027 NEXT MANAGEMENT, LLC 13-3495607 CALIFORNIA PARTNER'S SCHEDULE OF ACTIVITIES PARTNER 1 1 CLAXON INC ActivityName(sHmdTypeofftwome: A NEXT MANAGEMENT, LLC, PORTFOLIO B NEXT MANAGEMENT, LLC, TRADE OR BUSINESS C TWO TWELVE MANAGEMENT, LLC, GENERAL TRADE/BUSINESS D E Activity A Activity B Activity C Activity D Activity E Activity disposed of during year Qualdiedlow-MomehousIng PuNdytra&Wprimwth0 Pass.thmuilhacWO NO NO NO NO NO NO NO NO NO NO NO YES Schedule K - Line References 1 Ordinary income 2 Rental Real Estate 3 Other Rental 5 Interest income 6 Dividend Income 7 Royalty Income 8 Short-term Net Capital Gil. 11 a Other Portfolio Income 4 Guaranteed Payments 10 ab Net 1231 G/L 11 be Other Income 13 a Charitable Contributions, . 12 Section 179 13 d Deductions Portfolio Income 13 e Other Deductions 13 b Investment Interest Expense 20 a Investment Income 20 b Investment Expenses . . . 15 a Credit Income Tax Withheld 15 b Low Income House Credit 15 c Credit Rental Real Estate . 15 d Credit Other Rental 15 1 Other Credits 17a Depr. Adj. Prop. 12,31:86 17 b Adjusted Gain or Loss 17 c Depletion 17 d Gross Inc OiliGasteoth. 17 e Deducts Alloc. to OrMas 17 1 Other Tax Preference 13 c Section 59(e) Expense 18 a Tax - exempt int. Income 18 b Other tax exempt Income 18c Nonded. expense 20 Other Items 9 Longterm Net Capital at . 236,708. 27,870. 1,87.3. 41,234. 2,167. 1,873. 1,185. 9,493. 2,903. S00520 2.000 R66297 1608 102 EFTA00806507

NEXT MANAGEMENT, LLC 13-3495607 PARTNER # 1 PARTNER NAME CLAXON INC ITEM I, COLUMN(C) - RECONCILIATION OF INCOME INCOME (LOSS) FROM SCH. K-1, LINES 1 - 11C LESS: DEDUCTIONS FROM SCH. K-1, LINES 12 - 13E 1,070,295. 43,401. TOTAL INCOME PER SCHEDULE K-1 1,026,894. LESS: EXPENSES RECORDED ON BOOKS, NOT INCLUDED ON SCH. K-1: TRAVEL AND ENTERTAINMENT 38,133. LLC TAX 336. DEFERRED TAX EXPENSE 1,680. SHAREHOLDER SALARIES 21,336. RENT ESCALATION ADJUSTMENT 27,784. NONDEDUCTIBLE EXPENSES 11,660. OTHER FEDERAL/CALIFORNIA DIFFERENCES 151,904. ADD: INCOME RECORDED ON BOOKS, NOT INCLUDED ON K-1: BOOK TO TAX DIFFERENCE IN INVESTMENT 34,659. ADD: DEDUCTIONS INCL. ON SCH. K-1, NOT CHARGED AGAINST BOOKS: DEPRECIATION 23,844. AMORTIZATION 77,626. DEPRECIATION 64,204. TOTAL INCOME PER ITEM I, COLUMN(C) 974,394. CAPITAL WITHDRAWALS AND DISTRIBUTIONS CASH DISTRIBUTIONS 1,260,000. TOTAL CAPITAL WITHDRAWALS AND DISTRIBUTIONS 1,260,000. LINE 5 - INTEREST FROM PARTNERSHIP 1,873. TOTAL INTEREST 1,873. LINE 13A - CHARITABLE CONTRIBUTIONS MUNI31A00 CONTINUED ON NEXT PAGE STATEMENT 1 R66297 1608 103 EFTA00806508

NEXT MANAGEMENT, LLC 13-3495607 PARTNER # 1 PARTNER NAME CLAXON INC LINE 13A - CHARITABLE CONTRIBUTIONS ( CASH CONTRIBUTIONS: SUBJECT TO 50% LIMITATION FROM PASS-THROUGH ENTITIES 41,234. 2,167. TOTAL CONTRIBUTIONS 43,401. LINE 17A - DEPRECIATION ADJUSTMENT ON PROPERTY AFTER 12/31/86 OTHER (GENERAL BUSINESS) PROPERTIES 1,185. FROM PASS-THROUGH ENTITIES TOTAL DEPRECIATION ADJ. AFTER 12/31/86 1,179. LINE 18C - NONDEDUCTIBLE EXPENSES FROM PASS-THROUGH ENTITIES 2,903. TOTAL NONDEDUCTIBLE EXPENSES BEFORE TRAVEL AND ENTERTAINMENT 2,903. TRAVEL AND ENTERTAINMENT EXPENSES - NONDEDUCTIBLE 9,493. TOTAL NONDEDUCTIBLE EXPENSES 12,396. MUNI31A00 STATEMENT 2 R66297 1608 104 EFTA00806509

TAXABLE YEAR Member's Share of Income, 2015 Deductions, Credits, etc. K-1 (568) CALIFORNIA SCHEDULE TYB 01-01-2015 TYE 12-31-2015 13-3501977 PARTNERSHIP HOLDING CORP. C/O NEXT MANAGEMENT LLC 15 WATTS STREET 6TH FLOOR NEW YORK NY 10013 13-3495607 200506910067 NEXT MANAGEMENT LLC 15 WATTS STREET NEW YORK NY 10013 A What type of entity is this member?• (1) K Individual (4) K C Corporation (7) K LLP (10) K Exempt Organization (2) S Corporation (5) K General Partnership (8) K LLC (11) K Disregarded Entity (3) K Estate/Trust (6) K Limited Partnership (9) K IRAIKeoghtSEP B Is this member a foreign member? • K Yes El No C Enter members percentage (without regard to special allocations) of: Profit sharing Loss sharing Ownership of capital • D Members share of liabilities: Nonrecourse • $ (i) Before decrease or termination 31.0000 31.0000 (ii) End of year 31.0000 31.0000 31.0000 31.0000 Qualified nonrecourse financing • $ Other • $ E Reportable transaction or tax shelter registration number(s) F (1) Check here if this is a publicly traded partnership as defined in IRC Section 469(k)(2) 96 96 96 4.530.420 460.389 (2) Check here if this is an investment partnership (R&TC Sections 17955 and 23040.1) G Check here if this is: • (1) K A final Schedule K-1 (568) (2) K An amended Schedule K-1 (568) H Is this member a resident of California'? • K Yes ► M No o0 o0 ■ Fe r Minn, Maim get km PIM 1131 DAMP. 027 7 9 0 11 5 4 I Schedule K-1 (568) 2015 Side 1 ■ 5O0577 1.000 R66297 1608 105 EFTA00806510

NEXT MANAGEMENT, Members name LLC 13-3495607 Members identifying number ARTNFR # 2 PARTNERSHIP HOLDING CORP. 23-1501977 I Analysis of members capital account: Cheetahs box •(1)0 Tax Basis (2)@ GAAP (3)❑ Section 704(b) Book (4)❑Other (explain) Ca) (b) (c) 00 (e) Capital account alb:gime* cd year Capital aantritulad during year Mamba's shwa of Ina 1. Yea 4. and Withdrawals and distributions Capital accatml al end ol year. line 7 Form 568 ScheduleM-2 combine Odurnn MI arOUOII COMM MI 573,991. • • 719,196. •( 930,000.)• 363,187. Caution: Refer to Members Instructions for Schedule K-1 568) before entering information from this schedule on you California return. (a) Distributive share items (19 Amounts from federal Schedule K-1 (1065) (c) California adjustments 00 Total amounts using California law. Combine col. (b) and cat (c) where applicable (e) California source amounts and credits Income (Loss) 1 Ordinary income (loss) from trade or business activities 2 Net income (loss) from rental real estate activities 3 Nat income (loss) from other rental activities 4 Guaranteed payments to members 5 Interest income 6 Dividends 7 Royalties 8 Net short-term capital gain (loss) 9 Net long-term capital gain (loss) 10 a Total gain under IRC Section 1231 (other than due to casualty or theft) b Total loss under IRC Section 1231 (other than due to casualty or theft) 11 a Other portfolio income (loss). Attach schedule, b Total other Income. Attach schedule c Total other loss. Attach schedule 748,931. 35,496. • 784427. ► 195284. • ► 0 0 • ► 5,552. • 5552. ► 1382. • ► • ► • ► • ► • ► • ► • ► • ► • ► I Deductions I 12 Expense deduction for recovery property (IRC Section 179) 13 a Charitable contributions b Investment interest expense c 1 Total expenditures to which an IRC Section 59(e) election may apply. 2 Type of expenditures 59,271. -59,271. 32,034. -1. 32033. d Deductions related to portfolio income Attach schedule e Other deductions. Attach schedule Side 2 Schedule K-1 (568) 2015 027 soma tom R66297 1608 7902154 106 • EFTA00806511

NEXT MANAGEMENT, LLC Member's name ARTNER 8 2 PARTNERSHIP HOLDING CORP. 13-3495607 Member's Identifying number 11-1,501977 (a) Distributive share Items (b) Amounts from federal Schedule K-I 00651 (c) California adjustments 00 Total amounts using California law. Combine col. (b) and cd. (c) (e) California source amounts and credits Tax Exempt Income and Nandeduchble 'Alternative Minimum Tax (AIM Marna Credits Expenses 15 a b e d e f • Total withholding (equals amount on Form 592-B II calendar year LLC). . . . Low-Income housing credt Credits other than line I 5b related to rental real estate activities. Attach schedule . . . . Credits related to other rental activities. Attach schedule Nonconsenting navesident members' tax paid by LLC Other credits - Attach required schedules or statements New em • o ment credit • 90. 17 a b c d e f Depreciation adjustment on property placed In service alter 1986 STMT. 2 Adjusted gain or loss Depletion (other than oil 8 gas) . . . Gross Income from oil, gas, and geothermal properties Deductions allocable to oil, gas. and geothermal properties Other alternative minimum tax items. Attach schedule —302. 3,797.C) 3495.0 870. 18 a b e Tax-exempt Interest income Other tax-exempt income Nondeductible expenses. STMT. 2 36,751. 36751. 9149. Distributions 19 a b Distributions of money (cash and marketable securities) Distributions of property other than money 930,000. ID 930000. @ c 0 191 5 € 0 o -E 20 a b e Investment Income Investment expenses Other Information. See instructions. . 5,552. 5552. 1382. • 500370 1.000 R66297 1608 027 7903154 Schedule K-1 (568) 2015 Side 3 El 107 EFTA00806512

NEXT MANAGEMENT, LLC 13-3495607 Members name Member's Identifying number [PARTNER 1 2 PARTNERSHIP HOLDING CORP. 11-1501977 Other Member Information Table 1 - Member's share of nonbusiness income from intangibles (source of income Is dependent on residence or commercial domicile of the member): Interest $ P Sec. 1231 Gains/Losses $ Capital GainsiLosses $ Dividends $ Other Royalties $ FOR USE BY MEMBERS ONLY • See Instructions. Table 2 - Member's share of distributive items. A. Members share of the LLC's business income. See instructions. $ B. Members share of nonbusiness Income from real and tangible personal property sourced or allocable to California. Capital Gainstosses $ Sec. 1231 Gainstosses $ Rents(Royalties $ Other C. Members distributive share of the LLC's property, payroll, and sales: Factors Total within and outside California Total within California Properly: Beginning $ 1.310.267. 114,698. Properly: Ending $ 1.312.314. 128.410. Properly: Annual rent expense $ 232,441. 31.141. Payroll 3,525.391. 597.520. Sales 6.523.442. 3.624.017. • Side 4 Schedule K-1 (568) 2015 027 5O0579 1.000 R66297 1608 7904154 108 • EFTA00806513

027 NEXT MANAGEMENT, LLC 13-3495607 CALIFORNIA PARTNER'S SCHEDULE OF ACTIVITIES PARTNER # 2 PARTNERSHIP HOLDING CORP ActivityName(sHmdTyNHOIncome: A NEXT MANAGEMENT, LLC, PORTFOLIO B NEXT MANAGEMENT, LLC, TRADE OR BUSINESS C TWO TWELVE MANAGEMENT, LLC, GENERAL TRADE/BUSINESS D E Activity A Activity B Activity C Activity D Activity E Activity disposed of during year Oualifiedlow-ificomettaising PuNdytra&Wprimwth0 Pass - throuoh activity NO NO NO NO NO NO NO NO NO NO NO YES Schedule K - Line References 1 Ordinary income 2 Rental Real Estate 3 Other Rental 5 Interest Income 6 Dividend Income 7 Royalty Income 8 Short-term Net Capital Gil. 11 a Other Portfolio Income 4 Guaranteed Payments 10 ab Net 1231 G/L 11 be Other Income 13 a Charitable Contributions, . 12 Section 179 13 d Deductions Portfolio Income 13 e Other Deductions 13 b Investment Interest Expense 20 a Investment Income 20 b Investment Expenses . . . 15 a Credit Income Tax Withheld 15 b Low Income House Credit 15 c Credit Rental Real Estate . 15 d Credit Other Rental 15 I Other Credits 17 a Depr. Adj. Prop. 12,31:86 17 b Adjusted Gain or Loss 17 c Depletion 17 d Gross Inc OiliGasteoth. 17 e Deducts Alloc. to Oil*tas 17 I Other Tax Preference 13 c Section 59(e) Expense 18 a Tax - exempt int. Income 18 b Other tax exempt Income 18c Nonded. expense 20 Other Items 9 Lono.term Net Capital at . 174,713. 20,571. 1,382. 30,434. 1,599. 1,382. 875. 7,007. 2,142. 60062e 2.000 R66297 1608 109 EFTA00806514

NEXT MANAGEMENT, LLC 13-3495607 PARTNER # 2 PARTNER NAME PARTNERSHIP HOLDING CORP. ITEM I, COLUMN(C) - RECONCILIATION OF INCOME INCOME (LOSS) FROM SCH. K-1, LINES 1 - 11C 789,979. LESS: DEDUCTIONS FROM SCH. K-1, LINES 12 - 13E 32,033. TOTAL INCOME PER SCHEDULE K-1 757,946. LESS: EXPENSES RECORDED ON BOOKS, NOT INCLUDED ON SCH. K-1: TRAVEL AND ENTERTAINMENT LLC TAX DEFERRED TAX EXPENSE SHAREHOLDER SALARIES RENT ESCALATION ADJUSTMENT NONDEDUCTIBLE EXPENSES OTHER FEDERAL/CALIFORNIA DIFFERENCES 28,145. 248. 1,240. 15,749. 20,507. 8,606. 112,120. ADD: INCOME RECORDED ON BOOKS, NOT INCLUDED ON K-1: BOOK TO TAX DIFFERENCE IN INVESTMENT 25,581. ADD: DEDUCTIONS INCL. ON SCH. K-1, NOT CHARGED AGAINST BOOKS: DEPRECIATION 17,600. AMORTIZATION 57,296. DEPRECIATION 47,388. TOTAL INCOME PER ITEM I, COLUMN(C) 719,196. CAPITAL WITHDRAWALS AND DISTRIBUTIONS CASH DISTRIBUTIONS 930,000. TOTAL CAPITAL WITHDRAWALS AND DISTRIBUTIONS 930,000. LINE 5 - INTEREST FROM PARTNERSHIP 1,382. TOTAL INTEREST 1,382. LINE 13A - CHARITABLE CONTRIBUTIONS MUNI31A00 CONTINUED ON NEXT PAGE STATEMENT 1 R66297 1608 110 EFTA00806515

NEXT MANAGEMENT, LLC 13-3495607 PARTNER # 2 PARTNER NAME PARTNERSHIP HOLDING CORP. LINE 13A - CHARITABLE CONTRIBUTIONS (CONT'D) CASH CONTRIBUTIONS: SUBJECT TO 50% LIMITATION FROM PASS-THROUGH ENTITIES 30,434. 1,599. TOTAL CONTRIBUTIONS 32,033. LINE 17A - DEPRECIATION ADJUSTMENT ON PROPERTY AFTER 12/31/86 OTHER (GENERAL BUSINESS) PROPERTIES 875. FROM PASS-THROUGH ENTITIES TOTAL DEPRECIATION ADJ. AFTER 12/31/86 870. LINE 18C - NONDEDUCTIBLE EXPENSES FROM PASS-THROUGH ENTITIES 2,142. TOTAL NONDEDUCTIBLE EXPENSES BEFORE TRAVEL AND ENTERTAINMENT 2,142. TRAVEL AND ENTERTAINMENT EXPENSES - NONDEDUCTIBLE 7,007. TOTAL NONDEDUCTIBLE EXPENSES 9,149. MUNI31A00 STATEMENT 2 R66297 1608 111 EFTA00806516

TAXABLE YEAR Member's Share of Income, 2015 Deductions, Credits, etc. K-1 (568) CALIFORNIA SCHEDULE TYB 01-01-2015 TYE 12-31-2015 13-3682060 THE WILCOR GROUP, INC. C/O NEXT MANAGEMENT LLC 15 WATTS STREET 6TH FLOOR NEW YORK NY 10013 13-3495607 200506910067 NEXT MANAGEMENT LLC 15 WATTS STREET NEW YORK NY 10013 A What type of entity is this member?• (1) K Individual (4) K C Corporation (7) K LLP (10) K Exempt Organization (2) S Corporation (5) K General Partnership (8) K LLC (11) K Disregarded Entity (3) K Estate/Trust (6) K Limited Partnership (9) K IRAIKeoghtSEP B Is this member a foreign member? • K Yes El No C Enter members percentage (without regard to special allocations) of: Profit sharing Loss sharing Ownership of capital • D Members share of liabilities: Nonrecourse • $ (i) Before decrease or termination 27.0000 27.0000 (ii) End of year 27.0000 27.0000 27.0000 27.0000 Qualified nonrecourse financing • $ Other • $ E Reportable transaction or tax shelter registration number(s) F (1) Check here if this is a publicly traded partnership as defined in IRC Section 469(k)(2) 96 96 96 3,945,850 400.983 (2) Check here if this is an investment partnership (R&TC Sections 17955 and 23040.1) G Check here if this is: • (1) K A final Schedule K-1 (568) (2) K An amended Schedule K-1 (568) H Is this member a resident of California'? • K Yes ► M No o0 o0 ■ Fe r Minn, Maim get km PIM 1131 DAMP. 027 7 9 0 11 5 4 I Schedule K-1 (568) 2015 Side 1 ■ 5O0577 1.000 R66297 1608 112 EFTA00806517

NEXT MANAGEMENT, Members name LLC 13-3495607 Members identifying number ARTNFR # 3 THE WTLCOR GROUP. INC. 23-3682060 I Analysis of members capital account: Cheetahs box •(1)0 Tax Basis pa GAAP (3)❑ Section 704(b) Book (4)❑Other (explain) (a) (b) (c) 08 (e) Capital account at begin iv cd year Capital aanaitulad during year Mernbeses shwa of Ina 3. Yea 4. and Withdrawals and distributions Capital accounl al cod ol year. line 7 Form 568 ScheduleM-2 combine column Cal arOUall tOkann CM 499,929. • • 626,397. •( 810,000.)• 316,326. Caution: Refer to Members Instructions for Schedule K-1 568) before entering information from this schedule on you California return. (a) Distributive share items 14 Amounts from federal Schedule K-1 (1065) (o) California adjustments (4) Total amounts using California law. Combine col. (b) and ca (c) where applicable (e) California source amounts and credits Income (Loss) 1 Ordinary income (loss) from trade or business activities 2 Net income (loss) from rental real estate activities 3 Nat income (loss) from other rental activities 4 Guaranteed payments to members 5 Interest income 6 Dividends 7 Royalties 8 Net short-term capital gain (loss) 9 Net long-term capital gain (loss) 10 a Total gain under IRC Section 1231 (other than due to casualty or theft) b Total loss under IRC Section 1231 (other than due to casualty or theft) 11 a Other portfolio income (loss). Attach schedule - b Total other Income. Attach schedule c Total other loss. Attach schedule 652,293. 30,918.• 683211. ► 170086. • ► 0 0 • ► 4,836. • 4836. ► 1204. • ► • ► • ► • ► • ► • ► • ► • ► • ► I Deductions I 12 Expense deduction for recovery property (IRC Section 179) 13 a Charitable contributions b Investment interest expense c 1 Total expenditures to which an IRC Section 59(e) election may apply. 2 Type of expenditures 51,622. -51.622. 27,900. 1. 27901. d Deductions related to portfolio income Attach schedule e Other deductions. Attach schedule Side 2 Schedule K-1 (568) 2015 027 soosso tow R66297 1608 7902154 113 • EFTA00806518

