002, LP ( Distribution ) 168,401.00 - . - . 227,305.10 2ytayamt Redemption: New York Tax Frve Bonds 214,077.00 . . . - 4928210 2ytsy2mt Q.BLK Co- Investment Fund U1, LP ( Capital Call ) (39.391.00) - . - . 41,892.10 y25/mit Newbridge Andean Partowrs LP ( Distribution ) 8966.00 - - - - 5083810 y25/mit Interest: Morgan Stanley Private Banik NLA. 1443 - - - - 5087273 Balance as.of Rebraary 28, 2011 3 5087273 S$ - 3 - $ - 3 - 3 5087273 ST 3/9 Q.BLK Co-Investment Fund, LP { Distribution } 397,082.00 - - - . 7954.73 3/30/2011 Interost: Morgan Stanley Bark NA. MA - - - - 447,986.17 3/30/2011 Interest: Morgan Stanley Private Bank NLA. B36 : : : : 448,009.53, Balance as.of March 31, 2011 s 438,00953 Ss. - $ - $ - $ - s 488,009.53 42m Investment proceeds for Newbridge Andean 4°% Participation ( Eric Gertler } (B5S64) - - - - 17 650.59 4/fl/2m1 Investment proceeds for Newbridge Andean 4° Participation ( James Gertler ) (B58.64) - - - - M722 4/1/20 Interest: New York Tax Free Bands 21.50.00 - - : - 468,542.25 4am Interest New York Tax Free Bonds T5618 - - - - 476.3843 42m Interest: New York Tax Free Bonds 15,888.59 - - - - 492,127.32 apisamt Interest: New York Tax Free Bonds 9,900.56 - - - - OST SS aja Interest: New York Tax Free Bonds 2,500.00 - - - - 504,557 58 4fljmm Interest: New York Tax Free Bonds 3475.00 - - - - 82S 4/13/2011 Redemption: New York Tax Free Bonds 1,(03,452.43 : : - - LS4L 88531 4/15/2011 Investment: New York Tax Free Bonds (1.000,000.00), - - - - LASS 4/28/2011 Interest: Morgan Stanley Bank NA. 2 - - - - MLA 4/28/2011 Interest: Morgan Stanley Private Bank NLA. 38 - - - - 542,015.91 Balance as of April 30, 2011 542,015.91 s - - - - s 5a2.015.91 5/1/2011 Interest: New York Tax Free Bonds 5,786.46 : - : : SA7A02.37 5/6/21 QBLK Co Investment Fund, LP ( Distribution } 88,581.00 - . - - 1,136,383.37 5/15/2011 Interest: New York Tax Free Bonds 109722 : - : - 114725559 71 EFTA00284413

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The MBZ 1996 Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Morgan JP Morgan. Deutsche Bask US Treasry US Government Ending Date Description ‘Stanley Chase Bills Agencies Balance 5/15/2011 Interest: New York Tax Free Bonds 36,093.75 - - - - 11S A494 5sya7/mit Interest: Mongan Stanley Bank NLA. 12.48 - - - - 1183,56145 syz/m1 Interest: Morgan Stankey Private Bank N_A. 93 - - - - 1.183400 38 Balance as af May 31, 201 38S s 1,183,600.38 6f1s2it Funds Transterred from See Portola 1,225,000 - - - - 2408 600.38 6f1s2it Interest: New York Tax Free Bonds BN7D - - - - 216,78 6/2/21 Templeton Lobal Bond Investment (1,.225,000.00) - - - - 119,937.58 6/9/21 Investment: New York Tax Free Bonds (1604587.78) - - - - 167,350.10 6/9/2mit Redemption: New York Tax Free Bonds 1,050,553.33 - - - - 1,217,08.43 6/15/2011 Interest: New York Tax Free Bonds 5,730.00 - - - - 1,223,683 43 6/15/2011 Redemption: New York Tax Free Bonds 20,000.00 - - - - 1,243,683 43 6/15/2011 Interest: New York Tax Free Bonds 0.00 - - - - 1.244,153.43 6/2/m Redemption: New York Tax Free Bonds SSO 79.58 - - - - 174,239.01 6/212 Investment: New York Tax Frev Hoods (552.376.93) - - - - 1,241,856.08 6mm Newbridge Andean Partewes LP ( Distritvation } 10.0) - - - - 1.212,900.08 6/27/2mt Seraol Infrastructure Fund LC, LP. ( Capital Calf ) (37.500.00) - - - - 1.5 A008 6/29/21 Q.BLK Co Investment Fund, LP ( Distribution ) 1.278 923.00 - - - - 484,323.08 6/29/21 Interest: Morgan Stanioy Bank NA. 174.72 - - - - LARAAIT AD 6/29/21 Interest: Morgan Stanley Private Banik NLA. 4431 - - - - 248454211 Investment Proceeds for Newbridge Andean 4% Participation 6/30/2011 (Enec , (31.76) - . - . 2,484,50035 Investment Proceeds for Newbridge Andean 4° Participation 6/30/21 ( Genter ) (41.76) - - - - 248445859 Balance as of June 30, 2011 S$ 2aKRASSS9 - 3 - $ - $ - S 2 AKK ASS SSS _ = 7m Interest: New York Tax Free Bonds 15,000.00 - - - - LAV ASRS 7/15/2018 Redemption: New York Tax Free Bonds 200,000.00 - - - - 269945859 7/15/2011 Interest: Now York Tax Froe Bonds 3250.00 . . - - 2.702,708.98 7/05/2011 Interest: New York Tax Free Bonds 13,000.00 - - - - 2715,70859 7/25/2011 Redemption: New York Tax Free Bonds 2,000.00 - - - - 295,708 59 7/25/21 Interost: New York Tax Froe Bonds 1277.78 - - - - 2.946,986.37 7/28/2001 Interest: Morgan Stanley Bank NA. 37470 - - - - 297,361.07 7/28/2011 Interost: Morgan Stanley Private Bank NLA, 38M - - - : 2M7ADUDL Balance as of July 31,201 s 2947, 40001 Ss - s - s - s - s 2947 40001 ST s/1/2m1 Interest New York Tax Pree Bonds 500.0 - - - - 295240001 s/l/2mi Redemption: New York Tax Froe Bonds 230,000.00 - - - - 3,202400.01 s/1/20it Interest: New York Tax Free Bonds 6,250.00 : 7 7 3.208 550101 8/30/2001 Interest: Morgan Stanley Bank N.A. 408.76 - - - - .208K68.77 8/30/21 Interest: Morgan Standoy Private Bank NA. aa - - - - 3,209,083.) Balance as of August 31, 2011 s 3,219,083. s - s - s - s - s 3.2189,083.10) SSS EssSSS—————_—_—_ ota QPC 202 Diversified ( Distribution ) 136,255.00 - . - Perceriro) MorganStanley SmithBarney 72 EFTA00284414

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The MBZ 1996 Trust (GST Exempt) The MBZ 1996 Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Date Description Morgan Stanley ‘US Government Ending Balance 9f2/2mit 9fo/20it 9/13/21 9/16/2011 9/29/21 9/23/21 10/1/2011 10/1/21 1o/t/2010 ost /2010 10/1/2018 10/1/21 10/24/21 10/24/2011 10/28/2011 10/28/2011 1/1/2011 nylon ny2/am 11/14/2011 11/15/2011 ny/15/2m1 1/15/2011 11/17/2011 nyj29/2mt 11/29/2011 12/1/201t 12/1/21 12/5/21 12/9/2011 RB/2m 12/16/2001 12/21/2011 12/29/2001 12/29/2001 AIP Custom Portfolio Annual Foo Q.BLK Co Investment Fund, LP ( Distribution ) VSS Communications Partners IV, LP (Capital Call } VSS Communications Partners [V, LP ( Capital Call ) Interest: Morgan Stanley Bank NLA. Interest: Morgan Staniey Private Bank NA. Balance as of September 3, 2011 Interest: New York Tax Free Bonds Interest: New York Tax Free Bonds Interest: New York Tax Free Bomds Interest: New York Tax Free Bowds Interest: New York Tax Free Bonds Interest: New York Tax Free Bowds Q.BLK Co Investment Fursd If, LP ( Capital Call) Q.BLK Co Investment Pund Il, LP (Capital Call } Interest: Morgan Stanley Bank N.A. Interest: Morgan Stanioy Private Banik NLA. Balance as od October 31, 2011 Interest: New York Tax Free Bonds Interwst: New York Tax Froe Bonds Israel Indrastructure Fund LC, LP ( Distribution } Brickman Real Estate Fund [l, LP. ( Capital call) Interest: New York Tax Free Bonds Interest New York Tax Froe Bonds Interest: New York Tax Free Bonds ‘V55 Communications Partners IV, LP ( Capital Call} Interest: Momgan Stanley Banik NLA. Interest: Morgan Stanioy Private Bark NLA. Balance as of November 3, 2011 Redemption: New York Tax Free Bonds Interest: New York Tax Free Bonds Ierael Indrastructure Fund 14C, LP. ( Capital Call ) Q.BLK Co Investment Fund I, LP ( Capital Call ) QBLK Co Investment Fund, LP ( Distribution ) Q.BLK Co Investment Fund Il, LP ( Distribution ) VSS Communications Partners IV, LP (Capital Call } Interest: Morgan Stanley Bank N.A. Intros: Morgan Stanley Private Bank NA. Balance as af December 31, 2011 (225,000.00) 58,420.00 (65,531.00) (1.97400) 143.46 1074 3817.20 s 3,220 8.00 ‘801,168.00 373543700 3,0B 463.00 3,708,806 46 3KG,817.20 s 370381720 21,250.00 4813.75 10,000.00 620.0 250.00 3675.00 (1.381,300.00) (579,150.00) 128.33 973 3,725,067.20 3729,910.95 3739, 910.95 3,746,160.95 3748160. 3752.35.95 2371105. LS LQ 1792.04.01 BAlbAT 10,312.50 67,216.40 (91,973.00) 12.5000 BOO 36,083.75 (12,341.00) war 74 ‘S17 440.68 1427,753.18 159496958 102,996.58 151549658 LSA0A9658 187659033 1864.249.33 1864,320.20 L864 350.98 2000.00 83975 (75.0000) 1,253,800.) 1,.737,208.00 614473.0 (4.422.100) O08 mw. s 136455094 2154 2.162468 44 2087 468.46 §33,56844 S76 AE 3,185, 9.46 310527 44 SOLAR AT 310L 48S 73 MorganStanley SmithBarney EFTA00284415

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The MBZ 1996 Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bask US Treasury US Government Ending Date Description Chase Bills Agencies Balance 4yt/2mit Opening Balance $ 36,958.90 $ - $ - $ - $ - $ 36.9589 yiu/mit Funds Transterred trom See Portico 600,000.00 - : - : 636,958. 9 1/12/2011 Morgan Stanley Credit Partners ( Capital Call ) 6600.00) = : . : 631,358.90 1/12/2mit CVE ¥ ( Capétal Call ) (549,444.00) ° ° . ° 51,914.90 1/14/20 Redemption: New York Tax Free Bonds 507,187.78 . . . . 589,100.68 1/13/2011 Investment: New York Tax Frev Bonds (493,855.00) - - - - BINT 1/15/21 Interest: New York Tax Free Bonds 3500 . - - - AT 68 1/15/21 Interest: New York Tax Free Bonds 10. . - - . 108,497 68 1/15/21 Interest: New York Tax Free Bonds. 15,000.00 - - - - 1D497 68 1/19/2011 AP Investment Europe LTD ( Distribution ) 15A7L79 - - - - 138,668.47 V/a/mit VSS Communications Partners [V, LP ( Distribution ) 59,385.00 : - : : 198,054.47 1/28/2011 Boston Properties OPU Dividend 679,797.00 - - - - R77RSLAT 1/28/2011 Interest: Morgan Stanley Bank N.A. 16.63 - : : : 877,968.10 1/28/2011 Interest: Morgan Stanioy Private Bank NA. 1M ° - - - 877,865.44 Balance as af January 32, 2001 $ 877,860.44 $ - $ - $ - $ - $ 877,869.44 2y1/ant Interest: Now York Tax Frov Bonds 21,000.00 : : : - S97 869.44 ayant Interest: New York Tax Free Bonds 18,7000 : : : : 916,619.44 21/2011 Q.BLK Co- Investment Fund 1, LP ( Capital Call ) (999,990.00) - : : : 17,229.44 2/25/11 Newbridge Andean Partners LP ( Distribution ) 164,495.00 . - - - SO9,72444 2/25/21 Interwst: Morgan Stanley Bank NA. 7398 : - - : 533,400.38 2/25/2011 Interest: Morgan Stanley Private Bank NA. 3759 - : - : 3507.97 Balance as of Febewary 28, 011 $ S33H37.97 $ - $ - $ - $ - $ 533,837.97 3/9/2011 QBLK Co-Investment Fund, LP ( Distritrution } 529,543.00 - : - : 1,063,380.97 3/16/2011 Redemption: New York Tax Free Bonds 1.068 718.89 - - - - 2,132,099 .86 3/16/2011 Redemption: New York Tax Froe Bonds: 1,040,320.00 . - - - 3,172,419.86 3/16/2011 Investment: New York Tax Free Bonds (2.121,350,00) . . . : LBL 069.85 3/30/21 Interest: Morgan Stanley Banik NLA. 1231 - - - - 146118217 3/30/2011 Interest: Morgan Stankey Private Bank NLA. “31 - - - : 1BL.22848 Balance as of March 31, 2011 $ 1,051,226.48 $ od $ bd $ : $ : $ 1051,226.48 4/1/2011 Investment proceeds for Newbridge Andean 4% Participation ( Eric Gertler } (659.80) : : : : 1,160,566,68 4/12 Investment proceeds for Newbridge Andoan 4% Pasticipation ( James Gertler ) (659.80) - - : - 1,0049,906.88 afy2m Interost: New York Tax Froe Bonds 21,2500 : : : : 071,156.88 4/1/2011 Interest: New York Tax Free Bonds 3408.12 : : : : 1,074,565.00 anya Interest New York Tax Froe Bonds 7696.18 : - : : 1.082.261.18 apa Interest New York Tax Froe Bonds 1588889 - : : - 1,088, 150107 4/1/2011 Interest: New York Tax Free Bonds 9,990.56 - : : : 1,108,0801.63 anya Interest: New York Tax Froe Bands 1.20100 : : - - 1,109,280.69 4yny/2m1 AP Inwestment Europe LTD ( Distribution ) 21,866.20 - - - - 1,131,14683 4/15/2001 Morgan Stanley Senith Hamey Crodit Partowes ( Distribution ) 147,398.24 : - : - 1,274 545.07 4/15/2001 Interest. New York Tax Froe Bonds 3373.00 - : : : L281,920.00 4/26/2011 Morgan Stanley Senith Barney Credit Partners ( Distribution ) 3467642 - - - : 1316.56.49 MorganStanley SmithBarney 74 EFTA00284416

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The MBZ 1996 Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bank US Treasury US Government Ending Date Description Stanley Chase Bills Agencies Balance 4/28/2011 Interest: Morgan Stanioy Bark NLA. 147.58 - : - : 1316,744.07 4/28/2011 Interest: Momgan Stanley Private Banik NA. 3894 * : * . 1316,783.01 4/29/2001 Boston Properties OPU Dividend 679,734.00 - : - - 1996517 0 Balance as of April 0, 2001 $ 1,996,517.01 - $ - $ : $ 1,996,517.01 5/1/21 Interest: New York Tax Free Bonds 5.78646 - : - - 2,000,303 47 5/1/20t Interest: New York Tax Free Bonds 3,750.00 - : - : 2,006 (63.47 5/6/20 Q.BLK Co Investment Fund, LP ( Distribution ) Ta 22 - - - - LPNS AT 5/12/2011 CVC Europe IV | Distribution } 26,9091 . . . - 2,817 4S 5/15/2011 Interest: New York Tax Free Bonds URIB . . . . 2,835,866.13 3/15/21 Interest: Now York Tax Free Bonds 52,250.00 : - - - 2,888,116.13 3/19/21 CVE Europe IV { Distribution } 184,952.45 - - - - 3,073,068 58 s/Z s/t Interest: Morgan Staniey Bank N_A. 35.93 - - : - M7341 5/z7/2nt Interest: Morgan Stanley Private Bank N.A. 3893 : : : - A834 Balance as of May 31, 2011 $s 3073,483.44 - - $ - s - $ 307; aenas ES 6/1/2t Interest: New York Tax Free Bonds 125,000.00 - - - : BIS ASIA 6/15/2011 Interest: New York Tax Free Bonds 5,750.00 - . - - 3,3M,23344 6/15/21 Redemption: New York Tax Free Bonds 21,000.00 - - - - 3.204.203.44 6/15/2011 Interest: New York Tax Free Bonds 500.00 - - - : 3.a7348 6/22/2011 Newbridge Andean Partewrs LP ( Distribution ) 1,920.00 . - . - 3.228 603.44 6/23/21 AP Investment Europe ( Distribution ) 49,052.01 - - - - 3,275,705.45 6/29/2001 QBLK Co Investment Fund, LP ( Distribution } 1,705551.00 - - - - 4,981,256.45 6/29/2011 Redemption: New York Tax Free Bonds 20854444 - : - - 7,026, 700.89 6/29/2011 Interest: Morgan Stanley Bank N.A. 5438 - : - : 7M7,B57 6/29/2001 Interest: Morgan Stanley Private Bank N.A. 4431 - - - : FON7.27958 Inwestment Proceeds for Newbridge Andean 4% Participation 6/30/21 (Bie ) (ena) - - . . FAN7.202.78 Investment Proceeds foe Newbridge Andean 4% Participation 6/30/21 ( Contr ) (76.80) = - - - FAN7.125.98 Balance as of June 30, 2011 s TUNTABAS s . s - s - $s - $ 717,125.58 Oe eee el 72swmnt Redemption: New York Tax Free Bonds Veni - - - - 8408,237.08 7/15/2011 Redemption: New York Tax Free Bonds: DaKo000 : : - - 4,238,237.08 7/15/2011 Interest: New York Tax Free Bonds 3,250.00 . . ° . 8.241,487.09 7/25/20 Redemption: New York Tax Free Bonds 20,000.00 - - - - 8A71,A87 09 7/25/2011 Interest: New York Tax Free Bonds 1277.78 - - - - BAT2, 764.87 7/28/2011 Interest: Morgan Stanley Bank NA. 1086.89 od . . . RATIAS176 7/28/21 Interest Morgan Stanley Private Bank NA. 3893 - - - - BATI A689 7/29/2001 Boston Properties OPU Dividend 801291100 - : - - 9,154,130.69 Balance as of July 31,2012 $ 9ASA1390.69 - - $ - $ - $ 915413009 8/1/2011 Interest: New York Tax Free Bonds 20,000.00 - - - - 9174169 s/1/2m1 Redemption: New York Tax Free Bonds 7,000.00 - - : 9,924,130.69 MorganStanley SmithBarney 75 EFTA00284417

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The MBZ 1996 Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bask US Treasury US Government Ending Date Description Stanley Chase Bills Agencies Balance 8/1/2011 Interest: New York Tax Free Bonds 18,750.00 - : : - 9,942 580.69 8/5/2011 The Vehicle Production Group, LLC (145,000.00) - : - : 9797 8068 8/23/21 AP Investment Earope LTD ( Distribution ) 5449086 - - - : 9,852.371.55 8/30/2Mt Interest: Morgan Stanioy Bark NLA. 13679 - : - : 9,853,658 34 8/0/2018 Interest: Morgan Stanley Private Bank NA. Ma . : - : 9,853,732. 58 Balance as of August 31, 2011 $ (9,853,732. 55 s - s - s - s - s 9853,792 58 9/9/2mt Q.BLK Co Investment Fund, LP ( Distribution ) 7asT20 - - - - 10,628,458 9/13/21 VSS Communications Partners [V, LP ( Capital Call (65,551.00) . ° : 10,562,773 58 9/16/2011 VSS Communications Partners [V, LP ( Capital Call (31,974.00) . . - : 10,530,799.58 9/26/21 Morgan Stanley Smith Barney Credit Partners ( Capital Call ) (234,905.00) - - - - 10,255, 94.58 9/29/21 Interest: Morgan Stanbey Bank NA. ao7a4 - - - - 10.2%, 33202 9/29/21 Interest: Morgan Stanley Private Bank N.A. 1074 : : : : 10,296,62.76 Balance as af September 30, 2011 S 1029634276 $s - s - s - s - $ 102934276 wy1/2mt Interest: New York Tax Frev Bonds 21,250.00 - - - - 10,317,582.76 w/1/2t Interest: New York Tax Free Bonds 461250 : : : : 10,322,205.25 0/1/2011 Interest: New York Tax Free Bonds 4843.75 - : : : 327,009.01 w/1/2011 Interest: New York Tax Free Bonds 10,000.00 - - - - 10,337,049.01 o/1/20it Interest: New York Tax Free Bonds 6.25000 - : - : 10,343,299 01 w/1/20t Interost: New York Tax Free Bonds 1201.00 - : - - W34449901 10/1/2011 Interest: New York Tax Free Bonds 337500 - : - - WANT S741 10/17/2011 Legacy Capital, LP. ( Capital Call } (726,027.00) - : - - ADL AA7 OL wy17/201 Redemption: New York Tax Froe Bonds 2K,.00KL00 = - . - 9521847 01 10/24/2011 QBLK Co Investment Fund 111, Li ( Capital Call ) (1,841,733.00) - : - : 7,980,114.01 10/24/2011 QBLK Co Investment Fund IL, LP ( Capital Call) (579,150.00) * ° . ° 7 A00, 964.01 w/2 sam Morgan Stanley Smith Barney Credit Partners ( Capital call } ) (269,290.00) - - - - FAM ATE DL 10/28/2001 Interest: Moegan Stanley Bank N.A. 379.46 - - - - 7,132,083.47 10/28/2011 Interest: Morgan Stanley Private Bank N.A. 973 - - . . 7.132,063.20 10/31/2011 Boston Propertios OPU Dividend 674,252.00 : - . : 7,810,295.20 Balance as of October, 2011 $ 7,810,295.20 $ - $ ° $ - $ ° $ 7,810,295.20 ny1/2mt Interest: New York Tax Froe Bonds 1031250 : : : : 700,607.70 uy 1/2011 Interest: New York Tax Free Bonds 3,750.00 : : : : 7528 357.70 ny/3/2mt AP Investment Europe LTD ( Distribution } wal219 : - : : 7504,769.89 ny15/2m1 Interost: New York Tax Froe Bonds 17,981.25 - : : : TABQ TSLIG 11/15/2011 Interest: New York Tax Free Bonds 52,250.00 : : : : 7,905,001.14 ny/17/21 Morgan Stanley Credit Partners (Capital call ) (459,220.00) : : : - TA65.7B1.14 ny/17/201 VSS Communications Partners IV, LP ( Capital Call } (12,341.00) - : : : TASS ASOIE 11/23/2011 Morgan Stanley Credit Partners ( Distribution } 50,954.85 - : : : 7512799 1/25/21 CVC European Equity Partners ¥ (Capital Call } (335,968.20) : : : - 7,73,820.79 1/29/21 Interest: Morgan Stanley Bank N.A. 32271 - - - - 7,174,15250 11/29/2011 Interest Morgan Stanley Private Bank NA. 10 : - - - 63.24 MorganStanley SmithBarney 76 EFTA00284418

