EFTA00284339

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 SMITII BARNEY FINANCIAL ADVISORS EFTA00284339 Mortimer B. Zuckerman and Related Entities Table of Contents Section Page I. Portfolio Overview • Summary of Investment Assets 1 • Detail of Investment Assets 4 • Consolidated Statement of Selected Assets 11 • Private Capital Portfolio Summary 17 II. Performance Reports • Mortimer B. Zuckerman 21 • The MBZ 19% Trust (GST Exempt) 30 • The MBZ 19% Trust (GST Non-Exempt) 35 • The MBZ 1983 Family Trust 39 • USN College Marketing, Inc. 44 • The MBZ Charitable Remainder Unitrust 48 • The USN Charitable Remainder Unitrust 53 • MBZ 1992 News Trust 56 III. Cash Account Activity • Mortimer B. Zuckerman 59 • The MBZ 19% Trust (GST Exempt) 71 • The MBZ 19% Trust (GST Non-Exempt) 74 • The MBZ 1983 Family Trust 78 • USN College Marketing, Inc. 81 • The MBZ Charitable Remainder Unitrust 84 • The USN Charitable Remainder Unitrust 88 MorganStanley SmithBarney EFTA00284340 Mortimer B. Zuckerman and Related Entities Table of Contents Section Page IV. Appendices • (A) Boston Properties, Inc. 90 • (B) Boston Properties, Inc. (Options) 91 • (C) Schedule of Private Capital Money Movements 93 • (D) Schedule of Transfers to Selected Investments 98 • (E) Schedule of Secured Debt 100 • (F) Schedule of Unsecured Debt 101 • (G) Schedule of Loan Guarantees 102 • (1-1) Schedule of Contingent Obligations 103 • (1) Fixed Income Summary / Distribution by Product Sector / Maturity Distribution Graph 104 V. Personal Expenses • MBZ Personal Expenses 107 VI. Balance Sheet • Mortimer B. Zuckerman 118 • The MBZ 19% Trust (GST Exempt) 123 • The MBZ 19% Trust (GST Non-Exempt) 125 • The MBZ 1983 Family Trust 127 • USN College Marketing, Inc. 129 • The MBZ Charitable Remainder Unitrust 130 • The USN Charitable Remainder Unitrust 132 • MBZ 1992 News Trust 133 MorganStanley SmithBarney EFTA00284341 Mortimer B. Zuckerman and Related Entities Table of Contents Section Page VII. Descriptions Of Investments • Descriptions Of Investments For MBZ And Related Entities 134 VIIL Disclosures • Disclosures 147 MorganStanley SmithBarney EFTA00284342 Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 Asset Allocation We for Policy Assets Asset Allocation % for Investment Assets M unicipal Securities 3.1% Zuckerman Heal Properly WricbilrOorporite Persona Holdings Opibns I r 2.1% AIP Onshore 33% 3.3% Fledge Funds Cash Corporate Bonds Personal Assets t4% 2.9% AIP Offshore 4.9% 2.2% AIP Onshore Hedge Hedge Funds r Funds Private Capital Other Assets 0.5% 2.6% Cash 0.1% 38.3% 6A% AIP Onshore Hedge Notes and Loans Corporate Receivable Funds 43% 0.8% Bonds Global Bonds 13.5% Family Businesses OS% 2L8% Global Bonds Hedge Funds -Direct 2.2% 2.4% Pnvate Capital BXP (Common) 82% Fledge Funds - 82% Municipal/Cor Municipal Direct porate Securities BXP (Vested BXP (CPUs) 10.1% 311% 9.9% Options and LTIPs) BXP (Nonvested 14.6% to% 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 FutureMS.2 Can Distnbunom and the Present Valued Future USN Crut Distributions Please note, Obligations To Related Partin include (1) BR,Inc. ('Lazy 2' Motor Yacht) (2) Pauline Center (3) USN Aviation • (ZWA, Inc.) (4) ZAS, LLC• (Waldorf Flight Services)(5) The MBZ News 1992 Trust UAD 12-29.92 Please note, Unsecured Obligabons ToThW Pants include: (1) h1BZ Printing (APT, LP) 12) Wall Payments (3) Dolly News, LP. • NJEDA (4) Daily News, L.P. • 1111D (5) Citibank Revolving Low of Credit (6) Ban& of America Revolving Line of Credn MorganStanley SmithBarney EFTA00284343 Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 11/302011 1 4/2011 Total Asset Policy Asset Investment Assets Value Value Allocation 91, Allocation 96 Cash 16,182,078 33,791,910 1.4% 6.4% Municipal Securities 91,381,788 76,732,717 3.1% 14.6% Municipal/Corporate 54,188,896 52,068,384 21% 9.9% Corporate Bonds 67,182,455 71,040,514 29% 13.5% Global Bonds 9470,441 12,654,880 0.5% 2A% AIP Onshore Hedge Funds 11,564,809 11,553,338 0.5% 2.2% AIP Offshore Hedge Funds 13,568,722 13,535,447 0.6% 26% Hedge Funds -Direct 56,342,568 53,205,255 22% 10.1% Private Capital 208,544,349 201,113,433 8.2% 38.3% Total Policy Assets $528,626,106 $525,695,878 21.4% 100.0% Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) 193,161,755 201,708,018 8.2% BXP (NonVested Options and LT1Ps) 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 4.3% 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 -88,035,503 Mortgages -*057,270 -57,941,848 Unsecured Obligations To Third Parties -202,869,869 -204,669,869 Total Liabilities ($349,129,459) ($350,647,220) Muse note: The Total Non-Policy Assets figure does not Include the Present Value of Future MBZ Crut Distnbutiorn and the Present Value of Future USN Coot Dkanbutiortt name note, Obligations To Related Pashes Include. (1) BR, Inc. Mary 2' Motor Yacht) (2) Pauline Center (3) USN Aviation • (ZWA. Inc.) (4) ZAS, LLC. (Waldorf Flight Services) IS) The MBZ News 1992 Trust UAD 1249.92 Noose note, Unsecured Obligations To l'hin:1 Panics Studs (1) MBZ Prinitng CAFTAN (2) Wall Payments43) Daily News, LP. • NADA (4) Daily News, L.P. - 'IUD (s) Citibank Revolving Line of Credit (6) Bank of America Revolving Line of Credit MorganStanley SmithBarney 2 EFTA00284344 Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 IWO2011 12/31/21111 Total Asset Policy Asset Investment Assets Value Value Alloealloe % Allocation t5i) Total Excluding Liabilities $2,420,156,582 $2,458,711,831 100.0% Total Investment Assets $2,071,027,123 $2,108,064,611 Please note: The Total Non.Policy ,Usets figure does not Include the Present Value of Future Mgt Crut Disanbutiorn and the Present Value of Future USN Crut Distnbutiont Please note, Obliptionc To Related Pulls Include (1) BR, Inc. Mary 2* Motor Yacht) (2) PaulineCenter (3) USN Aviation • (ZWA. trie.) (4) ZAS, LLC. (Waldorf Flight Services) (5) The MBZ News 1992 Trull UAD 1229.92 Please note, Unsecured Obligahors ToThW Pubes irelude: (1) h1BZ Printing (APT, LP) (2) Wall Payments() Daily News, LP. • NADA (4) Daily News, L.P. - HUD (s) Citibank Revolving Line of Credit (6) Bank of America Revolving Line of Credn MorganStanley SmithBarney 3 EFTA00284345 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 19% Trust MBZ 1996 Tnist MBZ 1983 USN College NM 1992 Asset Class/Investment Endeotes MBZ (GST Exempt) (GST Non-Exempt) Family Trust Marketing, Inc. MBZ CRUT USN CRUT News Trust Total Cash Bank of America - MMF 10,104 11,985 22.089 JP8I Chase - Checking 108,947 108,947 JPM Chase - Money Mkt 98,695 - 98,6% Morgan Stanley- Money Mkt 15,805.865 3,101,629 8,564909 1,368,536 2,157,168 1,394,833 150,440 32,543,379 Operating Account 1996TR (AIP) 542,400 - 542,400 Operating Amount MBZ CRUT (AIP) 476,400 476,400 Total Cash $16,023,611 $3,644,029 38,564909 31,368536 $23(8.152 $1,871,233 $150,440 $33,791,910 Municipal Securities Citibank - Muni Bonds 11,783,323 - - - - 11,783,323 McDonnell - Short Term Muni Bonds 5,901155 - 5,095,568 1,382,087 2,247,381 7478,836 876,937 23,382,065 Morgan Stanley- Inhirmediate Term Mimi Bonds 11,543,438 4,674,326 3,792,110 - 4,112,249 24,122122 Morgan Stanley- Long Term Muni Bonds 5,919291 1,601,846 4,270,439 517,274 134,339 12,443,189 Morgan Stanley -Short Term Mimi Bonds 1,133,405 2,454,083 1,016,665 265,952 101,913 - 5,002,018 Total Municipal Securities $36,280,711 58.730,255 $14,201,782 31,648,039 $2,866369 512,125,424 $876,937 $76,732,717 Municipal/Corporate Citi - Muni/Corporate Bonds (Formerly 11,027.030 19,455 3,597,436 1,896,231 10494316 24,932,916 52,068384 Blackrock) Total Municipal/Corporate 311,027,030 319,455 53,597,436 31,896,231 $10,595,316 524,932,916 $52,068,384 Corporate Bonds Seix 1,418,759 8,505,035 23,804,221 4016,987 3,763,238 19,679,220 7,853,064 71,040,514 Total Corporate Bonds $1,418,759 58.505,035 $23,801,221 56,016,907 33,763,238 319,679,220 S7,833,054 $71,040,514 Global Bonds Templeton Global Bond Fund 5,024,729 1,153,735 2242,551 1,169,764 710,635 2,283,924 169,542 12454880 Total Global Bonds 55.024,729 $1,153,735 $2342.551 51,169,764 3710,635 $2,233,921 5169,542 $12,651,880 1) The above values represent a summary of the current montNy values presented in the individual entity pages in Section II. For additional infonnation regarding individual invesenents please role to SeNonll. 2) Please now The Family Businesses figure includes the Preterit Value of Future USN Crut Cistributions. the Present Value of Future MBZ Out Dishibutions is part of Other Investment Assets MorganStanley SmithBarney 4 EFTA00284346 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trust MBZ 1996 Trust MBZ 1983 USN College M82 1992 Asset Clam/Investment Existeetem MBZ (GST Exempt) (CST Non-Exempt) Family Trust Marketing, Inc. SIBZ CRUT USN CRUT News Trust Total AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 657,108 657,408 Dialectic Antithesis Partners (All') 1,000,171 1,000,171 Double Black Diamond Class C (All') 1,128,147 1,128,147 GEM Realty Securities LP (AIP) 1,162,079 1,162,079 HSK Fund II LP(AIP) 1,257,042 1,257,042 Ivory Flagship Fund LP (MP) 1,097,751 1,097,754 Man AHL Diversified II USA (All') 486,154 486,154 Mariner Tricadia Credit Strat (AIP) 1,042,380 1,042,380 Millenium USA LP (AIP) 1,284,959 1,288,959 Owl Creek II LP (AIP) 33,929 3.3,929 Seligman Tech Spectrum Fund (All') 1,254,826 1,258,826 York Credit Opportunity Fund (AIP) 1,148,189 1,148,489 Total AIP Onshore Hedge Funds $11,553,338 511,553,338 AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) 469,745 469,745 Dialectic Antithesis Partners (All') 1,008,010 1,008,010 Double Black Diamond Class C (All') 1,017,270 1,017,270 FISK Offshore Fund II Ltd. (AIP) 571,605 571,605 Ivory Offshore Flagship Fund (AIP) 995,448 996,448 Kaiser Trading Fund SIC Ltd. (AIP) 944,013 944,013 Mariner Treadle Credit Strat (AIP) 1,042,367 1,042,367 Millenium Intl Ltd - Class EE (MP) 1,163,851 1,163,851 MQ Asia Long Short Fd Offshore (AIP) 582,925 582,925 ONIG Opportunities Trading Fund (All') 483,587 483,587 Owl Creek Overseas Fund (AIP) 28,962 28962 Oz Overseas Fund Ltd. (AIP) 2,080,902 2,060,902 Pharo Macro Fund Ltd. (All') 963,864 963,854 Seligman Tech Spectrum Fund (AIP) 1,139,383 1,139,383 York Credit Opp Unit Trust (AIP) 1,043,525 1,043,525 Total AIP Offshore Hedge Funds 573,535,447 513,535,447 1) The above values represent a summary of thecurrent mmtNy values presented in the individual entity pages in Section II. For additional information regarding individual investments please Me to SeNonll. 2) Moose note: The Family Businesses figure includes the Preierd Value of Future USN Crut Distributions. The Present Value of Future NIBZ Crut Distnbutions es pan of Other Investment Assets MorganStanley SmithBarney 5 EFTA00284347 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 (CST Exempt) (GST Non-Exempt) Family Trust Marketing. Inc. MBZ CRUT USN CRUT News Trust Total Hedge Funds -Direct AIP Custom HF Solutions • 5,815,971 5,815,971 American Steadfast L.P. 5,578,572 - - 5,578,572 AP Investments Europe Limited 59,676 - 59,676 Ascot Fund Limited • 0 0 Blackstone Offshore Fund II • 1,838,896 1,838,896 CCA Absolute Return Muni Strategy, L.P. 5,130,601 5,607,861 - 10,738,468 GS Investment Partners (Offshore) - - 920,077 974077 CS Investment Partners (Onshore) 1,201619 - - - 1,203419 Paulson Advantage LP. 11,031,689 3,483,691 - 14,515380 Paulson Advantage Plus, L.P. 9,388,107 3,027,979 12,416,086 Taconic Opportunity Fund - 118,510 - 118,310 Total Hedge Funds -Direct 55,578,572 51203419 525,728,586 $6,511,670 55,607,861 58,574,941 853205,255 Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD 338,772 - 338,772 GS Private Equity Partners II, L.P. 841720 373,231 686,381 - - 1,901,332 GS Vintage Fund, LP. 1,359,828 - 1,359,828 Quellos Financial Ventures II, (CRT), LP. - 391,356 391,356 Oodles Financial Ventures II, LP. 779,315 - - 779,315 Quellos Private Capital 2002, L.P. 1,227,635 1,227,635 - 2,155270 Quellos Private Capital 2002, L.P. (US Mature) 6,729,663 - - 6,729,663 Quellos Private Capital II, L.P. 8,123,832 2,030,959 2,030,959 - 12,185,750 Total Private Capital - Fund of Funds 516413,302 53,631,825 52,717,340 52,587,463 5391356 $26,141,286 1) The above values represent a summary of the current mondgy values presented m the individual entity pages in Section II. For additional information regarding individual Monument& papaw Se to Section II. 2) Please note: The Family Businesses figure includes the Presera Value of Future USN Crut Destributions. The Present Value of Future NIBZ Out Dishabutions is part of Other Investment AmeM MorganStanley SmithBarney 6 EFTA00284348 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trust MBZ 1996Tnist hiBZ 1983 USN College MBZ 1992 Asset Class/Investment Endnotee MBZ (GST Exempt) (GST Non-Exempt) Family Trust Marketing, Inc. MBZ CRUT USN CRUT News Trust Total Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, L.P. 970,090 970,090 Brickman Real Estate Fund I, L.P. 895,317 895,317 Brickman Real Estate Fund II, LP. 2,188,789 2,188,789 Brickman Real Estate Fund Ia. LP. 1,035,684 1,05,684 Brickman Real Estate Fund IV, LP. • 1,713,959 1,713,959 Court Square Capital Partners LP. (CVC 1,148,444 • 1,148,444 Eq.Partners LP.) CVC Capital Partners Asia Pacific II, L.P. 2,115,511 . . 2,115411 CPC European Equity Partners IV, L.P. . 2,390,613 2,390,613 4,781226 CVC European Equity Partners V, L.P. 3,341406 3,680,571 .. 7,022477 Evercore Venture Partners, LP. 118,212 - . 118,212 Francisco Partners, L.P. 1,805,546 - 1,886,546 Gabriel Capital Investment 2006 10,115,478 10,115,478 Generation Capital Partners II, L.P. 1,285,199 1,288499 allot Capital Partners I, LP. 52.500 52.50) Greycroft Partners II, L.P. 413,55 113,521 GS Capital Partners III, L.P. 375,404 375.404 Heartland Industrial Partners, LP. 783,383 783)83 Israel Infrastructure Fund IC, LP. 1,481,190 1,484,190 2,968,379 Legacy Capital, LP. - 726,027 726,027 Morgan Stanley Credit Partners Onshore, LP. 1,984486 1,984,486 992,247 5,031,898 9,993,118 Patrice! Private Investment Club II, L.P. 1,329 1,329 Patrice! Private Investment Club III, L.P. 367,145 367,145 Patrice! Private Investment Club, L.P. 2.155 2,155 Pequot / FMVP II, LP. 31,998 - - - 31,9% Quadrangle Capital Partners, LP. 1,899,086 . - - - 1,899,086 Quelled Co4nvestment Fund II, LP. 16,649274 9,989,565 9,989,565 3,329,853 9,989,565 49,947,822 Quelled Co4nvestment Fund II, LP. - CRT Series - . - - - 10,487,766 10,487266 Quelled Co4nvestment Fund III, LP. 3,513,466 2,635,100 3,513,466 878,366 2,635,100 2,289,000 15,464.4% Quelled Co4nvestment Fund, LP. 1,748,610 3,855,349 5,141,432 1,080,193 2,673,660 - 14,499214 Quelled Co4nvestment Fund, LP. -CRTSeries - - - - - 13,125,490 13,15.490 Valor Equity Partners II, LP. 1,398,859 - - . - - 1,398,859 VSS Comunkations Partners IV, LP. 3,547,235 3,547,235 - 7,094,470 Total Private Capital - Direct Partnerships $49)51,212 $26,601,319 $30,973,395 510,877,173 516,290,572 530,934,151 5164,827,525 1) The above values represent a summary of the current montNy values presented in the individual entity pages in Section II. For additional information regarding individual investments pleme refer to Section II. 2) Please note: The Family Businesses figure includes the Presere Value of Future USN Crut Thstributions. The Present Value of Future MBZ Out DisMbutions is Nfld.:Mier Investment Assets MorganStanley SmithBarney 7 EFTA00284349 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trust MBZ 1996Trust MBZ 1983 USN College hIBZ 1992 Asset Class/Investment Endnotes MBZ (GST Exempt) (GST Non-Exempt) Family Trust Marketing, Inc. MBZ CRUT USN CRUT News Trust Total Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 1,037,361 1,037,361 - 1,037,361 3,112,083 Courtroom COMM 54,400 - 54.400 Foie:scale Co-Investment XV1, LW 1,190,393 1,190,393 2,380,75 Keith Glen Media 23414 - 23.814 Loud3R - 2,010,000 2,040,000 Newbridge Veritable Partners, LW 132.500 42.500 75,000 250,000 Rely Software (f/k/a Rightfrelght. Int) 35,159 - 35,159 The Vehicle Production Group, LW. 2,230,471 2,230,471 VISC Japan K.K. 17,610 - - 17,610 Total Private Capital - Direct Companies $1,300,844 $1,079,861 53,45864 54,267,754 $10,144,322 Closely Held Entities USN College Marketing. Inc. 42,003,345 42,003,345 Total Closely Held Entities $42,003,315 $42,003,343 Consolidating Entry IA] (542,003,345) (44,fini,345) Total Policy Ana,. 5181422,114 $66,122,470 $115,229,064 636,343418 $0 $14,324619 $9,049,974 $55,695478 Non-Policy Assets Boston Properties, Inc. BXP (Common) 148,931,074 52,776,944 - 201,708,018 BXP (NonVested LTIPX) 15,924,372 - 15,924,372 BXP (Non-Vested Options) 261,408 - 261,40B BXP (OPUs) 619,043,282 139,977,043 759,05326 BXP (OPUS)- Cambridge Entities IBI 4,65,810 4,65,810 BXP (Vested LTIPs) 24,952,863 - 24,952,863 BXP (Vested Options) 8'7,136 - 87336 Total Boston Properties, Inc. $813,828,945 $139,977,043 $52,776,941 - $1,006,55933 Other Investment Assets $136,155,963 - $136,155,963 Family Businesses $542,786,845 65400 $54245245 Notes and Loans Receivable $662,266 $27,991,113 $29,327,783 $46,511,964 $04,503,126 Other Assets 63,613,926 - 53413,926 Personal Assets $121,490,705 - 5121.490,705 Zuckerman Personal Holdings $80,500,000 50400,000 the above values represent a summary of the current montNy valuer presented in the individual entity pages in Section II. For additional infonnation regarding individual investments please Me to Secrionft. 2) Please note: The Family Businesses figure includes the Present Value of Future USN Crut Essuiburions. The Present Value of Future Xl8.2Crut Dismbutionsu pan of Other Investment Assets MorganStanley SmithBarney 8 EFTA00284350 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trnst MBZ 1996 Trust MBZ 1963 USN College 618Z 1992 Asset Class/Investment Endnotes MBZ (CST Exempt) (GST Non-Exempt) Family Trust Sfarketing, Inc. MBZ CRUT USN CRUT News Trust Total Real Property et Options 580,827,852 $80,827,52 Total Non-Policy Assets S1,779)366,302 527,991,113 5169,304,826 516,606,361 $62.776,911 $2,076,545,750 Liabilities Obligations To Related Parties (549,935,503) (538.100,000) (3ellig35.905) Mortgages ($57,941,848) ($57,941,818) Unsecured Obligations To Third Parties (3204,669.869) (5201,669,869) Total Liabilities ($312.547220) - (S-3000.000) (3350,667,210) Anticipated distributions as of 12/37/2010 ($136,155,963) (57,173.833) ($10.529, 96) Total Excluding Liabilities 31,96t06,616 $91,113,583 $284,533,910 SAW= SO $30,969,601 $1.676,141 $2,458,711,6141 Total Investment Assets $1,691,941,396 $94,113,583 $284533,910 SAW= $0 $3494001 $1,676,141 $2,108,064,611 1) The above values represent a summary of the currera monthly values presented an the individual entity cows in Section II. For additional information regarding inkvidual investments please !vier to Section II. 2) Please note: The Family Businesses figure includes the Proem Value of Future USN Crut Catnbutions. The l'resent Value of Future 6182 Out Distnbutimis is pan of Other Investment Assets MorganStanley SmithBarney 9 EFTA00284351 Mortimer B. Zuckerman and Related Entities Investment Assets Endnotes- December 31, 2011 Reference Endnotes RAJ 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. III Cambridge Entities consists of MZ Burnside Holdings, LP., MZ Longstreet Holdings, L.P., and MZ Meade Holdings, LP. MorganStanley SmithBarney 10 EFTA00284352 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/342011 12/31/2011 December YTD ITD• IRE 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 0.4% 2.3% 2.7% 2.7% McDonnell - Short Term Muni Bonds 8/21/2009 38,261,582 23,382,065 2.5% 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% 6.5% Morgan Stanley - Long Term Muni Bonds 2/27/2008 12,373,429 12,443,189 1.0% 11.5% 6.1% 6.5% Morgan Stanley -Short Term Muni Bonds 8/31/2008 5,293,835 5,002,018 0.1% 1.3% 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% MunicipaKorporate Cifi - Muni/Corporate Bonds (Pormedy Blackrock) 1/31/2009 54.1Sti.8% 52,068,384 0.3% 2.8% 3.6% 3.8% Total Municipal/Corporate $54,188,896 552,068,384 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 3A4. 7A' 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 AlP hedge funds Is preliminary. MorganStanley SmithBarney 11 EFTA00284353 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/30/2011 12/ 31/2011 December YTD ITD• IRE 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 -0.1% -2.0% 4.6% -4.2% 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 -2.3% -9.7% -5.6% -5.6% Dialectic Antithesis Partners (AIP) 8/31/2010 1,004,692 1,000,171 -0.5% 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% 0.9% GEM Realty Securities LP(AIP) 8/31/2010 1,144,454 1,162,079 1.5% 1.1% 3.2% 3.2% HBK Fund II LP (AIP) 8/31/2010 1,249,865 1,257,042 0.6% 7.0% 9.5% 9.4% Ivory Flagship Fund LP(AIP) 8/31/2010 1,109,739 1,097,754 -1.1% -4.5% -1.1% -1.2% Man Al4L 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% 2.1% 2.1% Millenium USA LP (AIP) 8/31/2010 1,273,245 1,284,959 0.9% 7.5% 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% 9.3% 9.2% York Credit Opportunity Fund (AIP) 8/31/2010 1,148,489 1,148,489 0.0% -2.8% 2.3% 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. MorganStanley SmithBarney 12 EFTA00284354 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/30/2011 12/31/2011 December YTD ITD * IRE Asset Class/Investment/Benchmark Date Value Value Return Return Return Return AIP Offshore Hedge Funds - AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 480,576 469,745 -13% -9.7% -5.5% -5.6% Dialectic Antithesis Partners (AIP) 8/31/2010 1,011,753 1,008,010 -0.4% 20.9% -0.4% -0.3% Double Black Diamond Class C (AIP) 8/31/2010 1,020,535 1,017,270 -0.3% -2.8% 0.3% 0.3% HBK Offshore Fund II Ltd. (AIP) 8/31/2010 568,300 571,605 0.6% 7.5% 9.7% 9.7% Ivory Offshore Flagship Fund (AIP) 8/31/2010 1,006,316 995,448 -1.1% -4.7% -1.3% -1.4% Kaiser Trading Fund SPC Ltd. (MP) 8/31/2010 940,908 944,013 0.3% -6.8% -5.2% -5.2% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,042,367 1,042,367 0.0% -1.9% 2.1% 2.1% Millenium Intl Ltd - Class EE (AIP) 8/31/2010 1,153,127 1,163,851 0.9% 7.2% 11.0% 10.9% MQ Asia Long Short Fd Offshore (AIP) 8/31/2010 584,679 582,925 -0.3% 8.0% 11.3% 11.3% CMG Opportunities Trading Fund (AIP) 8/31/2010 488,669 483,587 -1.0% -4.3% -3.5% -3.5% Owl Creek Overseas Fund (AIP) 8/31/2010 29,827 28,962 -29% -26.9% -19.4% -16.6% Oz Overseas Fund Ltd. (AIP) 8/31/2010 2,080,902 2,080,902 0.0% -1.9% 20% 2.0% Pharo Macro Fund Ltd. (AIP) 8/31/2010 966,463 963,854 -0.3% -8.7% -3.7% -3.7% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,150,775 1,139,383 -1.0% -1.3% 9.2% 9.2% York Credit Opp Unit Trust (AIP) 8/31/2010 1,043,525 1,043,525 0.0% -3.2% 2.2% 2.2% Total AIP Offshore Hedge Funds - AIP $13,568,722 $13,535,447 AIP Hedge Funds (Onshore/Offshore) 8/31/2010 25,133,531 25,088,785 -0.2% -0.9% 1.8% 1.8% Total AIP Hedge Funds (Onshore/offshore) $25,133,531 $25,088,785 1) Please note: The current month performance data for the AIP hedge funds Is preliminary. MorganStanley SmithBarney 13 EFTA00284355 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% 71.4% 35.5% American Steadfast, L.P. 4/1/2010 5,721,561 5,578,572 -25% 2.1% 6.5% 6.5% AP Investments Europe Limited 7/1/2007 59,676 59,676 0.0% -6.4% -125% -17.7% Blackstone Offshore Fund II 1/07/2011 1,838,896 1,838,896 0.0% -1.3% -3.7% CCA Absolute Return Muni Strategy, L.P. 6/30/2010 10,710,802 10,738,468 0.3% 6.1% 7.9% 63% GS Investment Partners (Offshore) 1/1/2008 910,365 920,077 1.1% -0.6% 1.8% 0.6% GS Investment Partners (Onshore) 1/1/2008 1,200,957 1,203,619 0.2% 2.1% 3.4% 2.1% Paulson Advantage L.P. 8/3/2009 16,202,011 14,515,380 -10.4% -22.3% 6.4% 6.5% Paulson Advantage Plus, L.P. 8/3/2009 13,762562 12,416,086 -9.8% -36.0% 0.4% -0.3% Taconic Opportunity Fund 7/1/2007 119,768 118,510 -1.1% 3.2% 1.6% -3.8% 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% Total Hedge-Funds $81,476,099 $78,294,040 1) Please note: The current month performance data for the AIP hedge funds Is preliminary. MorganStanley SmithBarney 14 EFTA00284356 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/InvestmenVBenchmark Date Value Value Return Return Return Return Policy Assets ex Private Equity Policy Assets ex Private Equity 7/1/2006 320,081,757 324,582,444 -0.1% 0.0% 7.7% Total Policy Assets ex Private Equity $320,081,757 $324,582,444 Policy Assets Policy Assets 6/5/1995 528,710,506 525,780,278 -0.1% 1.2% Total Policy Assets $528,710,506 $525,780,278 Barclays Aggregate Bond Index 1.1% 7.9% M500 Index 1.0% 2.1% MSCI All Country World Index -0.2% -6.9% HFRI Fund Of Funds Index -0.3% -5.5% 1) Please note: The current month performance data for the AlP hedge funds Is preliminary. MorganStanley SmithBarney 15 EFTA00284357 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Select Investment Endnotes- December 31, 2011 Reference Endnoter I' 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 WM rakulations are Net of Fees. MorganStanley SmithBarney 16 EFTA00284358 Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2011 Vintage Committed Contributed 96 EM. Remaining Remaining Net Distributions to Date of Asset Class/Investment Endnotes Year Capital Capital Contributed Commlament Asset Value (1) Date Total Value 'fVPI IRR I V PI/Ilt Private Capital • Fund of Funds Owe Capital Partners I'mate Equity FF II, LTD 2000 L000,000 912.312 91.2% VASS 334772 897745 tansin 1.36 65% 9/30/2010 CS Private Equity Partners IL L.P. [Al 1998 23,750.000 22,931,694 96.6% 818706 1,901712 17393,610 29,09042 1.27 4.9% 9/30/2011 CS Vintage Fund, LP. 1998 9,500000 9033,41.8 95.1% 466332 1,3597b3 10,145,188 11504016 1.27 &I% 9/30/2011 Quelled Financial Ventures a (CRT), LP. 2004 5,000.000 3,371,765 674% 1,623235 391756 2.971,580 3741.240 I.00 -0.1% 9/30/2011 Quelled Financial Ventures II, L.P. 2004 10,000.000 6,673,817 66.7% 2326183 779.315 5,555,767 6491888 0.95 .14% 9/30/2011 Quelled Private Capital 2002. L.P. (BI 2002 4,000.000 3,813236 %.1% 156764 2.455X0 3.696500 5351,770 1.34 74% 9/30/2011 Quelled Private Capital 2002. L.P. (USMature) iq 2002 10,000000 10738,472 105.4% -528422 4729863 11,174121 17,906,784 1.70 15.7% 9/30/2011 Quake Private Carnal ll. LP. (D) 2004 15,000.000 12,525270 835% 2.474,730 12,125.750 2349712 14735,742 1.14 3.7% 9/30/2011 Total Private Capital. Fund of Funds 578.250,000 869,829,964 89.2% 4000,036 826.141,286 062.716.073 $89.647787 Private Capital • Dina Partnerships Brockman 1280 Fifth Investments II. LP. 2108 970.090 970,090 100.0% 970.090 970,090 N/M N/M Con Stickman Real Estate Fund I, LP. iFi 2002 3,000000 3,100,334 103.3% .100.334 895317 1,861,424 2754741 089 .65% 12/31/2010 Stickman Real Estate Fund IL L.P. 2006 3,000.000 3.000,000 100.0% 3.188289 414,620 2.603,409 0.87 4.1% 9/30/2011 Stickman Real Estate Fund III, L.P. 2007 2,500,000 1,505,853 60.2% 594,147 2.005.484 • 1,005,604 0.67 41.9% 9/30/2011 Stickman Real Estate Fund IV, L.P. 2007 2506810 2218,569 110.6% -212,498 1,713,993 596,096 2,477,012 1.04 18% 9/30/2011 Gxur Square Capital Partners LP. (CVC Eq.Pariners L.P.) 2001 5,000000 4,125,869 82.5% 874,131 1,148,411 7,757,953 8.937316 116 277% 9/30/2011 CVC Capital Partners Asia Pacific IL L.P. 2005 5,000000 6,093,007 121.9% -1,093,007 4116511 2.352.012 