NEXT MANAGEMENT, LLC Member's name PARTNER if 3 THE WILCOR GROUP. INC. 13-3495607 Member's Identifying number 11-1882060 (a) Distributive share Items (b) Amounts from federal Schedule K-I (10651 (0) California adjustments 00 Total amounts using California law. Combine col. (b) and cd. (c) (e) California source amounts and credits Tax Exempt Income and Nandeduchble 'Alternative Minimum Tax (AIM Marna Credits Expenses 15 a b e d e f • Total withholding (equals amount on Form 592-B II calendar year LLC). . . . Low-Income housing credt Credits other than line 15b related to rental real estate activities. Attach schedule . . . . Credits related to other rental activities. Attach schedule Nonconsenting navesident members' tax paid by LLC Other credits - Attach required schedules or statements New em • o ment credit • la 17 a b c d e f Depreciation adjustment on property placed In service alter 1986 SIMI' . 2 Adjusted gain or loss Depletion (other than oil 8 gas) . . . Gross Income from oil, gas, and geothermal properties Deductions allocable to oil, gas, and geothermal properties Other alternative minimum tax items. Attach schedule —264. 3,309.0 3045.0 758. 18 a b e Tax-exempt Interest income Other tax-exempt income Nondeductible expenses. STMT. 2 32,010. 32010. 7969. Distributions 19 a b Distributions of money (cash and marketable securities) Diminutions of property other than money $10,000. @ $10000. @ c O lil a 5 € 0 o "a' 20 a b e Investment Income Investment expenses Other Information. See instructions. . 4,836. 4836. 1204. • SOMM 1.000 R66297 1608 027 7903154 Schedule K-1 (568) 2015 Side 3 El 114 EFTA00806519

NEXT MANAGEMENT, LLC 13-3495607 Member's mime Member's Identifying number 'PARTNER 1 3 THE WILCOR GROUP. INC. 11-1682060 Other Member Information Table 1 - Member's share of nonbusiness income from intangibles (source of income is dependent on residence or commercial domicile of the member): Interesi $ Sec. 1231 Gains/Losses $ Capital Gains/Losses $ Dividends $ Other Royalties $ FOR USE BY MEMBERS ONLY - See instructions. Table 2 - Member's share of distributive items. A. Members share of the LLC's business income. See instructions. $ B. Members share of nonbusiness income from real and tangible personal property sourced or allocable to California. Capital Gains/Losses $ Sec. 1231 Gains/Losses $ Rents/Royalties $ Other C. Members distributive share of the LLC's property. payroll. and sales: Factors Total within and outside California Properly: Beginning $ 1.141.200. Property: Ending $ 1.142.983. Property: Annual rent expense 202,449. Payroll 3.070.501. Sales 5.681.707. Total within California 99.898. 111.842. 27.123. 520. 429. r 1.414.467. Side 4 Schedule K-1 (568) 2015 027 =wet= R66297 1608 7904154 115 • EFTA00806520

027 NEXT MANAGEMENT, LLC 13-3495607 CALIFORNIA PARTNER'S SCHEDULE OF ACTIVITIES PARTNER # 3 THE WILCOR GROUP, INC ActivityName(sHmdTyNHOIncome: A NEXT MANAGEMENT, LLC, PORTFOLIO B NEXT MANAGEMENT, LLC, TRADE OR BUSINESS C TWO TWELVE MANAGEMENT, LLC, GENERAL TRADE/BUSINESS D E Activity A Activity B Activity C Activity D Activity E Activity disposed of during year Qualifiediow-incomehousing PuNdytra&Wprimwth0 Pass - throuoh activity NO NO NO NO NO NO NO NO NO NO NO YES Schedule K - Line References 1 Ordinary income 2 Rental Real Estate 3 Other Rental 5 Interest Income 6 Dividend Income 7 Royalty Income 8 Short-term Net Capital Gil. 11 a Other Portfolio Income 4 Guaranteed Payments 10 ab Net 1231 G/L 11 be Other Income 13 a Charitable Contributions, . 12 Section 179 13 d Deductions Portfolio Income 13 e Other Deductions 13 b Investment Interest Expense 20 a Investment Income 20 b Investment Expenses . . . 15 a Credit Income Tax Withheld 15 b Low Income House Credit 15 c Credit Rental Real Estate . 15 d Credit Other Rental 15 1 Other Credits 17 a Depr. Adj. Prop. 12,31:86 17 b Adjusted Gain or Loss 17 c Depletion 17 d Gross Inc OiliGasteoth. 17 e Deducts Alloc. to Oil*tas 17 1 Other Tax Preference 13 c Section 59(e) Expense 18 a Tax - exempt int. Income 18 b Other tax exempt Income 18c Nonded. expense 20 Other Items 9 Lono.term Net Capital at . 152,170. 17,916. 1,204. 26,507. 1,394. 1,204. 762. 6,103. 1,866. 60062e 2.000 R66297 1608 116 EFTA00806521

NEXT MANAGEMENT, LLC 13-3495607 PARTNER # 3 PARTNER NAME THE WILCOR GROUP, INC. ITEM I, COLUMN(C) - RECONCILIATION OF INCOME INCOME (LOSS) FROM SCH. K-1, LINES 1 - 11C 688,047. LESS: DEDUCTIONS FROM SCH. K-1, LINES 12 - 13E 27,901. TOTAL INCOME PER SCHEDULE K-1 660,146. LESS: EXPENSES RECORDED ON BOOKS, NOT INCLUDED ON SCH. K-1: TRAVEL AND ENTERTAINMENT LLC TAX DEFERRED TAX EXPENSE SHAREHOLDER SALARIES RENT ESCALATION ADJUSTMENT NONDEDUCTIBLE EXPENSES OTHER FEDERAL/CALIFORNIA DIFFERENCES 24,514. 216. 1,080. 13,716. 17,861. 7,496. 97,651. ADD: INCOME RECORDED ON BOOKS, NOT INCLUDED ON K-1: BOOK TO TAX DIFFERENCE IN INVESTMENT 22,281. ADD: DEDUCTIONS INCL. ON SCH. K-1, NOT CHARGED AGAINST BOOKS: DEPRECIATION 15,328. AMORTIZATION 49,902. DEPRECIATION 41,274. TOTAL INCOME PER ITEM I, COLUMN(C) 626,397. CAPITAL WITHDRAWALS AND DISTRIBUTIONS CASH DISTRIBUTIONS 810,000. TOTAL CAPITAL WITHDRAWALS AND DISTRIBUTIONS 810,000. LINE 5 - INTEREST FROM PARTNERSHIP 1,204. TOTAL INTEREST 1,204. LINE 13A - CHARITABLE CONTRIBUTIONS MUNI31A00 CONTINUED ON NEXT PAGE STATEMENT 1 R66297 1608 117 EFTA00806522

NEXT MANAGEMENT, LLC 13-3495607 PARTNER # 3 PARTNER NAME THE WILCOR GROUP, INC. LINE 13A - CHARITABLE CONTRIBUTIONS (CONT'D) CASH CONTRIBUTIONS: SUBJECT TO 50% LIMITATION FROM PASS-THROUGH ENTITIES 26,507. 1,394. TOTAL CONTRIBUTIONS 27,901. LINE 17A - DEPRECIATION ADJUSTMENT ON PROPERTY AFTER 12/31/86 OTHER (GENERAL BUSINESS) PROPERTIES 762. FROM PASS-THROUGH ENTITIES TOTAL DEPRECIATION ADJ. AFTER 12/31/86 758. LINE 18C - NONDEDUCTIBLE EXPENSES FROM PASS-THROUGH ENTITIES 1,866. TOTAL NONDEDUCTIBLE EXPENSES BEFORE TRAVEL AND ENTERTAINMENT 1,866. TRAVEL AND ENTERTAINMENT EXPENSES - NONDEDUCTIBLE 6,103. TOTAL NONDEDUCTIBLE EXPENSES 7,969. MUNI31A00 STATEMENT 2 R66297 1608 118 EFTA00806523

Berdon LLP Certified Public Accountants 360 Madison Ave New York, NY 10017 212-832-0400 Next Management, LLC Instructions for Filing Form F•1065 2015 Florida Partnership Information Return for the year ended December 31, 2015 The original return should be signed (use full name) and dated on page 1 by an authorized member. The signed return should be filed on or before October 3, 2016 with the following: Florida Department of Revenue 5050 W. Tennessee Street Tallahassee, Florida 32399.0135 To document the timely filing of your tax return(s), we suggest that you obtain and retain proof of mailing. Proof of mailing can be accomplished by sending the tax retum(s) by registered or certified mail (metered by the U.S. Postal Service) or through the use of an IRS approved delivery method provided by an IRS designated private delivery service. EFTA00806524

Florida Partnership Information Return THOM F-1065 R. 01/16 beginning For the taxable year 01/01 , 2015 and ending Rule 12C-1.051 Maki Administrapilve Code Elleelive 01.'16 12/31 , 2015 NEXT MANAGEMENT, LLC Name of Pannerstip 15 WATTS STREET 6TH FLOOR Street Address NEW YORK City NY 10013 Stale ZIP 13-3495607 Federal Employer Identification Number (FEIN) 812990 Principal Business Activity Code Part I. Florida Adjustment to Partnership Income A. Additions to lederal income: 1. Federal tax-exempt interest Total interest excluded from federal ordinary income Lass associated expenses not deductible in computing federal ordinary income ( ) Net Interest 2. State Income taxes deducted in computing federal ordinary income 176,961. 3. Other additions SEE STATEMENT 1 107,792. Total A. 284,753. B. Subtractions from federal income SEE STATEMENT 1 B. 66.477. C. Subtotal (Line A less Line Et) C. 218,276. D. Net adjustment from other partnerships or joint ventures D. E. Partnership income adjustment 1. Increase (total of Lines C and D) Et 218, 276. 2. Decrease (total of Lines C and D) 2.1 ) Part IL Distribution of PadmushWIncomeAMushnent Partners name and address (Include FEIN) Note: if there is no adjustment on Line E, show partnees percentage of profits in Column (b) and leave Columns (a) and (c) blank. (a) Amount shown on Line E, Part I. above (b) Partners percentage of profits (c) Column (a) times Column (b) - paints share of Line E. Enter heat and on Florida Form F-1123. Schedule I. Line 19 le decrease. Schedule II. UM it A. 8. SEE STATEMENT 1 c Under penalties of penury. I declare dull haw exarroned this return. eictoring accompanyng schedules and stmernenls. and to the best al my knowledge and b it is true, correct. and complete. Declaration a prepare( Maw than lawayen s based an a Mormaticn ol Mach paperer has any knowledge. Sign Here Signature of partner or member (Must be an original signature.) Date Paid Preparer Only Preparers SI• nature Date Check d sett- employed Pr s iderblioseon Watt. P Firm% name (or yours' BERDON LLP FEIN ► f 13-0485070 If self-employed) 360 MADISON AVE aid address NEW YORK NY ZIP Is. 10017 901114 2.000 Mail To: Florida Department of Revenue. 5050 W. Tennessee St.. Tallahassee FL 32399-0135 R66297 1 608 EFTA00806525

NEXT MANAGEMENT LLC I I II 13-3495607 THOM F-1065 R. 01/16 Page 2 NOTE: Please read instructions (Florida Form F-1065N) before completing the schedules below. Part M. Apportionment Information III-A For use by partnerships doing business both within and without Florida (a) Within Florida (b) Total Everywhere 1. Average value of property per Schedule III-C (Line 8) 1.272,372. 10,228.449. 2. Salaries, wages, commissions. and other compensation paid or accrued in connection with trade or business for the period covered by this return 988,189. 11,372,227. 3. Sales 2.403,868. 21,043.361. III-B. For use by partnerships providing transportation services within and without Florida (a) Within Florida (b) Total Everywhere 1. Transportation services revenue miles (see instructions) III-C. For use in computing average value of property Within Florida Total Everywhere a. Beginning a Yew b. End of Year c. Beginning of Yew d. End of Year 1. Inventories of raw material, work in process, finished goods 2. Buildings and other depreciable assets (at original cost) 395,315. 327,985.2,051,722. 1,747,434. 3. Land owned (at original cost) 4. Other tangible assets (at original cost) and intangble assets (financial organizations only). Attach schedule STMT 2 117,475. 146,432.2,174,945.2,485,837. 5. Total (Lines 1 through 4). 512,790. 474,417. 4,226,667. 4,233,271. 6. Average value of property in Florida (Within Florida). add Line 5, Columns (a) and (b) and divide by 2. For average value of properly everywhere (Total Everywhere), add Line 5, Columns (c) and (d) and divide by 2. 493,604. 4,229,969. 7. Rented property - (8 times net annual rem) 778,768. 5.998,480. 8. Total (Lines 6 and 7). Enter on Part III-A, Line 1. Columns (a) and (b) 1,272,372. 10,228,449. Average Florida Average Everywhere Part IV. Apportionment of Partners' Share Partner (Name and Address) Percent of Interest In Partnership Property Data Payroll Data Sales Data Within Florida Everywhere Within Florida Everywhere Within Florida Everywhere A. B. SEE STATEMENT 3 C. NOTE: Transfer data to Schedule Ill - A, Florida Form F-1120. 5O1115 2000 R66297 1608 120 EFTA00806526

NEXT MANAGEMENT, LLC 13-3495607 FLORIDA FORM F-1065 SUPPORTING STATEMENTS OTHER ADDITIONS BONUS DEPRECIATION 107,792. TOTAL OTHER ADDITIONS 107,792. OTHER SUBTRACTIONS BONUS DEPRECIATION 66,477. TOTAL OTHER SUBTRACTIONS 66,477. FLORIDA F-1065 PART II DISTRIBUTION OF PARTNERSHIP INCOME ADJUSTMENT AMOUNT ON PERCENT LINE E OF NAME AND ADDRESS PART I PROFIT PARTNERS' SHARE OF LINE E CLAXON INC 218,276. 42.000000 91,676. C/O NEXT MANAGEMENT LLC 15 WATTS STREET 6TH FLOOR NEW YORK, NY 10013 13-3508513 PARTNERSHIP HOLDING CORP. 218,276. 31.000000 67,665. C/O NEXT MANAGEMENT LLC 15 WATTS STREET 6TH FLOOR NEW YORK, NY 10013 13-3501977 THE WILCOR GROUP, INC. 218,276. 27.000000 58,935. C/O NEXT MANAGEMENT LLC 15 WATTS STREET 6TH FLOOR NEW YORK, NY 10013 13-3682060 STATEMENT 1 MUNI31.000 R66297 1608 121 EFTA00806527

NEXT MANAGEMENT, LLC FLORIDA FORM F-1065 SUPPORTING STATEMENTS OTHER TANGIBLE AND INTANGIBLE ASSETS WITHIN FLORIDA TOTAL EVERYWHERE DESCRIPTION BEG. OF YEAR END OF YEAR BEG. OF YEAR END OF YEAR OTHER TANGIBLE ASSETS TOTALS 117,475. 146,432. 117,475. 146,432. 2,174,945. 2,485,837. 2,174,945. 2,485,837. MUNI31A00 STATEMENT 2 R66297 1608 122 EFTA00806528

NEXT MANAGEMENT, LLC 21-3055607 FLORIDA FORM F-2065 SUPPORTING STATEMENTS PART IV APPORTIONMENT '; SHARE PERCENT OF PROPERTY DATA PAYROLL DATA SALES DATA TRANSPORTATION DATA PRTR NAME AND ADDRESS INTEREST FLORIDA EVERYWHERE FLORIDA EVERYWHERE FLORIDA EVE RYWNERE FLORIDA EVERYWHERE 1 CLAXON INC 42.000000 534,196. 4,295,949. 415,019. 4,776,135. 1,009,625. 8,838,212. C/O NEXT MANAGER= LLC 15 WATTS STREET 6TH FLOOR NEW YORK, NY 10011 2 PARTNERSHIP HOLDING CORP. 31.000000 194,436. 3,170,819. 306,319. 3,525,191. 745,199. 6,523,442. C/O NEXT MANAGEMENT LLC 15 WATTS STREET 6TH FLOOR NEW YORK, NY 10011 3 THE NILCOR GROUP, INC. 27.000000 143,540. 2,761,601. 266,011. 3,070,501. 649,044. 5,681,707. C/O NEXT MANAGEMENT LLC 15 WATTS STREET 6TH FLOOR NEW YORK, NY 10011 866297 1608 7:15-6.39 STATEMENT 3 123 EFTA00806529

Florida K-1 Equivalent Tax Year beginning _01/01/2015 and ending 12/31/2015 Partner's Identification number 13-3508513 Partnership's Identification number 13- 3495607 Partner's name, address, and Zip code Partnership's name, address, and Zip code CLAXON INC NEXT MANAGEMENT LLC C/O NEXT MANAGEMENT LLC 15 WATTS STREET 15 WATTS STREET 6TH FLOOR 6TH FLOOR NEW YORK, NY 10013 NEW YORK, NY 10013 Distribution of Partnership Income Adjustment Partnership income adjustment Partner's percentage of profits Partner's share of adjustments 218,276. 42.000000 91,676. Partner's Share of Apportionment Factors Within Florida Everywhere Property Data 534,396. 4,295,949. Payroll Data 415,039. 4,776,335. Sales Data 1,009.625 . 8.838,212 . Transportation 601113LUM R66297 1608 124 EFTA00806530

Florida K-1 Equivalent Tax Year beginning 01/01/2015 and ending 12/31/2015 Partner's Identification number 13-3501977 Partnership's Identification number 13-3495607 Partner's name, address, and Zip code Partnership's name, address, and Zip code PARTNERSHIP HOLDING CORP. NEXT MANAGEMENT LLC C/O NEXT MANAGEMENT LLC 15 WATTS STREET 15 WATTS STREET 6TH FLOOR 6TH FLOOR NEW YORK, NY 10013 NEW YORK, NY 10013 Distribution of Partnership Income Adjustment Partnership income adjustment Partner's percentage of profits Partner's share ot adjustments Partner's Share of Apportionment Factors 218,276. 31.000000 67,665. Within Florida Everywhere Property Data 394.436. 3.170.819. Payroll Data 306.339. 3.525,391. Sales Data 745,199. 6,523,442. Transportation 601113LUM R66297 1608 125 EFTA00806531

Florida K-1 Equivalent Tax Year beginning 01/01/2015 and ending 12/31/2015 Partner's Identification number 13-3682060 Partnership's Identification number 13-3495607 Partner's name, address, and Zip code Partnership's name, address, and Zip code THE WILCOR GROUP, INC. NEXT MANAGEMENT LLC C/O NEXT MANAGEMENT LLC 15 WATTS STREET 15 WATTS STREET 6TH FLOOR 6TH FLOOR NEW YORK, NY 10013 NEW YORK, NY 10013 Distribution of Partnership Income Adjustment Partnership income adjustment Partner's percentage of profits Partner's share ot adjustments Partner's Share of Apportionment Factors 218,276. 27.000000 58,935. Within Florida Everywhere Property Data 343,540. 2.761.681. Payroll Data 266,811 . 3,070,501. Sales Data 649,044. 5.681,707. Transportation 601113LUM R66297 1608 126 EFTA00806532