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The MBZ 1996 Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Date 1ylyant 12/9/2011 12/13/21 12/15/2011 12/16/2011 12/16/2011 12/16/2011 12/16/2011 12/21/2011 129/21 12/29/21 Description Balance as of November 3, 2011 Interest: Now York Tax Frew Bonds Q.BLK Co Investment Fund Il, LP ( Capital Call ) QUBLK Co Investment Fund, LP ( Distribution ) Funds Transterred from McDonnell Portfolio CVG European Equity Partners IV, LP ( Distribution ) QBLK Co Investment Fund I, LP ( Distribution } Funds Translerred to Seix Portfolio Funds Transferred for Doubline Investment VSS Communications Partners [V, LP (Capital Call } Interest: Mongan Staniey Bank NLA Interest: Morgan Staniey Private Bank NLA. Balance as af December 31, 2011 Morgan US Government Ending Stanley Agencies Balance $ TAMA $ FATA 50,000.00 7.224,163.24 (1,671,733.00) S.552430.24 2.316,71300 7,860,143.28 4.00,000.00 12,168,143.24 164,909.18 12,3564,13242 614a73.00 12,949,005 42 (2.300,000.00 10,649,005 42 ¢2.000,000.00n, 8,649,005.42 (4422.00) 51 589 AD 315.29 8561,998,71 war 8,564,908.78 $ B561,08,78 77 $ 8564, 908.78 MorganStanley SmithBarney EFTA00284419

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The MBZ 1983 Family Trust Cash Account Activi - As of December 31, 2011 Morgan JP Morgan Deutsche Bask Goldman, US Treasury US Government Ending Date Description Stanley Chase Sachs & Co. Bills Agencies Balance aya/2ott Opening Balance s 27,131.08 s - - $ - $ - s - s 257,131.08 1/11/2001 Lowd3r Ine. Investment (200,000,005 - - - - - 37,131.08 1/25/2011 CS Vintage Fund, LP ( Distribution } 135,601.00 - - - - - 172,732.08 1/28/2011 Interest: Moegan Stanley Private Bank NA. 21.29 . 7 . - . 172,753.37 Balance as of January 31, 2011 $ 172.753.37 $ - - $ : $ - $ - $ 172,753.37 2/11/2011 QBLK Private Capital 2002, LP ( Distribution ) 108,401.00 - od - : - 281,154.57 214/21 QBLK Co- Investment Fund IL, LP ( Capital Call } (133,130.00) - - - : - 148,004.57, 2/17/2011 Lowd3r Inc. Investment (75,000,009, . . . . . 7300.37 2/22/2011 Funds Transferred trom Seix Portfolio 56,000.00 : : - : : 123004.57 2/22/2011 Lood3r Inc. Investment (73,000.00) - - : - - 48,004.37 2/22/21 Interest: Morgan Stanley Private Bank N.A. 19.99 - : : - : 48D 36 2/25/2011 Loud3r Inc. Investment (7,500.00) - - - - WS 2/25/2011 Interest: Morgan Stanley Private Bank N.A. aa - - - . . 40,544.85 Balance as of February 28, 2011 $ 40,544.55 $ - - $ - $ - $ - $ 40,544.85 , eee 3/9/21 Q.BLK Cotavestmnent Fund, LP ( Distribution ) 12,255.00 - - - - - 151,799.85 yy Loud3r Ine. Investment (150,000.00) . - . . . 1799.85 3/18/2001 Loud3r Ine. Investment (7,500.00) - - - - - (3,700.15) 3/3 Interest: Morgan Stanley Private Bank NA. a9 - - - - - (596.56) 3/22/2011 Funds Transferred trom Seix Portfolio SO000.00 - - - ° ° Pree y 3/30/2011 Interest: Morgan Stanley Private Bank N.A. 1 - - - - - 4005.38 3/30/2001 Margin Interest G2) - : : - 4430010 Balance as of March 31, 2018 $ 44.00.10 $ - - $ : $ - $ : $ 4,300.10 SS 4/14/2011 Lowd3r Ine. Investment (7.500.005 . 7 . . . 36,800.00 4/27/2M1 Brickman Real Estate Fund IV ( Distribution ) 182,776.00 - - - - - 219,576.00 4/28/2001 Interest: Morgan Stanley Bank N.A. 74 - - - - - 219,583.53 Balance as of April 0, 2011 $ 219,583.53 $ ° $ - $ - $ - $ 219,583.53 ES 5/1/20 Interest: New York Tax Free Bonds: 5,000.00 - - - - : 224,583.53 5/3/2001 Margin Interest Credit 5.28 : : - : - 224,588.81 5/6/2001 QBLK Co Investment Fund, LP ( Distribution } 164,909.00 - - - - - 38997 81 5/12/2001 CVC Europe IV { Distrinution | TT SSSIT - - - - - 467,053.78 5/19/2011 CVC Europe IV ( Distrinution } W7 A158 : - : - S74 A69.76 5/27/20 Interest: Morgan Stanley Bank N.A. 4141 - - - - - S74S11.17 5/27/2001 Interest: Morgan Stanley Private Bank N.A, 2243 - - - - - 574,533.60 Balance as od May 31, 2001 . - . 6/1/20 Funds Transferred trom Seix Portfolio 715,000.00 - : - - : 1,289,553.60 6/1/21 Templeton Lobal Bond Investment (715,000.00) - - - - - ST4S3.60 6/27/2001 Israel Infrastructure Fund 14C, LP. (Capital Call } (37,500.00) - - - - - 537,053.60 78 MorganStanley SmithBarney EFTA00284420

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The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bask Goldman, US Treasury US Government Ending Date Description Stanley Chase Sachs & Co. Bills Agencies Balance 6/29/2011 Q.LBLK Co Investment Fund, LP ( Distribution ) 358,329.00 - - - - - (9536260 6/29/2001 Interest: Morgan Stanley Bank N.A. 5018 - - - - - 89542178 6/29/2001 Interest: Morgan Stanley Private Bank N.A. 430 - = : : = 895,466.08 Balance as of June X), 2001 $ 895,460.08 $ - $ - $ - $ - $ - $ 895,466,008 7/28/2011 Interest Morgan Stanley Bank N.A. 103.37 - - - - - S95 569.45 7/28/2001 Interest: Morgan Stanley Private Bank N.A. 3804 : : . : . 895,608.39 Balance as of July 31, 2011 $ 895,408.39 $ - $s - $s - s - $ - s 895,688.39 eT 8/9/21 CVC European Equity Partners I'v ( Distribution ) 237,982.92 - : : : - 1,33,591.91 8/30/21 Interest: Morgan Stanley Bank N.A. mas - : : : : 1,133,70276 8/30/2011 Interest: Morgan Stanley Private Bank NLA. M23 - : : : : 1,133,736.99 Balance as od August 31,2011 $ 1,133,736. $ - s : $ - $ - $ - $ 119 TS ayiy2mt QPC 2K0 Diversified ( Distribution ) 136,255.00 - : . - - 1,.269,991.99 aya/2m1 QBLK Co Investment Fund, LP ( Distribution } 162734.00 - - - - - 1432,725.99 9/29/2011 Interest: Morgan Stanley Bank N.A. 48.20 - - - - - 1aa2 74.19 9/29/2001 Interest: Morgan Stanley Private Bank NA. 1074 - - - : - 1A92,784.95 Balance as of September 30) 2011 s 1A. $ - s - $ - $ - $ - $ 1,432, 754.93 SS 10/24/2001 Q.BLK Co Investment Fund I, LP (Capital Call ) (460,433.00) - - - - - 972351595 10/24/2001 Q.BLK Co lewestment Fund I, LP ( Capétal Call) (193,049,005 - - ° ° 7790293 10/28/2011 Interest: Morgan Stanley Bank N.A. 4361 - : - : - TPIS 10/28/2001 Interest: Morgan Stanley Private Bank N.A. 993 - - 7 - : 779,956.27 Balance as of October H, 2011 w/o Interest: New York Tax Free Bonds 5000.00 : - - - - TH 35627 12/2011 Israel Infrastructure Fund I-C, L.P. ( Distribution } 67.2160 : - - : - Sse 11/29/2001 Interest: Morgan Stanley Bank N.A. 2610 - - - - - 851,598.77 11/29/2011 Interest: Morgan Stanley Private Bank NA. 1075 - : - - - 851,609.52 Balance as od November 30, 2011 08. : $s - $ - $ - $ - $ 851,609.52 12/5/2011 Israel Infrastructure Fund IC, L.P. (Capital Call } (75,000.00) - - - - : 776,609.52 12/9/3011 Q.BLK Co Investment Fund HL LP ( Capital Call ) (617,933.00) - - - - - 35867652 12/13/2011 QBLK Co lewestment Fund, LP (Distribution ) 486,732.00 - - - - - 845,408.52 12/15/2001 Funds Transferred tram McDonnell Portialio 800,000.00 - : - - : 1645400852 12/16/2001 CVC European Equity Parters I'¥, LP ( Distribution ) 164,989.18 - - - - - 1810,397.70 12/16/2011 Brickman Real Estate Fund IV, LP ( Distribution ) 167,957.00 - - - - - 197835470 12/16/2011 Q.BLK Co Investment Fund I, LP ( Distribution } 204,958.00 - - - - : 2.183,31270 12/16/2011 Funds Transferred to Sete Porthoto (300,000,009 - - - - - 188331270 12/16/2001 Funds Translerred for Doubline lnvestment (500,000.00) - - - - - 138331270 MorganStanley SmithBarney 79 EFTA00284421

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The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bask Goldman, US Treasury US Government Ending Date Description Stanley Chase Sachs & Co. Bills Agencies Balance 12/22/2011 Brickman Real Estate Fund [V, LP (Capital Call } (24,820.00) - - - - - 1,368,492.70 12/29/2001 Interest: Morgan Stanley Bank N.A. aug - ° ° . . 1,368,525.89 12/29/2001 Interest: Morgan Stanley Private Bank N.A. 270 - : - : = 1,368,595.59 Balance as of December 31, 2011 $ 1,368,505 .59 $ : $ - $ a $ ° $ ad $ 1,468,535. MorganStanley SmithBarney EFTA00284422

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USN College Marketing, Inc. LON Lollege Marketing, Ime. Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bask US Treasury US Government Ending Date Description Stanley ‘Chase Bills Agencies Balance 1/t/m Opening Balance s 54,789.98 s - s - s - s - s 54,784.98 ayy Morgan Stanley Credit Partners ( Capital Call ) (5411.78) - : - - 29,378.20 123/21 Interest: Morgan Stanley Private Bank N.A 6 - - - - 2.38454 Balance as of January 31, 2011 $ 238St S$ - $s - os - $s - ss 2098454 2/15/21 Funds Transterred trom Citibank Portfolio 400,000.00 - - - - 493M 2/15/2011 Q.BLK Co- Investment Fund Hl, LP ( Capital Call) (399,390.00) - - - - 29034 2/3/2011 Interest: Morgan Stanley Private Bark NA. 4st - - - - v9.08 Balance as of February 28, 2011 $ w99908 s - 3 - 3 - § - $ 29,999.08 3/9/2011 QBLK Co-Lwestment Fund, LP ( Distribution ) 275,374.00 . . . . 3/1 Interest: Morgan Stanley Bank N.A. WAT - - - - 3/21 Interest: Morgan Stanley Private Bank N.A. 695 Balance as of March 31, 2001 $ 05 A10.20 $ - $s - s - $s - $s 305,410.20 aS Funds Transferred from USN CRUT Act# 476- 061987 to cover the quarterly - - - - «np distribution for the First Quarter 2011 DAES 535,988.78 4/1/20 Interest: New York Tax Free Bonds 70.00 - - - - 536,738.78 4/19/2011 Morgan Stanley Smith Barney Credit Partners ( Distribution ) 73666 62 - - - - 610,405.40 4/26/2011 Morgan Stanley Smith Barney Credit Partners ( Distribution ) 173352 - - - - 627,740.42 4/28/21t Interest: Morgan Staney Bank NA. 49.16 - - - - 27,789.58 af2R/ 21 Interest: Morgan Stanley Private Bank N.A. 459 : : : : ‘27 80447 Balance as of April 3), 2011 $s 627,824.47 s - $s - s - $s - s 627,824.47 ST s/1/2mt Interest: New York Tax Free Boods 4600.00 - - - - 242447 5/6/2010 Q.BLK Co Investment Fund, LP ( Distribution ) 408,177.00 - - : : Louie A? 5/15/2011 Interest: New York Tax Free Bonds 131250 : : : : 1,041,913.97 s/o/amt Interest: Morgan Stankey Bank NA. 1ao8 - - - - 1042018 01 syz/mmt Interest: Morgan Staney Private Bank NA. 33 - : : : 1,042,066. Balance asf May 31, nt $ 142,056.94 $s : $ : $s : $s : $ 102,056.94 a 6/1 Funds Transferred from Seix Portia 755,000.00 - - - - 797,086.98 6/1/2001 Templeton Lobal Bond Investment (735,000.00) - - - - 1012666.94 6/1/20t Interest: New York Tax Free Bonds 9375.00 - - - - 1AB1A31.94 6/9/2011 Redemption: New York Tax Free Bonds: 514,227.08 - - - - 1,565 658.00 6/9/mit Investment: New York Tax Free Bonds (G12.293.89) . - - - 1,063,365.13 6/29/21 Q.BLK Co Investment Fund, LP ( Distribution ) $36,925.00 - - - - 1,940,290.13 6/29/ it Interest: Morgan Standey Bark NA. 5.74 - - - - LM0A35 87 6/29/21 Interest: Morgan Staniey Private Bank NA. 4431 : : : : LM0A8018 Balance as af June 30, 2001 $ 1, 940,480.18 $s : $ : $ : $s : $ 1,940, 480.18 MorganStanley SmithBarney EFTA00284423

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USN College Marketing, Inc. Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bask US Treasury US Government Ending Date Description Stanley ‘Chase Bills Agencies Balance 7/78/2011 Interest: Morgan Stanley Bank NA. 2d - - - - 1,940,749.62 7/28/2001 Interest: Morgan Stanley Private Bank NA. kal : : - : 1,940,788.55 Balance asof July 31, 2001 s 1.990, 788.55 s - s - s - s - s 1,990,788.55 8/30/21 Interest: Morgan Stanley Bank N.A. 236.96 - - - - 1. 41405.51 80/1 Interest: Morgan Stanley Private Bank N.A. Bes - - - - 1,41 669.73 Balance as of August 31, 2001 $ 1,941,059.75 s ° $ ° s $s ° $ 1,941,059.75 Se SSS ES 9/9/11 Q.BLK Co Investment Fund, LP ( Distribution ) MLD : - : : 263,854.75 9/26/2011 Morgan Stanley Smith Barney Credit Partners { Capital Call ) (117,453.00) - - - - 2.206,401.75 9/23/21 Intorest: Morgan Stankey Bank NA 3.81 - - - - 2,224 485.56 9239/21 Interest: Morgan Stanley Private Bank N.A 1074 : : : : 2,226,496.0 Balance as of September 30, 2011 s 22649630 $ - $ - $s - $s - $s 22264960 ET 10/1/2011 Interest: New York Tax Frew Bonds: 750.00 - - - - 2,227,246.20 10/24/2011 QBLK Co Investment Fund fl, LP { Capital Call ) (1.381,300.00) - - - - 845,446.20 10/24/2011 Q.BLK Co Investment Fund IL LP ( Capital Call ) (579,150.00) - - - - 266,796.20 10/28/2011 Morgan Stanley Smith Barney Credit Partners ( Capital call )) (134,645.00) - - - - 132,151.30 10/28/2011 Interest: Morgan Stankey Bank NA. on - - - - 132,220.52 10/28/2011 Interest: Morgan Stanley Private Bank NLA. aSt - - - : 132,290.00 Balance as of October 31, 2011 s 132,229.15 s - s - s - s - s 132229.05, LT ny1/2mt Redemption: New York Tax Froe Bonds 400,000.00 - - - - 592.2000 t1/t/amit Interest: New York Tax Free Bonds 4600.00 - - - - 536,529.05 14/15/2011 Interest: New York Tax Free Bonds 131250 ° - . . 508,141.53 ny15/2m1 Interest: Now York Tax Frev Bonds 12,500.00 - - - - 550,641.53 11/17/2011 Morgan Stanley Credit Partners ( Capital call ) (219,610.00) : : : : 33168153 11/3/21 Morgan Stanley Credit Partners ( Distribution ) 29467462 . : . . 360,706.15 ny29/2m1 Interest: Morgan Stanley Banik NA. ns - - - - 360,717 65 ny29/amt Interest: Morgan Stanioy Private Bank NA. 706 : : - - 364,724.70 Balance asof November 0, 2011 s 360,724.70 - - s - s - 360,724.70 SSS SSS Eee ys Funds Transferred from McDonnell Portfolio 300,000.00 - - - - 640,724.70 12/9/2011 Funds Transterred trom Citi Portfolio 700,000.00, . - - - 1,360,724. 12/9/2011 Q.BLK Co investment Fund I, LP { Capétal Call) (1.253,800.00, - - - - 105,924.70 12/13/21 Q.BLK Co investment Fund, LP ( Distribution ) 1,204,743.00 - - - - 131146770 12/16/2011 Q.BLK Co Investment Fund If, LP ( Distribution ) 614 873.00 - - - - 1,926,540.70 Funds Transferred from USN CRUT Act# 476- 051987 to cower the quarterly prs distribution for the Second Quarter 2011 — . ° ° 7 215711928 2229/21 Interest: Morgan Stanbey Bank NLA. 4052 - - : : 2,157, 160.20 12/29/2m1 Interest: Morgan Stanley Private Bank N.A. 7 : : : : 2,157,167.90 MorganStanley SmithBarney EFTA00284424

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USN College Marketing, Inc. Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bask US Treasury US Government Ending Date Description Stanley Chase Bills Agencies Balance Balance asaf December M, 2011 s 2.157,167.90 s - $s - s - s - s (2.157,167.90 MorganStanley SmithBarney 83 EFTA00284425

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The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Date US Treasury US Government Ending Bills Agencies Balance a/t/amit 1/4/2it 1/6/2011 1/7/mit 17st 1/20/2011 127/mnt 1/28/2011 1/28/21 1/28/21 1/28/2mt 1/31/20 2yi4/201t 2/25/21 2/5/mt 3/8/2011 3/8/20 3/9/21 3y9/2mit 3/9/2mt 3/16/21 yairymmt syo/2it 3/30/21 aet/2it aey2 af1y2mt ay1y2mt afasamt 4/a/2mt 4/8/2011 ayny2mt 4/12/21 4/13/2011 ay2j2mt Morgan Description Stanley Opening Balance s - Funds Transterred trom Seix Porticlio 1,000,000,00 Morgan Stanley Credit Partners ( Capital Call ) (837,431.51) Investment: Blackstone Group LP 1,000,000,00 Funds Transterred trom Cribark (1,000,000,00), (Check# 1097: John F. Kennedy Library Foundation ( To Support the JFK50 Progect ) (23,000.00) Morgan Stanley Credit Partners ( Distribution ) 368,324.00 Boston Properties Common Stock Dividend 122,500.00 Boston Properties Common Stock Dividend Interest: Morgan Staniey Banik NLA. Interest: Morgan Staniey Private Bank NA. Check# 109% Hohmann Holdings, LLC ( Expert Witness / Report for Merkin Law Suit} - $ - s - ° ° 1,000,000.00 - - 162,568.49 - / 1,162,568.49 ° oy 162,568.49 . . 137,568.49 - - S05 892.45 . . 628,992.49 . - TVA . . TIAA . . 77 568.00 76,568.00 76,959.31 . : 8923060169) - : (8,923,056.47) : : 766353 . - TASS : : 1,56946253 . . 154446253 - - 191446253 - : 1,91461289 - - 1,914641.08 Balance as af January 31, 2001 $ 760,868.00 Q.BLK Co- Investment Fund El, LP ( Capital Call) (684,000, (0) Interest: Morgan Stanley Bank N.A. 38.53 Interest: Morgan Staniey Private Bank NA. 21.48 Balance as af Fobruary 28, 2011 $s 7639.51 (Chock # 11(12 - Memorial Sloan Kettering { 2011 Contribution ) (9,000,000,00) Interest: Morgan Stanley Bank NLA. 422 Funds Transterred trom Cli Portlolo ‘91H, LK0D.00 Q.BLK Co-Investment Fund, LP ( Distribution } 806.00 Q.BLK Co-Investment Fund, LP ( Distribution } 1,491,623,00 Check # 1099 - US Institute Of Peace ( In bonar of Ran Silver ) (23,000.00) Redemption: New York Tax Free Bonds 370,000.00 Interest: Morgan Stanley Bank NLA. 150.36 Interest: Morgan Stanley Private Bank NLA. 2819 Balance as of March 31, 2011 L914 641.08 Interest: New York Tax Free Bords 3408.12 Interest: New York Tax Free Bonds M7778 Interest: New York Tax Free Bonds 7,984.98 Interest: Now York Tax Free Bonds 25,000.00 Funds Transterred trom Chi Portioto: 4,500,000.00 Funds Transferred to Mortimer B. Zuckerman Act# 476- 060652 t0 (4.412.323.25) cover the quarterly distributions for the First Quarter To Cover Annual Return Fees for Z Cap, LTD ( NDE/'619586_920615 ) (2,516.71) Blackstowe Strategic Alliance Fund 11 { Capital Cail } (450,000.00) Check # 103 - American Israel Friendship League ( AIFL Contribution } (15,000.00) Check # 1104 - Susman é& Godfrey ( Ascot Merkin Suit ) (4,820.59) Morgan Stanley Smith Barney Credit Partners ( Distribution } 86,682.00 1,914,641.08 - 7 198,049.20 ° 1,921,226.98 - - 1,929,171.42 - - 1,934,171.42 6AS4, 17142 . . 2011, 848.17 . 7 2,009,531.46 . - 1,559,531.46 . - 1S44531 46 : . 1,500,71087 . - 1,426,39287 MorganStanley SmithBarney EFTA00284426