AMAIL2 an .95% 9/30/2011 • CVC European Equity Ruiners IV, L.P. (F) 2006 7,344,000 5,136321 69.9% 2.207,679 4,781226 2.118.067 7759771 1.37 &9% 9/30/2011 • CVC European Equity Partners V, LP. 2008 12391,574 6,811,753 55.0% 6579421 7,0=177 7,002377 1.03 1.9% 9/30/2011 • Evercore Venture Partners. LP. 2000 670,550 670,550 100.0% 118,212 520,965 619,177 0.95 .a7% 9/30/2011 Franctico Partners, LP. 2000 5,000,000 4,674724 93.5% 325476 3,805516 4,041,722 5847,268 1.25 4.6% 9/30/2011 Gabriel Capital Investment 2036 5006 15,000.000 15,000,000 100.0% - 10,115,478 10,115,478 0.67 .7.1% 11/30/2011 Generation Capital Partners IL L.P. 2000 2,000000 1,35,746 868% 264251 1,285,199 2.214,763 3,499,962 102 113% 9/30/2011 Glibt Capital Partners I, I..P. 2011 700.000 52.300 7.5% 617700 52503 53.500 NVM AVM Cost Creycroft Partners IL LP. 2010 L000800 600000 60.0% 400,000 413721 1512000 713,521 0.88 .134% 6/30/2011 GS Capital Partners III, LP. 1998 20,000800 17,722700 88.6% 2.277,700 375,401 17,656,069 18.031,473 1.02 0.4% 9/30/2011 Heartland Industrial Partners, LP. 2000 6,000000 6489,711 108.2% .489,711 763.363 2.010,463 2,999,762 0.44 .102% 9/30/2011 Israel Infrastructure Fund IC. LP. 2006 5,000000 3,675,269 73.5% 1724,732 2.968779 991,306 4894320 LOS 3.6% 9/30/2011 Legacy Capital, L.P. 2011 10,000033 726,027 7.3% 9273,973 735.027 724002 N/M N/M Cost (14 Values presented represent the investment capital account balance as of the respective 'Date of TVFI/IRIP adjusted for contributions and distributions post valuation date unless otherwise footnoted. PI Indicates the Fund valuation has been updated since last month's report. MorganStanley I") 'TVW 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 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/Inveshitent Esidnotes Year Capital Capital Contributed Committment Asset Value (I) Date Total Value TVPI IRR TVIVIRR Morgan Stanley Credit Palmer Onshore, LP. 2010 25,000.033 10,716,004 42.9"‘ 14-3:39.36 9,993,118 1.277,425 11,496422 I.0O 10.8% 9/30/2011 Patrice( Pnvate Investment Oubll, LP. 1998 200.000 203,000 100.0% 1.329 116364 141,936 059 -6.3% 6/30/2011 Patneof Pnvate Investment Club Ill, LP. 2000 1,000/300 1,000,000 100.0% 367,145 1.280,621 1.647.766 1.65 104% 6/30/2011 Patncei Pnvate Investment Cub, LP. 1996 100,000 103,630 103.6% 4,630 2155 212,799 214,954 107 165% 6/30/2011 Piquet / ESIVP II, LP. 2000 1,000030 940,000 96.0% @000 31,5513 291.775 330,794 0.34 .15.9% 9/30/2011 Quadrangle Capital Partners, LP. 2000 10,000403 11,818,172 118.2% -1118,172 1199,036 15.260.694 17359,780 1.45 107% 9/30/2011 QI1C1105 Co-Invesenera Fund II, L.P. 1i 75,000403 49,133,771 65.5% 25966229 49,947,812 13.499.193 66121.382 1.31 21.9% 6/30/2011 Qurike Co-Invaamem Fund ii, L.P. - CRT Series 2008 25,000403 12.271,402 49.1% 12.718.598 10,487,766 5.250.467 17144103 1.21 25O% 6/30/2011 Oldies CesInvistmem Fund III. LP. 2011 75,000403 15,461,498 20.6% 595351O2 15,464,498 • 15,164,490 N/M 94/61 Coo Oxlips Co-Inv.:14mm Fund. LP. III 2006 50,000403 46,903,935 93.8% 3.059,065 14,499241 41.518.711 64.735.623 1.19 6.9% 6/30/2011 Qualm C.csInvesenem Fund. LP. • CRT Series III 2006 50,000403 44,722429 894% =7,571 13,1B,490 38730,906 58314736 1.16 55% 6/30/2011 Valor Equal.). Partners II. L.P. 2007 3,000100 1,997,042 66.6% 1POZ9•93 1,398159 500402 2005,744 0.95 .22% 9/30/2011 VSS Comunwatiects Partners IV, LP. 18 2006 10,000000 10,129,866 101.3% 429,866 7,094,470 691,090 7788..540 0.76 -62% 9/30/2011 Total Private Capital • Direct Partnerships $431,892.214 $289,706,111 67.1% 5142.176413 616019.6101 5161,485,358 5347.676069 Values presented represent the investment capital account balance as of the respective 'Date of TVPI/IRR* adjusted for contributions and distributions post valuation date unit's otherwise footnoted. Indicates the Fund valuation has been updated since last month's report. MorganStanley I") "TVW 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 Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2011 Vintage Committed Contributed % Est. Remaining Remaining Net Distributions Date of Valuation Asset CLissfinvestment Endnotcs Year Capital Capital Contribute Committinent Asset Value (1) to Date Total Value IRR Method TVPI/IRR Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 2006 45,000,000 45,000,000 100.0% 3,112,043 568,896 3,680,979 -46.8% 12/31/2010 Cost Basis Courtroom Connect 2002 50,000 50,003 100.0% 54,400 54,400 3.7% 4/ 30/ 2006 Coss Basis Freescak Co-Investment XVI, LW 2006 5,000,000 5,074,954 101.5% -74,954 7..380,785 2.380285 -16.0% 3/31/2011 Cost Basis Keith Glen Media 2004 100,000 100,003 100.0% 23,814 23,814 -217% 9/30/2009 Loud3R 2010 2,000,000 2,040,000 102.0% 40,000 2140,003 2.040.000 0.0% 7/31/2010 Newbridge Veritable Partners, LLC 1997 500,000 500,003 100.0% 250,000 250,000 -SA% 6/ 30/ 2004 Write Down Rely Software (f/k/a Rightfteight, Inc) 2000 500,000 500,000 100.0% 35,159 35,159 -21-2% 11/30/2010 Write Down The Vehicle Production Group, LW. 2008 2,000,000 2,230,471 111.5% -230,471 7.230,471 2230471 0.0% 8/31/2008 Cost Basis VISC Japan K.K. 2000 182,409 152,409 100.0% 17,610 134,694 286,938 -0.1% 12/31/2002 Write Down Total Private Capital- Direct Companies 555,302,409 S%,647,834 100.6% (5345,425) 510,144,322 5703,590 $10,982,606 Total Private Capital 5565434633 5415,183,908 734% 5150,250,724 $201,113,433 5224,974,972 5148,206,482 II.] Values presented represent the investment capital account balance as of the respective Tate of TV0I/IRR• Amsted for contributions and dartnbunons post valuation date unless othenvise 'canard. M Indicates the Fund suluation has been updated since Last month's repot. MorganStanley rj Please note: As of 12/31/2010the market value et (Ally / Cerberus Firm Investors, LLC) bcalculated by multiplying the total sharesof 30946 by the price of 310,050.00. SmithBarney 19 EFTA00284361 Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary Endnotes- December 31, 2011 Reference Endnotes I Please note: The IRR calculations are Net of Fees. jA) Effective January 1, 2003, MBZ% tout commitment was reduced to523.75 million from SS million. The values prevented represent MBZ and related entities total ownership in the fund. Ownership petrentages are as follows: Mortimer B. Zuckerman - 49.27%, The MBZ 1996 Trust (CST Exempt) -19.63%, and The MBZ 1996 Trust (CST Non-Exempt) - 36.10%. IB] The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MBZ 1996 Trust PST Exempt) - 50%, and The MBZ 1993 Family Trust - 50%. ICI Initial investment of 92,499,349 was effective April 1.2003 [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 ((ST Exempt) -16.67%, and The MBZ 1996 Trust (GS1Non-Exempt) -16.67%. tEl The Remaining Net Asset value presented represents The MBZ 1996 Trust (CST exemptys 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 (2ST Non-Exempt)-50% and The MBZ 1993 Family Trust - 50%. The investment is held in Euros and values presented are converted at the Euro spot rate on September 30, 2011. PI 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 PST Exempt) -1.10%, and The MBZ 1996 Trust (CST Non-Exempt) -102%. [HI 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 ((ST Exempt) - 19.49%. and The MBZ 1996 Trust (CST Non-Exempt) - 35.89%. Monies designated for meeting remaining commitments have been funded in conjunction with the investments in the 2 CAP Fund, LP. and the 2 CAP Charitable Fund, L.P. and are currently invested in the Quellos Appreciation Fund 11, LLC and 1LF, ltd. respectively. Periodic redemptions will be made to fund anticipated capital calls. No further cash commitment is required by MBZ personally. JJ The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MBZ 1996 Trust PST Exempt) - 50%, and The MBZ 1996 Trust ((Sr Non- Exempt) -50%. MorganStanley SmithBarney 20 EFTA00284362 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% • Cash • Municipal Securities Municipal Securities 0 Municipal/Corporate 25.4% 0 Corporate Bonds ■ Global Bonds • Hedge Funds -Direct • Private Capital - Fund of Funds Municipal/Corporate O Private Capital - Direct Partnerships Private Capital - Fund of 7.7% • Private Capital - Direct Companies Funds 11.8% Hedge Funds -Direct Corporate Bonds 3.9% 1.0% Global Bonds 3.5% Piny.° note: The Total Policy Ames figuredots not include the closely held entity (USN College Masketing. INC.} this (Oren included in the Detail of Investment Assets section. MorganStanley SmithBarney 21 EFTA00284363 Mortimer B. Zuckerman Executive Summary - December 31, 2011 11/dQR011 12/ 31AM Actual Investment Assets Endnotes Celt Value Value Polity % Cash 2,839,047 16,023,611 11.2% Municipal Securities 33,259,680 38,401,107 36,280,711 25.4% Municipal/Corporate 10,305,749 10,974,987 11,027,030 7.7% Corporate Bonds 0 1,393,245 1,418,759 1.0% Global Bonds 5,200,000 2,541,337 5,024,729 3.5% Hedge Funds -Direct 5,000,000 5,721,561 5,578,572 3.9% Private Capital - Fund of Funds 7,963,641 16,833,243 16,813,302 11.8% Private Capital - Direct Partnerships 46,725,993 49,484,052 49,151,212 34.5% Private Capital - Direct Companies 15,498,974 1,300,844 1,300,844 0.9% Total Policy Assets $123,954,036 $129,489,423 $142,618,769 100.0% Boston Properties, Inc. (Closing Price: $99.60) 779,148,728 813,828,945 Other Investment Assets 150,305,829 136,155,963 Family Businesses 537,397,085 542,786,845 Notes and Loans Receivable 662,266 662,266 Other Assets 153,855 10,793,097 3,613,926 Personal Assets 121,490,705 121,490,705 Zuckerman Personal Holdings 80,500,000 80,500,000 Real Property & Options 80,827,852 80,827,852 Total Non-Policy Assets $153,855 $1,761,125,362 $1,779,866,502 Obligations To Related Parties -50,102,320 49,935,503 Mortgages -58,057,270 -57,941,848 Unsecured Obligations To Third Parties -202,869,869 -204,669,869 Total Liabilities ($311,029,459) ($312,547,220) Total Excluding Liabilities $124,107,891 $1,890,614,985 $1,922,485,271 Total Investment Assets $124,107,891 $1,579,585,526 $1,609,938,051 none note: The Total Pokn• Assets figuredots not include the closely held entity (USN Calks* Marketing. INC.} this figures included in the Detail of Investment Assets section. MorganStanley SmithBarney 22 EFTA00284364 Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December S 12/31/2011 December YID III' Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Bank of America - MMF 9/19/2008 10,104 1 10,104 0.0% 0.1% JPM Chase -Checking 9/19/2008 126,202 -17,256 1 108,947 0.0% -1.7% JPM Chase - Money Mkt 9/19/2008 98,692 3 98,695 0.0% 0.0% Morgan Stanley - Money mm 12/1/2011 - 3,000,000 47 3,000,047 Morgan Stanley - Money mkt 12/31/2007 2,604,049 10,201,587 181 12,805,817 0.0% 0.1% Total Cash 12/31/2007 $2,839,047 $13,184,332 $232 $16,023,611 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Citibank - Muni Bonds 1/15/2009 10,844,100 11,734,793 7 48,523 11,783,323 0.4% 2.3% 2.7% McDonnell - Short Term Muni Bonds 8/21/2009 4,599,827 8,233,709 -2,500,000 167,546 5,901,255 2.4% 5.1% 3.6% Morgan Stanley - Intermediate Term Muni Bonds 1/11/2010 11,177,914 11,442,969 -35,625 136,094 11,543,438 1.2% 8.0% 4.6% Morgan Stanley - Long Term Muni Bonds 3/31/2008 5,541,274 5,858,327 60,963 5,919,291 1.0% 122% 6.4% Morgan Stanley -Short Term Muni Bonds 9/12/2008 1,096,565 1,131,309 2,096 1,133,405 0.2% 0.5% 2.1% Total Municipal Securities 3/3V2008 $33,259,680 $38,401,107 ($2,535,618) $415,222 $36,280,711 1.1% 6.2% 3.5% Barclays Capital Muni 1-5 Yr Index 0.7% 4.2% 4.1% Barclays Capital Muni Bond Index 1.9% 10.7% 6.3% Municipal/Corporate Citi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 10,305,749 10,974,987 52,043 11,027,030 0.5% 3.0% 3.7% Total Municipal/Corporate 1/31/2009 $10,305,749 $10,974,987 $52,043 $11,027,030 0.5% 3.0% 3.7% 50%Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 0 1,393,245 25,514 1,418,759 1.8% 29% 6.8% Total Corporate Bonds 1/31/2009 SO $1,393,245 $25,514 $1,418,759 1.8% 2.9% 6.8% 85%Barclays Credit/ 15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 5,2130,000 2,541,337 2,500,000 -16,609 5,024,729 -0.4% -6.3% Total Global Bonds 5/25/2011 $5,200,000 $2,541,337 $2,500,000 ($16,609) $5,024,729 -0.4% -6.3% 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 Par. MorganStanley SmithBarney 23 EFTA00284365 Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December S 12/31/2011 December YID I I 1) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow• Return Value Return Return Return Hedge Funds -Direct American Steadfast, L.P. 4/1/2010 5,000,000 5,721,561 -142,989 5,578,572 -2.5% 2.1% 6.5% Total Hedge Funds -Direct 4/1/2010 $5,000,000 $5,721,561 ($142,989) $5,578,572 -2.5% 2.1% 6.5% Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD 6/15/2000 77,475 358,713 -19,941 338,772 GS Private Equity Partners II, L.P. 3/11/1998 841,720 841,720 Quellos Financial Ventures II, L.P. [B] 4/15/2004 1,208,182 779,315 779,315 Quellos Private Capital 2002, L.P. (US Mature) 3/26/2003 256,331 6,729,663 6,729,663 Quellos Private Capital II, L.P. 12/20/2004 6,421,653 8,123,832 8,123,832 Total Private Capital - Fund of Funds 3/ 11/10$8 $7,963,641 $16,833,243 ($19,941) - $16,813,302 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 Pagm. MorganStanley SmithBarney 24 EFTA00284366 Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December S 12/31/2011 December YID Ill) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flaw Return Value Return Return Return Private Capital - Direct Partnerships Court Square Capital Partners L.P. (CVC Eq.Partners LP.) 8/9/2001 1,148,444 1,148,444 CVC Capital Partners Asia Pacific II, LP. 5/24/2005 3,416,259 2,131,460 -15.9 it) 0 2,115,511 CVC European Equity Partners V, LP. 6/26/2008 3,001,967 3,341,606 3,341,606 Evercore Venture Partners, L.P. 11/27/2000 149,585 118,212 118,212 Francisco Partners, L.P. 10/30/2000 576,084 1,805,546 1,805,546 Gabriel Capital Investment 2006 7/11/2006 15,000,000 10,115,478 10,115,478 Generation Capital Partners II, LP. 3/21/2000 - 1,285,199 1,285,199 Glilot Capital Partners I, L.P. 3/21/2011 52,500 52,500 52,500 Greycroft Partners II, LP. 3/31/2010 450,000 413,521 413,521 GS Capital Partners Ill, L.P. 8/27/1998 932,855 375,404 375,404 Heartland Industrial Partners, L.P. 5/12/2000 4,576,026 959,299 -175,916 783,383 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 2,020,864 1,984,486 1,984,486 Patricof Private Investment Club II, LP. 8/1/1998 83436 1,329 1,329 Patricof Private Investment Club III, L.P. 6/5/2000 367,145 367,145 Patricof Private Investment Club, LP. 4/29/1996 2,155 2,155 Pequot / FMVP II, LP. 2/14/2000 648,225 31,998 31,998 Quadrangle Capital Partners, LP. 9/28/2000 1,899,086 1,899,086 Quellos Co-Investment Fund II, LP. 9/8/2008 10,478,988 17,674,064 -1,024,790 16,649274 Quellos Co-Investment Fund III, L.P. 10/24/2011 3,513,466 1,841,733 1,671,733 3,513,466 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 336,318 2,536,528 -787,918 1,748,610 Valor Equity Partners II, L.P. 8/10/2007 1,489,020 1,398,859 1,398,859 Total Private Capital - Direct Partnerships 4/29/1996 $46,725,993 $49,484,052 ($332,840) $0 $49,151,212 Private Capital - Direct Companies Ally / Cerberus Finn Investors, LLC 3/28/2006 14,835,934 1,037,361 1,037,361 Courtroom Connect 11/19/2002 50,000 54,400 54,400 Keith Glen Media 2/24/2004 100,000 23,814 23,814 Newbridge Vencable Partners, LLC 12/31/2001 20,430 132,500 132,500 Rely Software (f/k/a Rightfreight, Inc) 12/31/1999 475,000 35,159 35,159 VISC Japan K.K. 12/31/2001 17,610 17,610 17,610 Total Private Capital - Direct Companies 12/11/1999 $15,498,974 $1,300,844 $1,300,844 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 SmithBarney 25 EFTA00284367 Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December $ 12/31/2011 December YID I I 1) Asset Class/Investment/Benchmark Endnotes Date Cost Value flow Return Value Return Return Return Closely Held Entities USN College Marketing, Inc. 31,035,500 41,599,220 230,579 173,546 42,003,345 Total Closely Held Entities $31,035,500 $41,599,220 $230,579 4173,546 $42,003,345 Total Policy Assets $154,989,537 $171,088,644 $13,026,511 4506,959 5184,622,114 0.2% 1.9% Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) [El 6/23/1997 142,620,942 -747,646 7,057,778 148,931,074 5.0% 18.1% BXP (NonVested LTIPs) 1/30/2004 15,249,664 -79,942 754,649 15,924,372 5.0% 18.1% 12.2% IMP (Non-Vested Options) 1/1/2011 101,300 160,108 261,408 158.1% 665.4% BXP (OPUs) 6/23/1997 592,814,742 -3,107,647 29,336,188 619,043,282 5.0% 18.1% 16.5% BXP (OPUs) - Cambridge Entities 5/23/2001 4,432,690 -23,237 219,357 4,628,810 5.0% 18.1% 14.5% BXP (Vested LTIPs) 2/1/2007 23,895,623 -125,265 1,182,505 24,952,863 5.0% 18.1% -0.4% BXP (Vested Options) [CI 1/30/2004 33,767 53,369 87,136 158.1% 665.3% Total Boston Properties, Inc. 6/23/1997 $779,148,728 ($4,083,737) $38,763,954 $813,828,945 Other Investment Assets Present Value of Future MBZ Crut Distributions 12/31/2007 - 150,305,829 - -14,149,866 136,155,963 Total Other Investment Assets 12/37/2007 - $150,305,829 - (S14,149,866) 4136,155,963 Family Businesses Present Value of Future USN Crut Distributions 12/31/2007 7,801,619 -427,786 7,373,833 The Daily News (Preference and Interest on LOC) 9/30/2007 454,595,466 5,817,546 460,413,012 US News & World Report LP 9/30/2007 75,000,000 - 75,000,000 Total Family Businesses 9/30/2007 $537,397,085 $5,389,760 $542,786,845 Notes and Loans Receivable Barbara G. Jensen 9/30/2007 28,950 28,950 Carmen Z Robinson 10/18/2010 283,316 283,316 Daniel Rothschild 9/30/2007 200,000 200,000 Mathias Monier 9/30/2007 50,000 50,000 The Core Club 55th Street LLC 9/30/2007 100,000 100,000 Total Notes and Loans Receivable 9/30/2007 $662,266 $662,266 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 Pagm. MorganStanley SmithBarney 26 EFTA00284368 Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December YID I I I) Asset Class/investment/Oenchmark Endnotes Date Cost Value Flow Return Value Return Return Return Other Assets JP Morgan Chase - East Hampton 9/30/2007 3,784 3,784 Morgan Stanley Checking Account 12/31/2007 10,443,201 -7,179,429 258 3,264,030 T. Rowe 401(K) Retirement Plan (DJ 1/31/2007 153,855 346,112 346,112 0.0% 7.4% 9.9% Total Other Assets 1/31/2007 $153,855 $10,793,097 ($7,179,429) $258 $3,613,926 Personal Assets Art, Furniture and Other -21 Drew Lane 9/30/2007 2,744,701 2,744,701 Art, Furniture and Other -599 Lexington Avenue 9/30/2007 184,124 184,124 Art, Furniture and Other -950 Fifth Avenue 9/30/2007 106,065,592 106,065,592 Art, Furniture and Other -950 Fifth Avenue (Paloma) 9/30/2007 12,000,000 12,000,000 Art, Furniture and Other -Aspen 9/30/2007 48,864 48,864 Art, Furniture and Other -Lazy Z 9/30/2007 75,073 75,073 Hampton Golf Club, LLC 9/30/2007 309,581 309,581 Lexus LX470-1999 9/30/2007 25,275 25,275 Mercedes Benz S430-2001 9/30/2007 37,495 37,495 Total Personal Assets 9/30/2007 $121,190,705 $121,490,705 Zuckerman Personal Holdings BR, Inc - ("Lazy Z" Motor Yacht) 9/30/2007 25,000,000 25,000,000 USN Aviation - (ZWA, Inc.) 9/30/2007 44,000,000 44,000,000 ZAS, LLC- (Waldorf Right Services) 9/30/2007 11,500,000 11,500,000 Total Zuckerman Personal Holdings 9/30/2007 $80,500,000 - $84500,000 Real Property & Options 17 East 75th Street 9/30/2007 5,527,852 5,527,852 21 Drew Lane 9/30/2007 30,500,000 30,500,000 4 Three Mile Harbor Drive 9/30/2007 3,300,000 3,300,000 418 Wrights Road Aspen 10/22/2009 9,500,000 9,500,000 950 Fifth Avenue 9/30/2007 32,000,000 32,000,000 Total Real Property & Options 5/30/2007 $80,827,852 - $80,827,852 Total Non-Policy Assets 8153,855 1,761,125,562 ($11,263,166) $30,004,106 1,779,866,502 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 SmithBarney 27 EFTA00284369 Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December YR) I I t) 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 -14,79Z507 -14,792,507 Pauline Corder 9/30/2007 -2,310,090 -2,310,476 USN Aviation - (ZWA, Inc.) 9/30/2008 -30459,183 -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 -811,241 -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 Pasties 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 ($311,029,459) $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 Pagsm. MorganStanley SmithBarney 28 EFTA00284370 Mortimer B. Zuckerman Endnotes- December 31, 2011 Reference Endnotes I1 Please note: Inception To Date returns (1TD Return) are annualized returns for periods greater than 12 months. P*1 Please note: The TWR calculations are Net of Fees. Please note: The current ownershipof MBZ in this Teal Property le Options' (17 East 75th Street) is 3/7 or 42.86%. IAI Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. 1B1 The November 30, 2011 and December 31, 2011 values represent the September 30, 2011 capital amount balance adjusted for contributions post valuation date. ICI The November 30, 2011 and December 31, 2011 values represent the fair market value of vested options that are in the money. PI The November 30, 2011 and December 31, 2011 value represents the March 31, 2011 capital account balance adjusted for contributions peat valuation date. tEl The historical returns of BXPcornmon include the historical appreciation from the exercise d options. 19 The Market Value d the SXP (Vested Options) is calculated by multiplying the shares of BXP (Vested Options) by the (current price minus the exercise price). The exercise price - 536.45. ICI 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 d 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. MorganStanley SmithBarney 29 EFTA00284371 MBZ 1996 Trust (GST Exempt) Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets P ovate Capital - Direct Companies 16% Distal Bonds Hedge Funds -Direct 17% 18% ■ Municipal/Corporate Municipal/Corporate ■ Private Capital - Direct Companies OD% Private Capital Fund of Funds S.S% ■ Global Bonds Cash O Hedge Funds -Direct Pnvate Capital - Direct Partnerships 55% ■ Private Capital - Fund of Funds 402% ■ Cash ■ Corporate Bonds Corporate Bonds 119% o Municipal Securities ■ AIP Onshore Hedge Funds M inicipai Securities ■ Private Capital - Direct Partnerships AP Onshore Hedge Funds 02% VS% 11/30201I IZt/2011 Actual Investment Assets Endnotes Cost Value Value Polley % Cash 94,879 2,406,730 3,644,029 5.5% Municipal Securities 8,318,263 8,884,163 8,730,255 13.2% Municipal/Corporate - 19,454 19,455 0.0% Corporate Bonds 6,526,592 8,347,768 8,505,035 129% Global Bonds 1,225,000 1,153,014 1,153,735 1.7% AIP Onshore Hedge Funds 11,655,710 11,564,809 11,553,338 17.5% Hedge Funds -Direct 932,969 1,200,957 1,203,619 1.8% Private Capital - Fund of Funds 2,200,129 3,631,825 3,631,825 5.5% Private Capital - Direct Partnerships 20,974,673 27,540,178 26,601,319 40.2% Private Capital - Direct Companies 14,886,622 1,079,861 1,079,861 L6% Total Policy Assets 566,814,836 $65,828,760 $66,122,470 100.0% Notes and Loans Receivable 27,991,113 27,991,113 Total Investment Assets 566,814,836 $93,819,873 $94,113,583 MorganStanley SmithBarney 30 EFTA00284372 MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 12/31/2011 December YID IT0 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% 0.1% Operating Account 1996 TR (AIP) 8/31/2010 94,879 542,399 1 542,400 0.0% 0.0% Total Cash 12/31/2007 $91,879 $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% 9.1% Morgan Stanley - Long Term Muni Bonds 6/9/2011 1,551,433 1,583,925 17,920 1,601,846 1.1% 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 58,730,255 1.7% 8.6% 5.3% Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% 4.7% Barclays Capital Mimi Bond Index 1.9% 10.7% 8.1% MunicipaKorporate 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 519,454 51 519,455 0.0% 0.0% 2.8% 50%Barclays Credit 1-5 Y/504fiElarclays Mimi 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 58,505,035 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 12'25,000 1,153,014 721 1,153,735 0.1% -5.8% Total Global Bonds 5/25/2011 51,225,000 $1,153,014 $721 $1,153,735 0.1% -5.8% 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies an: located in the Private Capital Portfolio Summary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 31 EFTA00284373 MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Inception 11/3012011 Net Cash December 12/31/2011 December YID I ID " Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 709,433 672,578 -15,170 657,408 -2.3% -9.7% -5.6% Dialectic Antithesis Partners (AIP) 8/31/2010 1,012,310 1,004,692 -4,521 1,000,171 -0.5% 20.0% -1.0% Double Black Diamond Class C (All) 8/31/2010 1,115,243 1,130,861 -2,714 1,128,147 -0.2% -2.4% 0.9% GEM Realty Securities LP (AIP) 8/31/2010 1,115,142 1,144,454 17,625 1,162,079 1.5% 1.1% 3.2% HBK Fund II LP (AIP) 8/31/2010 1,112,049 1,249,865 7,177 1,257,042 0.6% 7.0% 9.5% Ivory Flagship Fund LP (AIP) 8/31/2010 1,114,868 1,109,739 -11,985 1,097,754 -1.1% 4,5% -1.1% Man AHL Diversified II USA (AIP) 8/31/2010 506,773 486,154 486,154 0.0% -9.0% -3.1% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,014,210 1,042,380 1,042,380 0.0% -1.9% 2.1% Millenium USA LP (AIP) 8/31/2010 1,115,938 1,273,245 11,714 1,284,959 0.9% 7.5% 11.3% Owl Creek II LP (Alf" 8/31/2010 608,025 34,979 -1,050 33,929 -3.0% -16.6% -10.8% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,116,195 1,267,373 -12,547 1,254,826 -1.0% -1.2% 9.3% York Credit Opportunity Fund (All) 8/31/2010 1,115,522 1,148,489 1,148,489 0.0% -2.8% 2.3% Total AIP Onshore Hedge Funds 8/31/2010 $11,655,710 $11,564,809 ($11,471) $11,553,338 -0.1% -0.4% 2.3% Hedge Funds -Direct GS Investment Partners (Onshore) 1/2/2008 932,969 1,200,957 2,662 1,203,619 0.2% 21% 3.4% Total Hedge Funds -Direct 1/ 2/20011 $932,969 $1,200,957 $2,662 $1,203,619 0.2% 21% -33.4% Private Capital - Fund of Funds GS Private Equity Partners II, LP. 3/11/1998 - 373,231 373,231 Quellos Private Capital 2002, L.P. 6/14/2002 618,602 1,227,635 1,227,635 Quellos Private Capital II, L.P. 12/20/2004 1,581,527 2,030,959 2,030,959 Total Private Capital - Fund of Funds 3/11/1998 $2,200,129 $3,631,825 - $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 PortfolioSummary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 32 EFTA00284374 MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Inception 11/3Q/2011 Net Cash December 5 12/31/2011 December YID rm. Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, L.P. 5/30/2008 970,090 970,090 970,090 Brickman Real Estate Fund I, LP. 6/18/2002 310,968 895,317 895,317 Brickman Real Estate Fund II, LP. 6/5/2006 2,585,381 2,188,789 2,188,789 Brickman Real Estate Fund III, L.P. 4/4/2007 1,505,853 1,035,684 1,035,684 Israel Infrastructure Fund I-C, LP. 10/18/2006 1,304,480 1,409,190 75,000 1,484,190 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 1,431,331 5,592,557 -1,737,208 3,855,349 VSS Comunications Partners IV, L.P. 3/20/2006 3,944,077 3,462,813 84,422 3,547,235 Total Private Capital - Direct Partnerships 6/18/2002 520,974,673 527,540,178 ($938,859) - $26,601,319 Private Capital - Direct Companies Ally / Cerberus Finn Investors, LLC 3/28/2006 14,810,588 1,037,361 1,037,361 Newbridge Vencable Partners, LLC 10/31/1997 76,034 42,500 42,500 Total Private Capital - Direct Companies 1021/1997 $14,886,622 $1,079,861 - $1,079,861 Total Policy $66,814,836 $65,828,760 $1,413,222 ($1,119,512) $66,122,470 0.5% 3.7% Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P. 9/30/2007 27,991,113 - 27,991,113 Total Notes and Loans Receivable 9/302007 $27,991,113 - $27,991,113 Total Investment Assets $66,814,836 $93,819,873 $1,413,222 ($1,119,512) $94,113,583 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies an: located in the Private Capital PortfolioSummary Paws. 2) Please note: The current month performance data for the AIP hed8e funds is preliminary. MorganStanley SmithBarney 33 EFTA00284375 The MBZ 1996 Trust (GST Exempt) Endnotes- December 31, 2011 Reference Endnotes •I Incase note: Inception To Date returns (1n3 Return) are annualized returns for periods greater than 12 months. *1 Incase note: The TWR calculations are Net of Fees. IA) Investment represents assets owned by Z CAP Fund, L.P. Value pimented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 34 EFTA00284376 MBZ 1996 (GST Non Exempt) Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Priv-MsCapita - ant of Fuels PriateCapital Direct Cormaim 2.4% 3D% MarieiptI/Corporae ■ Private Capital - Direct Partnerships Global Bards Priv-SaCtpild Direet Pettnastips 3.64. 19% 269% ■ Hedge Funds -Direct Cron O Corporate Bonds 7.a% 0 Municipal Securit Patricia:I Seartim • Cash 23% • Municipal/Corporate ■ Private Capital - Direct Companies Corporate Bards 0 Private Capital - Fund of Funds 20.7% HedgeFula -Direct • Global Bonds 22.3% 11/30/2011 12/37/2011 Actual Investment Aasets &duets Cost Value Value Polley % Cash 7,174,163 8,564,909 7A% 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 2.4% 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 598,592,107 5118,809,647 5113,229,084 100.0% 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 598,592,107 $282,183,719 3284,533,910 MorganStanley SmithBarney 35 EFTA00284377 MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December Y'll) Ill) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Morgan Stanley - Money Mkt 12/31/2007 7,174,163 3,146,575 -1,755,830 8,564,909 0.0% 0.1% Total Cash 12/31/2007 $7,174,163 $3,146,575 ($1,755,830) 68,564,909 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Muni Bonds 9/2/2009 4,405,233 9,229,008 4,300,000 166,559 5,095,568 2.4% 5.1% 3.7% Morgan Stanley - Intermediate Term Muni Bonds 1/13/2010 3,568,894 3,696,656 95,453 3,792,110 2.6% 14.3% 7.2% Morgan Stanley - Long Term Muni Bonds 2/29/2008 4,069,775 4,284,398 -50,000 36,041 4,270,439 0.9% 11.2% 6.4% Morgan Stanley -Short Term Muni Bonds 9/25/2008 1,028,624 1,045,371 1,295 1,046,665 0.1% 1.3% 3.6% Total Municipal Securities 2/29/2008 $13,072,527 $18,255,433 ($4,350,000) $299,349 $14,204,782 1.9% 7.8% 4.1% Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% 4.5% Barclays Capital Muni Bond Index 1.9% 10.7% 6.9% Municipal/Corporate Citi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 2,803,169 3,587,922 9,513 3,597,436 0.3% 2.1% 3.4% Total Municipal/Corporate 1/31/2009 $2,803,169 $3,587,922 $9,513 63,597,436 0.3% 2.1% 3.4% 50%Barclays Credit 1-5Y/50%Barclays Mimi 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 20,301,689 21,107,712 2,300,000 396,509 23,804,221 1.8% 3.2% 7.1% Total Corporate Bonds 1/31/2009 $20,301,689 $21,107,712 $2,300,000 $396,509 $23,804,221 1.8% 3.2% 7.1% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2010 2,000,000 2,140,552 1,999 2,142,551 0.1% -2.2% 4.4% Total Global Bonds 5/25/2010 $2,000,000 $2,140,552 $1,999 $2,142,551 0.1% -2_2% 4.4% Hedge Funds -Direct AP Investments Europe Limited 6/19/2007 562,024 59,676 59,676 0.0% -6.4% -12.5% CCA Absolute Return Muni Strategy, L.P. 4/1/2011 5,000,000 5,117,800 12,804 5,130,604 0.3% 2.6% Paulson Advantage LP. 8/3/2009 9,500,000 12,313,528 -1,281,839 11,031,689 -10.4% -22.3% 6.4% Paulson Advantage Plus, LP. 9/1/2009 9,500,000 10,406,073 -1,017,966 9,388,107 -9.8% -36.0% -0.5% Taconic Opportunity Fund 6/29/2007 10,000,000 119,768 -1,258 118,510 -1.1% 3.2% 1.6% Total Hedge Funds -Direct 6/19/2007 4.24,567 024 $28,016,845 ($2,288,259) $25,728,586 -8.2% -245% -11.8% 1) Please note The performance returns for invemnents in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital PortfolioSununary Pages. MorganStanley SmithBarney 36 EFTA00284378 MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December YID 11 D Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Fund of Funds CS Private Equity Partners II, L.P. 3/11/1998 686,381 686,381 Quellos Private Capital II, L.P. 12/20/2004 2,030,959 2,030,959 Total Private Capital - Fund of Funds 3/11/1998 $2,717,340 - $2,717,340 Private Capital - Direct Partnerships CVC European Equity Partners IV, L.P. 9/30/2005 1,555,079 2,555,602 -164,989 0 2,390,613 CVC European Equity Partners V, LP. 6/26/2008 3,340,932 3,680,571 3,680,571 Legacy Capital, L.P. 10/17/2011 - 726,027 726,027 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 2,020,864 1,984,486 1,984,486 Quellos Co-Investment Fund IL 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 3,513,466 1,841,733 1,671,733 3,513,466 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 0 7,458,145 -2,316,713 5,141,432 VSS Comunications Partners IV, L.P. 3/20/2006 4,233,488 3,462,813 84,422 3,547,235 Total Private Capital - Direct Partnerships 9/30/2005 $20,951,222 $32,313,815 ($1,340,420) $0 $30,973,395 Private Capital - Direct Companies Freescale Co-Investment XVI, LLC 11/28/2006 2,537,500 1,190,393 1,190,393 Newbridge Venable Partners, LLC 12/31/2001 133,505 75,000 75,000 The Vehicle Production Group, LLC. 8/12/2008 2,230,471 2,230,471 2,230,471 Total Private Capital - Direct Companies 17/31/2001 $4,901,476 $3,495,864 - $3,495,864 Total Policy $98,592,107 $118,809,647 ($243,845) ($3,336,718) $115,229,084 -1.3% -3.3% Boston Properties, Inc. (Closing Price: $99.60) BXP (OPUS) 4/1/2000 134,046,289 -702,696 6,633,450 139,977,043 5.0% 18.1% 15.9% Total Boston Properties, Inc. 4/1/2000 $134,046,289 ($702,696) $6,633,450 $139,977,043 Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P. 9/30/2007 29,327,783 29,327,783 Total Notes and Loans Receivable 9/30/2007 $29,327,783 - $29,327,783 Total Investment Assets $98,592,107 $282,183,719 ($946,541) $3,296,732 $284,533,910 1) Please note The performance returns for invesunents in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 37 EFTA00284379 The MBZ 1996 Trust (GST Non-Exempt) Endnotes- December 31, 2011 Reference Endnotes •I Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. *1 Please note: The TWR calculations are Net of Fees. IA) Investment represents assets owned by Z CAP Fund, L.P. Value prmented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 38 EFTA00284380 MBZ 1983 Family Trust Executive Summary - December 31, 2011 Actual Allocation Wo for Policy Assets Gobs Bold: 32% Cash RivseGwitel • Dined Portnustipo • Private Capital - Direct Partnerships I MuridpS Seositiat 38% 29 9% • Hedge Funds -Direct 4.5% ❑ Corporate Bonds MuridpidCorporde 52% ❑ Private Capital - Direct Companies Made CaSIS Furd of Ftrdt • Private Capital - Fund of Funds 7.1% • Municipal/Corporate ltdgeFurds Direst • Municipal Securities 17.9% Node CatitS Greet Conperio: El Cash 1t7% Corr:useBoni • Global Bonds 18.6% 11/30/2011 12/31/2011 Actual Investment An cleinaIae Cost Value Value Polley % Cash 851,610 1,368,536 3.8% Municipal Securities 1,456,575 2,401,558 1,648,039 4.5% 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 7.1% 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 84,400 84,400 Notes and Loans Receivable 46,521,964 46,521,964 Total Investment Assets $43,284,388 983,528,462 $82,949,982 MorganStanley SmithBarney 39 EFTA00284381 MBZ 1983 Family Trust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December Yip IID Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Morgan Stanley - Money Mkt 12/31/2007 851,610 591,883 -74,957 1,368,536 0.0% 0.1% Total Cash 12/31/2007 S&51,610 $591,883 (574,957) $1,368,536 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mtlis Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Muni Bonds 9/3/2009 1,200,012 2,136,192 -800,000 45,895 1,382,087 27% 5.8% 4.1% Morgan Stanley -Short Term Muni Bonds 4/30/2009 256,563 265,366 586 265,952 0.2% 2.9% 3.6% Total Municipal Securities 4/30/2009 $1,456,575 $2,401,558 ($800,000) $46,481 $1,648,039 2.3% 5.4% 4.2% Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% 3.6% Barclays Capital Mimi Bond Index 1.9% 10.7% 7.2% Barclays Aggregate Bond Index 1.1% 7.9% 7.4% Municipal/Corporate Citi -Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 1,752,399 1,889,098 7,134 1,896,231 0.4% 2.4% 3.5% Total MunicipaVCorporate 1/31/2009 $1,752,399 $1,889,098 $7,134 $1,896,231 0.4% 2.4% 3.5% 50%Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y 0.6% 16% 5.1% Corporate Bonds Seix 1/31/2009 5,123,262 5,612,604 300,000 104,383 6,016,987 1.8% 2.8% 6.7% Total Corporate Bonds 1/31/2009 $5,123,262 $5,612,604 $300,000 $104,383 $6,016,987 1.8% 2.8% 6.7% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 1,215,000 672,984 500,000 -3,219 1,169,764 -0.4% -6.2% Total Global Bonds 5/25/2011 $1,215,000 6672,984 $500,000 ($3,219) $1,169,764 -0.4% -6.2% Hedge Funds -Direct Paulson Advantage LP. 8/3/2009 3,000,000 3,888,483 -404,792 3,483,691 -10.4% -22.3% 6.4% Paulson Advantage Plus, LP. 8/1/2009 3,000,000 3,356,489 -328,510 3,027,979 -9.8% -36.0% 0.4% Total Hedge Funds -Direct 8/1/2009 $6,000,000 $7,244,972 ($733,302) $6,511,670 -10.1% -292% -2.3% 1) Please note The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies ant located in the Private Capital PortfolioSummary Pages. MorganStanley SmithBarney 40 EFTA00284382 MBZ 1983 Family Trust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December S 12/31/2011 December 'an IT0 " Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Fund of Funds GS Vintage Fund, L.P. 12/30/1998 1,359,828 1,359,828 Quellos Private Capital 2002, L.P. 6/14/2002 618,612 1,227,635 1,227,635 Total Private Capital - Fund of Funds 22/30 454 4618,612 $2,587,463 - $2,587,463 Private Capital - Direct Partnerships Brickman Real Estate Fund IV, LP. 12/17/2007 1423,412 1,867,096 -153,137 1,713,959 CVC European Equity Partners IV, L.P. 9/30/2005 1,343,987 2,555,602 -164,989 0 2,390,613 Israel Infrastructure Fund I-C, LP. 10/18/2006 1,304,480 1,409,190 75,000 1,484,190 Quellos Co-Investment Fund II, LP. 9/8/2008 2,095,796 3,534,811 -204,958 3,329,853 Quellos Co-Investment Fund Ill, L.P. 10/24/2011 878,366 460,433 417,933 878,366 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 400,011 1,566,925 486,732 1,080,193 Total Private Capital - Direct Partnerships 9/342005 47,646,051 411,394,057 ($516,883) $0 $10,877,173 Private Capital - Direct Companies Ally / Cerberus Finn Investors, LLC 3/28/2006 14,810,588 1,037,361 1,037,361 Freescale Co-Investment XVI, LLC 11/28/2006 2,537,500 1,190,393 1,190,393 Loud3R 7/1/2010 2,040,000 2,040,000 2,040,000 Total Private Capital - Direct Companies 3/28/2006 419,388,088 $4,267,754 - 44,267,754 Total Policy $43,199,988 436,922,098 $75,000 ($653,481) $36,343,618 -1.6% 4.1% Other Investment Assets Total Other Investment Assets Family Businesses MBZ Digital Ventures LLC 7/1/2010 84,400 84,400 84,400 0.0% 0.0% 0.0% Total Family Businesses 7/1/2010 $84,400 $84,400 484,400 Notes and Loans Receivable Daily News, L.P. 9/30/2007 8,421,964 8,421,964 The MBZ News 1992 Trust UAD 12-29-92 9/30/2007 38,100,000 38,100,000 Total Notes and Loans Receivable 4/30/2002 $46,521,964 - $46,521,964 1) Please note. The perfornunce returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 41 EFTA00284383 MBZ 1983 Family Trust 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 Hob Return Value Return Return Return Total Investment Assets 343,284,388 483,528,462 575,000 ($653,481) $82,949,982 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Dbect partnerships, and Direct Companies ana located in the Private Capital PortfolloSurrunary Pages. MorganStanley SmithBarney 42 EFTA00284384 The MBZ 1983 Family Trust Endnotes- December 31, 2011 Reference Endnotes I Please note: Inception To Date returns (11D Return) anz annualized returns for periods greater than 12 months. ni Please note: The TWR calculations are Net of Fees. Investment represents assets owned by Z CAP Fund, L.P. Value pimented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 43 EFTA00284385 USN College Marketing, Inc. Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Cash Municipal Securities Private Capital - Direct 5.2% 6.8% Partnerships Municipal/Corporate ® Cash 38.8% 25.2% ■ Municipal Securities ❑ Municipal/Corporate ❑Corporate Bonds Corporate Bonds • Global Bonds 9.0% ®Hedge Funds -Direct Hedge Funds -Direct 13.4% Global Bonds ■ Private Capital - Direct Partnerships 1.7% WW= 11/31/2011 *dual Investment Assets endnate. Cost Value Value Polley % Cash - 372,709 2,169,152 5.2% Municipal Securities 2,457,111 3,114,602 2,866,569 6.8% Municipal/Corporate 9,908,312 11,256,805 10,595,316 25.2% Corporate Bonds 2,428,138 3,695,081 3,763,238 9.0% Global Bonds 755,000 710,633 710,635 1.7% Hedge Funds -Direct 5,000,000 5,593,002 5,607,864 13.4% Private Capital - Direct Partnerships 10,486,940 16,856,388 16,290,572 38.8% Total Policy Assets 531,035,500 541,599,220 542,003,345 100.0% Total Investment Assets $31,035,500 $41,599,220 $42,003,345 MorganStanley SmithBarney 44 EFTA00284386 USN College Marketing, Inc. Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 12/.31/2011 December YI D IID Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Bank of America - MMF 9/19/2008 11.954 0 11,985 0.0% 0.0% Morgan Stanley - Money Mkt 12/31/2007 360,725 1,796,395 49 2,157,168 0.0% 0.2% Total Cash 12/31/2007 $372,709 $1,796,395 $49 $2,169,152 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Muni Bonds 8/21/2009 1,850,000 2,497,324 -300,000 50,057 2,247,381 22% 5.8% 4.1% Morgan Stanley - Long Term Muni Bonds 6/9/2011 506,368 515,427 1,848 517,274 0.4% 3.4% Morgan Stanley -Short Term Mimi Bonds 5/31/2009 100,742 101,851 62 101,913 0.1% 1.9% 2.5% Total Municipal Securities 5/31/2009 $2,457,111 $3,114,602 (8300,000) $51,966 $2,866,569 1.8% 5.1% 3.7% Barclays Capital Muni 1-5 Yr Index 0.7% 4.2% 3.7% Barclays Capital Mimi Bond Index 1.9% 10.7% 7.0% Municipal/Corporate Citi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 9,908,312 11,256,805 -700,000 38,510 10,595,316 0.4% 2.6% 3.3% Total MunicipaVCorporate 1/31/2009 $9,908,312 $11,256,805 ($700,000) $38,510 $10,595,316 0.4% 2.6% 33% 50%Barclays Credit 1-5Y/50%Barclays Mimi 1-5 Y 0.6% 16% 5.1% Corporate Bonds Seix 1/31/2009 2,428,138 3,695,081 68,157 3,763,238 1.8% 29% 7.1% Total Corporate Bonds 1/31/2009 $2,428,138 $3,695,081 $68,157 $3,763,238 1.8% 2.9% 7.1% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 755,000 710,633 2 710,635 0.0% -5.9% Total Global Bonds 5/25/2011 $755,000 $710,633 $2 $710,635 0.0% -5.9% Hedge Funds -Direct CCA Absolute Return Muni Strategy, LP. 6/30/2010 5,000,000 5,593,002 14,862 5,607,864 0.3% 6.1% 8.0% Total Hedge Funds -Direct 6/30/2010 $5,000,000 $5,593,002 $14,862 $5,607,864 0.3% 6.1% 8.0% 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 SmithBarney 45 EFTA00284387 USN College Marketing, Inc. Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December S / 2/3 I/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, LP. 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 Ill, L.P. 10/24/2011 2635,100 1,381,300 1,253,800 2,635,100 Quellos Co-Investment Fund, LP. [All 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 0.4% 4.3% 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 ant located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 46 EFTA00284388 USN College Marketing, Inc. Endnotes- December 31, 2011 Reference Endnotes I Please note: Inception To Date returns (11D Return) anz annualized returns for periods greater than 12 months. ni 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. MorganStanley SmithBarney 47 EFTA00284389 MBZ Charitable Remainder Unitrust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Cash theta Bonds 18% 20% ■ Private Capital - Fund of Funds PrivateCapital - Fund of Funds Hedge Funds -Direct • Cash 0.3% 75% O Global Bonds Municipal Securities ❑ Hedge Funds -Direct Private Capital - Direct 88% Partnerships ■ Municipal Securities AP OffshoreHedge Funds 27.1% I1.8% ■ AIP Offshore Hedge Funds ■ Corporate Bonds ▪ Municipal/Corporate Municipal/Corporate Corporate Bonds 218% 172% • Private Capital - Direct Partnerships 11/30/2011 12/32011 Actual Investment Assets Fndnotea Cost Value Value Polley % Cash 109,707 2,381,808 1,871233 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 2A25,000 2,282,497 2,283,924 2.0% AIP Offshore Hedge Funds 13,684,085 13,568,722 13,535,447 11.8% Hedge Funds -Direct 32,827,343 8,565232 8,574,944 7.5% 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 8114,328,619 100.0% Boston Properties, Inc. (Closing Price: $99.60) 50,540,813 52,776,944 Total Investment Assets $114,654,113 $177,402,053 $167,105SM MorganStanley SmithBarney 48 EFTA00284390 MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 /2/3I/2011 December YTD III) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Morgan Stanley - Money mkt 12/31/2007 1,905,408 3,931,510 -4,442,085 1,394,833 0.0% 0.2% Operating Account MBZ CRUT (AlP) 8/31/2010 109,707 476,399 1 476,400 0.0% 0.0% Total Cash 12/31/2007 $109,707 $2,381,808 $3,931,510 ($4,442,084) $1,871,233 0.0% 0.2% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Mimi Bonds 9/2/2009 6,595,854 15,087,462 -7,500,000 291,375 7,878,836 2.6% 5.8% 4.3% Morgan Stanley- Intermediate Term Muni Bonds 7/25/2001 3,945,310 4,028,224 84,024 4,112,249 2.1% 11.8% 6.3% Morgan Stanley - Long Term Muni Bonds 5/13/2011 124,033 131,352 2,987 134,339 2.3% 8.3% Total Municipal Securities 7/25/2001 $10,665,197 $19,247,039 ($7,500,000) $378,386 $12,125,424 2.5% 6.5% 4.4% Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% 4.7% Barclays Capital Mimi Bond Index 1.9% 10.7% 8.1% MunicipaVCorporate Cifi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 19,892,932 26,460,630 -1,600,000 72,287 24,932,916 0.3% 2.9% 3.8% Total Municipal/Corporate 1/31/2009 $19,892,932 $26,460,630 ($1,600,000) $72,287 $24,932,916 0.3% 2.9% 3.8% 50%Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 14,600,675 19,313,647 365,573 19,679,220 1.9% 27% 7.0% Total Corporate Bonds 1/31/2009 $14,600,675 $19,313,647 $365,573 $19,679,220 1.9% 2.7% 7.0% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 2,425,000 2,282,497 1,426 2,283,924 0.1% -5.8% Total Global Bonds 5/25/2011 $2,425,000 $2,282,497 $1,426 $2,283,924 0.1% -5.8% 1) Please note The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies an located in the Private Capital Portfolio Summary Pages. 2) Please note The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 49 EFTA00284391 MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception 11/30/201I Net Cash December S 12/31/2011 December 'ITU ITD " Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 506,739 480,576 -10,831 469,745 -2.3% -9.7% -5.5% Dialectic Antithesis Partners (Alf) 8/31/2010 1,012,359 1,011,753 -3,743 1,008,010 -0.4% 20.9% -0.4% Double Black Diamond Class C (AIP) 8/31/2010 1,013,804 1,020,535 -3,265 1,017,270 -0.3% -2.8% 0.3% HBK Offshore Fund II Ltd. (AIP) 8/31/2010 505,902 568,300 3,305 571,605 0.6% 7.5% 9.7% Ivory Offshore Flagship Fund (AIP) 8/31/2010 1,013,504 1,006,316 -10,868 995,448 -1.1% -4.7% 4.3% Kaiser Trading Fund SPC Ltd. (ATP) 8/31/2010 1,013,291 940,908 3,105 944,013 0.3% -6.8% -5.2% Mariner Tricadia Credit Strat (ATP) 8/31/2010 1,014211 1,042,367 1,042,367 0.0% -1.9% 2.1% Millenium Intl Ltd -Class EE (Alf') 8/31/2010 1,014,516 1,153,127 10,724 1,163,851 0.9% 7.2% 11.0% MQ Asia Long Short Fd Offshore (Alf) 8/31/2010 506,070 584,679 -1,754 582,925 -0.3% 8.0% 11.3% OMG Opportunities Trading Fund (AIP) 8/31/2010 506,710 488,669 -5,082 483,587 -1.0% 4.3% -3.5% Owl Creek Overseas Fund (Alf') 8/31/2010 506,658 29,827 -865 28,962 -2.9% -26.9% -19.4% Oz Overseas Fund Ltd. (AIP) 8/31/2010 2,028,060 2,080,902 - 2,080,902 0.0% -1.9% 2.0% Pharo Macro Fund Ltd. (AIP) 8/31/2010 1,013,398 966,463 -2,609 963,854 -0.3% -8.7% -3.7% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,014,718 1,150,775 -11,392 1,139,383 -1.0% 4.3% 9.2% York Credit Opp Unit Trust (Alf') 8/31/2010 1,014,146 1,043,525 1,043,525 0.0% -3.2% 2.2% Total A1P Offshore Hedge Funds 8/31/2010 $13,684,085 $13,568,722 ($33,275) $13,535,447 -0.3% -1.4% 1.3% Hedge Funds -Direct AIP Custom HF Solutions 6/9/2011 4,705,731 5,815,971 5,815,971 0.0% 71.4% Ascot Fund Limited 7/12/2006 25,000,000 0 0 0.0% 0.0% Blackstone Offshore Fund Il 1/7/2011 2,277,517 1,838,896 1,838,896 0.0% 4.3% GS Investment Partners (Offshore) 1/2/2008 844,095 910,365 9,713 920,077 1.1% -0.6% 1.8% Total Hedge Funds -Direct 7/12/2006 $32,827,343 $8,565,232 $9,713 $8,574,944 0.1% 19.3% 10.7% Private Capital - Fund of Funds Quellos Financial Ventures II, (CRT), L.P. [B] 11/23/2004 400,185 391,356 391,356 Total Private Capital - Fund of Funds 11/23/201}4 $400,185 $391,356 $391,356 1) Please note The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies an located in the Private Capital Portfolio Summary Pages. 2) Please note The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 50 EFTA00284392 MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December $ 12/31/2011 December YTD ITO " Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 4,754,629 5,031,898 5,031,898 Quellos Co-Investment Fund II, LP. - CRT Series 11/25/2008 7,020,915 12,393,516 -1,905,750 10,487,766 Quellos Co-Investment Fund III, LP. 12/9/2011 2,289,000 2,289,000 2,289,000 Quellos Co-Investment Fund, L.P. - CRT Series [CI 6/5/2006 5,984,445 17,224,896 4,099,406 13,125,490 Total Private Capital - Direct Partnerships 6/5/2006 $20,048,989 $34,650,310 ($3,716,156) $30,934,154 Total Policy $114,654,113 $126,861,240 ($8,884,647) ($3,647,974) $114,328,619 0.6% 4.3% Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) 2/21/2001 50,540,813 -264,945 2,501,076 52,776,944 5.0% 18.1% 14.8% Total Boston Properties, Inc. 2/21/2001 $50,540,813 ($264,945) $2,501,076 $52,776,944 Other Investment Assets Total Other Investment Assets Total Investment Assets $114,654,113 $177,402,053 ($9,149,591) ($1,146,898) $167,105,564 1) Please note The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies am located in the Private Capital Portfolio Summary Pages. 2) Please note The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 51 EFTA00284393 The MBZ Charitable Remainder Unitrust Endnotes- December 31, 2011 Reference Endnotes I *I Please note: Inception To Date returns (ITD Return) an? annualized returns for periods greater than 12 months. Inl Please note: The TWR calculations are Net of Fees. IAI Investment represents assets owned by Z CAP Charitable Fund, LP. IBI 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. MorganStanley SmithBarney 52 EFTA00284394 USN Charitable Remainder Unitrust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Global Bonds Cash 1.7% Municipal Securities 9.7% al Cash ■ Municipal Securities ❑ Corporate Bonds Corporate Bo res ❑ Global Bonds 868% 11/30,0M 11/31./2811 Actual Investment Assets Esidnotes Cost Value Value Policy % Cash 156,011 150,440 1.7% Municipal Securities 775,000 1,077,886 876,937 9.7% Corporate Bonds 6,861,239 7,712,398 7,853,054 86.8% Global Bonds 180,000 169,422 169,542 1.9% Total Policy Assets $7,816,239 $9,115,718 $9,049,974 100.0% Total Investment Assets $7,816,239 $9,115,718 $9,049,974 MorganStanley SmithBarney 53 EFTA00284395 USN Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December S 12/31/2011 December YTD ITO " Asset Classfinvestment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Morgan Stanley - Money mkt 12/ -11/2(10, 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 I .077.s86 -225,000 24,051 876,937 25% 6.3% 5.7% Total Municipal Securities 3/10/2010 5775,(]00 $1,077,886 ($225,000) $24,051 $876,937 2.5% 6.3% 5.7% Barclays Capital Mimi 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 1.8% 3.1% 4.8% Total Corporate Bonds 7/16/2009 56,861,239 $7,712,398 $140,656 $7,853,054 1.8% 3.1% 4.8% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% Global Bonds Templeton Global Bond Fund 5/25/2011 180,000 169,422 120 169,542 0.1% -5.8% Total Global Bonds 5/25/2011 $180,000 $169,422 $120 $169,542 0.1% -5.8% Total Policy $7,816,239 $9,115,718 ($230,579) $164,834 $9,049,974 1.8% 3.3% 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 54 EFTA00284396 The USN Charitable Remainder Unitrust Endnotes- December 31, 2011 Reference Endnotes I Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. I "1 Please note: The TWR calculations are Net of Fees. MorganStanley SmithBarney 55 EFTA00284397 MBZ 1992 News Trust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets 11/340011 12/33,02011 Actual Investment Assets Endnatea Cott Value Value Polley % Obligations To Related Parties -38,100,000 -38,100,000 Total Investment Assets ($38,100,000) ($38,100,000) MorganStanley SmithBarney se EFTA00284398 MBZ 1992 News Trust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/3I/2011 December YID I I I) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Obligations To Related Parties The Mortimer B. Zuckerman 1983 Family TR UAD 12-21- 9/30/2007 -38,100,000 - -38,100,000 Total Obligations To Related Parties 9/30/1007 (438,100,000) - ($38,100,000) Total Investment Assets ($38,100,000) 50 - (438,100,000) MorganStanley SmithBarney 57 EFTA00284399 MBZ 1992 News Trust Endnotes- December 31, 2011 Reference &Andes I1 Please note: Inception To Date returns (I112 Return) an? annualized returns for periods greater than 12 months. I "I Please note: The TWR eakulations are Net of Fees. MorganStanley SmithBarney 58 EFTA00284400 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 )1.9p• Chau& p Yawn Daggett Bank Calelnu4 UST.a.ry US Cars. Fading Dl- Dminipthin Skold, au. Swim & Ain". Oaken 1/1/3)11 OpaUns Illginge S 2036µ33M S 1147,13763 S S S S S S B,514.3:7107 1/1/ DTI Inkccit New York lax rite Pernis 2•2b)00 13„540,52102 1/1/3)11 lidera& Nowt Yudadbx Tres- Bona. 11.125.00 11.1M41607 1/1/2311 InIrtyst New York T. kn. 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Tab 31000 n Inc 9337210 117102353E 3/29/3)11 Investment Now Yorlt tax hat Bond. 19(0,7500)) 14.22652/132 3/XV2011 ha& Transfimd Inimawalang AN 0 476410665 130100)00 11-721,527.32 Daily NervyW.(744%1.11mM. &venni( Mc)ume t ZwLemian• 3/3(1/3,11 OperaUry IlAr.(0).New atonal System 077.0)1 4Nirr (250).9(0011 11,221,527.32 11.4ocahonS70).00)1 3/30/3)11 CO 900 moz niming Logo 1=09-299 ( Intent) 113946736) 130106096 3/30/3)11 MINChinlins Wan 4500148.5 4457.0,11)) 12419,76516 317344/JANU • eunk(N Amenta on Nreohiev Line 44 Credal 3/30/3)1I 1502564) 12.1D,166 13 Inincv &SwAr nyment 3/30/3)11 164444: 6138311 Ranks' 5,61.NA 12045 12.122)06s, 3/3033)11 Inlwol.31.wpn Stanley ;Viva./ Sank NA 29.1.1 121V.336.41 3/31/3)11 Mt Inc. • Lazy 1 Tact* 135529151 12.091313726 3/31/3311 Mark F.Prague (357.5(0 Ideurty lc 333.0))0461Suprort I 110730104 11.934.50726 3/31/3)11 Inlernl. towel& Bala 3,06250 11.9005676 Nslance as el Much II. 3)11 S 434.40693 $ 115111961.111 $ 11341716976 4/1/3)11 IS' Aviation lawn Paywan (13344655) 11,833,723.21 Cask.* Rowlvins LinecdCzna/ Cully Nays Loan 4/1/3311 VOTOwtt IC(U-(0X0)1001/1.9.stOp Arnett! 