Berdon LLP Certified Public Accountants 360 Madison Ave New York, NY 10017 212-832-0400 Next Management, LLC Instructions for Filing Form TR-579-PT 2015 New York State E-File Signature Authorization for IT-204 for the year ended December 31. 2015 The original form should be signed (use full name) and dated by an authorized partner. The signed form should be returned on or before September 15, 2016 via: Email (preferred method) efilpdailherdonllp com Fax 212.699.8832 Mail Berdon LLP Attn: Tax Control 360 Madison Avenue, 6th Floor New York, NY 10017 We must receive your signed Form TR-579-PT before we can electronically transmit your return. DO NOT separately file your tax return with the state. Doing so will delay the processing of your return. The state will notify us when your return is accepted. Your return is not considered filed until the state confirms their acceptance. which may occur after the due date of your return. EFTA00806533

rj rNEW YORK STATE 2015 - Partnership name 5'0502 I POO New York State E-File Signature Authorization for Tax Year 2015 For Forms IT-204 and IT-204-LL Electronic return originator (ERO): do not mail this form to the Tax Department. Keep it for your records. NEXT MANAGEMENT, LLC Return type (mark an X to indicate which form you are e-filing): Purpose Form TR-579-PT must be completed to authorize an ERO to e-file Form 1T-204, Partnership Return, or Form IT-204-LL, Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form. For the purposes of this form, aN three forms of business entities will be referred to hereinafter as a partnership. General Instructions Part A must be completed by an authorized member or general partner before the ERO transmits the electronically filed Form IT-204 or IT-204-LL. EROs must complete Part B prior to transmitting an electronically filed Form IT-204 or IT-204-LL. L_. IT-204 IT-204-LL Both the paid preparer and the ERO are required to sign Part B. However, if an individual performs as both the paid preparer and the ERO, he or she is only required to sign as the paid preparer. It is not necessary to include the ERO signature in this case. Note that an alternative signature can be used as described in Publication 58, Information for Income Tax Return Preparers. Go to our website at www.tax.ny.gov to view this document. Do not mail Form TR-579-PT to the Tax Department. EROs must keepthis form for three years and present it to the Tax Department upon request. This form is not required for electronically filed Form IT-370-PF, Application for Automatic Extension of Time to File for Partnerships and Fiduciaries. Financial institution information for Form IT-204-LL filers (must be present if electronic payment is authorized) 1 Amount owed on return 2 Financial institution routing number 3 Financial institution account number 1 2 3 Part A - Declaration of authorized member or general partner and authorizations for Forms IT-204 or IT-204-LL Under penalty of perjury, I declare that I have examined the information on this 2015 New York State electronic partnership return, including any accompanying schedules, attachments, and statements, and certify that this electronic return is true, correct, and complete. The ERO has my consent to send this 2015 New York State electronic partnership return to New York State through the Internal Revenue Service (IRS). I understand that by executing this Form TR-579-PT, I am authorizing the ERO to sign and file this return on behalf of the partnership and agree that the ERO's submission of the partnership's return to the IRS, together with this authorization, will serve as the electronic signature for the return and any authorized payment transaction. If I am paying my New York State partnership fees due by electronic funds withdrawal, I authorize the New York State Tax Department and its designated financial agents to initiate an electronic funds withdrawal from the financial institution account indicated on this 2015 electronic return, and I authorize the financial institution to withdraw the amount from the account. As New York does not support International ACH Transactions (IAT), I attest the source for these funds is within the United States. I understand and agree that I may revoke this authorization for payment only by contacting the Tax Department no later than five (5) business days prior to the payment date. Signature of authorized member or general partner: Date' Print your name and title' FAITH KATES TITLE: PRES OF MEMBER-MGR Part B - Declaration of (ERO) and paid preparer Under penalty of perjury, I declare that the information contained in this 2015 New York State electronic partnership return is the information furnished to me by the partnership. If the partnership furnished me a completed paper 2015 New York State partnership return signed by a paid preparer, I declare that the information contained in the partnership's 2015 New York State electronic partnership tax return is identical to that contained in the paper return. If I am the paid preparer, under penally of perjury I declare that I have examined this 2015 New York State electronic partnership tax return, and, to the best of my knowledge and belief, the return is true, correct, and complete. I have based this declaration on all information avalable to me. ERO's signature: Date' Print name- BERDON LLP Paid preparers signature' Date' Print name- MARC YATKOWSKY TR-579-PT (12/15) R66297 1608 127 1062 EFTA00806534

Legal name Department of Taxation and Financm 503511 1.000 Partnership Return IT-204 For calendar year 2015 See the instructions, Form IT-2044. or tax year beginning NEXT MANAGEMENT LLC 1st and ending F Employer identification number (EIM 133495607 NYS principal business activity Trade name of business if deferent from legal name above MODEL AGENCY NAICS business code number mamma Pub 910) Address (number and sneer or rural route) 15 WATTS STREET State NY Section 1 - Partnership information City. village. or post office NEW YORK 812990 2IP code 10013 Country UNITED STATES Principal product or service MODELING Special conditions for filing your I I I 2015 tax return (see mstr) . . . I Date business started 01041989 A Mark an X in the box that applies to your entity Regular partnership 0 Limited liability partnership (LLP) 0 Portfolio investment partnership (see instr.) 0 Other Limited liability company (LLC - including limited liability investment company and a limited liability trust compa B 1) Did the partnership have any income, gain, loss. Of deduction derived from NY sources during the tax year, BI Yes I7LJ No 0 2) If No, enter the number of resident partners C Mark applicable box(es) 0 Change of address 0 Initial return 0 Amended return D 1) Is this return the result of federal audit changes? If Yes:2) Enter date of final federal determination 3) Do you concede the federal audit changes? E Did you file a NYS partnership return for: 11 2013? El Yes Fn. No 71 21 2014? If No, state reason: I F Number of partners 1) Article 22 2) Article 9-A 3) Other 4) Total Does the partnership currently have tax accounts with NYS for the folowing taxes? G H J K L M N 0 P _x. 1) Sates and use tax Yes 2) Withholding tax Yes IXJ No LJ (flYes. enter ID number) . . 02 B2 K Final return (s explane 131 Yes • No Nou. . . . (1/Yes. enter ID number) 01 D2 D3 Yes E2 Yes Fl F2 F3 F4 3 3- 133495607 1334 ct5607 Did the partnership have an interest in real property located in NYS during the last three years? H Yes Has there been a transfer or acquisition of a controlling interest in this entity during the last three years? I Yes Did the partnership engage in a like-kind transaction under IRC 1031 during the tax year? J Yes Did the partnership sell property during the tax year that had a deterred gain from a previous IRC 1031 or IRC 1033 transaclion, K Yes Was there a distribution of property or a transfer of a partnership interest during the tax year? L Yes Did the partnership make an election under IRC 754? pA Yes Is this partnership under audit by the IRS or has it been audited in a prior year? N Yes Is this partnership required to file Form DTF-686 or DTF-686-ATT for this filing period, to report a reportable transaction, New York reportable transaction, listed transaction or registered tax shelter?. . If Yes, complete and submit Form(s) DTF-686, DTF-686-ATT, and any applicable federal forms. Did the partnership make purchases subject to sales and compensating use tax for which NYS tax was not paid? (see Instr ) p Yes Did the partnership have a financial account located in a foreign counhy? (see Instructions) p Yes No No No No No No No 0 Yss 0 No 5] No No Third party designee? (see instr.) Yes ric Non Print designee's name MARC YATKOWSKY Designees phone number 212-832-0400 Emas: • Paid preparer must complete (see Instr.) • Date Preparers signature Preparers NYTPAIN Firms name (or yours. d selt-errployed) BERDON LLP Preparers PUN or SSN P00002675 Address 360 MADISON AVE NEW YORK, NY 10017 E-mail: Employer Identification number 130485070 I exrifcifire l 03 204001151062 • Sign here • Personal identikazion number (PIN) Signature 01 general partner Date Email: Daytime phone number 2129255100 Mail your return to: STATE PROCESSING CENTER. PO BOX 4149. BINGHAMTON NY 13902-4149. R66297 1608 128 EFTA00806535

Page 2 of 8 IT-204 (2015) 5O3512 1.000 Section 2 - Federal ordinary business Income (loss) Part 1 - Income from federal Form 1065 1 Gross receipts or sales 2 Returns and allowances 20059894 2 3 Subtract line 2 from line 1 3 20059894 4 Cost of goods sold 4 5 Gross profit (subtract line 4 from line 3) 5 20059894 6 Ordinary income (loss) from other partnerships, estates, and trusts (submit statement) .S.-114T 1 6 248456 7 Net farm profit (loss) (submit federal Form 1040. Schedule F) 7 8 Net gain (loss) from federal Form 4797, Part II. line 17 (submit federal Form 4797) 8 9 Other income (loss) (submit statement) SEE. SIATEMENT. 1. 9 -234496 10 Total income (toss) (combine lines 5 through 9) 10 20073854 Part 2 - Deductions from federal Form 1065 11 Salaries and wages (other than to partners) (less employment credits) 11 11291732 12 Guaranteed payments to partners 12 13 Repairs and maintenance 13 414619 14 Bad debts 14 8131 15 Rent 15 749810 16 Taxes and licenses 16 769540 17 Interest 17 18 Depreciation (if required, submit federal Form 4562) I 181 120998 19 Depreciation reported on federal Form 1125-A and elsewhere on return I 191 20 Subtract line 19 from line 18 20 120998 21 Depletion (do not deduct dl and gas depletion) 21 22 Retirement plans, etc 22 106026 23 Employee benefit programs 23 338804 24 Other deductions (submit statement) SEX. 24 3858292 25 Total deductions (add lines 11 through 17 and lines 20 through 24) 25 17657952 26 Ordinary business income (loss) (subtract line 25 horn line 10) 26 2415902 S e c t i o n 3 - C o s t of goods sold (from federal Form 1125-A; see instructions) 27 Inventory at beginning of year 27 28 Purchases 28 29 Cost of labor 29 30 Additional IRC section 263A costs (submit statement) 30 31 Other costs (submit statement) 31 32 Total (add lines 27 through 31) 32 33 Inventory at end of year 33 34 Cos of goods sold (subtract line 33 from line 32) St 35 Methods used for valuing closing inventory (mar* an X in applicable boxes) cost K Lower of cost or market Other (specify method used and explain) 36 Was No there a writedown of subnormal goods/ Yes 37a Was LIFO inventory method adopted this tax year for any goods? (If Yes. submit federal Form 970) Yes No 37b If the LIFO inventory method was used for this tax year, enter the amount of closing inventory computed under LIFO 37b 38 Do the rules of IRC section 263A (for property produced or acquired for resale) apply to the partnership?. . . . Yes No 39 Was there any change in determining quantities, cost, or valuations between opening and closing inventory? . Yes No If Yes, explain 204002151062 111 R66297 1608 129 EFTA00806536

5O3513 1.000 I7-204 (2015) Page 3 of 8 Section 4 - Balance sheets per books (from federal Form 1065, Schedule L) Assets 40 Cash 41 Trade notes and accounts receivable 42 Less allowances for bad debts 43 Inventories 44 U.S. government obligations 45 Tax-exempt securities 46 Other current assets (submit statement). ,S,TMT 2. 47a Loans to partners (or persons related to partners) 47b Mortgage and real estate loans 48 Other investments (submit statement). ,S,TtIT 2. 49 Buildings and other depreciable assets 50 Less accumulated depreciation 51 Depletable assets 52 Less accumulated depletion 53 Land (net any amortization) 54 Intangible assets (amortizable only) 55 Less accumulated amortization 56 Other assets (submit statement). ,S,-TMT 2 57 Total assets Beginning of tax year (a) (b) End of tax year (c) (d) 40 4577394 3532783 41 10526765 9290056 42 100000 10426765 100000 9190056 43 44 45 46 228894 176432 47a 47b 48 -214609 83446 49 4116424 4123029 50 3577355 539069 3396487 726542 51 52 53 54 55 56 2361407 3051607 57 17918920 16760866 Liabilities and capital Beginning of tax year (a) (b) End of tax year (c) (d) 58 Accounts payable 58 13449263 12182330 59 Mortgages, notes, bonds payable in less than one year 59 60 Other current liabilities (submit statement)Sibir 60 1304038 1786832 61 All nonrecourse loans 61 62a Loans from partners (or persons related to partners) 62a 62b Mortgages. notes. bonds payable in one year or more 62b 63 Other liabilities (submit statement). ,S,TMT 63 1314035 1620133 64 Partners' capital accounts . . 64 1851584 1171571 65 Total liabilities and capital. . 65 17918920 16760866 204003151062 R66297 1608 130 EFTA00806537

Page 4 of 8 I7-204 (2015) 5O3520 1.000 Section 5 — Reconciliation of income (loss) per books with income (loss) per return (From federal Form 1065. Schedule M-1: see instructions. If Schedule M-3 was filed. mark an X in the boxl_xi file Schedule M-3 and any related documents with Form IT-204: skip Section 5 and continue with Section 6.) 66 Net income (loss) per books 66 67 Income included on return not recorded on books this year, from Schedule M-1, line 2 67 Identify: 68 Guaranteed payments (other than health insurance) 68 69 Expenses recorded on books this year not included on return, from Schedule M-1, line 4 . . . 69 Identify: 70 Add lines 66 through 69 71 Income recorded on books this year not included on return, from Schedule M-1, line 6 711 Identify: 72 Deductions included on return not charged against book income this year, from Schedule M-1, line 7 7 WSW 73 Add lines 71 and 72 73 74 Income (loss) (subtract line 73 from tine 70) 74 Section 6 - Analysis of partners' capital accounts (from federal Form 1065, Schedule M-2) 75 Balance 76 Capital 77 Capital 78 Net 79 Other at beginning of year contributed - cash contributed - property income (loss) per books increases 75 76 77 78 79 Identify: 80 Add lines 75 through 79 801 81 Distributions - cash 81 3000000 82 Distributions • property 82 83 Other decreases 83 Identity: 84 Add lines 81. 82, and 83 84 85 Balance at end of year (subtract line 84 from line 80) 85 11111IIIIriiiiii2111111111 1851584 2319987 41715711 3000000 1171571 R66297 1608 131 EFTA00806538

5O352] 1.000 77-204 (2015) Page 5 of 8 Section 7 - Partners' share of income, deductions, etc. (from federal Form 1065, Schedule K) Partners' distributive share items 86 Ordinary business income (loss) 86 2415902 87 Net rental real estate income (loss) (submit federal Form 8825) 87 88a Other gross rental income (loss) 88a 88b Expenses from other rental activities 88b 89 Other net rental income (loss) (subtract line 88b from line 88a) 89 90 Guaranteed payments 90 91 Interest income 91 17910 92 Ordinary dividends 92 93 Royalties 93 94 Net short-term capital gain (loss) (submit federal Schedule pi 94 95 Net long-term capital gain (loss) (submit federal Schedule 0) 95 96 Net section 1231 gain (loss) (submit federal Form 4797) 96 97 Other income (loss) (see instructions) 97 Identify: 98 Section 179 deduction (submit federal Form 4562) 98 191194 99 Other deductions (see instructions) 99 1 03335 Identify: SEE STATEMENT 3 100 This line intentionally left blank 100 101 Net earnings (loss) from self-employment 101 102 Tax-exempt income and nondeductible expenses (seeinstructions) 102 -118554 103 Distributions - cash and marketable securities 103 3000000 104 Distributions - other property 104 105 Other Items not Included above that are required to be reported separately to gannets (see Instr.) 105 1791 0 Identify: SEE STATEMENT 3 Analysis of net income (loss) 106 Enter amount from federal Form 1065, Analysis of Net Income (Loss), line 1 106 2139283 Analysis by type of partner A Corporate B Individual (active) C Individual (passive) D Partnership E Exempt organization F Nominee/other General partners Limited partners 2139283 204005151062 VIII I IIII I II II III II VIII I III III II R66297 1608 132 EFTA00806539

Page 6 of 8 1T-204 (2015) 6O1522 1.000 Section 8 - New York modifications (see instructions) 107 This line intentionally left blank 108 Total addition modifications (from Forrn17-225. Nne 9) 109 This line intentionally left blank 110 Total subtraction modifications (from Form 1T-225. line 18) 111 Additions to federal itemized deductions Letter Amount 111a 111b 111e 111d 111e lilt 112 Total additions to federal itemized deductions (add lines 111a through MO 113 Subtractions from federal itemized deductions Letter Amount 113a 113b 113e 113d 113e 113t 114 Total subtractions from federal itemized deductions (add lines 113a through 1131) 115 This line intentionally left blank 204006151062 VIII I III I III I III II VIII I III III II 312745 110 66457 112 114 115 R66297 1608 133 EFTA00806540

5O3523 1.000 IT-204 (2015) Page 7 of 8 Section 9 - Other information 116a New York source gross income (see instructions) 116a 34186.17 116b MCTD allocation percentage (see instructions) 1166 70.7200 961 116c Total receipts from the sale of goods by manufacturing 1160 116d Adjusted basis of qualified manufacturing property 116d 11Th 117b Did the partnership sell assets subject to IRC 1060? If the partnership filed a group return on behalf of any nonresident partners, enter the special Yes K No El NYS identification number 1176 117c Is this partnership a partner in another partnership or LLC? (if Yes. list the names and ElNs below: submit additional sheets necessary.) Yes No K Name of entity EIN TWO TWELVE MANAGEMENT LLC 201354409 Section 10 - New York allocation schedule Part 1 - List all places, both in and out of NYS, where the partnership carries on business (submit additional sheets )(necessary) Street address City and state Description (see instructions) 15 WATTS STREET NEW YORK, NY OFFICE 1688 MERIDIAN AVE MIAMI BEACH, FL OFFICE 8447 WILSHIRE BLVD BEVERLY HILLS, CA OFFICE 118 Do books and records reflect income earned in New York? (II Yes, do not complete Pan 2.) Yes K No [1) Part 2 - Formula basis allocation of income if books and records do not reflect income earned in New York Items used as factors A Totals - in and out of NYS B - New York State amounts Property percentage (see Mat) 119 Real property owned 120 Real property rented from others 121 Tangible personal property owned 122 Property percentage (add ;nes 10 120. and 121: see Instr.) 123 Payroll percentage (see instr.) 124 Gross income percentage (see instr.) 125 Total of percentages (total column C, lines 122,123, and 124) 126 Business allocation percentage (divide line 125 by three or by actual number of percentages it less than three) Dollars 119 120 121 6467368 122 123 194521 6661889 11379227 Dollars C - Percent col. B is of col. A 119 120 121 4768832 168776 122 123 4937608 8456522 122 123 74.1172 % 74 3612 % 124 21041361 124 13400728 124 125 126 63.6815 % 212.1599 % 70 7200 % Section 11 - Partners' credit information (see instructions) Has the partnership (or an entity of which the partnership is an owner) been convicted of Bribery Involving Public Servants and Related Offenses, Corrupting the Government, or Defrauding the Government (NYS Penal Law Article 200 or 496, or section 195.20)? Yes K No II 204007151062 VIII I III I VIII I I II VIII I III III II R66297 1608 134 EFTA00806541

Page 8 of 8 1T-204 (2015) 601520 1.000 Section 11 (continued) Part 1 - Flow-through credit bases and information Brownfield redevelopment tax credit (Form IT-611. 1T-611.1, arufrot fr611.2) 127 Site preparation credit component 128 Tangible property credit component 129 On-site groundwater remediation credit component EZ capital tax credit (Form IT-602) 130 This line intentionally left blank 131 Recapture of credit for investments in certified EZ businesses 132 Recapture of credit for contributions of money to EZ community development projects . . QEZE tax reduction credit (Form ff-604) 133 QEZE employment increase factor 134 QEZE zone allocation factor 135 QEZE benefit period factor Excelsior jobs program tax credit (Rem 17-607) 136 Excelsior jobs tax credit component 137 Excelsior investment tax credit component 138 Excelsior research and development tax credit component 139 Excelsior real property tax credit component Farmers' school tax credit (Font 17-21'7) 140 Acres of qualified agricultural property 141 Acres of qualified conservation property 142 Eligible school district property taxes paid 143 Acres of qualified agricultural property converted to nonqualified use Other flow-through credit bases and information Credit bases Code Amount Code Amount 144a 144b 144c Credit information Code Information 144d 144e 144f 1441 144k 1441 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 Code Information Part 2 - flow-through credits, addbacks and recaptures 145 Long-term care insurance credit (Form IT-249) 146a investment credit (including employment incentive 146b Research and development - investment credit 147 Other flow-through credits Code Amount cred' (Form and historic bam reimbeepon mat Form IT-212) . IT-212) Code Amount 145 146a 146b 147a 147e 147b 147f 147c 147g 147d 147h 148 Addbacks of credits and recaptures Code Amount Code Amount 148a 148d 148b 148e 148c 148f 204008151062 11111 I1111 III III III VIII III III II Part 3 - START-UP NY tax elimination credit information (Form IT-638) 149 START-UP NY business certificate number (Form DTF-74). 150 Year of START-UP NY business tax benefit period 151 START-UP NY area allocation factor 149 150 151 R66297 1608 135 EFTA00806542

F i CINEW YORK STATE 2015 - Department of Taxation and Finance 5O3507 2 IT-204.1 New York Corporate Partners' Schedule K Tax Law - Article 9-A Partnership's name (as shown on FormIT204) NEXT MANAGEMENT. 1 LC Partnership's EIN 133495607 Entire net income (ENI) information when the corporate partner's New York tax filing status Is a C corporation ENI addition modifications I Total additions 1 107792 A- Number B- Amount A- Number 8- Amount Is EA- 507 10779.2_ ld a- lb a- Is a- lc EA- If a - ENI subtraction 2 modifications Total subtractions 2 18912 A- Number 9- Amount A- Number B- Amount 2a ES- 507 18912 2d ES- 2b ES- 2e ES- 2c ES- 2f ES- Assets and liabilities (see instructions) 3 Total assets 4 Real property and marketable securities included on line 3 5 Real property and marketable securities at fair market value (FMV) 6 Average value of adjusted total assets 7 Total liabilities 8 Liabilities directly attributable to business capital 9 Liabilities directly attributable to investment capital Average value 3 18409058 4 439859 5 439859 6 18409058 7 16419604 8 9 Items related to Investment capkal under Article 9-A Part 1 - Investment capital that generates income claimed not apportionable to New York under the U.S. Constitution Descrption of asset (identity each asset. and enter number of shares el applicable) and date acquired here: for each asset complete columns D through G on the corresponding lines below) Item A- Description of asset B- Number of shares acquired, II applicable C- Date acquired A B C D E F Item D Number of shares sold, if applicable E Date sold F Average FMV reported G Liabilities directly attributable H Nat average FMV A B C D E F Total from additional sheet(s) 10 Total columns F and 0 lip 116001151062 III DII III 1 II 11111011111 I III III II R66297 1608 136 EFTA00806543