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The MBZ Charitable Remainder Unitrust Balance as.af July 31, 2011 $ 6173423. Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bank Goldman, US Treasury US Gowernment Ending Date Description Stanley Chase Sachs & Co. Bills Agencies Balance 4/28/2011 Interest: Morgan Stanioy Bark NLA. 177.38 - - - - : 1,626570.25 4/28/11 Interest: Morgan Stankey Private Bank N_A. mu - - - - - 146,609.19 4/29/21 Boston Properties Common Stock Dividend 122,500.00 - - - - - 1,749,100.19 4/29/21 Boston Properties Common Stock Dividend HAH - - - - - 1591,553.69 Balance as of April 30, 2011 $ LOLS 40 $ - $ - $ - $ - $ : $s 1,891,550.690 5/1/2it Interest: New York Tax Free Bonds 18,400.00 - - - - - 1,909,953,69 s/w Interest: New York Tax Fee Bonds 6825.00 - - - - - 1,916,778.69 5/1/2011 Interest: New York Tax Free Bonds 5,375.00 - - - - - 1,922,153.69 5/1/201t Interest: New York Tax Free Bonds 1950.00 - - - - - 1,924,103,69 5/1/201t Interest: New York Tax Free Bonds 22.0000 - - - - . 1.6,103,69 5/6/21 Q.BLK Co Investment Fund, LP ( Distribution ) 2.191,551.00 - - - - 4,157, 654.69 5/6/21 Redemption: New York Tax Free Bonds MSZ - - - - - 4,.282,678.25 5/13/21 Investment: New York Tax Free Bonds (49,108.50) - - - - - 420069975 5/13/2011 Investment: New York Tax Free Bonds CA9ND - - - - - 4158.65.75 3/27/21 Interest: Morgan Stanley Bank NLA. wi? - - - - . 4,159,146.92 s/o/m. Interest: Morgan Stanley Private Bank NA. 3845 - - - - - 4,154,185.85 Balance as of May 31, 211 $ 4,159,185.85 $ - s - s - s - $ . s 4159,185.85 6/1/21 Funds Transterred from Set Portola 2.425 ,000.00 - - : - - 658418585 6/1/mit Templeton Lobal Bond Investment (2425,000.00) - - - - - 4,159,185 85 6/9/21 AIP Customs Hedge Fund Solutions - Cayman ,LP ( Capital Call ) (353,000.00) - - - - - ‘3M 185.55, 6/13/M1t KD Resources LLC { Ascot Merkin Suit (220.09) - - - - - 3,803,765.55 6/15/21 Interest: New York Tax Free Bonds 22,875.00 - - - - - 3826 640.85 6/15/2011 Redemptions New York Tax Pree Bonds BS000.00 - - - - - D911 44045 6/15/11 Interest: New York Tax Free Bonds 2135.00 - - - - - 3,913,765.55 opm Q.BLK Co Investment Fund, LP ( Distribution ) 2.087,350.00 - - - - - 6,001,115.85 6/29/2011 Interest: Morgan Stanley Bank N.A. 682.86 - - - - . 6001, 708.71 6/29/21 Interest: Morgan Starkey Private Bask NA. 4351 - - - - - 6,001,843.02 Balance as of June 1, WIT $ 600143. $ - $ - $ : $ : $ : $ 6,001 ,843,02 7/13/21 Check # 1109 - Harvard College { Zuckerman Fellows ) (1,000,000,00) - - - - 5,001.843.02 7/18/21 Check # 1108 - Harvard College ( Harvard Dobate Program } (50,000.00) - - - - - 495154302 7/m/2mt Morgan Stanley Smith Barney Credit Partners ( Distribution ) 7Oe7200 - - . - . 5,022,515.02 7/B/mit Redemption: New York Tax Free Bonds 915,000.00 - - - - 5,937,51502 7/B/m Interest: New York Tax Free Bows 5,083.33 - - - - . 52,598.35, 7/27/20 Check # TM7 - Council on Foevign relations ( Comteibution ) (5,000.00) - - - - . 5,907 598.35 7/BsmMit Interest: Morgan Staniey Bank NA. m202 - - - - - 5,008 440.97 7/zymmt Interest: Morgan Staniey Private Bank NA. 3895 - - - - - ‘5,908 479.30 72m Boston Properties Common Stock Dividend 12250010 - - - - - 600,979.20 72am Boston Properties Common Stock Dividend 2A : - ° : : 6173423 8) MorganStanley SmithBarney EFTA00284427

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The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bank Goldman, US Treasury US Government Ending Date Description Stanley Chase Sachs & Co. Bills Agencies Balance 8/5/21 AIP Custom Hedge Fund Solutions - Cayman LP ( Capital Call ) (1.026, 000,00) : - : : - 5,147,423 80 8/17/2011 AIP Custom Hedge Fund Solutions - Cayman LP ( Capital Call ) (2624.71.04) : - : : - 252260276 Check # 1110 - Dana-Farber Cancer Institute ( Pediatric Sarcoma. 8/26/21 Genomic Project (184,373.00) : - : : : 2.398319.76 8/30/21 Interest: Mongan Stanioy Bark NLA. 574.28 - - - : : 233858408 8/30/2011 Interest: Morgan Stanioy Private Bank NA. Mm - ° « - - 2,338,908.28 Balance as af August 31, 2011 $ 2,338,928.28 s - $ - s : $ : $ : $ 2.335,928.28 9/2/21 AIP Custom Portfolio Annual Fee (145,000.00) - - - - - 2,193,928.28 9/9/2011 Q.BLK Co Investment Fund, LP ( Distribution ) 2.204,935.00 - - - - - 4395,863.28 9/13 It Blackstone Strategic Alliance ( Capital Call } (827,517.00) . sd * ° ° 3571,346.28 syzrymmt Morgan Stanley Credit Partners ( Capital Call ) (587,263.00) - - - - - 2.984,083.28 9/29/21 Interest: Morgan Stanley Banik NA. masz - - - : - 2,984,200.50 9/2/mMit Interest: Morgan Staney Private Bank NA. 107% - - - - - 1842S Balince as of September 30, 2012 $ 2.984,214.54 $ : $ : $ : $ ° $ ° $ 2984,214.546 10/1/mit Interest: New York Tax Free Bonds 461250 : : ° ° . ‘2.988,827.04 wy/1/20t Interest: Now York Tax Frev Bonds 2,000.00 - - - - - 2.990,827.04 10/1/21 Interest: New York Tax Free Bonds 5,000.00 : : : : 2,995,827. 10/1/21 Interest: New York Tax Free Bond's 25,000.00 : : : : 020,827.04 10/6/2mt Q.BLK Financial Verturs If (CRT) LP ( Distribution } 178,304.00 - - - : : 3,099,151.04 10/6/2010 Custom Hedge Fund Solutions (Cayman ) LP - Commitment Payswnt (700,000.00) - - - : : 2499, 51.04 10/17/2011 Moegan Stanley Smith Barney Credit Partners ( Journal ) 7,695.00 - - : : : 2.576,826.04 10/28/2011 Morgan Stanley Smith Barney Credit Partners ( Capital call ) ) (673,225.00) - - : : : 1,903, 6001.08 ios Interest: Morgan Stanley Bank N_A. 3456 - - - - - 1,913,695.60 10/28/2011 Interest: Morgan Staniey Private Bank N.A. 973 - - - - - 1,908,705.33 10/34/2018 Boston Properties Common Stock Dividend 122,500.00 - - - : - 2,026,205.33 10/31/2011 Boston Properties Common Stock Dividend 1424450 ° ° ° ° ° 2.168, 649.83 Balance as of October 31, 2011 $ 2,168,649.83 s - s - s - $ : $ : s 2168,649.83 ny1/amt Redemption: New York Tax Froe Bonds 7,600,000.00 - - - - : 3,768 649.83 uy1s2mit Interest: New York Tax Free Bonds 18,400.00 - - - : . 3,787 08983 my 1/2mit Interest: New York Tax Free Bonds 1,803.75 : - : : . S.7RR AS53568 nyljant Interest: Now York Tax Frev Bonds 5,375.00 - - - - - 3,74.22858 uy1s2mit Interest: New York Tax Free Bonds 1,950.00 : - : : : 3,796,17858 uy/1/201t Interest: New York Tax Free Bonds 22,008.00 : - : : : 3818,17858 ny3/ant Investment: New York Tax Free Bonds (2,000,000.00) - - - - - 281817858 nym Redemption: New York Tax Froe Bonds 185,000.00 - - - - - 3,003,17858 any17/2m1t Interest: New York Tax Free Bond's 1501 - : : : 3,003,328 89 11/18/2011 Morgan Stanley Credit Partners ( Capital call ) (1,098,080.00) - - - : - 1,905.27889 ny29/21 Interest: Mongan Stanioy Banik NLA. TIS85 - - - : : 1,905,397.74 11/29/2011 Interest: Morgan Stanioy Private Bank NA. 1074 : - : : : 1,905 408.48 Balance as af November 30, 2011 1,905 408.48 - - - : : MorganStanley SmithBarney EFTA00284428

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The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bank Goldman, US Treasury US Government Ending Date Description Stanley Chase Sachs & Co. Bills Agencies Balance 12y9/2011 Funds Transterred trom Cii Portloto 1,600,000,00 : - : - : 3.505 408.48 11/9/41 Blackrock Co-Investment Fund UL LP ( Capital Call ) (2.289,000.00) - - - - - L216A08 48 12/13/2011 Q.BLK Co Investment Fund, LP ( Distribution ) 4,099,406,00 - - - - - 531581448 Funds Transferred to Mortimer B. Zuckerman Act® 476- 060652 to wayis/2m cover the quarterly distributions for the Socord Quarter Cees - - - - . mas n/m Funds Transferred trom McDonnell! Porttolic: 7, 5001K0D.00 - - - - - 4,373,49123 12/16/2011 Bisckrock Co-Investment Fund Il, LP { Distribution ) 1,905,750.00 - - - - . 10,279.241.23 nam Interest: Morgan Stanley Bank N_A. Dsa7 - - - - - 10,.279,469.70 nam Interest: Mogan Standey Private Bank NA. 1007 - - - - - WYATT Funds Transferred to Mortimer B. Zuckerman Act# 476- 060652 %0 . - . - - 5 1/S/211 cower the quarterly distributioes for the Third Quarter (4442-32325) Sasra5e5a Funds Transferred to Mortimer B. Zuckerman Act 476- 060652 t0 . Ryso/zmy conve the quarterly distributioes for the Fourth Quarter Gea) - - . . - pase Balance as of December 31, 2011 stam ss - 5s - 5s - 8 - $ ee MorganStanley SmithBarney 87 EFTA00284429

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The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Date Description ayt/2mit Opening Balance 1/28/2m1 Interest: Mongan Staniey Banik NLA. Balance as of January 31, 2011 2/25/21 Interest: Mongan Stanley Private Banik NLA. Balance as af February 28, 2011 3/02 Interest: Morgan Staniey Banik NLA. Balance as af March 31,2011 ayia Funds Translerred from Set Portioto anf Funds Transferred to USN College Marketing Act® 476- 061985 to cover the quarterly distributions for the First Quarter of 2001 4/28/2011 Interest: Morgan Stanioy Bark NLA, Balance as of Apeil 30, 2011 sy27/2mt Interest: Morgan Stanley Private Bank NA. Balance asof May 31, 2011 6flymnt Funds Transterred trom Seix Portiolio 6/1/2011 Templeton Lobal Bond Investment 6/29/2011 Interest: Morgan Stanley Bank N.A. Balance 2s of June 30, 2001 7/28/2001 Interest Morgan Stanley Private Banik N.A. Balance as of July 31, 2011 8/30/2001 Interest Morgan Stanley Private Bank NA. Balance as of August 31,2011 9/292 Interest: Morgan Stanley Bank NLA. Balance as af September 30, 2011 10/28/2011 Interest: Morgan Stanley Private Banik NLA. Balance as af October 1, 2011 11/29/2011 Interest: Morgan Stanoy Private Banik NLA. Morgan JP Morgan Deutsche Bank US Treasury US Government Ending Stanley Chase Bills Agencies Balance $ 137s S - $ - $ - $ - $ 13637898 2167 136,400.65 $ 1349065 os - $ - $ - $ - $ 136,500.65 20.93 - - - - 13% A2158 156,421.55 s 467 136,446.25 $s 136,446.25 $ - $s - $ - $ - $ 136,446.25 ———— 25,000.00 - - : - 38648625 (230,578.58) - - - - 155,867.67 uM - : - : 15589201 $ 155,892.40 $ - $ - $ - s - $ 155,892.01 $ 155,916.79 $ = $ = $ = $ = $ 155,916.79 180,000.00 - - - - 335,916.79 (180,000,005, bd bd - - 155,716.79 2819 - - - - 155,944.98 s 155,044.98 $ - s = $ - $ - $s 155,044.98 M79 - - - - TSS, 96977 s 155,960.77 $ - $ - $ - $ - $s 155,960.77 279 - - - - 155,991.56 s 155,991.56 s - s - s - $s - $ 155,991.55 684 : : : : 155,998.40 $ 155,998.40 $ - $ . $ - $ - $ 155,998.40 6.20 156,004.60 $ 156,004.60 $ - $ ° $ $ : $ 156,004.60 a4 - - - - 156,011.44 MorganStanley SmithBarney EFTA00284430

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The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bank US Treasury US Government Ending Date Description Stanley Chase Bills Agencies Balance Balance as of November 30, 2011 $ 156,001.44 $ ° $ $ ° $ ° $ 15011 12/15/2011 Funds Transterred from McDonnell Portfolio: 725,000.00 vii a Funds Transferred to USN College Marketing Act# 476- 061985 to cover the 230,578.58 quarterly disteitvuticers for the Second Quarter of 2011 (250578.58) 1432.86 12/29/21 Interest: Morgan Staniey Bank NA. 682 TW1A99.68 12/29/11 Interest: Morgan Stanley Private Bank N_A. O75 Die Balance as of December 31, 2011 $ 1OM04S Ss - 5 5 - 5 - 5 150,440.43 MorganStanley SmithBarney EFTA00284431

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Mortimer B. Zuckerman and Related Entities Appendix A - Boston Properties, Inc. - December 31, 2011 Holdings of Boston Properties, Inc. - Shares MBZ 1996 Trust MZ Burnside MZ Longstreet MZ Meade MBZ (GST Non-Exempt) MBZ CRUT Holdings, L.P. Holdings, L.P. Holdings, L.P. Total BXP (Common - June 23,1997 Exercised Options) 320,000 - - - - - 320,000 BXP (Common) 1,175,292 : 529,889 - - - 1,705,181 BXP (NonVested LTIPs) 159,883 - - : . - 159,883 BXP (Non-Vested Options) 37,940 - - - - - 37,940 BXP (OPPs) 68,000 - - - - - 68,000 BXP (OPUs) 6,215,294 1,405,392 - 23,624 13,097 9,753 7,667,160 BXP (Vested LTIPs) 250,531 - - - - - 250,531 BXP (Vested Options) 12,647 - - - - - 12,647 Total 8,239,587 1,405,392 529,889 23,624 13,097 9,753 10,221,342 Valuation of Boston Properties, Inc. - Closing Price: $99.60 MBZ 1996 Trust MZ Burnside MZ Longstreet MZ Meade MBZ (GST Non-Exempt) MBZ CRUT Holdings, L.P. Holdings, LP. Holdings, LP. Total BXP (Common - June 23,1997 Exercised Options) 31,872,000 - - - - - 31,872,000 BXP (Common) 117,059,074 - 52,776,944 - - - 169,836,018 BXP (Non Vested LTIPs) 15,924,372 - - - - - 15,924,372 BXP (Non-Vested Options) 261,408 - - - - . 261,408 BXP (OPPs) - - - - - - - BXP (OPUs) 619,043,282 139,977,043 : 2,352,950 1,304,461 971,399 763,649,136 BXP (Vested LTIPs) 24,952,863 . - . - - 24,952,863 BXP (Vested Options) 87,136 - - - - - 87,136 Total $ 809,200,135 $ 139,977,083 $ 52,776,944 $ 2,352,950 $ 1,304,461 $ 971,399 S 1,006,582,933 Year to Date Dividends Received MBZ 1996 Trust MZ Burnside MZ Longstreet MZ Meade MBZ (GST Non-Exempt) MBZ CRUT Holdings, L.P. Holdings, L.P. Holdings, LP. Total BXP (Common - June 23,1997 Exercised Options) 656,000 - - : . . 656,000 BXP (Common) 2,409,348 - 1,086,272 - - - 3,495,621 BXP (NonVested LTIPs) 327,761 : - : . - 327,761 BXP (OPPs) 13,40 - : : . - 13,440 BXP (OPUs) 12,741,353 2,881,054 - 48,429 26,849 19.94 15,717,678 BXP (Vested LTIPs) 513,588 . - . - - $13,588 Total $ 16,661,990 $ 2,881,054 $ 1,086,272 $ 48,429 $ 26,849 s 19,94 S 20,724,588 Performance of Boston Properties, Inc. MTD YTD Yo Change % Change Price Performance 5.0 15.7 Time-Weighted Performance 5.0 18.1 oer lee rad a ea nt pe MorganStanley SmithBarney 90 EFTA00284432

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Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2011 Options Vested Grant Date 1/15/2011 Options Unvested Grant Date 1/15/2011 1/15/2011 1/15/2011 LTIPs Vested Grant Date 1/30/2004 1/30/2004 1/30/2004 1/28/2005 1/28/2005 1/28/2005 4/28/2006 4/28/2006 4/28/2006 2/2/2007 The number of vested options and the exercise price have been adjusted to eliminate the economtic impact of the September 30, 2005 and December 27, 2006 Boston Properties, Inc. Expiration Date 2/1/2099 Expiration Date 2/1/2099 2/1/2099 2/1/2099 Expiration Date 1/30/2099 1/30/2099 1/30/2099 1/28/2099 1/28/2099 1/28/2099 4/28/2099 4/28/2099 4/28/2099 2/2/2099 Plan ID Grant Type 2011 Non-Qualified Plan ID Grant Type 2011 Non-Qualified 2011 Non-Qualified 2011 Non-Qualified Total Unvested Option PlanID ‘Grant Type LTIP Restricted LTIP Restricted LTIP Restricted LTIP Restricted LTIP Restricted LTIP Restricted LTIP Restricted LTIP Restricted LTIP Restricted LTIP Restricted special dividends of $2.50 and $5.40 per share, respectively. Granted Options 1 12,647 Granted Options 12,647 12,647 12,647 37,940 Granted Options 7A95 WA 11,993 $622 12071 13,796 5,947 8,327 9,516 6896 Vesting Schedule Immediate Vesting Schedule 1 Year 2 Years 3 Years Vesting Schedule 3 Years 4 Years 5 Years 3 Years 4 Years 5 Years 3 Years 4 Years 5 Years 1 Year Exercise Current Vesting Date Price 1 Price Current 9271 99.6 Total Vested Options Vesting Date 1/15/2012 1/15/2013 1/15/2014 Current Vested Vesting Date Price LTIPs Current 99.6 7,495 Current 99.6 10,494 Current 99.6 11,993 Current 99.6 8,622 Current 99.6 12,071 Current 99.6 13,796 Current 99.6 5,947 Current 99.6 8,327 Current 99.6 9,516 Current 99.6 6,896 1 Options 1 Vested Value of Vested Options 87,136 87,136 12,647 12,647 Value of Vested LTIPs 746,502 1,045,202 1,194,503 858,751 1,202,272 1,374,082 592,321 829,369 947,794 686,842 MorganStant eT Smatbarney EFTA00284433

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Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2011 2/2/2007 2/2/2099 LTIP Restricted 6,896 2 Years Current 99.6 6,896 686,342 2/2/2007 2/2/2099 LTIP Restricted 6,896 3 Years Current 99.6 6,896 686,842 2/2/2007 2/2/2099 LTIP Restricted 6,897 4 Years Current 99.6 6,897 686,941 2/1/2008 2/1/2099 LTIP Restricted 15,610 1 Year Current 99.6 15,610 1,554,756 2/1/2008 2/1/2099 LTIP Restricted 15,610 2 Years Current 99.6 15,610 1,554,756 2/1/2008 2/1/2099 LTIP Restricted 15,610 3 Years Current 99.6 15,610 1,554,756 1/29/2010 2/1/2099 LTIP Restricted 18,113 1 Year Current 99.6 18,113 1,804,055 2/2/2009 2/1/2099 LTIP Restricted 29,823 1 Year Current 99.6 29,823 2,970,371 2/2/2009 2/1/2099 LTIP Restricted 29,823 2 Years Current 99.6 29,823 2,970,371 1/15/2011 2/1/2099 LTIP Restricted 10,096 Immediate Current 99.6 10,096 1,005,537 Total Vested LTIPs 250,531 24,952,863 LTIPs Unvested Expiration Granted Vesting Grant Date Date PlanID Grant Type Options Schedule Vesting Date 2/1/2008 2/1/2099 LTIP Restricted 15,611 4 Years 1/15/2012 1/29/2010 2/1/2099 LTIP Restricted 18,113 2 Years 1/15/2012 1/29/2010 2/1/2099 LTIP Restricted 18,113 3 Years 1/15/2013 1/29/2010 2/1/2099 LTIP Restricted 18,113 4 Years 1/15/2014 2/2/2009 2/1/2099 LTIP Restricted 29,823 3 Years 1/15/2012 2/2/2009 2/1/2099 LTIP Restricted 29,823 4 Years 1/15/2013 1/15/2011 2/1/2099 LTIP Restricted 10,096 1 Year 1/15/2012 1/15/2011 2/1/2099 LTIP Restricted 10,096 2 Years 1/15/2013 1/15/2011 2/1/2099 LTIP Restricted 10,096 3 Years 1/15/2014 Total Unvested LTIPs 159,883 The number of vested options and the exercise price have been adjusted to eliminate the economic impact of the September 30, 2005 and December 27, 2006 Boston Properties, Inc. special dividends of $2.50 and $5.40 per share, respectively. MorganStant SmithBarney EFTA00284434

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Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 Date 1/6/2011 qyy11/201 y1i/201 y1/201 4/12/2011 1/12/2011 1/12/2011 1/24/2011 1/25/2011 ya/201 221 2/3/2011 2/11/2011 2/11/2011 2/11/2011 2/11/2011 2/11/2011 2/11/2011 2/11/2011 2/14/2011 2/14/2011 2/14/2011 2/14/2011 2/15/2011 2/15/2011 2/17/2011 2/22/2011 2/25/2011 Transaction Description Morgan Stanley Credit Partners Onshore, LP. - Investment CVC European Equity Partners V, LP. - Investment Loud3R - Investment Morgan Stanley Credit Partners Onshore, LP. - Distribution CVC European Equity Partners V, LP. - Investment GS Capital Partners II, L.P. - Distribution Morgan Stanley Credit Partners Onshore, LP. - Distribution VSS Comunications Partners [V, LP. - Distribution GS Vintage Fund, LP. - Distribution Morgan Stanley Credit Partners Onshore, LP. - Distribution Total (Investments) / Distributions as of January 31, 2011 CVC Capital Partners Asia Pacific I, L.P. - Investment Generation Capital Partners Il, L.P. - Investment Quellos Private Capital 2002, L.P. - Investment Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - Quellos Private Capital 2002, L.P. (US Mature) - Investment Quellos Private Capital 2002, L.P. (US Mature) - Distribution Quellos Private Capital 2002, L.P. - Distribution Quellos Co-Investment Fund II, LP. - Distribution Quellos Co-Investment Fund II, LP. - Investenent Quellos Co-Investment Fund II, LP. - CRT Series - Distribution Quellos Co-Investment Fund II, LP. - CRT Series - Investment Quellos Co-Investment Fund I, LP. - Distribution Quellos Co-Investment Fund If, L-P_ - Investment Quellos Co-Investment Fund II, LP. - Distribution Quellos Co-Investment Fund Il, LP. - Investment Loud3R - Investment Loud3R - Investment Loud3R - Investment Total (Investments) / Distributions as of February 28, 2011 93 MBZ ~MOAdd 147,326 716,646 6,914 3,853 715,372 1,396,115 651,097 1,316,746 MBZ 1996 Trust MBZ 1996 Trust (GST Exempt) ($290,989) (GST Non-Exempt) MBZ 1983 Family Trust MBZ CRUT 200, 000 . 135,601 - - 368,324 ($64,399) $368,324 320 . 111,692 - - 538,28 - 1,222,228 130,219 . 263,349 . 75,000 - ~75,000 - -7,500 . (8182,229) ($684,000) MorganStanley SmithBarney EFTA00284435