01$310.401.11. 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Frew Nora. 11,560,157.99 4/1/2)11 lokr21: Now Yeirfax Nee Powl, *MORO 1131207.99 4/1/3)11 InImr•I:Nrre Yorlau rin.Bona. 2310250 11,61057.9) 4/1/2)11 161224 New Yost Tm Ito, Pork's W0000 111.03.07.99 Pas.19.Tronslerred lwat MU 0/1112414 474 CORN lo COW 4/4/3)11 4,142.32325 16,116,511124 <pokily 32122.4121. lot II* Ilisl quarter el 2)11 4/412011 Wig AViiii0A tO•lri MOW% 010N4710 111922149) 1532472075 4/4/3)11 Les & 5wapColliteral (140/00302 14,952,72075 4/0/2011 Cannawn Capiiil Python II LP( CryEa' all) (.5.221)2) 14.9511.419. 75 4/0/2)11 11421:94 Amala Mortwe raywcals 1159.73594 14.72111.2223 4111/2)11 lin& Roniwal from Ilan/. el Amaks Rewlving Lane ol OW* 1.M).0000 1/1724.17442 4/13/3)11 Uay 2 Orerallng fl peMc anJ tiiipyrd G'a'te 11044901) II1220,70LE3 021y Nwn...LP.Cortrubmwo NocounI(Ntorlimer II Ziwlannars• 4/14/2)11 (1.401.0211:01 16.324211/3 Paulo, Payment $1.42002. 14p12202rwril WOAD I 4/14/3)11 Investment:New YorIttaw Env Pon!. 0 1110)0)) 1234024W 4/15/2)11 ClaNtral Monthly Cusinalcui Fn • (2.711401 15317,000 411212011 Intone Tomtit 091ith .. mill 15.334139014 4/19/2)11 512122,..ankyWaillh gam), Crab, rattler 1Disintollon) 147.11042 15,45,995.56 US News & World Raton 1 Mortimer I. 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I Lbtilletko I 10472600 16.235236.55 5/13/2011 00.14. Monthly CUModisit Re write) 162511,5339 5/B/2011 1242.1:Nrre York Tax Frn Bunch 2301.11 102155,021 MorganStariley SmithBarney 62 EFTA00284404 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Cam* IP Slurps Ontocbe Dank Goldman. US Treanor, US Ce•••mmi Dib• Thwription Char Sacb•It Co. A11.05. Saw. 5/15/3)11 Inlimm:N•ve Yuela Tax Fm Boni. 1730)00 16,1/AMC° 5/13/2011 Inks( New Yolk Tm }tee Hun.. 23.01)C0 16.3(tU000) 5/13/3)11 llama:Now Yueladbx /err Pura. 18.75040 16.316,9)000 5/15/2011 Inktat Mn. Y0.41)0 Nur 1100.1, 5119)00 - 16371U000) 5/1613)11 Inlmret Nen York Tut Tme bud. 10.3750) 1636841SM 5/WWII 164660:Nee To/rim ITTe11€6•65 73000 16395.9230) 5/16/3)11 Inlimel:N•nr York. 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Parana, Baler ( 1 1.101/0100) 13209.01072 6/M/3)11 New bridge Arakun Futlowts LP I Lairitaal 1 *466.90 111.17,90672 6/22/2011 Canavan Capital Priam ll LP( Caul Cali) 1212940% 13213.7%72 6/M/3)11 Waldorf rlightFerila IMAM)) 1341029172 6/ 23/ 2011 Redemption New York rm Naftali 1.101.362.30 11.142.14122 6/24(011 Investmant Nay York Tax !me Ilona. (1.10)..“1,01 1311144%19 6/ 24/ 3311 Intent Ta.able Raids 6291107 13017.97319 6/21/3)11 Nab Framlerred loClicitkb*Att 041162665 (Pataral Eipatse 123090)030 12297,97319 6/ 27/ 2011 Ewan Venture Rama LP( DiNtS1•011) 66.761.71 121/6173654 6/29/3)11 Q.I/LK Co avestnail lata LP I Distribian I R3316190 13444797% 6/29/2011 lama glorpn Sunk, Sank NA 21190 12413.01270 6/29/3)11 31organ,4anley Frage Punk NA 4.116 • 12445".516 6/29/3)11 Interest Taiat4t34144 6.475110 114%M% 6/30/3)11 lama Taub/ "Wilt lid750 136453,21836 6/ XV 2011 kleZ Printing lanai 51014.165 111105210) 12.931.36313 6/30/3)11 14734X1/00.1• Ronk ol Ativrk.3 Revelling Urn 44 Credit lateral ISS523890) 12.426,12663 6/10/2011 BR Inc. • Lay Z Yawls 13123714) 12291139.47 6/30/3)11 MM. Y. PratlaISM3(0 Many & 53(40) ChM Support I 1107.5010)) 12.2341)947 Investment Mae* for Newbildge Andmn Partaratixt 6/30/3)11 (4.13861) 122113200113 I fn' Cutlat Inwonwnt Plural. for Nimbnder Panipatices 6/30/3)11 (A3964) 11 'SOP-319 ouncs Odder) Dalian a W June30.3011 661.527.% 1141153424 $ 3. 12 M4064 is /1/3)11 Garnateticadglavry Market 541 ASKO67.60 /1/2011 Initial: New Takla Rte116m1s 11.1(00) 1229354710 /1/3)11 lama New York Tm tree Horn.. • 62500) 122901760 /1/2011 LL44 Avlition 4an Paume4 044,44749 111291031) 12.1tO.777.06 /1/3)11 LS44 Mahon loan Paunint 113073034) 124541672 /1/2011 lanai: New York 1* It POWs 2, 00100 12.010794.72 /1/3411 InantNrre WA Tax fray Bona. 11.125.00 12,093,921.72 /S/2011 Inkral: Tautly 1014s • 73177$ 12497,449.50 M3)11 Co #193 ).10Z Riming Loan.. 1 ZEZU9-299 114241623) 11.95425272 /6/2011 0/CCapital patina MU Pacific I ( Daranion) 117.21$19 12.07204.7.9. /6/3)11 001, at America en Revahing 4aw 01 Cr&B SWAP hymen, 0%41273) 112A61521 /6/3)11 Rainaticat New Takla fm Bondi 1035,43228 12.110),16301 /6/2011 Redemption( Na Takla Ha Ponds 1—M4419 101M1911.S0 /6/3)11 Kalamai= Na. York Tax fay Bondi 1,036,471.11 10$3,60,01 /7/2011 Pala Tramiand 10 ClitiAllIg Art 476416,666 ( Anal Dipme 11,00)04 • 11.1/161501 0/3)11 G5141rak Eflulty Farmers IL U' I Ilistntylia I 606.562,00 13,423175,01 IrVion CandiedI aviator NItura Calvin (WOO 15.419.57,01 /5/3)11 Camped 4144k Mr Main Golan (7504 10100301 /W2011 Gnand elwak for glen C.M. COMO 441931001 Critgalcho:k for Maga 0thIn 00300) 1010,9501 ast3211 Gratind elak raglans C.M. WOOD) 1/A1253001 /5/3)11 COWS check fa Slum. (Wan 0.203 - - - 154091,001 MorganStardey SmithBarney 64 EFTA00284406 Mortimer B. Zuckerman Gish Account Activity - As of December 31, 2011 Moepur Cilltunk WSlarges Drutreler Dank Goldmrs. US Trareury Ifs Conwommt Fading Dab 13acrIptIon Malloy fltrro Saris &Cu. Awn/1m Baloney 7/ 9/ 320 Girtion.1duck for Nitrate Calw.n (22$0026 15a47001 7/ß7 3211 Gobbed cluck for Nltrara Glum CIAP102) 136(0.39601 Gsbank &nuking lonoolCrelek/ Dimly I0rm. Loon 7/9/ 3211 13Orewer •011140)(0)100111.9e.oplraymenl al $X16,761117. 13116.701.17) 13.096.113314 Interest l'avmenlrelSIICIt LC Fms WOO 7/11/3)11 Grozeouror 1 Drantoloro 425500 15.101,6412.1 7/11/3)11 Rolompliorr Now Yin Taa Env &old. lag ..5.33 16.136175.17 7/1U3211 ROOS Trinit61169 froodArDentol POOR,» L:WlN00 111.631t1M17 7/15/3)11 InIrrier New York Tm her Oral. 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York Tax Fret Bond. • 60(0(0 21,331173060 X/1/3)11 U.S News & World epee Mottlinci,AfeellUn IMAN 6)) • DMIL75/1111) 8/1/.3)11 I/Sor Avirlion Lorin Piterraro 513F6N0 11194399e 23361,15670 X/1/3)11 IAN Av4uon 1.0M1PeTtate on.roye 399Rß11 8/1/.3)11 InlierrorNrre York Tax runllorp.i. scmoo 232793190II X/.9/3)11 Mass Calton • GA oxuße D276113411 9/5/3)11 Rat lnrvlmdJ lo (Neb.% Ad 146.IgY63 90,55m1111,11•911. 13Y10NN1 22.926.139611 Ger. Runting Low €.10•1141 Dodo Nnadoran 9/ 9/MH Renown 16)111.61010)10(CUI.Swap Parynnol oIS317.297.92. 131729794 22.609,581I9 Snot Paymml o190(11, 5.9.5003 8/10/3)11 rear« Pdvete Imeornenklub III IllsWINOIXI I 16.94700 2162432919 8/12/2011 Oalmrdr Moodily “trodiro 17.73/061 ZL6r09713 8/1213311 CertibeJchc,:k for nleura (14209 canceZed 6.”10 22.6247113 11/15/3311 Inineel: Tomtit 159115 209357 rie.m.31 MorganStantey SmithBarney 65 EFTA00284407 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Magri Gam& "Minim Dosch,Bank Coidmim USTrommiti USGernmeme Drimiptitin —y Chem Sank Co. 8/15/3)11 Cormfirel ohmk for flora Cairn • .43-04.1 MOM 22.636.713.70 IIMMXII Conotied chock for Mora Colvin • isemiLml 40000 ZLOV.IWO 8/15/3)11 Inimmi New York Tax rim Bond. 11.250)30 96591651 11/15/3)11 toluene:Neer MAU% Fn Bon& 11.10200 9.619.612111 8/15/3)11 Loary Z TochlOptream Emonse021521p0m1 (503)3030)) 21.149,96370 8!1/ 2011 Inincial: Tomtit 0010. 1176.01 4.130.30-51 8/17/3)11 Daily Nrivse LP. COOCIIIAZO1011?mous ( Mortimer II Zuglerman ) OallAC0110, 33.150.21251 M2.113)11 Inknsl: Tumble1MM. $31230 3).135311201 MI5/3311 Introit Tamil& llorals • 4.5001* 2036435101 M2.113)11 Pa0M4 Privam ImmoramiClob II ( theft Zama I 7.491.40 3).167.10101 MI5/3311 Waldorf Flishe!inlet 00300304 20,067,161.01 M29/301 Redemption Na' Yoh 130 km boteJs 1203040 3)032101.01 8/30/3311 Inhume: NlorgraMmIty Sok NA 1A51.0. 3.1084.3.336.7 211212011 learnt Morgan Stanley hives NM.NA 31.11 31104.707.51) &lam. al Augeg 31,2011 S 3.41161033 S 20.051.337.90 9/1/3)11 Ca InsimermaINIcem Market 3.1.084.31443 9/1/3)11 Ca Insticutimal Money Mahe 33.081.31.23 9/1/3)11 Ininesi: Now &AT. Fe. Uor..i. • 3100^33 9/1/3011 QPC3)(C3Istame Dirilitmeire.I 901.71000 31.995$0.23 9/1/3)11 USN &ninon Lion Fimmirit A0536740 (119.1523) 313,71M43.43 9/1/3)11 Itcdemplicov New Teak I.0 Int VonJs 7210300 ara51.633.1/1 9/1/3)11 Introit New York Tax 1,.. 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Zuclarmon • iTOffille • 9/14/ 301 11%M0& 21.709.191.15 3rd ITMAIIIMIlli I Mt Ittivrned by Groyaoll MammonII Macovet.lorUmer IL 9/14/3/11 15010)00 21259,194.15 76clermun• Jimmie • Ird Ineallnimit I 9/14/3)11 Drily Nem,LP. Concentrusio ACCOSIM(Nlonimor II Zuglemur. ) (I.1743ES031 32684039.15 9/15/2011 Inked l: New Yoh lax Ittir 1066 6.7,0110 3)29/0915 9/15/3)11 IN4w Inn. lb* of AMMO Oft ItetvIvir% line olOaht 10:5201100 269536/3Is 9/1213)11 Duly Nen.I.P.Concroinacro Amnon,( Morlimer li Z0Serman) 025201101 3)29/0915 9/15/3)11 Isnot New Y. Tax Ti.. &ma. 64063 31.692.21901 9/13/2011 Inked l: New York lox WmUs 7.21)200 3)4969998 9/15/3)11 /anon!: New WA Tax !me Dom& tram 33.703701.53 9/19/ 2011 Inimmi: Tomtit 11XId, 328121 33.70lO39.70 9/19/2011 Inimmi: Tomtit 1160> 6472 3).701.7(030 Omicron lane enII Estqw I Mower U. Zuckromn • Inveotor • 9/19/3)11 115120100)) 3255403430 3011roMIlmtril/ 9/ 22/ 3)11 Inmstment Nov York lox Pre Uonds 1101/1103) 211.430.50130 9/22/3)11 Centried Owl %Wird 6.40000 3)&5203430 9/22/3/11 Cormlirel ChM Voolod 3.30300 3340301M MorganStantey SmithBarney 66 EFTA00284408 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 /Anami Chink IP Magas Einue.h. Bank Goldman. US Trani., US Cannmme Orm 139691.9hin Sang Clubs Sat& Co. Agn9in Dabney 9/23/3)11 Cerldiodenswk Voided 2.$97X0 31,162.984.50 9/22/3711 C..9319dOork V..99.4 UMW 9141A116190 9/21/3)11 Dilly Nrove• LP. Contoutnnen AccottnI(3199ma B Zwlenmen) (1500910,01 • 18,969861.50 9/26/3711 Ininni: Taut* tvods 1.30.00 1691.7.141-90 9/26/3)11 klownRonley 961111 Panty 0911119rbien I Cap1111 call) 12349:60)) 18,212,759.50 9/29/3711 161991.51orpn Stanley Bank NA. 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Received Iron Rook et Amines Pennhing land Ladd 120910900 162993362 10/30/3)11 0911916691914161P66449 I 1.11.6191106 I 3471900 16 '0410,.11 10/20/3711 Purest of 11ona INA? ) 0 30•90 09 10.203.033.0 10/30/3)11 Duly Nor,..LP.Conc999629 AccounI(31969•• B. 299..man ) (1.41)1900.3 1673240/32 10/21/3711 r0/19•9199J in 06..61rµ Ad A 479861669(lirooral /Amur 110)5900.9 11.002193.0 10/24/3)11 0/ 96 1/9 , 69990 Sc., PkOrret Porlicik. 2.E.33.00.100 16 9199,91 10/242011 Q.011:C., Intnmens Rai IL IP I Capilal Cal) 090219190 11.331.894,V 10/24/3)11 Q.18.14.1.9 Inve.uncol 1,4+.110.1.111.7.90.)1Cal) (4541233)1 13,6930113 10/242311 Molve9unhy 999 Bunn Cr91.1Pathan. Capital call)) 126929917) 1.71AZI.7.11 MorganStantey SmithBarney 67 EFTA00284409 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Malian Cilthenk IP Slurps Oranclw Dank Goldman. OS Tremor, US Cerearlialal Drains Dam DarlirtIon Semidry Clump Soda t Co. 8116 Asmara Saban 10/25/3)11 Want Morgan Stanley Sank NA ma 13,135.09531 10/25/2011 InItred: Mown Fraley Pnvott SAMNA. 9.71 IIALN903(0 10/31/3)11 Beide PrOpirll. ZONIOPP Ueda Divilmd 3.06500 1.5.113,9610:6 10/31/2011 11;ntoci reoptillcs1-115S Milani 19).10100 13421.021.00 10/31/3)11 &oda Propliim Gammon Sock Divalent 511594.76 141.145.81 10/31/2011 11>atoorroptiller.OIN: M,Mde0 2951.27100 17.131.810.51 10/31/3)11 &oda PromIro. Cannon Mock Deridrad rl..(6100 17335.937.81 Ralseav not Ctioter 11. 2011 S 5,616.973 42 5 - • 1.1 • S S S S 17.35S.937.81 11/1/3)11 Coo Inbar/m.11.k./ Markel 17.335.94.456 11/1/2)11 CIO Irstiaatioml Nicety Marla • 17.350.9$209 11/1/2311 URN AVIllatill Lowtromatt nyur 10) 17.1.D32.”9 1111/3)11 IISNI Avr4I.on horn Parms.• 5/156760 1104793153) 17,114.10156 11/1/2011 Interest New York IA Ertellords 21.L000 17.05.311.00 II/1/3)11 InItml.Nrre Train Inv Ilona. 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In Ftry Pond, IAMVIO 1627419905 11/15/.3)11 'Mani New York In In. 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Tranan4 to laIUD orCrula Mutant "Ant•Obli4M 111/ MIMI) 12/13/3311 3010.7015onits Trarnkfro.1 tO Ittlef ol CIAJI1 ACCOunI1ACCIIRIPMR1 15014949.13 12/13/2011 14500 Sn& 'bantam, to 1.1tvi olCrnlit AnDunI"AnOUEMM 111/11199.13 12/13/3)11 *WO Don& TrareZerml V. ItDer &Conn' fACCIIMMUS IMII5,99913 12/174I311 SACO) Bonin truulixtvJ In loan et [radii AuounI(T.10606486) 112/1509113 12/B/3)11 Inter...I:Nine York lax Fur Mai. 3,675IU 15)119574.13 12/1S/2011 Ink New York IA rite Ponds 750300 11.27.0741) liroisTnnslertul lam MU CRUI MIS 4. - CORD lo cow. 12/B/3311 4.442.13.125 3)269)9738 <tanker JIstritea0Als lot Ihe !ku<0.1129ann 313011 12/13/1311 TtiatfertU3 Igen MCDADOI POMCI10 33130//40 397.38 12/15/3211 US. N.w. WorA germ.. I MoDsnwr tutlarrinon I 140)000100) 22.369)9738 12/1,0)11 real. TranshereJ lowdown, (2511)AUMI 1461•9207.38 12/16/3)II 'Swot Taustio &4W. 61911) 19)701117.18 12/19/2011 OBLK Cu.Inv numert Fund IL LP • DUmbulion 1.(01.74)00 31/94.1W1$ 12/19/3)11 <tow CapRol Nana,(Uhlritclion) 19.9000 11.914.74&18 Daily Nee.,LAConmnIzaawn AuounI &Wilmer Sixlarmin• 12/19/M11 .. 700140% 191697451$ OprittetC.I.51,750:001 12/20/3)11 CVCCapital ramm Ads ILdOc I 1.5.949.13, l%Itar07 MorganStardey SmithBarney 69 EFTA00284411 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Mayan Chink IP Slurps Dintteclw Dank Caelnun. US Trance" ls (:..*omen fading Dfin Dmoirtion Slinky Our Sada &Co. Bill Ate 11••••• BALM, I2/30/3M IlaudanJInJumftul Patina,LP • nutihaass l7S.91600 19.15toll.SS Daily Mrs', LP. Conc.ontruun Aountni(Morbma D Zuclermsri• I2/22/3M <2.00U00.1 I7.3%.613.SS KM 'UMW ° 12/12/3M lay 7. OTVIliting & *OM Sed brag PTOU0.10)) InAC4b1S.50 12/22/3)U Waldorf Flke,t*DiCe IIVAMO>) ICSIOLlSS 12/r/20II Inlunl: Tamblv Nods - 6.2900) I6.127-9M0 12/29/3M InItml:TausIde 5046 • 6A7SD) I6.319.378.SS 124129/3)I1 'Munk Masan Stinky Sank NA DIM I.329.61(11. 12/79/3)I1 Inlittol: !minium "anky Private Dunk NA. BA. I6.3190S(0 hat Itunsierred lam MU(11U1 MIN 4Th. %MAR le cowl 12/30/3)11 4.142.12125 20,971,94&SS %Walla., 411,01hcbmis Int the Mini Qalliff Oi 3,111 Rat It4I1Sierteci Warn MU OlUI MIN 0* %TRU le OW 12/WWII quarto., klIsUltealens Int IhelkwiliQuatterol XIII 4.442.3..as 25,04,272I0 12/XVZ011 MILT Printing limn AFUOI4Sb4 II(0.45M) 24.9401,13.20 12,00/3)11 Math P. Preilte - *WM Alisway & SMOJOCtied Supped 11073C130>) 30143,31110 12/X9MI Cu 0493 MI/Minting Loen•1212339.1.0• 'Moral IMO/C.4 217(031.171 I2/30/3)1I U!N AvIMIon UV- Loan l'uywal IMMO)) 24970,07275 fi lm a. no Denninlwr 31.2)11 S I2d16$24 S IL764.09.77 S S S 94.57tX02L7S • MBZ Morgan Stanley Cash Account Activity includes Accounts 060652 & 086488 • Citibank Value Inclusive of Fixed Income Securities and Cash MorganStantey SmithBarney 70 EFTA00284412 The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Morgan jr Meagan Dtutwbe Bank IISTreasy US Governed Ending Dale Desaiptio• Manky Chase Bills Agencies Balance 1/1/2011 °pude"; &Wee 5 6734165 5 3 $ 6734.66 1/1/2011 Intent New York Tax Free Bonds 13125A) 80.469,66 1/1/2011 Emmet New York Tax Frog Bonds 1520000 52.469A6 1/1/3811 Intent blew York Tax Free Bonds 14.9750) 11029466 1/13/2011 Reamption: New York Tm Free Bonds 4133653/ 573.759.99 1/13/2011 Invasimont. New York Tax Fray Bonds (493A93.049 29.03459 1/15/2011 Imerek New York Tax Free Bonds xrege 33134.99 1/21/2011 1/D5 Communications Panne° IV, U'( Distribution) 59X957:0 92.33959 1/211/2121 Intense. Morgan Sunk,' PrivateBank NA. 1411 92,33410 Balance mot January 31,1011 9255110 • 9$551111 2/1/2011 Inkiest New `Cork Tax Free Bonds 5.007.0) 2/1/2011 Inkiest New `Cork Tax Free Bonds &MO) 101801.10 2/1/2011 Interne, New York Tax Urn Bonds 150X0) 118.03410 2/11/2011 QBLK Prtiuse Capital 3102 LP ( Distribution I 108231.0) 327.3)3.10 2/14/2011 Redauption, New York Mei Fro.Bon& 214.07720 441,72210 2/13/2011 QBLK Co- Investment Fund II. LP ( Capital Call) (399,39“01 41292.10 2/25/2011 Nowbridge Andean Pillrans 12 ( 0140Ibuilon) 0.9660) 30238.10 1/25/2011 Interest Mequon Stark/ Myatt Bank SA. 21,63 90.87213 Balance an d February 28,2011 5027273 S 5027273 3/9/2011 Q.BLK Co-Investment Fwd. LP I DiAnbution I 3970120) 40554:73 3/30/2011 intoreaddagan Sulky Bank NA. 320 447.506.17 3/30/2011 Interew Morgan Stanley Privatesank N.A. 23.36 44803953 (Islam an d Mush M. 3311 S 44200933 S 44200953 4/1/2011 Invesemvnt probtodi kg No...bridge Andean 4% Patkipation ( Eric Caraluf i (3861) 447,65029 4/1/2011 Invesenvant procatili for Newtridge Andean 4% Datkirution ( MaimCelt ) (33364) 44729273 4/1/2011 Interest New York Tax Fee Bonds 21,150000 469.31223 4/1/2011 Inlarat New TOIL Th. Fro.Bond, 7.696.13 47427843 4/1/2011 Inlertia. New Teak Tax Frye 04024 1280829 492.12732 4/1/2011 Interest New York Tax Free Bonds 9,93056 50106723 4/1/2011 Intorect. Now Toil.Tix Flee llond, 2,5000) 501.55725 4/1/2011 Inland, New York Tax Floe Bonds 3,6730) 51822000 4/13/2011 Redemption: New York Tax Free Bonds 1231652.43 134122531 4/13/2011 inemement. Now York Tax Free Bonds (120020100) 54123531 4/22/2011 InIe,o.MorganStaNey SINN A. 9239 541.97750 4/20/2011 intorem.Morgan Stanley Prhute Bunk NA. 3601 542015.91 BaLtnev cud April 3). 3)11 5 '4201' 91 5/1/2011 Interest New York Tax Free Bonds 5.7,4, An O2 r 5/6/2011 QIILIC Co hwestment Fund-12( Diuribution ) 9411.931OU m' r 5/15/2011 Interest New York Tux Free Bonds l0.97222 MorganStanley SmithBarney 71 EFTA00284413 The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Morgan Jr Morgan Deutsche Peak US Traeger US Government (riding Dale DewriptIon Stanley Chase Billy Agenda Balance 5/15/1011 linnet New York Tax Free Bonds le, (Pit 138244931 5/27/1011 Internt Morgan Slinky Bank SA. pinl 1.120.561.45 5/17/2011 Internt Morgan Stanhey ('Une Bank NA. I.120,60038 Balance mot May31,2011 I .N.NIFX $ 1,183,0038 6/1/2011 Funds Transferral Iran Sea Pentode 1.2251000100 2.~.60038 6/1/2011 Interest Saw York Tax Free Bonds 8337.50 2516.937,88 6/2/2011 Templeton Lobar Bond Imyetment 0.215.000110) 139193735 6/9/2011 Invelmmy New York Tax Free Bondy meows) 16739210 6/9/2011 Redemption New York Tax tree Said, 1.060.8333 1.217.503.43 6/15/2011 litterat Nair York Tax Fray Ilona. 5.75000 12D,633.43 6/15/2011 Redemption New York T.o.Fra.Bonds 203020) 1.242633.43 6/15/2011 Interest New York Tax Free Benis 5(0.00 1.244353.43 6/71/2111 Redemption New Yort.Tat.Fra.Bonda 550,07935 1.53121301 6/21/2111 Investrant: Nee York Tax Fen Honst. (55217693) 13418.600 6/3112011 Newbeidge Andean Pawn lir ( Dantwain 1 1.044.0) 1.24250~ 6/27/2011 kraal lnleastrature Fund LC. LP.( Capita Call) (37~00) 1.25.40~ 6/29/2011 Q.BLK Co lananwnt Fund, U'( Distribution ) 1.5119230) 2.154.123,30 6/29/»11 Inleda: Morgan Manley Bank NA. l74.72 204,49710 6/29/2011 Internt Morgan Stanley Nest Bank NA. 1411 2.15434211 lnemtment Promo% lot Nerebridge Andean 4% Participation 6/30/2011 NI 36> 2.15430035 (Eilt(Mtler ) lawratment Prosseda lo. Newbridge Andean 4% Participation 6/30/2011 (4136) 2.154.451.59 (Jaos Gerdes ) Balance as of June 30,2011 8 2184.4859 2984.45859 7/1/1011 Intact New York Tax Free Bonds 150)0£0 2.19995859 7/15/2011 Redemption New York Tax tree Ponds 20,0)0£0 269945859 7/15/2011 Intereat.Nenv York Tax Free Dona 323000 2.maxe.s• 7/15/2011 Interne New York Tax Free Bonds 13£00£0 2.715.78959 7/25/2011 Redemption: New York Tax tree Bond, 23~30£0 2.915.7IM59 7/73/2011 lnielest.Nsnv York Tax Free Bona 1277311 2.91998637 7/28/2011 lniennt.Morgan Stanley Bank N A. 374.5) 2.94716107 7/23/2011 lniennt.AlorganNanley Dane Funk NA. 38.91 2917.400£1 Mena ma July 31.2011 294790391 5 5 5 2917903411 8/1/2011 Miaow New Yak Tax Tree Bona 5,510.01 2.951400£1 8/1/2011 Realempoon, New York Tax Few ~di 73900000 3202,40001 8/1/2011 Ink « New York Tax Free Bond; 623000 320845001 11/30/2011 Interest ?deepen Stanley Bank N.A. Me% 33Pb:6877 5/30/2011 Internt Mogan Stanley Panne Rank NA. 3423 220999300 Balance an of Auguat 31, 3111 5 3209~00 5 5 3399,itosexi 9/1/1011 QPC 2002 Diaraded (Dian-beam ) 1362350) 144531880 MorganStanley SmithBarney 72 EFTA00284414 The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Morgan jr Mogan DflattCbC Baak US Treasury US Government (nding Ode DesaiptIon Stanley Chase Bill» Agencies Balance 9/2/2011 AIP Custom Portfolio MINIM RV (125X0009 3.220-1480J 9/9/2011 Q.842( Co Invenment Fund-12( DkOribution) 53282003 3.101.1680) 9/13/2011 V55 Communications Paring's IV,IP( Capital Call) (63.331.P01 3.735,6370) 9/16/2011 Y% Communication Partners IV, u'( Capital Call) (31,974001 3,70166300 9/»/2011 Interco. Morgan Stanley Bank NA. 143.46 3.703206MS 9/29/2011 Interest Morgan Stinky Prime Bank NA. 1074 3.702173) Balance m of Seplember 30.2011 5 3,703,817 20 5 5 3703,817.20 10/1/2011 Interest ?Ow York Tax Free (fonds 2129100 3773.06720 10/1/2011 Intern: New York Tax Free Bonds 4.813.75 3.729.91055 10/1/2011 :Mond Nos York Tax Fro Bonds 10.0(0£0 3.739.91055 10/1/2011 !Mond Nos York Tax Fro Bonds 9.29/.0) 3744.16393 10/1/2011 Intern: New York Tax Free Bords 15(0.0) 3.7480055 10/1/2011 !Moron New York Tax Fro Bonds 3.675.0) 10/24/2011 Q.BLK Co lanniment Furs] Ill. LP( CapitaCa) (1.381,3001:0) 2.37tcoss, 10/24/2011 Q.BLK Co linnamens Fund II, LP ( Capital Call) (99,15G001 1,191)51113.93 10/23/2011 listen-A. Morton Stanky Bank NA. IRS» 1.792014711 10/23/2011 Interest. Mown golly Insuwallsk NA. 9.73 1,19102401 Balan ad Onotur 31.2.011 5 1.29229421 5 5 5 5 5 1.7921/241/1 11/1/2011 lntere*New York Tax Free Bonds 7541647 L817,44018 11/1/2011 lnionst.Now York Tax Free Bondi 1031250 1207.753.18 11/2/2011 brad Inhatrucium Fund LC. LP ( DbcrIbution y 67216.40 1Aµ96938 11/14/2011 Brickman Real Elbte ford Ill. LP. ( Capita can) 191.973.001 1302,99638 11/15/2011 Interest New York Ta Flee Bonds 12.5000 1.815,49658 11/13/2011 Interest Now York Ta.Fn. Bonds 25£00£0 /81049658 11/15/2011 Inkiest New York Tax Free Bonds 36093.73 137639033 11/17/2011 055 Communication Para°, IV, LP( Capital Call I 02241.00) 184249.33 11/29/2011 (Merest. Morgan Stardey Bank MA. 71)22 1.05432032 11/29/2011 Interest. Mown Runny InnateUK N.A. 1074 1.864.330.94 Balan MCI N6~69(30,2011 5 1364.330.11 5 5 5 5 5 1364.333.94 12/1/2011 Redemption: New York Tan Free Bads 219X430£0 2.154330.91 12/1/2011 lnionna.Now York Tax Foe Bonds 8337.50 2.162~64 12/3/2011 brad ltdrasinwinre Fund IS. LP (Capful Call ) 173,(03001 213/7(668,44 12/9/2011 Q.BLK Co InvonnontFund111.12( Capiuleall ) (1,1532000(6 (033611.44 12/13/2011 Q.811( Co Inventment Fund-LP( Ontribution ) 1.73721340 2.5711)76.44 12/16/2011 QIILIC Co Imummont Fund II. LP ( Distribution I 6142330) 3,1113,949,44 12/21/2011 S.55 Communicahon Panne" IV. LP( Capilal Call) 014,421001 320122744 12/29/2011 Inkiest Morgan Stanley Bards N.A. 91(0 3,101418.47 12/29/2011 Inkiest ?damn Manley Isavaw Bank N.A. 1007 3301,6211.54 Branasol Duombor 31.2011 WI 63'54 5 5 5 WI MorganStanley SmithBarney 73 EFTA00284415 The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Morgan Jr Motgan Penni/me Gant US Treasury US Coseniment Ending Dale DescrIptIon Sunk-, Clouse Bills Agencies Balance 1/1/2011 Opinbµ Balance 36,95390 S 3693590 1/11/2011 Funds Telint4Wred Item S.36 Portrolo (00330.00 636358.50 1/12/2011 Morgan Stanley Credit Partners( Captal Call ) RAO:toffi 631268.50 1/12/2011 0/C Capital Call 1519AH 001 81,9143 1/14/2011 Redemption: New York Ms Free Bonds 37.1873 589.102.46 1/13/WI! Inwslmort Now Yolk Tax rim Bonds 3934300i 3247/68 1/15/2011 InWreur New York Tax Free Bonds 325040 50.497.31 1/15/2011 InWrent New York Tax Free /lords 103)00) 1(0.497/6 1/15/2011 Interest Now Yolk Tax Fru/ Bonds 1520330 123.49748 1/19/2011 AP invesMwrit Europe LTD Distribution 15.171.79 13669.47 1/24/2011 VSS Communing/caw Parbwra FY, LP( Dmibution 59385.3 13031.47 1/15/2011 Boston Propenies Ontlend 67979330 877.31.47 vzsnon Intense Morgan Stanley Balk NA. 1863 877,86830 1/20/2011 Ialeraa.Nlorgan Rangy Framer Ma NA. 134 877,86944 BaLanee an of January 31,3311 87669.44 877469.44 2/1/2011 Interest New lock Tax Flee Bond, 2031000 897249.44 2/1/2011 Interest New lock Tax Flee Bond, 1973000 91641944 2/11/2011 Q.BLK Co. Invonnam1Fund BAT< Capful Call ) 033900:9 51722944 2/3/2011 Newbridge Andean Partners LP 0 3. 118901011) 16,49500 533.72444 2/25/2011 UnowstEdorgan Manley Bank NA. 75.94 5333038 2/25/2011 UnowstEdorgan Manley IMmer Bunk 31A. 3731 533237.97 Balanav au or Fabluary .202011 533.10797 $ S S 1/:x3797 3/9/2011 Q OLE Co-Inregmtn1Fund. LP I DiAtnbutton I 529343.130 103991097 3/16/2011 Redemption: New York Tax Free Fords 1,06871889 2.113399,86 3/16/2011 RaientreInn Now York En Fire Bawls 1,04032000 3,172,41926 3/16/2011 Invemment New Yolk Tax Free Bonds (2.121393.0:0) 131116926 3/30/1011 /Merest. Morgan Stanley Bank N.A. 11231 131.18217 3/30/2011 latereit. Morgan Slanky Privabc.Mt* NIA. 4431 1,0613616 EnLinav riot Mardi 31.2011 S 1251.22648 S S 1,1361.2260 4/1/2011 lrivestment proceeds for Newbridge Andean4% Participation l Eric Cartier) 1659.80) 3:60.566.68 4/1/2011 lnwantrant piomadi for Newt/ridge Andean 44 Participation (3anus Conks ) /659.80) 1,001:106443 4/1/2011 Inloont.Nsnv York Tax Fier Bonds 21,25000 1271,15628 4/1/2011 Interest New York Tax Free Bonds 3,40812 13636500 4/1/2011 Inlenist Now Yolk Tax Free Bonds 7,6961/1 332261 18 4/1/2011 Intent New TOIL Tis. Frog Bonds 1548889 1µ3&.130O7 4/1/2011 Interest New York Tax Free Bonds 9,93056 1,1014,080.63 4/1/2011 /Mena Now Yoil.Tas Five Bonds 1.2300 1.1093043 4/11/2011 AP Uwownwnt EurOpoL113143131bugan) 2146631 1,131,14603 4/15/2011 Alma/ Stanley SmIlb flanuy 0681 (Diaributioil 14739824 122834510 4/15/2011 Inlemst New Yolk Tau Five Bonds 3.373.00 1.281.92007 4/24/5111 Morgan Manley Salt Danny Quail Paster( DlwrIbution 307642 1.116,59649 MorganStanley SmithBarney 74 EFTA00284416 The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Morgan JP Mangan Veourhe Pang US Treasury US 0:averment Ending Date Description Stanley Clime Bills Agencies Balance 4/28/1011 Wend. Morgan Slangy Bunk NIA 14758 1.‘16.744 4/28/1011 Inlere-g. Morgan Stanley Private Rink NA. 38.91 I %In 7S1in 4/19/2011 &goonPieprtks OPU Dividend 679,71.101 "a917 in Balance a of April30latl oi< -Aro, 5/1/2011 Interest New York Tax Free Bonds 5236.46 LOCCL3C0A7 5/1/2011 Interest: New York Tax Free Bonds 37000 2105):63.47 5/6/2211 Q.BLK Coiner-ninonFont U'( Dtstnbution) 7211.912011 1790.975.47 5/12/2011 CVC Gump° W I Csagibulion 1 26.509.41 7.817.884211 5/15/2011 Interest: New York Tax Free lands 17.98175 2835,8%.11 3/13/2011 :Mama New Yolk Tax Free Bonds 3225000 Lai.116.1) 3/19/2011 CVC Gump. IV I Dstribubon 1 184932.43 3272068.53 5/27/2011 *name Morgan Stanley Bank NA. 375.93 3.073.41451 3/27/2011 *name Morgan Stanley Pine Bank NA. 38.93 3.073.413.44 &Wm< nor May31,2011 :fflrt,4,0,44 S s 3,073,48144 6/1/2711 lnleret New TOIL Tax Free Bond, 11.5,(0000 3198433AI 6/15/2011 blare-L. New York Tax Free lands 5,750.00 3.201.213.44 6/13/2011 Rakallptioit New York Tax Few Bond< 24(11001 3.22423341 6/13/2011 Iniereat.New Yolk Tax Flee Bonds WOW 3244,75331 6/22/2011 Newark* Andean l'illtwis LP( LX.41sitc1100) 1,9201)0 3.216463.44 6/13/2011 AP litenement Europe( Distribution) 49,03201 3.275.710545 6/19/2011 QJLK Co Imantment Fond, LP( ViguibutionJ 1,703531.00 4.931,256,45 6/19/2011 Redemption: New York Tax Free Pads 2035,441.41 7.016,70039 6/19/2011 Interest AlocgonSlardey Bonk N A. 53138 701723517 6/19/2011 Inkiest Morgan Stanley Pnvate Bank N A. 4131 70172/958 Itionemens Pe. for Neistridge Andean 4% Participation 6/202011 (74301 ( Ertel:Mkt J 7.0172)178 Inemimens Nand, for Newbridge Andean 4% Participation 6/30/2011 reing (JammCenki) 7.017.125 50 Balancers of June 30,2011 7.017.123.93 S S S 7,017,12398 7/12/2011 Italemption New Yalta Five Bonds 1,021,11111 8.