Page 2 of 7 IT-204.1 (2015) 603608 2.000 Part 2 - Investment capital - stocks actually held more than one year Description of investment (identify each investment, and enter number of shares and date acquired here: for each investment complete coktmns D through G on the corresponding Hoes below) Item A - Name/CUSINCINS/lot number B • Number ol shares acquired C - Date acquired A B C D E F Item 0 Number of shares sold E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(s) 11 Total columns F and G 11 Part 3 - Investment capital - stocks presumed held more than one year Description of investment (identify each investment. and enter number of shares and date acquired here: to each investment complete columns F and G on the corresponding lines below) Item A - Name/CUSIP/CINS4ot number B - Number ol shares acquired C - Date acquired A B C D E F Item D Number of shares sold E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(s) 12 Total columns F and G 112 Part 4 - Total investment capital 13 Total average FMV and liabilities directly attributable (add fines f O. 11. and 12 an colunm Fend G) 116002151062 III III III I III III I II VIII I III ill II 13 R66297 1608 137 EFTA00806544

5O3514 3.000 IT-204.1 (2015) Page 3 of 7 Part 5 - Prior year Investment capital - stocks that did not meet holding period requirement (see Instructions) Description of investment (Identify each Investment. and enter number of shares and date acquired here: for each investment complete coktmns D through G on the corresponding Noes below) Item A -Name/CUSINCINSilot number B- Number of shares acquired C- Date aoquIred A B C D E F Item 0 Number of shares sold E Date sold F Average FMV as previously reported G Liabilit es directly attributable as previously reported H Net average FMV A B C D E F Total from additional sheet(s) 14 Total columns F and G 114 Part 6 - Prior year gross investment income for stocks that did not meet holding period requirement 15 Prior year presumed gross investment income from stocks presumed in the prior year to be held more than one year that failed to meet the presumption 15 Items related to Investment and other exempt Income under Article 9-A 16 Gross exempt cross-article dividends 17 Gross exempt controlled foreign corporation (CFC) income 18 Gross exempt unitary corporation dividends 19 Gross investment income from investments generating income not apportionable to New York State under the U.S. Constitution 20 Dividend income from investment capital from stocks actually held more than one year 21 Net capital gains in excess of losses from investment capital from stocks actually held more than one year 22 Dividend income from investment capital from stocks presumed heir' more than one year 16 17 18_ 19 20 21 22 Items related to interest deductions directly attributable to Investment and other exempt income under Article 9-A 23 Total interest expense per federal Form 1065, line 15 24 Interest deductions directly attributable to income reported on line 16 25 Interest deductions directly attributable to income reported on line 17 26 Interest deductions directly attributable to income reported on line 18 27 Interest deductions directly attributable to income reported on line 19 28 Interest deductions directly attributable to income reported on line 20 29 Interest deductions directly attributable to income reported on line 21 30 Interest deductions directly attributable to income reported on line 22 31 Interest deductions directly attributable to business capital III 111 11 23 24 25 26 27 28 29 30 R66297 1608 138 EFTA00806545

Page 4 of 7 IT-204.1 (2015) 5O351S 3.000 Items related to subtraction modifications for qualified banks 32 Qualified residential loan portfoio assets 32 33 Gross interest income from qualifying loans 33 33a Gross interest income from al loans 33a 33b Gross interest expense from al loans 33b Items related to manufacturing 34 Total receipts from the sale of goods by manufacturing 34 34a Receipts received from the generation and distribution of electricity, the distribution of natural gas, and the production of steam associated with the generation of electricity 34a 35 Adjusted basis of qualified manufacturing property 35 36 Number of employees employed in manufacturing in New York 36 Apportionment and Metropolitan Commuter Transportation District (MCTD) information Apportionment - Part 1 1 During the reporting year, did the partnership do business, employ capital, own or lease property, maintain an office, or derive receipts from activity, in New York State? (mark an X In rho apprcprlate box) Yes a 2 During the reporting year, did the partnership do business, employ capital, own or lease property, maintain an office, or derive receipts from activity, in the MCTD? (mark an X in the appropriate box) Yes No K No K Average value of property (see instructions for Apportionment - Part 1, lines 3 through 7) A MCTD B New York State 3 Real estate owned 4 Real estate rented 5 Inventories owned 6 Tangible personal property owned 7 Tangible personal property rented 3 4 4763784 4768832 5 6 168776 168776 7 Apportionment - Part 2 Receipts from: (see instructions for Apportionment Part 2, lines 1 through 52a) A MCTD B New York State C Everywhere Section 210-A.2 1 Sales of tangible personal property 2 Sales of electricity 3 Net gains from sales of real property 1 2 3 Section 210-A.3 4 Rentals of real and tangible personal property , , , , 5 Royalties from patents, copyrights, trademarks, and similar intangible personal property 6 Sales of rights for certain closed-circuit and cable TV transmissions of an event 4 5 6 Section 210-A.4 7 Sale, licensing, or granting access to digital products 7a Sale, licensing, or granting access to digital products 8 This line intentionally left blank 7 7a 8 Section 210-44(a)(2)(4) 9 Interest from loans secured by real property 10 Net gains from sales of loans secured by real properly . . 9 10 11 Interest from loans not secured by real property , 11 12 Net gains from sales of loans not secured by 12 real property n 116004151062 R66297 1608 139 EFTA00806546

I7-204.1 (2015) Page 5 of 7 103618 2.000 Receipts from: (continued) A B MOTO New York State Everywhere Section 210-A.5(a)(2)(B) U 13 Interest from federal debt 13 14 Net gains from federal debt 14 15 Interest from NYS and its political subdivisions debt 15 16 Net gains from NYS and its political subdivisions debt 16 17 Interest from other states and their political subdivisions debt 17 18 Net gains from other states and their political subdivisions debt 18 Section 210-A.5(a)(2)(C) K 19 19 Interest from asset-backed securities and other government agency debt 20 Net gains from government agency debt or asset-backed securities sold through an exchange 20 21 Net gains from all other asset-backed securities . . 21 Section 210-A.5(a)(2)(D) K 22 22 Interest from corporate bonds 23 Net gains from corporate bonds sold through broker/dealer or licensed exchange 23 24 Net gains from other corporate bonds 24 Section 210-A.5(a)(2)(E) 25 Net interest from reverse repurchase and securities borrowing agreements 25 Section 210-A.5(a)(2)(F) 26 Net interest from federal funds 26 Section 210-A.5(a)(2)(I) K 27 27 Net income from sales of physical commodities . . Section 210-A.5(a)(2)(J) K 28 28 Marked to market net ains Section 210-A.5(a)(2)(H) u 29 Interest from other financial instruments 29 30 Net gains from other financial instruments 30 30a Net gains from other financial instruments (broker/deafer/exchange) 30a 30b Other income from other financial investments. . 30b 30c Other income from other financial investments (broker/deater/exchange) 30c Section 210-A.5(b) 31 Brokerage commissions 31 32 Margin interest earned on behalf of brokerage accounts 32 33 Fees for advisory services for underwriting or management of underwriting 33 34 Receipts from primary spread of selling concessions 34 35 Receipts from account maintenance fees 35 36 Fees for management or advisory services 36 37 Interest from an affiliated corporation 37 Section 210-A.5(c) 38 Interest, fees, and penalties from credit cards. . . 38 39 Service charges and fees from credit cards 39 40 Receipts from merchant discounts 40 41 Receipts from credit card authorizations and settlement processing 41 42 Other credit card processing receipts 42 116005151062 III III III I II III II VIII I III III II R66297 1608 140 EFTA00806547

Page 6 of 7 IT-204.1 (2015) 5O3517 3.000 Receipts from: (continued) A MCTD B New York State Everywhere Section 210-A.5(d) 43 Remain from certain services to Investment companies 43 Section 210-A.6 44 Receipts from railroad and trucking business . . . . 44 Section 210-A.6-a 45 Receipts from the operation of vessels 45 Section 210-A.7 46 Receipts from air freight forwarding 47 Receipts from other aviation services 46 47 Section 210-A.8 48 Advertising in newspapers or periodicals 49 Advertising on television or radio 50 Advertising via other means 48 St 50 Section 210-A.9 51 Transportation or transmission of gas through pipes 51 Section 210-A.10 52 Receipts from other services/activities not specified 52a Receipts from other services/activities not specified 52 13400728 13400728 21043360 52a Payroll A MCTD B New York State 53 Wages andother compensationof employeesexcept general executive officers 53 8456522 8456522 54 Average number of individuals employed full-time in New York State (excluding employees with partnershinelde authority) 54 51 Gross proceeds or receipts from certain sales (for apportionment purposes) A MCTD B New York State C Everywhere 55 56 57 58 59 Sales of loans secured by real property Sales of loans not secured by real property Sales of other asset-backed securities Sales of corporate bonds Sales of physical commodities _55. 56 57 58 59 Marked to market net gain or loss from deemed sales (for apportionment purposes) 60 Of loans secured by real property 61 Of loans not secured by real property 62 Of federal debt instruments 63 Of New York State and its political subdivisions debt instruments 64 Of other states and their political subdivisions debt instruments 65 Of government agency debt or asset-backed securities (through exchange) 66 Of all other asset-backed securities 67 Of corporate bonds through licensed exchange or broker/dealer 68 Of other corporate bonds 69 Of physical commodities 70 Of other financial instruments III III 111 11 60 61 62 63 64 65 66 67 68 69 20 R66297 1608 141 EFTA00806548

I7-204.1 (2015) Page 7 of 7 503511 2.000 Items related to repurchase agreements and securities borrowing/lending agreements 71 Value of reverse repurchase agreements when partnership is purchaser/lender 72 Value of borrowing agreements when partnership is securities borrower 73 Value of repurchase agreements when partnership is seller/borrower 74 Value of lending agreements when partnership is securities lender 75 Interest income from reverse repurchase agreements and securities borrowing agreements 76 Interest expense from repurchase agreements and securities lending agreements 116007151062 III III III I VIII I I II VIII I III III II 71 72 73 74 75 76 R66297 1608 142 EFTA00806549

Department of Taxalion and Finance 5Y3510 3.000 YORK 2 015 New York State Modifications Attachment to Form IT-201, IT-203, IT-204, or IT-205 IT-225 Name(s) as shown on return Identifying number as gown on return NEXT MANAGEMENT, LLC 133495607 Complete all parts that apply to you; see Instructions (Form IT-225-I). Submit this form with Form IT-201, IT-203,11'204, or IT-205. Mark an X in the box identifying the return you are filing: IT-201 K IT-203 K IT-204 jd IT-205O Schedule A — New York State additions (enter whole dollars only) Part 1 — Individuals, partnerships, and estates or trusts 1 New York State additions la lb 1c Id le If to Number A- 201 A- 209 A- 214 A- A- A- A- A - Total amount 153191 00 107792 00 27192 00 00 00 00 00 B - NYS alocated amount 108337 00 76231 00 19230 00 00 00 00 00 2 Total (add column A roes la through rot 3 Total of Schedule A Pan 1, column A amounts from additional Form(s) IT-225, if any 4 Add lines 2 and 3 2 288175 00 3 00 4 288175 00 Part 2 — Partners, shareholders, and beneficiaries LU Form IT-201 filers: do not enter EA-103 or EA-113 Form IT-203 filers: do not enter EA-113 Form IT-205 filers: do not enter EA-113 or EA-201 5 New York State additions 5a 5b 5c 5d 5e 5f Number EA- 201 a- a- a- a- a- EA- A - Total amount 24570 00 00 00 00 00 00 0_0 B - NYS alocated amount 10800 00 00 00 00 00 00 00 6 Total (add column A, 'nes 5a through 5g) 7 Total of Schedule A Pan 2, column A amounts from additional Form(s) IT-225. if any . . . 8 Add lines 6 and 7 9 Total additions (add lines 4 and 8: see instructions) 225001151062 6 24570 00 7 00 8 24570 00 9 312745 00 (continued) R66297 1608 143 EFTA00806550

IT-M (2015) (back) SY3511 3.000 Schedule B - New York State subtractions (enter whole dollars only) Part 1 - Individuals, partnerships, and estates or trusts 10 New York State subtractions 10a 10b 10c 10d 10e 10f Number S- 213 5- 5- S S S- S- A • Tots amount 59977 00 00 00 00 00 00 0Q 8 - NYS allocated amount 42416 00 00 00 00 00 00 00 11 Total (add column A. lines 10a through 10g) 12 Total of Schedule B, Part 1, column A amounts from additional Form(s) FT-225, if any 13 Add lines 11 and 12 11 59977 00 12 00 13 59977 00 Part 2 - Partners, shareholders, and beneficiaries Form IT-201 filers: do not enter ES-103, ES-104, ES-106, ES-107, or ES-125 Form IT-203 filers: do not enter ES-106, ES-107, or ES-125 Form IT-205 filers: do not enter ES-125 14 New York State subtractions 14a 14b 14c 14d 14e 14f 41 a Number ES- 213 ES - ES - ES- ES- ES- ES - A - Total amount 6480 00 00 00 00 00 00 00 8 • NYS allocated amount 4583 00 00 00 00 00 00 00 15 Total (add column A. lines 14a through 14g) 16 Total of Schedule B, Part 2, column A amounts from additional Form(s) FT-225, if any 17 Add lines 15 and 16 18 Total subtractions (add lines 13 and 17: see instructions) 225002151062 15 6480 00 16 00 17 6480 00 18 66457 00 R66297 1608 144 EFTA00806551

NEW Department •.O IT-398 of Taxation and Finance Y,BG 2 CO) YORK New York State Depreciation Schedule for ST 2015 ATE IRC Section 168(k) Property Use this to= only for tax years beginning alter December 31, 2002, and only for property placed in service inside or outside New York State alter May 31, 2003. NameN) as shown on return NEXT MANAGEMENT. LLC Identifying number as shown an return 1334 Q5607 Mark an Xin one box to show the income tax return you are filing and submit this form with that return. IT-201, Resident 0 IT-203, Nonresident and part-year resident u IT-204. Partnership ki IT-205, Fiduciary 0 Part 1 - Depreciation information for Internal Revenue Code (IRC) section 168(k) property (except for resurgence zone property and New York liberty zone property described in IRC section 14001(b)(2)) placed in service inside or outside New York State, beginning after May 31, 2003 (see instructions) A Description of property (use addidonal sheet it needed) B Date placed in service C Depreciable basis D Convention E Method F New York depreciation deduction G Federal depreciation deduction SEE ATTACHED DEPR SCH .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 1 Enter column F and column G totals 1 59977.00 107792 .00 Transfer the column F total to: Transfer the column G total to: Form IT-225. line 10, Total amount column and enter subtraction modification S-213 In the Number column. Form IT-225, Nne 1, Total amount column and enter addition modification ,4409 in the Number column. Part 2 - Year-of-disposition adjustment for IRC section 168(k) property (except for resurgence zone property and New York liberty zone property described in IRC section 1400L(b)(2)) placed in service inside or outside New York State. beginning after May 31, 2003 (see instructions) Mark an X in the box if you claimed an investment credit on Form 11-212, Investment Credit, for any property listed K below (see instructions) A Description of property (use additional sheet it needed) B Date of disposition C Method of disposition D Total New York depreciation deduction E Total federal depreciation deduction .00 .00 .00 .00 .00 .00 .00 .00 2 Enter column D and column E totals 2 .00 .00 3 Enter amount from line 2, column E 3 .00 4 Enter amount from line 2, column D 4 .00 S Subtract line 4 from line 3 5 .00 Transfer the line 5 amount to Form IT-225. line 10, Total amount column and enter subtraction modification S-214 in the Number column. 398001151002 R66297 1608 145 EFTA00806552

NEXT MANAGEMENT, LLC 13-3495607 IT-204, PAGE 2 SUPPORTING SCHEDULE LINE 6 - ORDINARY INCOME FROM OTHER PTNRSHPS AND FIDUCIARIES FROM TWO TWELVE MANAGEMENT, LLC 248456 TOTAL ORDINARY INCOME FROM OTHER PTNRSHPS AND FIDUCIARIES 248456 LINE 9 - OTHER INCOME FOREIGN EXCHANGE LOSS -234496 TOTAL OTHER INCOME -234496 LINE 24 - OTHER DEDUCTIONS AMORTIZATION 200614 TRAVEL & ENTERTAINMENT EXPENSE 90792 INSURANCE EXPENSE 112776 OFFICE SUPPLIES AND EXPENSES 105286 PRINTING EXPENSE 43338 SCOUTING EXPENSE 9354 COMPUTER EXPENSE 108201 CLEANING SERVICE 40953 UTILITIES 34652 POSTAGE 11389 MISCELLANEOUS 104822 BANK CHARGES 57683 PUBLICATIONS & SUBSCRIPTIONS 12677 TRAVEL 803503 ADVERTISING AND PROMOTION 259861 COMMISSIONS EXPENSE 2002456 PROFESSIONAL FEES 240861 TELEPHONE EXPENSE 214004 CONSULTING FEES 640280 CONTEST EXPENSE 5550 PAYROLL PROCESSING EXPENSE 14299 OVERHEAD REIMBURSEMENT -1470551 MISCELLANEOUS MODEL EXPENSES 55856 PROMOTIONAL MODEL EXPENSES 100004 LITIGATION SETTLEMENT 45632 CALIFORNIA LLC FEE 6000 NYS LLC FEE 3000 ORGANIZATION COSTS 5000 TOTAL OTHER DEDUCTIONS 3858292 STATEMENT 1 MUNI31A00 R66297 1608 146 EFTA00806553

NEXT MANAGEMENT, LLC 13-3495607 IT-204, PAGE 3 SUPPORTING SCHEDULE LINE 46 - OTHER CURRENT ASSETS BEGINNING ENDING PREPAID EXPENSES 213894 159432 DEFERRED TAX ASSET- CURRENT 15000 17000 TOTAL OTHER CURRENT ASSETS 228894 176432 LINE 48 - OTHER INVESTMENTS INVESTMENT IN TWO TWELVE TOTAL OTHER INVESTMENTS BEGINNING ENDING -214609 83446 -214609 83446 LINE 56 - OTHER ASSETS BEGINNING ENDING DEPOSITS 29606 43931 RESTRICTED CASH 40000 40000 DUE FROM AFFILIATES 774693 1313624 DUE FROM MODELS 1464108 1607052 DEFERRED TAX BENEFIT-LONG TERM 53000 47000 TOTAL OTHER ASSETS 2361407 3051607 LINE 60 - OTHER CURRENT LIABILITIES ACCRUED EXPENSES TOTAL OTHER CURRENT LIABILITIES BEGINNING ENDING 1304038 1786832 1304038 1786832 LINE 63 - OTHER LIABILITIES BEGINNING ENDING ADVANCES FROM AFFILIATES 21519 8342 DUE TO RELATED PARTY 1223293 1476782 DEFERRED RENT-LONG TERM 69223 135009 TOTAL OTHER LIABILITIES 1314035 1620133 MUNI31A00 STATEMENT 2 R66297 1608 147 EFTA00806554

NEXT MANAGEMENT, LLC 13-3495607 IT 204, PAGE 5 SUPPORTING SCHEDULES PARTNERS' DISTRIBUTIVE SHARE ITEMS LINE 99 - OTHER DEDUCTIONS CASH CHARITABLE CONTRIBUTIONS CASH CONTRIBUTION SUBJECT TO 50% LIMITATION 103335 TOTAL CASH CONTRIBUTIONS 103335 TOTAL OTHER DEDUCTIONS 103335 LINE 105 - OTHER ITEMS INVESTMENT INCOME 17910 TOTAL OTHER ITEMS 17910 STATEMENT 3 MUNI31A00 R66297 1608 148 EFTA00806555

NEXT MANAGEMENT, LLC 13-3495607 IT-204, PAGE 7 SUPPORTING SCHEDULE NEW YORK SOURCE GROSS INCOME WORKSHEET ENTER CURRENT YEAR AMOUNTS AMOUNT FROM FEDERAL FORM 1065, LINE 1C AMOUNT FROM FEDERAL FORM 1065, SCH K, LINE 5 NY SOURCE INCOME FROM LOWER TIERED PARTNERSHIPS A MODIFIED NEW YORK SOURCE FED. GROSS INC. GROSS INCOME 20,059,894. 17,910. 12,417,261. 17,910. 983,466. TOTAL 13,418,637. MUNI31.000 STATEMENT 4 R66297 1608 149 EFTA00806556