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Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 MBZ 199% Trust MBZ 1996 Trust MBZ 1983 Date Transaction Description MBZ (GST Exempt) (GST Non-Exempt) Family Trust MBZ CRUT 3/4/2011 Quadrangle Capital Partners, LP. - Distribution 92,860 - - - - 3/4/21 Quadrangle Capital Partners, LP. - Investment -29,751 - - - - 3/9/2011 Quellos Co-Investment Fund, LP. - CRT Series - Distribution - - - - 1,492,519 3/9/2011 Quellos Co-Investment Fund, LP. - Distribution 180,098 397,082 529,543 111,255 - 3/11/2011 Loud3R - Investment - - - 150,000 - 3/18/2011 Loud3R - Investment - - - -7,500 - 3/21/2011 Glilot Capital Partners 1, L.P. - Investment 52,500 - - - - Total (Investments)}/ Distributions as of March 31, 2011 $190,707 $397,082 $529,543 ($46,245) $1,492,519 4/6/2011 Generation Capital Partners Il, L-P. - Investment 6,281 - - - - 4/14/2011 Loud3R - Investment - - - -7,500 - 4/2/2001 Morgan Stanley Credit Partners Onshore, LP. - Distribution 34,674 - . . 86,682 4/21/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 9,512 - - - - 4/26/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution - - 34,674 - - 4/27/2011 Brickman Real Estate Fund IV, LP. - Distribution - - - 182,776 - Total (Investments) / Distributions as of April 30, 2011 $37,905 - $34,674 $175,276 $86,682 5/2/2011 Heartland Industrial Partners, LP. - Distribution 406,956 - - - - 5/6/2011 Quellos Co-Investment Fund, LP. - Distribution 266,953 588,581 784,922 164,909 - 5/6/2011 Quellos Co-Investment Fund, L-P. - CRT Series - Distribution - - - - 2,191,551 5/6/2011 GS Capital Partners [1], L.P. - Distribution 44,095 - - - - 5/11/2011 Valor Equity Partners I, L.P. - Distribution 106,726 - - . . 5/12/2011 CVC European Equity Partners IV, L.P. - Distribution - - 26,909 77,556 - 5/19/2011 CVC European Equity Partners IV, L.P. - Distribution - - 184,952 107,416 - Total (Investments) / Distributions as of May 31, 2011 $824,730 $588,581 $996,754 $349,881 $2,191,551 MorganStanley SmithBarney 94 EFTA00284436

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Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 Date 6/1/2011 6/1/2011 6/1/2011 6/6/2011 6/15/2011 6/15/2011 6/15/2011 6/15/2011 6/22/2011 6/27/2011 6/27/2011 6/29/2011 6/29/2011 7/6/2011 7/7/2001 7/12/2011 7/20/2011 8/5/2011 8/9/2011 8/10/2011 8/25/2011 Transaction Description Quellos Private Capital II, L.P. - Distribution Quellos Private Capital II, L.P. - Investment Chase Capital Partners Private Equity FF I, LTD - Distribution Heartland Industrial Partners, LP. - Distribution Quellos Co-Investment Fund Il, LP. - Investment Quellos Co-Investment Fund II, LP. - Distribution Quellos Co-Investment Fund Il, LP. - CRT Series - Investment Quellos Co-Investment Fund II, LP. - CRT Series - Distribution Generation Capital Partners Il, LP. - Investment Evercore Venture Partners, L.P. - Distribution Israel Infrastructure Fund 1-C, LP. - Investment Quellos Co-Investment Fund, L.P. - CRT Series - Distribution Quellos Co-Investment Fund, LP. - Distribution Total (Investments) / Distributions as of June 30, 2011 CVC Capital Partners Asia Pacific I, L.P. - Distribution GS Private Equity Partners Il, L.P. - Distribution Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - Morgan Stanley Credit Partners Onshore, LP. - Distribution Total (Investments) / Distributions as of July 31, 2011 The Vehicle Production Group, LLC. - Investment CVC European Equity Partners IV, L.P. - Distribution Patricof Private Investment Club IL, LP. - Distribution Patricof Private Investment Club IL, LP. - Distribution Total (Investments) / Distributions as of August 31, 2011 MBZ 330,904 230,904 65,047 353,682 1,130,485 1,130,485 -21,708 66,762 580,061 $1,043,844 117,215 303,941 4,756 28,267 $454,179 16,947 7,496 $24,443 MBZ 1996 Trust (GST Exempt) 57,726 57,726 “37,500 1,278,923 $1,241,423 MBZ 1996 Trust (GST Non-Exempt) 57,726 57,726 678,291 678,201 1,705,551 $1,705,551 247,849 28,267 $276,116 145,000 ($145,000) MBZ 1983 Family Trust MBZ CRUT -226,097 - 226,097 - - 71,271,543 - 1,271,543 -37,500 - - 2,087,350 358,329 . $320,829 $2,087,350 : 70672 : $70,672 237,983 - $237,983 - nt SmithBarney EFTA00284437

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Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 MBZ 1996 Trust MBZ 1996 Trust MBZ 1983 Date Transaction Description MBZ (GST Exempt) (GST Non-Exempt) Family Trust MBZ CRUT 9/1/2011 Quellos Private Capital 2002, L.P. - Investment - 6,407 - ~6A07 - 9/1/2011 Quellos Private Capital 2002, L.P. (US Mature) - Distribution 934,115 - - - - 9/1/2011 Quellos Private Capital 2002, L.P. (US Mature) - Investment -29,376 ° : . . 9/1/2011 Quellos Private Capital 2002, L.P. - Distribution - 142,662 : 142,662 - 9/8/2011 GS Private Equity Partners II, L.P. - Distribution 214,997 95,333 175,319 - - 9/9/2011 Quellos Co-Investment Fund, LP. - Distribution 263,433 580,820 774,572 162,734 - 9/9/2011 Quellos Co-Investment Fund, L-P. - CRT Series - Distribution ° ° . ° 2,204,935 9/13/2011 VSS Comunications Partners IV, LP. - Investment - 65,531 65,531 . . 9/14/2011 Greyeroft Partners Il, LP. - Investment -150,000 - - - - 9/14/2011 Greyeroft Partners Il, L.P. - Distribution 150,000 - - - - 9/15/2011 Quellos Private Capital I, L.P. - Investment -224,320 56,080 56,080 - - 9/15/2011 Quellos Private Capital II, L.P. - Distribution 224,320 56,080 56,080 - - 9/16/2011 VSS Comunications Partners IV, LP. - Investment - 31,974 “31,974 - - 9/19/2011 Greycroft Partners II, L.P. - Investment -150,000 : : . . 9/26/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment ~334,905 - -234,905 - - 9/27/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment - - - . ~587,263 Total (Investments) / Distributions as of September 30, 2011 $998,264 $714,903 $617,481 $298,989 $1,617,672 10/6/2011 Quellos Financial Ventures IL, (CRT), L.P. - Distribution : : . - 178,304 10/6/2011 Quellos Financial Ventures IL, LP. - Distribution 356,606 : : . . 10/17/2011 Legacy Capital, LP. - Investment - 726,007 7 - 10/17/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution - - - - 77,695 10/20/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 30,719 - - - - 10/24/2011 Quellos Co-Investment Fund Il, LP. - Investment 965,249 ~579,150 579,150 193,049 - 10/24/2011 Quellos Co-Investment Fund IIL, LP. - Investment -1441,733 1,381,300 1,841,733 460,433 - 10/27/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment - - ~269,290 - - 10/28/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment -269,290 : . - 673,225 Total (Investments) /Distributions as of October 31, 2011 (52,688,947) (51,960,450) (83,416,200) ($653,482) ($417,226) nley SmithBarney 96 EFTA00284438

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Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 MBZ 1996 Trust MBZ 1996 Trust MBZ 1983 Date Transaction Description MBZ (GST Exempt) (GST Non-Exempt) Family Trust MBZCRUT 11/2/2011 Israel Infrastructure Fund I-C, LP. - Distribution - 67,216 - 67,216 - 11/8/2011 Valor Equity Partners I, L.P. - Distribution 98,863 - - - - 11/14/2011 Brickman Real Estate Fund Ill, L.P. - Investment - 91,973 . ° . 11/17/2011 VSS Comunications Partners IV, LP. - Investment - 12,341 -12M1 - - 11/17/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment 439,220 - ~439,220 - - 11/18/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment - - : : 1,098,050 11/18/2011 Pequot / FMVP IL, LP. - Distribution 7,021 ° . . . 11/23/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution 59,355 - 59,355, - - 11/25/2011 CVC European Equity Partners V, LP. - Investment - ; -338,965 . . Total (Investments}/ Distributions as of November 30, 2011 ($273,981) (537,098) ($731,171) $67,216 ($1,098,050) 12/5/2011 Israel Infrastructure Fund 1-C, LP. - Investment - -75,000 - -75,000 - 12/9/2011 Quellos Co-Investment Fund IIL, LP. - Investment -1671,733 1,253,800 1,671,733 ~417,933 2,289,000 12/13/2011 Quellos Co-Investment Fund, LP. - Distribution 787,918 1,737,208 2,316,713 486,732 - 12/13/2011 Quellos Co-Investment Fund, L-P. - CRT Series - Distribution : : - . 4,099,406 12/16/2011 Quellos Co-Investment Fund II, LP. - Distribution 1,024,790 614,873 614,873 214,958 - 12/16/2011 Quellos Co-Investment Fund II, LP. - CRT Series - Distribution - - - - 1,905,750 12/16/2011 CVC European Equity Partners IV, L.P. - Distribution - : 164,989 164,989 - 12/16/2011 Brickman Real Estate Fund IV, LP. - Distribution : - - 167,957 - 12/16/2011 Brickman Real Estate Fund IV, LP. - Investment - : : “M4820 . 12/19/2011 Chase Capital Partners Private Equity FF ll, LTD - Distribution 19,941 - - - - 12/20/2011 CVC Capital Partners Asia Pacific I, L.P. - Distribution 15,949 - - - - 12/20/2011 Heartland Industrial Partners, LP. - Distribution 175,916 - - - - 12/21/2011 VSS Comunications Partners IV, LP. - Investment : 4422 84422 . - Total (Investments) / Distributions as of December 31, 2011 $352,781 $938,859 $1,340,420 $516,883 $3,716,156 nley SmithBarney 97 EFTA00284439

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Mortimer B. Zuckerman and Related Entities Appendix D -Schedule of Transfers to Selected Investments - December 31, 2011 22am 4/19/2011 6/15/2011 8/1/2011 9/9/2011 12/15/2011 US News and World Report - Prime Axis Amount Total Investments in US News and World Report - Prime Axis for 2007 ~5,550,000 Total Investments in US News and World Report - Prime Axis for 2008 934,543 Total (Investments) / Distributions in US News and World Report - Prime Axis for 2011 so US News and World Report Amount Total Investments in US News and World Report for 2002 25,176,332 Total Investments in US News and World Report for 2003 61,900,000 Total Investments in US News and World Report for 2004 14,000,000 Total Investments in US News and World Report for 2005 -23,500,000 Total Investments in US News and World Report for 2006 -18,500,000 Total Investments in US News and World Report for 2007 -21,000,000 Total Investments in US News and World Report for 2008 -20,500,000 Total Investments in US News and World Report for 2009 -15,150,000 Total Investments in US News and World Report for 2010 712,725,000 Investment in US News and World Report ~1,000,000 Investment in US News and World Report -1,000,000 Investment in US News and World Report 800,000 Investment in US News and World Report ~850,000 Investment in US News and World Report ~650,000 Investment in US News and World Report ~400,000 Total (Investments), Distributions in US News and World Report for 2011 (34,700,000) 98 MorganStanley SmithBarney EFTA00284440

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Mortimer B. Zuckerman and Related Entities Appendix D -Schedule of Transfers to Selected Investments - December 31, 2011 Date Publishing - Daily News Amount 2006 Total Investments in Publishing - Daily News for 2006 18,050,000 2007 Total Investments in Publishing - Daily News for 2007 -30860,000 2008 Total Investments in Publishing - Daily News for 2008 -73,972,000 2009 Total Investments in Publishing - Daily News for 2009 85,986,624 2010 Total Investments in Publishing - Daily News for 2010 42,067,853 1/12/2011 Investment in Publishing - Daily News ~4,500,000 2/11/2001 Investment in Publishing - Daily News -3,300,000 3/30/2011 Investment in Publishing - Daily News -2,500,000 4/14/2001 Investment in Publishing - Daily News -1,900,000 4/26/2011 Investment in Publishing - Daily News -2,100,000 5/19/2011 Investment in Publishing - Daily News -2,450,000 6/15/2011 Investment in Publishing - Daily News 1,900,000 7/15/2011 Investment in Publishing - Daily News 1,400,000 7/20/2011 Investment in Publishing - Daily News ~2,500,000 8/17/2011 Investment in Publishing - Daily News ~2,000,000 9/14/2011 Investment in Publishing - Daily News “1,174,285 9/15/2011 Investment in Publishing - Daily News 6,252,041 9/23/2011 Investment in Publishing - Daily News -1,500,000 9/30/2011 Investment in Publishing - Daily News ~1,200,000 10/20/2011 Investment in Publishing - Daily News -1,800,000 12/19/2011 Investment in Publishing - Daily News -1,750,000 12/22/2011 Investment in Publishing - Daily News 2,000,000 Total (Investments), Distributions in Publishing - Daily News for 2011 ($40,226,326) Date MBZ Printing, LP Amount 2006 Total Investments in MBZ Printing, LP for 2006 ~3,650,563 2007 Total Investments in MBZ Printing, LP for 2007 -2,523,049 Total (Investments) / Distributions in MBZ Printing, LP for 2011 so 99 MorganStanley SmithBarney EFTA00284441

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Mortimer B. Zuckerman Appendix E - Schedule of Secured Debt - December 31, 2011 Remaining Principal Loan Interest Lender Collateral Balance Date Rate Comments Bank of America BR, Inc - "Lazy Z" Motor Yacht $s 14,792,507 12/11/2007 Balloon due 6/30/2013 1.04% (Libor + Quarterly payment is interest only. 70%) Loan origination fee of 0.25% ($37,079.17). 4/15/2009: modified Monthly mortgage payment based on Bank of America 950 Fifth Avenue, New York, NY 10021 24,027,930 11/20/2011 Balloon due 11/20/2018 3.30% 30-year amortization Penthouse Apt and S.R_ #10 and the 12th and 13th Floor Duplex Bank of America 21 Drew Lane, East Hampton, NY 11937 20,364,720 4/15/2009: Balloon due 11/15/2018 3.30% modified Monthly mortgage payment based on 11/15/2011 30-year amortization Bank of America 17 East 75th St, New York, NY 10021 5,409,619 12/21/2001; Balloon due 11/27/2018 3.30% modified Monthly mortgage payment based on 11/27/2011 30-year amortization Bank of America 4 Three Mile Harbor Drive, East Hampton, NY 11937 809,739 3/14/2002; Balloon due 11/14/2018 3.30% modified Monthly mortgage payment based on 11/14/2011 30-year amortization Bank of America 418 Wrights Road, Aspen, CO 81611 7329840 1/5/2010; Loan Balloon due 1/5/2017 330% Monthly mortgage payment based on modified 10/5/11 30-year amortization Total $ 72,734,356 — MorganStanley SmithBarney 100 EFTA00284442

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Mortimer B. Zuckerman Appendix F - Schedule of Unsecured Debt - December 31, 2011 Loan Interest Lender Date Detaits Rate Pauline Gertler $s 2a720 yim Demand 02% azsay pena (200 sean (oun (moa (oun econ Grea (400,000) Gertler Subetal 1am Bank of America 100,000,000 158% R7I7A08 158% 25,000,000 158% 2.500000 158% 4,000,000 158% 2,700,000 158% 2,500,000 158% ASLO ial Laon 158% Bank Am -Commnitment fiw 2,530,151 025% Bank of America Subtotal 153,469360 2/23/2013 Catiboesk Swap 100,000,000 387% Blank of Ameica Swap 25,000,000 47m MZ Printing (APT, LP) 41,000,000 732000 582% Total $_196225,689 — ROK ORS 100,219 S42.957 Interest Comments. $34,456 Outstanding peincipal and accrued interest due upom demand of payment from Lender. There is no prepayment penalty. As of Jaewary 1, 2003 aed cach succeeding year, the interest rate shail be adjusted to equal the Federal short-term rate determined for such month under ‘Section 1274(d)} of the Internal Revenue Code, based an monthly compounding, Copy of note on file. Accrued intesest reflects 2011 aed price yan 4/17/2308 paysume 12/27/2008 payment 4/7/2009 payment 7/27/2008 payment 9/24/3200 paymane 12/2/2008 payment 0/14/2010 payment 12/23/2010 payment 01/06/2012 payment 11/21/2018 payment Rofinanced at LIBOR + 130 bpm (25% + 130bps) effucstive 3/8/11 . LIBOR + £30lbpe (.25% + 1.90%) 3/8/11 - LIBOR + £30lbpe (.25% + 1.90%) 3/8/00 = IBY dene dove + 4/16/11 dre doves = 6/14/11 draw dows: = 7/20/11 draw doven = 915/11 crave doves = W/20/21 draw down = Comemitmunt for of 0.25% on ured poeticn. = Stag rat of 287% thronygh 4/8/2015 Sweap rate of 4.72% threvaghs 12/30/14 ~ Swap theoagh 12/90/14 at 472% + 110% = 582% = 2/25/2014 maturity (maybe extendable by une more year). Ss SAM inStani SenithBerney 101 EFTA00284443

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Mortimer B. Zuckerman Appendix G - Schedule of Loan Guarantees - December 31, 2011 Debtor USN Aviation - the borrower was changed to M. Zuckerman in 11/2007 ZAS, Inc. - the borrower was changed to Waldorf Flight Services, LLC in 11/2006 Daily News, L.P_- NJEDA. Daily News, L.P_- HUD Total MBZ Loan Guarantees Amount Guaranteed as of 30,551,620 2,280,900 2,000,000, 42,732,520 Benefici Bank of America Bank of America NJEDA HUD Interest Rate Swap rate 5.37% (4.67% + 70bps) Actual rate of 1.04% Swap rate 5.17 % (4.47% + 7bps} Actual rate of 1AM% 102 $s $ Interest 1 139831 10,277 150,108 Comments 11/1/14 maturity. LIBOR + 70bps Swap matures 11/3/14 at 4.67% + 70bps 12/1/13 maturity. LIBOR + 70bps Swap matures 12/2/13 at 4.47% + 70bps Ground lease Jersey Gity land lease guaranty to NJIEDA MBZ guarantee pursuant to HUD loan MorganStanle' 7 SmithBarney EFTA00284444

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Mortimer B. Zuckerman Appendix H - Schedule of Contingent Obligations - December 31, 2011 Debtor Amount Issuer Liberty Mutual $ 11,829,851 Citigroup (1) ALG. 777,971 Citigroup (1) NY Plaza Financial Associates, LLC 2,674,350 Citigroup (1) Citigroup ( Derivatives Division) 4,000,000 Citigroup (1) 5,800,000 Citigroup (1) Krall Payments 300,000 Bank of America 1050 Jefferson, Washington DC 178,125 Bank of America 103 Comments L/C issued for Liberty Mutual insurance L/C issued for ALG. L/C issued for DN & USN new office space Value of the Basic Collateral Required under the Swap contract Additional Collateral Required under the Swap agreement L/C issued as part of guaranty issued for Sev. Payments L/C issued for USN Washington DC office lease MorganStanle' ” Smuthearniey EFTA00284445

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Mortimer B. Zuckerman Appendix I - Fixed Income Summary - December 31, 2011 Fixed Income Summary * Please note: The Total market Value is calculated by multiplying the fixed income holdings as of 11/30/2011 and market prices as of 12/31/2011 Par Value Cost Basis Adjusted Cost Basis Market Value Accrued Interest Total Market Value Net Unrealized Gain (Loss) Average Moody's/{/ Fitch Ratings Average Coupon Projected Annual Income Proejcted Annual After-Tax Income Average Maturity in Years Average Call/ Maturity in Years Average Effective Duration Average Purchase Yield Priced as of 1/04/2012 Average Yield to Maturity Average Yield to Call/ Maturity Average Pre-Tax Market Yield Average After-Tax Market Yield Total Money Funds as of 12/31/2011 $163,757,495.49 $169,518,421 46 $167,334,908.85 $173,810,386.92 $1,659,033.82 $175,469,420.74 $6,475,478.07 Al/A+/A+ 4459 $7,108,956.20 $5,846,923.62 5.250 3.451 3.337 3.533 2.054 1.752 1.752 1.430 $33,791,910.00 * The pricing source used in the calculation of the fixed income total market value is the Fixed Income High Net worth Reporting Tool, and therefore will not match the market values in the body of the performance report, which use different sources * Total market value of Fixed Income Summary includes values of Citi Bonds, Seix Bonds, McDonnell Bonds, and MSSB Bonds. Please note, the fixed income value excludes the market values of Mutual Funds that are part of the fixed incame portfolios 104 MorganStanl eSmithBarney EFTA00284446

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Mortimer B. Zuckerman Appendix I - Distribution by Product Sector - December 31, 2011 Product Sector Cost Estimated Market Value Precent of Portfolio Market Value Tax-Exempt Securities $76A412,610.68 $79,064,604.60 45.489%, Corporate Securities $81,639,016.60 $83,117,331.47 47.822% Mortgage-Backed Securities $1,415,242.69 $1,406,040.85 0.809% US. Treasury Securities $6,152,456.04 $6,326,650.10 3.639% U.S. Agency Securities $3,899,095.45 $3,895,759.90 2.241% Total $169,518,421.46 $173,810,386.92 100.000% U.S. Treasury Securities, 3.6% U.S. Agency Securities, 2.2% @ Tax-Exempt Securities Mortgage-Backed Securities, 0.8% Tax-Exempt Securities, 45.5% Corporate Securities O Mortgage-Backed Securities G@U.S. Treasury Securities BU.S. Agency Securities Corporate Securities, 47.8% * Please note: The Total market Value is calculated by multiplying the fixed income holdings as of 11/30/2011 and market prices as of 12/31/2011 * The pricing source used in the calculation of the fixed income total market value is the Fixed Income High Net worth Reporting Tool, and therefore will not match the market values in the body of the performance report, which use different sources. * Total market value of Fixed Income Summary includes values of Citi Bonds, Seix Bands, McDonnell Bonds, and MSSB Bonds. Please note, the fixed income value excludes the market values of Mutual Funds that are part of the fixed income portfolios. MorganStanle: = SmithBarney 105 EFTA00284447