(08.D7.09 7/15/2011 Raiemption: New Vogt Tax FreyBonds MOX00.00 0.98,97.09 7/15/2011 Inhume' New York Tax Fray Bonds 3301)0 821148729 7/25/2011 RoJemption: New Yortaag Froa.Bonds 230,000De 8471,48729 705/2011 inlerta. New York Tax Fret Bonds 1,27778 8.472,76427 7/19/2011 interest. Morgan Stanley Bank NA. 108629 0.47386176 7/28/2011 interest Megan Stanley Private Bank NA. 38.93 BAMBOO)* 7/19/2011 B on Propettkg0PU MISS H4024800 9,154,130.69 Balind ai 01 July31.2011 v. l7.Llvan., $ £ 9,154130.69 8/1/2011 Inierest New York Tax ETC<BOildf 9.174,13069 8/1/2011 Redetiction: NowYork Tax Env Bonds 7110:00 00 g.924,1)0M MorganStanley SmithBarney 75 EFTA00284417 The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Morgan JP Morgan Deutsche Bata US Treasury US Cocernment Ending Nee D,alpthn Rutin Chace Bills Agencies Balance 8/1/2011 Inlereq, New York Tax Free Bonds 18,75020 9.9.42.24121 8/5/2011 TheWhale Produchon Croup. TLC 04300300) 9.79748269 8/23/1011 AP Mammon' Farope Lit) I Ditintrukon I 5949026 9227.37155 8/30/2011 Inwrera. Mown Slangy Bank N A. 152679 942049034 8/30/2011 littered. Morwan Rangy Pnvsar Kn,k N A 3424 9.8”:732.58 Balance as of Airpal 31.2)11 S 9253732SE 9233,23235 9/9/2211 0192 Cameramen Fund LP( Ensvibution) 77457201 104760158 9/13/2011 %SS Comnucnicattons Partner, IV, LP (Capital Call) 165431001 10,561.77338 9/16/2011 VE6Communicabons Partner) IV, LP (04.1411 Call) 01.974.04 1053079958 9/26/2011 Meagan Slack,. Singh Barney Credit Partners ( Capitol Call) (2.34205110) 10.25509958 9/29/2011 Interest Morgan Stanley Bang NA. 437.44 10296532m 9/29/2011 lotting Hagan Stanley Enemy Bank NA. 10.74 10,296,312.76 Ilaggeor of Sepiemkel 342411 S 1029624276 5 5 S S S 10.296.34276 10/1/570 lnioreg. Now York Tax Fray Bonds 21,25001 1031759276 10/1/5111 lnioreg. Now York Tax Free Bonk 441230 04 3 75 - 1402L20324 10/1/2011 Ligon-A. New York Tax Free Bonds 10,327219.01 10/1/2011 ledoreq.Now Yorl.Tax FlueBon& MAXI= 1020701901 10/1/2011 Intone* New York Tax Free Bonds 0500) 10513.25921 10/1/2011 Inionnt.New York Tax Floe Bonds 1.200a1 10244.49921 10/1/2011 Entered. New York Tax Free Bonds 3,17540 1024727401 10/17/2011 1294,7 C9F044.E.E, I Caporal Call) 1724017101/1 9,621247.01 10/17/2011 Red...Action: New York Tat Fmk Bonds 200.19200 9821247.01 10/24/2011 0.BLK Co Inwamonl Fund III. LP (Crepltal Call) (1211.733.03) 7,968,11401 10/24/2011 0.8LE Co Imegtintog Fund IL LP( Copt& Call I isnmo.o» 7440,964M 10/27/2011 ?downHanky Smith Barney Crcatil Partner"( Capital call)) 269250.00) 7.11147421 10/28/2011 itileftla Morgan Slinky Bank N.A. 39.46 7,132423.47 10/28/2011 Inkeert AlorganStardey ink NA 923 7.1320020 10/31/1011 Bowan Propertks OPU Dividend 671121200 7.81029520 Balance mot Odder 31.2011 S 7.8111246 20 S 7,BIGN5 20 11/1/2011 1.111Jfilt NOW York Tax Flee Bond. 121,25o 7A20.07.7 7u 11/1/2011 InlereettNew York Tax Free Bond; 3,75000 7r-455770 11/3/2011 AP Invegrnent Europe LTV I Diantobon I 10,412.19 7404.76910 11/13/2011 Iniorest. New York Tax Free Bonds 17,90125 7832.751.14 11/15/2011 Interest New York Tax Free Bonds 5225040 7,503401.14 11/17/3011 Alorgan Stanley Credit Partnnx (Capital call) (43922000 7469,78114 11/17/3011 VESCommualculbara Pagners IV, LP ( CaplIal Cell) 0 25 0 .03) 7,133,460.14 11/23/2011 MorpnRangy Credit Partner, (1)14tribution ) 59)5485 751273999 11/25/3011 CVC European Equity Parbwrs V (CapitalCall I 13382 9933) 7.173412979 11/29/3011 "serest Hagan SLanley Bang N.A. 32221 7.174,15250 11/29/2011 "serest Mogan Stanley Iltvaw BaalNA. 1074 7.174.16324 MorganStanley SmithBarney 76 EFTA00284418 The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Morgan jr Megan Deutsche tinl. US Treasury USGovernment Ending Dale Description Stanley ghee Bills Agencies Balance Balance as of November 31),2011 S 7,174.16124 7,174isait 12/1/9M Learnt. Slew Yolk Mix Frn Bondi 5080000 1,174.16324 12/9/2011 Q.BLK Co lineement Fund IIL LP ( Capital cat) 11.671.33100) s vytlazi 12/13/1011 Q.BLK Co lineament Font LP( Distribution) 1316,71100 71469.143.24 12/15/2011 Funds TreAtioned WO McDonnell Pallor* 4.3000040 12.16934311 11/16/1011 CVC European Ecpaty Parlous IV. LP ( DIstrteesn I 164509.10 12.334.13142 12/16/2011 Q.BLK CoIncrement Fund IL LP( Ihnribution 1 6142730) 11949.0)5.42 12/16/2011 Funds TreAsIoned 10 Sone Pelf016 (2.300.000.00) 10649.0)5.42 12/16/2011 Funds Ternkrre3 for Doubline lenestment (2.00:1001M 14,649.00342 11/11/1011 %SS Commurucelwns Panne, IV. LP( Capiel Call( Ist4noo) 83(4.583.42 12/29/21111 Weer Morgan Sunky Bank (.1A. 11529 8.561A11.71 12/29/21111 lawn. Mogen Sunky Para.Rank NA. 1007 3.!6.1.501.78 Balanoemol Docvmbot 31, 2011 $ $ SSn<S< )S MorganStanley SmithBarney 77 EFTA00284419 The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2011 Alorgan leMelva Ikent.ohe Bank Goldman. US Treasury VS Gcerernrnent Inding Date Description Stanley Ouse SdoRCa Bill. Agencies Balance 1/1/)311 Opening Balmer S 217.131D4 S S 237331.05 1/11/2011 Laad3r Inc. Investment (2O.0.UA)j 37,13108 1/23/2011 CS Vintage Fiend. U'( Dualbutinn ) 13506//3 17223208 1/28/2011 !Stant ?damn Stanley Pentair Bank N.A. 2129 IT233337 Balano..asol January 31. 3311 172.75337 $ $ 172.TA),31 2/11/2(01 Q-81K DirateCapital 2002. LP( Debit:000n) 1013,401.0) 281,151.37 2/14/2011 QILI( Co- Ineabremt Fund II, LP ( CapkAl Call 1 (135130187 148024 37 2/17/2011 Loted3r km. Investment (5.0(0007 73,02437 2/22/2011 FuntIS Traditered from Sax POMO° 540030) 123024 37 2/22/2011 Laad3r Inc Investment (7503000 4802.37 2/22/2011 Intemst Monate Stanley Perna Bank N A. 19.99 4804136 2/25/211 Lood3r Inc Investment 17.%0(0) 40044.36 2/23/2011 Interest Magma Stanley Percale Bank KA. 049 4054185 Balance ma Fetcuary 28,2011 1834415 S 10,511 M. 3/9/2011 (2.11LKCa4nyostenrnt FunJ. LP i Disintmlion ) 111,25103 151.799,15 3/11/3311 Loud)' In. Iniostmam 050.0.1N01 1,799.83 3/18/2011 Lood3r Inc Investment (7.50100) (5.15813) 3/21/2011 In ennt Morgan Stanley Ilkaw Bank N.A. 339 (5.696.56) 3/22/2011 Ends Translated from Sex Ponta* 500303 Apiast 3/30/2011 Interest Morgan Stanley ['mate Bank N.A. 1.94 4430538 3/30/3011 Margin Inseam (521) 4430110 Balance as March 31,2011 44200.10 $ 443(0.10 4/14/2011 Loud), hti. ilIVOSIMall (7 •5(01507 36000.10 4/27/2011 Backman Reel Estate Fund IV( Debitation) 182,77603 219,57(.10 1/28/2011 Interest Morgan Stanley Bank N.A. 7.43 219.58353 Balance., of April 30t 2011 219.503.53 $ S ?tarsi. At smarm Intrast New York Tax Five Bonds 5,00303 22458153 5/3/2011 Margin Intent Crean 5.28 224.55081 5/6/2011 Q.811( Co tram-tent Fund. LP ( Dialnlutian 1 164,90910 38949701 5/12/2011 CVG Europa Ni Destriatran I 77.33197 467,053.711 5/19/2011 CVG EttrOPS N( DISB0 .0011 107415,93 574469.76 5/27/2011 Interest Morgan Stanley Bank KA. 41.41 574.511.17 5/27/2011 Interest Morgan Stanley INvate Bank NA. 2243 574,53160 Balance ma May 31,3111 571.51).(i) $ $ 574,53.0 6/1/2011 Fends Translated from Sax Portfolio 7INI10.101 1289,53160 6/1/2011 Templeton Tutu' Bond Investment (717.0.1160) 574.53160 6/27/2011 itfalei illiIIMIOCIWA: Fund I.C. LP. (Capital Call 1 (37.5(060) S.171)3360 MorganStanley SmithBarney 78 EFTA00284420 The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2011 Morgan IF:Morgan ISubohe Bank Goldman• US Treasury VS Govemment Inding Dale Description Stanley Clunk Sachs & Ca Bills Agencies Balance 6/29/2011 GIL); Co Imostmonl Rand• LP ( Dkanbution ) :pros 8)5,36260 6/29/2011 Interest Morgan Slardey Bank NA. 89592113 6/29/2011 Inlerom Morgan Slanky Private BadcNA. 895416603 Balance an d June 30 am S 8933416 7/28/2011 inkiest (down Stinky Bank N.A. 103.37 935,369.45 7/28/2011 inkiest Morgan Starke Private Bank N A. 3S) $95411039 Balance as ot July31.2011 8%.&I.39 1193605.39 8/9/2011 GVG European Ewe, Pamirs IV ( Degthbson I 237,90292 L133,5➢131 0/30/2011 linolost.Mossan Stinky Banter A. 111.45 L13370276 0/30/2011 Inlema: ?dawn 51ardey Nun< (tank N.A. 3123 U33,73499 Baloney an d August 31.2011 $ 1,133236.99 5 5 5 f f f 1,133726.99 9/1/2011 OPC20:0 Diversified( Diminution) 136.25100 1269,591.99 9/9/2011 Q.BLK Co livmstmen1Fund, LI' ( Distribution ( 167,734.00 1,432725.99 9/29/2011 Inkiest Motion Smoky Bank NA. 4820 1,432774.19 9/29/2011 Interest Morgan 5ianiey Pnvate Bank N.A. Ian IA32,364.93 Balance as of &Timber 30. 2 311 :FA2.791.93 5 S 1,432,784.93 10/24/2011 Q.BLK Co Immamon1Sand III, LP ( Carnal Call) 1460,43300 9123.51.93 10/24/2011 Q.BLK Co Immamon1Sand 11. U• I Capital CM) (150.019AB 779,30193 10/28/2011 Interest Morgan Slardey Bank N.A. 4361 79.31654 10/28/2011 Interest Morgan Slade), Private Bank N.A. 9.73 779.35617 Balance., ol October 31,2011 77926627 t S S S 77v,3 .27 11/1/3111 Inmost New York Tax TTC<E4011t6 5,00a00 184,3562; 11/2/2011 Israel Infrastructure Fund IC. LP. ( Distribution ) 67.214,40 (61,57267 11/29/2011 Interest Morgan Slardey Bonk N.A. 26.10 851,59357 11/29/2011 Inkiest. Motion Shining Moan, Bank NA. 1075 951,60932 BalatIN an d Nowirnbn 33 2011 851.609.52 $ $ $ $ 851.(01.52 12/5/2(91 Israel Infrastructure Fund K. LP. ( Capital Call ) 05.003AB 776489 52 umzon D-BLX Co Imo-Amen. Fund Kt LP( Capital Call) (417,913301) 358476 52 12/13/2011 Q.BLK Co Insnamon1Sand, LP (DlianbutIon ) 49923280 145,40832 12/15/21311 Furris Transtorrod fromPicConnal Punkt, 80000.00 1,645,40352 12/16/2011 CVO 6,40449016000 PenneM IV. I-P (C6101:600^ ) 164,989.18 141069770 12/16/2011 Berkman Rail EOM,/ Fund IV, LP( nimabution) 167,957.00 1,976354.70 12/16/2(91 QIILK Co IlWallIWAi Fund 11. LP I Distrabolkin 1 204.9M00 2,1113..31270 12/16/2011 Fists T an* SI* Sea Poinoso PC0.000):01 188131270 12/16/2011 Funds Tninslenvd rot Suublies.lincumeni DiXt00003) 1,381,31270 MorganStanley SmithBarney 79 EFTA00284421 The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2011 Alartran lIMMorgai !Statische ISank Goldman, US Treasury US Government Ending Dale Detalptlom Stinky that Sachs St Ca Bills Agencies Balance 12/22/2011 Hackman RevlEslale Fund IV. LP ( Capital Cell l L36449270 12/29/2011 Interest Morgan Manley Bonk N.A. I.368,52519 I2./2S/2011 (Merest Alava]. Stanley Private NAN A. I.36A5)559 Balance es of Decanber 71. 2011 • I. trrl,ttc. trtt MorganStanley SmithBarney 80 EFTA00284422 USN College Marketing, Inc. Cash Account Activity - As of December 31, 2011 Morgan jr Meagan Daetacho Bank US Treasary US Government Ending Dale Description Stanley Chaw Cab Agenda Balance 1/1/2011 Opening Balance s 64389.9 5 5 s s s -.no,. i , ,-, ..i 1/11/2011 Morgan Stanley Croht Partners( Canted Call) 125411 MI 1/719/ 2011 Intern: Morton NuAky ?mete Bu k N.A. 601 _....1 -1 ado-Kr as of lanuary 31, loll 22 1818 221814 2/15/2011 funds Translated kern Cabaret Peelloba 40).(010) 429184.5.1 2/15/2011 Q.els Co- Investment Fund ILLY I Capta Call) (399390.001 29.95431 2/23/2011 Intent Morgan 9..anky Prink Bank NA 4.54 29.99903 Balance as of February 28. WI1 29.999015 $ 5 5 5 2944900 3/9/2011 Q.BIX Co4nomemont Fund. U'( DaurIbution 215,374.0) 2-8171111 3/30/B)11 Interval: MorganFunkyBank NA 3017 1i: 1221 121 3/27/2011 Interest. Wren Sunky Prink Bank NA 6.95 -1.1Ili, '20 Balance as of March 31. ttni X5,11020 Fund, Transferred from USN CRUT Act. 476- 06141U to coat the quarteny 4/1/2011 2!0.57s.se distnbution fee the FintQlMitee 2011 535.948.78 4/1/2011 Interest: New Vote Tax Free Bonds 7300) S36738.78 4/19/2011 ?doyen Stanley Smith Etna', Credit Partners( Distibuden) 7304,62 610405.40 4/26/2011 MorganStanleySmith Barney Credit Partners( Distribution) 17135.02 672.740.42 4/20/2011 Intorna. Meagan Sunky Rank NA. 49.16 62:471195/1 4/20/2011 Interest Morgan Sunky Naar Bank NA. 34)39 62722447 Balance as of April XI MI S 6.27424.47 637424.47 5/1/2.011 Want New Valk Tax Fray Bonds mom 632442447 5/6/2.011 QBLK Co trivmenwnt Fund. b'( Oh.trIbution ) 4011.117.00 1.010,60147 5/15/2011 Interest New York Tax Free Bonds 131250 1A11,91397 5/9/2011 InWrme Morgan Stanley Bank N A. 104gal 101201$01 5/27/1011 Mwrae. Megan Stalky Ith.aw Baal NA. 38.93 1042.06.94 Babvatol /day 31,Zall 1.0420%54 $ $ 101205691 6/1/2011 Funds TeallSIONO INT SOX Portlate 7%.0)0):0 1.:97.056.94 6/1/2011 Templeton Lobel Bond Investment Qssanwl 1.012):66.94 6/1/2011 lawn-at: New York Tax Fin Bomb. 937303 1,031,131.91 6/9/2011 Redemption New York Tax imam& 514.72The iswita9n2 6/9/2011 InYeaMstra: New York Tax Free Bonds 612.293891 D:63.365.13 6/29/3011 Q.04-K Co Immanent Fund. LP( Distribution/ 866.92.5.00 1.540290.13 6/29/2011 biome. Mogan Suitt Bart NA. 14524 1.940,43527 6/19/101! lawns,. &townStanley Parma Bank NA. 4411 1.94000.18 Italanoe as ol June 30,24111 $ I 441 4S1 Lt $ - $ I.Ol)44-, I, MorganStanley SmithBarney 81 EFTA00284423 USN College Marketing, Inc. Cash Account Activity - As of December 31, 2011 Morgan jr ~gm Deutsche Bank US Treawxy US Government Ending Dale D.7ØØ Stanley Chase Bills Agencies Balance 7/2B/2011 leterem: Wegmslanky Bank NA. 269M 1.310.78962 7/28/2011 Nan: *grey,Stinky Pram< Bank NA 38.93 ~.78836 Balance asof July 31. 201] 5 1,940,21.55 5 5 • 5 1,9~55 8/30/2011 Intern: klorgrng.anky Innk NA 236.96 1.94102531 8/30/2011 Intern. M>ntanstanky PrivateDa* Nerk 34.31 1.911089.]5 Balance es of August 31,3)11 5 1,911.09975 S 1,911,099 75 9/9/3311 «LK Co InvesImmt Fund. LP( Dishitunen1 ØN5Ø 2.31.338435 9/26/2011 Morgan Stanley Smith Barney Credit Panes (Canal Call) 017,44301 2.r03101.75 9/ 2// 3)11 Intern: Morgan Stank,.Bank NA 8181 2736,4556 9/29/3311 Intense Morgan 9..anlek. Prink. Bank NA 10.71 2.r03196,30 Balance as of September 30. 20I1 5 2216,49630 5 S 5 • 5 2.216,49630 10/1/2011 Internt: New York Tax Free Bonds 750.00 23r.31630 10/21/2011 QBLK Co inveslennst Fund 111,12 I Capital Call I 11,381,30003 1115,91630 10/14/201] QBLK Co Invelment Fund IL LP ( Capital Call) (533,15000j Nr6.79630 10/25/2011 ?down Stanley Smith Rung Credit Partners ( Capital run)) (131,61500j 132.15130 10/33/1011 Intern: Mangan %mkt Bank NA. 6911 132309 10/28/2011 Intern: Morgan Stanley Prwate Bank NA 831 I31319Ø Bebnce as of Ocb*er 31. am 13232903 5 132229413 11/1/2011 Redemption New Tort.Tee Free Bonds 100P01/31 532219(0 11/1/2011 Inhern. New York Tax Free Bent 4,031(0 536.829£0 11/15/2011 Intern >kw York Tax Free Bards 1312-50 538.11133 11/15/3111 Intern. New York Tax Free Bends 12300/30 Ø0M153 11/17/2011 Morgan Stanley Credit Partners <Capital call) (21941000) 33100133 11/23/2011 Morgan Stanley Credit Perinea( Distribution) 29,67142 36033615 11/39/301 Intern Morgan Stark Bank SA. 1130 36021765 11/29/3311 laWN1l. Mogan Ratty Priem.ILK NA. 7t6 3[0.72470 Balance as.' Novemker 30.7311 5 5 5 5 Yo:1.72-1 7:1 12/5/2011 Funds Transferred Inn McDonnell ~loin 300,000/30 M1L721.70 12/9/2011 Funds Transferred Iran Ca Poring> X0/330(0) 1,360.7213.1 12/9/2011 Q.EILK Co Inventment f unit°. LI' I Caput Cal) 0.2538C1300) 106.921.70 12/13/2011 Q.BLK Co Inessiment Fund. LP( DBfribution) 1.201.74300 1311,167N 12/16/2011 Q.BLK Colnessiment Fund II, LP( Distribution) 6118750) 1,93,310.70 Bands Trarslenn5 from USN cRur Aav 47(.061W up toverifrquatvely 12/19/2011 210373R1 dkuttegion for ihQS‘wod Quarter 3111 2.157,11926 12/31/2011 Intern Morgan Sunk", But NA. 4022 2.157,16030 12/19/2011 Intern. Morgan Stanley New3fmk NA 720 2,157,167.90 MorganStanley SmithBarney 82 EFTA00284424 USN College Marketing, Inc. Cash Account Activity - As of December 31, 2011 Morgan jr Morgan Catutache Baak US Treadady USGovernment Ending Date Descrtdion Manley Chute BUb Amid° Balance Balance ascii Do:enter 31. MI 2,157.167 90 S S S L57,16790 MorganStanley SmithBarney 83 EFTA00284425 The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Mayan JP Marra Deutsch* Sank Goldman. US Treason, VS Government Wing Dale DeacrIptIon Stanley Clam Sad,,I. Ca Mils Agencies Balance 1/1/2011 Opening Valance S - $ 6 6 s $ 1/4/2011 Funds T(6414014 lion,&ix 000t110 1.00100)10 100000000 1/6/2011 Morgan Stanley Credit Patna"( Capital Call) (837,43131) 162.56849 1/7/2011 Investment. Blackstone Group LP 1.00100)10 1.162.369,49 1/7/2011 Fund{ TranSered Irom C$bwdt (1.0:0X0031 16256849 Cheek. 1097: John F. Kennedy Library Foundation (To Support the 1/20/2011 (91,000LO) 137,569,49 IFICSOPrcted) 1/27/2011 ?dolman Stanley Crolit Patron( Disolbutlan) 24324.00 501892,49 1/3/2011 Colton Proper0es Common Stock Dividend 12250100 67439249 1/20/2011 Boston Plopenim.Common Stock Dividald 1122,430 77010699 1/ 29/2211 biome Marµan %inky Bank NA. 27.98 711).86497 1/211/1011 !Mem4 Mayan Sunky ',mewRink NA. 4.03 7702690) aura 1098 Hohmann11.9.1irec., LL ( Ekren Witness / Report tot 1/31/2011 (I0.0.1)fi)) 7*1)260 Merkin UV/ Suit i !Lane.re of January 31,2011 7.10559W 2/14/2011 MK Co- Investment Rad II. LP( Coptul Call) 1684140.0.9 7626910 2/25/2011 Intermt Morgan Stanley Bank NA. 4983 76.91710 2/25/2011 Inionnt Morgan Stanley Pne.ile BMA NA. 21.46 7693931 Baluvemol Rtruat) 20.2011 76.qw.m 76,939.31 3/0/7011 Owe,. rt 1102- MemormIRoan Koloodsv ( 3111 Contribution) ,uomArot 02 0,92306069) 3/0/2011 Interest. Mayan Stanley Bank N.A. 4.22 (4923.115.47) 3/9/901 Fund* TWOS'S lrOnI C$ PO00010 920020).03 76.9{353 3/9/1011 Q.BLK Co-Investrnau Sand, LP( Distribution) 89600 7723933 3/9/2011 Q.B4K Colmvslxnent Fund. 1.0 I Distribution I 1491.62300 1.56%16253 3/16/2011 Check .1099- US!militia Of Nice ( In honor of Ron Silver) (r1010)) 15{446253 3/17/2011 Redemption. New York Tax PrP001144 39100100 L91446253 3/30/2011 InWre5t Morgan Stanley Rank NA. 19136 1.91461289 3/20/2011 Interest Mayan Stanley PrivateBank NA. a19 1.91{.611(8 Babnce as of March 31. 2011 $ 1.914.6003 $ $ 1,11o4i 4/1/2011 Interest New York Tax Free Bards 3{0512 1.99931921) 4/1/2011 Interet New York Tax Free Bonds 3,177.78 1.921226.90 4/1/2011 Interest. N2w Yolk Tax Free Bond, 7,944.46 1.929,17142 4/1/2011 Interest. New York Tax Fro, Bond, 1500100 1924,17142 4/4/2011 Funds Trandaerof Iran Co Pordolo 4.50100103 6.451,17142 Funds Transferred to Mortimer B Zuckertnan Act. Of.- 067652 lo 4/4/VII 0.442.323.75) 2011..64M7 cover the quarterly distnbutions for the Fiat Quarter 4/8/2011 To Cover Annual Return Fees for 2 Cap. LTD( NDE/615586_92(015) (2.316.71) 2X09,531.46 4/11/901 IthelatonoStrategle AIIIMIN NM Ill CapfulCAI 1 (131),030.00) 155%53146 4/12/2011 Check 91103- American heart Friendship Leoptie (AITLContribution 1 (1409001 159531.46 4/13/2011 Check I 1104 - Gown &Gcdfrey I Meet Alerkin Surd (410).591 15)471087 4/21/3111 Morgan Stanley Smith Barney Credit Partners( Dmvibution 1 9601200 1.62639287 MorganStanley SmithBarney 84 EFTA00284426 The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan Jr %Regan Deutsche Bank Goldman. US Treasury US Goremment gnding Dan Doweled., Stanley Clame Sachs & Bills Agencies Balance 4/23/2011 Wane. Merman Ratty But N.A. 17736 1426,57025 4/23/2011 lnlereet. Menem Stanley Private Bank NA. M94 1424409.19 4/29/2011 Boston Properties Common MoriDividend 122.5(Kt00 1249109.19 4/29/2011 Boston Progenies Common Stak Dividend 142.44130 1.831,55369 Palanee *I April Xi. 2011 5 1,991.5330 S S - $ 1,991,553.69 5/1/2011 Interest. New York Tax Free Bonds l6100.ß 1.909,95349 5/1/2011 Inlottent. Sang Yantis Frog Ponds unto 1.916.27869 5/1/2011 Intrust New York Tax Free Bonds 531500 1,922,15369 5/1/2011 Interest* New York Tax Free Bonds 1,99303 1.924,10349 5/1/2011 Interest* New York Tax Free Bonds 2200303 1.916,10349 5/6/2011 Q.BLK Co Messnot Fund, 1P( DurrIbution) 2,191,551.50 4.137,65169 5/6/2011 Redemption: New York Tin Tree Rends 14.5.02356 428247825 5/13/2011 Investment. New York Tax Fine Bond, (49,(0930) /2143935 5/13/»11 Imgelmeng New York Tax Free Bonds (74.990:01 4,159,64575 5/17/2011 Enterer Morgan Stinky Bank NA. 501.17 4,159,146.92 5/37/2011 Mined. Morgan angry Prorate Bart NA. 3193 4 159 19535 !Unweaned May31,2011 $ $14. r,.:•••. • $ (ISOM:SOS 6/1/2011 Funds Transferred Iran Sea Pentoge 2425600003 6.554,19545 6/1/2011 Templeton Lobal Bond Invegment (2.423.0:0») 4.159.18535 6/9/2011 AlPfleomIledgu Fund Solutions - Linmen,LP ( Capitol Call) 131,00800) lemass(6 6/1)/2011 KD Resourcer 1.1.0 I Meet Makin Suit) 14733.03) 3.9:0-76525 6/15/2011 linen-A:New York Tig Free Bond, 228300 3.ß6M035 6/13/1111 Reißanplion Now York Us Five Bonds SUMO° 3.911MO(6 6/15/2111 Innrem: New Yak Tig Free Bond, 2.12500 191326565 49/29/2011 Q.B1.14 CoInvestment Fund. LP( Delribation) 2a17.350 00 6031.11535 6/29/7211 Intern: MorganRafael Bank NA 614236 6X01.79$21 6/23/»11 berrest. ',teem Slonky Petnobe ea NA. 4131 6/301A-102 Man» ol June 310011 5 o •1;4t •C• 5 - s - s S ' S ' 5 4001.8.502 7/13/2011 Check V1109- Harvard College 1 Zuckerman Fellows) 11.0(0.0NX0) 56014/02 7/18/1111 Clint 81108- Nava", Celk16, 111arvard Delon Program) (!80ßß6D1 456124302 7/72/181 Masan Slonloy Smith Hoene Gast ratans( Distribution ) XL61200 5,022515ga 7/35/2011 Redemption New York Tin Tree Bonds 91500300 5,93731502 7/73/2011 Insrem. New York Tax Fin Pont. ROOM 5,91239835 7/27/1011 Oust a 1107. Comma on FOIVISA minions ( Onaribution ) (35$0»toe 5,937.59935 7/28/2011 Interest: Ntonom Stinky Bank NA. 84202 5.908M037 7/74/2011 Interest Morgan Stinky Poem.Bank NA 3993 5.909A7930 7/29/2011 Berton Properthe Common Seek ',indeed 122.501110 6,030.97930 7/29/»11 Boston Propertim Common Stock Divided 14244450 6.173A2390 Balm»asol July 31, 2011 so' S «15:325x' MorganStanley SmithBarney 85 EFTA00284427 The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan IP Morgan Deutsche Bank Goldman, US Treasury Goeemment Ind* Dale DesalptIo• Stanley Chase Sachs & CP Bills Agencies Balance 8/5/2011 AIP Custom Hedge Fund Solutions . Caymem IP ( CaPital Call) (1.02603004 524742300 8/17/2011 AIP Custom Hedge Fund Solutions. Cayman .1P( Capital Call) (7.624.73101) 2 97749276 Oseck 4 1110- Dana-Farber Cancer Irotinne ( Pediatric Sarcoma 8/26/2011 1181373.(0) 2,33831976 GmornicPrmect I 8/30/1011 Intense Morgan Hanky Bait N.A. 37428 2130/401 8/,`0/2011 Intense MagginHarley PrAme Bank NA. 3124 2.11802828 Satan°.m ol Augtmt31. 2011 2.),,s.91S > $ S 213\92020 9/2/2011 A1PCtmeom Portfolio Amual Fee 11430.10.00) 2.193.928111 9/9/2011 Q.BLK Co Itivestment Fund. LP( Distribution) 210153300 4.3906328 9/1)11011 BlacbtoneStrolegic Alliance ( Copt& Call I 1827.517.03) 3,571.31628 9/27/2011 ?dorm Stanley Credit Partners ( Capital Cali) 1310.263.03) 29131.08328 9/29/2011 Interest Morgan Stinky Birk NA. 13132 2.984203.81) 9/29/2011 lowest MorganHanby ravage Bank NA. 1(174 193421434 BWnv as of Sepamter 30.1011 2.9.1.1.214 51 5 - $ 25011.214.51 10/1/2011 Interest: Tow York Tax Free Bonds 1.61153 2984827.01 10/1/1(01 IntereA. Now Toik Tax Brno Bond. UMW 2990,27.04 10/1/2011 Intere-A.2.kw York Tax Free Ilonds 5,00000 2995327.01 10/1/2011 Interest: Tow York Tax Free Ilonds 25,00000 302027.01 /0/6/1011 Q.BLK Murcia! Ventura 11 ( Cla LP ( Drienbution i 173304410 3,199,131.04 10/6/1011 axiom !Wt.Fund Solutions ( Cayman ) 1.1, - Commitment Payment tX0.00/.0)) 2.499,13104 10/17/2011 Morgan Slinley Saila Ibtiwy °Nil Fannin ( Journal) 709500 25702401 10/21/2111 Morgan SiAnleySmah Batley Cm/it Patters( Capital null)) (673223.0)) 1,911301.04 10/26/1011 Interest Morpn Stanley Kink NA. 9436 1,903,69360 10/18/1011 !Memo) )403),,,)i)St.),)1.-, Private8mA NA. 9.73 l$0320333 10/31/2011 Boston Properties Common Stock Dividend 12250300 2026.20533 10/31/2011 Boston Properties Common Slack Thvidtmd 1424+150 21684498 Babnce roof Octoker 31.21)11 I 2163.64910 5 s - s - M 2163.64923 11/1/211 Redemption New TOM try Pro.Bonds 10000103 3.71916+983 11/1/2011 Interest: New York Tax Free Ilonds l84(300 3.777,0.923 11/1/2011 Intact New York Tax Free Bonds 1.80375 3.71305358 11/1/2011 Inking: Now YorkTax Free Bondi 3.37303 329422858 11/1/2011 Intact New York Tax Free Bonds 1,950.00 3,79627830 11/1/2011 Intact New York Tax Free Bonds 2200100 3.818,17858 11/3/2011 IMPShaunt. Now York Tax Free Bondi p.occaxgo) 220,17858 11/17/2011 Rafrillpliffit New YOrt.TM Froa.BOad6 1115,00CW3 3=27830 11/17/2011 Interest: New York Tax Free Bonds 15031 VX0,32.889 11/18/2011 ?damn Smoky Credit Paetness ( Capital toll) 0.(F91403000) 1.50527889 11/29/2011 latest Margin Stinky Bait N.A. I ISM5 1,505,39771 11/29/2011 lnleitt. Margin Ratty Privme Bank NA. 1074 1,905,408.40 Polasme ao of Nownibin10,2011 1.9)).1.: S S - S 1.9113,MtklA MorganStartley SmithBarney as EFTA00284428 The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan JP 'began DdtJtMIw Bank Goldman, US Treasury US Commmene Ending Dale Devoiptlom Stanley Ono Seats Be Ca Bill, Agencies Balance 12/9/2011 Fund* %MAWS liOnICIS P01010 1,600,00100 3.505400AS 12/9/2011 edackreck Co-Invedmunt Fund Ill, LP ( Cepital Call (2289,000001 121640048 11/13/1011 Q.BLK Co leamement Rind, LP( Mmelbution) 4.099.40$.00 ssissita Funds Manama' ea Montreux a:aria-noun And 476460532 10 12/13/2011 (4A42323224 873,49123 WWI eh., <wady dmilbulionIne Hue Suomi 011•11fin 12/13/2011 Funds Transferred from McDonnell Ponlolo 2500000.03 0223,49123 11/16/2011 13/mkrock Codmvomma Fund II. LP I DisInbution ) 1,90,75040 1027924113 11/29/2011 Interest. Morgan Reeky Bunk SA. 223.47 10279,1070 12/29/2011 Mierest MorganMarty Pars* Rank N.A. 141117 102/1,479.77 Funds Trarnkrred to Mortimer I Zuckerman Act. 476- 060552 so 12/30/1011 (4m22,23.25) 510715452 corer the quoit-tie distritutions for the Tined Quarter Funds Trenskrred to Mortimer I Zuckerman An, 476- 060552In 12/30/2211 (4.44232123) 1,39431327 nowt eine quasowly Modbulione Mr IS Fnusth (Manes Salem.m of Docvntn 31. 2011 r'rdi S • S $ I.luitem r MorganStanley SmithBarney 87 EFTA00284429 The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 JP >Megan Deutsthe Bank US Treasury V5 Cavemen/Tit Cncling Mona Description Staley Clue Bills Agencies Balance 1/1/2011 Orval% 1141.46:e $ 983713.98 $ 9 3 $ 136371398 1/20/2011 InWre4. Morgan Stark Bonk N.A. 21/37 13640065 Balance mot Jemmy 31.2011 s 136480.65 1 S S 134%0.65 2/75/2011 Interex Morgan Sleety Prwar Bark NA. 2093 136421.58 &lane. of February 212011 5 136421 Sx S 5 5 5 5 136.42135 3/30/2011 46 erect Morgan Stanley Bea NIA. 2467 136,44625 Belem. ol March 31.2011 5 I - 64462' 4/1/2.011 Ft0145 T640690 ken St.( Porfolo 33644625 Tends Tramlettal to LIS.N Calk*, Marketing Agit 476-061985 WCOW the 4/1/2.011 I.7. -..,-.>•,, 15556767 questa/1y distritealons lot the Hot Quante of MI I 4/28/2011 Intend. Morgan Tatty Ma NIA. 2434 155,89201 allallaV IS of April Xl. DTI 155.89201 $ $ I. $ 5 155.89201 5/27/3.01 Interest'. Morgan Stinky Punic Bonk TA. 2478 155,91679 UMW AS Of May 31,2011 S 155.91619 S S S S S 155.91619 6/1/2011 Funds Transitsned komSeix Portklio 18080100 33%91679 6/1/2011 Templeton Lob.% Bond Invesunau 1380.0:0.03) 155,91679 6/29/2011 Intemt./Ilorpn Stanley Bank NA. 28.19 15%944.48 Balance as of June 3%2011 S I:D.95198 S S S S 155.944.98 7/214/2011 Interest Morgan Stanley PrivateBali MA. 24 79 15%96977 ftsbnctaa al July 31.2011 S S S F.;.,.,,:- 0/30/2011 %Detest ?down Stanley [Meese aug. NA. 21.9 15.991:6 allillaV Asa Augur. 31.2011 S 155.991.56 5 15.991.56 9/29/2011 Enterer Morgan Reeky sank MA 644 155,998.40 &stance es of *amber 30,2011 S 155.993.40 S S S 155.99840 10/28/2011 Inhere-A. Morgan Stanley Purge Barg. N.A. 620 156004.60 &SWIM WI of 0:tober 31. all 1 S 1361/11/0 S 1561010 11/29/2011 latere%.Moigen Stanley %draw Bea TA. 