NEXT MANAGEMENT, LLC NEW YORK IT-398, PAGE 1, SUPPORTING SCHEDULES 13-3495607 DESCRIPTION OF PROPERTY DATE DEPRECIABLE RECOVERY ACQUIRED NEW YORK FEDERAL DEPR. BASIS PERIOD CONVEN METHOD DEPRECIATION DEDUCTION LEASEHOLD IMPRO-NY 06/22/2003 103,492. 39.000 MM M39 2,654. 1,327. LEASEHOLD IMPRO-NY 07/24/2003 26,080. 39.000 MM M39 669. 334. LEASEHOLD IMPRO-NY 08/12/2003 17,758. 39.000 MM M39 455. 228. LEASEHOLD IMPRO-NY 09/18/2003 128,435. 39.000 MM M39 3,293. 1,647. LEASEHOLD IMPRO-NY 10/28/2003 16,767. 39.000 MM M39 430. 215. LEASEHOLD IMPRO-NY 11/19/2003 41,981. 39.000 MM M39 1,076. 538. LEASEHOLD IMPROVE-NY 01/16/2004 5,649. MM M39 145. 72. LEASEHOLD IMPROVE-NY 02/17/2004 7,686. MM M39 197. 99. LEASEHOLD IMPROVE-NY 12/31/2004 25,000. 15.000 HY M3 1,665. 833. LEASEHOLD IMP-NY 02/12/2008 11,736. MQ M15 782. 391. LEASEHOLD IMP-NY 12/19/2008 16,000. MQ M15 1,066. 533. SOFTWARE 01/22/2015 155,603. 3.000 CS 47,545. 101,575. TOTAL DEPRECIATION 59,977. 107,792. 5XX063 LOCO STATEMENT 5 R66297 1608 150 EFTA00806557

2015 4 4al ia Department of Taxation and Finance 5O3501 2000 New York Corporate Partner's Schedule K-1 Tax Law - Article 9-A For calendar year 2015 or tax year beginning 151 and ending IT-204-CP Final K4 Amended K4 Parinere: Before completing your franchise tax return, see Form IT-204-CP-I, Partner's Instructions for Form IT-204-CP (available at ownicbmny.goty. Partnership's Information Partnership's name (as shown on Form IT-204) NEXT MANAGEMENT. LLC A Mark an X in the box if either applies to your entity K Publicly traded partnership K Partnership's EIN 133495607 Portfolio investment partnership B Tax shelter registration number, if any Partner's Information (see instructions) Partner's name CLAXON INC Partner's address 15 WATTS STREET City NEW YORK C The partner is a (marks', X in me sppwpaare box) Lxl General partner or LLC member-manager U Limited partner or other LLC member D What is the New York tax filing status of the partner? (Mark an X in the appropriate box. known.) C corporation K S corporation E If the partner is a disregarded entity, enter the EIN of the entity reporting the income of the partner (if known) Partners EIN 133508513 State NY ZIP code 10013 F Did the partner sell its entire interest during the tax year? F Yes K No El G Partner's share of profit. loss. and capital 1) Profit G1 2) Loss G2 3) Capital G3 H Partner's share of liabilities at the end of the year 1) Nonrecourse 2) Qualified nonrecourse financing H1 H2 6137989 3) Recourse 113 623752 1 Partner's capital account analysis 1) Beginning capital account 11 777664 2) Capital contributed during the year - cash 12 3) Capital contributed during the year - property 13 4) Current year increase (decrease) 14 974394 5) Withdrawals and distributions - cash 15 1260000 6) Withdrawals and distributions - property 16 7) Ending capital account 17 492058 8) Method of accounting (mark an X in the appropriate box) Beginning Ending 42.0000 % 42.0000 % 42,0000 % 42.0000 % 42.0000 % 42.0000 %i Tax basis GAAP n Book n Other (submit explanation) 117001151062 III III III 1 I~ I1111 1111111 III III 11 R66297 1608 151 EFTA00806558

Page 2 of 11 rr-204-CP (2015) 5O3502 2.000 J Was Form CT-2658-E filed with the partnership" J Yes K No K NYS estimated tax paid on behalf of partner (from Form CT-2658) Date Amount 1) First installment K1 2) Second installment K2 3) Third installment K3 4) Fourth installment K4 Total NYS estimated tax paid on behalf of partner (add linos K1 through K4) Partner's share of entire net Income (ENI) information when the corporate partner's New York tax filing status is a C corporation ENI addition modifications 1 Total additions 45273 A - Number B- Amount A- Number B- Amount 1a EA-507 45273 Id EA- 1b EA- 1e a- lc EA- 11 a - ENI subtraction 2 modifications Total subtractions 2 7943 A - Number B- Amount A- Number B- Amount 2a ES-507 7943 2d ES- 2b ES- 2e ES- 2c ES- 2f ES- Partner's proportionate part of assets and liabilities (for New York C corporate partners only) Average value 3 Total assets 4 Real property and marketable securities included on line 3 5 Real property and marketable securities at fair market value (FMV) 6 Average value of adjusted total assets 7 Total liabilities 8 Liabilities directly attributable to business capital 9 Liabilities directly attributable to investment capital 117002151062 3 7731804 4 184741 5 184741 6 7731804 7 6896234 8 9 R66297 1608 152 EFTA00806559

5O35D3 2.000 IT-204-CP (2015) Page 3 of 11 Partner's proportionate pad of items related to investment capital under Article 9-A (for New York C corporate partners only) Part 1 - Investment capital that generates income claimed not apportionable to New York under the U.S. Constitution Description of asset (Identify each asset, and enter number of shares (il applicable) and date acquired here: for each asset complete Call716S D through G on the corresponding lines below) Item A • Description of asset 8 - Number of shares acquired. if applicable C - Date acquired A B C D E F Item D Number ol shares sold, if applicable E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(s) 10 Total columns F and G 1 10 Part 2 - Investment capital - stocks actually held more than one year Description of investment (Identify each investment, and enter number of shares and date acquired here: for each investment complete coktmns D through G on the corresponding lines below) Item A - NamefCU$IPfCINSllot number 8 - Number of shares acquired C - Date acquired A B C D E F Item D Number ol shares sold E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(s) 11 Total columns F and G I 1 1 117003151062 111 R66297 1608 153 EFTA00806560

Page 4 of 11 IT-204-CP (2015) 503504 3.000 Part 3 - Investment capital - stocks presumed held more than one year Description of investment (identify each investment. and enter number of shares and dale acquired here: for each investment complete columns F and G on the corresponding lines below) Item A - NameICU$IPICINSIIot number B - Number ol shares acquired C - Date acquired A B C D E F Item D Number of shares sold E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(S) 12 Total columns F and G 112 Part 4 - Total investment capital 13 Total average FMV and liabilities directly attributable (add tines TO. 21. and 12 LO columns Fend 0) 13 Part 5 - Prior year investment capital - stocks that did not meet holding period requirement Description of investment (identify each investment. and enter number of shares and date acquired here: tor each investment complete columns D through G on the corresponding lines below) Item A - NamelCU$IPICINSIIot number B - Number ol shares acquired C - Date acquired A B C D E F Item D Number of shares sold E Date sold F Average FMV as previously reported G Liabilities directly attributable as previously reported H Net average FMV A B C D E F Total from additional sheet(s) 14 Total columns F and G 114 III ifirl III 111 11 R66297 1608 154 EFTA00806561

103106 3.000 IT-204-CP (2015) Page 5 of 11 Part 6 - Prior year gross investment income for stocks that did not meet holding period requirement 15 Prior year presumed gross investment income from stocks presumed in the prior year to be held more than one year that failed to meet the presumption 15 Partner's share of items related to investment and other exempt income under Article 9-A (for New York C corporate partners only) 16 Gross exempt cross•article dividends 17 Gross exempt controlled foreign corporation (CFC) income 18 Gross exempt unitary corporation dividends 19 Gross investment income from investments generating income not apportionable to New York State under the U.S. Constitution 20 Dividend income from investment capital from stocks actually held more than one year 21 Net capital gains in excess of losses from investment capital from stocks actually held more than one year 22 Dividend income from investment capital from stocks presumed held more than one year 16 17 18 19 -2Q 21 22 Partner's share of items related to interest deductions directly attributable to investment and other exempt income under Article 9-A (for New York C corporate partners only) 23 24 25 26 27 28 29 30 31 Interest expense per federal Form 1065, line 15 Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly attributable to income reported on line 16 attributable to income reported on line 17 attributable to income reported on line 18 attributable to income reported on line 19 attributable to income reported on line 20 attributable to income reported on line 21 attributable to income reported on line 22 attributable to business capital 23 24 25 26 27 28, 29, 30 31 Partner's share and proportionate part of items related to subtraction modification for qualified banks 32 Qualified residential loan portfolio assets 33 Gross interest income from qualifying loans 33a Gross interest income from all loans 33b Gross interest expense from all loans III 111 11 32 33 3b R66297 1608 155 EFTA00806562

Page 6 of 11 IT-204-CP (2015) 5O3506 2.000 Partner's share and proportionate part of items related to manufacturing 34 Total receipts from the sale of goods by manufacturing 343 Receipts received from the generation and distribution of electricity, the distribution of natural gas, and the production of steam associated with the generation of electricity 35 Adjusted basis of qualified manufacturing property 35a Number of employees employed in manufacturing in New York 34 34a 35 35a Partner's share of New York modifications (for New York S corporate partners only) 36 New York State additions Number A— Total amount 36a E A- 36b E A- 36c EA- 36d EA- 36e EA- 36f EA- 37 Total addition modifications (total of column A, lines 36a through 360 37 38 New York State subtractions Number A — Total amount 38a E S- 36b E S- 38c E S- 36d E S- 38e E S- 38f E S- 39 Total subtraction modifications (total of column A, lines 38a through 381) 39 1 40 Additions to federal itemized deductions Letter Amount 40a 40b 40c 40d 40e 401 41 Total additions to federal itemized deductions (add lines 40a through 400 42 Subtractions from federal itemized deductions Letter Amount 42a 42b 42c 42d 42e 42f 43 Total subtractions from federal itemized deductions (add lines 42a through 420 117006151062 III Imo 41 L31 R66297 1608 156 EFTA00806563

503550 2.000 IT-204-CP (2015) Page 7 of 11 Partner's share of Income, deductions, etc. (from federal Form 1065, Schedule K-1) Partner's distributive share items 44 45 N 46 47 48 49 50 R 51 N 52 N 53 N 54 55 S 56 57 T 58 D 59 D 60 Ordinary business income (loss) 44 1014678 et rental real estate income (loss) 45 Other net rental income (foss) 46 ivaranteed payments 47 iterest income 48 7 522 Ordinary dividends 49 oyalties 50 et short-term capital gain (loss) 51 et long-term capital gain (loss) 52 et section 1231 gain (loss) 53 Other income (loss) 54 Identify: action 179 deduction 55 80301 Thar deductions (see instructions) 56 43401 Wont* SEE STATEMENT 1 ax-exempt income and nondeductible expenses (see Instructions) 57 -4 9793 istributions - cash and marketable securities 58 1260000 'stributions - other property 59 Other items not included above that are required to be reported separately to partners 60 7 522 Identity: SEE STATEMENT 1 Partner's credit information (see instructions) Part 1 - Flow-through credit bases and information Brownfield redevelopment tax credit (Fenn CT61t. Form CT.6 Mt. or Form CT-6112L_ A — Form CT411 B — Form CT-611.1 C - Form CT4112 61 Site preparation credit component 61 62 Tangible property credit component 62 63 On-site groundwater remediation credit component 63 EZ capital tax credit (Form CT-602) 64 Recapture of credit for investments in certified EZ businesses [64 65 Recapture of credit for contributions of money to EZ community development projects 65 QEZE tax reduction credit (Form CT-604-CP) 67 QEZE zone allocation factor 6 67 66 QEZE employment increase factor 68 QEZE benefit period factor 68 Excelsior jobs program tax credit (Form CT-607) 69 Excelsior jobs tax credit component 70 Excelsior investment tax credit component 71 Excelsior research and development tax credit component 72 Excelsior real property tax credit component III i ifir I III 111 11 69 70 71 R66297 1608 157 EFTA00806564

Page 8 of 11 rr-204-CP (2015) 5O355] 2.000 Partner's credit information (continued) Farmers' school tax credit (Form CT-47) 73 Acres of qualified agricultural property 74 Acres of qualified conservation properly 75 Eligible school district property taxes paid 76 Acres of qualified agricultural property converted to nongualified use 73 74 75 76 Other flow-through credit bases and Information Credit bases Code Amount Code Amount 77a 77d 77b 77e 77c 77f Credit information Code Information Code Information 77j EMI 77k 771 Part 2 Flow-through credits, addbacks, and 78 Flow-through credits Code Amount recaptures Code Amount 78a 78e 78b 78f 78c 78g 78d 78h 79 Addbacks of credits and recaptures Code Amount Code Amount 79a 79d 79b 79e 79c 79f Part 3 START-UP NY tax elimination credit information (Form CT-638) 80 START-UP NY business certificate number (Form DIF-74) 81 Year of START-UP NY business tax benefit period 82 START-UP NY area allocation factor 80 81 82 Partner's share of apportionment and Metropolitan Commuter Transportation District (MCTD) information Part 1 I During the reporting year, did the partnership do business, employ capital, own or lease property, maintain an office, or derive receipts from activity, in New York State? (math an X in the appropriate box) . . . Yes Gi 2 During the reporting year, did the partnership do business, employ capital, own or lease property, maintain an office, or derive receipts from activity. in the MCTD? (mark an X in the appropriate box) Yes 117008151062 III IIII III I I III II II VIII I III III II No K No K R66297 1608 158 EFTA00806565

5O3552 3.000 IT-204-CP (2015) Page 9 of 11 Partner's share of apportionment and Metropolitan Commuter Transportation District (MCTD) information (continued) Part 1 Average value of property A MCTD B New York State 3 Real estate owned 4 Real estate rented 5 Inventories owned 6 Tangible personal property owned 7 Tangible personal property rented 3 4 2000789 2002909 5 6 70886 70886 7 Part 2 Receipts from: A MCTD B New York Slate C Everywhere Section 210-A.2 1 Sales of tangible personal property 1 2 Sales of electricity 2 3 Net gains from sales of real property 3 Section 210-A.3 4 Rentals of real and tangible personal property . . . 4 5 Royalties from patents, copyrights, trademarks, and similar intangible personal property 5 6 Sales of rights for certain closed-circuit and cable TV transmissions of an event 6 Section 210-A.4 7 Sale, licensing, or granting access to digital products 7 7a Sale, licensing, or granting access to digital products 7a 8 This line intentionally left blank 8 Section 210-A.5(a)(2)(A) 9 Interest from loans secured by real property 9 10 Net gains from sales of loans secured by real properly . . 10 11 Interest from loans not secured by real property D 11 12 Net gains from sales of loans not secured by 12 real property K Section 210-A.5(a)(2)(B) K 13 13 Interest from federal debt 14 Net gains from federal debt 14 15 Interest from NYS and Its political subdivisions debt . . . . 15 16 Net gains from NYS and Its political subdivisions deb' . . 16 17 Interest from other states and their political subdivisions debt 17 18 Net gains from other states and their political subdivisions debt 18 Section 210-A.5(a)(2)(C) K 19 19 Interest from asset-backed securities and other government agency debt 20 Net gains from government agency debt or asset-backed securities sold through an exchange , 20 21 Net gains from all other asset-backed securities . . . 21 Section 210-A.5(a)(2)(D) K 22 22 Interest from corporate bonds 23 Net gains from corporate bonds sold through broker/dealer or licensed exchange 23 24 Net gains from other corporate bonds 24 117009151062 R66297 1608 159 EFTA00806566

Page 10 of 11 IT-204-CP (2015) 5O3553 3.000 Receipts from: (continued) A MOTO B New York State Everywhere Section 210-A.5(a)(2)(E) 25 Net interest from reverse repurchase and securities borrowing agreements Section 210-A.5(a)(2)(F) 26 Net interest from federal funds 25 26 Section 210-A.5(a)(2)(1) 27 27 Net income from sales of physical commodities . . . Section 210-A.5(a)(2)(J) n 28 Marked to market net gains 28 Section 210-A.5(a)(2)(H) 29 29 Interest from other financial instruments 30 Net gains from other financial instruments 30a Net gains from other financial instruments (broker/dealer/exchange) 30b Other income from other financial instruments. . . 30b 30c Other income from other financial instruments (broker/dealer/exchange) 30 30a 30c Section 210-A.5(b) 31 Brokerage commissions 32 Margin interest earned on behalf of brokerage accounts • • 33 Fees for advisory services for underwriting or management of underwriting 34 Receipts from primary spread of selling concessions 35 Receipts from account maintenance fees 36 Fees for management or advisory services 37 Interest from an affiliated corporation 31 32 33 34 35 36 37 Section 210-A.5(c) 38 Interest, fees, and penalties from credit cards . . . 39 Service charges and fees from credit cards 40 Receipts from merchant discounts 41 Receipts from credit card authorizations and settlement processing 42 Other credit card processing recepts 38 39 40 41 42 Section 210-A.5(d) 43 Receipts from certain services to Investment companies • • 43 Section 210-A.6 44 Receipts from railroad and trucking business 44 Section 210-A.6-a 45 Receipts from the operation of vessels 45 Secton 210-A.7 46 Receipts from air freight forwarding 47 Receipts from other aviation services 46 47 Section 210-A.8 48 Advertising in newspapers or periodicals 49 Advertising on television or radio 50 Advertising via other means 48 49 50 Section 210-A.9 51 Transportation or transmission of gas through pipes 51 Section 210-A.10 52 Receipts from other services/activities not specified 52a Receipts from other services/activities not specified 52 5628306 5628306 8838211 52a 117010151002 III 11111 R66297 1608 160 EFTA00806567

503554 3.000 IT-204-CP (2015) Page 11 of 11 Payroll A MCTD B New York State 53 Wages and other compensation of employees except general executive officers 53 3551739 3551739 54 Average number of individuals employed lull time in New York State (excluding employees with partnership-wide authority) 54 21 Gross proceeds or receipts from certain sales (for apportionment purposes) A MCTD B New York State C Everywhere 55 56 57 58 59 Sales of loans secured by real property Sales of loans not secured by real property Sales of other asset-backed securities Sales of corporate bonds Sales of physical commodities 55 56 57 58 59 Marked to market net gain or loss from deemed sales (for apportionment purposes) 60 Of loans secured by real property 61 Of loans not secured by real property 62 Of federal debt instruments 63 Of New York State and its political subdivisions debt instruments 64 Of other states and their political subdivisions debt instruments. 65 Of government agency debt or asset-backed securities (through exchange) 66 Of all other asset-backed securities 67 Of corporate bonds through licensed exchange or broker/dealer 68 Of other corporate bonds 69 Of physical commodities 70 Of other financial instruments 60 61 62 63 64 65 66 67 68 69 70 Items related to repurchase agreements and securities borrowing/lending agreements 71 Value of reverse repurchase agreements when partnership is purchaser/lender 72 Value of borrowing agreements when partnership is securities borrower 73 Value of repurchase agreements when partnership is seller/borrower 74 Value of lending agreements when partnership is securities lender 75 Interest income from reverse repurchase agreements and securities borrowing agreements 76 Interest expense from repurchase agreements and securities lending agreements 117011151062 III III III i II III I II VIII I III III II 71 72 73, 74 75, 76 R66297 1608 161 EFTA00806568

NEXT MANAGEMENT, LLC 13-3495607 IT 204-CP, PAGE 7 SUPPORTING SCHEDULES PARTNER'S SHARE OF INCOME, DEDUCTIONS, ETC FEDERAL LINE 56 - OTHER DEDUCTIONS CASH CONTRIBUTION SUBJECT TO 50% LIMITATION 43401 TOTAL OTHER DEDUCTIONS 43401 FEDERAL LINE 60 - OTHER ITEMS INVESTMENT INCOME 7522 TOTAL OTHER ITEMS 7522 STATEMENT 1 MUNI31A00 R66297 1608 162 EFTA00806569

Department of Taxation and Finance 5O3501 2000 ATE 2015 New York Corporate Partner's Schedule K-1 Tax Law - Article 9-A For calendar year 2015 or tax year beginning 151 and ending IT-204-CP Final K-1 Amended K-1 Partnere: Before completing your franchise tax return, see Form IT-204-CP-I. Partner's Instructions for Form IT-204-CP (available at monabutsy.gov). Partnership's Information Partnership's name (as shown on Form IT-204) NEXT MANAGEMENT. LLC A Mark an X in the box if either applies to your entity Publicly traded partnership Partnership's EIN 133495607 Portfolio investment partnership B Tax shelter registration number, if any Partner's Information (see instructions) Partner's name PARTNERSHIP HOLDING CORP Partners EIN 133501977 Partner's address 15 WATTS STREET City NEW YORK C The partner is a (marks', X in me ippropnare box) Lxl General partner or LLC member-manager U Limited partner or other LLC member D What is the New York tax filing status of the partner? (Mark an X in the appropriate box. known.) K C corporation E S corporation E If the partner is a disregarded entity, enter the EIN of the entity reporting the income of the partner (if known) State NY ZIP code 10013 F Did the partner sell its entire interest during the tax year? F Yes K No El G Partner's share of profit, loss, and capital 1) Profit G1 2) Loss G2 3) Capital G3 H Partner's share of liabilities at the end of the year 1) Nonrecourse 2) Qualified nonrecourse financing 3) Recourse H1 H2 113 4530420 460389 I Partner's capital account analysis 1) Beginning capital account Ii 573991 2) Capital contributed during the year - cash 12 3) Capital contributed during the year - property 13 4) Current year increase (decrease) 14 719196 5) Withdrawals and distributions - cash 15 930000 6) Withdrawals and distributions - property 16 7) Ending capital account 17 363187 8) Method of accounting (mark an X in the appropriate box) Beginning Ending 31.0000 % 31.0000 % 31.0000 % 31.0000 % 31.0000 % 31.0000 % Tax basis GAAP K Book n Other (submit explanation) 117001151062 III III III 1 I~ I1111 1111111 III III 11 R66297 1608 163 EFTA00806570