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Mortimer B. Zuckerman Appendix I - Maturity Distribution Graph - December 31, 2011 Year 2012 2013 2019 Epeye Value $12,267,000.00 $45,061,000.00 $23,471,000.00 $19,821,000.00 $12,779,000.00 $8,607,000.00 $1,600,000.00 $100,000.00 $3,711 ,000.00 $6,073,000.00 $2,200,000.00 $3,630,000.00 $2,350,000.00 $3,525,000.00 $1, 030,000.00 $4,140,000.00 $2,000,000.00 $2,520,000.00 $75,000.00 Percent Per Year 7.55% 27.75% 14.45% 12.21% 7.87% 0.05% Maturity Distribution Graph $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 STS KK KKK LSC KEES * Please note: The Total market Value is calculated by multiplying the fixed income holdings as of 11/30/2001 and market prices as of 12/31/2011 * The pricing source used in the calculation of the fixed income total market value is the Fixed Income High Net worth Reporting Tool, and therefore will not match the market values in the body of the performance report, which use different sources. * Total market value of Fixed Income Summary includes values of Citi Bonds, Seix Bonds, McDonnell Bonds, and MSSB Bonds. Please note, the fixed income value excludes the market values of Mutual Funds that are part of the fived income portfolios. ne EFTA00284448

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category january Desc 2011 2011 INFLOWS Uncategorized Div Income - 58,045.09 Interest Inc 278.20 322.33 Invest Inc - Invest Reimbursement - 40,768.00 Salary Salary:BXP 75,386.53 2,623,124.64 Salary:Intelligence Squared - - TOTAL Salary 75,386.53 2,623,124.64 Tax Refund Tax Refund:AL 5,197.00 Tax Refund:CA 14,088.13 Tax Refund:CT Tax Refund:GA - Tax Refund:Indiana 5,163.68 Tax Refund:lowa - Tax Refund:IRS - Tax Refund:Kansas 5,797.00 Tax Refund:LA Tax Refund:Mass Tax Refund:MD . Tax Refund:NC 40,395.76 Tax Refund:NJ 98,634.00 Tax Refund:NM 8,913.67 Tax Refund:NY Tax Refund:OH Tax Refund:PA Tax Refund: VA Tax Refund:Wisconsin Tax Refund: WV TOTAL Tax Refund 178,189.24 TOTAL INFLOWS 253,853.97 2,722,264.06 OUTFLOWS 200 E. 65th Street 200 E. 65th Street:Commission 421.81 73,124.64 73,124.64 8494.00 21,915.17 89,305.67 20,015.52 139,728.36 213,274.81 121,74 73,124.64 73,124.64 116,530.12 1383.54 117,913.66 191,160.04 2011 49 73,124.64 73,124.64 48,986.77 48,986.77 122,164.90 2011 73,124.64 73,124.64 19,391.00 1,407.00 77,354.00 98,152.00 171,319.49 70,000.00 107 2011 2011 57.51 29.13 1177554 73,124.64 111,775.54 73,124.64 4,128.00 3,616.00 4,128.00 3,616.00 115,961.05 76,769.77 2011 nw 9,191.35 73,124.64 73,124.64 82,328.98 2011 74l 73,124.64 73,124.64 73,132.05 2011 2011 TOTAL 0.01 258.45 258.46 . 5845.09 202.15 . 1549.61 40,768.00 73,124.64 109,686.96 351,970.79 1,000.00 . 1,000.00 74,124.64 109,686.96 = 3,505,970.79 . 5,197.00 - 31,052.01 1,176.00 : 9,670.00 1,067.00 - 20,458.00 : 4,128.00 7,270,175.00 : 5,797.00 : 21,915.17 158,825.00 - 158,825.00 22,766.00 . 40,395.76 42,350.00 : - 8,913.67 2,916,089.00 - 2,916,089.00 - 7354.00 1,020.00 . 2403.54 . 89,300.67 20,015.52 17,034.00 17,034.00 10,371,118.00 90,436.01 11,052,268.04 10,445,444.80 200,381.42 14,668,051.34 70,000.00 MorganStanley SmithBarney EFTA00284449

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category 200 E. 65th Street:Rent TOTAL 200 E. 65th Street Accounting Apartment Apartment-Rent TOTAL Apartment Art Art:Conservation TOTAL Art Assessment Auto Auto:Aspen Auto Auto:EH Auto Auto:Fuel Auto:Parking Auto:Parking Ticket Auto:Purchase Auto:Service TOTAL Auto Baby Bank Charge Bank Charge:MBZ Printing TOTAL Bank Charge Bike Bike-MZ TOTAL Bike Boston Prop Charges Boston Prop Charges:Entertaining Boston Prop Charges:Gift Boston Prop Charges:Reimbursement january 2011 13,396.84 205.50 453.40 1111.63 1,084.33 262.27 (4,131.80) 2011 1,427.50 1427.50 13,396.54 (1,500.00) 33,000.00 3,060.00 3,050.00 13,396.84 216.52 216.52 45 (1,500.00) (1,500.00) 9,058.25 9058.25 191.91 52.56 7.00 20.18 382.13 june 2011 2011 168,000.00 238,000.00 1129.88 2,863.00 1129.88 2865.00 286.85 445 127.64 7058 249,73 1077.43 651.82 357.6 384.50 102,750.00 102,750.00 439.90 439.90 1,061.32 4697 3,000.00) 108 2011 70,000.00 70,000.00 25,000.00 730.00 730.00 212.29 212.29 181.08 (1500.00) 2011 2011 2011 2011 70,000.00 70,000.00 70,000.00 70,000.00 70,000.00 70,000.00 45,000.00 60,000.00 28,107.00 11,863.82 11,863.82 454.85 6.25 55.89 153.26 287.65 74.88 165,29 : 37.00 65.00 : 39,000.00 290.93 368.73 899.04 656.38 39,486.13 258.18 1,182.65 190.08 190.08 141.12 115.99 257.76 . . . 136.00 (1,500.00) (75,808.55) (1,500.00) (1,500.00) 2011 1,400.00 1,400.00 215.26 11341 TOTAL 448,000.00 518,000.00 181,107.00 ws 65.18 35d2.45, 206.50 2,574.80 1,073.57 117.00 140.00 3,008.84 102,750.00 439.90 935.09 3,445.59 (2,500.00) (94,940.35) MorganStanley SmithBarney EFTA00284450

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category Boston Prop Charges:Telephone Boston Prop Charges:Travel TOTAL Boston Prop Charges Clothing Clothing: AJZ Clothing:Cleaners Clothing:MBZ Clothing:RZ TOTAL Clothing Commission Computer Computer:AJZ Computer:MBZ TOTAL Computer Contribution Contribution:Charitable Contribution:Not Deductible TOTAL Contribution Daily News Charges Daily News Charges:Entertaining Daily News Charges:Gift Daily News Charges:Reimbursement Daily News Charges:Subscriptions TOTAL Daily News Charges Dues Entertainment Entertainment:950 Fifth Entertainment:EH TOTAL Entertainment Fee january 2011 3,009.53 (830.00) 369.51 501.03 386.00 10,542.32 163.70 11,962.56 1284.48 1,284.48 15,000.00 15,000.00 716.57 (2,482.11) 312.70 (1,452.84) 11,488.37 4,533.2 4,533.22 2011 698.70 (801.30) 331.50 2,201.40 2,532.90 3,483.15 1499.00 2,199.00 7,181.15 10,890.00 1,460.00 12,350.00 198.48 198.48 2,645.79 1,641.33 3,659.11 3,659.11 221.92 3,500.00 3,500.00 217.16 720.20 987.36 2,299.09 2,591.79 2,591.79 2011 2011 1712.20 174431 1456.73 5.33 1,262.36 397.55 577.65 29,533.65, 3572.80 2.75 29,952.95, 4,150.45 . 1135.00 IN97 261.28 3497 261.28 45,180.00 71,700.00 7,885.00 53,065.00 71,700.00 733.92 733.92 11,188.37 5,513.78 15,799.04 5513.78 15,799.08 1779.53 4.16.50 6,349.00 141.93 141.93 35,958.00 15,137.00 51,095.00 257.12 291.62 1553.65 3,276.37 3,276.37 109 2011 1,235.87 (83.05) 500.85 87.85 1,585.60 2,174.30 141.93 141.93 82,940.00 2,060.00 85,000.00 280.95 780.95 3,540.00 2.93.37 1,971.70 M4121 5056.28 2011 1675.91 v7.03 372.50 189.70 3,237.59 141.93 141.93 8,550.00 5,000.00 13,550.00 7.57 7.57 4610.02 217.64 7389 5,553.55 2011 173.08 464.87 3345.32 3810.19 141.93 141.93 15,000.00 1,000.00 16,000.00 452.55 4724.11 620.75 5,344.86 2011 2,003.80 297.60 999.43 2522.49 2819.84 6,341.76 116.93 116.93 25,750.00 250.00 26,000.00 297.20 10833.57 2,108.00 12,936.57 284.00 2011 2316.99 1653.13 1,099.86 165.70 5,342.80 6,608.36 141.93 141.93 41,500.00 41,500.00 6,900.26 6421.53 2,113.26 856.79 2011 1667.55 174.20 2,983.40 3,157.60 216.88 3,589.61 3,806.49 57,335.00 175.00 57,500.00 300.29 (4816.25) 297.20 (4,218.76) 1387.93 4539.79 6427.72 TOTAL 22,243.26 6331.21 369.51 2318.75 3,005.29 77,587.77 115.00 6,689.26 5,088.61 2,199.00 13,976.87 413,293.00 1837.19 160.00 3413.87 WARM 64,529.50 5,406.89 MorganStanley SmithBarney EFTA00284451

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category january fune Desc 2011 2011 2011 2011 201 20 20 2011 2011 2011 2011 2011 TOTAL Fine Art - - - : : . : : : : 6,702.89 - 6,702.89 Fine Art:Appraisal - - 15,879.50 : : : 705.00 . 5,775.00 - - - 22,359.50 Fine Art:Documentation - - - . . . . . 990,00 . . 300,00 Fine Art:Framing : - : 3,211.81 1524.25 639.23 : 571.59 : : 4,120.92 15,822.80 Fine Art:Moving - - - . . . 15,623.01 : . 21¢.25 . 75.00 Fine Art:Photography - - . 730.00 . . . . . 2,000.00 . 2,750.00 Fine Art:Repair 4,200.40 - 23,162.50 23,000.00 : : . 1,905.31 - - - 21,549.25 7381746 TOTAL Fine Art 4,200.40 - 392.00 26,211.81 2274.25 639.23 16,328.01 2476.90 6,765.00 216.25 5,702.89 265.17 140,574.91 Furniture . Furniture:950 Fifth - - - . . . : 1,575.00 . 44,437.29 92,247.77 24,123.88 162,383.04 Furniture:Aspen - - - . . . . 1,935.00 - - : 283.98 2,208.98 Furniture:EH - - 17,409.00 : : : : 10,228.74 : : : 461.36 TOTAL Furniture - : 17,409.00 . . . . 13,728.74 . 44,437.29 92,247.77 2869.22 192,692.02 Gifts Given 6374.31 324.90 619.97 734.43 3,018.60 1,237.91 919.19 : 251.38 1,105.13 2,107.91 511.87 Gifts Given: AJZ 762.07 . . . . . . . . . . . 762.07 Gifts Given:Holiday 3,750.00 - - : : : : : : - - 75.00 3835.00 TOTAL Gifts Given 10,886.38 324.90 619.97 T3443 3,018.60 1,237.91 919.19 : 251.38 1,105.13 2,107.91 586.87 Golf Expense - - - . . . . 765.75 181.50 181.50 - . 1123.75 Groceries - . . . . . . . . . . 10.18 Groceries:950 Fifth 8355.90 1,774.70 6,243.09 3,571.35 7,159.41 6856.44 5,189.56 4,185.37 4,176.97 7,533.68 8,258.41 10,501.52 83,806.40 Groceries:Aspen 4529.78 1,104.01 5166 3174.44 . . 77.83 . . . . Groceries:EH 380.16 - 228.35 : 444.15 1,000.08 5075.11 5,950.4 5361.16 201.64 617.84 1372.73 20,632.11 TOTAL Groceries 13,265.84 «12,878.71 6,983.10 6,745.79 7,608.56 785647 10,342.50 10,136.31 9538.13 7,735.32 8876.25 11,984.43 113,946.41 Homelmprovement Homelmprovement:21 Drew Lane - - 13,806.83 20,146.20 5859.09 3,968.00 . 3,800.00 1,135.00 - - - Homelmprovement:950 Fifth 5,209.88 5,209.88 12,443.88 27,785.18 19,342.93 45,805.02 76,714.21 138,956.24 7,307.00 126,678.13 7327277 18,659. 559,384.16 Homelmprovement:Aspen BIN - 2,520.00 . . . . . 32,129.35 - 22,280.27 TOTAL Homelmprovement 3052202 5,209.88 28,770.71 «47,931.38 25,202.02 49,773.02 767142 142,756.24 40,561.35 126,678.13 97,553.04 18,659.04 690,331.04 HomelmprovementEH : - - 7,375.00 . . . . : - . 111.48 7AB6AB HomeRepair - - . ° ° . . . 179.23 . . 179.23 HomeRepair:21 Drew Lane 3,253.95 - - . . . . . 77.25 . 762.55 1504.54 6,248.29 HomeRepair:21 Drew Lane:Mold 1,401.26 MorganStanley SmithBarney 110 EFTA00284452

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category january fune Desc 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL TOTAL HomeRepair:21 Drew Lane 4,655.21 - - : : . : . 77.25 - 762.55 1504.54 7649.55 HomeRepair:950 Fifth Avenue 405818 7,495.50 ISA7LOL = 1,377.19 16,127.28 8,750.68 735.00 : 4869.44 4771.24 223,769.32 1021.18 HomeRepair:950 Fifth Avenue:Riser Proje - - - . . . . . . 28,081.00 - - 28,081.00 TOTAL HomeRepair-950 Fifth Avenue 4,054.18 7495.50 IS87L64 1377.19 16,127.28 8,750.68 735.00 . 4869.44 3285224 = 223,769.32 102118 316,923.65 HomeRepair: Aspen 4,889.53 - 86,00 13,386.00 6426.81 . 2410.79 6530.85 4,938.48 6846.78 26,336.19 6375.30 78,226.73 HomeRepair:EH 29,954.92 10,443.28 = 5,104.18 13,925.08 3,363.57 1,065.82 2,599.38 2353.79 4,208.20 4,739.75 765.45 193.27 80,446.64 TOTAL HomeRepair 43,553.84 17,938.78 21,061.82 28,688.22 25,917.66 9816.50 5,745.17 BSS4.64 14,922.60 4443877 251,633.51 10824.29 483,425.80 Horse - - 322.00 . . . 1879.75 . . . . Horse:care 350,00 350.00 : 700.00 585.00 2,850.00 3,260.00 3,810.00 735.00 4,700.00 1,160.00 700.00 19,200.00 Horse:Housing 18,000.00 - - 4,752.00 4,094.00 6,166.00 6,780.00 7,666.00 : 11,873.00 22,100.00 14,600.00 Horse:Insurance - - - . 3,566.00 . . . . . 3,078.00 . 6,644.00 Horse:Lease - - - . 15,000.00 . . . : : . : 15,000.00 Horse:Lessons 85.00 - : 170.00 85.00 1,000.00 1,920.00 170.00 : 1878.68 : 255.00 5,563.68 Horse:Medical 2,199,00 - 3510.00 1,704.50 1025.00 4,569.00 3623.00 5,123.03 550.00 4,751.00 5,577.00 4,954.00 Horse:Purchase - - - . . . . . . . 19,500.00 . 19,500.00 HorseShow - - - . . 1,157.75 878.00 . 770.00 HorseSupplies - 472.00 - : 497.00 1,956.00 . . 976.11 : - : 3,901.11 Horse:Transport - - 300.00 300.00 . 1,200.00 2,150.00 1,600.00 . 5,100.00 TOTAL Horse 20,625.00 82200 3,810.00 7,948.50 24,852.00 18,898.75 18,611.00 20,248.78 3031.11 28,302.68 51,415.00 20,509.00 219,073.82 Household - - - 524.89 435.46 . . . . . 379 Household:950 Fifth 6,461.21 1,938.35 5,093.38 = 4,920.72 5,435.80 7462.11 6863.87 1,275.78 1445.98 6346.01 5,693.06 15,501.36 68,437.63 Household:Aspen 1,392.14 86.40 266.84 1,588.44 . . 291.39 . 1,278.83 1,508.99 . . 6412.93 Household:Easthampton 119.44 483.57 146,65 4,759.00 2,787.64 9,998.52 10,732.01 5,355.99 2,290.50 1347.45 714.60 623.73 39,359.10 Household:Photography - - - . . 3,426.00 . . . . . . 3426.00 TOTAL Household 7,972.79 2,508.32 5,506.87 11,792.95 8,658.90 20,886.63 17,887.27 6631.77 5015.31 9,202.45 6,407.66 16,128.88 118,599.80 Housekeeping Housekeeping:950 Fifth - - - : . . . . . 1020.00 9,761.00 400.00 11,181.00 Housekeeping:Aspen 1,869.00 - - 1,561.00 2,192.56 . 208.00 1,386.15 : : : : Housekeeping:EH 1,540.00 - 577.50 : 1553.75 2,997.50 3,948.18 4,083.75 3877.50 : 1,760.00 1,086.25 2 A243 TOTAL Housekeeping 3,409.00 - 577.50 1,561.00 3,746.31 2,997.50 4,156.18 5,469.90 3,877.50 1,020.00 11,521.00 1,486.25 3822.14 MorganStanley SmithBarney 114 EFTA00284453

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category january fune er Desc: 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Insurance Insurance:17 E. 75th Street - 9,905.50 . . . . . : . 27.00 : 9,932.50 Insurance:Auto 1,432.00 : 1,432.00 : 1,432.00 . . . . : 1,567.00 : Insurance:EH Flood - 1,985.00 . . . . . . . . . 1,985.00 Insurance:Fine Art 19,042.00 - 19,042.00 . 19,521.00 . . . . 4564.00 24,241.00 . 86,380.00 Insurance: Homeowners 21,363.55 - 21,363.25 . 21,363.25 : : : . 143.00 25 892.75 - 91,405.50 Insurance:Ltd 47.70 47.70 47.70 47.70 47.70 47.70 71.55 47.70 47.70 47.70 47.70 71.55 620.10 Insurance:Medical 336,02 336.02 336.02 336.02 336.02 336.02 504.03 336.02 336.02 336.02 336.02 504.03 Insurance:Refund - - - . (759.50) . . . (66.50) (168.00) (994.00) Insurance:Umbrella 2189.5 - 2,189.25 . 2,189.25 . 30.00 : : . 2,581.50 : TOTAL Insurance 44,410.22 383.72 56,300.72 383,72 44,889.22 383,72 (153.92) 383,72 383,72 6340.72 54,626.47 40758 208,739.61 Insurance Charge Insurance Charge:950 Fifth - 1,262.50 143,296.06 (112,524.62) 47,113.16 (60,699.75) . . ° . . Insurance Charge:950 Fifth 14th Floor - - - : 6,701.47 . : : : : : : 6,701.47 TOTAL Insurance Charge - 1,262.50 143,296.06 (112,524.62) 53,814.63 (60,699.75) Invest Exp - - - . . 10,000.00 2,088.58 . . . . . 12,088.58 Invest Exp:Boston Properties LTIPS 29,000.00 - - : : . : : : : : : 29,000.00 TOTAL Invest Exp 29,000.00 - - . . 10,000.00 2,088.58 . . . . . 41,088.58 HB Fees 17,026.37 7,760.98 227534 22869.87 9,752.22 4849.36 15,873.87 11,595.86 10,152.04 8315.39 12,195.54 22,355.77 165,542.61 HB Fees:MBZ Printing : - - : . 1528.25 : : : : : : 1,528.25 TOTAL J Fees 17,026.37 7,760.98 22,705.34 22,869.87 9,752.22 6377.61 15,873.87 11,595.86 10,152.04 8315.39 12,195.54 22,355.77 167,070.86 Landscaping Landscaping:950 Fifth : - : . . 555.27 . . . 413.73 3522.11 : 4491.11 Landscaping:-EH 771.24 7M.35 17,214.00 4,419.82 7,363.40 24,326.04 15,638.41 3,700.22 6,778.13 16,141.17 8,169.04 17,345.80 TOTAL Landscaping 771.28 7335 17,204.00 4,419.82 7,363.40 24,881.31 15,638.41 3,700.22 6,778.13 16,554.90 11,691.15 17,345.80 127,088.73 Loan Loan:Barbara Jensen - - - . . . . ° . ° . (600.00) (600.00) Loan:BofA . . . . . . . . . - : 153,386.00 153,386.00 Loan:Marty Peretz . - . = - . - - . 50,000.00 . . 50,000.00 TOTAL Loan : - - . . . . . . 50,000.00 . 152,786.00 202,786.00 MorganStanley SmithBarney 112 EFTA00284454