'Cm ,' 144 MorganStanley SmithBarney EFTA00284430 The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Alorµan JP Magian Dent-wise Bank US Treasury VS Government End* Dore Drnalpain Stanley Clime Bills Agencirs Balance Balance mot November 30. 2011 154011.44 $ ' ,mini +1 12/15/2011 Funds TrliMarined lirn1141Oannell Por11010 2251100.130 Sell= Fluids TfAMIIIITsli to USN Calkµ° Markalksn Ada 476. 061RO In cowl the 12.14576.53) quern* dislrilmMoms for dm Srnand ()WWI of 2011 350,332116 12/29/3.111 Warta Morgan Manky Barn NIA. 622 130,139.60 12/ 20/ 2011 Inlets.* Morgan Staley Private Bank N.A. 075 15044043 Balance mot December 31.2111 150.410.43 $ 150M0.43 MorganStanley SmithBarney 89 EFTA00284431 Mortimer B. Zuckerman and Related Entities Appendix A - Boston Properties, Inc. - December 31, 2011 Holdings of Boston Properties, Inc. -Shares MBZ1996Trust 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) 370,000 320,000 BXP (Common) 1,175,292 529,889 1,705,181 BXP (NonWsted LTIPs) 159.883 159,883 BXP (Non-Vested Options) 37,940 37,940 BXP (OPPs) 681300 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 12447 Total 8,239,587 1,406,392 529,889 23,624 13,097 9,753 10,221,342 Valuation of Boston Properties, Inc.Closinet Dice: $99.60 MBZ 1996 Trust MZ Burnside MZ Lonipareet MZ Meade MHZ (CST Non-Exempt) MBZ CRUT Holdings, LP. Holdings, LP. Holdings, LP. Total BXP (Common - June 23,1997 Exercised Options) 31,872.000 31,872.000 BXP (Common) 117,059,074 52,776,944 169,836418 BXP (NonVisted LTIPs) 15,924,372 15,924.372 BXP (Non-Vested Options) 261,404 261408 BXP (OPPs) BXP (OPUs) 619,043,282 139,977,043 2952,950 1.304,461 971,399 763449,136 BXP (Vested LTIPs) 24,952,863 24,952,863 BXP (Vested Options) 87,136 87,136 Total S 809,200,135 $ 139,977,043 $ 52,776,944 S 2,352,950 $ 1,304,461 S 971,399 S 1,006,582,933 Year to Date Dividends Received It11121996Trint MZ Burnside MZ Longstreet MI Meade Min (GST Non.Esempl) MSZ CRUT Holdings, L.P. Holdings, LP. Holdings, LP. Total BXP (Common - June 23,1997 Exercised Options) 654000 - 656,000 BXP (Common) 2,409,348 1,086,272 3,495421 BXP (NonWsted LTIPs) 327,761 327,761 BXP (OPPs) 13,940 13,940 BXP (OPUs) 12,741,353 2,881,054 48,429 26,819 19,994 15,717,678 BXP (Vested LTIPIr) 513,384 513,388 Total S 16,661,990 $ 2,881,051 $ 1,086,272 $ 48,429 S 26,819 S 19,994 $ 20,724,389, Performance of Boston Properties, Inc. MTD YTD %Change %Change Price Performance 5.0 15.7 Time-Weighted Performance 5.0 18.1 •As of June 30, 20)9 the dividend and distnbunon payment amounts for the quaner were chaniaed to (1) 4030 per Common Share, Common Unit and LTIP Unit and (2) $0.50 per 2009 OPP Una Previously it was (1)10.68 per Common Share. Common Unit and LTIP Unit and (2) $0.068 per 2009 OPP UML MorganStariley SmithBarney 90 EFTA00284432 Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2011 Options Vested Expiration Granted Vesting Exercise Current Vested Value of Vested Grant Date Date Plan ID Grant Type Options Schedule Vesting Date Price Price Options 1 Options 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 Immediate Current 92.71 99.6 12,647 87,136 Total Vested Options 12,647 87,136 Options Unvested Expiration Granted Vesting Grant Date Date Plan ID Grant Type Options Schedule Vesting Date 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 1 Year 1/15/2012 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 2 Years 1/15/2013 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 3 Years 1/15/2014 Total Unvested Option 37,940 LTIPs Vested Expiration Granted Vesting Current Vested Value of Vested Grant Date Date Plan ID Grant Type Options Schedule Vesting Date Price LTIPs LTIPa 1/30/2004 1/30/2099 LTIP Restricted 7,495 3 Years Current 99.6 7,495 746,502 1/30/2004 1/30/2099 LTIP Restricted 10,494 4 Years Current 99.6 10,494 1,045,202 1/30/2004 1/30/2099 LTIP Restricted 1L993 5 Years Current 99.6 11,993 1,194,503 1/28/2005 1/28/2099 LTIP Restricted 8,622 3 Years Current 99.6 8,622 858,751 1/28/2005 1/28/2099 LTIP Restricted 12,071 4 Years Current 99.6 12,071 1,202,272 1/28/2005 1/28/2099 LTIP Restricted 13,796 5 Years Current 99.6 13,796 1,374,082 4/28/2006 4/28/2099 LTIP Restricted 5,947 3 Years Current 99.6 5,947 592,321 4/28/2006 4/28/2099 LTIP Restricted 8,327 4 Years Current 99.6 8,327 829,369 4/28/2006 4/28/2099 LTIP Restricted 9,516 5 Years Current 99.6 9,516 947,794 2/2/2007 2/2/2099 LTIP Restricted 6,896 1 Year Current 99.6 6,896 686,842 The number ofvested options and the exercise pia haw been adjusted to eliminate the economic impact tithe September 30, 2005 and December 27, 2006 Boston Promises, Ins. special dioidetuts of$2.50 and $5.40 per share, respechtwly. MorganStanley SmithBarney 91 EFTA00284433 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 6,896 686,842 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 Plan ID 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 2/1/2O99 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 ofousted 4)0ot:sand the exercise pier haze been adjusted to eliminate the tee:tonne impact ofthe Sepumber 30, 2006 and December 27, 2006 Boston Properties, Int. special dtvidetuts of$230 and $5.40 per share, nupeehody. MorganStanley SmithBarney 92 EFTA00284434 Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 MB2 1996 Trust MBZ1996 Trust MBZ 1983 Date Transaction Description MBZ (GST Exempt) (GST Non-Exempt) Family Trust MBZ CRUT 1/6/2011 Motion Stanley Credit Partners Onshore, LP. - Investment • 1/11/2011 CVC European Equity Partners V, LP. - Investment -SI9,444 1/11/2011 Loud3R - Investment • - -200,000 1/11/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution 147,326 - 1/12/2011 CVC European Equity Partners V• LP. - Investment • -519,444 1/12/2011 GSCapital Partners III, L.P. - Distribution 620,871 - 1/12/2011 Morgan Stanley Credit Partners Onshore, LP. • Distribution • 147,326 1/24/2011 VSS Comunications Partners IV, LP. - Distribution 59,385 59,365 1/5/2011 GS Vintage Fund, LP. - Distribution - 135,601 1/27/2011 Morgan Stanley Credit Partners Onshore, LP. • Distribution 368,324 Total (Investments)/Distributions as of January 31, 2011 $218,7S3 559,385 ($342.733) ($64,399) 968,324 2/1/2011 CVC Capital Partners Asia Pacific II, L.P. - Investment -16,646 2/3/2011 Generation Capital Partners II, L.P. - Investment -6,914 2/11/2011 Quellos Private Capital 2002, L.P. - Investment • -3,291 -3.291 2/11/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 3,853 2/11/2011 Quellos Private Capital 2002, LP. (US Mature) - Investment -15,372 2/11/2011 Quellos Private Capital 2002, LP. (US Mature) - Distribution 1,396,115 2/11/2011 Quellos Private Capital 2002, L.P. -Distribution • 111,692 111,692 2/11/2011 Quellos Co-Investment Fund II, LP. • Distribution 390,658 2/11/2011 Quellos Co-Investment Fund II, LP. • Investment -790,0I8 2/14/2011 Quellos Co-Investment Fund II, LP. • CRT Series - Distribution • 538,228 2/14/2011 Quellos Co-Investment Fund IL LP. • CRT Series -Investment • -1,2»»8 2/14/2011 Quellos Co-Investment Fund II, LP. • Distribution 651,097 130,219 2/14/2011 Quellos Co-Investment Fund IL LP. • Investment -1316,746 -263,349 2/15/2011 Quellos Co-Investment Fund II, LP. • Distribution - 390,658 2/15/2011 Quellos Co-Investment Fund IL LP. • Investment -790,048 2/17/2011 Loud3R - Investment 45,000 2/72/2011 Loud3R - Investment -75,000 2/5/2011 Loud3R - Investment -7,500 Total (investments)/Distributions as of February 28, 2011 $695,387 (4290,989) ($399,390) (5182,229) (5684)00) MorganStanley SmithBarney 93 EFTA00284435 Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 MBZ 1996 Trust M821996 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 3/4/2011 Quadrangle Capital Partners, LP.- Investment -29,751 - 3/9/2011 Queues 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 I, L.P. - Investment -52,503 - Total (investments)/Distributions as of March 31, 2011 5192707 3397.082 6529543 ($46,245) 57,492519 4/6/2011 Generation Capital Partners 0, L.P. - Investment -6,231 4/14/2011 Loud3R - Investment . -7,500 4/21/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution 34,674 - 86482 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 asof April 30, 2011 637,905 534,674 9175,276 586,682 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 -Investment Fund, LP.- CRT Series - Distribution Quellos Co - 2,191,551 5/6/2011 GS Capital Partners III, L.P. - Distribution 44,095 - 5/11/2011 Valor Equity Partners II, 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 (Investment)/Distributions as of May 31, 2011 5824,730 $588,581 6996,784 6349.881 52,191,551 MorganStanley SmithBarney 94 EFTA00284436 Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 MB21996 Trust MBZ1996 Trust MBZ 1983 Date Transaction Description MB2 (GST Exempt) (GST Non-Exempt) Family Trust MBZ CRUT 6/1/2011 Quellos Private Capital II, LP.- Distribution 740,904 57,726 57,726 6/1/2011 Quellos Private Capital II, LP.- Investment -230,904 -57,726 -57,726 6/1/2011 Chase Capital Partners Private Equity FF II, LTD - Distribution 65,047 6/6/2011 Heartland Industrial Partners, LP. • Distribution 353,682 6/15/2011 Quellos Co-Investment Fund II, LP. • Investment -1,130,4% -678,291 478,291 -226.097 6/15/2011 Quellos Co-Investment Fund H. LP. • Distribution 1,130,485 678,291 678,291 226.097 6/15/2011 Quellos Co-Investment Fund II, LP. • CRT Series - Investment • • 4,271,543 6/15/2011 Quellos Co-Investment Fund IL LP. -CRT Series - Distribution 1,271,543 6/22/2011 Generation Capital Partners II, L.P. - Investment -21,708 6/27/2011 Everson Venture Partners, LP. - Distribution 66,762 • 6/27/2011 Israel Infrastructure Fund IC, LP. • Investment • 47,500 -37,500 6/29/2011 Quellos Co-Investment Fund, LP. - CRT Series -Distribution • 2,087,350 6/29/2011 Quellos Co-Investment Fund, LP. - Distribution 580,061 1,278,923 1,705,551 3eS.Tt9 Total (Investments)/ Distributions as of June 30, 2011 51,043,844 51,241,473 51,705,551 5320,829 5:2,037,350 7/6/2011 CVC Capital Partners Asia Pacific II, L.P. - Distribution 117,215 7/7/2011 CS Private Equity Partners U. LP. - Distribution 303,941 134,772 247,819 7/12/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 4,756 7/20/2011 Morgan Stisnley Credit Partners Onshore, LP. - Distribution 28,267 22,267 70.672 Total Onvestments)/Distributions as of July 31, 2011 5454,179 $134,772 9276.116 $70,672 8/5/2011 The Vehicle Production Group, LLC • Investment • 445,000 8/9/2011 CVC European Equity Partners IV, L.P. • Distribution • 237,983 8/10/2011 Petricca Private Investment Club II, LP. • Distribution 16,947 8/5/2011 Patricof Private Investment Club II, LP. • Distribution 7,496 Total Onvestments)/Distributions as of August 31, 2011 524.443 (5145,003) 5237,983 MorganStanley SmithBarney 95 EFTA00284437 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 9/1/2311 Queues Private Capital 2002, L.P. - Investment - -6,407 - 4407 9/1/2311 Qualm Private Capital 2002, LP. (US Mature) -Distribution 934,115 9/1/2311 Qualm Private Capital 2002, LP. (US Mature) - Investment -29,376 - 9/1/2311 Qualm Private Capital 2002, L.P. -Distribution - 142,662 - 142,662 9/8/2311 CS Private Equity Partners II, LP.- Distribution 214,997 95,333 175,319 9/9/2311 Qualm Co -Investment Fund, LP. - Distribution 263,433 580,820 774,572 162,734 9/9/2311 Qualm Co -Investment Fund, LP.- CRT Series - Distribution • - - 2,201,935 9/13/2011 VSS Comunications Partners IV, LP. - Investment - -65,531 -65,531 9/14/2011 Greycroft Partners II, L.P. - Investment -150,000 - 9/14/2011 theycroft Partners II, L.P. - Distribution 150,000 - - 9/15/2011 Qualm Private Capital II, LP.- Investment -224,320 -56,080 -56,080 9/15/2011 Qualm Private Capital II, LP.- 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 -n4,906 -134,905 - 9/27/2011 Morgan Stanley Credit Partners Onshore, LP. • Investment - - -587,263 Total (Investments)/Distributions as of September 30, 2011 5998,264 $714,903 9617,481 9298,989 5'1417,672 10/6/2011 Quelloa Financial Ventures II, (CRT), L.P. - Distribution 178.304 10/6/2011 Quelloa Financial Ventures II, LP. • Distribution 356,606 - 10/17/2011 Legacy Capital, LP. - Investment • -726,027 10/17/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution • 77495 10/20/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 30,719 10/24/2011 Quelloa Co-Investment Fund II, LP. • Investment .965,249 -579,150 -579,150 •193,049 10/24/2011 Quelloa Co-Investment Fund III, LP. - Investment -1,841,733 -1381,300 -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 169,290 -673225 Total (Investments)/Distributions as of October 31, 2011 ($2,688,947) ($1,960,450) (43,416.2)) ($653,482) ($417,226) MorganStanley SmithBarney 96 EFTA00284438 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 (CST Exempt) (CST Non-Exempt) Family Trust MBZ CRLYT 11/2/2011 Israel Infrastnicture Fund IC, LP. - Distribution 67,216 67216 11/8/2011 Valor Equity Partners II, L.P. -Distribution 98,863 - 11/14/2011 Stickman Real Estate Fund lit. L.P. - Investment -91,973 11/17/2011 VSS Comunications Partners IV, LP. - Investment -12,341 -12211 11/17/2011 Morgan Stanley Credit Partings Onshore, LP. - Investment -439,220 -439,220 11/18/2011 Morgan Stanley Credit Partings Onshore, LP. - Investment - -1,098,050 11/18/2011 Pequot / FIMVP II, 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 (lnvestmenis)/ Distributions as of November 30, 2011 (5273,981) (437,098) (5731,171) 567,216 (51.096050) 12/5/2011 Israel Infrastructure Fund It, LP. - Investment • -75,000 - -75,000 12/9/2011 Quellos Co-Investment Fund III, LP. - Investment -1471,733 -1.S3,800 -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, LP.- CRTSeries -Distribution • - - 4,09).406 12/16/2011 Quellos Co-Investment Fund II, LI'. • Distribution 1,024,790 614273 614,873 204,958 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 Stickman Real Estate Fund IV, LP. • Distribution - 167,957 12/16/2011 Stickman Real Estate Fund IV, LP. • Investment - -14,820 12/19/2011 Chase Capital Partners Private Equity FF II, LTD - Distribution 19,941 12/20/2011 CVC Capital Partners Asia Pacific II, L.P. - Distribution 15,949 - 12/20/2011 Heartland Industrial Partners, LP. - Distribution 175,916 - 12/21/2011 VSS Comunications Partners IV, LP. - Investment - -54,422 -84,422 Total (Investments)/ Distributions as of December 31, 2011 5352,781 5938,859 51,340,420 8516.8.9.1 53,716,156 MorganStanley SmithBarney 97 EFTA00284439 Mortimer B. Zuckerman and Related Entities Appendix D -Schedule of Transfers to Selected Investments - December 31, 2011 Date US News and World Repat- Prime Axle Amount 2(07 Total Investments in US News and World Report - Prime Axis for 21107 -5,550,003 2008 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 S0 Date US Never and World Report Amount 2002 Total Investments in US News and World Report for 2092 -25,176,332 2003 Total Investments in US News and World Report for 2003 -61,900,000 2004 Total Investments in US News and World Report for 2004 -1000,000 2005 Total Investments in US News and World Report for 2005 -73500,000 2006 Total Investments in US News and World Report for 2006 -18,500,000 2007 Total Investments in US News and World Report for 2007 -21,000,000 2008 Total Investments in US News and World Report for 2008 -20300,000 2009 Total Investments in US News and World Report for 2009 45350,000 2010 Total Investments in US News and World Report for 2010 -12,725,000 2/22/2011 Investment in US News and World Report -1,000,000 4/19/2011 Investment in US News and World Report -1,000,000 6/15/2011 Investment in US News and World Report -800,000 8/1/2011 Investment in US News and World Report -850,000 9/9/2011 Investment in US News and World Report -650,000 12/15/2011 Investment in US News and World Report -400,000 Total (Investments)/ Distributions in US News and World Report for 2011 04,700,000) MorganStanley SmithBarney 98 EFTA00284440 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 -30,860,000 2008 Total Investments in Publishing - Daily News for 2008 -73,972,000 2009 Total Investmens 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 2/11/2011 Investment in Publishing - Daily News -3,300,000 3/30/2011 Investment in Publishing- Daily News -2,500,003 4/14/2011 Investment in Publishing - Daily News -1,900,003 4/26/2011 Investment in Publishing - Daily News -2,100,0[0 5/19/2011 Investment in Publishing - Daily News -2,450,000 6/15/2011 Investment in Publishing - Daily News -1,900,0[0 7/15/2011 Investment in Publishing - Daily News -1,400,003 7/20/2011 Investment in Publishing - Daily News -2,500,003 8/17/2011 Investment in Publishing - Daily News -2,000,003 9/14/2011 Investment in Publishing- Daily News -1,174,2f6 9/15/2011 Investment in Publishing - Daily News -6.Z2,041 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 (540.226.326) Date MB2 Printing, LP Amount 2006 Total Investments in MBZ Printing, LP for 2006 -3,650,563 2007 Total Investments in MBZ Printing, LP for 2007 -2.323,049 Total (Investments)/Distributions in MBZ Printing, LP for 2011 SO MorganStanley SmithBarney 99 EFTA00284441 Mortimer B. Zuckerman Appendix E - Schedule of Secured Debt - December 31, 2011 Remaining Principal Loan Intenst Lender Collateral Balance Date Type Rale Comments Bank of America Stine • "Lazy 2' Motor Yacht 14,792,507 12/11/2007 Balloon due6/ 30/2013 1.04% (Libor • Quarterly payment is interest only. .70%) Loan origination fee of 0.25% (337,079.17). 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 330% 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 330% modified Monthly mortgage payment based on 11/15/2011 30-year amortization Bank of America 17 East 75th St. New York, NY 10021 5A09419 12/21/2001; Balloon due 11/27/2018 330% 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 Wright, Road, Aspen, CO81611 7,329,840 1/5/2010; Loan Balloon due 1/5/2017 330% Monthly mortgage payment based on modified 10/5/11 30-year amortization Total S 72,734,356 MorganStanley SmithBarney 100 EFTA00284442 Mortimer B. Zuckerman Appendix F - Schedule of Unsecured Debt - December 3I, 2011 Lad lntne lektest Accrued Lender PlIndpd Dale lypdOlher DSOs Lae 12/01 • UPI !Mere. ()Immerses 14 lint cnIM S 2410.720 1/112101 Dandnd 1.120% f 30 S MIA!. (Xotstandid.relnclreelenclettnrJ lidded due wpm Jr:m.63o, paymedlltom lender. There Is no picpadned1pmeley As el January I. MD AS alCh dicceedInd yew. the Intend MC AA IdaJluterJ lo qual the Federal shartldin nee dclemlneil lot such month wrier 1.4.11961r401C4the Intenvl Revenue C.36 basal on awalhlydempourNlrec Very ol now en file. Aecrucd Inkiest tell/its 3111 ere.1 W^ arc (1290A 4/17/2008 purment 1308031 12/17/3“0 payment 03804 4/7/2009 paymm/ (19d011 2/21/3109 Feyownt MAUI 9/ 30200eFe)ownt (40d011 12/ 2/ 2)40 9.9969" MAUI 07/11/3010minnd (WWI 12/13/3010ry)inno R2C031 01/4/2011payment 11000031 11121/3011maned Genie, stita.vai 3.755A20 Ikon\ al Amnia 100102090 13.4 134.98 . tr. (3". • 1301.0 *Weedier 3/8/11 Relinanced a< LIBOR • IV 5.213,03 136% II.223 - IJSOR • noir cs% . 1.111”1/8/11 15.01200) 13.4 32624 - UDR • 011bp. (1S% . 1.111”1/8/11 2.1200) 13.4 3.362 - 3/18/11es deem 4.e0200) 13.4 5.1$) - 4/16/11drew down 2.70200) 1.36% 3.631 - 6/14/11dew down 2..1200) 1.36% 3.362 - 7/33/11es down 63526,41 13/13 &1st . 9/15/11dm. down 1406,0 138% 2.421 - 10/20/11 Jnw dawn Rink Am Commameni in. 21.32131 023% 4.£1 - Codrenamovie kw a 054 un undead Julian Oda of All•CM4 9dblmal B3.469.969 2/21/3013 Calakeed.Swap led0)310) 3871 3216685 Swig rub 6(3371ilvowle 1/8/3)15 Dank of Amend., 1200010) 172% 100.219 Sway nn 0(1.41. Ihroudh 12/30/14 3.107. Prodind (APT.II) 42(0)801 7/3/2010 582% 102.661 • Swap threads 12/30/14 al 4723 • 11493 • 382% • 2/ 5/3114 malured (maybe retmdaliv by one dornmar). fold 19%223.69 83.937 S 3.4/1.% MorganStantey SmithBarney 101 EFTA00284443 Mortimer B. Zuckerman Appendix G - Schedule of Loan Guarantees - December 31, 2011 Amount Guaranteed as of Internat Debtor 12/3V2011 Beneficia:y Internt Rate 12/01 - 12/31 Commenta LEN Aviation • the bonower was $ 30,551,620 Bank of America Swap rate 5.37% (4.67% • 70bps) 139,831 11/1/14 maturity. LIBOR 70bps changed to M. Zuckerman in 11/2007 Actual rate of 1.01% Swap maturs 11/3/14 at 4.67% • 70bps ZAS, Inc. - the borrower was changed 2280,900 Bank of America Swap rate 5.17 % (4.47% • 70bps) 10,277 12/1/I3 maturity. LIBOR • 70bps to 1Valdorf Flight Service', LLC in 11/2036 Actual rate of 1.04% Swap maturs 12/2/13 a14.47% • 70bps Daily News, L.P. NJEDA 7,90Dp00 NJEDA Cround kase Jersey Gty land kase guaranly to NJEDA Daily News, L.P. - HUD 2.£100,0C0 HUD MBZ suarantre pursuant to HUD loan Total MBZ Loan Guarantee. 42.734520 150,108 MorganStanley SmithBarney 102 EFTA00284444 Mortimer B. Zuckerman Appendix H - Schedule of Contingent Obligations - December 31, 2011 Debtor Amount Issuer Comments Liberty Mutual $ 11,829,851 Citigroup (1) L/C Sued for Liberty Mutual insurance 777,971 Citigroup (1) L/C issued for A.I.C. NY Plain Financial Associates, LLC 2.674.350 Citigroup (1) L/C issued for UN & USN new office space Gligroup ( Derivative Division) 4,000,000 Citigroup (1) Value of the Basic Collateral Required under the Swap contract 5,800,000 Citigroup (1) Additional Collateral Required under theSwap agreement Krell Payments 300,000 Bank of America L/C issued as part of guaranty issued for Sev. Payments 1050 Jefferson, Washington DC 178,125 Bank of America L/C issued for USN Washington DC office lease MorganStanley SmithBarney 103 EFTA00284445 Mortimer B. Zuckerman Appendix I - Fixed Income Summary - December 31, 2011 Fixed Income Summary Par Value $163,757,495.49 Cost Basis $169,518,421.46 Adjusted Cost Basis 5167,334,908.85 Market Value S173,810,386.92 Accrued Interest $1,659,033.82 Total Market Value 5175,469,420.74 Net Unrealized Gain (Loss) $6,475,478.07 Average Moody's/M/Fitch Ratings Al/A+/A+ Average Coupon 4.459 Projected Annual Income $7,108,956.20 Proejcted Annual After-Tax Income $5,846,923.62 Average Maturity in Years 5.250 Average Call/Maturity in Years 3.451 Average Effective Duration 3.337 Average Purchase Yield 3.533 Priced as of 1/04/2012 Average Yield to Maturity 2.054 Average Yield to Call/ Maturity 1.752 Average Pre-Tax Market Yield 1.752 Average After-Tax Market Yield 1.430 Total Money Funds as of 12/31/2011 $33,791,910.00 • Please note: TheTotal market Value is cak-ulated by multiplying the fixed income holdings as of 11/30/2011 and market prices as of 12/31/2x111 • The pricing source used in the eakulation of the fixed income total market value is the Fixed Income Hish Net worth Reporting Tool, and therefore will not match the market values in the eddy 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 MSSD Bonds. Please note. the fixed ;worm value excludes the market values of Mutual Funds that are part of the fixed income portfolios MorganStanley SmithBarney 104 EFTA00284446 Mortimer B. Zuckerman Appendix 1- Distribution by Product Sector - December 31, 2011 Product Sector Cost Estimated Market Value Precent of Portfolio Market Value Tax-Exempt Securities $76,412,610.68 $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 S6,152,456.04 $6,326,650.10 3.639% US. Agency Securities S3,899,095.45 $3,895,759.90 2.241% Total $169,518,421.46 $173,810,386.92 100.000% U.S. Treasury Securities, asisn U.S. Agency &MUMS, 2.2% INTax-Exempt Securities Tax-Europa &laureled, 45.5% ■ Corporate Securities o Mortgage•Backed Securities • U.S. Treasury Securities ■ U.S. Agency Securities Corporate Securities, 47.8% • Please note: lieTotal 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 cak-ulation 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 Lvdy of the performance report, which use different sources. Total market value of Fixed Income Summary includes values of Citi Bonds, &ix Bonds, hfcDonnell Bonds, and MSSB Bonds. Fleas* note the fixed income value excludes themarket values of Mutual Funds that are part of the fixed income portfolios. MorganStanley SmithBarney 105 EFTA00284447 Mortimer B. Zuckerman Appendix 1- Maturity Distribution Graph - December 31, 2011 Year Value Percent Per Year 2012 $12267.000.00 7.55% 2013 $41061.000.00 27.75% Maturity Distribution Graph 2014 $23.471000.00 14.45% 2015 $19.821.000.00 12.21% 2016 $12/79.000.00 7.87% 2017 $8.607.000.00 5.30% $50.000.000 2018 $1.600.000.00 0.99% 2019 $100000.00 0.06% $45.000.000 2020 $3/11.000.00 2.29% 2021 $1073.000.00 3.74% $40.000.000 2022 $2200.000.00 1.35% 2023 $1630.000.00 2.24% $35.000.000 2024 $2.350.000.00 1.45% 2025 $1525.000.00 2.17% $30.000.000 2026 $6.925.000.00 4.27% $25.000.000 2027 $500.000.00 0.31% 2028 $1.030.000.00 0.63% $20.000.000 2029 ilk 2030 $15,000.000 2031 $4.140.000.00 2.55% 2032 $2.000.000.00 1.23% $10,000.000 2033 $2520.000.00 1.55% 2034 $5.000.000 2035 2036 $0 2037 1, \b` .15i\c' q° 43' q," I,(951 (19 (19 09- 05' 2038 2039 $75.000.00 0.05% tiC ? q, q, q, et) if) if) 'Pa"' 2040 2041 2042 2043 2044 2045 2046+ • Please note: TheTotal market Value is cak-ulated by multiplying the fixed income holdings as of 11/30/2011 and market priors as of 12/31/2011 • The pricing source used in thecalculation of the fixed income total market value is the Fixed Income II igh Net worth Reporting Tool, and therefore will not match the market values in the tody of the performance report, which use different sources. • Total market value of Fixed Income Summary includes values of Citi Bonds, Seix Bond; McDonnell Bonds, and MSSB Bonds. Male note. the fixed income value excludes the market value of Mutual Funds that are part of the fixed income portfolios. MorganStanley SmithBarney 106 EFTA00284448 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December OARALL Description 2011 2011 2011 2011 2011 2011 2011 7011 2011 2011 2011 2011 TOTAL INFLOWS Uncategorized 0.01 258.45 25846 . . • Div Income - 58,045.09 • • 58,045.09 Interest Inc 278.20 322.33 421.81 121.74 53.49 42.85 57.51 29.13 12.99 741 202.15 1,549.61 Invest Inc 9,191.35 • Invest Reimbursement 40,769.00 • • • • • • 40,768.00 Salary Sabry:FIXP 75,38653 2,625,124.64 73,12161 73,124.61 73,124.64 73,124.64 111,775.54 73,124.64 73,124.64 73,124.64 73,124.64 109486.96 3,501,970.79 Sabry:Intelligence Squared Locos° Locos° TOTAL Salary 75,38653 2,625,124.64 73,124.64 73,124.64 73,124.64 73,124.64 111,77554 73,124.61 73,124.64 73,124.64 74,124.64 109486.96 3,5(6,970.79 Tax Refund Tax Refund:AL 5,197.00 • • 5,197.00 Tax Refund:CA 14,003.13 • 116,530.12 48,98627 • 31,052.01 Tax Refund:CT 8,494.00 • 1,176.00 9470.00 Tax Refund:GA • 19,391.01 2067.00 20458.00 Tax Refund:Indiana 5,163.68 • • Tax Refund:lowa • • 4,128.00 4,178.00 Tax Refund:IRS • • • 72713,175.00 • Tax Refund:Kansas 5,79700 • • • • 5,797.00 Tax Refund:LA • 21,915.17 • • • 21,915.17 Tax Refund:Mass • • 158)3B.00 158)375.00 Tax Refund:MD • 1,407.00 3,616.00 72266.00 Tax Refund:NC 40,395.76 • 40,395.76 Tax Refund:NJ 98,63.1.1:0 • • • • 4235000 Tax Refund:NM 8,913.67 • • • 8,913.67 Tax Refund:NY • • • 2916,089.00 • 2,916,089.00 Tax Refund:OH 77,354.00 • • • 77,354.00 Tax Refund:PA - 1,38354 1,033.01 2,40331 Tax Refund:VA 89,303.67 • 89303.67 Tax Refund:Wisconsin 20,015.52 • 20,01552 Tax Refund:WV 17,034.06 17,034.06 TOTAL Tax Refund 178,189.24 139,728.36 117,913.66 48,986.n 98,152.10 4,128.0,0 3416.0.0 10.371,118.W 90,436.01 11,052268.04 TOTAL INFLOWS 253,853.97 2,772,260.06 213,27451 191,160.04 122161.90 171,319.49 115,961.06 76269.77 82,328.98 73,13216 10,445,444.80 200,381.42 14,668.05134 OUTFLOWS 200 E. 65th Street 200 E. 65th Street:Commission 70,000.00 713,000.00 MorganStanLey SmithBarney 107 EFTA00284449 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December OARALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL 200 E. 65th StreetRent 168,000.00 70,000.00 70,000.00 70,000.00 70,000.00 448,0133.00 TOTAL 200 E. 65th Street 238,000.00 70,000.00 70,000.00 70,000.00 70,000.00 518,0133.00 Accounting • 25,808.00 45,000.00 601000.00 28,107.00 181,107.00 Apartment ApartmentRent • 65.18 . 