Page 2 of 11 rr-204-CP (2015) 5O3502 2.000 J Was Form CT-2658-E filed with the partnership" J Yes K No K NYS estimated tax paid on behalf of partner (from Form CT-2658) Date Amount 1) First installment K1 2) Second installment K2 3) Third installment K3 4) Fourth installment K4 Total NYS estimated tax paid on behalf of partner (add linos K1 through K4) Partner's share of entire net Income (ENI) information when the corporate partner's New York tax filing status is a C corporation ENI addition modifications 1 Total additions 1 A - Number B- Amount A- Number B- Amount 1a EA - Id EA - 1b EA - 1e EA - lc EA - 1f EA - ENI subtraction modifications 2 Total subtractions 2 A - Number B- Amount A- Number B- Amount 2a ES- 2d ES- 2b ES- 2e ES- 2c ES- 2f ES- Partner's proportionate part of assets and liabilities (for New York C corporate partners only) Average value 3 Total assets 4 Real property and marketable securities included on line 3 5 Real property and marketable securities at fair market value (FMV) 6 Average value of adjusted total assets 7 Total liabilities 8 Liabilities directly attributable to business capital 9 Liabilities directly attributable to investment capital 117002151062 3 4 5 6 7 8 9 R66297 1608 164 EFTA00806571

5O35D3 2.000 IT-204-CP (2015) Page 3 of 11 Partner's proportionate pad of items related to investment capital under Article 9-A (for New York C corporate partners only) Part 1 - Investment capital that generates income claimed not apportionable to New York under the U.S. Constitution Description of asset (Identify each asset, and enter number of shares (il applicable) and date acquired here: for each asset complete Call716S D through G on the corresponding lines below) Item A • Description of asset 8 - Number of shares acquired. if applicable C - Date acquired A B C D E F Item D Number ol shares sold, if applicable E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(s) 10 Total columns F and G 1 10 Part 2 - Investment capital - stocks actually held more than one year Description of investment (Identify each investment, and enter number of shares and date acquired here: for each investment complete coktmns D through G on the corresponding lines below) Item A - NamefCU$IPfCINSllot number 8 - Number of shares acquired C - Date acquired A B C D E F Item D Number ol shares sold E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(s) 11 Total columns F and G I 1 1 117003151062 111 R66297 1608 165 EFTA00806572

Page 4 of 11 IT-204-CP (2015) 503504 3.000 Part 3 - Investment capital - stocks presumed held more than one year Description of investment (identify each investment. and enter number of shares and dale acquired here: for each investment complete columns F and G on the corresponding lines below) Item A - NameICU$IPICINSIIot number B - Number ol shares acquired C - Date acquired A B C D E F Item D Number of shares sold E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(S) 12 Total columns F and G 112 Part 4 - Total investment capital 13 Total average FMV and liabilities directly attributable (add tines TO. 21. and 12 LO columns Fend 0) 13 Part 5 - Prior year investment capital - stocks that did not meet holding period requirement Description of investment (identify each investment. and enter number of shares and date acquired here: tor each investment complete columns D through G on the corresponding lines below) Item A - NamelCU$IPICINSIIot number B - Number ol shares acquired C - Date acquired A B C D E F Item D Number of shares sold E Date sold F Average FMV as previously reported G Liabilities directly attributable as previously reported H Net average FMV A B C D E F Total from additional sheet(s) 14 Total columns F and G 114 III ifirl III 111 11 R66297 1608 166 EFTA00806573

103106 3.000 IT-204-CP (2015) Page 5 of 11 Part 6 - Prior year gross investment income for stocks that did not meet holding period requirement 15 Prior year presumed gross investment income from stocks presumed in the prior year to be held more than one year that failed to meet the presumption 15 Partner's share of items related to investment and other exempt income under Article 9-A (for New York C corporate partners only) 16 Gross exempt cross•article dividends 17 Gross exempt controlled foreign corporation (CFC) income 18 Gross exempt unitary corporation dividends 19 Gross investment income from investments generating income not apportionable to New York State under the U.S. Constitution 20 Dividend income from investment capital from stocks actually held more than one year 21 Net capital gains in excess of losses from investment capital from stocks actually held more than one year 22 Dividend income from investment capital from stocks presumed held more than one year 16 17 18 19 -2Q 21 22 Partner's share of items related to interest deductions directly attributable to investment and other exempt income under Article 9-A (for New York C corporate partners only) 23 24 25 26 27 28 29 30 31 Interest expense per federal Form 1065, line 15 Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly attributable to income reported on line 16 attributable to income reported on line 17 attributable to income reported on line 18 attributable to income reported on line 19 attributable to income reported on line 20 attributable to income reported on line 21 attributable to income reported on line 22 attributable to business capital 23 24 25 26 27 28, 29, 30 31 Partner's share and proportionate part of items related to subtraction modification for qualified banks 32 Qualified residential loan portfolio assets 33 Gross interest income from qualifying loans 33a Gross interest income from all loans 33b Gross interest expense from all loans III 111 11 32 33 3b R66297 1608 167 EFTA00806574

Page 6 of 11 IT-204-CP (2015) 5O3506 2.000 Partner's share and proportionate part of items related to manufacturing 34 Total receipts from the sale of goods by manufacturing 34a Receipts received from the generation and distribution of electricity, the distribution of natural gas, and the production of steam associated with the generation of electricity 35 Adjusted basis of qualified manufacturing property 35a Number of employees employed in manufacturing in New York 34 34a 35 35a Partner's share of New York modifications (for New York S corporate partners only) 36 New York State additions Number A —Total amount 36a EA- 201 55106 36b EA- 209 33415 36c EA- 214 $429 36d EA- 36e EA- 36f EA- 37 Total addition modifications (total of column A, lines 36a through 360 Lsrl. 96950 38 New York State subtractions Number A — Total amount 38a ES- 213 20601 36b ES- 38c ES- 36d ES- 38e ES- 38f ES- 39 Total subtraction modifications (total of column A, lines 38a through 381) 39 40 Additions to federal itemized deductions Letter Amount 40a 40b 40c 40d 40e 401 41 Total additions to federal itemized deductions (add lines 40a through 400 42 Subtractions from federal itemized deductions Letter Amount 42a 42b 42c 42d 42e 42f 43 Total subtractions from federal itemized deductions (add lines 42a through 420 117006151062 III Imo 41 L31 R66297 1608 168 EFTA00806575

503550 2.000 IT-204-CP (2015) Page 7 of 11 Partner's share of Income, deductions, etc. (from federal Form 1065, Schedule K-1) Partner's distributive share items 44 45 N 46 47 48 I 49 50 R 51 N 52 N 53 N 54 55 S 56 57 T 58 D 59 D 60 Ordinary business income (loss) 44 74 8931 et rental real estate income (loss) 45 Other net rental income (foss) 46 ivaranteed payments 47 iterest income 48 5552 Ordinary dividends 49 oyalties 50 et short-term capital gain (loss) 51 et long-term capital gain (loss) 52 et section 1231 gain (loss) 53 Other income (loss) 54 Identify: action 179 deduction 55 59271 Thar deductions (see instructions) 56 32034 Wont* SEE STATEMENT 1 ax-exempt income and nondeductible expenses (see Instructions) _57 -36751 istributions - cash and marketable securities 58 930000 'stributions - other property 59 Other items not included above that are required to be reported separately to partners 60 5552 Identity: SEE STATEMENT 1 Partner's credit information (see instructions) Part 1 - Flow-through credit bases and information Brownfield redevelopment tax credit (Fenn CT61t. Form CT.6 Mt. or Form CT-6112L_ A — Form CI411 B — Form CT-611.1 C — Form CT4112 61 Site preparation credit component 61 62 Tangible property credit component 62 63 On-site groundwater remediation credit component 63 EZ capital tax credit (Form CT-602) 64 Recapture of credit for investments in certified EZ businesses [64 65 Recapture of credit for contributions of money to EZ community development projects 65 QEZE tax reduction credit (Form CT-604-CP) 67 QEZE zone allocation factor 6 67 66 QEZE employment increase factor 68 QEZE benefit period factor 68 Excelsior jobs program tax credit (Form CT-607) 69 Excelsior jobs tax credit component 70 Excelsior investment tax credit component 71 Excelsior research and development tax credit component 72 Excelsior real property tax credit component III i ifir I III 111 11 69 70 71 R66297 1608 169 EFTA00806576

Page 8 of 11 rr-204-CP (2015) 5O355] 2.000 Partner's credit information (continued) Farmers' school tax credit (Form CT-47) 73 Acres of qualified agricultural property 74 Acres of qualified conservation properly 75 Eligible school district property taxes paid 76 Acres of qualified agricultural property converted to nongualified use 73 74 75 76 Other flow-through credit bases and Information Credit bases Code Amount Code Amount 77a 77d 77b 77e 77c 77f Credit information Code Information Code Information 77j EMI 77k 771 Part 2 Flow-through credits, addbacks, and 78 Flow-through credits Code Amount recaptures Code Amount 78a 78e 78b 78f 78c 78g 78d 78h 79 Addbacks of credits and recaptures Code Amount Code Amount 79a 79d 79b 79e 79c 79f Part 3 START-UP NY tax elimination credit information (Form CT-638) 80 START-UP NY business certificate number (Form DIF-74) 81 Year of START-UP NY business tax benefit period 82 START-UP NY area allocation factor 80 81 82 Partner's share of apportionment and Metropolitan Commuter Transportation District (MCTD) information Part 1 I During the reporting year, did the partnership do business, employ capital, own or lease property, maintain an office, or derive receipts from activity, in New York State? (math an X in the appropriate box) . . . Yes El 2 During the reporting year, did the partnership do business, employ capital, own or lease property, maintain an office, or derive receipts from activity. in the MCTD? (mark an X in the appropriate box) Yes K 117008151062 III IIII III I I III II II VIII I III III II No K No K R66297 1608 170 EFTA00806577

5O3552 3.000 IT-204-CP (2015) Page 9 of 11 Partner's share of apportionment and Metropolitan Commuter Transportation District (MCTD) information (continued) Part 1 Average value of property A MCTD B New York State 3 Real estate owned 4 Real estate rented 5 Inventories owned 6 Tangible personal property owned 7 Tangible personal property rented 3 4 5 6 7 Part 2 Receipts from: A MCTD B New York State C Everywhere Section 210-A.2 1 Sales of tangible personal property 1 2 Sales of electricity 2 3 Net gains from sales of real property 3 Section 210-A.3 4 Rentals of real and tangible personal property . . . 4 5 Royalties from patents, copyrights, trademarks, and similar intangible personal property 5 6 Sales of rights for certain closed-circuit and cable TV transmissions of an event 6 Section 210-A.4 7 Sale, licensing, or granting access to digital products 7 7a Sale, licensing, or granting access to digital products 7a 8 This line intentionally left blank 8 Section 210-A.5(a)(2)(A) 9 Interest from loans secured by real property 9 10 Net gains from sales of loans secured by real properly . . 10 11 Interest from loans not secured by real property D 11 1 12 Net gains from sales of loans not secured by 12 real property K Section 210-A.5(a)(2)(B) K 13 13 Interest from federal debt 14 Net gains from federal debt 14 15 Interest from NYS and Its political subdivisions debt . . . . 15 16 Net gains from NYS and Its political subdivisions deb' . . 16 17 Interest from other states and their political subdivisions debt 17 18 Net gains from other states and their political subdivisions debt 18 Section 210-A.5(a)(2)(C) K 19 19 Interest from asset-backed securities and other government agency debt 20 Net gains from government agency debt or asset-backed securities sold through an exchange , 20 21 Net gains from all other asset-backed securities . . . 21 Section 210-A.5(a)(2)(D) K 22 22 Interest from corporate bonds 23 Net gains from corporate bonds sold through broker/dealer or licensed exchange 23 24 Net gains from other corporate bonds 24 117009151062 R66297 1608 171 EFTA00806578

Page 10 of 11 IT-204-CP (2015) 5O3553 3.000 Receipts from: (continued) A MOTO B New York State Everywhere Section 210-A.5(a)(2)(E) 25 Net interest from reverse repurchase and securities borrowing agreements Section 210-A.5(a)(2)(F) 26 Net interest from federal funds 25 26 Section 210-A.5(a)(2)(1) 27 27 Net income from sales of physical commodities . . . Section 210-A.5(a)(2)(J) n 28 Marked to market net gains 28 Section 210-A.5(a)(2)(H) 29 29 Interest from other financial instruments 30 Net gains from other financial instruments 30a Net gains from other financial instruments (broker/dealer/exchange) 30b Other income from other financial instruments. . . 30b 30c Other income from other financial instruments (broker/dealer/exchange) 30 30a 30c Section 210-A.5(b) 31 Brokerage commissions 32 Margin interest earned on behalf of brokerage accounts • • 33 Fees for advisory services for underwriting or management of underwriting 34 Receipts from primary spread of selling concessions 35 Receipts from account maintenance fees 36 Fees for management or advisory services 37 Interest from an affiliated corporation 31 32 33 34 35 36 37 Section 210-A.5(c) 38 Interest, fees, and penalties from credit cards . . . 39 Service charges and fees from credit cards 40 Receipts from merchant discounts 41 Receipts from credit card authorizations and settlement processing 42 Other credit card processing recepts 38 39 40 41 42 Section 210-A.5(d) 43 Receipts from certain services to Investment companies • • 43 Section 210-A.6 44 Receipts from railroad and trucking business 44 Section 210-A.6-a 45 Receipts from the operation of vessels 45 Secton 210-A.7 46 Receipts from air freight forwarding 47 Receipts from other aviation services 46 47 Section 210-A.8 48 Advertising in newspapers or periodicals 49 Advertising on television or radio 50 Advertising via other means 48 49 50 Section 210-A.9 51 Transportation or transmission of gas through pipes 51 Section 210-A.10 52 Receipts from other services/activities not specified 52a Receipts from other services/activities not specified 52 4154225 6523442 52a 117010151002 III 11111 R66297 1608 172 EFTA00806579

5O3554 3.000 1T-204-CP (2015) Page 11 of 11 Payroll A MCTD B New York State 53 Wages and other compensation of employees except general executive officers I 53 54 Average number of individuals employed lull time in New York State (excluding employees with partnership-wide authority) 54 Gross proceeds or receipts from certain sales (for apportionment purposes) A MCTD B New York State C Everywhere 55 56 57 58 59 Sales of loans secured by real property Sales of loans not secured by real property Sales of other asset-backed securities Sales of corporate bonds Sales of physical commodities 55 56 57 58 59 Marked to market net gain or loss from deemed sales (for apportionment purposes) 60 Of loans secured by real property 61 Of loans not secured by real property 62 Of federal debt instruments 63 Of New York State and its political subdivisions debt instruments 64 Of other states and their political subdivisions debt instruments. 65 Of government agency debt or asset-backed securities (through exchange) 66 Of all other asset-backed securities 67 Of corporate bonds through licensed exchange or broker/dealer 68 Of other corporate bonds 69 Of physical commodities 70 Of other financial instruments 60 61 62 63 64 65 66 67 68 69 70 Items related to repurchase agreements and securities borrowing/lending agreements 71 Value of reverse repurchase agreements when partnership is purchaser/lender 72 Value of borrowing agreements when partnership is securities borrower 73 Value of repurchase agreements when partnership is seller/borrower 74 Value of lending agreements when partnership is securities lender 75 Interest income from reverse repurchase agreements and securities borrowing agreements 76 Interest expense from repurchase agreements and securities lending agreements 117011151062 Holum i II IIII I II VIII I III III II 71 72 73, 74 75, 76 R66297 1608 173 EFTA00806580

NEXT MANAGEMENT, LLC 13-3495607 IT 204-CP, PAGE 7 SUPPORTING SCHEDULES PARTNER'S SHARE OF INCOME, DEDUCTIONS, ETC FEDERAL LINE 56 - OTHER DEDUCTIONS CASH CONTRIBUTION SUBJECT TO 50% LIMITATION 32034 TOTAL OTHER DEDUCTIONS 32034 FEDERAL LINE 60 - OTHER ITEMS INVESTMENT INCOME 5552 TOTAL OTHER ITEMS 5552 STATEMENT 1 MUNI31A00 R66297 1608 174 EFTA00806581

Department of Taxation and Finance 5O3501 2000 ATE 2015 New York Corporate Partner's Schedule K-1 Tax Law - Article 9-A For calendar year 2015 or tax year beginning 151 and ending IT-204-CP Final K-1 Amended K-1 Pothers: Before completing your franchise tax return, see Form IT-204.CP-I. Partner's Instructions for Form IT-204-CP (available at monabut.ny.gov). Partnership's Information Partnership's name (as shown on Form IT-204) NEXT MANAGEMENT. I.,LC A Mark an X in the box if either applies to your entity Publicly traded partnership LI Partnership's EIN 133495607 Portfolio investment partnership B Tax shelter registration number, if any Partner's Information (see instructions) Partner's name THE 14/ LCOR GROUP. INC Partner's address 15 WATTS STREET Partners EIN 133682060 City NEW YORK C The partner is a moronxi° tht topropriare toxr State NY ZIP code 10013 Lxl General partner or LLC member-manager Ll Limited partner or other LLC member D What is the New York tax filing status of the partner? (Mark an X in the appropriate box. known.) K C corporation E S corporation E If the partner is a disregarded entity, enter the EIN of the entity reporting the income of the partner (if known) F Did the partner sell its entire interest during the tax year? F Yes K No El G Partner's share of profit. loss, and capital 1) Profit 2) Loss 3) Capital G1 G2 G3 Beginning Ending 27.0000 % 27.0000 % 27.0000 % 27.0000 % 27.0000 % 27.0000 ,fcg H Partner's share of liabilities at the end of the year 1) Nonrecourse H1 2) Qualified nonrecourse financing H2 3) Recourse H3 1 Partner's capital account analysis 1) Beginning capital account Ii 2) Capital contributed during the year - cash 12 3) Capital contributed during the year - property 13 4) Current year increase (decrease) 14 5) Withdrawals and distributions - cash 15 16 7) Ending capital account 17 8) Method of accounting (mark an X in the appropriate box) Tax basis K GAAP K Book K Other (submit explanation) 6) Withdrawals and distributions - property 117001151062 III III III 1 I~ I1111 1111111 III III 11 3945850 400983 499929 626397 810000 316326 R66297 1608 175 EFTA00806582

Page 2 of 11 rr-204-CP (2015) 5O3502 2.000 J Was Form CT-2658-E filed with the partnership" J Yes K No K NYS estimated tax paid on behalf of partner (from Form CT-2658) Date Amount 1) First installment K1 2) Second installment K2 3) Third installment K3 4) Fourth installment K4 Total NYS estimated tax paid on behalf of partner (add linos K1 through K4) Partner's share of entire net Income (ENI) information when the corporate partner's New York tax filing status is a C corporation ENI addition modifications 1 Total additions 1 A - Number B- Amount A- Number B- Amount 1a EA - Id EA - 1b EA - 1e EA - lc EA - 1f EA - ENI subtraction modifications 2 Total subtractions 2 A - Number B- Amount A- Number B- Amount 2a ES- 2d ES- 2b ES- 2e ES- 2c ES- 2f ES- Partner's proportionate part of assets and liabilities (for New York C corporate partners only) Average value 3 Total assets 4 Real property and marketable securities included on line 3 5 Real property and marketable securities at fair market value (FMV) 6 Average value of adjusted total assets 7 Total liabilities 8 Liabilities directly attributable to business capital 9 Liabilities directly attributable to investment capital 117002151062 3 4 5 6 7 8 9 R66297 1608 176 EFTA00806583

5O35D3 2.000 IT-204-CP (2015) Page 3 of 11 Partner's proportionate pad of items related to investment capital under Article 9-A (for New York C corporate partners only) Part 1 - Investment capital that generates income claimed not apportionable to New York under the U.S. Constitution Description of asset (Identify each asset, and enter number of shares (il applicable) and date acquired here: for each asset complete Call716S D through G on the corresponding lines below) Item A • Description of asset 8 - Number of shares acquired. if applicable C - Date acquired A B C D E F Item D Number ol shares sold, if applicable E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(s) 10 Total columns F and G 1 10 Part 2 - Investment capital - stocks actually held more than one year Description of investment (Identify each investment, and enter number of shares and date acquired here: for each investment complete coktmns D through G on the corresponding lines below) Item A - NamefCU$IPfCINSllot number 8 - Number of shares acquired C - Date acquired A B C D E F Item D Number ol shares sold E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(s) 11 Total columns F and G I 1 1 117003151062 111 R66297 1608 177 EFTA00806584