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category january fune Desc 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Maintenance Fees MIB WIBB WIwB Wws7047 20,929.23 2032.3 2529.23 20,929.23 2329.23 2032.23 20329.23 26,021.42 Maintenance Fees:950 Fifth . - . . 4613.58 . 189.44 . . . . . 4,806.02 Maintenance Fees:Aspen 6,206.30 10,843.16 5,082.11 . 2,729.14 . . . . . 600.00 600.00 TOTAL Maintenance Fees 2653353 3117239 BAM 67047 28,271.95 20,329.23 21,718.67 20,929.23 2329.3 2329.3 20,929.23 2662142 287,245.92 Medical - - - 44.62 : 265.00 64.08 : : : : - 373.70 Medical: AJZ : : 300.00 1,189.00 929,00 12,575.00 20.00 20.00 320.00 690.00 20.00 454.00 16,517.00 Medical: MBZ 484.83 1,600.00 1,500.00 4,810.00 13,250.00 25,267.20 4,154.00 5,217.00 2,689.50 4674.53 4,364.00 4,475.00 72,526.06 Medical:Refund - : (75.00) (154.70) . (984.50) . . (54.50) . . Medical:REZ 265.00 - 1,007.00 : : 322.61 395.00 741.00 - 350.00 180.00 - 3,260.61 TOTAL Medical 749,83, 1,640.00 2,732.00 5,888.92 14,179.00 37,445.31 4,633.08 5,978.00 2,415.00 5,714.53 4,564.00 4,929.00 Mise 2,261.89 - 1447 . . . (279.08) . . . 0.01 . 1,997.29 Mise:Aspen 374.91 - - . . . . . . . . . 374.91 TOTAL Mise 2,636.80 - May . . . (279.08) . . - 0.01 - 2372.20 Moving & Storage 489.94 - - . 310.94 1119.77 119.77 1,752.90 . : 3,793.32 Moving & Storage-950 Fifth : 489.94 900.00 . : . B4144 . 93,335.95 : : 52,266.46 147,823.79 Moving & Storage:Art 517.17 - 805.00 . . . 5628.70 62,801.82 12,002.75 4,595.00 273.64 51,732.72 Moving é Storage:Aspen 1,675.00 1,546.00 1,112.50 902.50 902.50 : 1,805.00 902.50 902.50 1,277.50 967.50 942.50 12,936.00 Moving é& Storage-EH 1444.69 5,641.59 689.25 = 3305.11 5,465.60 : : : : : 430.67 233.53 Moving & Storage-NYC - - - . . . . . 119.77 14,741.70 . . 14,861.47 TOTAL Moving & Storage 4,126.80 7,677.53 3,506.75 4,205.61 6679.04 1119.77 534.91 65,457.22 106,350.97 20,614.20 4,123.81 105,175.21 337,431.82 Party 7 Party:AJZ 9,000.00 - : : : : : : : : 5529.39 4,114.83 18,644.22 Party:RZ - - 881.61 . . . . . . . . 3,000.00 TOTAL Party 9,000.00 - 881.61 . . . . . - - 5529.39 7,114.83 2255.83 Payroll Payroll:Eric Gertler 5,538.10 5819.89 5,702.4 5,604.49 5,557.61 5551.88 5549.98 5563. 5,610.90 5550.91 5551.81 : 61,601.55 Payroll:Personal Staff 158,141.74 165,262.53 60,457.75 . 145,828.13 69,147.74 . 138,295.46 93,910.74 69,147.72 99,508.88 89,959.89 — 1,089,960.58 TOTAL Payroll 163,679.84 171,082.42 66,159.79 5,604.49 151,385.74 74,699.62 5549.98 143,859.40 99,521.64 74,698.63 105,360.69 89,959.89 1,151,562.13 Personal Expenses : - : . . . . 8544.38 . : . : 5544.38 Personal Expenses:Boston Properties - - 11,813.88 . . . . 858.13 . . . . 12,672.01 MorganStanley SmithBarney 113 EFTA00284455

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category Personal Expenses:Mort Zuckerman TOTAL Personal Expenses Petty Cash Petty Cash:950 Fifth Petty Cash:EH Petty Cash:MBZ Petty Cash:Nanny Petty Cash:Office TOTAL Petty Cash Pool Pool:EH Pool:Swimming Lessons TOTAL Pool Rent Rent:155 E. 31st Street TOTAL Rent School School:Ballet School:Bus School:Camp School:Misce School:Piano School:REZ School:Tuition School:Tutor TOTAL School Security Security:950 Fifth Security:Aspen TOTAL Security january 2011 1,606.75 1,000.00 5,163.77 7,770.52 3,000.00 3,880.00 1300.5 1117.95 2,438.20 2011 2011 11,813.88 853.13 1,018.58 2,500.00 1,945.03 198.65 2,798.16 3,717.33 120.91 1,690.00 11,501.21 - 525.00 1,501.21 2,335.91 - 914.55 379.50 50.00 306.21 42950 4,230.76 999.09 2,953.75 1,500.00 3655.80 9,108.64 3,852.00 3852.00 150.00 2011 720.11 2,000.00 66.19 2,786.30 1,106.28 1,106.28 660.00 280.00 1,159.00 213.00 22,935.00 77,159.00 124.70 352.27 376.97 2011 1060.76 2,510.00 1560.00 900.00 14,400.00 19,370.00 914.55 914.55 114 2011 596.50 2,905.78 2,000.00 M349 65.77 658.29 1,950.00 2,608.29 4395.00 4395.00 1117.5 1,117.95 2011 2011 9,402.51 507.30 64.56 2,000.00 1389.51 507.30 3454.07 600.00 600.00 2,580.00 2,580.00 60.00 730.00 500.00 500.00 1,250.00 560.00 163.31 150.00 . 50.00 3331 50.00 2011 1671.40 2,000.00 5,742.68 9414.08 5,160.00 5,160.00 117.03 1,177.03 2011 2011 1,939.90 1,939.90 3,066.56 2,000.00 - 553.98 2461.73 1,500.00 7,120.54 2461.73 7,292.25 7,292.25 5,332.00 5,160.00 5,332.00 5,160.00 7,785.00 7,785.00 . 914.55 150.00 100.00 250.00 914.55 MorganStanley TOTAL 23,156.29 11,796.75 5,859.53 15,000.00 1500.00 9979.27 2,550.00 18,232.00 1640.00 280.00 2,510.00 5,145.00 6,131.91 3,250.00 303.00 59,621.21 525.00 82,128.12 12,312.82 SmithBarney EFTA00284456

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January fune Desc 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Shipping 104.17 49.21 395.42 19.09 653.53 252.63 208.30 174.94 D875 4.15 3,621.72 25174 5,963.65 Skiing 21,381.40 5,199.40 7,911.00 13,079.56 2420.00 . . - . - : - 49,991.36 Skiing:Aspen 285,00 500.00 0.50 TOTAL Skiing 21,666.40 5,699.40 7,911.50 13,079.56 2,420.00 . . . . . : . 50,776.86 Subscriptions - - - . 295 . . . 525.79 - - 3.00 Tax . Tax:17 E. 75h Street 840.33 . . . . 55,352.39 . . . . . 58,910.50 115,105.22 Tax:CA 19,108.20 - : : . : : : : : - 19,108.20 Tax:Fed 19,733.02 813,339.44 22,777.90 22,777.90 22,777.90 22,777.90 M897.86 22,777.90 22,777.90 22,777.90 2,777.90 3,166.85 — 1,084,36037 Tax:Medicare 1,093.75 38,035.95 1,060.95 1,060.95 1,060.95 1,060.95 1621.70 1,060.95 1,060.95 1,060.95 1,060.95 1591.43 Tax:NY 5,981.98 255,425.83 6831. 6831.08 6831.0 6831.0 10,451.96 6831.0 6831.98 6831.0 6831.0 10,247.91 336,763.20 Tax:NYC 2,558.87 111,068.23 2,928.62 2,928.62 2,928.62 2,978.62 4481.69 2,928.62 2,928.62 2,928.62 2,928.62 4392.93 Tax:PA . 2,050.00 . . . . . . . . . : 2,050.00 Tax:Property : Tax:Property:21 Drew Lane 63,479.60 317.39 - : . . . 28,026.76 - - - 64,9972 156,818.47 Tax:Property:4 Three Mile Harbor Drive —_ 16,805.75 - - . . . . . : - . 17,536.64 34,342.39 Tax:Property:418 Wrights Road 14,419.96 - TOTAL Tax:Property 94,705.31 317.39 - . . . . 28,026.76 . . . 82,531.36 205,580.82 Tax:Soc Sec 3,168.09 1317.51 TOTAL Tax 147,189.55 1,221,554.35 3359941 33,599.41 33,599.41 88,951.80 51,453.21 61,626.17 33,599.41 33,599.41 33,599.41 191,840.98 — 1,964,212.52 Telephone - - - . . . . - . - 476.87 702.93 1,179.80 Telephone:200 E. 65th Street - - : : : : : : : 114.57 : - 114.57 Telephone:EH Cell Phone . 139.71 . . . . . . . . . . 139.71 Telephone:Nanny's 145.96 15.96 148.64 246.03 295.67 27.17 252.88 247.80 209.95 27.74 29.40 249.40 2,726.30 TOTAL Telephone 145.96 285.67 148.34 246.03 295.67 27.17 252.88 247.80 219.95 362.31 76.27 952.33 4,160.38 Tennis - : : : : 800.00 150.00 : : 950.00 Tennis:EH - 1,357.82 - 1357.81 553.99 738.65 93.31 . . 1477.30 358.46 . 67674 TOTAL Tennis - 1,357.82 - 1357.81 553.99 738.65 93 800.00 150.00 1,477.30 358.46 : 7,717.34 Toys : - 118,63 : : : : 196.86 : : : 35.49 Travel 17,714.61 2836.08 4,200.36 9,266.71 8361.67 54,933.22 62,651.64 L171 «176,823.64 21,505.51 30,356.32 3,240.08 Travel:AJZ . . . . 390.00 . . . . . . - 390.00 MorganStanley SmithBarney 115 EFTA00284457

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category january june Desc: 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Travel:Helicopter Travel:Helicopter:Operating Expense - - 5,457.51 : : : : . - : - - 5457.51 TOTAL Travel:Helicopter - - 5,457.51 . . . . : . . . . 5457.51 Travel:Staff - - - . . . . . - - - 2,148.85 2,148.85 TOTAL Travel 17,714.61 2,836.04 9,657.87 9,266.71 8751.67 54,933.22 62,651.64 L171 176,823.64 21,505.51 30,356.32 5,388.93 US News Charges US News Charges:Entertaining 1,825.64 2,214.49 600.58 4,001.08 2342.89 705.62 541.94 675.97 529.05 18,430.23 3,174.18 714.64 US News Charges:Gift - 130.00 130.00 153.00 : . 145,00 : - - - : 558.00 US News Charges:MZ Website - - - : : : : : : : : 2,677.18 2,677.18 US News Charges:Reimbursement (53,108.97) - - . . . . . . . - (84,454.56) (137,563.53) US News Charges:Storage 379.85 403.39 403,39 405.39 405.39 405.39 40.39 481.07 403.39 81.75 81.75 52.60 US News Charges:Subscriptions 2.70 199.00 720.20 50.00 733.93 M50 280.95 : 1,006.56 396.20 . 464.39 4,168.43 US News Charges:Supplies - - - . 52.08 . 78.32 . . 272 . : US News Charges:Travel 3,672.16 5,195.95 3,973.17 6554.23 1,549.08 6,777.03 3,272.35 2,272.80 3,555.40 1,468.40 2,655.28 1,953.00 42,898.85 TOTAL US News Charges (46,918.62) 8,142.83 5,827.34 = 11,161.70 5,081.37 7,920.54 4,721.95 3429.84 546.40 20,398.30 5,911.21 (78,592.75) (47,421.89) Utilities Utilities:200 E. 65th Street - - : : : . . . . 10,107.92 . . Utilities: Aspen 978.35 127913 «-L777.13 1033.96 1,158.62 515.10 621.21 1,204.57 791.53 1,505.59 753.14 978.36 12,626.69 Utilities:Cable TV 950 Fifth 868.70 - 1338.21 . 437.30 442.56 721.17 Utilities:Cable TV Aspen 231.64 175.66 188.20 188.30 . . : : : : : : 783.90 Utilities:Cable TV EH 502.93 502.93 502.93 577.74 519.09 519.13 519.13 519.13 519.13 519.13 519.13 519.13 6,239.53 Utilities:Cable TV200 E 65th Street . - . . . . . . . 1,094.27 . . 1,094.27 Utilities:Gas & Electric 950 Fifth 2,460.08 2.64203 1599.97 2,040.28 1558.74 1335.79 2,728.61 2,946.05 1,960.40 1,975.75 23.04 - Utilities:Gas & Electric EH 4,262.08 2,391.82 4,057.86 3,996.20 5A79.86 5570.25 4,185.73 4801.46 4,145.33 9019.72 1,747.52 2392.49 52,050.32 Utilities: Water EH - - 54.81 . 117.55 . . : 392.21 - : 319.90 TOTAL Utilities 9,303.73 699157 951921 782648 9,271.16 8,382.83 8,775.85 9471.21 7,808.60 24,222.38 3,087.83 4,209.88 108,870.73 Wine . Wine:950 Fifth - : 626.47 . . . . . . . . . 626.47 Wine:EH - - - 702.85 . . 2372.05 . 305.63 . . . 3,380.53 TOTAL Wine 889.93 - 626.47 702.85 . . 2372.05 : 305.63 TOTAL OUTFLOWS 654,132.94 1,560,798,00 606,508.98 283,958.57 6ISA7B.B9 = 823,889.22 562,137.22 690,374.04 = SRS A3S48 = 802,750.31 «= HO A9G.BO | 7H10M.69 §=—BII0455.14 MorganStanley SmithBarney 116 EFTA00284458

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Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category january june ugus ‘ptem| 7 ove! Description 2011 2011 2011 2011 211 2011 211 2011 211 211 211 211 TOTAL OVERALL TOTAL (400,278.97) 1,161,462.06 (393,284.17) (92,798.53) (496,313.99) (652,569.73) (446,176.17) (613,604.27) (503,509.50) (729,618.26) 9 484,951.00 (560,713.27) 5,757,5%6.20 MorganStanley SmithBarney 117 EFTA00284459

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Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Mortimer B. Zuckerman ASSETS Cash Bank of America - MMF JPM Chase - Checking JPM Chase - Money Mkt Morgan Stanley - Money Mkt Municipal Securities Citibank - Muni Bonds McDonnell - Short Term Muni Bonds Morgan Stanley - Intermediate Term Muni Bonds Morgan Stanley - Long Term Muni Bonds Morgan Stanley - Short Term Muni Bonds Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Corporate Bonds Seix Global Bonds Templeton Global Bond Fund Hedge Funds -Direct American Steadfast, L.P. Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD GS Private Equity Partners II, L.P. Quellos Financial Ventures II, LP. Quellos Private Capital 2002, L.P. (US Mature) Quellos Private Capital II, L.P. Confidential Value $1,651,941,396 $1,964 488,616 $16,023,611 $10,104 $108,947 $98,695 $15,805,865 $36,280,711 $11,783,323 $5,901,255 $11,543,438 $5,919,291 $1,133,405 $11,027,030 $11,027,030 $1,418,759 $1,418,759 $5,024,729 $5,024,729 $5,578,572 $5,578,572 $16,813,302 $338,772 $841,720 $779,315 $6,729,663 $8,123,832 MorganStanl SmithBarney 118 EFTA00284460

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Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Private Capital - Direct Partnerships Court Square Capital Partners L.P. (CVC Eq-Partners L.P.) CVC Capital Partners Asia Pacific II, L.P. CVC European Equity Partners V, LP. Evercore Venture Partners, L.P. Francisco Partners, L.P. Gabriel Capital Investment 2006 Generation Capital Partners II, LP. Glilot Capital Partners I, L.P. Greycroft Partners I, L.P- GS Capital Partners III, L.P. Heartland Industrial Partners, L.P. Morgan Stanley Credit Partners Onshore, LP. Patricof Private Investment Club II, L.P- Patricof Private Investment Club III, L.P. Patricof Private Investment Club, L.P_ Pequot / FMVP Il, L.P. Quadrangle Capital Partners, L_P_ Quellos Co-Investment Fund II, LP. Quellos Co-Investment Fund IIL, LP. Quellos Co-Investment Fund, L_P. Valor Equity Partners II, L-P. Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC Courtroom Connect Keith Glen Media Newbridge Vencable Partners, LLC Rely Software (f/k/a Rightfreight, Inc) VISC Japan K_K. Closely Held Entities USN College Marketing, Inc. Confidential Value $49,151,212 $1,148,444 $2,115,511 $3,341,606 $118,212 $1,805,546 $10,115,478 $1,285,199 $52,500 $413,521 $375,404 $783,383 $1,984,486 $1,329 $367,145 $2,155 $31,998 $1,899,086 $16,649,274 $3,513,466 $1,748,610 $1,398,859 $1,300,844 $1,037,361 $54,400 $23,814 $132,500 $35,159 $17,610 $42,003,345 $42,003,345 119 MorganStanley SmithBarney EFTA00284461

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Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Boston Properties, Inc. BXP (Common) BXP (Common) BXP (LTIP) BXP (Non Vested) BXP (Non Vested) BXP (OPU's) BXP (Vested Options) MZ Burnside Holdings, L.P. MZ Longstreet Holdings, L-P. MZ Meade Holdings, L.P. Other Investment Assets Present Value of Future MBZ Crut Distributions Family Businesses Present Value of Future USN Crut Distributions The Daily News (Preference and Interest on LOC) US News & World Report, LP Notes and Loans Receivable Barbara G. Jensen Carmen Z Robinson Daniel Rothschild Mathias Thorner The Core Club 55th Street LLC Other Assets JP Morgan Chase - East Hampton Morgan Stanley Checking Account T. Rowe 401(K) Retirement Plan Confidential Value $813,828,945 $17,059,074 $31,872,000 $24,952,863 $15,924,372 $261,408 $619,043,282 $87,136 $2,352,950 $1,304,461 $971,399 $136,155,963 $136,155,963 $542,786,845 $7,373,833 $460,413,012 $75,000,000 $662,266 $28,950 $283,316 $200,000 $50,000 $100,000 $3,613,926 $3,784 $3,264,030 $346,112 MorganStant SmithBarney 120 EFTA00284462

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Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Personal Assets Art, Furniture and Other - 21 Drew Lane Art, Furniture and Other - 599 Lexington Avenue Art, Furniture and Other - 950 Fifth Avenue Art, Furniture and Other - 950 Fifth Avenue (Paloma) Art, Furniture and Other - Aspen Art, Furniture and Other - Lazy Z Hampton Golf Club, LLC Lexus LX470-1999 Mercedes Benz $430-2001 Zuckerman Personal Holdings BR, Inc - ("Lazy Z" Motor Yacht) USN Aviation - (ZWA, Inc.) ZAS, LLC- (Waldorf Flight Services) Real Property & Options 17 East 75th Street 21 Drew Lane 4 Three Mile Harbor Drive 418 Wrights Road Aspen 950 Fifth Avenue LIABILITIES Obligations To Related Parties BR, Inc - ("Lazy Z" Motor Yacht) Pauline Gertler USN Aviation - (ZWA, Inc.) ZAS, LLC- (Waldorf Flight Services) Confidential Value $121,490,705 $2,744,701 $184,124 $106,065,592 $12,000,000 $48,864 $75,073 $309,581 $25,275 $37,495 $80,500,000 $25,000,000 $44,000,000 $11,500,000 $80,827,852 $5,527,852 $30,500,000 $3,300,000 $9,500,000 $32,000,000 $312,547,220 $49,935,503 $14,792,507 $2,310,476 $30,551,620 $2,280,900 MorganStant SmithBarney 121 EFTA00284463

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Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Mortgages Bank of America- 418 Wrights Road Bank of America-17 East 75th Street Bank of America-21 Drew Lane Bank of America-4 Three Mile Harbor Drive Bank of America-950 Fifth Avenue Unsecured Obligations To Third Parties Bank of America Revolving Line of Credit Daily News, L.P. - HUD Daily News, L.P. - NIEDA Krall Payments MBZ Printing (APT, LP) Confidential Value $57,941,848 $7,329,840 $5,409,619 $20,364,720 $809,739 $24,027,930 $204,669,869 $153,469,869 $2,000,000 $7,900,000 $300,000 $41,000,000 122 Morga' nStanl SmithBarey EFTA00284464

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MBZ 1996 Trust (GST Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 199% Trust (GST Exempt) $94,113,583 ASSETS $94,113,583 Cash $3,644,029 Morgan Stanley - Money Mkt $3,101,629 Operating Account 1996 TR (AIP) $542,400 Municipal Securities $8,730,255 Morgan Stanley - Intermediate Term Muni Bonds $4,674,326 Morgan Stanley - Long Term Muni Bonds $1,601,846 Morgan Stanley - Short Term Muni Bonds $2,454,083 Municipal/Corporate $19,455 Citi - Muni/ Corporate Bonds (Formerly Blackrock) $19,455 Corporate Bonds $8,505,035 Seix $8,505,035 Global Bonds $1,153,735 Templeton Global Bond Fund $1,153,735 AIP Onshore Hedge Funds $11,553,338 Boronia Diversified Fund (AIP) $657,408 Dialectic Antithesis Partners (AIP) $1,000,171 Double Black Diamond Class C (AIP) $1,128,147 GEM Realty Securities LP (AIP) $1,162,079 HBK Fund II LP (AIP) $1,257,042 Ivory Flagship Fund LP (AIP) $1,097,754 Man AHL Diversified Il USA (AIP) $486,154 Mariner Tricadia Credit Strat (AIP) $1,042,380 Millenium USA LP (AIP) $1,284,959 Owl Creek I LP (AIP) $33,929 Seligman Tech Spectrum Fund (AIP) $1,254,826 York Credit Opportunity Fund (AIP) $1,148,489 Hedge Funds -Direct $1,203,619 GS Investment Partners (Onshore) $1,203,619 Confidential 123 MorganStanley SmithBarney EFTA00284465

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MBZ 1996 Trust (GST Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Private Capital - Fund of Funds $3,631,825 GS Private Equity Partners II, L.P. $373,231 Quellos Private Capital 2002, L.P. $1,227,635 Quellos Private Capital II, L.P. $2,030,959 Private Capital - Direct Partnerships $26,601,319 Brickman 1280 Fifth Investments II, L.P. $970,090 Brickman Real Estate Fund I, LP. $895,317 Brickman Real Estate Fund II, LP. $2,188,789 Brickman Real Estate Fund III, L.P. $1,035,684 Israel Infrastructure Fund I-C, L_P. $1,484,190 Quellos Co-Investment Fund II, L_P. $9,989,565 Quellos Co-Investment Fund III, LP. $2,635,100 Quellos Co-Investment Fund, LP. $3,855,349 VSS Comunications Partners IV, L.P. $3,547,235 Private Capital - Direct Companies $1,079,861 Ally / Cerberus Firm Investors, LLC $1,037,361 Newbridge Vencable Partners, LLC $42,500 Notes and Loans Receivable $27,991,113 Daily News, L.P. $27,991,113 Confidential MorganStanley SmithBarney 124 EFTA00284466

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MBZ 1996 (GST Non Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) MBZ 1996 (GST Non Exempt) ASSETS Cash Morgan Stanley - Money Mkt Municipal Securities McDonnell - Short Term Muni Bonds Morgan Stanley - Intermediate Term Muni Bonds Morgan Stanley - Long Term Muni Bonds Morgan Stanley - Short Term Muni Bonds Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Corporate Bonds Seix Global Bonds Templeton Global Bond Fund Hedge Funds -Direct AP Investments Europe Limited CCA Absolute Return Muni Strategy, L.P. Paulson Advantage L.P. Paulson Advantage Plus, L.P- Taconic Opportunity Fund Private Capital - Fund of Funds GS Private Equity Partners II, L.P. Quellos Private Capital II, L.P. Confidential Value $284,533,910 $284,533,910 $8,564,909 $8,564,909 $14,204,782 $5,095,568 $3,792,110 $4,270,439 $1,046,665 $3,597,436 $3,597,436 $23,804,221 $23,804,221 $2,142,551 $2,142,551 $25,728,586 $59,676 $5,130,604 $11,031,689 $9,388,107 $118,510 $2,717,340 $686,381 $2,030,959 MorganStanl Se Saeibariie 125 EFTA00284467

