CONSOLIDATED PORTFOLIO PERFORMANCE REPORT MORTIMER B. ZUCKERMAN AND RELATED ENTITIES December 31, 2012 PREPARED AND COMPILED BY: IRA MARK EVAN MOST STEPHEN MONROY ADDMONAL PORTIONS PREPARED BY: NEIL MAHESHWARI LYON POLK MORGAN STANLEY SMITII BARNEY FINANCIAL ADVISORS EFTA00283449

Mortimer B. Zuckerman and Related Entities Table of Contents Section I. Page Portfolio Overview • Summary of Investment Assets 1 • Detail of Investment Assets 4 • Consolidated Statement of Selected Assets 11 • Private Capital Portfolio Summary 18 II. Performance Reports • Mortimer B. Zuckerman 22 • The MBZ 19% Trust (GST Exempt) 31 • The MBZ 19% Trust (GST Non-Exempt) 36 • The MBZ 1983 Family Trust 41 • USN College Marketing, Inc. 46 • The MBZ Charitable Remainder Unitrust 50 • The USN Charitable Remainder Unitrust 55 • MBZ 1992 News Trust 58 Cash Account Activity • Mortimer B. Zuckerman 61 • The MBZ 19% Trust (GST Exempt) 72 • The MBZ 19% Trust (GST Non-Exempt) 76 • The MBZ 1983 Family Trust 80 • USN College Marketing, Inc. 83 • The MBZ Charitable Remainder Unitrust 86 • The USN Charitable Remainder Unitrust 90 MorganStanley SmithBarney EFTA00283450

Mortimer B. Zuckerman and Related Entities Table of Contents Section Page IV. Appendices • (A) Boston Properties, Inc. 92 • (B) Boston Properties, Inc. (Options) 93 • (C) Schedule of Private Capital Money Movements 95 • (D) Schedule of Transfers to Selected Investments 100 • (E) Schedule of Secured Debt 102 • (F) Schedule of Unsecured Debt 103 • (G) Schedule of Loan Guarantees 104 • (I-I) Schedule of Contingent Obligations 105 • (1) Fixed Income Summary / Distribution by Product Sector / Maturity Distribution Graph N/A V. Personal Expenses • MBZ Personal Expenses 106 VI. Balance Sheet • Mortimer B. Zuckerman 116 • The MBZ 19% Trust (GST Exempt) 121 • The MBZ 19% Trust (GST Non-Exempt) 123 • The MBZ 1983 Family Trust 125 • USN College Marketing, Inc. 127 • The MBZ Charitable Remainder Unitrust 128 • The USN Charitable Remainder Unitrust 130 • MBZ 1992 News Trust 131 MorganStanley SmithBarney EFTA00283451

Mortimer B. Zuckerman and Related Entities Table of Contents Section Page VII. Descriptions Of Investments • Descriptions Of Investments For MBZ And Related Entities 132 VIII. Disclosures • Disclosures 150 MorganStanley SmithBarney EFTA00283452

Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2012 Asset Allocation 0/0 for Policy Assets U.S. Equities 0.9% Taxable Fixed Income 10.2% Private Capital 35.7% AIP Offshore Hedge Funds 2.3% Municipal Securities 7.9% AIP Onshore Hedge Funds 1.9% TOTAL POLICY ASSETS Cash 11.5% Corporate 6.2% Corporate Bonds 11.6% Global Bonds 3.9% Hedge Funds - Direct 8.0% Asset Allocation 0/0 for Investment Assets Zuckerman Real Properly& Personal Holdngs Options 3.1% 3.1% Personal Assets 4.7% Other Assets 0.0% Notes and Loans Receivable 4.0% Family BuSsnOSSet 223% BXP (Common) 62% BXP (Vested Options inxiCnOs)- 15% Corporso Municipal secuadife 1.8% BXP (OPUS) BXP (Nonvestect 312% PrivaleCapital —Options and LTIPs) 82% Co morale Bonds 2.7% Tax:alder Odd Income 23% U.S.Boudles 02% Global Bonds 02% AIP Onshore Hedge Funds OA% AIP Onshore Hed( Funds 05% Hedge Funds -Direct 11% OA% $591,141,477 TOTAL EXCLUDING LIABILITIES Pkase rote: The Teal Non•Policy Asses figure does net include the Presmt Valued Future MBZ Con Distnbubens and the Present Value of Future USN Out Distnbubons Pkase rote, Obbptions To Related Parties Include: (1) BR, Inc. ?Lazy V Motor Yacht) (2) Pauline C.enler (3) USN Aviation • (2WA, Inc.) (4) ZAS, LLC• (lValdor( Right Services) (5) the MBZ News 1992 Trust UAD 12.29.92 Please rote, Unsecured Obligations To Thud Parties Include: (1) MB2 Printing (APT. LP) (2) Krall Payments (3) Daily Noes, LP. • NJEDA (4) Daily News. LP.- HUD (5) Citibank Revolving lane of Credit (6) Bank of America Revoking Line of Credit $2,584,817,772 MorganStanley SmithBarney EFTA00283453

Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2012 Investment Assets 11/30/2012 Value 12/3I/2012 Value Total Asset Allocation % Policy Asset Allocation % Cash 53,271,406 67,764,347 26% 11.5% Municipal Securities 51,026,515 46,412,832 1.8% 7.9% Corporate 40,645,377 36,431,095 1.4% 6.2% Corporate Bonds 63,955,670 68,813,105 27% 11.6% Taxable Fixed Income 44,295,142 60,111,610 23% 10.2% US. Equities 5,563,095 5,438,298 0.2% 0.9% Global Bonds 21,187,809 23,183,861 0.9% 3.9% AIP Onshore Hedge Funds 11,087,183 11,192,543 0.4% 1.9% AIP Offshore Hedge Funds 13,320,150 13,503,595 0.5% 2.3% Hedge Funds-Direct 46,571,814 47,192,914 1.8% 8.0% Private Capital 217,825,837 211,097,278 8.2% 35.7% Total Policy Assets $568,749,997 $591,141,477 22.9% 100.0% Boston Properties, Inc. (Closing Price: $105.81) BXP (Common) 179,683,988 159,188,786 6.2% BXP (NonVested Options and LTIPs) 9,732,762 10,345,754 0.4% BXP (OPUS) 786,880,631 816,245,854 31.6% BXP (Vested Options and LTIPs) 37,438,486 38,906,707 1.5% Family Businesses 573,548,815 580,639,230 225% Notes and Loans Receivable 104,503,126 104,503,126 4.0% Other Assets 985,885 1,028,281 0.0% Personal Assets 121,490,705 121,490,705 4.7% Zuckerman Personal Holdings 80,500,000 80,500,000 3.1% Real Property tt Options 80,827,852 80,827,852 3.1% Total Non-Policy Assets $1,975,592,250 $1,993,676,295 77.1% Obligations To Related Parties -86,150,993 -88,249,897 Mortgages -56,890,189 -56,788,944 Unsecured Obligations To Third Parties -222,431,592 -225,661,723 Total Liabilities ($365,472,774) (4370,700,564) Please rote: The Teal Non•Policy Assets figure does not include the l'resnu Value of Future MBZ Out DistnIxibeas and the Present Value of Future USN Out Distnbuborn Please note, Obbptions To Related Parties Include: (1) BR, Inc. P Lazy 2' Motor Yacht) (2) Pauline Cenler (3)05N Aviation • (ZWA, Inc.) (4) VS, LLC• (tValelorf Flight Services) (5) The MBZ News 1992 Trust UAD 1229.92 Please note, Unsecured Obligabons To Thud Parties include: (1) MBZ. Printing (APT. LP) (2) Krall Payments (I) Duly Noes, LP. • NJEDA (4) Daily New LP.- I IUD (5) Citibank Revolving Lined Credit (6) Bank et Amoco Revolving Line of Credit MorganStanley SmithBarney 2 EFTA00283454

Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2012 11/342012 12/31/2012 Total Asset Polley Asset Investment Assets Value Value AlbeaHon % Allocation % Total Excluding Liabilities 32,544,342,248 32,584,817,772 100.0% Total Investment Assets 32,178,869,474 82,214,117,208 Pkase rote: The Taal Non•Policy Assets figure does cwt include the l'resnu Value of Future MBZ Cmt Dismbubens and the Present Value of Future USN Out Distnbuboro Pkase rote, Obbgations To Related Parties Include: (1) BR, Inc. f Lazy T Motor Yacht) (2) Pauline Center II) USN Aviation • (2WA, Inc.) (4) ZAS, LLC• (tValdorf Right Services) (5) The MBZ News 1992 Trust UAD 12.29.92 Please note, Unsecured Obligabons To Third Parties include: (1) MBZ Printing (APT. LP) (2) Krall Payments (I) Daily Ne•Al., LP. • NJEDA (4) Daily New LP.-11(10 (5) Otibank Revolving lined Credit (6) Bank America Revolving Line of Credit MorganStanley SmithBarney 3 EFTA00283455

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset Class/inveshnert Endnotes MBZ 111112199chust M021996 Trust MBZ 1983 USN College MBZ CRUM' USN CRUT MBZ 1992 Columbia Total (CST Exempt) (CST Non-Fxemp0 Family Trust Marketing, Inc. News Trust CRUTs Cash Bank of America - MMF 10,112 11,987 22,099 JPM Chase -Checking 133484 133,484 JPM Chase - Money Mkt 98,704 • 98,704 Morgan Stanley- Money Mkt 15,063,700 3,158,852 9,124,231 1.254,906 2,754,541 33,094,427 90,478 64,541,134 Operating Account 1996 TR (All') 1,482.577 • 1,482,577 Operating Account MBZ CRUT (Al?) • 1,486,349 1,486,349 Total Cash 515206,000 $4,641,429 $9,124,231 $1,254,906 52,766327 $34,580,775 5913,478 $67,764,347 Municipal Securities Citibank - Muni Bonds 12,299,472 • 12,299,472 Morgan Stanley- Intermediate Term Muni Bonds 10,795,845 4,511,490 4,657,889 776,074 3,116,722 23,858,020 Morgan Stanley- Long Term Mimi Bonds 8,151,417 568,758 - 256,808 140,731 9,117,713 Morgan Stanley- Short Term Muni Bonds 618,192 • 260,473 258,962 1,137,626 Total Municipal Securities $31,864,927 $5,080248 $4,918,361 5258,962 $1,032,882 53,257,453 $46,412,832 Corporate Citi - Corporate Bonds 16,114506 19,459 1,976,249 10,999,541 7,324340 36,431,095 Total Corporate $16,113506 $19,459 $1,976,249 $10,994541 57,322340 $36,431,095 Corporate Bonds Seix 6,475284 8,056,632 24,871,338 6273,896 3,923,331 12,915,371 6,297,250 68,813,105 Total Corporate Bonds $4475,284 $8,056,632 524,871,338 $6,273,896 53,923,334 02,915271 $6,297..50 $68,813,105 Taxable Fixed Income Doubkline Total Return - Intermediate Term 2,689,662 1,856,683 4,142,892 2,032,024 - 8,137,367 430,019 19,288446 Lord Abbett Short Duration- Short Tenn 10,012,931 11229,756 2,917,193 2,306,732 13455,734 900,618 40,822,964 Total Taxable Fixed Income $12,702,593 51.854683 $15,372,648 $4,949,217 $2,306,732 521,593,101 51,330,637 $60,111,610 US. Equities Goldman Sachs MLP 5,438,298 5,438,298 Total U.S. Equities 55,438,298 55,438,298 Global Bonds Gluskin Shelf • • - • • 9,936,870 - 9,936,870 Templeton Global Bond Fund 2,844,040 1,284580 3.496,917 1,760,876 796,243 2,617,106 41Z 230 13,246,991 Total Global Bonds $2,844,040 $1289,580 53,496,917 $1,760,876 $796243 512,583.976 4412,230 $23,183,861 1) The above values represent a summary et the attune monthly values presented In the Individual entity pages In Section II. For additional Information regarding Individual Investments please refer to Section II. 2) Pkose note: The Family Businesses figure Includes the Present Value of Future USN Out Dumbuttom. The tamed Value of Future MBZ [rut DatrIbutIons Is part e4 Other Investment Assets MorganStanley SmithBarney 4 EFTA00283456