Page 4 of 11 IT-204-CP (2015) 503504 3.000 Part 3 - Investment capital - stocks presumed held more than one year Description of investment (identify each investment. and enter number of shares and dale acquired here: for each investment complete columns F and G on the corresponding lines below) Item A - NameICU$IPICINSIIot number B - Number ol shares acquired C - Date acquired A B C D E F Item D Number of shares sold E Date sold F Average FMV reported G Liabilities directly attributable H Net average FMV A B C D E F Total from additional sheet(S) 12 Total columns F and G 112 Part 4 - Total investment capital 13 Total average FMV and liabilities directly attributable (add tines TO. 21. and 12 LO columns Fend 0) 13 Part 5 - Prior year investment capital - stocks that did not meet holding period requirement Description of investment (identify each investment. and enter number of shares and date acquired here: tor each investment complete columns D through G on the corresponding lines below) Item A - NamelCU$IPICINSIIot number B - Number ol shares acquired C - Date acquired A B C D E F Item D Number of shares sold E Date sold F Average FMV as previously reported G Liabilities directly attributable as previously reported H Net average FMV A B C D E F Total from additional sheet(s) 14 Total columns F and G 114 III ifirl III 111 11 R66297 1608 178 EFTA00806585

103106 3.000 IT-204-CP (2015) Page 5 of 11 Part 6 - Prior year gross investment income for stocks that did not meet holding period requirement 15 Prior year presumed gross investment income from stocks presumed in the prior year to be held more than one year that failed to meet the presumption 15 Partner's share of items related to investment and other exempt income under Article 9-A (for New York C corporate partners only) 16 Gross exempt cross•article dividends 17 Gross exempt controlled foreign corporation (CFC) income 18 Gross exempt unitary corporation dividends 19 Gross investment income from investments generating income not apportionable to New York State under the U.S. Constitution 20 Dividend income from investment capital from stocks actually held more than one year 21 Net capital gains in excess of losses from investment capital from stocks actually held more than one year 22 Dividend income from investment capital from stocks presumed held more than one year 16 17 18 19 -2Q 21 22 Partner's share of items related to interest deductions directly attributable to investment and other exempt income under Article 9-A (for New York C corporate partners only) 23 24 25 26 27 28 29 30 31 Interest expense per federal Form 1065, line 15 Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly Interest deductions directly attributable to income reported on line 16 attributable to income reported on line 17 attributable to income reported on line 18 attributable to income reported on line 19 attributable to income reported on line 20 attributable to income reported on line 21 attributable to income reported on line 22 attributable to business capital 23 24 25 26 27 28, 29, 30 31 Partner's share and proportionate part of items related to subtraction modification for qualified banks 32 Qualified residential loan portfolio assets 33 Gross interest income from qualifying loans 33a Gross interest income from all loans 33b Gross interest expense from all loans III 111 11 32 33 3b R66297 1608 179 EFTA00806586

Page 6 of 11 IT-204-CP (2015) 5O3506 2.000 Partner's share and proportionate part of items related to manufacturing 34 Total receipts from the sale of goods by manufacturing 34a Receipts received from the generation and distribution of electricity, the distribution of natural gas, and the production of steam associated with the generation of electricity 35 Adjusted basis of qualified manufacturing property 35a Number of employees employed in manufacturing in New York 34 34a 35 35a Partner's share of New York modifications (for New York S corporate partners only) 36 New York State additions Number A —Total amount 36a EA- 201 47996 36b EA- 209 29104 36c EA- 214 7342 36d EA- 36e EA- 36f EA- 37 Total addition modifications (total of column A, lines 36a through 360 L37 84442 38 New York State subtractions Number A — Total amount 38a ES- 213 17944 36b ES- 38c ES- 36d ES- 38e ES- 38f ES- 39 Total subtraction modifications (total of column A, lines 38a through 381) 39 17944 40 Additions to federal itemized deductions Letter Amount 40a 40b 40c 40d 40e 401 41 Total additions to federal itemized deductions (add lines 40a through 400 42 Subtractions from federal itemized deductions Letter Amount 42a 42b 42c 42d 42e 42f 43 Total subtractions from federal itemized deductions (add lines 42a through 420 117006151062 III Imo 41 L31 R66297 1608 180 EFTA00806587

503550 2.000 IT-204-CP (2015) Page 7 of 11 Partner's share of Income, deductions, etc. (from federal Form 1065, Schedule K-1) Partner's distributive share items 44 45 N 46 47 48 I 49 50 R 51 N 52 N 53 N 54 55 S 56 57 T 58 D 59 D 60 Ordinary business income (loss) 44 652293 et rental real estate income (loss) 45 Other net rental income (foss) 46 ivaranteed payments 47 iterest income 48 4836 Ordinary dividends 49 oyalties 50 et short-term capital gain (loss) 51 et long-term capital gain (loss) 52 et section 1231 gain (loss) 53 Other income (loss) 54 Identify: action 179 deduction 55 51622 Thar deductions (see instructions) 56 27900 Wont* SEE STATEMENT 1 ax-exempt income and nondeductible expenses (see Instructions) 57 -32010 istributions - cash and marketable securities 58 810000 'stributions - other property 59 Other items not included above that are required to be reported separately to partners 60 4836 Identity: SEE STATEMENT 1 Partner's credit information (see instructions) Part 1 - Flow-through credit bases and information Brownfield redevelopment tax credit (Fenn CT61t. Form CT.6 Mt. or Form CT-6112L_ A — Form CT411 B — Form CT-611.1 C — Form CT4112 61 Site preparation credit component 61 62 Tangible property credit component 62 63 On-site groundwater remediation credit component 63 EZ capital tax credit (Form CT-602) 64 Recapture of credit for investments in certified EZ businesses [64 65 Recapture of credit for contributions of money to EZ community development projects 65 QEZE tax reduction credit (Form CT-604-CP) 67 QEZE zone allocation factor 6 67 66 QEZE employment increase factor 68 QEZE benefit period factor 68 Excelsior jobs program tax credit (Form CT-607) 69 Excelsior jobs tax credit component 70 Excelsior investment tax credit component 71 Excelsior research and development tax credit component 72 Excelsior real property tax credit component III i ifir I III 111 11 69 70 71 R66297 1608 181 EFTA00806588

Page 8 of 11 rr-204-CP (2015) 5O355] 2.000 Partner's credit information (continued) Farmers' school tax credit (Form CT-47) 73 Acres of qualified agricultural property 74 Acres of qualified conservation properly 75 Eligible school district property taxes paid 76 Acres of qualified agricultural property converted to nongualified use 73 74 75 76 Other flow-through credit bases and Information Credit bases Code Amount Code Amount 77a 77d 77b 77e 77c 77f Credit information Code Information Code Information 77j EMI 77k 771 Part 2 Flow-through credits, addbacks, and 78 Flow-through credits Code Amount recaptures Code Amount 78a 78e 78b 78f 78c 78g 78d 78h 79 Addbacks of credits and recaptures Code Amount Code Amount 79a 79d 79b 79e 79c 79f Part 3 START-UP NY tax elimination credit information (Form CT-638) 80 START-UP NY business certificate number (Form DIF-74) 81 Year of START-UP NY business tax benefit period 82 START-UP NY area allocation factor 80 81 82 Partner's share of apportionment and Metropolitan Commuter Transportation District (MCTD) information Part 1 I During the reporting year, did the partnership do business, employ capital, own or lease property, maintain an office, or derive receipts from activity, in New York State? (math an X in the appropriate box) . . . Yes El 2 During the reporting year, did the partnership do business, employ capital, own or lease property, maintain an office, or derive receipts from activity. in the MCTD? (mark an X in the appropriate box) Yes K 117008151062 III IIII III I I III II II VIII I III III II No K No K R66297 1608 182 EFTA00806589

5O3552 3.000 IT-204-CP (2015) Page 9 of 11 Partner's share of apportionment and Metropolitan Commuter Transportation District (MCTD) information (continued) Part 1 Average value of property A MCTD B New York State 3 Real estate owned 4 Real estate rented 5 Inventories owned 6 Tangible personal property owned 7 Tangible personal property rented 3 4 5 6 7 Part 2 Receipts from: A MCTD B New York State C Everywhere Section 210-A.2 1 Sales of tangible personal property 1 2 Sales of electricity 2 3 Net gains from sales of real property 3 Section 210-A.3 4 Rentals of real and tangible personal property . . . 4 5 Royalties from patents, copyrights, trademarks, and similar intangible personal property 5 6 Sales of rights for certain closed-circuit and cable TV transmissions of an event 6 Section 210-A.4 7 Sale, licensing, or granting access to digital products 7 7a Sale, licensing, or granting access to digital products 7a 8 This line intentionally left blank 8 Section 210-A.5(a)(2)(A) 9 Interest from loans secured by real property 9 10 Net gains from sales of loans secured by real properly . . 10 11 Interest from loans not secured by real property D 11 1 12 Net gains from sales of loans not secured by 12 real property K Section 210-A.5(a)(2)(B) K 13 13 Interest from federal debt 14 Net gains from federal debt 14 15 Interest from NYS and Its political subdivisions debt . . . . 15 16 Net gains from NYS and Its political subdivisions deb' . . 16 17 Interest from other states and their political subdivisions debt 17 18 Net gains from other states and their political subdivisions debt 18 Section 210-A.5(a)(2)(C) K 19 19 Interest from asset-backed securities and other government agency debt 20 Net gains from government agency debt or asset-backed securities sold through an exchange , 20 21 Net gains from all other asset-backed securities . . . 21 Section 210-A.5(a)(2)(D) K 22 22 Interest from corporate bonds 23 Net gains from corporate bonds sold through broker/dealer or licensed exchange 23 24 Net gains from other corporate bonds 24 117009151062 R66297 1608 183 EFTA00806590

Page 10 of 11 IT-204-CP (2015) 5O3553 3.000 Receipts from: (continued) A MOTO B New York State Everywhere Section 210-A.5(a)(2)(E) 25 Net interest from reverse repurchase and securities borrowing agreements Section 210-A.5(a)(2)(F) 26 Net interest from federal funds 25 26 Section 210-A.5(a)(2)(1) 27 27 Net income from sales of physical commodities . . . Section 210-A.5(a)(2)(J) n 28 Marked to market net gains 28 Section 210-A.5(a)(2)(H) 29 29 Interest from other financial instruments 30 Net gains from other financial instruments 30a Net gains from other financial instruments (broker/dealer/exchange) 30b Other income from other financial instruments. . . 30b 30c Other income from other financial instruments (broker/dealer/exchange) 30 30a 30c Section 210-A.5(b) 31 Brokerage commissions 32 Margin interest earned on behalf la brokerage accounts • • 33 Fees for advisory services for underwriting or management of underwriting 34 Receipts from primary spread of selling concessions 35 Receipts from account maintenance fees 36 Fees for management or advisory services 37 Interest from an affiliated corporation 31 32 33 34 35 36 37 Section 210-A.5(c) 38 Interest, fees, and penalties from credit cards . . . 39 Service charges and fees from credit cards 40 Receipts from merchant discounts 41 Receipts from credit card authorizations and settlement processing 42 Other credit card processing recepts 38 39 40 41 42 Section 210-A.5(d) 43 Receipts from certain services to Investment companies • • 43 Section 210-A.6 44 Receipts from railroad and trucking business 44 Section 210-A.6-a 45 Receipts from the operation of vessels 45 Secton 210-A.7 46 Receipts from air freight forwarding 47 Receipts from other aviation services 46 47 Section 210-A.8 48 Advertising in newspapers or periodicals 49 Advertising on television or radio 50 Advertising via other means 48 49 50 Section 210-A.9 51 Transportation or transmission of gas through pipes 51 Section 210-A.10 52 Receipts from other services/activities not specified 52a Receipts from other services/activities not specified 52 3618197 5681707 52a 117010151002 III 11111 R66297 1608 184 EFTA00806591

5O3554 3.000 1T-204-CP (2015) Page 11 of 11 Payroll A MCTD B New York State 53 Wages and other compensation of employees except general executive officers I 53 54 Average number of individuals employed lull time in New York State (excluding employees with partnership-wide authority) 54 Gross proceeds or receipts from certain sales (for apportionment purposes) A MCTD B New York State C Everywhere 55 56 57 58 59 Sales of loans secured by real property Sales of loans not secured by real property Sales of other asset-backed securities Sales of corporate bonds Sales of physical commodities 55 56 57 58 59 Marked to market net gain or loss from deemed sales (for apportionment purposes) 60 Of loans secured by real property 61 Of loans not secured by real property 62 Of federal debt instruments 63 Of New York State and its political subdivisions debt instruments 64 Of other states and their political subdivisions debt instruments. 65 Of government agency debt or asset-backed securities (through exchange) 66 Of all other asset-backed securities 67 Of corporate bonds through licensed exchange or broker/dealer 68 Of other corporate bonds 69 Of physical commodities 70 Of other financial instruments 60 61 62 63 64 65 66 67 68 69 70 Items related to repurchase agreements and securities borrowing/lending agreements 71 Value of reverse repurchase agreements when partnership is purchaser/lender 72 Value of borrowing agreements when partnership is securities borrower 73 Value of repurchase agreements when partnership is seller/borrower 74 Value of lending agreements when partnership is securities lender 75 Interest income from reverse repurchase agreements and securities borrowing agreements 76 Interest expense from repurchase agreements and securities lending agreements 117011151062 Holum i II IIII I II VIII I III III II 71 72 73, 74 75, 76 R66297 1608 185 EFTA00806592

NEXT MANAGEMENT, LLC 13-3495607 IT 204-CP, PAGE 7 SUPPORTING SCHEDULES PARTNER'S SHARE OF INCOME, DEDUCTIONS, ETC FEDERAL LINE 56 - OTHER DEDUCTIONS CASH CONTRIBUTION SUBJECT TO 50% LIMITATION 27900 TOTAL OTHER DEDUCTIONS 27900 FEDERAL LINE 60 - OTHER ITEMS INVESTMENT INCOME 4836 TOTAL OTHER ITEMS 4836 STATEMENT 1 MUNI31A00 R66297 1608 186 EFTA00806593

F.,„, 4562 NipailmOMOttel[Poarur, Interne/ Revenue &IVO (99) Name(s) shown on return NEXT MANAGEMENT, LLC Business or activity to which this form relates Depreciation and Amortization (Including Information on Listed Property) ► Attach to your tax return. ► Information about Form 4562 and its separate instructions is at onvwdrs.gov/form4562. OMB No. 1545.0172 2015 Attachment Sequence No. 179 NEXT Part I MANAGEMENT, LLC Identifying number 1 3-3 4 9 5 6 07 Election To Expense Certain Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Part I. 1 Maximum amount (see instructions) 2 Total cost of section 179 properly placed in service (see instructions) 3 Threshold cost of section 179 property before reduction in limitation (see instructions) 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- 5 DOWN limitation ter lac year. SODIUM:Atha 4 WM line 1.1 zer0Or Len. enter ME/1,00 51115 Sapasalelv. see instructions 6 (a) Description of property (b) Cost (business use only) (c) Elected cost 1 2 3 5 00, 0 0 0 . 346,797. 2,000.000. 4 5 SEE DEPRECIATION DETAIL 191,194. 7 Listed property. Enter the amount from line 29 1 7 8 Total elected cost of section 179 property. Add amounts in column (c), nes 6 and 7 9 Tentative deduction. Enter the smaller of line 5 or line 8 10 Carryover of disallowed deduction from line 13 of your 2014 Form 4562 Business Income limitation. Enter the smaller of business income (not less than zero) or line 5 (see Instructions) Section 179 amens. deduction. Add lines 9 and 10, but do not enter more than line 11 11 12 13 Carryover of disallowed deduction to 2016. Add lines 9 and 10, less line 12 , Note: Do not use Part II or Part Ill below for listed property. Instead, use Pal V. Part II 8 9 10 5 00, 0 0 0 . 191,194. 191,194. 11 500.000. 191.194. 12 13 1 Special Depreciation Allowance and Other Depreciation (Do not include listed property) See instructions.) 14 Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year (see instructions) 14 77,802. 15 Properly subject to section 168(1)(1) election 15 16 Other depreciation (includng ACRS) 16 24.391. Part III MACRS Depreciation (Do not include listed properly.) (See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2015 17 1 18, 805 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here .1-1 Section B - Assets Placed in Service During 2015 Tax Year Using the General Depredation System (a) Classification dproperly (b) Month and year placed in service (c) Basis for depreciation (businesarimestment use only - see insmictions) 00 Reemery naiad r — (e) Convention (I) Method (g) Depreciation deduction 19a 3-year property b 5-year property e 7-year property d 10-year properly e 15-year properly f 20-year properly g 25-year properly 25 yrs. S/L h Residential rental property 27.5 yrs. MM S/L 27.5 yrs. MM S/L i Nonresidential real property 39 yrs. MM S/L MM SIL Section C - Assets Placed in Service During 2015 Tax Year Using the Alternative De reciation System 20a Class life SIL b 12-year 12 yrs. SIL e 40-year 40 yrs. MM SIL Part IV Summary (See instructions.) 21 Listed property. Enter amount from line 28 21 22 Total. Add amounts from line 12. lines 14 through 17. lines 19 and 20 In column (g). and line 21. Enter here and on the appropriate lines of your return. Partnerships and S corporations -see instructions 22 120,998. 23 For assets shown above and placed in service during the current year. enter the portion of the basis attributable to section 263A costs 23 -ISA For Paperwork Reduction Act Notice, see separate instructions. 5)(2300 2.000 R66297 1608 Form 4562 (2015) 187 EFTA00806594

NEXT 4562 MANAGEMENT 15) , LLC For (20 13-34942i Part V Listed Property (Include automobiles, certain other vehicles, certain aircraft, certain computers, and property used for entertainment, recreation, or amusement.) Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b, columns (a) through (c) of Section A, all of Section B, and Section C if applicable. Section A - Depreciation and Other information (Caution: See the instructions for limits for passenger automobiles.) 24a Do you have evidence to support the businessAnvestment use claimed?I I Yes I I No 124b if "Yes,* is the evidence written? I I Yes I I No (a) Type d propeny fret vehicles first) (b) Date placed service (c) Business/ investment use percentage (r4 Cost or ether barn (e) Basis tordepredalios use only) (0 0Recovery necovelY period (0) Method? Convention 01) Depreciation deduction (0 Elected scam 179 Dom 25 Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50% in a qualified business use (see instructions) 25 26 Property used more than 50% in a qualified business use: qi % 27 Property used 50% or less in a qualified business use: S/L • rS/1J SiL • 28 Add amounts in co umn (h), lines 25 hrough 27. Enter here and on line 21, page 1 128 29 Add amounts in co umn (i), line 26. Enter here and on line 7, page 1 Section B - Information on Use of Vehicles Complete this section for vehicles used by a sole proprietor. partner, or other "more than 5% owner." or related person. If you p melded vehicles to your employees, first answer the questions in Section C to see it you meet an exception to completing this section for those vehicles. 30 Total business/investment miles driven during the year (do not include commuting miles), , , 31 Total commuting miles driven during the year 32 Total other personal (noncommuting) miles driven 33 Total miles driven during the year. Add lines 30 through 32 34 Was the vehicle available for personal use during off-duty hours? 35 Was the vehicle used primarily by a more than 5% owner or related person? 36 Is another vehicle available for personal use? (a) Vehicle 1 04 Vehicle 2 (c) Vehicle 3 (d) Vehicle 4 (e) Vehicle 5 (0 Vehicle 6 Yes No Yes No Yes No Yes No Yes No Yes No l Section C - Questions for Employers Who Provide Vehicles for Use by Their Employees Answer these questions to determine if you meet an exception to completing Section B for vehicles used by employees who are not more than 5% owners or related persons (see instructions). 29 37 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your employees? 38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees? See the instructions for vehicles used by corporate officers, directors, or 1% or more owners 39 Do you treat all use of vehicles by employees as personal use? 40 Do you provide more than five vehicles to your employees, obtain information from your employees about the use of the vehicles, and retain the information received? 41 Do you meet the requirements concerning qualified automobile demonstration use? (See instructions.) Note: If your answer to 37, 38, 39, 40, or 41 is "Yes," do not complete Section B for the covered vehicles. Part VI Yes No Amortization (0) (a) (h) Date amortization (0) (d) Amortization (I) Description of costs begins Amortizable amount Code section period or percentage Amortization for this year 42 Amortization of costs that begins during your 2015 tax ear (see instructions): ORGANIZATION COSTS [ 06/15/2015 15,790. 709 15.000 614. 43 Amortization of costs that began before your 2015 tax year 44 Total. Add amounts in column (f). See the instructions for where to report 43 200,000. 44 200,614. JSA 5%2310 2.000 R66297 1608 Form 4562 (2015) 188 EFTA00806595