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MBZ 1996 (GST Non Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Private Capital - Direct Partnerships $30,973,395 CVC European Equity Partners IV, LP. $2,390,613 CVC European Equity Partners V, LP. $3,680,571 Legacy Capital, L.P. $726,027 Morgan Stanley Credit Partners Onshore, LP. $1,984,486 Quellos Co-Investment Fund II, LP. $9,989,565 Quellos Co-Investment Fund III, L-P. $3,513,466 Quellos Co-Investment Fund, L_P. $5,141,432 VSS Comunications Partners IV, L.P. $3,547,235 Private Capital - Direct Companies $3,495,864 Freescale Co-Investment XVI, LLC $1,190,393 Newbridge Vencable Partners, LLC $75,000 The Vehicle Production Group, LLC. $2,230,471 Boston Properties, Inc. $139,977,043 BXP (OPU's) $139,977,043 Notes and Loans Receivable $29,327,783 Daily News, L.P. $29,327,783 Confidential 126 nStanley SmithBarney EFTA00284468

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MBZ 1983 Family Trust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) MBZ 1983 Family Trust ASSETS Cash Morgan Stanley - Money Mkt Municipal Securities McDonnell - Short Term Muni Bonds Morgan Stanley - Short Term Muni Bonds Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Corporate Bonds Seix Global Bonds Templeton Global Bond Fund Hedge Funds -Direct Paulson Advantage LP. Paulson Advantage Plus, L-P- Private Capital - Fund of Funds GS Vintage Fund, LP. Quellos Private Capital 2002, L.P. Private Capital - Direct Partnerships Brickman Real Estate Fund IV, LP. CVC European Equity Partners IV, LP. Israel Infrastructure Fund I-C, L_P. Quellos Co-Investment Fund II, LP. Quellos Co-Investment Fund III, LP. Quellos Co-Investment Fund, L_P. Confidential Value $82,949,982 $82,949,982 $1,368,536 $1,368,536 $1,648,039 $1,382,087 $265,952 $1,896,231 $1,896,231 $6,016,987 $6,016,987 $1,169,764 $1,169,764 $6,511,670 $3,483,691 $3,027,979 $2,587,463 $1,359,828 $1,227,635 $10,877,173 $1,713,959 $2,390,613 $1,484,190 $3,329,853 $878,366 $1,080,193 MorganStant SmithBarney 127 EFTA00284469

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MBZ 1983 Family Trust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Private Capital - Direct Companies $4,267,754 Ally / Cerberus Firm Investors, LLC $1,037,361 Freescale Co-Investment XVI, LLC $1,190,393 Loud3R $2,040,000 Family Businesses $84,400 MBZ Digital Ventures LLC $84,400 Notes and Loans Receivable $46,521,964 Daily News, L.P. $8,421,964 The MBZ News 1992 Trust UAD 12-29-92 $38,100,000 Confidential MorganStanley SmithBarney 128 EFTA00284470

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USN College Marketing, Inc. Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) USN College Marketing, Inc. ASSETS Cash Bank of America - MMF Morgan Stanley - Money Mkt Municipal Securities McDonnell - Short Term Muni Bonds Morgan Stanley - Long Term Muni Bonds Morgan Stanley - Short Term Muni Bonds Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Corporate Bonds Seix Global Bonds Templeton Global Bond Fund Hedge Funds -Direct CCA Absolute Return Muni Strategy, L.P. Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, LP. Quellos Co-Investment Fund II, L_P. Quellos Co-Investment Fund III, L_P. Quellos Co-Investment Fund, L-P. Confidential Value $42,003,345 $42,003,345 $2,169,152 $11,985 $2,157,168 $2,866,569 $2,247,381 $517,274 $101,913 $10,595,316 $10,595,316 $3,763,238 $3,763,238 $710,635 $710,635 $5,607,864 $5,607,864 $16,290,572 $992,247 $9,989,565 $2,635,100 $2,673,660 nStant ne a 129 EFTA00284471

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MBZ Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) MBZ Charitable Remainder Unitrust ASSETS Cash Morgan Stanley - Money Mkt Operating Account MBZ CRUT (AIP) Municipal Securities McDonnell - Short Term Muni Bonds Morgan Stanley - Intermediate Term Muni Bonds Morgan Stanley - Long Term Muni Bonds Municipal/Corporate Citi - Muni/ Corporate Bonds (Formerly Blackrock) Corporate Bonds Seix Global Bonds Templeton Global Bond Fund Please note: The total value does not take into consideration the liability of the Present Value of Future MBZ Crut Distributions Confidential Value $167,105,564 $167,105,564 $1,871,233 $1,394,833 $476,400 $12,125,424 $7,878,836 $4,112,249 $134,339 $24,932,916 $24,932,916 $19,679,220 $19,679,220 $2,283,924 $2,283,924 130 nStanley SmithBarney EFTA00284472

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MBZ Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) Dialectic Antithesis Partners (AIP) Double Black Diamond Class C (AIP) HBK Offshore Fund II Ltd. (AIP) Ivory Offshore Flagship Fund (AIP) Kaiser Trading Fund SPC Ltd. (AIP) Mariner Tricadia Credit Strat (AIP) Millenium Int'l Ltd - Class EE (AIP) MOQ Asia Long Short Fd Offshore (AIP) OMG Opportunities Trading Fund (AIP) Ow! Creek Overseas Fund (AIP) Oz Overseas Fund Ltd. (AIP) Pharo Macro Fund Ltd. (AIP) Seligman Tech Spectrum Fund (AIP) York Credit Opp Unit Trust (AIP) Hedge Funds -Direct AIP Custom HF Solutions Ascot Fund Limited Blackstone Offshore Fund II GS Investment Partners (Offshore) Private Capital - Fund of Funds Quellos Financial Ventures II, (CRT), LP. Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, LP. Quellos Co-Investment Fund II, LP. - CRT Series Quellos Co-Investment Fund III, L_P. Quellos Co-Investment Fund, LP. - CRT Series Boston Properties, Inc. BXP (Common) Please note: The total value does not take into consideration the liability of the Present Value of Future MBZ Crut Distributions Confidential Value $13,535,447 $469,745 $1,008,010 $1,017,270 $571,605 $995,448 $944,013 $1,042,367 $1,163,851 $582,925 $483,587 $28,962 $2,080,902 $963,854 $1,139,383 $1,043,525 $8,574,944 $5,815,971 $0 $1,838,896 $920,077 $391,356 $391,356 $30,934,154 $5,031,898 $10,487,766 $2,289,000 $13,125,490 $52,776,944 $52,776,944 134 MorganStanley SmithBarney EFTA00284473

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USN Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) USN Charitable Remainder Unitrust ASSETS Cash Morgan Stanley - Money Mkt Municipal Securities McDonnell - Short Term Muni Bonds Corporate Bonds Seix Global Bonds Templeton Global Bond Fund Please note: The total value does not take into consideration the liability of the Present Value of Future USN Crut Distributions Confidential Value $9,049,974 $9,049,974 $150,440 $150,440 $876,937 $876,937 $7,853,054 $7,853,054 $169,542 $169,542 132 MorganStanl ” SmithBarey EFTA00284474

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MBZ 1992 News Trust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) MBZ 1992 News Trust LIABILITIES Obligations To Related Parties The Mortimer B. Zuckerman 1983 Family TR UAD 12-21-83 Confidential Value ($38,100,000) $38,100,000 $38,100,000 $38,100,000 MorganStanl be SmithBarney EFTA00284475

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund American Steadfast LP AP Investments Europe Limited Blackstone Strategic Alliance Fund II Brickman Real Estate Fund L, LP. Brickman Real Estate Fund If, LP. * Please note: The fund descriptions are provided by the respective funds. Entity MBZ MBZ 1996 Trust (Non Exempt) MBZ Crut MBZ 1996 Trust MBZ 1996 Trust Description A long/ short hedge fund seeking to generate long-term compounded annual returns of 10% - 20% net, while protecting capital from large draw-downs. With an emphasis on capital appreciation, they use the following strategies to obtain an attractive risk-adjusted return: equities represent the majority of exposure, deep analysis across the capital structure; opportunistic use of debt and other non-equity securities, “portfolio hedges” address macro risk to the portfolio, downside protection as options and default swaps increase in value with negative catalysts AP Investment Europe (AIE) : AIE invests in mezzanine, debt and equity investments of both public and private, companies primarily located in Europe. The fund seeks to generate current income and capital appreciation though its flexible investment strategy which is intended to capture opportunities across the capital structure. AIE utilizes a disciplined approach to evaluate the most appropriate part of the capital structure in which to invest based on the risk/ reward profile of the investment opportunity. An investment vehicle that provides seed capital to emerging hedge fund managers and proprietary trading desks. They will allocate Day 1 capital to experienced hedge fund managers seeking to launch their own businesses. The fund seeks to provide above average hedge fund returns through a combination of General Partnership participation and hedge fund exposure: in addition to a meaningful long-term seed investment, Blackstone provides advice to underlying managers, in return for a share of the underlying manager's revenues. Brickman Real Estate Fund |, LP (the "Fund 1"), a Delaware limited partnership, was formed on April 9, 2002 between Brickman Real Estate Fund I, GP as the general partner and various private investors as limited partners for the purpose of investing in real estate property and real estate secured loans. Fund I had a scheduled termination date of May 31, 2008 and included an extension option of up to twenty-four months. On May 6, 2008, Fund | extended the term to May 30, 2009. Fund I intends to extend the term to May 30, 2010. Only remaining Investment is 1280 Fifth Ave, all other investments have been monetized. The Fund targets core assets which will produce a stable cash flow over the targeted hold period. It seeks assets in markets that have long term positive fundamentals and that have a history of liquidity. In summary, the Fund targets: Core + Investment, 16 office properties, 2 residential, Concentration in Boston, DC, Metro NY, 96% leased, very strong cash flows nl SmithBamey 134 EFTA00284476

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Brickman Real Estate Fund II, LP. Brickman Real Estate Fund IV, L.P. Brickman Real Estate Fund V, L.P. CCA Absolute Return Muni Strategy, LP Cerberus Firm Investors, LLC Entity MBZ 1996 Trust MBZ 1983 Family Trust MBZ 1996 Trust MBZ 1996 Trust (Non Exempt), USN College Marketing Inc. MBZ, MBZ 1996 Trust, MBZ 1983 Family Trust Description The Fund invests in opportunistic real estate assets. Currently, the Fund is focusing on distressed debt and equity opportunities. Opportunistic Fund’s Key Investments: Raw Land in the Hamptons, Mez Debt in Savanah, GA, Resort property in Bermuda (formerly Coral Beach Club), Pinnacle Multi-Family rental properties The Fund targets core assets which will produce a stable cash flow over the targeted hold period. It seeks assets in markets that have long term positive fundamentals and that are considered highly liquid. The majority of the assets will be office buildings, however there will also be investments allocated to real estate debt and residential real estate. The Fund includes: 8 Debt Investments, 4 Properties, Sister fund to fund II, Debt Investments have been marked The Fund invests in opportunistic real estate assets. Currently, the Fund is specifically invested in 1280 Fifth Ave. A long/ short Municipal Bond investment managed by Craig Henick at Citi. The fund seeks to generate an absolute return from municipal securities via (i) current income, (ii) relative value trading opportunities and (iii) the potential for longer-term capital appreciation should the municipal/ taxable yield ratios recover from currently distended levels and revert towards historical averages. The fund will trade both tax- exempt and taxable municipal bonds. The duration of the portfolio will depend on the relative value along the municipal yield curve, as well as the relative steepness of the municipal to taxable yield curves. No leverage will be used. Cerberus FIM Investors, LLC (the "Company") was organized as a limited liability company in March 2006 pursuant to the provisions of the laws of the Delaware Limited Liability Company Act, and commenced operations on March 9, 2006. Cerberus FIM, LLC, a Delaware limited liability company, is the managing member (‘Managing Member’) of the Company. The Company was formed to invest substantially al of its assets indirectly (through FIM Holdings, LLC ("FIM Holdings") in General Motors Acceptance Corporation LLC, a Delaware limited liability company ('GMAC) i in the other diversified financial services industry, and engage in any activities and transactions incidental to the foregoing. At December 31, 2007, the Company owned approximately 83.76% of the members’ capital of FIM Holdings. The company also serves as the managing member of FIM Holdings. nl Sauthearriey 135 EFTA00284477

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Court Square Capital Partners, LP. MBZ CVC Capital Partners Asia Pacific I, LP. MBZ CVC European Equity Partners IV (Europe MBZ 1996 Trust (Non Exempt), MBZ 1983 Family Trust CVC European Equity Partners V (Europe MBZ, MBZ 196 Trust (Non Exempt) Description Court Square Capital Partners, Inc. (“Court Square” or the Firm”) has one of the most experienced and tenured teams in the private equity Industry. For more than 20 years, William T. Comfort, David F. Thomas, Thomas F. McWilliams, Michael A. Delaney and Joseph M. Silvestri (collectively, the "Managing Partners"), along with eight other members of the senior investment team (together with the Managing Partners, the “Investment Team”), have pursued a consistent strategy of sponsoring buyouts of businesses that possess attractive growth prospects, Court Square Capital Partners II, L.P. (the “Fund” or “Fund II") is being established by Court Square and will be managed ona substantially similar basis as Citigroup Venture Capital Equity Partners, LP. ("Fund I") to invest primarily in US.-based middle-market companies. Fund I, a $2.6 billion partnership established in 2001, has generated a realized gross IRR of 87.7% and a multiple of invested capital of 4.7x. In keeping with the Investment Team's historical investment strategy, Pund II is seeking commitments of $2.5 billion from limited partners. The Investment Team intends to commit $150 million to Fund Hl. Fund is 100% called, 100% committed, currently in distribution mode. ‘01 vintage and can expect to see the 2 - 1 year extensions utilized. 9 companies left in portfolio, 700mm cost, 1.3b in value. IRR on portfolio 39%. CVC Capital Partners Asia Pacific II L.P. (the "Partnership") was established on 1st November 2004 and is registered as an exempted limited partnership in the Cayman Islands under The Exempted Limited Partnership Law. The principal activity of the Partnership is to seek to generate significant long-term capital appreciation through the making of private control equity investments in established, cash-generative businesses in the Asia Pacific region. CVC Asia focuses on buyouts and investment in Japan, Greater China, South Korea and Australia. They have a well-established local presence and proven execution capability in all key markets. CVC Asia's senior management lead all investment decisions for funds |, II, and IIL Key professionals have on average over 14 years of private equity experience. Specializing in European Buyouts and Investments, Realized and Unrealized portfolio currently valued at 12x cost. CVC Burope has a global network of 18 offices and 72 buyout professionals, including 27 partners with an average tenure of 12 years. European Private Equity. 22° of commitment has been called, plenty of cash available for new deals, Only 3 portfolio companies at this time. CVC Europe has a global network of 18 offices and 72 buyout professionals, including 27 partners with an average tenure of 12 years. nl SmithBarey 136 EFTA00284478

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Evercore Venture Partners, LP- MBZ Evercore Venture Partners LP. (the “Partnership”) is a limited partnership formed under the laws of the State of Delaware for the purpose of making Portfolio Investments, a3 defined in the Partnership Agreement (the " Agreement"), as amended. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Agreement. To the extent that this and the other notes that follow describe or refer to the terms and provisions of the Agreement, they are intended as summaries only and are qualified in their entirety by reference to the Agreement itself. The Partnership was formed on October 16, 2000 and commenced operations on October 23, 2000. The Partnership changed its name from eCompanies - Evercore Venture Partners Il L_P_on June 28, 2001. The Partnership has a term of eight years from the Initial Closing Date and is subject to earlier dissolution and termination upon the occurrence of certain events as described in the Agreement. The General Partner may extend the term of the Partnership for up to two successive one-year periods, in each case with the consent of a Majority in Interest of the Limited Partners. Thereafter, the Partnership will liquidate in an orderly manner and distribute all investments or proceeds, In December 2003, the Partnership adopted the Third Amendment to the Agreement which extends the term of the Partnership from eight to ten years. The general partner of the Partnership is Evercore Venture Management L.L.C. (the “General Partner”). The General Partner changed its name from eCompanies - Evercore Venture Management II L.L.C. on June 28, 2001. Pursuant to the terms of an Investment Advisory Agreement, Evercore Venture Advisors L.L.C. (the “ Advisor"), a Delaware limited partnership, and an Affiliate of the General Partner, originates and recommends investment opportunities to the Partnership, monitors and evaluates investments and performs certain administrative services. The Partnership and Evercore Venture Partners (NQ) L-P. ("EVP (NQ)"), a Delaware limited partnership (a "Parallel Investment Partnership”) and other Evercore related co-investors (Note 9) co-invest on a parallel basis in the securities of companies selected by the Advisor. EVP (NQ), however, has certain restrictions and limitations on investments that are not applicable to the Partnership. The Partnership will generally co-invest in the portfolio of securities with EVP (NQ) in the ratio of their respective aggregate Unfunded Capital Commitments. Francisco Partners, LP. MBZ The enclosed financial statements include the accounts of Francisco Partners, LP_and its parallel fund Francisco Partyers Fund A, LP (collectively the “Partnership"). The Partnership was organized as a Delaware limited partnership on May 8, 2000 to make investments in technology companies, both domestically and internationally, for long-term capital appreciation, using various transaction structures including leveraged buyouts, management buyouts, spinouts, recapitalizations, minority investments, restructurings and growth equity investments. Francisco Partners Fund A, L.P., which has total commitments of $12.3 million, was established to facilitate non-qualified investors’ investments in the same investments made by Francisco Partners, L.P. Both funds share all Partnership investments and expenses on a pro-rata basis. The general partner of the Partnership is Francisoo Partners GP, LLC (the "General Partner"), a Delaware limited liability company. Freescale Co-Investment XVI, LLC MBZ, MBZ 1996 Trust (Non Exempt), Direct Co-Investment alongside Citigroup; Restructuring one of the leading semi-conductor design companies: MBZ 1983 Family Trust nley SmithBarney 137 EFTA00284479

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Generation Capital Partners IL, LP_ MBZ Glilot Capital Partners 1 L.P. MBZ Greycroft Partners IL, LP. MBZ GS Capital Partners II, LP. MBZ, MBZ 1996 Trust, MBZ 1996 Trust (Non Exempt) GS Capital Partners IL, LP_ MBZ Description Generation Capital Partners Il LP (the "Partnership") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act pursuant to an agreement entered into as of March 28, 2008 (the "Partnership Agreement"). The general partner of the Partnership is Generation Partners [I LLC (the "General Partner"). The Partnership will operate until March 28, 2010, unless terminated earlier or extended in accordance with the provisions of the Partnership Agreement. The Partnership was organized to achieve long-term capital appreciation by investing in equity and equity-oriented securities of privately help companies in Healtheare Services & Technology, Education, Media & Communications. An Israeli venture capital fund investing in seed and early state software companies. A venture capital fund led by Alan Patricoff. They seek to invest in promising digital media companies. They serve the founders and investors who have chosen us as their partners, and help them to build large, successful businesses. Greycroft invests between $500,000 and $5 million at inception, and will increase on a staged basis to double that amount over time. They invest alone or alongside other firms, and will accept a board seat when appropriate, although a board seat is not a prerequisite when syndicating with others. With offices in New York and Los Angeles, they also leverage an extensive network of media and technology industry connections to help their investees gain visibility, build strategic relationships, and successfully bring their products to market. GS Capital Partners Il, L_P. (the Partnership”), a Delaware limited partnership, was formed for the purpose of investing in equity, equity- related and debt securities primarily acquired in privately-negotiated transactions, leveraged acquisitions, reorganizations and other equity transactions. The Partnership seeks to provide the partners with long-term capital gains through such investments. The Partnership commenced operations on April 15, 1995 and sold its Last investment in 2009. GS Advisors, L.L-C. (the “General Partner”), a wholly-owned subsidiary of The Goldman Sachs Group, Inc. (the “Special Limited Partner"), extended the Partnership's term until April 15, 2009 in accordance with the Amended and Restated Agreement of Limited Partnership dated April 15, 1995 (the “Partnership Agreement”). At that time, the General Partner initiated the winding up of the Partnership's business in accordance with the Partnership Agreement. GS Capital Partners Ill, L.P. (the “Partnership”), a Delaware limited partnership, was formed for the purpose of investing in equity, equity- related and debt securities primarily acquired in privately-negotiated transactions, leveraged acquisitions, reorganizations and other equity transactions. The Partnership seeks to provide the partners with long-term capital gains through such investments. The Partnership commenced operations on June 4, 1998, GS Advisors IIL, L-L-C. (the “General Partner”), a wholly-owned subsidiary of The Goldman Sachs Group, Inc. (the “Special Limited Partner”), has extended the Partnership's term until June 4, 2011 in accordance with the Amended and Restated Agreement of Limited Partnership dated June 4, 1998 (the “Partnership Agreement”). nl SmithBarney 138 EFTA00284480

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description GS Investment Partners (Off Shore) MBZ Crut Goldman Sachs Investment Partners Offshore, LP. (the “Partnership”), a Cayman Islands limited partnership, was formed to achieve attractive risk-adjusted returns with low correlation to traditional asset classes. The Partnership invests all or substantially all of its assets in Goldman Sachs Investment Partners Offshore Aggregating Fund, L.P. (the “Aggregating Vehicle”), a Cayman Islands limited partnership. The Aggregating Vehicle in turn invests a significant portion of its assets in Goldman Sachs Investment Partners Master Fund, LP. (the “Master Partnership"), and its wholly owned subsidiary, Goldman Sachs Investment Partners Aggregating Fund Holdings Offshore, LP- (the “Holding Company"). Goldman Sachs Investment Partners GP, LLC, a Delaware limited liability company, is the General Partner (the “General Partner”) of the Partnership. GS Investment Strategies, LLC is the investment manager ("GSIS" or the “Investment Manager") of the Partnership. Both the General Partner and Investment Manager are affiliates of Goldman, Sachs & Co. ("Goldman Sachs"). The Partnership commenced operations on January 1, 2008 and will continue in existence until dissolved in accordance with the terms of the Amended and Restated Limited Partnership Agreement dated December 6, 2007 (the “Partnership Agreement”). At December 31, 2008, the Partnership had a 75.02% ownership in the Aggregating Vehicle. The performance of the Partnership is directly affected by the performance of the Aggregating Vehicle. These financial statements should be read in conjunction with the attached consolidated financial statements of the Aggregating Vehicle. GS Investment Partners (On Shore) MBZ 1996 Trust Goldman Sachs Investment Partners, L.P. (the “Partnership"), a Delaware limited partnership was formed to achieve attractive risk-adjusted returns with low correlation to traditional asset classes. The Partnership invests all or substantially all of its assets in Goldman Sachs Investment Partners Aggregating Fund, LP. (the “Aggregating Vehicle”), a Delaware limited partnership. The Aggregating Vehicle in tum invests a significant portion of its assets in Goldman Sachs Investment Partners Master Fund, L-P,, (the “Master Partnership") and a wholly owned subsidiary, Goldman Sachs Investment Partners Aggregating Fund Holdings, LP. (the “Holding Company”). Goldman Sachs Investment Partners GP, LLC, a Delaware limited liability company, is the General Partner (the “General Partner") of the Partnership. GS Investment Strategies, LLC is the investment manager (“GSIS" or the “Investment Manager”) of the Partnership. Both the General Partner and Investment Manager are affiliates of Goldman, Sachs & Co. ("Goldman Sachs"). The Partnership commenced operations on January 1, 2008 and will continue in existence until dissolved in accordance with the terms of the Amended and Restated Limited Partnership Agreement dated December 6, 2007 (the “Partnership Agreement”). At December 31, 2008, the Partnership had a 51.16% ownership in the Aggregating Vehicle. The performance of the Partnership is directly affected by the performance of the Aggregating Vehicle. These financial statements should be read in conjunction with the attached consolidated financial statements of the Aggregating Vehicle. nley SmithBarney 139 EFTA00284481