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset aaszilnvestmett Endnotes MBZ P.1821996 Tun M82 19% Trust MBZ 1983 USN College MBZ Garr USN CRUT MBZ 1992 Columbia Total (CST Exempt' (CST Non•Fxempt) Family Trust hlaskaing, Inc. News Trust CRUTs AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 390,113 390,113 Double Black Diamond Class C (All') 1,263,073 1,263,073 GEM Realty Securities LP (All') 1,202,850 1,202,850 HBK Fund ll LP (AIP) 1,352,197 1,352,197 LIM Asia MultiStrategy Fund (AIP) 1,046,115 1,046,115 Man AHL Diversified ll USA (AIP) 452,789 452,789 Mariner Tricadia Credit Stmt (MP) 1,178,042 1,178,042 klillenium USA LP (All') 1,362.436 1,362,136 MQ Asian Alpha fund (AIP) 62%734 671k734 Seligman Tech Spectrum Fund (All') 1,048,406 1,018,106 York Credit Opportunity Fund (AIP) 1,267,486 1,267,486 Total AIP Onshore Hedge Funds $11,192,543 311,192,543 AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) 449,993 449,993 Double Black Diamond Class C (AIP) 1,661,087 1,661,087 HBK Offshore Fund II Ltd. (All') 613,516 613,516 LIM Asia Multi-Strategy Fund (AIP) 1,037,203 1,037,203 Mariner Taicadia Credit Stiat (AIP) 1,178,006 1,178,006 klillenium Intl Ltd - Class EE (AIP) 1,229,159 1,229,159 MQ Asian Alpha fund (AIP) 608,851 608,851 Oz Overseas Fund Ltd. (AIP) 2,177,218 2,177,218 QFR Victoria Fund (AIP) 1,681,295 1,681,295 Seligman Tech Spectrum Fund (AIP) 562,756 562,756 Taconic Opportunity Fund (AIP) • 1,055,049 1,055,019 York Credit Opp Unit Trust (AIP) • 1,249,462 1,249,462 Total AIP Offshore Hedge Funds $13,503.595 313,503,595 1) The above values represent a summary et the current monthly values presented In the Individualentity pages in Section II. For additional information rep/Wing individual investments please ram to Section II. 2) Please note: The Family Businesses figure includes the Present Value of Future USN Crut Distnbutiom. The PICSall Value of Future MBZ Crut Distributions is part et Other Investment Assets MorganStanley SmithBarney 5 EFTA00283457

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset ClattgrInvestmeet Fascinates MBZ 111821996111ml M821996 Trust MBZ 1983 USN College MBZ CRUT USN CRUT MBZ 1992 Columbia Total (CST Exemptl (CST Non•Fxemptt Family Trust Marketing, Inc. News Trust CRUTs Hedge Funds -Direct AIP Custom HF Solutions - 11,786,794 11,786,794 American Steadfast, L.P. 53311,998 5,911,998 AP Investments Europe Limited 7,619 7.649 Ascot Fund Limited 0 0 Blackstone Offshore Fund II - 2,298,697 2,298,697 Castle Advisors, L.P. 14,422 106,365 120,787 CA Absolute Return Muni Strategy, L.P. - 5,260,317 5,750,747 11,011,064 CS Hedge Fund Seeding Strategy 3,021,970 - 3,021,970 CS Investment Partners (Offshore) - 956,066 956,066 CS Investment Partners (Onshore) 1,220,198 - - 1,220,198 Paulson Advantage Plus, L.P. - 8,120,352 2,618,746 10,739,098 Taconic Opportunity Fund 88,593 - 88,593 Total Hedge Funds -Direct $5,956,420 $4,242,168 $13,583,276 $2,618,746 55,750,747 $15,041,537 $17,192,914 Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD 320,073 • 320,073 CS Private Equity Partners II. LP. 718591 318,631 585,976 1,623,201 CS Vintage Fund, I..P. - 1,115,012 1,115,012 QueUes Financial Ventures II, (CRT), L.P. 420,683 420,683 Quellos Financial Ventures II, L.P. 788,175 788,175 Quellos Private Capital 2002, L.P. 1,00,098 1,615,096 2,090,196 Quellos Private Capital 2002, L.P. (US Mature) 5,817,371 5,817,371 Quellos Private Capital II. L.P. 8,640,160 2,1603111 2,160,041 12,960,242 Total Private Capital- Fund of Funds $16,284,370 $3,523,773 $2,746,017 12,160,110 $424683 $25,131,953 1) The above values represent a summary el the current monthly values presented in the indwiclual entity page. inSamoan. For additiorul information regarding individual investments please mkt to Section II. 2) Muse nowt Tln family Businesses figure includes the Present Value of Future USN Out Disinbunorn. The Present Value of Future MBZ. Crut Datributions is pan of Other Investment Awes MorganStanley SmithBarney 6 EFTA00283458

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset C1ass/Investmeet Endnotes MBZ 11182 1996 Trial MBZ 19% Trust MBZ 1983 USN College MBZ Garr USN CRUT MBZ 1992 Columbia Total (CST Exemptl (CST Non-Ex...mpg Family Trust Marketing, Inc. News Trust CRUTs Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, LP. 839.201 839,201 Brickman Real Estate Fund II, LP. 1,824,861 1,824,861 Brickman Real Estate Fund III, LP. 594,971 594,971 Brickman Real Estate Fund IV, L.P. • 1,541,030 1,541,030 Court Square Capital Partners LP. (CVC Eq.Partners 162,678 162.678 LP.) CVC Capital Partners Asia Pacific II, LP. 1,468,894 - 1,468,894 CVC European Equity Partners IV, LP. 2.117,603 2,117,603 4,235,206 CVC European Equity Partners V, LP. 3,880,392 3,880,395 7,760,787 DST Global III, L.P. - 2.902,678 2,902,678 Evercore Venture Partners, LP. 4,546 4.546 Francisco Partners, LP. 1,71O52 1,714,552 Gabriel Capital Investment 2006 7,386,800 7,386,800 Generation Capital Partners II, LP. 1,458,142 1,458,142 Glilot Capital Partners I, LP. 175.000 175,000 Gremoft Partners II, LP. 957,454 957,154 CS Capital Partners III, LP. 61,131 61,131 Heartland Industrial Partners, LP. 906,413 906,113 Israel Infrastructure Fund I-C L.P. 1,610,870 1,610,870 3,721,740 Legacy Capital, L.P. 4456,464 4,556,461 Morgan Stanley Credit Partners Offshore, L.P. 5,721,733 5,721,733 Morgan Stanley Credit Partners Onshore, L.P. 2,288496 2,288,696 1,144,351 5,721,743 Patricof Private Investment Club IL L.P. 8,750 8,750 Patricof Private Investment Club III, L.P. 248,015 248,045 Patricof Private Investment Club, LP. 1449 1,699 Pequot / FMVP II, LP. 27,164 27,164 Quadrangle Capital Partners, L.P. 1,611334 • 1,611,534 Quellos Co -Investment Fund II, LP. 13,345,520 8,127,312 8,127,312 2,709,103 8,127,312 40,636,559 Quellos Co-Investment Fund II, LP.- CRT Series • 5,244,501 5,241,501 Quellos Co-Investment Fund III, LP. 8,779,398 6,584350 8,779,398 2.194,849 6,584,550 32,922,745 Quellos Co-Investment Fund III, LP.- CRT Series • 9,588,748 9,588,748 Quellos Co-Investment Fund, L.P. 1,639.380 3,614318 4,820,263 1,012,717 2,506,645 13,593,523 Quellos Co-Investment Fund, L.P.- CRT Series • 17062,327 12,052,327 Valor Equity Partners II, LP. 1,883,776 1,883,776 1) The above values represent a summary et the current monthly values presented In the Individual entity pages in Section II. For a:Mils:nal intonation regarding individual investments please refer to Section It. 2) Please note: The Family Businesses figure includes the Present Value of Future USN Out Duanbutiom. the Proust Value of Future MBZ Crut Distributions Is pan et Other Investment Assets MorganStanley SmithBarney 7 EFTA00283459

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset ClaµAnvestment Endnotes MBZ MBZ 1996 Trust MBZ 19% Trust MBZ 1983 USN College MBZ CRUZ• USN CRUT MBZ 1992 Columbia Total (CST Exempti (CST Non•Exempt) Family Trust Marketing, Inc. News Trust CRUTs WS Comunications Partners IV, L.P. 2,864.480 2,864,480 5,7M,960 Total Private Capital- Direct Partnerships 518,209,963 $26,060,763 $40,337,289 $11,186,172 $18,362,858 $32,607,309 $176,764,354 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 1,037,361 1,037,361 1,037,361 3,112,083 Courtroom Connect 54.400 - 54,400 Freescale Co-Investment XVI, LLC 712,419 712,419 1,424,839 Keith Glen Media 23,814 - 23,814 Loud3R 2,010,000 2,040,000 Newbridge Venable Partners, LLC 132,500 42,500 75,000 - 250,000 Rely Software (f/k/a Rightfreight, Inc) 35,159 35,159 The Vehicle Production Group, LLC. 2.240,066 2,240,066 VISC Japan K.K. 17,610 17,610 Total Private Capital - Direct Companies $1,300,844 $1,079,861 $3,027,485 $3,789,780 $9,197,971 Closely Held Entities USN College Marketing. Inc. 45,938,864 45,938,861 Total Closely Held Entities $45,938,864 $45,938,864 Consolidating Entry Al I - ($45,938,864) - (445,938,864) Total Policy Assets 4202496,811 $67,043,139 $122,915,860 $36228,913 - $153,826,159 38,130,596 $591,141,477 Non-Policy Assets Boston Properties, Inc. BXP (Common) 103,798,500 - 50,753,740 154,452,240 BXP (Common) 1996 Exempt - 4,636,546 4,636,546 BXP (NonVestod LTIPs) 9,181,217 9,181,217 BXP (Non-Vested Options) 1,164,538 1,164538 BXP (OPUS) 661,680,199 149,618,032 811,298,232 BXP (OPUS)- Cambridge Entities PI 4,947422 4,947,6= BXP (Vested LTIPs) 38,575,355 38,575,354 BXP (Vested Options) 331,351 331,351 Total Boston Properties, Inc. $819,678,782 34,636,516 $149,618,032 - $50,753,740 51,024,687,101 Other Investment Assets $136,155,963 5136,155,963 Family Businesses 4587," 681 484,400 $588,013,063 Notes and Loans Receivable $662,266 $27,991,113 $29,327,783 446,521,964 $104,503,126 I) The above values represent a summary of the current monthly values presented in the indwidualennty pages in Section U. For additionra information regarding individual invntrnmtt pleas• rotor to Section II. 2) Maw note:The Family Bum news figure includes the Present Value of ratite USN Cm Dimnbutiorc The l'resent Value of Future MBZ. Crut Ontributions is part of Other Investment Mrs 8 MorganStanley SmithBarney EFTA00283460