SCHEDULE M-3 (Form 1065) DCD4 nm Cft of tnc PO.rAir, Internal Revenue Santee Net Income (Loss) Reconciliation for Certain Partnerships We Attach to Form 1065 or Form 1065-B. ie. Information about Schedule M-3 (Form 1065) and its instructions is at wwwirs.gov. lorm1065. OMB No. 1545.0123 2015 Name ol partnership Employer identification number NEXT MANAGEMENT, LLC 13-3495607 This Schedule M-3 is being filed because (check all that apply): A X The amount of the partnership's total assets at the end of the tax year is equal to $10 million or more. j. The amount of the partnership's adjusted total assets for the tax year is equal to $10 million or more. If box B is checked, enter the amount of adjusted total assets for the tax year 19,760,866. . C K The amount of total receipts for the tax year is equal to $35 million or more. If box C is checked, enter the total receipts for the tax year D K An entity that is a reportable entity partner with respect to the partnership owns or is deemed to own an interest of 50 percent or more in the partnership's capital, profit, or loss, on any day during the tax year of the partnership. Name of Reportable Entity Partner Identifying Number Maximum Percentage Owned or Deemed Owned aE Voluntary Filer. la Did the partnership file SEC Form 10-K for its income statement period ending with or within this tax year? Yes. Skip lines 1 b and lc and complete lines 2 through 11 with respect to that SEC Form 10-K. No. Go to line lb. See instructions if multiple non-tax-basis income statements are prepared. b Did the partnership prepare a certified audited non-tax-basis income statement for that period? E Yes. Skip line lc and complete lines 2 through 11 with respect to that income statement. No. Go to line lc. c Did the partnership prepare a non-tax-basis income statement for that period? Yes. Complete lines 2 through 11 with respect to that income statement. No. Skip lines 2 through 3b and enter the partnership's net income (loss) per its books and records on line 4a. 2 Enter the income statement period: Beginning 01/01/2015 Ending12/31/2015 3a Has the partnership's income statement been restated for the income statement period on line 2? Yes. (If "Yes; attach a statement and the amount of each item restated.) No. N Financial Information and Net Income (Loss) Reconciliation b Has the partnership's income statement been restated for any of the live income statement periods immediately preceding the period on line 2? Yes. (If "Yes; attach a statement and the amount of each item restated.) No. 4a Wo b Indicate ldwide consolidated net income (loss) from income statement source identified in Part I, line 1 accounting standard used for line 4a (see instructions): 4a 2,319,987. I X GAAP 2 IFRS 3 D 704(b) 4 Tax-basis 5 Other: (Specify) IP. 5a Net __ _ income from nonincludible foreign entities (attach statement) 5a ( b Net loss from nonincludible foreign entities (attach statement and enter as a positive amount) 5b 6a Net income from nonincludible U.S. entities (attach statement) 6a ( b Net loss from nonincludible U.S. entities (attach statement and enter as a positive amount) 6b 7a Net income (loss) of other foreign disregarded entities (attach statement) 7a b Net income (loss) of other U.S. disregarded entities (attach statement) 7b 8 Adjustment to eliminations of transactions between includible entities and nonincludible entities (attach statement) 8 9 Adjustment to reconcile income statement period to tax year (attach statement) 9 10 Other adjustments to reconcile to amount on line 11 (attach statement) 10 11 Net income (loss) per income statement of the partnership. Combine lines 4a through 10. . . . 11 2,319,987 . Note: Part I, line 11, must equal Part II, line 26, column (a) or Schedule M-1, line 1 (see instructions) 12 Enter the total amount (not just the partnership's share) of the assets and liabilities ol all entitles included or removed on the following lines: a Included on Part I, line 4 b Removed on Part I. fine 5 c Removed on Part I. line 6 d Included on Part I, line 7 Total Assets 16,760,866. Total Liabilities 15,589,295. dye, For Paperwork Reduction Act Notice, see the Instructions for your return. SP 1042 2.000 R66297 1608 S chedule 14-3 (Form 1065) 2015 189 EFTA00806596

Schedule M4 (Form 1065) 2015 Page 2 Name of parinershp Part II Employer Identification number NEXT MANAGEMENT, LLC 13-3495607 Reconciliation of Net Income (Loss) per Income Statement of Partnership With Income (Loss) per Return Income (Lose) Items IMEICh statements sar lines 1 through lot I income (loss) Iron Equityn*3mM lotsin mmormms 2 Gross toreegn &Mends ner progeny taxed 3 enapan F. OEF. ans ~MI (101(111~.16 . . 4 Gross foreign Sikhism: pnwsisty taxed s mama (bid) 110. stay Weed US. common 6 U.S. diedends 7 Income (loss' tram U.S. panncaraT. a 9 Income (loss) tram Imago panne/slaps . 9 Income (loss, from ena aossInco9h enlikes 10 items relating to repcdable trenteCOM5 . 11 Intetest frame (me insituctonal 12 Total acobal le <WM letbueMent 13 Hedging tnms833717 14 mark.s.market income (las) Is Cost ol goads sold (see insaucitynt . . 16 Sale moue lease 1101 seers area lessen) . 17 Section 481(a) alumnus 18 Unearnedkieterted revenue 19 Income recognrticn (ran bog-term tornats 20 Original :sue discount and NW imputed MUMS 21e Income statement ceinoloss on sale exchange. Mean:lamb:M. worthlessness or other mammon at assets other than Inventory and pass-through entities. . . . b Goss capital gains (rom Schedule Q =sa. ding amours from pasethrough entities . . o Goss caplet tosses from Schedule D. echidna amounts horn 00354hrOUgh entities. abandament loses, and wont: stock losses d Nol gan/loss reponed on Form 4797. Inc! I?. exdudrg amounts from pass.through entities. abandCOMMI I04403. and wathleSs sleek 10544$ e Abandonment lasses 1 Worthless stock losses (Mach statement'. . 9 Other gan/loss m aspeolson of assns other than inventory 22 Other income goes) dens with ChllegenCe5 lalleCh Illelealmt) 23 Total Income (loss) Items. Combine Ines I through 22 24 Total exponsadeductIon Hems. Morn PM IC me 31) lam nstmclons) 21 Other gems with no dritemnaSIMT. 2 26 Raoseseelan sawn. Corium iron 23 mom 25 (a) Income (Loss) per Income Statement (b) Temporary Difference (c) Permanent Difference CO Income (Loss) per Tax Return 298,055. 5,160. -59.919. 243,296. 17,910. 17.910. ( ) ( ) 315.965. 5.160. -59.919. 261.206. -12,859.017. -216,737. 90,792. —12.984,962. 14.863.039. 14,863,039. 2,319.987. -211,577. 30,873. 2,139,283. Note: Line 26, column (a), must equal Part I, line 11, and column (d) must equal Form 1065, Analysis of Net Income (Loss). line 1. Schedule h1-3 (Form 1065) 2015 JSA 5P1043 2.000 R66297 1608 190 EFTA00806597

Schedule M-3 (Form 1065) 2015 Page 3 Name of partnershp Part III Employer Identification number NEXT MANAGEMENT, LLC 13-3495607 Reconciliation of Net Income (Loss) per Income Statement of Partnership With income (Loss) per Return - Expense/Deduction items Expense/Deduction Items I Slate and kcal current income lax expense 2 Slate and kcal deterred ncome tax eipense 3 Foreign current mane lax expense (other than foreign wthhedag taxes) 0 Foreign deterred income lax expense S Equity based compensation 6 lAeals and ertenaninall 7 Fines and penalties 0 .lioamarn. eamigas. iminte. are ants mm 9 Guaranteed payments 10 Pension and peafesharing II Other postmlirement benefits 12 Deferred compensate. 13 Charitable conabution at cash and tangible property 10 Charitable conInbuton et intsigible properly II Organizational eoponses as per Regulations section 1.709-2(al II Syndication *incises as per Regulations section 1.709•2gol 17 Current year acquisitionheaganization investment barildro lees II Current year acquisitionseceganixaban legal and accounting lees 19 Amortization:impairment et goodail . . 20 Amortization el acquisition. reorganization and 'leavecosts 21 Other amorfization et impainnall amto.cels 22 Reserved 23a Decimal • 04 & Gas b Depletion - Other than On & Gas 24 Intangible biting 6 development costs . 25 Doprociatian 26 Sad debt exprise 2/ Interest expense (see munitions, . . . 29 Purchase versus lease (la purchasers and a lessees) 29 Research and development costs 30 Other capon sededucbcn items web differences (sten staterront)STMT 3 31 TOY 019.14.11411allon Mat cosier. tries t vireo It Caw Sr. and on Rut i. Ito 24. 14,313((ipassia accounts as meats es regatta arna.0111.16p01/0” (a) Expense per Income Statement Ot) Temporary Difference (c) Pemunen1 Difference (d) Deduction per Tax Return 155,391. 155,391. 4.000. -4.000. 181,584. -90,792. 90,792. 98,175. 98,175. 20,790. 179.824. 200.614. 159,326. 152,866. 312,192. 8,131. 8,131. 12.231.620. -111,953. 12.119.667. 12.859.017. 216.737. -90.792. 12,984,962. Schedule M-3 (Form 1065) 2015 35.a 5P1044 2.000 R66297 1608 191 EFTA00806598

OMB No. 1545-0123 Form 8916-A Department of the Treasury Internal Revenue Service Name ol common parent Supplemental Attachment to Schedule M-3 ► Attach to Schedule M-3 for Form 1065. 1120, 1120-L. 1120-PC. or 1120S. ► Information about Form 8916-A and its instructions is at knnvirs.gotelorrn1120. 2015 NEXT MANAGEMENT, LLC Name ol subsidiary Employer Identification number 13-3495607 Employer Identification number Part I Cost of Goods Sold Cost of Gads Sold Items 1 Amounts attributable to cost flow assumptions 2 Amounts attributable to: a Stock option expense b Other equity based compensation e Meals and entertainment d Parachute payments e Compensation with section 162(m) limitation I Pension and profit sharing, g Other post-retirement benefits h Deferred compensation I Reserved j Amortization k Depletion I Depreciation m Corporate owned life insurance premiums n Other section 263A costs 3 Inventory shrinkage accruals, 4 Excess inventory and obsolescence reserves 5 Lower of cost or market write- downs 6 Other Items with differences (attach statement) 7 Other items with no differences 8 Total cost of goods sold. Add lines 1 through 7 in columns a, b. c. and d. Enter totals on the applicable Schedule M-3. See instructions For Paperwork Reduction Act Notice. see instructions. Form 8916-A (2015) (a) Expense per Income Statement (b) Temporary Difference (e) Permanent Difference Off Deduction per Tax Return J SA SX9035 2.000 R66297 1608 192 EFTA00806599

Form 8916-A (20t5) NEXT MANAGEMENT, LLC 13-3495607 Noe 2 Part II Interest Income Interest Income Item 1 Tax-exempt interest income Interest income from hybrid securities 2 3 Sale/lease interest income 4a Intercompany interest Income - From outside tax affiliated group Intercompany interest Income - From tax affiliated group 5 Other Interest income 6 Total interest income. Add lines 1 through 5 in columns a, b, c, and d. Enter total on the applicable Schedule M-3. See instructions. Part (a) Income (Loss) per Income Statement (b) Temporary Difference (c) Permanent Difference 17,910. 17.910. (d) Income (Loss) per Tax Return 17,910. 17.910. Interest Expense Interest Expense Item 1 2 3a Interest expense from hybrid securities Leasetpurchase interest expense Intercompany interest expense - Pad to outside tax affiliated group Intercompany interest expense - Paid to tax affiliated group 3b 4 Other Interest expense 5 Total interest expense. Add lines 1 through 4 in columns a, b, c. and d. Enter total on the applicable Schedule M-3. See instructions. (a) Expense per Income Statement (b) Temporary Difference (c) Permanent Difference (d) Deduction per Tax Return Form 8916-A (2015) 529036 2.000 R66297 1608 193 EFTA00806600

NEXT MANAGEMENT, :.LC 11-340607 SCHEDULE M-3, PART II DETAIL LINE 7 - INCOME (LOSS) FROM U.S. PARTNERSHIPS EAT EAT PROFIT-SHARING LOSS-SHARING INCOME (LOSS) TEMPORARY PERMANENT NAME EIN PERCENTAGE PERCENTAGE PER ENCORE 571a DIFFERENCE DIFFERENCE TWO TWELVE MANAGEMENT LLC INCOME (LOSS( PER TAW RETURN 20-1354409 80.000 80.000 298,055. 3,164. -59,919. 243,296. TOTAL 290,055. 5,160. -59,919. 243,296. R66297 1608 STATEMENT 194 EFTA00806601

NEXT MANAGEMENT, LLC 13-3495607 SCHEDULE M-3, PART II DETAIL LINE 25 - OTHER INCOME (LOSS) AND EXPENSE/DEDUCTION ITEMS WITH NO DIFFERENCES GROSS RECEIPTS 20,059,894. OPERATING EXPENSES -5,196,855. TOTAL 14,863,039. STATEMENT 2 R66297 1608 195 EFTA00806602

NEXT MANAGEMENT, LLC 13-3495607 SCHEDULE M-3, PART III DETAIL LINE 30 - OTHER EXPENSE/DEDUCTION ITEMS WITH DIFFERENCES EXPENSE TEMPORARY PERMANENT DEDUCTION DESCRIPTION PER INCOME STMT DIFFERENCE DIFFERENCE PER TAX RETURN RENTAL EXPENSE - STRAIGHTLINING OF LEASE 815,962. -66,152. 749,810. SALARIES 11,415,658. -50,801. 11,364,857. ORGANIZATION COSTS 5,000. 5,000. TOTAL 12,231,620. -111,953. 12,119,667. R66297 1608 196 STATEMENT 3 EFTA00806603

Berdon LLP Certified Public Accountants 360 Madison Ave New York, NY 10017 212-832-0400 Next Management, LLC Instructions for payment of New York City Estimated Unincorporated Business Tax Form NYC-5UB The appropriate voucher should accompany each payment as follows: Voucher On or Before 1 April 18.2016 2 June 15. 2016 3 September 15, 2016 4 January 16, 2017 Overpayment of 2015 income tax credited against 2016 tax Total estimate of 2016 income tax Amount $20,200 $20,200 $90,148 $130,548 Each voucher, together with your check or money order payable to NYC Department of Finance, should be filed with: NYC Department of Finance P.O. Box 3923 New York, NY 10008.3923 To document the timely filing of your tax return(s), we suggest that you obtain and retain proof of mailing. Proof of mailing can be accomplished by sending the tax retum(s) by registered or certified mail (metered by the U.S. Postal Service) or through the use of an IRS approved delivery method provided by an IRS designated private delivery service. EFTA00806604

Dentlirmololirume NYC-5UB PARTNERSHIP DECLARATION OF ESTIMATED UNINCORPORATED BUSINESS TAX For CALENDAR YEAR 2016 or FISCAL YEAR beginning and ending Business name NEXT MANAGEMENT, LLC In Care of 2016 Name rt Changel__J Business address (number and street) 15 WATTS STREET City and State NEW YORK, NY Business Telephone Number hp Code 10013 Taxpayers Email Address Addressn Charge Country (if not US) Employer Identification Number 13-3495607 %OBES Code Mate( as per Federal Rehm) 812 990 A. Payment Amount included with form - Make payable to: NYC Department of Finance. . A. Payment Amain 1. Estimate of 2016 tax 2. Amount to be paid with this declaration (Payable to: NYC DEPARTMENT OF FINANCE) 2. 130,514. Signature of taxpayel: Date To receive proper credit, you must enter your correct Employer Identification Number on your declaration and remittance. DETACH ON DOTTED LINE & MAIL UPPER PORTION. RETAIN LOWER PORTION FOR YOUR RECORDS ESTIMATED TAX WORKSHEET • KEEP THIS PORTION FOR YOUR RECORDS • 1. Net income from business expected in 2016 (see instructions) 2. Exemption (see instructions) 2. 3. Line 1 less line 2 (estimated taxable business income) 3. 4. Tax - enter 4% of line 3 (see instructions) 5a. Business Tax Credit (I) (Check applicable box below and enter credit amount) Tax on line 4 is $3.400 or less. Your credo is the entire amount of tax on line 4. Tax on line 4 is $5.400 or over. No cretin is Mowed. Enter Tr. Tax on line 4 is over $3.400 but less than 55.400, use formula for credit amount: Tax an line 4 x ($5,400 minus tax on line 4) 5b. O her credits (see instrucliont2).0O0 5c. Total credits (add lines 5a and 5b) 6. Estimated 2016 Unincorporated Business Tax (line 4 less line 5c) Enter here, on line 7b, and on line 1 of declaration above 5a. 5b. 7a. Partnership's 2015 COMPUTATION OF Un ncaporated Songless Tax 73.1 130,319. I7b. Estimate of 2016 tax from line 6. 7b. 130,514. INSTALLMENT - (,/) Check proper box below and enter amount indicated. Fiscal year taxpayers see mow:dons. 8. Thhts declaration I April 18, 2016. enter 1/4 of line 7b Sept. 15, 2016. enter 1/2 of line lb• • • • is&s on: June 15. 2016. enter 1/3 of line 7b _ Jan. 15. 2017. enter amount of line 7h . . 18. 32,630. 9. Enter amount of overpayment on 2015 return which you elected to have applied as a croon against 2016 estimated tax 9. 22,537. 10. Amount to be paid with this declaration (line 8 less line 9) (Payable o: !WCDEPARTMENT OF FINANCE) . . . . 10. Make remittance payable to the order of: NYC DEPARTMENT OF FINANCE Payment must be made In U.S. dollars, drawn on a U.S. bank. MAILING INSTRUCTIONS MAIL YOUR DECLARATION FORM TO: NYC DEPARTMENT OF FINANCE UNINCORPORATED BUSINESS TAX P. O. BOX 3923 NEW YO • NY 10008-3923 503650 2.000 R66297 1606 198 EFTA00806605

Dentlirmololirume NYC-5UB PARTNERSHIP DECLARATION OF ESTIMATED UNINCORPORATED BUSINESS TAX For CALENDAR YEAR 2016 or FISCAL YEAR beginning and ending Business name NEXT MANAGEMENT, LLC In Care of 2016 Name rt Changel__J Business address (number and street) 15 WATTS STREET City and State NEW YORK, NY Business Telephone Number hp Code 10013 Taxpayers Email Address Addressn Charge Country (if not US) Employer Identification Number 13-3495607 %OBES Code Mate( as per Federal Rehm) 812990 A. Payment Amount included with form - Make payable to: NYC Department of Finance. . A. Payment Amain 1. Estimate of 2016 tax 2. Amount to be paid with this declaration (Payable to: NYC DEPARTMENT OF FINANCE) 2. 130,514. Signature of taxpayel: Date To receive proper credit, you must enter your correct Employer Identification Number on your declaration and remittance. DETACH ON DOTTED LINE & MAIL UPPER PORTION. RETAIN LOWER PORTION FOR YOUR RECORDS ESTIMATED TAX WORKSHEET • KEEP THIS PORTION FOR YOUR RECORDS • 1. Net income from business expected in 2016 (see instructions) 2. Exemption (see instructions) 2. 3. Line 1 less line 2 (estimated taxable business income) 3. 4. Tax - enter 4% of line 3 (see instructions) 5a. Business Tax Credit (I) (Check applicable box below and enter credit amount) Tax on line 4 is $3.400 or less. Your credo is the entire amount of tax on line 4. Tax on line 4 is $5.400 or over. No cretin is Mowed. Enter Tr. Tax on line 4 is over $3.400 but less than 55.400, use formula for credit amount: Tax on line 4 x ($5,400 minus tax on line 4) 5b. O her credits (see instrucliont2/0O0 5c. Total credits (add lines 5a and 5b) 6. Estimated 2016 Unincorporated Business Tax (line 4 less line 5c) Enter here, on line 7b, and on line 1 of declaration above 5a. 5b. 7a. Partnership's 2015 Un nouporated Songless Tax 73.1 130,319. I7b. Estimate of 2016 tax from line 6. 7b. COMPUTATION OF INSTALLMENT - (,/) Check proper box below and enter amount indicated. Fiscal year taxpayers see instructions. 8. HMIs declaration April 18, 2016. enter 1/4 of line 7b _ Sept. 15, 2016. enter 1/2 of line lb• • • • heron: ...X.. June 15.2016. enter 1/3 of line 7b Jan. 15.2017. enter amount of line 7b . . } 8. 9. Enter amount of overpayment on 2015 return which you elected to have applied as a credo against 2016 estimated tax 9. 10. Amount to be paid with this declaration (line 8 less line 9) (Payable o: NYC DEPARTMENT OF FINANCE) . . . . 10. Make remittance payable to the order of: NYC DEPARTMENT OF FINANCE Payment must be made In U.S. dollars, drawn on a U.S. bank. 130,514. 32,630. 22, 537. MAILING INSTRUCTIONS MAIL YOUR DECLARATION FORM TO: NYC DEPARTMENT OF FINANCE UNINCORPORATED BUSINESS TAX P. O. BOX 3923 NEW YO • NY 10008-3923 503650 2.000 R66297 1606 199 EFTA00806606