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description GS Private Equity Partners I, LP. MBZ, MBZ 1996 Trust, MBZ 1996 GS Private Equity Partners II, L.P. (the “Partnership"), a Delaware limited partnership, was formed for the purpose of investing in pooled Trust (Non Exempt) investment vehicles via capital commitments to the issuers of such investments ("Partnership Investments") and privately negotiated transactions ("Direct Investments”), generally sourced on a co-investment basis with certain other co-investment partnerships ("Co- Investment Partnerships”). The Partnership may receive distributions-in-kind from the Partnership Investments representing securities of the Partnership Investments’ underlying portfolio companies (“Security Investments” and together with Partnership Investments and Direct Investments, “Portfolio Investments”). The Partnership may also make investments directly or indirectly related to the Partnership Investments, including underlying portfolio companies owned by Partnership Investments, swaps, options, and forward currency contracts. The Partnership is permitted to invest both domestically and internationally across all sectors of the private equity market. The Partnership: commenced operations on February 24, 1998 and will continue in existence until the Later to occur of (1) December 31, 2009 or (ii) one year after the date by which all of the Partnership’ 's Portfolio Investments have been liquidated and the Partnership's obligations (including, without limitation, contingent obligations) have terminated. The Partnership may also be dissolved earlier as requested by GS PEP IL Advisors, LLC. (the “General Partner”) or its term may be extended by the General Partner with the approval by a majority in interest of the limited partners in accordance with the Amended and Restated Agreement of Limited Partnership dated November 1, 2008 (the “Partnership Agreement”). GS Vintage Fund, L.P. MBZ 1983 Family Trust GS Vintage Fund L.P. (the "Partnership"), a Delaware limited partnership, was formed for the purpose of investing in (I) pooled investment vehicles via capital commitments to the issuers of such investments ("Partnership Investments"), (ii) pooled investment vehicles purchased from the existing owners of such pooled investments and not from the issuers of such investments or transactions structured to share many of the characteristics and economics of such purchases ("Secondary Investments”), and (iii) privately negotiated transactions (“Direct Investments”), generally sourced on a co-investment basis with certain other co-investment partnerships (“Co-Investment Partnerships"). The Partnership may receive distributions-in-kind from the Partnership Investments and Secondary Investments representing securities of the Partnership Investments’ and Secondary Investments’ underlying portfolio companies ("Security Investments" and together with Partnership Investments, Secondary Investments and Direct Investments, “Portfolio Investments”). The Partnership may also make investments directly or indirectly related to the Partnership Investments and Secondary Investments, including underlying portfolio companies owned by Partnership Investments and Secondary Investments, swaps, options, and forward currency contracts. The Partnership is permitted to invest both domestically and internationally across all sectors of the private equity market. The Partnership commenced operations on November 5, 1998 and will continue in existence until the later to occur of (I) December 31, 2009 or (ii) one year after the date by which all of the Partnership's Portfolio Investments have been liquidated and the Partnership's obligations (including, without limitation, contingent obligations) have terminated. The Partnership may also be dissolved earlier as requested by GS Vintage Advisors, LL.C. (the “General Partner”) or its term may be extended by the General Partner with the approval by a majority in interest of the limited partners in accordance with the Amended and Restated Agreement of Limited Partnership dated November 5, 1998 (the “Partnership Agreement”). nley SmithBarney 140 EFTA00284482

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Heartland Industrial Partners, LP. Israel Infrastructure Fund [-C, L.P. JPM Chase - Money Mkt MeDonnell Morgan Stanley - Money Mkt Entity MBZ MBZ 1996 Trust, MBZ 1983 Family Trust MBZ MBZ, MBZ 1996 Trust (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut MBZ, MBZ 1996 Trust, MBZ 1996 Trust {Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut, USN Crut Description Heartland Industrial Partners, L.P. (the "Partnership") is a Delaware li May 10, 2000 (the "Partnership Agreement’). The Partnership is organized for the principle purpose of investing in corporate acquisitions and leveraged buyouts and makes investments as deemed advisable by Heartland Industrial Associates, LLC. (the "General Partner") a Delaware limited liability company. Original investment idea surrounded Manufacturing opportunities in US in 2000. investments were made in 11/2000, 2/2001, 9/2001, 6/2002. 60% decline from the initial investment. 4 investments are still in the portfolio with a $253mm. valuation. Life of fund terminates in May '10, 2 -lyear extensions will likely be used. The Partnership term is to continue through May 10, 2010, which may be extended by the General Partner for up to two consecutive one-year periods as described and provided for in the Partnership Agreement. In connection with an amendment to the Partnership Agreement, the Partnership's Commitment Period was terminated effective January 1, 2006, Accordingly, available capital commitments may no longer be drawn to fund new investments, but may be drawn to fund existing investments and expenses of the Partnership. Israel Infrastructure Fund (hereinafter - the Fund") represents three parallel partnerships: 1. Israel Infrastructure Fund I-A, L.P- (hereinafter - "the Partnership"); 2. Israel Infrastructure Fund [-B, L.P.; 3. Israel Infrastructure Fund 1-C, LP. The Fund intends to initiate and invest in infrastructure projects, entities and assets mainly in Israel. The Partnership was established on August 31, 2006, under the laws of the State of Israel pursuant to an agreement between the General Partner and the Initial Limited Partner. The term of the Fund is ten years from the initial closing, subject to up to two consecutive additional one-year extensions, as decided by the General Partner in its sole and absolute discretion. The Fund intends to initiate and invest in infrastructure projects, entities and assets mainly in Israel, which offer investment opportunities with the potential to generate significant interest and dividend income and capital appreciation. Cash account, benchmarked against the Citigroup 90 day T-Bill The portfolio taken as whole will be structured over the long term, first with an objective to seek to preserve principal, and second to seek to enhance capital value. Investment include: (1) Short term tax-free money market instruments, (2) Municipal obligation and (3) US treasuries and agency securities. The investment objective is to be competitive with the appropriate Barclays Capital Muni Bond index (Barclays Capital 5 Year Muni Bond Index) depending upon the average maturity and duration of the portfolio at that time. Cash account, benchmarked against the Citigroup 90 day T-Bill n SmithBerney 141 EFTA00284483

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Morgan Stanley Credit Partners Fund, L.P. MBZ, MBZ 1996 Trust (Non Exempt), USN College Marketing Inc., MBZ Crut Morgan Stanley Credit Partners Onshore MBZ, MBZ 1996 Trust (Non Exempt), Morgan Stanley-Muni Bonds - IT Morgan Stanley-Muni Bonds - LT Morgan Stanley-Muni Bonds - ST Patricof Private Investment Club II, LP. USN College Marketing Inc., MBZ Crut MBZ, MBZ 1996 Trust (Non Exempt), MBZ 1996 Trust, MBZ Crut MBZ, MBZ 1996 Trust (Non Exempt} MBZ, MBZ 1996 Trust (Non Exempt), MBZ 1996 Trust, MBZ 1983 Family Trust, MBZ Crut, USN College Marketing Inc. MBZ Description The Morgan Stanley Credit Partners Fund LP has been organized to make investments in the corporate credit markets. The Fund intends to invest on a global basis in order to assemble an investment portfolio of up to 20 to 25 primary market investments. The Fund's primary market investments are expected to be comprised primarily of fixed income loans and securities, including preferred stock (which may include an equity component) made in the context of corporate transactions such as acquisitions, debt refinancing, capital structure restructurings, leveraged buyouts and DIP financings. The Fund will seek to maximize risk-adjusted returns by investing selectively in transactions where issuers cannot access the high yield or leveraged loan markets or where those markets cannot provide the certainty, speed, flexibility or confidentiality that such issuers may require. Importantly, the Fund will seek to leverage the proprietary deal flow and due diligence advantage embedded in the Morgan Stanley platform. The Fund will have the flexibility to invest in secondary market purchases, A Mezzanine Debt Fund organized to make investments in the corporate credit markets. The Fund intends to invest on a global basis in order to assemble an investment portfolio of up to 20) to 25 primary market investments. The Fund's primary market investments are expected to be comprised primarily of fixed income loans and securities, including preferred stock (which may include an equity component) made in the context of corporate transactions such as acquisitions, debt refinancing, capital structure restructurings, leveraged buyouts and DIP financings. The Fund will seek to maximize risk-adjusted returns by investing selectively in transactions where issuers cannot access the high yield or leveraged loan markets or where those markets cannot provide the certainty, speed, flexibility or confidentiality that such issuers may require. Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income Patricof Private Investment Club IL, LP- is a limited partnership organized on May 1, 1998 under the laws of Delaware. The purpose of the lip is to invest in equity securities ranging from early stage investments to later stage investments and turnaround situations in parallel with APA Excelsior V partnerships (“companion funds”) with the objective of realizing long term capital appreciation. nl SmithBamey 142 EFTA00284484

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Patricof Private Investment Club If, LP. Patricof Private Investment Club, LP. Paulson Advantage Plus, L.P. Paulson Advantage, LP. Pequot / FMVP Il, LP. Entity MBZ MBZ MBZ 1983 Family Trust, MBZ 1996 Trust (Non Exempt) MBZ 1983 Family Trust, MBZ 1996 Trust (Non Exempt) MBZ Description Patricof Private Investment Club II], L.P. is a limited partnership organized under the laws of Delaware. The purpose of the partnership is to invest in equity securities ranging from early stage venture capital investments to later stage investments and turnaround situations in parallel with APA Excelsior V partnerships (“companion funds”) with the objective of realizing long term capital appreciation. The partnership commenced operations on may, 16, 2000. Patricof Private Investment Club, L.P. is a limited partnership organized on March 15, 1996 under the laws of Delaware. The purpose of the partnership is to invest in equity securities ranging from early stage investments to later stage investments and turnaround situations in parallel with the Excelsior IV partnerships ("companion funds") with the objective of realizing long term capital appreciation. Paulson Advantage Plus L.P. is a market neutral fund that seeks to achieve above average returns with low volatility and low market correlation. The Fund constructs a diversified global portfolio dedicated to event driven investing. In addition to a core focus on merger arbitrage, the Advantage Funds also include distressed investing and special situations: Merger Arbitrage: High quality spread deals, announced mergers with the possibility of higher bids, unique deal structures and short deals unlikely to close. Special Situations: Spin-offs, Litigations, Events Arbitrage, Restructurings, Proxy Contexts, Post Bankruptcy Equities. Distressed: Liquidations, High Yield Long/Short, Capital Structure Arbitrage, Bankruptcy / Reorganizations. Paulson Advantage L.P. is a market neutral fund that seeks to achieve above average returns with low volatility and low market correlation. The Fund constructs a diversified global portfolio dedicated to event driven investing. In addition to a core focus on merger arbitrage, the Advantage Funds also include distressed investing and special situations: Merger Arbitrage: High quality spread deals, announced mergers with the possibility of higher bids, unique deal structures and short deals unlikely to close. Special Situations: Spin-offs, Litigations, Events Arbitrage, Restructurings, Proxy Contexts, Post Bankruptcy Equities. Distressed: Liquidations, High Yield Long/Short, Capital Structure Arbitrage, Bankruptcy /Reorganizations. FMVP I, LP. (formerly Pequot Venture Partners Il, L.P.) (the ‘Partnership") is a limited partnership that commenced operations on February 15, 2000 and is organized under the Laws of the State of Delaware to invest and trade in securities. The Partnership was scheduled to end on February 15, 2008. The General Partner has extended the term of the Partnership for an additional two years to February 15, 2010, as permitted under the Limited Partnership Agreement. On August 20, 2008, the investment principals of Pequot Ventures, the venture capital arm of Pequot Capital Management, Inc, formed a new firm, FirstMark Capital, LLC and assumed the investment management operations of Pequot Ventures and full responsibility for the assets previously under the management of Pequot Ventures. Effective as of that date, the name of the Partnership was changed from Pequot Venture Partners IL, LP. to FMVP I, L.P. nl Senteartiey 143 EFTA00284485

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Quadrangle Capital Partner, LP. Quellos Co-Investment Fund I, L-P. Quellos Co-Investment Fund, L.P. Quellos Financial Ventures I, (CRT), L.P. Quellos Private Capital 2002, LP. (US Mat Quellos Private Capital Il, LP. Entity MBZ MBZ, USN College Marketing Inc. MBZ 1996 Trust (Non Exempt), MBZ 19% Trust, MBZ 1983 Family Trust, MBZ Crut MBZ, USN College Marketing Inc., MBZ 1996 Trust (Non Exempt), MBZ 19% Trust, MBZ 1983 Family Trust, MBZ Crut MBZ, MBZ Crut MBZ, MBZ 1996 Trust, MBZ 1983 Family Trust MBZ, MBZ 196 Trust, MBZ 1996 Trust (Non Exempt) Description QCP has invested in a diversified portfolio of 19 companies that cover a wide range of media and communications sectors within our investment scope. Overall, we are pleased with the portfolio’s progression. QCP is fully committed and will not add new portfolio companies; our five-year commitment period ended on May 23, 2005. QB Co-Investment Fund Il, LP. (QCF II" or the "Fund') is being established as a successor fund to QB Co-Investment Fund, LP. (‘QCF I"). Similar to QCF I, the Fund will be structured to make select co-investments primarily with the general partners and investment managers underlying our Absolute Return Strategies ("ARS") and Private Capital Strategies ("PCS") funds of funds. Quellos Co-Investment Fund, LP. (“QCF" or the “Fund") is organized as a Delaware series limited partnership. The Fund's objective is to generate returns for investors through concentrated exposure to co-investments and special purpose fund investments primarily with the general partners and investment managers underlying Quellos’ absolute return and private capital funds of funds. Quellos Financial Ventures IL, L.P. (‘QFV II’ or the *Fund") is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in the first quarter of 2004. The Fund's objective is to generate superior risk-adjusted returns for investors by investing in a portfolio of hedge fund strategies (relative-value, event-driven, hedged-directional) and will attempt to enhance returns through a venture capital structure in the underlying hedge fund managers: Investing in Prop-Trading desks and Hedge Fund Groups. Taking operating interest, participating in mgmt fees and performance fees. Only 3 funds left in portfolio: Blueharbor, Rosegrove, Stylous Quellos Private Capital 2002, L.P.is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in the first quarter of 2004. The Fund's objective is to generate superior risk-adjusted returns for investors by investing in a portfolio of hedge fund strategies (relative-value, event-driven, hedged-directional). PE FOF Investing in mature company and venture interests only. 38% LBO, 9% Distressed, 3% Mez, 3% SS, 46% Venture Capital. Quellos Private Capital Il, LP. is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in the first quarter of 2004. The Fund's objective is to generate superior risk-adjusted returns for investors by investing in a portfolio of hedge fund strategies (relative-value, event-driven, hedged-directional). PE FOF Investing in mature company and venture interests only. 40% LBO, 8% Distressed, 6% SS, 44% Venture Capital. n SmthBerney 144 EFTA00284486

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Seix MBZ, MBZ 196 Trust, MBZ 1996 Trust The Investment Advisor will actively manage the portfolio with the goal of achieving favorable long term, consistent performance at {Non Exempt), MBZ 1983 Family acceptable risk levels by investing in a diversified portfolio of Investment Grade and High Yield Bonds. The portfolio will not invest in: (1) Trust, USN College Marketing Inc., Common Stock, (2) Derivatives, (CDS, Futures, Options, etc.) and (3) Convertibles. In addition, with the exception of the U.S. Government, MBZ Crut, USN Crut Federal Agencies, and Government-Sponsored Enterprises, the portfolio will not (1) invest more than 5° of its assets in the securities of any single issuer or (2) invest more than 25% of its assets in any one corporate sub-sector. The investment objectives of the SEIX bonds: (1) Investing in taxable Corporate Bonds (2) Realizing Absolute Return Templeton Global Bond Fund MBZ 1996 Trust (Non Exempt) A mutual fund that seeks current income with capital appreciation and growth of income by investing predominantly in bonds of governments and government agencies located around the world. The fund's quantitative and qualitative analysis is supplemented with on- the-ground research, leveraging the resources of local analysts around the world to identify investment opportunities and risks that a solely US-based manager might miss. Research efforts focus on rigorous country analysis to identify economic imbalances leading to value opportunities in currencies, interest rates (duration) and sovereign credit. US Trust (BOA) - Money Mkt MBZ, USN College Marketing Inc. Cash account, benchmarked against the Citigroup 90 day T-Bill Valor Equity Partners Il, LP. MBZ Valor equity partners I LP. Is a Delaware is a Limited partnership formed pursuant to and in accordance with the Delaware revised uniform limited partnership act. The partnership was organized for the principal purpose of (a) investing in securities of the kind and nature described in the partnerships confidential private offering memorandum, (b) managing and supervising such investments and (c) engaging in such other activities incidental or ancillary thereto as the general partner deems necessary of advisable. nl SmithBarey 145 EFTA00284487

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Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description VSS Comunications Partners [V, L.P. MBZ 1996 Trust, MBZ 1996 Trust (Non VSS Communications Partners [V's combined financial statements include the financial statements of VSS Communications Partners IV, LP_ Exempt) ("CP IV"), VSS Communications Parallel Partners [V L.P. (the “Parallel Fund"), and VSS Communications Parallel [I Partners IV, LP. (the “Parallel [I Fund,” and together with CP IV and the Parallel Fund, collectively referred to as “VSS [V” or the “Partnership"). There are no intercompany balances within the combined financial statements. CP IV is a Delaware limited partnership formed pursuant to an Amended and Restated Limited Partnership Agreement (the “CP IV Agreement") dated as of September 27, 2004 (the date of initial closing and inception of CP IV). The Parallel Fund is a Delaware limited partnership formed pursuant to the CP IV Agreement and an Amended and Restated Limited Partnership Agreement (the “Parallel Fund Agreement”) dated as of September 27, 2004 (the date of initial dosing and inception of the Parallel Fund). The Parallel 1! Fund is a Delaware limited partnership formed pursuant to the CP [V Agreement and an. Amended and Restated Limited Partnership Agreement (the “Parallel If Fund Agreement,” and together with the CP IV Agreement and the Parallel Fund Agreement, the “Partnership Agreement") dated as of June 30, 2005 (the date of initial closing and inception of the Parallel II Fund). Pursuant to an amendment to the Partnership Agreement, which was approved in February 2006, the Outside Date was extended to April 30, 2006. The investment objective of VSS IV is to achieve long-term appreciation of capital contributed by the Limited Partners and the General Partner (together, the Partners”) of CP IV, the Parallel Fund and the Parallel Il Fund through emphasis on investments in middle market media, communications and information ("Media") companies primarily in North America and Europe. The performance of VSS IV may be affected by economic developments within the media industry. The general partner of VSS IV is VSS Equities IV, L.L.C. (the “General Partner"). The managing members of the General Partner are John J. Veronis, John S$, Subler, Jeffrey T. Stevenson, Marco Sodi and Seott J. Troeller. The statement of changes in partners’ capital presents separately the interest of the General Partner and VSS Waiver Entity LLC. The following brief description of the Partnership Agreement is provided for general information purposes. Partners should refer to the actual agreements for more complete information. The terms of the CP IV, the Parallel Fund, and the Parallel If Fund Agreements are substantially similar in all material respects. All capitalized terms used herein, unless otherwise defined herein, shall have the meanings ascribed to such terms in the CP IV Agreement, the Parallel Fund Agreement, and the Parallel Il Fund Agreement. ZCAP - Money Mkt MBZ, MBZ 1996 Trust, MBZ 199 Trust Cash account, benchmarked against the Citigroup 90 day T-Bill {Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut ZCAP - Money Mkt MBZ, MBZ 196 Trust, MBZ 19% Trust Cash account, benchmarked against the Citigroup 90 day T-Bill (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut nl Seutbarney 146 EFTA00284488

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Mortimer B. Zuckerman Disclosures This performance report has been prepared for informational purposes only and is not intended to be a substitute for the official account statements that you receive from Morgan Stanley Smith Barney LLC, or other third party investment managers or custodians included in this consolidated report. The information in this report is approximate and subject to adjustment, updating and correction and should not be relied upon for taking any action without first confirming its accuracy and completeness. Morgan Stanley Smith Barney LLC is not responsible for any clerical, computational or other inaccuracies, errors or omissions. Morgan Stanley Smith Barney LLC obtains market values and other data from various standard quotation services and other sources, which we believe to be reliable. However, we do not warrant or guarantee the accuracy or completeness of any such information. The values that a client actually receives in the market for any investment may be higher or lower than the values reflected in this report. The values of securities and other investments not actively traded may be estimated or may not be available. To the extent there are any discrepancies between your regular account statement and this report, you should rely on the regular account statement. Market values displayed in a regular account statement may differ from the values displayed in this report due to, among other things, the use of different reporting methods, delays, market conditions and interruptions. The figures in this report may not include all relevant costs (i.e., fees, commissions and taxes). The information in this report should not be considered as the sole basis for any investment decision Past results are not necessarily indicative of future results. Historically, broadly diversified portfolios have produced gains and losses due to changes within the equity, interest rate, credit, currency, commodity, and related derivatives markets. Additionally, gains and losses are impacted to varying degrees by investment acumen, market volatility, corporate activity, security selection, regulatory oversight, trading volume, and money flows. These elements and/or their rate of change may not be present in the future and thus future performance may be impacted. The information contained in this report is not intended to constitute investment, legal, tax, accounting or other professional advice. We recommend that clients contact their tax advisors to determine the appropriate information to be used in the preparation of their tax returns. For securities not purchased through, or custodied at, Morgan Stanley Co. Incorporated, any data or information included in this report has been derived or provided either by you or another financial institution, for which we are not responsible. To the extent that positions are not custodied at Morgan Stanley Co. Incorporated, they may not be covered by SIPC. This Performance Report reflects Corporate Actions (such as dividends and stock splits) as soon as they are declared with respect to the underlying holding rather than when received in order to ensure that your portfolio more fairly reflects your net asset position at all times. The corporate actions are based on information supplied to us by third party sources, for which Morgan Stanley Smith Barney LLC assumes no responsibility. Charts and graphs are for illustrative purposes only and are not intended to represent the performance of any Morgan Stanley Smith Barney offering. Investments and Services offered through Morgan Stanley Smith Barney LLC, member SIPC. In some cases, this report may show the combined performance of brokerage accounts and advisory accounts. Accounts in this report may have had different investment objectives, been subject to different rules and restrictions, and incurred different types of fees, mark-ups, commissions, and other charges. Benchmarks included in this consolidated report may not be the ones primarily associated with the investment objectives of the account(s) and may be used for informational purposes only. Accordingly, the performance results for this portfolio may blend the performance of assets and strategies that may not have been available in all of your accounts at all times during the reporting period. n Seuthoomney 147 EFTA00284489