65.18 TOTAL Apartment 65.18 65.18 Art Art:Consereation 1427.50 3,050.00 9,058.25 1,129.88 2,863.00 7513.00 11463.82 7400.00 TOTAL Art 1,427.50 3,050.00 9,058.25 1,129.88 2,863.00 7513.00 11463.82 1,400.00 31,542.45 Assessment 13,396.84 13,396.64 13,396.84 • Auto • Auto:Aspen Auto 205.50 • • 2[6.50 Auto:EH Auto 453.40 97 42 216.52 191.91 28645 27445 45145 346.25 5549 21526 2.574.80 Auto:Fuel 52.56 127.64 212.29 153.26 267.65 74.88 165.29 1,073.57 Auto:Parking 73.00 7.00 • • 37.00 117.00 Auto:Parking Ticket • 65.00 n.co 140.00 Auto:Purchase • 39,000.00 Auto:Service 379.73 230.18 790.58 249.73 290.93 368.73 • 2309.88 TOTAL Auto 1,111.63 79.42 216.52 481.65 1,07743 65142 212.29 899.04 656.38 39,486.13 258.18 290.26 Baby 1,064.33 • 357.36 384.50 1,182.65 3,006.84 Bank Charge Bank Charge:MBZ Printing • Haw TOTAL Bank Charge 102,750.00 102,750.00 Bike 3C6.11 190.05 Bilce:MZ 439.90 439.90 TOTAL Bike 439.90 3C6.11 ISOM 935.09 Boston Prop Charges Boston Prop Charges:Entertaining 26227 495.51 382.13 1,061.32 431.97 181.08 141.12 115.99 257.76 113.41 3,445.59 Boston Prop Charges:Gift • 136.00 • Boston Prop Charges:Reimbursement (4.131.80) 0808.04 11. 503.0% (1,503.0% 13.003.0% • (1,503.0% 0400.013) (75,808.55) (1,500.001 0,503.001 0,501.001 (94940.351 MorganStantey SmithBarney 108 EFTA00284450 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December MISCALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Boston Prop Charges:Telephone 3,039.53 698.70 2,64519 1,712.20 1,744.31 1,779.53 1,235.87 1,675.91 1,723.03 2,003.80 2.316.99 1667.55 22243.26 Boston Prop Charges:Travel • 1,456.73 4,131.50 297.60 442.38 • 6331.21 TOTAL Boston Prop Charges (83100) (93130) 1,64133 594.33 1262.36 6,349.00 (8316) 31703 (73,969.48) 801.40 1,653.13 280.96 Clothing 369.51 • • 369.51 Clothing:AJZ 501.03 500.85 97039 461.87 999.43 1099.86 174.20 Clothing:Cleaners 386.00 331.93 397.55 577.65 87.85 372.50 • 165.70 • 7,318.75 Clothing:MBZ 10,54232 2,201.40 3,659.11 29,533.65 3,572.80 1,565.60 1,894.70 3,345.32 2,522.49 5342.80 2,983.40 Clothing:RZ 163.70 21.75 • 2,819.84 • 3,0[6.29 TOTAL Clothing 11,96256 2,53290 3,659.11 29,952.95 4,19145 2,17430 3237.59 3,810.19 6,341.76 6,60836 3,157.60 77,587.77 Commission 1,1r so • 1,125.00 Computer 1,284.48 3,483.15 221.92 391.97 261.28 141.93 141.93 141.93 141.93 116.93 141.93 216.88 6,689.26 Computer:AJZ 1,499.00 3,589.61 5,068.61 Computer:MBZ 2,199.00 • • . 2,199.00 TOTAL Computer 1,281.413 7,181.15 221.92 391.97 261.28 141.93 141.93 141.93 141.93 116.93 141.93 3.80649 13,976.87 Contribution Contribution:Charitable 15,000.00 10590.00 3,500.00 45,180.08 71,703.00 35,958.10 82,940.08 8,593.00 15,000.00 25,750.00 41,500.00 57,325.08 413293.00 Contribution:Not Deductible 146000 7,885.00 15,137.00 2,060.03 5,000.00 1000.00 250.00 175.00 TOTAL Contribution 15,000.00 12,350.00 3,500.00 53065.00 71,700.00 51095.00 135,000.00 13,550.00 16,000.00 26,000.00 41,500.00 57,500.00 446260.00 Daily News Charges Daily News Charges:Entertaining 71657 198.48 217.16 257.12 147.57 300.29 1,837.19 Daily News Charges:Gift • 16050 . 160.00 Daily News Charges:Reimbursement (2,487-11) (4,816.25) Daily News Charges:Subscriptions 31270 720.20 733.92 31.50 280.95 737.20 297.20 297.20 3,413.87 TOTAL Daily News Charges 0,45284) 198.48 937.36 733.92 291.62 280.95 147.57 697.20 297.20 (4218.76) Dues 11,488.37 2,299.09 11,188.37 1,553.65 3.340.00 • 452.55 • 6,900.26 37,422.29 Entertainment 4,533.22 1,341.77 2,59119 5,513.78 15,799.04 327637 2,943.37 4,610.02 4,724.11 10,833.57 6,421.53 1,887.93 64,529.50 Entertainment950 Fifth • 1,971.70 217.64 63175 2,103.00 1113.26 EntertainmentEH • • 141.21 775.89 • 4,539.79 5,406.89 TOTAL Entertainment 4,533.22 1394.77 2,59119 5,513.78 15,799.04 327637 5,056.28 5,553.55 5,344.86 12,936.57 6,534 79 6,427.72 Fee • • 284.00 284.00 MorganStardey SmithBarney 109 EFTA00284451 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December O'QdIALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Fine Art 6,70189 • 6,702.89 Fine Art:Appraisal 15,879.50 - 705.00 5,77510 • 22.359.50 Fine Art:Documentation • • 990.00 303.00 Fine Art:Framing 321151 1,524.25 6394.23 571.59 4,13332 15,82280 Fine Art:Moving • ishrat • 2,131.25 75.00 Fine Art:Photography • Thoso • 2,00010 • 2,75010 Fine Art:Repair 4,200.40 B,162-50 23,000.80 • 1,9[6.31 21,549.25 73,817.46 TOTAL Fine Art 4,200.40 39,04210 26211.81 2274.25 6394.23 16328.01 2.476.90 6,76510 2,131.25 8,70259 26,015.17 140,574.91 Furniture Fumiture:950 Fifth 1,575.00 44,437.29 92247.77 24,123.88 162383.94 Fumiture:Aspen 1,925.00 283.98 2208.98 Fumiture:EH 17,409.00 10,228.74 461.36 TOTAL Furniture 17,409.00 • 13,728.74 44,437.29 92247.77 24,869.22 192,692.02 Gifts Given 6,374.31 324.90 619.97 754.43 3,018.60 1,237.91 919.19 151.38 1,11:6.13 2,107.91 51187 Gifts Given:AJZ 76207 • 762.07 Gifts Given:Holiday 3,750.00 7510 3)325.00 TOTAL Gifts Given 10,886.38 324.90 619.97 754.43 3,018.60 1,23791 919.19 251.38 1,11:6.13 2,107.91 586.87 Golf Expense • 765.75 181.50 181.50 • 1,128.75 Groceries • • • 110.18 Groceries:950 Fifth 8,355.90 11/74.70 6,243.09 3,57135 7,15941 6)356.44 5,189.56 4,185.37 4,176.97 7,533.68 8,258.41 10,501.52 83,806.40 Groceries:Aspen 4,529.78 1,1131.01 511.66 3,17444 7753 • • . Groceries:EH 380.16 22835 • 444.15 1,000.03 5,075.11 5,950.94 5,361.16 201.64 61784 1,372.73 20,632.11 TOTAL Groceries 13,265.64 12,878.71 6,983.10 6,745.79 7,603.56 7)356.47 10,342.50 10,13631 9,538.13 7,735.32 8,876.25 11,98443 113,94641 Homelmprovement Homelmprovement:21 Drew Lane 13,80613 20,146.20 5,859.09 3,96810 • 3)300.00 1,12510 • Homelmprovement:950 Fifth 5,209.88 5,209.88 12,44388 27,785.18 19,342.93 45,8126.02 76,714.21 138,956.24 7,307.00 126,678.13 75,272.77 18459.04 559381.16 Homelmprovement:Aspen 25.31214 2533.00 32,129.35 • 22293.27 TOTAL Homelmprovement 30,52202 5,209.88 38,770.71 47,93138 2530212 49,773.02 76,714.21 142,756.24 40,56135 126,678.13 97,553.04 18459.01 690331.04 HomelmprovementEH 7,375.00 • 11148 748648 HomeRepair • • 179.23 179.23 HomeRepair:2I Drew Lane 3,253.95 • 727.25 762 "'A 1,501.54 6248.29 HomeRepair:2I Drew Lane:Mold 1,401.26 MorganStardey SmithBarney 110 EFTA00284452 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary Mardi April May June July August September October November December OVIKALL Description 7011 2011 2011 2011 2011 2011 2011 7011 7011 2011 2011 2011 TOTAL TOTAL HomeRepair.21 Drew Lane 4,65121 • 727.15 762.55 1,501.54 7,649.55 HomeRepair:950 Fifth Avenue 4451.18 7,495.50 15,87161 1,37739 16,127.28 8,750.68 735.00 • 4,869.44 4,771.24 223,76932 1021.18 HomeRepair:950 Fifth Avenue:Riser Pray . 28,081.00 28,081.00 TOTAL HomeRepair.950 Fifth Avenue 4,054.18 7,495.93 15,87161 1377.19 16,127.28 8,750.68 735.00 • 4,869.44 32,85124 223,76932 1021.18 316,923.65 HomeRepair:Aspen 4,88953 86.00 13,386.00 6,426.81 2.410.79 6,53045 4,93148 6,846.78 26,33619 6,37130 78,226.73 HomeRepair:EH 29,95692 10,443.28 5,101.18 13,975.03 3,36157 1,065.82 2.59938 2.35379 4,208.20 4,739.75 76545 1,925.27 80,446.64 TOTAL HomeRepair 43,55184 17,939.78 2106142 28688.22 25,917.66 9,816.50 5,74517 8,881.64 14,97240 44,438.77 251,633.51 10,82629 483.425.80 Horse n2m . 1,879.75 . • Horse:care 350.00 350.00 MOO 585.00 2.850.00 3,260.00 3,810.00 735.00 4,700.00 1160.00 700.00 19,200.00 Horse:Housing 18,000.00 4,752.00 4,094.00 6,166.00 6,780.00 7,666.00 11)37100 72,100.00 14,600.00 Horse:Insurance • 3,566.00 • . . 107100 • 6444.00 Horse:Lease • 15,003.00 • • • • 15,000.00 Horse:Lessons 85.00 170.00 85.00 1,000.00 1920.00 17000 1)37168 29.00 5,563.68 Horselvledical 1190.00 3,51000 170650 1075.00 4,569.00 3,623.00 5,123.03 550.00 4,751.00 5,577.00 4,951.00 Horse:Purchase • • . . 19,500.00 • 19,500.00 HorseShow 1,15775 878.00 770.00 HorseSupplies 472.00 497.00 1,956.00 976.11 3,901.11 Horse:Transport 30100 300.00 1200.00 2,19100 1,600.00 5,100.00 TOTAL Horse 33,625.00 82100 3,810.00 7,948.50 24,852.00 18,898.75 18611.00 20,248.78 3,031.11 28,30168 51415.00 20,509.00 219,07182 Household - 524.89 43546 • • • 3.79 Household:950 Fifth 6461.21 1,939.35 5,093.38 4,920.72 5,43540 7,462.11 6,86187 1,275.78 1,445.98 6)46.01 1693.06 15,501.36 68,437.63 Household:Aspen 1,39214 86.40 266.81 1588.34 • 29139 127183 1508.99 • 6,412.93 Household:Easthampton 119.44 483.57 146.65 4,759.00 2,787.64 9,998.52 10,73201 5,355.99 2290.50 134745 714.60 623.73 39,359.10 Household:Photography - - • 3,426.1:13 • . . 3,426.00 TOTAL Household 7,97279 2,509.32 5,506.87 1179235 8,69.90 3/886.63 17,887.27 6,63127 5,01531 9,20145 6,40746 16,128.88 118,59940 Housekeeping Housekeeping:950 Fifth 1,020.00 9,76100 400.1:0 1118100 Housekeeping:Aspen 1,869.00 1,561.00 2,19156 208.113 1386.15 Housekeeping:EH 1,540.00 577.90 1,55175 2,997.50 3,948.18 4,08175 3,877.50 • 1,760.00 1086.25 21424.43 TOTAL Housekeeping 3,409.00 577.50 1,56100 3,746.31 2,99750 4,156.18 5.469.90 3,87750 1,020.00 11,521.00 1,486.25 39)322.14 MorganStardey SmithBarney 111 EFTA00284453 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December MISCALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Insurance Insurance:I7 E. 75th Street 9,91:6.50 27.00 9,932.50 Insurance:Auto 1,432.00 1,432.00 IA32.00 • 1,567.00 Insurance:EH Mood 1,985.00 • • 1,986.0 Insurance:Fine Art 19,04240 - 19,042.00 • 19,521.00 • 4,531.00 24,241.00 86,380.00 Insurance:Homeowners 21,363.3 - 21,363.25 21,363.B 1.42300 25892.75 - 91,41:6.50 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 336.02 336.02 336.02 336.02 336.02 336.02 501.03 336.02 336.02 336.02 336.02 501.03 Insurance:Refund - - • • (759.50) • (66.50) (16800) (994.00) Insurance:Umbrella 2.169.E - 2,189.25 2,189.25 • 30.00 • • 2,58130 TOTAL Insurance 44410.22 38322 56,300.72 383.72 44)389.n 383.72 (153.92) 383.72 383.72 6,340.72 5442647 407.58 208,739.61 Insurance Charge Insurance Charge:950 Fifth 1,26250 143,296.06 (112324.62) 47,11116 (60499.75) Insurance Charge:950 Fifth 14th Floor • 6,701.47 6,701.47 TOTAL Insurance Charge 1,26250 143,296.06 (11232442) 53)31443 (60499.75) Invest Exp 10400.00 2,088.58 12,088.58 Invest Exp:Boston Properties LTIPS 29,000.00 29,000.00 TOTAL Invest Exp 29400.00 • 10,000.00 2,088.58 41,088.58 =Fees 17,026.37 7,760.98 22,756.34 12,869.87 9,75271 4,849.36 15,87187 11,55646 10,152.04 8,315.39 12,195.54 2235177 165,542.61 M Fees:MBZ Printing 1528.E 1S28.E TOTAL -Fees 17,026.37 7,760.98 22,756.34 =36947 9,75271 6,377.61 15,87347 11,55646 10,152.04 8,315.39 12,156.54 22355.77 167,07046 Landscaping Landscaping-950 Fifth • 555.27 413.73 3522.11 4,491.11 Landscapin&EH 771.24 73035 17,2'4.00 441942 7,363.40 24,326.04 15,638.41 3,700.n 6,778.13 16,141.17 8,169.04 17,34540 TOTAL Landscaping 771.24 73035 17,2'4.00 441942 7,363.40 24,88131 1543841 3,700.n 6,778.13 16,551.90 11491.15 17,34540 127,088.73 Loan Loan:13arbara Jensen (600.(0) (600.00) Loan:BofA 153,386.0 153,386.03 Loan:Marty Peretz 50,000.00 • 50,000.00 TOTAL Loan 50,000.00 152786.0 20278640 MorganStardey SmithBarney 112 EFTA00284454 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January February March April May June July August September October November December ONUALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Maintenance Fees 20,329.23 20,329.23 37,329.23 24470.47 92929.23 20329.23 21,529.23 20329.23 20,329.21 20329.23 20329.23 26,02142 Maintenance Fees:950 Fifth 4413.58 18944 4,803.02 Maintenance Fees:Aspen 6,204.30 10,843.16 5362.11 1729.14 • • 603.00 600.117 TOTAL Maintenance Fees 7:6,53153 31,17239 25.411.34 2447047 28271.95 20,329.23 21,71847 20,929.23 20329.23 20,329.23 20,929.23 26421.42 287,245.92 Medical • 44.62 265.00 61.08 • • 373.70 Medical:AJZ 301100 1,189.00 929.00 1257100 20.00 20.00 320.00 690.00 20.00 451.1:0 16,517.W Medical:MBZ 464.83 1,640.00 1,500.00 4,810.00 13,750.00 25267.20 4,151.00 5,217.00 2,689.50 4474.53 4361.00 4,475.00 72,526.06 Medical:Refund ( 3.017) (154.70) (984.50) • • (594.50) Medical:REZ 265.00 1,007.00 • 322.61 356.00 741.00 350.00 180.00 • 3,260.61 TOTAL Medical 749.83 1,640.00 2,732.00 5,88832 14,179.00 37,445.31 443348 5,97840 2,415.00 5,714.53 4,564.00 4,929.00 Misc 2,261.89 14.47 (279.08) 0.01 1,99729 Misc:Aspen 374.91 374.91 TOTAL Misc 2,636.80 14.47 (279.08) 0.01 2372.20 Moving & Storage 489.94 310.94 1,119.77 119.77 1,752.90 • • 3,79332 Moving & Storage:950 Fifth 489.94 900.00 • 84144 • 93,325.95 5226646 147)3B.79 Moving & Storage:Art 517.17 805.00 5428.70 62,80142 12,002.75 4,595.11/3 2,775.64 51,732.72 Moving & Storage:Aspen 1,675.00 1,546.00 1,112.50 902.50 902.50 1,81:6.00 902.50 902.50 1277.50 967.50 942.50 12,936.00 Moving & Storage:EH 1,444.69 5,611.59 689.25 3,303.11 5,465.60 . • • 430.67 21153 Moving & Storage:NYC 119.77 14,741.70 • 14,86147 TOTAL Moving & Storage 4,126.80 7,677.53 3,506.75 4,21:6.61 609.04 1,119.77 8,394.91 65,457.22 106,350.97 20,614.20 4,1r.8I 105,175.21 337,43142 Party Party:AJZ 9,000.00 5,52939 4,114.83 18,644.22 Party:RZ 881.61 3,000.00 TOTAL Party 9,000.00 881.61 5,52939 7,11443 22.525.83 Payroll Payroll:Eric Certler 5,53110 5,819.89 5,713204 5,60149 5,55741 5,551.88 5,549.98 5,563.94 5410.90 5,59191 5,551.81 61401.55 Payroll:Personal Staff 158,141.74 165,262.53 60,457.75 • 145,828.13 69,147/4 138255.46 93,910.74 69,14772 99)3123.88 89,95389 1,089,960.58 TOTAL Payroll 163,679.81 171,082.42 66,159.79 5,60149 151,385.74 74499.62 5,549.98 143,859.40 99,521.64 74498.63 105,360.69 89,95949 1,151,562.13 Personal Expenses 8,544.78 8,54438 Personal Expenses:Boston Properties - 11,813.88 858.13 12472.01 MorganStardey SmithBarney 113 EFTA00284455 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December ONUALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Personal Expenses:Mort Zuckerman 1,939.90 TOTAL Personal Expenses - 11,813.88 9,402.51 1,939.90 23,156.29 Petty Cash Petty Cash:950 Fifth 1,606.75 853.13 1,018.58 999.09 793.11 692.77 596.50 507.30 61.56 147140 3,066.56 11,796.75 Petty Cash:EH • 2,953.75 2,908.76 • . • 5,859.53 Petty Cash:MBZ 1,000.00 2500.00 1,500.00 2.000.00 2,000.00 2000.00 2000.00 2000.00 15,000.00 Petty Cash:Nanny 5,163.77 1,945M 198.65 3455.80 66.19 367.99 54349 1,38951 5,74268 553.98 2,461.73 Petty Cash:Office • • 1,500.00 1,500.00 TOTAL Petty Cash 7,77052 2,79816 3,717.E 9,108.64 2,78630 1,060.76 6,015.77 50730 3,454.07 9,414.06 7,120.54 2.461.73 Pool Pool:EH 1,106.28 92245 658.29 7292.25 9,979.27 PoolSwimming Lessons 1,950.00 600.00 2,593.00 TOTAL Pool 1,106.28 92245 2608.29 600.00 7292.25 Rent Rent:155 E. 31st Street 2,580.00 5,160.00 5,332.00 5,160.00 TOTAL Rent 2580.00 5,160.00 5,332.00 5,160.00 18,232.00 School 880.00 660.00 • 60.00 40.00 1,640.00 School:Ballet 280W • 280.00 School:Bus . ZStoso . 2520.01 School:Camp . • 4,355W 7513.00 • 5,145.00 School:Misc 120.91 3452.00 1,159.00 • 500.00 500.00 • 6,131.91 School:Piano 1,690.00 • 1,560.00 . 3.250.W School:REZ 2175.00 900.00 3075,40 School:Tuition 3,000.00 11,501.21 72,935.00 14,408.08 7,705.00 59,621.21 School:Tutor 525.00 • • . . snoo TOTAL School 3,880.00 11,501.21 2,335.91 3,852.00 22159.08 19,370.08 4,395.00 1.250.08 560.00 40.00 7,705.00 82,128.12 Security Security:950 Fifth 914.55 914.55 16331 914.55 Security:Aspen 1,320.75 379.90 193.00 124.70 193.00 193.00 2.274.45 Security:EH 1,117.95 saoo 3,316.21 752.27 • 1,117.95 93.00 1,127.03 100.00 • TOTAL Security 2,.438.20 429.93 4,210.76 193.00 376.97 914.55 1,117.95 31331 50.00 1,127.03 250.00 914.55 12.31242 MorganStardey SmithBarney 114 EFTA00284456 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December ONTLRALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Shipping 101.17 49.21 395.42 19.09 653.53 252.63 174.94 4.15 3,621.72 251.74 5,963.65 Skiing 21,381.40 5,199.40 7,911.00 13,07%56 2,433.00 • • 49,991.36 Skiing:Aspen 285.00 500.00 0.50 • • • • TOTAL Skiing 21,66640 5,699.40 7,91130 13,07936 2,433.00 • 50,776.86 Subscriptions 29.95 • 573.79 M.00 Tax • Tax:17 E. 75h Street 840.33 - • 55,35239 • 58,910313 115,10122 Tax:CA 19,109.33 - • • • • • 19,108.20 Tax:Fed 19,733.02 813,339.44 22,777.90 72,777.90 22,777.90 72,777.90 34,59736 22,777.90 72,777.90 22,777.90 22,777.90 34,16635 1084.36037 Tax:Medicare 1393.75 38,035.95 1,060.95 1,060.95 1,060.95 1,060.95 1,621.70 1,060.95 1,060.95 1,060.95 1,060.95 1,59143 Tax:NY 5,981.98 r5,425.83 6,831b4 6,831.94 6,831.94 6,831.94 10,451.96 6,831.94 6,831.94 6,831.94 6,831.94 10,247.91 336,763.33 Tax:NYC 2,558.87 111,069.23 2.928.62 2,928.62 2,928.62 2,928.62 4,481.69 2,928.62 2,928.62 2,928.62 2,928.62 4,392.93 Tax:PA - 2,050.00 • • • • • • 2050.00 Tax:Property Tax:Property:2i Drew Lane 63,479.60 317.39 28,026.76 64,994.72 156,51847 Tax:Property:4 Three Mile Harbor Drive 16,805.75 17,536.64 34,342.39 Tax:Property:418 Wright Road 14,419.96 • TOTAL Tax:Property 94,705.31 317.39 28,026.76 82331.36 206,580.82 Tax.Soc Sec 3,165.09 1,317.51 • • TOTAL Tax 147,189.55 1,221,551.35 33,599.41 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 1,964.21232 Telephone • • • • 476.87 702.93 1,17930 Telephone:200 E. 65th Street 114.57 114.57 Telephone:EH Cell Phone 139.71 • 139.71 Telephone:Nanny's 145.96 145.96 148.31 246.06 295.67 247.17 25298 247.80 249.95 247.74 249.40 24940 2,72630 TOTAL Telephone 145.96 285.67 148.31 246.06 295.67 247.17 25298 247.80 249.95 362.31 726.27 95233 4,16038 Tennis 800.00 150.00 950.00 Tennis:EH 1,357.82 1,357.81 55359 738.65 923.31 1,477.30 358.46 6,76731 TOTAL Tennis 1,357.82 1,357.81 55199 738.65 923.31 803.00 150.00 1,477.30 35846 7,71731 Toys 118.63 196.86 • 31549 Travel 17,714.61 2,836.01 4,200.36 9266.71 8,361.67 54,93122 62,651.64 1,101.71 176,823.64 21,5(6.51 30,35632 1.240 Og Travel:AJZ 390.00 390.00 MorganStariley SmithBarney 115 EFTA00284457 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December OARALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Travel:Helicopter Travel:Helicopter:Operating Expense 5,457.51 5,457.51 TOTAL Travel:Helicopter 5,457.51 5,457.51 TravelStaff • • 2,14815 2,14815 TOTAL Travel 17,714.61 2136.01 9,65717 9266.71 8,751.67 54,933.21 62,651.62 1,10171 176)3B.64 21,566.51 30,356.32 5,388.93 US News Charges US News Charges:Entertaining 1,825.61 2,214.49 600.58 4001013 234249 705.62 541.94 675.97 529.85 18,430.23 3,174.18 711.61 US News Charges:Gift 13000 13000 153.00 14510 • 55810 US News Charges:MZ Website • • 2,677.18 2,677.18 US News Charges:Reimbursement (53,108.97) • • • (84,451.56) (137,563.53) US News Charges:Storage 379.85 403.39 403.39 403.39 403.39 403.39 403.39 481.07 403.39 81.75 81.75 82.60 US News Charges:Subscriptions 312.70 19910 720.33 9100 733.93 31.50 280.95 1006.56 396.20 43439 4,16813 US News Charges:Supplies • - • • 5218 • 78.32 21.72 . US News Charges:Travel 3,677-16 5,195.95 3,973.17 6,554.23 1,549.08 6,777.03 3,27235 227280 3,555.40 1,468.40 2,655.28 1,953.00 42,89815 TOTAL US News Charges (46,918.62) 8,112.83 5,872.31 11,161.70 5,08137 7,93154 4,721.95 3,429.84 5,494.40 31398.30 5,911.21 (78,592.75) (47,42119) Utilities Utilities:200 E. 65th Street • • • 10,107.92 . Utilities:Aspen 978.35 1,279.13 1,777.13 1,0B.96 1,158.62 515.10 621.21 1,201.57 791.53 1,566.59 793.14 97836 12626.69 Utilities:Cable TV 950 Fifth 863.70 - 1,338.21 • 437.30 442.56 721.17 • • • Utilities:Cable TV Aspen 231.61 173.66 188.30 188.30 • • • • • • • 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 - - - • • • • • • 11394.27 • • 1,094.27 Utilities:Gas & Electric 950 Fifth 2,460.03 2,612.03 1,599.97 2,040.28 1,558.74 1,335.79 2,728.61 2,94616 1,960.40 1,975.75 28.04 . Utilities:Gas & Electric EH 1,26208 2,391.82 4,057.86 3,996.20 5,47916 5,571.25 4,185.73 4,801.46 4,145.33 9,019.72 1,747.52 2.392.49 52,050.32 Utilities:Water EH - 54.81 • 117.55 • • 392.21 . 319.90 TOTAL Utilities 9,303.73 6,991.57 9,519.21 7,826.48 9,271.16 8,382.83 8,77515 9,471.21 7,808.60 24,22238 3,08713 4,209.88 108,870.73 Wine Wine:950 Fifth 626.47 626.47 Wine:Aspen 889.93 Wine:EH 702.85 237205 366.63 3,380.53 TOTAL Wine 889.93 626.47 70285 237215 366.63 • . TOTAL OUTFLOWS 651,13294 1,560,798.00 606,508.98 283,958.57 618,47819 823,889.22 562,137.22 690,371.04 585,838.48 802,750.31 960,49310 761,094.69 8,910,455.14 MorganStardey SmithBarney 116 EFTA00284458 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January lvbruary March April May June July August September October November December OVIItALL Description 2011 2011 2011 2011 2011 2011 2011 2011 7011 2011 2011 2011 TOTAL OVERALL TOTAL (400,278.97) 1,161,46206 (393,231.17) (92,79833) (496,313.59) (652369.73) (446,176.17) 013,6[4.17) (50350930) (729,618.26) 9,4&1,951.00 (560,713.27) 5,757,59620 MorganStanLey SmithBarney 117 EFTA00284459 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Mortimer B. Zuckerman 51,651,941,396 ASSETS $1,964,488,616 Cash $16,023,611 Bank of America - MMF $10,104 JPM Chase - Checking $108,947 JPM Chase - Money Mkt $98,695 Morgan Stanley - Money mkt $15,805,865 Municipal Securities $36,280,711 Citibank - Muni Bonds 511,783,323 McDonnell - Short Term Muni Bonds $5,901,255 Morgan Stanley - Intermediate Term Muni Bonds 511,543,438 Morgan Stanley - Long Term Muni Bonds $5,919,291 Morgan Stanley -Short Term Muni Bonds $1,133,405 Municipal/Corporate $11,027,030 Citi - Muni/Corporate Bonds (Formerly Blackrock) $11,027,030 Corporate Bonds $1,418,759 Seix $1,418,759 Global Bonds $5,024,729 Templeton Global Bond Fund $5,024,729 Hedge Funds -Direct $5,578,572 American Steadfast, L.P. $5,578,572 Private Capital - Fund of Funds $16,813,302 Chase Capital Partners Private Equity FF II, LTD $338,772 GS Private Equity Partners II, LP. $841,720 Quellos Financial Ventures II, LP. $779,315 Quellos Private Capital 2002, L.P. (US Mature) $6,729,663 Quellos Private Capital II, L.P. $8,123,832 Confidential MorganStanley SmithBarney 118 EFTA00284460 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Private Capital - Direct Partnerships $49,151,212 Court Square Capital Partners L.P. (CVC Eq.Partners L.P.) $1,148,444 CVC Capital Partners Asia Pacific II, LP. $2,115,511 CVC European Equity Partners V, LP. $3,341,606 Evercore Venture Partners, LP. $118,212 Francisco Partners, L.P. $1,805,546 Gabriel Capital Investment 2006 $10,115,478 Generation Capital Partners II, LP. $1,285,199 Glilot Capital Partners I, L.P. $52,500 Greycroft Partners II, L.P. $413,521 GS Capital Partners III, L.P. $375,404 Heartland Industrial Partners, L.P. $783,383 Morgan Stanley Credit Partners Onshore, LP. $1,984,486 Patricof Private Investment Club II, LP. $1,329 Patricof Private Investment Club III, L.P. $367,145 Patricof Private Investment Club, L.P. $2,155 Pequot / FMVP II, LP. $31,998 Quadrangle Capital Partners, LP. $1,899,086 Quellos Co-Investment Fund II, LP. $16,649,274 Quellos Co-Investment Fund III, L.P. $3,513,466 Quellos Co-Investment Fund, LP. $1,748,610 Valor Equity Partners II, L.P. $1,398,859 Private Capital - Direct Companies $1,300,844 Ally / Cerbenis Finn Investors, LLC $1,037,361 Courtroom Connect $54,400 Keith Glen Media $23,814 Newbridge Vencable Partners, LLC $132,500 Rely Software (f/ k/a Rightfreight, Inc) $35,159 VISC Japan K.K. $17,610 Closely Held Entities $42,003,345 USN College Marketing, Inc. $42,003,345 Confidential MorganStanley SmithBarney 119 EFTA00284461 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Boston Properties, Inc. $813,828,945 BXP (Common) $117,059,074 BXP (Common) $31,872,000 BXP (LTIP) $24,952,863 BXP (Non Vested) 515,924,372 BXP (Non Vested) $261,408 BXP (OPU's) $619,043,282 BXP (Vested Options) 587,136 MZ Burnside Holdings, L.P. $2,352,950 MZ Longstreet Holdings, L.P. $1,304,461 MZ Meade Holdings, L.P. $971,399 Other Investment Assets $136,155,963 Present Value of Future MBZ Crut Distributions $136,155,963 Family Businesses $542,786,845 Present Value of Future USN Crut Distributions $7,373,833 The Daily News (Preference and Interest on LOC) $460,413,012 US News & World Report, LP $75,000,000 Notes and Loans Receivable $662,266 Barbara G. Jensen 528,950 Carmen 2 Robinson $283,316 Daniel Rothschild $200,000 Mathias Thorner $50,000 The Core Club 55th Street LLC $100,000 Other Assets $3,613,926 JP Morgan Chase - East Hampton $3,784 Morgan Stanley Checking Account $3,264,030 T. Rowe 401(K) Retirement Plan $346,112 Confidential MorganStanley SmithBarney 120 EFTA00284462 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Personal Assets $121,490,705 Art, Furniture and Other - 21 Drew Lane $2,744,701 Art, Furniture and Other - 599 Lexington Avenue $184,124 Art, Furniture and Other - 950 Fifth Avenue $106,065,592 Art, Furniture and Other - 950 Fifth Avenue (Paloma) 312,000,000 Art, Furniture and Other - Aspen 348,864 Art, Furniture and Other - Lazy 2 375,073 Hampton Golf Club, LLC $309,581 Lexus LX470-1999 325,275 Mercedes Benz S430-2001 $37,495 Zuckerman Personal Holdings 380,500,000 BR, Inc - ("Lazy 2" Motor Yacht) 325,000,000 USN Aviation - (ZWA, Inc.) 344,000,000 2AS, LLC- (Waldorf Flight Services) 311,500,000 Real Property & Options 380,827,852 17 East 75th Street $5,527,852 21 Drew Lane 330,500,000 4 Three Mile Harbor Drive $3,300,000 418 Wrights Road Aspen $9,500,000 950 Fifth Avenue 332,000,000 LIABILITIES $312,547,220 Obligations To Related Parties 349,935,503 BR, Inc - ("Lazy 2" Motor Yacht) 314,792,507 Pauline Gertler $2,310,476 USN Aviation - (ZWA, Inc.) 330,551,620 ZAS, LLC- (Waldorf Right Services) $2,280,900 Confidential MorganStanley SmithBarney 121 EFTA00284463 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Mortgages $57,941,848 Bank of America-418 Wrights Road $7,329,840 Bank of America-17 East 75th Street $5,409,619 Bank of America-21 Drew Lane $20,364,720 Bank of America-4 Three Mile Harbor Drive $809,739 Bank of America-950 Fifth Avenue $24,027,930 Unsecured Obligations To Third Parties $204,669,869 Bank of America Revolving Line of Credit $153,469,869 Daily News, L.P. - HUD $2,000,000 Daily News, L.P. - NJEDA $7,900,000 Krall Payments 6300,000 MBZ Printing (APT, LP) $41,000,000 Confidential MorganStanley SmithBarney 122 EFTA00284464 MBZ 1996 Trust (GST Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 19% 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 MunicipaVCorporate $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 (A115) $657,408 Dialectic Antithesis Partners (AIP) $1,000,171 Double Black Diamond Class C (AIP) $1,128,147 GEM Realty Securities LP (Al?) $1,162,079 HBK Fund II LP (AIP) $1,257,042 Ivory Flagship Fund LP (AIP) $1,097,754 Man AHL Diversified II USA (A1P) $486,154 Mariner Tricadia Credit Seat (AIP) $1,042,380 Millenium USA LP (AIP) $1,284,959 Owl Creek II LP (AIP) $33,929 Seligman Tech Spectrum Fund (AU') $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 MorganStanley SmithBarney 123 EFTA00284465 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, LP. $373,231 Quellos Private Capital 2002, L.P. $1,227,635 Quellos Private Capital II, LP. $2,030,959 Private Capital - Direct Partnerships 426,601,319 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 Ill, L.P. $1,035,684 Israel Infrastructure Fund I-C, LP. $1,484,190 Quellos Co-Investment Fund II, LP. $9,989,565 Quellos Co-Investment Fund III, L.P. $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 Finn Investors, LLC $1,037,361 Newbridge Vencable Partners, LLC 342,500 Notes and Loans Receivable $27,991,113 Daily News, L.P. $27,991,113 Confidential MorganStanley SmithBarney 124 EFTA00284466 MBZ 1996 (GST Non Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 19% (CST Non Exempt) $284,533,910 ASSETS $284,533,910 Cash $8,564,909 Morgan Stanley - Money Mkt $8,564,909 Municipal Securities $14,204,782 McDonnell - Short Term Muni Bonds $5,095,568 Morgan Stanley - Intermediate Term Muni Bonds $3,792,110 Morgan Stanley - Long Term Muni Bonds $4,270,439 Morgan Stanley -Short Term Muni Bonds $1,046,665 Municipal/Corporate $3,597,436 Citi - Muni/Corporate Bonds (Formerly Blackrock) $3,597,436 Corporate Bonds $23,804,221 Sei‘ $23,804,221 Global Bonds $2,142,551 Templeton Global Bond Fund $2,142,551 Hedge Funds -Direct $25,728,586 AP Investments Europe Limited $59,676 CCA Absolute Return Muni Strategy, L.P. $5,130,604 Paulson Advantage L.P. $11,031,689 Paulson Advantage Plus, L.P. $9,388,107 Taconic Opportunity Fund $118,510 Private Capital - Fund of Funds $2,717,340 GS Private Equity Partners II, L.P. $686,381 Quellos Private Capital II, L.P. $2,030,959 Confidential MorganStanley SmithBarney 125 EFTA00284467 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, LP. $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 375,000 The Vehicle Production Group, LLC. $2,230,471 Boston Properties, Inc. $139,977,043 BXP (OPLI's) $139,977,043 Notes and Loans Receivable $29,327,783 Daily News, L.P. 329,327,783 Confidential MorganStanley SmithBarney 128 EFTA00284468 MBZ 1983 Family Trust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 1983 Family Trust $92,949,982 ASSETS $92,949,982 Cash $1,368,536 Morgan Stanley - Money Mkt $1,368,536 Municipal Securities $1,648,039 McDonnell - Short Term Muni Bonds $1,382,087 Morgan Stanley -Short Term Muni Bonds $265,952 Municipal/Corporate $1,896,231 Cifi - Muni/Corporate Bonds (Formerly Blackrock) $1,896,231 Corporate Bonds $6,016,987 Seix $6,016,987 Global Bonds $1,169,764 Templeton Global Bond Fund $1,169,764 Hedge Funds -Direct $6,511,670 Paulson Advantage L.P. $3,483,691 Paulson Advantage Plus, L.P. $3,027,979 Private Capital - Fund of Funds $2,,582,463 CS Vintage Fund, L.P. $1,359,828 Quellos Private Capital 2002, L.P. $1,227,635 Private Capital - Direct Partnerships $10,877,173 Brickman Real Estate Fund IV, L.P. $1,713,959 CVC European Equity Partners IV, L.P. $2,390,613 Israel Infrastructure Fund I-C, L.P. $1,484,190 Quellos Co-Investment Fund II, L.P. $3,329,853 Quellos Co-Investment Fund III, L.P. $878,366 Quellos Co-Investment Fund, L.P. $1,080,193 Confidential MorganStanley SmithBarney 127 EFTA00284469 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 Finn Investors, LLC $1,037,361 Freescale Co-Investment XVI, LLC $1,190,393 Loud3R $2,040,000 Family Businesses 584,400 MBZ Digital Ventures LLC $84A00 Notes and Loans Receivable 446,521,964 Daily News, L.P. $8,421,964 The MBZ News 1992 Trust UAD 12-29-92 $38,100,000 Confidential MorganStanley SmithBarney 128 EFTA00284470 USN College Marketing, Inc. Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value USN College Marketing, Inc. 542,003,345 ASSETS 542,003,345 Cash $2,169,152 Bank of America - MMF $11,985 Morgan Stanley - Money Mkt $2,157,168 Municipal Securities $2,866,569 McDonnell - Short Term Muni Bonds $2,247,381 Morgan Stanley - Long Term Muni Bonds $517,274 Morgan Stanley -Short Term Muni Bonds $101,913 MunicipaVCorporate 510,595,316 Citi - Muni/Corporate Bonds (Formerly Blackrock) 310,595316 Corporate Bonds $3,763,238 Seix $3,763,238 Global Bonds $710,635 Templeton Global Bond Fund $710,635 Hedge Funds -Direct $5,607,864 CCA Absolute Return Mimi Strategy, L.P. $5,607,864 Private Capital - Direct Partnerships 516,290,572 Morgan Stanley Credit Partners Onshore, LP. $992,247 Quellos Co-Investment Fund II, LP. $9,989,565 Quellos Co-Investment Fund Ill, L.P. $2,635,100 Quellos Co-Investment Fund, L.P. $2,673,660 Confidential MorganStanley SmithBarney 129 EFTA00284471 MBZ Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ Charitable Remainder Unitrust $167,105,564 ASSETS $167,105,564 Cash $1,871,233 Morgan Stanley - Money mkt $1,394,833 Operating Account MBZ CRUT (Alf') $476,400 Municipal Securities $12,125,424 McDonnell - Short Term Muni Bonds $7,878,836 Morgan Stanley - Intermediate Term Muni Bonds $4,112,249 Morgan Stanley - Long Term Muni Bonds $134,339 Municipal/Corporate $24,932,916 Citi - Muni/Corporate Bonds (Formerly Blackrock) $24,932,916 Corporate Bonds $19,679,220 Seix $19,679,220 Global Bonds $2,283,924 Templeton Global Bond Fund $2,283,924 Please note: The total value doss not take IMO eanuderanon the habitaty of the Present Valueof Future MB2 Crut Dutributtorn MorganStanley Confidential SmithBarney 130 EFTA00284472 MBZ Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value AIP Offshore Hedge Funds $13,535,447 Boronia Diversified Fund (AIP) $469,745 Dialectic Antithesis Partners (AIP) $1,008,010 Double Black Diamond Class C (AIP) $1,017,270 HBK Offshore Fund II Ltd. (AIP) $571,605 Ivory Offshore Flagship Fund (AIP) $995,448 Kaiser Trading Fund SPC Ltd. (Alf') $944,013 Mariner Tricadia Credit Strat $1,042,367 Millenium Intl Ltd - Class EE (AIP) $1,163,851 MQ Asia Long Short Fd Offshore (AIP) $582,925 OMG Opportunities Trading Fund (AIP) $483,587 Owl Creek Overseas Fund (AIP) $28,962 Oz Overseas Fund Ltd. (AIP) $2,080,902 Pharo Macro Fund Ltd. (AIP) $963,854 Seligman Tech Spectrum Fund (AIP) $1,139,383 York Credit Opp Unit Trust (AIP) $1,043,525 Hedge Funds -Direct $8,574,944 AIP Custom HF Solutions $5,815,971 Ascot Fund Limited SO Blackstone Offshore Fund II $1,838,896 ras Investment Partners (Offshore) $920,077 Private Capital - Fund of Funds S391,356 Queltos Financial Ventures II, (CRT), LP. $391,356 Private Capital - Direct Partnerships $30,934,154 Morgan Stanley Credit Partners Onshore, LP. $5,031,898 Quellos Co-Investment Fund IL LP. - CRT Series 510,487,766 Quellos Co-Investment Fund Ill, L.P. $2,289,000 Quellos Co-Investment Fund, LP. - CRT Series $13,125,490 Boston Properties, Inc. $52,776,944 BXP (Common) $52,776,944 Muse note: The total VAlue does not take MO consideration the halathly of the Present Value of Future MB2 Crut Nonhuman. MorganStanley Confidential SmithBarney 131 EFTA00284473 USN Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value USN Charitable Remainder Unitrust 59,049,974 ASSETS 59,049,974 Cash $150,440 Morgan Stanley - Money Mkt $150,440 Municipal Securities 5876,937 McDonnell - Short Term Muni Bonds $876,937 Corporate Bonds 57,853,054 Seix $7,853,054 Global Bonds $169,542 Templeton Global Bond Fund $169,542 Please note: The total value does not take onto conuderanon the liability of the Prc,ent Value of Future USN Out Distrzbutions MorganStanley Confidential SmithBarney 132 EFTA00284474 MBZ 1992 News Trust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 1992 News Trust (S38,100,000) LIABILITIES 438,100,000 Obligations To Related Parties 438,100,000 The Mortimer B. Zuckerman 1983 Family TR UAD 12-21-83 438,100,000 Confidential MorganStanley SmithBarney 133 EFTA00284475 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description American Steadfast LP MBZ 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 Investments Europe Limited MBZ 1996 Ttust (Non Exempt) AP Investment Europe (AIE): AlE 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. AM 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. Blackstone Strategic Alliance Fund II MBZ Gut 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 managers revenues. Brickman Real Estate Fund I, LP. MBZ 1996Trust Brickman Real Estate Fund I, LP (the 'Fund li), a Delaware limited partnership, was formed on April9, 2002 between Stickman 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 I 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. Brickman Real Estate Fund II, LP. MBZ 1996Trust The Fund target/core assets which will produce a stable cash flow over the targeted hold period. It seeks asset in markets that have long term positive fundamentals and that have a history of liquidity. In summary, the Fund targets: Core + Invintment, 16 office properties, 2 residential, Concentration in Boston, DC, Metro NY, 96% leased, very strong cash flows ' Please note: The fund descriptions are provided by the respective funds. MorganStanley SmithBarney 134 EFTA00284476 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Desaiption Brickman Real Estate Fund III, L.P. MBZ 1996 Trust 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 Hampton, Mn Debt in Savanah, CA, Resort property in Bermuda (formerly Coral Beach Club), Pinnacle Multi-Family rental properties Brickman Real Estate Fund IV, L.P. MB2 1983 Family Trust 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 tritate. The Fund 'Mud's: 8 Debt Investments, 4 Properties, Sister fund to fund IL Debt Investments have been marked Brickman Real Estate Fund V, L.P. MB2 1996Trust The Fund invests in opportunistic real estate assets. Currently, the Fund is specifically invested in 1280 Fifth Ave. CCA Absolute Return Muni Strategy, LP MB2 1996Trust (Non Exempt), USN A long/short Municipal Bond investment managed by Craig Henick at Citi. The fund seeks to generate an absolute return from municipal College Marketing Inc. 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 Firm Investors, LLC MBZ MB2 1996 Trust MB2 1963 Cerberus FIM Investors, LLC (the "Company, was organized as a limited liability company in March 2006 pursuant to the provisions of the Family Trust 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) 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. MorganStanley SmithBarney 135 EFTA00284477 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Court Square Capital Partners, LP. MBZ Court Square Capital Partners, Inc. ("Court Square" or the "Finn") has one of the most exp.Mmed 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 on a substantially similar basis as Citigroup Venture Capital Equity Partners, LP. ("Fund n to invest primarily in US.-based middle-market companies. Fund L a S2.6 billion punnet-ship 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, Fund II is seeking commitments of 42.5 billion from limited partners- The Investment Team intends to commit S150 million to Fund II. Fund is 100% called, 100% committed, currently in distribution mode. 118 vintage and can expect to see the 2 - 1 year extensions utilized. 9 companies left in portfolio, 70Orrim cost 1.3b in value. IRR on portfolio 39%. CVC Capital Partners Asia Pacific II. LP. MBZ 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 I, II, and III. Key professionals have on average over 14 years of private equity experience. CVC European Equity Partners IV (Europe MBZ 1996Trust (Non Exempt), MBZ Specializing in European Buyouts and Investments, Realized and Unrealized portfolio currently valued at 1.2x cast. CVC Europe has a 1983 Family Trust global network of 18 offices and 72 buyout professionals, including 27 partners with an average tenure o(12 years. CVC European Equity Partners V (Europe MBZ, MBZ 1996 Trust (Non Exempt) 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 professiona8, including 27 partners with an average tenure of 12 years. MorganStanley SmithBarney 136 EFTA00284478 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Evercore Venture Partners, LP. MBZ Everitt* 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, as 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 (ktober 16, 2000 and commenced operations on October n, 2000. The Partnership changed its name from eCompanks - Evercore Venture Partners II LP. 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 LLC. (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) LP. rEVP (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 Partners 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, LP. Both funds share all Partnership investments and expenses on a pro-rata basis. The general partner of the Partnership is Francisco Partners GP, LW (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 MHZ1983 Family Trust MorganStanley SmithBarney 137 EFTA00284479 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Generation Capital Partners II, LP. MB2 Generation Capital Partners II 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 H 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 HealthcareServices & Technology, Education, Media & Communications. allot Capital Partners I L.P. MB2 An Israeli venture capital fund investing in seed and early state software companies. Greycroft Partners II, LP. MB2 A venture capital fund led by Alan Patriooff. 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 inostees gain visibility, build strategic relationships, and successfully bring their products to market. CS Capital Partners IL L.P. M82, M112 1996 Trust MBZ 1996 GSCapital Partners II, LP. (the "Partnership"), a Delaware limited partnership, was formed for the purpose of investing inequity, equity- Trust (Non Exempt) 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, LLC. (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 A0115, 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 III, LP. M112 GSCapital Partners III, 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 III, LLC. (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"). MorganStanley SmithBarney 138 EFTA00284480 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Deurripdon CS Investment Partners (Off Shore) MB2 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 asses 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. CS 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. CS Investment Partners (On Shore) MBZ 1996Trust 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, LP., (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 omnmenced 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. MorganStanley SmithBarney 139 EFTA00284481 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fond Entity Description GS Private Equity Ruiners II, LP. M82. W2 1996Trust, 3-1B.2 1996 GS Private Equity Partners IL 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 Immtments" 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 Invmtments, 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 21, 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 II 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"). CS Vintage Fund, L.P. MHZ 1983 Family Trust CS 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 purdased 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 (hi) 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 Invmtmentil underlying portfolio companies ("Security Investments" and together with Partnership Investments, Secondary Investments and Direst 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 CS Vintage Advisors, LLC (the "General Partneri") 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"). MorganStanley SmithBarney 140 EFTA00284482 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description I leartland Industrial Partners. LP. MBZ Heartland Industrial Partners, L.P. (the 'Partnership') is a Delaware limited partnership formed pursuant to an agreement entered into as of 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 W 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 5153mm valuation. Life of fund terminates in May 10, 2 -lyear extensions will likely be used. The Partnership tom 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 IC LP. MBZ 1996 Trust MBZ 1983 Family Israel Infrastructure Fund (hereinafter - 'the Fund') represents three parallel partnerships: 1. Israel Infrastructure Fund I-A, LP. Trust (hereinafter - 'the Partnership'); 2. Israel Infrastructure Fund I-B, L.P.; 3. Israel Infrastructure Fund IC, 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 theGeneral Partner and the Initial Limited Partner. The term of the Fund is ten years from the initial dosing, 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 poirds,entiti% and assets mainly in Israel, which offer investment opportunities with the potential to generate significant interest and dividend income and capital appreciation. JPM Chace - Money Mkt MBZ Cash account, benchmarked against the Cltigroup 90 day T-Bill McDonnell MBZ MBZ 19% Trust (Non Exempt), The portfolio taken as whole will be structured over the long tom, first with an objective to seek to preserve principal, and second to seek to MBZ 1983 Family Trust, USN College enhance capital value. Investment include: (1) Short term tax-free money market instruments, (2) Municipal obligation and (3) US treasuries Marketing Inc., MBZ Crut 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. Morgan Stanley - Money Mkt MBZ MBZ 1996Trust MBZ 19% Trust Cash account benchmarked against the Otigroup 90 day T-Bill (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut, USN Crut MorganStanley SmithBarney 141 EFTA00284483 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Morgan Stanley Credit Partners Fund, LP. MBZ MBZ 1%6 Trust (Non Exempt), The Morgan Stanley Credit Partners Fund LP has been organized to make investments in the corporate credit markets. The Fund intends to USN College Marketing Inc., MBZ Out invest on a global basis in order to assemble an investment portfolio of up to 20 to 25 primary market invisments. 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. Morgan Stanley Credit Partners Onshore MBZ MBZ 19% Trust (Non Exempt), A Mezzanine Debt Fund organized to make investments in the corporate credit markets. The Fund intends to invest on a global basis in USN College Marketing Inc., MBZ Gut 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 arcs the high yield or leveraged loan markets or where these markets cannot provide the certainty, speed, flexibility or confidentiality that such issuers may require. Morgan Stanley-Muni Bonds - IT MBZ MBZ 19% Trust (Non Exempt), Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income MBZ 1996 Trust ItIBZ Cnit Morgan Stanley-Muni Bonds - LT MBZ MBZ 19% Trust (Non Exempt) Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income Morgan Stanley-Muni Bonds -ST MBZ MBZ 19% Trust (Non Exempt), Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income MBZ 1996Trust MBZ 1983 Family Trust, MBZ Gut, USN College Marketing Inc. Patricof Private Investment Club II, L.P. MBZ Patricof Private Investment Club II, LP. is a limited partnership organized on May 1, 1%8 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 AM Excelsior V partnerships ("companion funds") with the objective of realizing long term capital appreciation. MorganStanley SmithBarney 142 EFTA00284484 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fond Entity Description Patricof Private Investment Club III, LP. MBZ Patricof Private Investment Club III, L.P. is a limited partnership organized under the laws of Delaware. The purpose of the partnership is to invest inequity 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, WOO. Patricof Private Investment Club, LP. MBZ 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 notating long term capital appreciation. Paulson Advantage Plus, L.P. MBZ 1983 Family Trust, MBZ 1996 Paulson Advantage Plus L.P. is a market neutral fund that seeks to achieve above average return. with low volatility and low market Trust (Non Exempt) 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, LP. MBZ 1983 Family Trust, MBZ 1996 Paulson Advantage LP. is a market neutral fund that seeks to achieve above average returns with low volatility and low market correlation. Trust (Non Exempt) 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, Evens Arbitrage, Restructurings, Proxy Contexts, Post Bankruptcy Equities. Distressed: Liquidations, High Yield Long/Short, Capital Structure Arbitrage, Bankruptcy/Reorganizations. Pequot / FMVP II, LP. MBZ FMVP II, LP. (formerly Pequot Venture Partners II, 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 II, LP. to FMVP II, L.P. MorganStantey SmithBarney 143 EFTA00284485 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fond Entity Description Quadrangle Capital Partner, LP. MBZ 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, 3005. Quellos Co-Investment Fund II, LP. MBZ USN College Marketing Inc., QBCo-Inveitment Fund H. LP. CCe:F II' or the `Fund) is being established as a successor fund toQB Co-Investment Fund, L.P. CQCF MBZ 1996 Trust (Non Exempt), MBZ Similar to QCF I, the Fund will be structured to make select cciinvittments primarily with the general partners and investment managers 1996 Trust, MBZ 1983 Family Trust, underlying our Absolute Return Strategies CARS') and Private Capital Strategies CFCS" funds of funds. MBZ Crut Quellos Co-Investment Fund, L.P. MBZ USN College Marketing Inc, Quellos Co-Investment Fund, LP. ("QCF" or the 'Fund') is organized as a Delaware series limited partnership. The Fund's objective is to MBZ 1996 Trust (Non Exempt), MBZ generate returns for investors through concentrated exposure to «o-investments and special purpose fund invittment primarily with the 1996 Trust, MBZ 1983 Family Trust, general partners and investment managers underlying Quellos* absolute return and private capital funds of funds. MBZ Crut Quellos Financial Ventures II, (CRT), L.P. MBZ MBZ Crut Quellos Financial Ventures IL L.P. CQFV IP 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 fem. Only 3 funds left in portfolio: Blueliarbor, Rosegrove, Stylous Quellos Private Capital 2002, LP. (US Mat MBZ MBZ 1996 Trust, MBZ 1983 Quellos Private Capital 2002, L.P.is a multi-manager investment fund organized as a Delaware limited partnership, which began operations Family Trust in the first quarter of 2004. The Fund's objective is to generate superior Mk-adjusted retinas for investors by investing in a portfolio of hedge fund strategies (relative-value, event-driven hedged-directionati. PE FOF Investing in mature company and venture interest only. 38% LBO, 9% Distressed, 3% Mee. 3% SS, 46% Venture Capital. Queues Private Capital IL L.P. MBZ MBZ 1996 Trust, MBZ 1996 Trust Quellos Private Capital U. LP. is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in (Non Exempt) the first quarter of 2004. The Funds 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 interest only. 40% LBO, 8% Distressed, 6% SS, 44% Venture Capital. MorganStanley SmithBarney 144 EFTA00284486 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Descripdon Seix MBZ MBZ 19% Trust, MBZ 19% 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 invent 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, MB2.Crut, USN Out Federal Agencies, and Government-Sponsored Enterprises, the portfolio will not (1) invest more than 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 1996Trust (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 analyst 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 imbalance 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 II, LP. MBZ Valor equity partners II LP. Is a Delaware is a Limited partnership formed pursuant to and in accordance with the Delaware revised uniform limited partnership act. The partnership wasorganized 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. MorganStanley SmithBarney 145 EFTA00284487 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fend Entity Description VSS Comunkations Partners IV, L.P. MB2 1996 Trust MBZ 1996 Trust (Non VSS Communications Partners IV's combined financial statements include the financial statements of VSS Communications Partners IV, LP. Exempt) ("CP IV"), VSS Communications Parallel Partners IV L.P. (the "Parallel Fund"), and VSSCommunications Parallel II Partners IV, LP. (the "Parallel II Fund," and together with CP IV and the Parallel Fund, collectively referred to as "VSS IV" 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 dosing 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 II Fund is a Delaware limited partnership formed pursuant to the CP IV Agreement and an Amended and Restated Limited Partnership Agreement (the "Parallel II Fund Agreement," and together with the CT IV Agreement and the Parallel Fund Agnoment, 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 objedive of VSS IV is to achieve long-term appreciation of capital contributed by the Limited Partners and the General Partner (together, the "Partners") of CT IV, the Parallel Fund and the Parallel II 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. Suhler, Jeffrey T. Stevenson, Marco Sodi and Scott). 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 W, the Parallel Fund, and the Parallel II 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 II Fund Agreement. Z CAP - Money Mkt MBZ NM19967mA MBZ 19% Trust Cash account benchmarked against the Cltlgroup 90 day T-Bill (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZCrut 2 CAP • Money Mkt MBE MBZ 1936 Trust, MB2 19% Trust Cash account benchmarked against the Citigroup 90 day T-Bill (Non Exempt), 4•1B2 1983 Family Trust, USN College Marketing Inc., MBZCrut MorganStanley SmithBarney 146 EFTA00284488 Mortimer B. Zuckerman Disclosures This performance report has been preparedfor informational purposes only and is not intended to be a substitutefor the official account statements that you receivefrom 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 responsiblefor 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 ofany 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 ofsecurities 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 differfrom the values displayed in this report due to, among other things, the use of different reporting methods, delays, market conditions and interruptions. Thefigures 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 basisfor any investment decision Past results are not necessarily indicative offuture 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 moneyflours. These elements and/or their rate ofchange may not be present in thefuture 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 morefirefly 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 arefor illustrativepurposes only and are not intended to represent the performance ofany Morgan Stanley Smith Barney offering. Investments and Services offered through Morgan Stanley Smith Barney LLC, member Slit In some cases, this report may show the combined performance ofbrokerage 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 offees, 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 accounts) and may be usedfor informational purposes only. Accordingly, the performance resultsfor this portfolio may blend the performance of assets and strategies that may not have been available in an of your accounts at all times during the reporting period. MorganStanley SmithBarney 147 EFTA00284489