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset Class/Investment Endnotes MBZ 61821996 Nutt m821996 Trust MB2 1983 USN College MBZ atur USN CRUT MBZ 1992 Columbia Total (CST Exempt) (CST Non-Exemptl Family Trust ?Wlutln&1no News Trust CRUTs Other Assets $1,028,281 $1,028,281 Personal Assets $121,190,705 5121,190,705 Zuckerman Personal Holdings $80,500,000 580,500,000 Real Property &Options $80,827,852 - - - - $80,827,852 Total Non-Policy Assets 1,828,272,512 $32,627,659 $178,915,815 $46,606,369 - $50,753,710 $2,137,206,091 Liabilities Obligations To Related Parties ($47,884,213) - ($38,100,000) ($85,984,213) Mortgages ($56,788,914) ($56,788,914) Unsecured Obligations To Third Parties ($225,661,723) (5225,661,723) Total liabilities ($330,334,910) ($38,100,000) ($368,431,910) Anticipated distributions as of 12/31/2011 ($136,155,963) (47,373,83N ($113,529,796) Total Excluding Liabilities SL07E269,323 $99,670,798 $301,861,675 $82,835,277 $17,670,196 4756,763 $2,581,817,772 Total Investment Assets 51.7110,934,013 599,670,798 3301,861,675 $82,335,277 $17,670,196 $756,763 $2216,382,862 I) 7146 ahwc values represent a summary a the CUITCM monthly values presented in the indivKlual entity pages inSo:non 11. For ahlawnil infonnation regality individual investments please refer toSection II. 21 Plcuse now: The Family Businesses figure wgiudes the Present Value of Future USN Cnit Distnbunom. The Resent Value of Future MBZ Cent Ontributions is part a Other Investment Assets MorganStanley SmithBarney 9 EFTA00283461

Mortimer B. Zuckerman and Related Entities Investment Assets Endnotes- December 31, 2012 Reference Endnotee RAJ The Consolidating Entry for the USN College Marketing entity reflects only the value of the Policy Assets and excludes the value of USN Aviation and related debt. Cambridge Entities consists of MZ Burnside Holdings, LP., MZ Longstreet Holdings, LP, and MZ Meade Holdings, L.P. MorganStanley SmithBarney I° EFTA00283462

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11,42012 17/31/2012 December YTD ITD• IRE Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Boston Properties, Inc. (Closing Price:5105.81) Boston Properties, Inc. 1/30/2004 1,013,735,868 1,024,687,101 3.7% 8.5% Total Boston Properties, Inc. 1,013,735,868 1,024,687,101 Municipal Securities Citibank - Muni Bonds 1/15/2009 12,306,520 12,299,472 -0.1% 4.4% 3.1% 3.1% Morgan Stanley- Intermediate Term Muni Bonds 11/23/2009 27,643,292 23,858,020 -1.3% 5.8% 6.0% 6.3% Morgan Stanley- Long Tenn Muni Bonds 2/27/2008 9,939,939 9,117,713 -1.4% 4.2% 5.7% 6.2% Morgan Stanley- Short Tenn Muni Bonds 8/31/2008 1,136,764 1,137,626 0.1% 0.7% 2.6% 3.8% Total Municipal Securities $51,026,515 $46,412,832 Barclays Capital Mimi 1-5 Yr Index -0.3% 2.0% 4.0% Barclays Capital Mimi Bond Index -1.2% 6.8% 7.8% Corporate Citi - Corporate Bonds 1/31/2009 40,645,377 36,431,095 0.0% 3.2% 3.5% 3.7% Total Corporate $40,645,377 $36,431,095 Barclays Intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 63,955,670 68,813,105 0.1% 4.5% 6.3% 6.5% Total Corporate Bonds $63,955,670 $68,813,105 85%Barclays Credit /15%Barclays HO Yield 0.2% 10.3% 12.Ps 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStan ley SmithBarney 11 EFTA00283463

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11/34/2012 12/31/2012 December YTD ITD* IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Taxable Fixed Income Doubleline Total Return- Intermediate Term 12/16/2011 14,811,352 19,288,646 0.0% 9.1% 8.0% 6.9% Lord Abbett Short Duration - Short Term 8/17/2012 29,483,790 40,822,964 -02% 0.6% 0.4% Total Taxable Fixed Income $44,295,142 $60,111,610 US Equities Goldman Sachs MLP 1/31/2012 5,563,095 5,438,298 -22% 8.8% 8.8% Total US Equities $5,563,095 55,438,298 Global Bonds Gluskin Sheff 9/28/2012 9,925,932 9,936,870 0.1% -0.6% -0.6% Templeton Global Bond Fund 5/25/2010 11,261,877 13,246,991 1.5% 16.0% 8.9% 6.8% Total Global Bonds $21,187,809 $23,183,861 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 12 EFTA00283464

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11,34/2012 17/37/2012 December YTD ITD* IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return AIP Onshore Hedge Funds - AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 394,173 390,113 -1.0% -5.4% -5.5% -5.5% Double Black Diamond Class C (AIP) 8/31/2010 1,246,126 1,263,073 1.4% 10.9% 5.1% 5.1% GEM Realty Securities LP (MP) 8/31/2010 1,201,888 1,202,850 0.1% 2.5% 2.9% 2.9% FMK Fund II LP (AIP) 8/31/2010 1,338,809 1,352,197 1.0% 6.6% 8.2% 8.2% LIM Asia Multi-Strategy Fund (ATP) 6/30/2012 1,039,038 1,046,415 0.7% 4.6% 4.6% Man AHL Diversified II USA (AIP) 8/31/2010 450,133 452,789 0.6% -8.4% -5.1% -5.2% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,155,963 1,178,042 1.9% 11.8% 6.2% 6.2% Millenium USA LP (AIP) 8/31/2010 1,353,369 1,362,436 0.7% 4.9% 85% 8.5% MQ Asian Alpha fund (AIP) 2/1/2012 633,804 628,734 -0.8% 3.8% 3.8% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,037,307 1,048,406 1.1% -2.4% 4.1% 4.9% York Credit Opportunity Fund (AIP) 8/31/2010 1236,573 1,267,488 25% 8.8% 5.2% 5.2% Total AIP Onshore Hedge Funds - AIP $11,087,183 $11,192,543 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 13 EFTA00283465

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Asset Class/Investment/Benchmark Al? Offshore Hedge Funds - AIP Offshore Hedge Funds Inception Date 11/34,2012 Value 12/31/2012 Value December Return YTD Return 1TD • Return IRR Return Boronia Diversified Fund (All") 8/31/2010 454,676 449,993 -1.0% -5.2% -5.4% -5.4% Double Black Diamond Class C (A1P) 8/31/2010 1,639,932 1,661,087 1.3% 9.9% 43% 4.7% HBK Offshore Fund II Ltd. (All) 8/31/2010 607,321 613,516 1.0% 6.3% 8.2% 8.2% LIM Asia Multi-Strategy Fund (A111 3/31/2012 1,029,891 1,037,203 0.7% 2.9% 3.0% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,155,928 1,178,006 1.9% 11.8% 6.2% 6.2% Millenium Intl Ltd - Class ES (AIP) 8/31/2010 1,221,100 1,229,159 0.7% 4.4% 8.2% 8.1% MQ Asian Alpha fund (A1P) 8/31/2010 613,082 608,851 -0.7% 3.4% 7.9% 7.8% Oz Overseas Fund Ltd. (AIP) 8/31/2010 2155,235 2,177,218 1.0% 10.6% 5.7% 5.5% QFR Victoria Fund (AIP) 6/30/2012 1,629,004 1,681,295 3.2% 11.5% 11.5% Seligman Tech Spectrum Fund (Ali)) 8/31/2010 556,798 562,756 1.1% -4.9% 2.9% 8.2% Taconic Opportunity Fund (AIP) 3/31/2012 1,037,005 1,055,049 1.7% 5.0% 5.0% York Credit Opp Unit Trust (AIP) 8/31/2010 1,220,178 1,249,462 24% 18.1% 9.0% 9.0% Total AIP Offshore Hedge Funds - AIP $13,320,150 $13,503,595 AIP Hedge Funds (Onshore/Offshore) 8/31/2010 24,407,333 24,696,138 1.2% 6.1% 3.6% 3.6% Total AIP Hedge Funds (Onshore/Offshore) $24,407,333 $24,696,138 1) Please note: The current month performance data for the A1P hedge funds is preliminary. Morga nSta n ley SmithBarney 14 EFTA00283466

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11,342012 12/31/2012 December YTD ITD• IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Hedge Funds - Direct AIP Custom HF Solutions 6/9/2011 11,537,126 11,786,794 22% 37.9% 79.5% 50.3% American Steadfast, LP. 4/1/2010 5,924,311 5,941,998 0.3% 6.5% 65% 6.5% AP Investments Europe Limited 7/1/2007 7,649 7,649 0.0% -10.7% -13.6% -18.0% Blackstone Offshore Fund II 1/07/2011 2,298,697 2,298,697 0.0% 4.3% -0.1% -0.8% Castle Advisors, LP. 6/1/2007 121,497 120,787 0.0% 82.0% 14.5% -12.5% CCA Absolute Return Muni Strategy, L.P. 6/30/2010 10,844,442 11,011,064 1.5% 2.5% 5.7% 4.6% CS Hedge Fund Seeding Strategy 2/27/2012 3,022,907 3,021,970 0.0% 4.0% 3.8% CS Investment Partners (Offshore) 1/1/2008 949,660 956,066 0.7% 3.9% 2.2% 0.9% CS Investment Partners (Onshore) 1/1/2008 1,216,746 1,220,198 02% 1.4% 3.0% 2.1% Paulson Advantage LP. Paulson Advantage Plus, L.P. 8/3/2009 10,560,186 10,739,098 1.7% -13.5% -3.9% -4.4% Taconic Opportunity Fund 7/1/2007 88,593 88,593 0.0% 12.5% 3.8% -3.7% Total Hedge Funds - Direct $46,571,814 $47,192,914 Cash & Fixed Income Cash & Fixed Income 12/31/2007 274,381,918 302,716,849 -0.1% 4.3% 3.9% Total Cash & Fixed Income $274,381,918 5302,716,849 Hedge-Funds Hedge-Funds 7/1/2006 76,420,745 77,206,563 1.0% Total Hedge-Funds $76,420,745 $77,206,563 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 15 EFTA00283467

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11,34/2012 WW2012 December TED ITD • IRR Asset Class/Investment/0enchmark Date Value Value Return Return Return Return Policy Assets ex Private Equity Policy Assets ex Private Equity 7/1/2006 350,802,663 379,923,412 0.1% 4.2% 7.2% Total Policy Assets ex Private Equity $350,802,663 $379,923,412 Policy Assets Policy Assets 6/5/1995 570,445,931 591,007,408 0.1% 4.1% Total Policy Assets $570,445,931 $591,007,408 Barclays Aggregate Bond Index -0.14% 4.21% MI500 Index 0.91% 16.00% MSCI All Country World Index 2.31% 16.91% HFRI Fund Of Funds Index 1.60% 5.25% 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 16 EFTA00283468

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Select Investment Endnotes- December 31, 2012 Reference i I ”i ***l Endnotes Please note: Inception To Date returns OM Return) am annualized returns for periods greater than 12 months. Please note: The IRR calculations ate Net of Fees. Please note: The TWR calculations are Net of Fees. MorganStanley SmithBarney EFTA00283469

Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2012 Asset Class/Investment Myatt Capital • Fund of Funds Endnotes Vintage Year Committed Capital Contributed Capital Ne Contributed Est. Remaining Comm itttnent Remaining Net Amyl Value ill Distributions to Date Total Value IRR Dated TYPVIRR Chase Capital Partners Private Equity FF II, LTD 2000 1000,033 912.312 912% :COS 320.073 916.444 1,310,204 1.36 6.5% 9/30/2010 GS Private Equity Partners II. LP. (Al 1998 23,750000 22501,694 964% MVO, 1.623,201 28.123.780 29,746,903 1.30 5.2% 9/30/2012 GS Vintage Fund, L.P. 1998 9$00,000 9,033418 951% 466552 1,115.012 10.371.253 11,486.265 1.27 7.9% 9/30/2012 Quake Financial Ventures II. (CRTk LP. 2004 5000,000 5371.765 674% 1,628735 420,683 2.971.580 3,392.263 1.01 0.2% 9/30/2012 Qudlcs Financial Ventures II. L.P. 2004 la 4673.817 66:7% 3.324183 788475 5.626.829 6,486,066 0.96 .1.0% 9/30/2012 Qudles Private Capitd 20O2, LP. (Ill 2002 4,000,000 3.849566 962% 154434 2.090,196 3.272.160 5,509.666 1.39 7.5% 9/30/2012 Quell°. Private Capitd 20O2, LP. (US Mature) ICI 2002 10,000,000 10581.768 1058% .581.768 5.817.371 12816,011 19.039,330 1.76 15.4% 9/30/2012 Quelled Pnvate Capital II, LP. (Dl 2004 15,000,000 12558,928 83:7% 2411.072 12,960342 2.991.657 16,139.906 1.27 SJA 9/30/2012 Total Private Capital. Fund of Funds 578750.000 $69,913,298 893% $8.334702 828.134953 567,089,636 593,10,603 Private Capital • Direct Partnerships Brockman 1280 Fifth Investments II. LP. 2DOS 970,090 970,090 1000% 839201 839.201 a0,1 NA1 Cost Brockman Real Fstme Fund II. LP. 2006 3,000,000 5315200 1115% ...145$0 1.821.861 905.289 3.189.366 0.82 -4.2% • 9/30/2012 Brockman Real Estate Fund III, L.P. 2007 2300,000 1,618,729 64:7% Mat 594.971 594.971 0.37 .210% • 9/30/2012 Brockman Real Estate Fund IV, LP. 1:07 2006,010 2218509 110.6% 412.498 1$41.030 875.781 2.697.496 1.09 18% • 9/30/2012 Court Square Capital Partners LP. (CVC Eq.Paitners LP.) 2001 5,000,000 433,869 823% 874,13! 162678 8.983.263 10,333.539 2.22 27.7% 9/30/2012 CVC Capital Pamir. Asia Padfic II, L.P. 2005 5,000,000 4120.757 122.4% .1,133.757 1,464894 2.617.073 4.085.967 0.67 .11.1% 9/30/2012 CVC Europron Equity Partners IV. LP. (Fl 2006 7314,000 3136321 69.9% 1.207479 4735,206 2.248.067 6,483,273 1.26 S6A • 9/30/2012 CVC Europenn Equity Partners V, LP. 2001 12371,374 4811,753 55.0A 3579821 7,760,787 • 7,760,787 1.14 11% • 9/30/2012 DST anted M. L.P. 2012 5,000,003 5000,000 100A% 2.902678 2.097.322 7.097,322 Nal HAI Cost Evereore Venture Panners, LP. 2000 674550 670350 1000% 4,546 656.117 795,815 0.99 .02% 9/30/2012 Francisco Partners, L.P. 2000 5300,000 4674$24 933% 355,476 1,714552 4,351.795 6,175,771 1.30 SO% 9/30/2012 Gabriel Capital Imestment 2006 2006 15,000,000 15=000 100A% . 7,162620 3.580.175 11.411,634 0.72 .5.2% 11/30/2012 Generation Capital Partners II. LP. 2000 2004000 1,741,675 871% 38.325 1,458,142 2.449.909 4.09 930 2.24 112% 9/30/2012 O lio( Capital ruiners I. LP. 2011 700,000 175000 25.0% 5=00 175.000 175.000 6V1d NPA Cost Greven:A Partners II, L.P. 2010 1,000,000 1/60,000 1010% 50800 957,454 150.000 1.107454 1.08 7.6% 6/30/2012 CS Capital Partners III, L.P. 19911 20004000 17,722300 89.6% 2.277700 61.131 17.852.614 17.913.745 1.01 Ca% 9/30/2012 I Inutland Industrial Partners, L.P. 2000 6,000,000 4489,711 1092% .489711 904413 2.181.800 3.088.216 0.48 4.6% 9/30/2012 Israel Infrastructure Fund LC, LP. 2006 5,000,000 4,015269 803% 974732 3221.740 991.308 4.213.048 1.05 1.8% 9/30/2012 Legacy Capital, L.P. 2011 15,000,000 4,885,450 328% 10,114,050 4.554464 4.556.464 0.90 •21.4A 9/30/2012 (1.) Values presented represent the investment capital account balance as of the respective 'Date of 7VPI/IRR' adjusted for contributions and distributions post valuation date unless otherwise footnoted. lel Indicates the Fund valuation has been updated since last month's report. nvrr is calculated by adding the most recent fair market value and the distributions to date and then dividing by the Contributed Capital to date. MorganStanley SmithBarney 18 EFTA00283470

Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2012 Asset Claw/Investment Endnotn Vintage Year Committed Capital Contributed Capital % Contributed Est. Remaining Commithnent Remaining Net Asset Value (I) Distributions to Date Total Value TVPI IRR Dated TVPVIRR Morgan Stanley Cit.& NAM.% Offshore, LP. 2010 12,50/000 6233,016 499% &2t4954 5,721.733 1.449.829 7.308.603 1.16 112% 9/30/2012 Morgan Stanley Cit.& Partners Onshore, LP. 2010 12.300,033 6233,017 49.9% 6,26603 5.721.743 1.520.509 7.379293 1.17 112% 9/30/2012 Pained Private Invesimem Club II. L.P. 1998 200,000 200,000 1000% 8,750 116.164 124.914 0.62 4.4% 5/31/2012 Patncof Pnvate Investment Club III, L.P. 2000 1,000,000 1,000..000 1003% 248445 1.389.810 1.747.044 1.64 102% 6/30/2012 Patti Private Investment Club, LP. 1996 100,000 103,630 1016% 4430 1.699 212.799 214,498 2.07 16.5% 6/30/2012 Pequot/ MAT II, LP. 2001 1,000,000 910,000 94.0% 60000 17,164 291.775 318,939 0.14 45.9% 9/30/2012 Quadrangle Capital Partners, LP. 2000 10,000,000 11,818,172 1182% 4,818.172 1,611,534 15344.001 16,955,542 143 10.3% 9/30/2012 Quells Co -Investment Fund II. LP. 2008 75,000,000 51,919.375 692% nnener5 40,636,559 30.618.125 85,588,012 1.37 19.3% 3/31/2012 Quellos Co -Investment Fund R. LP. • CRT Serifs 2008 25,000,000 1734 493% 12,635,156 5241,501 10.729.380 21,359,332 1.29 17.0% 3/31/2012 Quells Co -Investment Fund IR, LP. 2011 75,000,000 #.1‘ 31,850354 423% 43,139,446 34912245 725.389 33,648,134 1.10 15.6% 3/31/2012 Quell°. Co -Investment Fund IR, LP. • CRT Senn 2011 25,000,000 9,651227 384% 15248473 9,588,748 46.359 9.635.107 1.00 47% 3/31/2012 Quells Co -Investment Fund, LP. PI 2006 50100,000 44900,935 918% 3459065 13,593,523 44.150.957 59,828,267 1.23 7.2% 6/30/2012 Quells Co -Investment Fund, LP. • CRT &lies PI 2006 50,000,000 44,722429 894% 5277371 12,062,317 41.366.309 54.418,529 1.19 5.9% 6/30/2012 Valor Equity Partners II, LP. 2007 a 2441,131 814% 558266 1,883,776 629.812 2.635.378 1.03 1.2% 9/30/2012 VSS Comunications Partners IV, L.P. LH 2106 10,000,000 10295,406 103.0% .293,406 5,721,960 1.695.928 7.499.216 0.72 45% 9/30/2012 Total Private Capital • Meet Partnerships 516.1$2,224 imam 7024 5138,414179 5176.545373 3200,222,770 5110/,.106,1108 ILI Values presented represent the investment capital account balance as of the respective 'Date of TVPI/IRR' adjusted for contributions and distributions past valuation date unless otherwise footnoted. lei Indicates the Fund valuation has been updated since last month's report. nvtir is calculated by adding the most recent fair market value and the distributions to date and then dividing by the Contributed Capital to date. MorganStanley SmithBarney 19 EFTA00283471

Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2012 Asset Class/investment Endnotes Vintage Year Committed Capital Contributed Capital % Contribute Est Remaining Committinent Remaining Net Asset Value (1) Distributions to Date Total Value IRR Date of TVPI/IRR Valuation Method Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 2006 45,000,000 45,030,003 100.0% 3,112,083 568,896 3,680,979 -46.8% 12/ 31/ 2010 Cost Basis Courtroom Connect 2002 50,000 50,000 100.0% 54,400 54,400 3.7% 4O0/ 2006 Cost Basis Freescale Co-Investment XVI, LW 2006 5,000,000 5)074,954 101.5% -74,954 1,424,839 1424,839 453% 6/30/2012 Cost Basis Keith Glen Media 2001 100,000 100,000 100.0% 23,814 now -B.7% 9/30/2009 Loud3R 2010 2,000,000 2010,000 1010% -40,000 2.040,030 1044000 0.0% 7/31/2010 Newbtidge Venable Panners, LW 1997 500,000 500,000 100.0% 250,000 250.000 4A% 6/ 30/ 2001 Write Down Rely Software (f/k/ a Rightfrelght Inc) 2000 930,003 930,003 100.0% 35,159 35,159 -21.2% 11/ 30/ 2010 Write Down The Vehicle Production Group, LW. 2008 2,000,000 2,240,066 112.0% -240,066 2.210,095 - 12/0,066 0.0% 8/31/2008 Cost Basis VISC Japan K.K. 2000 152,409 152,109 100.0% 17,610 134,694 286,998 -0.1% 12/31/2002 Write Down Total Private Capital - Direct Companies 555,302.409 555,657,429 100.6% ($355,020) 59,197,971 $703,590 510,006,255 Total Private Capital 5597,434,633 5454,036,771 76.0% $143,397,861 $210,878,099 5268,020,996 5507,483,666 11.1 Values presented ferment the in estmem capital account balanceas of the respective 'Date of TVPI/IRR' admsted for contributiors and dimnbutiora post valuation date unlessothenenekotnoted. Indirams the Fund valuation has been uplited ranee last months report pi pease note: As of 12/31/2010 the market value of (Ally/ Cerberus Firm Investors, LLC) Iscakulated by multiplying the total shares of 309.66 by the price of 510.050.00. MorganStanley SmithBarney 20 EFTA00283472

Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary Endnotes- December 31, 2012 Reference I 'I IA) IBI IDI lEI 19 ICI IHI 19 IJJ Endnotes Please note: The IRR calculations are Net of Fees. EffectiveJanuary 1, 2003, Mars total commitment was reduced to $13.75 million from million. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 4417%, The MB2 1996 Trust (CST Exempt) -19.63%, and The MBZ 1996 Trust (CST Non-Exempt) - 36.10%. The values presented represent MB2 and related entities total ownership in the fund. Ownership percentages are as follows: The MB2 19% Trust (CST Exempt) - 50%, and The MB2 1983 Family Trust - 50%. Initial investment of 92,499,344 was effective ApriI 1,20C0 The values presented repayment 14B2 and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 66.67%, The MBZ 1996 Trust (CST Exempt) -16.67%, and The MBZ 1996 Trust (CSTNon-Exempt) -16.67%. The Remaining Net Asset value presented represents The MBZ 1996 Trust (CST exemptys ownership interest of approximately 4.85% in the total Partners' Capital as of September 30.2006, adjusted for contributions or distributions post valuation date. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MI92 1996 Tnist (CST Non-Exempt)-50% and The MB2 1983 Family Trust - 50%. The investment is held in Burrs and values presented are converted at the Euro spot rate °Mune 30, 2012. The values presented represent MB2 and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zucker an - 96.88%, The MBZ 1996 Trust (CST Exempt) -1.10%, and The MBZ 19% Trust (CST Non-Exempt) - 102%. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 44.67%, The MBZ 1996 Trust (CST Exempt) - 19.49%. and The MR 1996 Trust (CST Non-Exempt) - 35.84%. Monies designated for meeting remainingcommitments have been funded in conjunction with the investments in the 2 CAP Fund, LP. and the 2 CAP Charitable Fund, LP. and are currently invested in the Quellos Appreciation Fund 11, LLC and ILF, Ltd. respectively. Periodic redemptions will be made to fund anticipated capital calls. No further cash commitment is required by MBZ personally. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MB2 19% Trust (CST Exempt) - 50%, and The MB2 19% Trust (CST Non Exempt) -50%. MorganStanley SmithBarney 21 EFTA00283473

Mortimer B. Zuckerman Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets Taxable Fixed Income 8.1% Global Bonds 1.8% Corporate Bonds 4.1% Corporate 10.3% Municipal Securities 20.3% Cash Private Capital - Direct 9.7% Companies 0.8% Hedge Funds -Direct 3.8% Private Capital- Fund o Funds 10.4% Private Capital - Direct Partnerships 30.7% ■Cash • Municipal Securities o Corporate OCorporate Bonds • Taxable Fixed Income ■Global Bonds ■ Hedge Funds -Direct O Private Capital - Fund of Funds ■ Private Capital - Direct Partnerships ■ Private Capital - Direct Companies Pkase rote: The Teal Policy Assets figure does rot include the closely held minty (USN Colkw Markehng, INC.), this figure Is included in the Detail of lowstment Asset' sechon. MorganStanley SmithBarney 22 EFTA00283474

Mortimer B. Zuckerman Executive Summary - December 31, 2012 11/30/2012 12/31/3112 Adual Investment As>ets Endnotei Coat Value Value Polity % Cash - *751,064 15,306,000 9.7% Municipal Securities 29,910,203 32,901,825 31,864,927 20.3% Corporate 14,805,749 16,137,868 16,113,506 10.3% Corporate Bonds 5,000,000 1,478,495 6,475,284 4.1% Taxable Fixed Income 12,478,304 8,754,467 12,702,593 8.1% Global Bonds 2,595,875 2,893,075 2,844,040 1.8% Hedge Funds -Direct 5,522,098 5,938,818 5,956,420 3.8% Private Capital - Fund of Funds 7,078,558 16,886,717 16,284,370 10.4% Private Capital- Direct Partnerships 41,363,715 50,506,815 48,209,963 30.7% Private Capital - Direct Companies 15,498,974 1,300,844 1,300,844 0.8% Total Policy Assets 034,253,476 $157,549,988 5157,057,947 100.0% Boston Properties, Inc. (Closing Price:5105.81) 838,808,575 819,678,782 Other Investment Assets 136,155,963 136,155,963 Family Businesses 580,838,248 587,928,663 Notes and Loans Receivable 662,266 662,266 Other Assets 153,855 985,885 1,028,281 Personal Assets 121,490,705 121,490,705 Zuckerman Personal Holdings 80,500,000 84,500,000 Real Property & Options 80,827,852 80,827,852 Total Non-Policy Assets $153,855 $1,840,269,493 $1 ,828,272,512 Obligations To Related Parties -48,050,993 -47,884,243 Mortgages -56,890,189 -56,788,944 Unsecured Obligations To Third Parties -222,431,592 -225,661,723 Total Liabilities ($327,372,774) ($330,334,910) Total Excluding Liabilities $134,407,331 $1,997,819,481 $1,985,330,459 Total Investment Assets $134,407,331 $1,670,446,707 51,654,995,549 Pkase rote: The Teal Policy Assets figure does rot include the closely held entity (USN Colkv Marketing. INC.), Nu figure Is included in the Detail of inwstment Asset' so:hon. MorganStanley SmithBarney 23 EFTA00283475

Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December Y I D Ill) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Bank of America - MMI. 9/19/2008 10,111 1 10,112 0.0% 0.1% WM Chase-Checking 9/19/2008 131,174 2,310 1 133,484 0.0% -02% WM Chase - Money Mkt 9/19/2008 98,703 1 98,704 0.0% 0.0% Morgan Stanley - Money Mkt 12/1/2011 11,483,713 -7,371,693 407 4,112,427 0.0% 0.1% Morgan Stanley - Money Mkt 12/31/2007 9,027,363 1,923,665 245 10,951,273 0.0% 0.0% Total Cash 12/31/2007 $20,751,064 ($5,445,718) $654 $15,306,000 0.0% 0.0% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Citibank - Mimi Bonds 1/15/2009 10,844,100 12,306,520 - -7,047 12,299,472 -0.1% 4A% 3.1% Morgan Stanley- Intermediate Term Mimi Bonds 1/11/2010 10,512,302 13,230,784 -2,269,543 -165,396 10,795,845 -L4% 4.1% 4.4% Morgan Stanley- Long Term Muni Bonds 3/31/2008 7,952,616 6,746,759 1,513,028 -108,370 8,151,417 -1.5% 4.9% 6.1% Morgan Stanley - Short Term Muni Bonds 9/12/2008 601,185 617,762 430 618,192 0.1% 0.8% 1.8% Total Municipal Securities 3/31/2008 $29,910,203 $32,901,825 ($756,515) ($280,383) $31,864,927 -0.8% 4.1% 3.6% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 3.7% Barclays Capital Muni Bond Index -1.2% 6.8% 6.4% Corporate Citi - Corporate Bonds 1/31/2009 14,805,749 16,137,868 -24,362 16,113,506 -0.2% 4.0% 3.8% Total Corporate 1/31/2009 $14,805,749 $16,137,868 ($24,362) $16,113,506 -0.2% 4.0% 3.8% Barclays Intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 5,000,000 1,478,495 5,000,000 -3,211 6,475,284 -0.1% 4.1% 6.1% Total Corporate Bonds 1/31/1009 $5,000,000 $1,478,495 $5,000,000 ($3,211) S6,475,284 -0.1% 4.1% 6.1% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return- Intermediate Term 12/21/2011 2,475,406 2,696,784 -12,044 4,922 2,689,662 0.2% 9A% 8.3% Lord Abbott Short Duration - Short Term 8/17/2012 10,002,898 6,057,683 3,979,788 -24,540 10,012,931 -0.3% 0.2% Total Taxable Fixed Income 12/21/2011 $12,478,304 $8,754,467 $3,967,744 ($19,618) $12,702,593 OS% 12.7% 3.7% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (SO%Barclays Credit 1-5 Y / SO%Barclays Muni 1-511). After 2/1/2012 its (Barclays interm government credit). 1) The performance mums for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 24 EFTA00283476

Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Asset Class/Investment/Benchmark Global Bonds Inception Endnotes Date Cost 11/30/2012 Value Net Cash Floss December 5 Return 12/31/2012 Value December Return YID Return III' Return Templeton Global Bond Fund 5/25/2011 2,595,875 2,893,075 -91,476 42,441 2,844,610 1.5% 16.0% 5.7% Total Global Bonds 5/25/2011 $2,595,875 $2,893,075 ($91,476) $42,441 $2,844,040 0.9% 12.7% 3.7% Hedge Funds -Direct American Steadfast, LP. 4/1/2010 5,000,000 5,924,311 17,687 5,941,998 0.3% 65% 6.5% Castle Advisors, L.P. 6/4/2007 522,098 14,507 -85 14,422 0.0% 13.3% 15.0% Total Hedge Funds -Direct 6/4/2007 $5,522,098 $5,938,818 $17,602 $5,956,420 0.3% 65% -6.8% Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD 6/15/2000 58,776 320,073 320,073 GS Private Equity Partners II, L.P. 3/11/1998 0 718,591 718,591 Quellos Financial Ventures II, L.P. RI] 4/15/2004 1,137,120 859,237 -71,062 788,175 Quellos Private Capital 2002, LP. (US Mature) 3/26/2003 0 6,223,319 -405,948 5,817,371 Quellos Private Capital II, L.P. 12/20/2004 5,882,662 8,765,497 -125,337 8,640,160 Total Private Capital - Fund of Funds 3/11/1998 $7,078,558 $16,886,717 ($602,347) - $16,284,370 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (SO%Barclays Credit 1-$ Y / SO%Barclays Muni 1-51). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Potifollo Summary Pages. MorganStanley SmithBarney 25 EFTA00283477

Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Private Capital - Direct Partnerships Cost 11/30/2012 Value Net Cash Flow December S 12/3i/2012 December YTI3 I I D Return Value Return Return Return Court Square Capital Partners L.P. (CVC Eq.Partners L.P.) 8/9/2001 0 185,192 -22,514 162,678 CVC Capital Partners Asia Pacific II, L.P. 5/24/2005 3,178,957 1,468,894 1,468,894 CVC European Equity Partners V, LP. 6/26/2008 3,001,967 3,880,392 3,880,392 Evercore Venture Partners, L.P. 11/27/2000 14,433 139,698 -135,152 4,546 Francisco Partners, L.P. 10/30/2000 266,011 1,714,552 1,714,552 Gabriel Capital Investment 2006 7/11/2006 11,419,725 7,864,359 -696,739 219,180 7,386,800 Generation Capital Partners II, L.P. 3/21/2000 0 1,644,021 -185,879 0 1,458,142 Glilot Capital Partners I, L.P. 3/21/2011 210,000 175,000 175,000 Greycroft Partners II, LP. 3/31/2010 900,000 807,454 150,000 957,454 GS Capital Partners III, LP. 8/27/1998 736,310 61,131 61,131 Heartland Industrial Partners, LP. 5/12/2000 4,434486 906,413 906,413 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 2,357,185 2,288,696 2,288,696 Patricof Private Investment Club II, LP. 8/1/1998 83,836 8,750 8,750 Patricof Private Investment Club Ill, L.P. 6/5/2000 0 281,677 -33,632 248,045 Pa picot Private Investment Club, LP. 4/29/1996 0 1,699 1,699 Pequot / FMVP II, LP. 2/14/2000 648,225 27,164 27,164 Quadrangle Capital Partners, LP. 9/28/2000 0 1,611,534 1,611,534 Quellos Co-Investment Fund II, LP. 9/8/2008 5,701,213 15,902,290 -2,356,770 13,545,520 Quellos Co-Investment Fund III, LP. 10/24/2011 6,460,977 7,884,038 895,360 8,779,398 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 18,869 1,770,085 -130,705 1,639,380 Valor Equity Partners II, L.P. 8/10/2007 1,931,322 1,883,776 1,883,776 Total Private Capital - Direct Partnerships 4/29/1996 $41,363,715 $50,506,815 ($2,516,031) $219,180 $48,209,963 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 3/28/2006 14,835,934 1,037,361 1,037,361 Courtroom Connect 11/19/2002 50,000 54,400 54,400 Keith Glen Media 2/24/2004 100,000 23,814 23,814 Newbridge Vencable Partners, LLC 12/31/2001 20,430 132,500 132,500 Rely Software (f/k/a Rightfreight, Inc) 12/31/1999 475,000 35,159 35,159 VISC Japan K.K. 12/31/2001 17,610 17,610 17,610 Total Private Capital - Direct Companies 12/31/1999 S15,498,974 $1,300,844 $1,300,844 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (S05iBarclays Credit 1-SY / S0NBarclays Muni 1-5 Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct gartnetships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStantey SmithBarney 26 EFTA00283478

Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash Decem ber 5 32/31/2012 December YTD ITU' Asset Class/Investment/Benchmark Endnotes Date Cost Value How Return Value Return Return Return Closely Held Entities USN College Marketing, Inc. 30,866,701 45,627,973 189,110 121,781 45,938,864 Total Closely Held Entities 530,866,701 545,627,973 5189,110 5121,781 545,938,864 Total Policy Assets 5165,120,177 $203,177,961 (5255,233) 574,083 5202,996,811 -0.2% 5.6% Boston Properties, Inc. (Closing Price: 8105.81) BXP (Common) [Ei 6/23/1997 148,992,076 -50,000,491 4,806,915 103,798,500 4.1% 8.9% BXP (NonVested LTlPs) 1/30/2004 8,850,914 330,303 9,181217 3.7% 85% 11.8% BXP (Non-Vested Options) 1/1/2011 881,848 282,689 1,164,538 32.1% 12.3% 193.5% BXP (OPUs) 6/23/1997 637,875,623 23,804,576 661,680,199 3.7% 85% 15.9% BXP (OPUs) -Cambridge Entities 5/23/2001 4,769,627 177,995 4,947,622 3.7% 85% 14.0% BXP (Vested LT1Ps) 2/1/2007 37,187,570 1,387,785 38,575,355 3.7% 8.1% 1.0% BXP (Vested Options) [C] 1/30/2004 250,916 80,435 331,351 32.1% 280.3% Total Boston Properties, Inc. 6/23/1997 5838,808,575 (550,000,491) 530,870,699 5819,678,782 Other Investment Assets Present Value of Future MBZ Cnit Distributions 12/31/2007 136,155,963 - 136,155,963 Total Other Investment Assets 17/31/2007 5136,155,963 - 5136,155,963 Family Businesses Present Value of Future USN Cnit Distributions 12/31/2007 7,373,833 7,373,833 The Daily News (Preference and Interest on LOC) 9/30/2007 498,464,415 7,090,415 505,554,830 US News & World Report, LP 9/30/2007 75,000,000 - 75,000,000 Total Family Businesses 9/30/2007 $.580,838,248 57,090,415 5587,928,663 Notes and Loans Receivable Barbara G. Jensen 9/30/2007 28,950 28,950 Carmen 2 Robinson 10/18/2010 283,316 283,316 Daniel Rothschild 9/30/2007 200,000 200,000 Mathias Thorrier 9/30/2007 50,000 50,000 The Core Club 55th Street LLC 9/30/2007 100,000 100,000 Total Notes and Loans Receivable 9/30/2007 5662,266 5662,266 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (503iBarclays Credit 1-5 Y / 50%Barclays Mani 1-5Y). After 2/1/2012 åta (Barclays interm government credit). 1) The performance MOMS for investments In Private Capiml - Fund ei Fonda, Direct partnerships, and Dirett Companies are located in the Private Capita) PortfolioSummary Pages. MorganStanley SmithBarney 27 EFTA00283479

Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December S 12/31/2012 December YID I I D Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Other Assets JP Morgan Chase - East Hampton 9/30/2007 3,784 3,784 Morgan Stanley Checking Account 12/31/2007 635,989 46,120 -3,724 678,386 T. Rowe 401(K) Retirement Plan [DJ 1/31/2007 153,855 346,112 346,112 0.0% 0.0% 8.1% Total Other Assets 1/31/2007 $153,855 $985,885 $46,120 ($3,724) $1,028,281 Personal Assets Art, Furniture and Other - 21 Drew Lane 9/30/2007 2,744,701 2,744,701 Art, Furniture and Other - 599 Lexington Avenue 9/30/2007 184,124 184,124 Art, Furniture and Other - 950 Fifth Avenue 9/30/2007 106,065,592 106,065,592 Art, Furniture and Other - 950 Fifth Avenue (Paloma) 9/30/2007 12,000,000 12,000,000 Art, Furniture and Other - Aspen 9/30/2007 48,864 48,864 Art, Furniture and Other - Lazy Z 9/30/2007 75,073 75,073 Hampton Golf Club, LLC 9/30/2007 309,581 309,581 Lexus LX470-1999 9/30/2007 25,275 25,275 Mercedes Benz S430-2001 9/30/2007 37,495 37,495 Total Personal Assets 9/30/2007 $121,490,705 $121,490,705 Zuckerman Personal Holdings BR, Inc - ("Lazy V Motor Yacht) 9/30/2007 25,000,000 25,000,000 USN Aviation - (ZWA, Inc.) 9/30/2007 44,000,000 44,000,000 ZAS, LLC- (Waldorf Flight Services) 9/30/2007 11,500,000 11,500,000 Total Zuckerman Personal Holdings 9/30/2007 $80,500,000 - $80,500,000 Real Property & Options 17 East 75th Street 9/30/2007 5,527,852 5,527,852 21 Drew Lane 9/30/2007 30,500,000 30,500,000 4 Three Mile Harbor Drive 9/30/2007 3,300,000 3,300,000 418 Wrights Road Aspen 10/22/2009 9,500,000 9,500,000 950 Fifth Avenue 9/30/2007 32,000,000 32,000,000 Total Real Property & Options 9/30 007 S80,827,852 - $80,827,852 Total Non-Policy Assets $153,855 1,840,269,493 ($49,954,371) $37,957,390 1,828,272,512 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (S0SiBarclays Credit 1-S Y / S0%Barclays Muni 1-5 11). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 28 EFTA00283480

Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December YTD I I 1) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flaw Return Value Return Return Return Obligations To Related Parties BR, Inc - ("Lazy Z" Motor Yacht) 9/30/2008 -14,792,507 -14,792,507 Pauline Gertler 9/30/2007 -2,265,201 -2,265,654 USN Aviation - (ZWA, Inc.) 9/30/2008 -29,368,425 -29,260,862 ZAS, LLC- (Waldorf Flight Services) 9/30/2008 -1,624,860 -1,565,220 Total Obligations To Related Parties 9/30/2007 ($48,050,993) - ($47,884,243) Mortgages Bank of America- 418 Wrights Road 9/30/2007 -7,195,694 -7,181,751 Bank of America-17 East 75th Street 9/30/2007 4312,091 -5,302,759 Bank of America-21 Drew Lane 9/30/2007 -19,995,298 -19,960,171 Bank of America-4 Three Mile Harbor Drive 9/30/2007 -795,050 -793,653 Bank of America-950 Fifth Avenue 9/30/2007 -23,592,056 -23,550,610 Total Mortgages 9/30/2007 ($56,890,189) - ($56,788,944) Unsecured Obligations To Third Parties Bank of America Revolving Line of Credit 9/30/2007 -171,769,869 -175,000,000 Citibank Revolving Line of Credit 9/30/2007 Daily News, LP. - HUD 3/31/2009 -1,600,000 -1,600,000 Daily News, LP. - NJEDA 9/30/2008 -7,800,000 -7,800,000 Krell Payments 9/30/2008 -200,000 -200,000 MBZ Printing (APT, LP) 9/30/2008 -41,061,723 -41,061,723 Total Unsecured Obligations To Third Parties 9/30/2007 - ($222,431,592) - ($225,661,723) Total Liabilities ($327,372,774) - ($330,334,910) Total Excluding Liabilities $165,274,032 2,043,447,454 ($50,209,604) $38,031,473 2,031,269,323 Total Investment Assets $165,274,032 1,716,074,680 ($50,209,604) $40,993,609 1,700,934,413 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (S0NBarclays Credit 1-SY / S0NBarclays Muni 1-5 Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 29 EFTA00283481

Mortimer B. Zuckerman Endnotes- December 31, 2012 Reference I'] In l IA) IBI ICI ID] IEl 19 ICI Endnoles Please note: Inception To Date returns (FTD Return) are annualized returns for periods greater than 12 months. Please note: The 'MR calculations are Net of Fees. Please note: The current ownership of MBZ in this Teal Property & Options' (17 East 7Sth Street) is 3/7 or 12.86%. Investment represents asses owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. The November 30, 2012 and December 31, 2012 values represent the September 30, 2012 capital account balance adjusted for contributions post valuation date. The November 30, 2012 and December 31, 2012 values represent the fair market value of vested options that are in the money. The November 10, 2012 and December 31, 3712 value represents the March 31, 2011 capital account balance adjusted for contributions post valuation date. The historical returns of BXP common include the historical appreciation from the exercise of options. The Market Value d the BXP (Vested Options) is calculated by multiplying the shares of BXP (Vested Options) by the Icon-eat price minus the exercise price). The exercise price $92.71. The present value of Future )1B.2 Crut Distributions and the present value of Future USN Crut Distributions are calculated using an estimated capital market growth rate of S.00% provided by the dient and for which the client is solely rdponsible. Morgan Stanley makes no representation regarding its accuracy nor the accuracy of any calculations based upon such values. MorganStanley SmithBarney 30 EFTA00283482

MBZ 1996 Trust (GST Exempt) Executive Summary - December 31, 2012 Taxabe Fixed irIcAstual Allocation % for Policy Assets Global Bonds 22% Tnvate Capital Fund of Funds 19°Y. N 53% Private Capital Direct Companies IS Pnvate Capital Direct Partnerships 38.9% Investment Assets AP Onshore Hedge Funds Cash Municipal Securities Corporate Corporate Bonds Taxable Fixed Income Global Bonds AIP Onshore Hedge Funds Hedge Funds -Direct Private Capital - Fund of Funds Private Capital - Direct Partnerships Private Capital - Direct Companies Total Policy Assets Boston Properties, Inc. (Closing Price:8105.81) Notes and Loans Receivable Total Investment Assets E.7% Endnotea Hedge Funds -Direct 63% Cash 6.9% Municipal Securities 7.6% Corporate Bonds 12_0% ▪ Corporate ■ Private Capital - Direct Companies 0 Global Bonds K Taxable Fixed Income ■ Private Capital - Fund of Funds K I ledge Funds -Direct ■ Cash K Municipal Securities ■ Corporate Bonds ■ AIP Onshore Hedge Funds 0 Private Capital - Direct Partnerships Coat 11/30/20I2 Valise 12/31/2012 Value Actual Policy % 1,484,987 5,557,356 4,641,429 6.9% 4,662,632 5,124,306 5,080,248 7.6% 0 19,458 19,459 0.0% 4,926,592 8,047,747 8,056,632 12.0% 2,592,126 863,356 1,856,683 2.8% 1,176,727 1,311,814 1,289,580 L9% 9,719,483 11,087,183 11,192,543 16.7% 3,870,188 4,239,653 4,242,168 6.3% 1,780,716 3,628,763 3,523,773 5.3% 19,032,017 27,039,711 26,060,763 38.9% 14,886,622 1,079,861 1,079,861 L6% $64,132,089 $67,999,209 $67,043,139 100.0% 4,469,742 4,636,546 27,991,113 27,991,113 564,132,089 5100,460,064 $99,670,798 MorganStanley SmithBarney EFTA00283483

MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cost 11/3402012 Value Net Cash Flow December Return 12f3I/2012 Value December Return YID Return III" Return Cash Morgan Stanley- Money Mkt 12/31/2007 4,074,779 83,938 -999,865 3,158,852 0.0% 0.1% Operating Account 1996 TR (All') 8/31/2010 1,484,987 1,482,577 1,482,577 0.0% 0.0% Total Cash 12/31/2007 $1,484,987 $5557,356 $83,938 ($999,865) $4,641,429 0.0% 0.0% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley- Intermediate Term Muni Bonds 1/13/2010 4,128,288 4,554,755 43,266 4,511,490 -1.0% 73% 8.5% Morgan Stanley- Long Term Muni Bonds 6/9/2011 534,343 569,551 -793 568,758 -0.1% 2.7% 4.2% Morgan Stanley - Short Term Muni Bonds 9/30/2008 - - Total Municipal Securities 9/30/2008 $4,662,632 $5,124,306 ($44,058) 55,080,248 -0.9% 4.9% 5.2% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 4.0% Barclays Capital Muni Bond Index -1.2% 6.8% 7.8% Corporate Citi - Corporate Bonds 1/31/2009 0 19,458 1 19,459 0.0% 0.0% 2.1% Total Corporate 1/31/2009 $0 $19,438 $1 $19,459 0.0% 0.0% 2.1% Barclays Intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 4,926,592 8,047,747 8,885 8,056,632 0.1% 45% 6.5% Total Corporate Bonds 1/31/2009 $4,926,592 $8,047,747 $8,885 $8,056,632 0.1% 45% 6.5% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return - Intermediate Term 1/9/2012 2,592,126 863,356 996,144 -2,818 1,856,683 -0.2% 8.2% Total Taxable Fixed Income 1/9/2012 $2,592,126 $863,356 $996,144 ($2,818) 81,856,683 0.7% 13.0% 4.0% Global Bonds Templeton Global Bond Fund 5/25/2011 1,176,727 1,311,814 41,478 19,244 1,289,580 1.5% 16.0% 5.7% Total Global Bonds 5/25/2011 $1,176,727 $1,311,814 ($41,478) $19,244 $1,289,580 0.7% 13.0% 4.0% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 7/31/2012 (50%Barclays Credit 1-SY / SOISIllawlays Muni 1-5Y). After 2/1/2012 its (Barclays interns government credit). The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Compsni are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 32 EFTA00283484

MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 12/31/2012 December YTD I I 1) ' Asset Class/Investment/Benchmark Endnotes Date Cost Value How Return Value Return Return Return AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 214,136 394,173 4,060 390,113 -1.0% -5.4% -5.5% Double Black Diamond Class C (AIP) 8/31/2010 1,126,870 1,246,126 16,947 1,263,073 1.4% 10.9% 5.1% GEM Realty Securities LP (AlP) 8/31/2010 1,126,932 1,201,888 962 1,202,850 0.1% 25% 2.9% HBK Fund II LP (AIP) 8/31/2010 1,125,008 1,338,809 13,388 1,352,197 1.0% 6.6% 8.2% LIM Asia Multi-Strategy Fund (Alf') 6/29/2012 1,000,000 1,039,038 7,377 1,046,415 0.7% 4.6% Man AHL Diversified II USA (Alf') 8/31/2010 511,531 450,133 2,656 452,789 0.6% -8.4% -5.1% Mariner Tricadia Credit Strat (An') 8/31/2010 1,025,074 1,155,963 22,079 1,178,042 1.9% 11.8% 6.2% Millenium USA LP (AIP) 8/31/2010 1,128,993 1,353,369 9,067 1,362,436 0.7% 4.9% 8.5% MQ Asian Alpha fund (AIP) 2/1/2012 605,637 633,804 -5,070 628,734 -0.8% 3.8% Seligman Tech Spectrum Fund (AIP) 8/31/2010 727,458 1,037,307 11,099 1,048,406 1.1% -2.4% 4.1% York Credit Opportunity Fund (AIP) 8/31/2010 1,127,845 1,236,573 30,915 1,267,488 2.5% 8.8% 5.2% Total AIP Onshore Hedge Funds 8/31/2010 $9,719,483 S11,087,183 $105,360 $11,192,543 1.0% 4.0% 3.1% Hedge Funds -Direct GS Hedge Fund Seeding Strategy 2/27/2012 2,937,219 3,022,907 -937 3,021,970 0.0% 4.0% GS Investment Partners (Onshore) 1/2/2008 932,969 1,216,746 3,452 1,220,198 0.3% 1.4% 3.0% Total Hedge Funds-Direct 712/2008 $3,870,188 $4,239,653 $2,515 $4,242,168 0.1% 4.8% -27.5% Private Capital - Fund of Funds GS Private Equity Partners II, L.P. 3/11/1998 0 318,634 318,634 Quellos Private Capital 2002, LP. 6/14/2002 333,937 1,118,753 -73,655 1,045,098 Quellos Private Capital II, L.P. 12/20/2004 1,446,779 2,191,376 -31,335 2,160,041 Total Private Capital - Fund of Funds 3/11/1998 $1,780,716 $3,628,763 ($104,990) - $3,523,773 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (SOSIBarclays Credit 1-S Y / SO%Batrlays Muni 1-5 Y). After 2/1/2012 its (Ban-lays interns government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct pattnerships, and Direct Comixsnit6 ate located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AlP hedge funds is preliminary. MorganStanle y SmithBarney 33 EFTA00283485

MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December YID III) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, L.P. 5/30/2008 970,090 839,201 839,201 Brickman Real Estate Fund II, L.P. 6/5/2006 2,439,912 1,824,861 1,824,861 Brickman Real Estate Fund Ill, LP. 4/4/2007 1,618,729 594,971 594,971 Israel Infrastructure Fund I-C, LP. 10/18/2006 1,479,480 1,573,370 37,500 1,610,870 Quellos Co-Investment Fund II, LP. 9/8/2008 3,420,727 9,541,374 -1,414,062 8,127,312 Quellos Co-Investment Fund III, L.P. 10/24/2011 4,845,734 5,913,030 671,520 6,584,550 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 731,417 3,902,697 -288,179 3,614,518 VSS Comunications Partners IV, L.P. 3/20/2006 3,525,928 2,850,207 14,273 2,864,480 Total Private Capital - Direct Partnerships 3/20/2006 $19,032,017 $27,039,711 ($978,948) - $26,060,763 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 3/28/2006 14,810,588 1,037,361 1,037,361 Newbridge Vencable Partners, LLC 10/31/1997 76,034 42,500 42,500 Total Private Capital - Direct Companies 10/31/1997 $14,886,622 51,079,861 - 81,079,861 Total Policy 864,132,089 567,999,209 ($45,334) ($910,737) 567,043,139 0.1% 2.2% Boston Properties, Inc. (Closing Price: 8105.81) BXP (Common) 1996 Exempt 6/15/2012 4,469,742 166,804 4,636,546 3.7% 3.4% Total Boston Properties, Inc. 6/15/2012 $4,469,742 5166,804 $4,636,546 Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P. 9/30/2007 27,991,113 27,991,113 Total Notes and Loans Receivable 9/30/2007 $27,991,113 - $27,991,113 Total Investment Assets 664,132,089 $100,460,064 ($45,334) (5743,933) $99,670,798 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50111Barclays Credit 1-5 Y / S0%Barrlays Muni 1-5 Y). After 2/1/2012 its (Barclays intern government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companit are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AlP hedge funds is preliminary. MorganStanle y SmithBarney 34 EFTA00283486

MBZ 1996 Trust (GST Exempt) Endnotes- December 31, 2012 Reference Endnotes I 'I Please note: Inception To Date returns (FTD Return) am annualized returns for periods greater than 12 months. I "I Masse note: The TWR calculations are Net of Fees. IAl Investment represents asses owned by Z CAP Fund, L.P. Value presaited represents the percentage interest in the underlying Investment. MorganStanley SmithBarney EFTA00283487

MBZ 1996 (GST Non Exempt) Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets GobS Bonds Priv-sieCspild - Direct Conpaica 28% 25% Cash 7.4%. Hedge Fads -Direct Ill% Muidpd Scarifies 4D% U.S. Eqdias 4.4% la Fixed Imams 12 Prat Capital - Furl of Furls 22% Corporate Bonds 202% PrhadeCaald Direct Patrerstips 328% MI Private Capital - Direct Partnerships • Corporate Bonds 0 Taxable Fixed Income 0 Hedge Funds -Direct • Cash • U.S. Equities • Municipal Securities 0 Global Bonds • Private Capital - Direct Companies • Private Capital - Fund of Funds 11/30/2012 12/31/2072 Anhui Investment Assets Endnaws Cost Value Value Policy % Cash 16,518,517 9,124,231 7.4% Municipal Securities 4,562,147 7,198,178 4,918,361 4.0% Corporate Bonds 20,301,689 24,838,347 24,871,338 20.2% Taxable Fixed Income 15,194,252 7,474,463 15,372,648 12.5% US. Equities 10,000,000 5,563,095 5,438,298 4.4% Global Bonds 2,000,000 2,451,885 3,496,917 2.8% Hedge Funds -Direct 26,455,890 13,425,240 13,583,276 11.1% Private Capital - Fund of Funds 2,777,352 2,746,017 2.2% Private Capital - Direct Partnerships 23,852,917 39,688,733 40,337,289 32.8% Private Capital - Direct Companies 4,920,666 3,027,485 3,027,485 2.5% Total Policy Assets $107,287,560 $122,963,294 4122,915,860 100.0% Boston Properties, Inc. (Closing Price: $105.81) 144,235,381 149,618,032 Notes and Loans Receivable 29)27,783 29)27,783 Total Investment Assets $107,287,560 5296,526,458 $301,861,675 MorganStanley SmithBarney 36 EFTA00283488

MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/30/2012 Value Net Cash Flow December 5 Return 12/31/2012 Value December Return YID Return IT I) Return Morgan Stanley - Money Mkt 12/31/2007 16,518,517 -7,394,875 589 9,124,231 0.0% 0.1% Total Cash 12/31/2007 $16,518,517 ($7,394,875) $589 $9,124,231 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley- Intermediate Term Muni Bonds 1/13/2010 4,309,142 4,718,279 -7,375 -53,015 4,657,889 -1.1% 6.7% 7.0% Morgan Stanley - Long Term Muni Bonds 2/29/2008 2,219,582 -2,214,971 4,611 -0.2% 4.4% 6.0% Morgan Stanley - Short Term Muni Bonds 9/25/2008 253,005 260,317 156 260,473 0.1% 0.9% 3.0% Total Municipal Securities 2/29/2008 $4,562,147 $7,198,178 ($2,222,346) ($57,471) 84,918,361 -1.0% 4.0% 4.1% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 3.9% Barclays Capital Muni Bond Index -1.2% 6.8% 6.9% Corporate Bonds Seix 1/31/2009 20,301,689 24,838,347 32,991 24,871,338 0.1% 45% 6.4% Total Corporate Bonds 1/31/2009 $20,301,689 824838,347 $32,991 $24,871,338 0.1% 45% 6.4% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return- Intermediate Term 12/16/2011 3,979,052 2,157,377 1,990,365 4,850 4,142,892 -0.2% 9.0% 7.9% Lord Abbott Short Duration - Short Term 8/17/2012 11,215,199 5,317,086 5,982,420 -69,751 11,229,756 -1.0% 0.6% Total Taxable Fixed Income 12/16/2011 815,194,252 $7,474,463 $7,972,785 ($74,601) $15,372,648 0.6% 12.6% 7.4% U.S. Equities Goldman Sachs MLP 1/13/2012 10,000,000 5,563,095 -124,797 5,438,298 -2.2% 8.8% Total U.S. Equities 1/13/2012 $10,000,000 $5,563,095 ($124,797) 85,438,298 -2.2% 8.8% Global Bonds Templeton Global Bond Fund 5/25/2010 2,000,000 2,451,885 36,718 2,488,603 1.5% 16.2% 8.8% Templeton Global Bond Fund 12/21/2012 1,000,000 8,314 1,008,314 Total Global Bonds 5/25/2010 $2,000,000 $2,451,885 $1,000,000 $45,033 $3,496,917 0.6% 12.6% 7.4% I Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5Y / 50%Bardays Muni 1-5Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 37 EFTA00283489

MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2012 Asset Class/Investment/Benchmark Hedge Funds -Direct Inception Endnotes Date Cost 11/30/2012 Value Net Cash Flow December 5 Return 12/31/2012 Value December Return YID Return I FL) " Return AP Investments Europe Limited 6/19/2007 521,941 7,649 7,649 0.0% -10.7% -13.6% Castle Advisors, L.P. 6/29/2007 1,475,329 106,990 -625 106,365 0.0% 98.3% 14.8% CCA Absolute Return Muni Strategy, L.P. 4/1/2011 5,000,000 5,236,879 23,438 5,260,317 0.5% 25% 3.0% Paulson Advantage Plus, L.P. 9/1/2009 9,500,000 7,985,129 135,223 8,120,352 1.7% -13.5% -4.6% Taconic Opportunity Fund 6/29/2007 9,958,621 88,593 88,593 0.0% 12.5% 3.8% Total Hedge Funds-Direct 6/19/2007 $26,455,890 513,425,240 $158,036 $13,583,276 1.2% -5.1% -10.3% Private Capital - Fund of Funds GS Private Equity Partners II, L.P. 3/11/1998 585,976 585,976 Quellos Private Capital II, L.P. 12/20/2004 2,191,376 -31,335 2,160,041 Total Private Capital - Fund of Funds 3/11/1998 $2,777,352 ($31,335) $2,746,017 Private Capital - Direct Partnerships CVC European Equity Partners IV, L.P. 9/30/2005 1,555,079 2,117,603 2,117,603 CVC European Equity Partners V, LP. 6/26/2008 3,340,932 3,880,395 3,880,395 DST Global III, LP. 2/2/2012 2,902,678 2,902,678 2,902,678 Legacy Capital, LP. 10/17/2011 3,019,168 1,537,296 4,556,464 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 2,357,185 2,288,696 2,288,696 Quellos Co-Investment Fund II, LP. 9/8/2008 3,420,727 9,541,374 -1,414,062 8,127,312 Quellos Co-Investment Fund III, L.P. 10/24/2011 6,460,977 7,884,038 895,360 8,779,398 Quellos Co-Investment Fund, L.P. [A] 6/5/2006 0 5,204,574 -384,311 4,820,263 VSS Comunications Partners IV, L.P. 3/20/2006 3,815,339 2,850,207 14,273 2,864,480 Total Private Capital - Direct Partnerships 9/30/2005 S23,852,917 539,688,733 $648,556 - $40,337,289 Private Capital - Direct Companies Freescale Co-Investment XVI, LW 11/28/2006 2,537,500 712,419 712,419 Newbridge Vencable Partners, LLC 12/31/2001 133,505 75,000 75,000 The Vehicle Production Group, LLC 8/12/2008 2,249,661 2,240,066 2,240,066 Total Private Capital - Direct Companies 12/31/2031 $4,920,666 $3,027,485 - $3,027,485 Total Policy $107,287,560 $122,963,294 ($27,215) ($20,220) $122,915,860 0.0% 13% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Barclays Muni 1-5Y). After 2/1/2012 its (Barclays interns government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companim an located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 38 EFTA00283490

MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December YID III) • Asset ClasOnvestment/Benchrnark Endnotes Date Cost Value Flow Return Value Return Return Return Boston Properties, Inc. (Closing Price: $105.81) BXP (OPUS) 4/1/2000 144,235,381 5,382,651 149,618,032 3.7% 85% N.5 Total Boston Properties, Inc. 4/1/2000 $144,235,381 $5,382,651 $149,618,032 Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P. 9/30/2007 29,327,783 29,327,783 Total Notes and Loans Receivable 9/30/2007 829,327,783 - $29,327,783 Total Investment Assets $107,287,560 $296,526,458 ($27,215) 55,362,432 3301,861,675 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-SY / S0%Barelays Muni 1-5 V). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 39 EFTA00283491

MBZ 1996 Trust (GST Non Exempt) Endnotes- December 31, 2012 Reference Endnotes I I Please note: Inception To Date returns (fTD Return) am annualized returns for periods greater than 12 months. I "1 Nouse note: The TWR calculations are Net of Fees. RAJ Investment represents asses owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanley SmithBarney Oft EFTA00283492

MBZ 1983 Family Trust Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets Corporate 55% Gabd Bards Cash dB% 39% Mtridpal &earlHes 0.7% Nati Capita -Direct Prstrurships PAM a Cspi - Furd al Fiat 309% 6.0% ltdgeFurds-Direct 72% Pda • Csi - Dived Commies CorpardeBords 13% 17.3% Tadble Axed Intone • Private Capital - Direct Partnerships • Corporate Bonds Cl Taxable Fixed Income CI Private Capital - Direct Companies • Hedge Funds -Direct • Private Capital - Fund of Funds • Corporate ▪ Global Bonds • Cash • Municipal Securities 133% tv3opin2 wan Actual Investment Assets &totem Cost Value Value Polley % Cash 4,890,330 1,254,906 3.5% Municipal Securities 265,493 258,686 258,962 0.7% Corporate 1,752,399 1,977,789 1,976,249 5.5% Corporate Bonds 5,123,262 6,268,372 6,273,896 17.3% Taxable Fixed Income 4,893,731 1,966,038 4,949,217 13.7% Global Bonds 1,686,786 765,537 1,760,876 4.9% Hedge Funds -Direct 3,000,000 2,575,057 2,618,746 7.2% Private Capital - Fund of Funds 333,947 2,233,765 2,160,110 6.0% Private Capital - Direct Partnerships 7,125,587 11,476,928 11,186,172 30.9% Private Capital - Direct Companies 19,388,088 3,789,780 3,789,780 10.5% Total Policy Assets $43,569,293 $36,202,282 $36,228,913 100.0% Family Businesses 84,400 84,400 84,400 Notes and Loans Receivable 46,521,964 46,521,964 Total Investment Assets $43,653,693 $82,808,646 $82,835,277 MorganStanley SmithBarney 41 EFTA00283493

MBZ 1983 Family Trust Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/30/2012 Value Net Cash Flow December Return 12/31/2012 Value December Return YID Return I I I) Return Morgan Stanley - Money Mkt 12/31/2007 4,890,330 -3,635,589 164 1,254,906 0.0% 0.1% Total Cash 12/31/2007 $4,890,330 MAMAS% $164 $1,254,906 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley - Short Tenn Muni Bonds 4/30/2009 265,493 258,686 276 258,962 0.1% 1.1% 2.9% Total Municipal Securities 4/30/2009 $265,493 $258,686 $276 $258,962 -0.2% 2.6% 3.7% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 3.1% Barclays Capital Muni Bond Index -1.2% 6.8% 7.1% Barclays Aggregate Bond Index -0.1% 4.2% 6.5% Corporate Citi - Corporate Bonds 1/31/2009 1,752,399 1,977,789 -1,540 1,976,249 -0.1% 4.2% 3.7% Total Corporate 1/31/2009 $1,752,399 $1,977,789 ($1,540) $1,976,249 -0.1% 4.2% 3.7% Barclays intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 5,123,262 6,268,372 5,524 6,273,896 0.1% 4.3% 6.1% Total Corporate Bonds 1/31/2009 $5,123,262 $6,268,372 $5,524 $6,273,896 0.1% 4.3% 6.1% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return- Intermediate Term 12/16/2011 1,995,075 540,040 1,497,588 -5,605 2,032,024 -0.6% 82% 7.6% Lord Abbott Short Duration - Short Term 8/17/2012 2,898,656 1,425,998 1,495,236 4,041 2,917,193 -0.2% 1.4% Total Taxable Fixed Income 12/16/2011 $4,893,731 $1,966,038 $2,992,824 ($9,645) $4,949,217 0.7% 12.9% 3.8% Global Bonds Templeton Global Bond Fund 5/25/2011 1,686,786 765,537 975,795 19,545 1,760,876 L8% 16.4% 5.9% Total Global Bonds 5/25/2011 $1,686,786 $765,537 $975,795 $19,545 $1,760,876 0.7% 12.9% 3.8% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Barclays Muni 1-5 ?). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 42 EFTA00283494

MBZ 1983 Family Trust Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 12/31/2012 December YTD I I 1) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Hedge Funds -Direct Paulson Advantage Plus, L.P. 8/1/2009 3,000,000 2,575,057 43,689 2418,746 1.7% -13.5% -3.9% Total Hedge Funds-Direct 8/1/2009 $3,000,000 $2,575,057 $43,689 $2,618,746 1.7% -7.4% -2.8% Private Capital - Fund of Funds GS Vintage Fund, LP. 12/30/1998 0 1,115,012 1,115,012 Quellos Private Capital 2002, LP. 6/14/2002 333,947 1,118,753 -73,655 1,045,098 Total Private Capital - Fund of Funds 12/30 555 $333,947 42,233,765 ($73,655) - $2,160,110 Private Capital - Direct Partnerships Brickman Real Estate Fund IV, L.P. 12/17/2007 1,342,727 1,541,030 1,541,030 CVC European Equity Partners IV, L.P. 9/30/2005 1,343,987 2,117,603 2,117,603 Israel Infrastructure Fund I-C, LP. 10/18/2006 1,479,480 1,573,370 37,500 1,610,870 Quellos Co-Investment Fund II, LP. 9/8/2008 1,140,241 3,180,457 -471,354 2,709,103 Quellos Co-Investment Fund III, L.P. 10/24/2011 1,615,244 1,971,009 223,840 2,194,849 Quellos Co-Investment Fund, L.P. [A] 6/5/2006 203,909 1,093,459 -80,742 1,012,717 Total Private Capital - Direct Partnerships 9/30/2005 $7,125,587 $11,476,928 ($290,756) - $11,186,172 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 3/28/2006 14,810,588 1,037,361 1,037,361 Freescale Co-Investment XVI, LLC 11/28/2006 2,537,500 712,419 712,419 Loud3R 7/1/2010 2,040,000 2,040,000 2,040,000 Total Private Capital - Direct Companies 3/28/2006 $19,388,088 $3,789,780 - 83,789,780 Total Policy $43,569,293 S36,202,282 ($31,381) $58,012 $36,228,913 0.2% 0.0% Other Investment Assets Total Other Investment Assets Family Businesses MBZ Digital Ventures LLC 7/1/2010 84,400 84,400 84,400 0.0% 0.0% 0.0% Total Family Businesses 7/1/2010 $84,400 $84,400 $84,400 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Barclays Muni 1-5 Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 43 EFTA00283495

MBZ 1983 Family Trust Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December YID III) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Notes and Loans Receivable Daily News, L.P. 9/30/20W 8,421,964 8,421,964 The MBZ News 1992 Trust UAD 12-29-92 9/30/2007 38,100,000 38,100,000 Total Notes and Loans Receivable 9/30/2007 $46,521,964 - $46,521,964 Total Investment Assets $43,653,693 $82,808,646 ($31,381) $58,012 $82,835,277 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / SO%Barclays Muni 1-5 Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance retunw for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStantey SmithBarney 44 EFTA00283496

MBZ 1983 Family Trust Endnotes- December 31, 2012 Reference Endnotes I Please note: Inception To Date returns (DT/Return) are annualized returns for periods greater than 12 months. "I Please note: The TWR calculations are Net of Fees. IAI Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 45 EFTA00283497

USN College Marketing, Inc. Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets Corporate 23.9% Municipal Securities 2.2% Cash/ 6.0% Private Capital - Direct Partnerships 40.0% Corporate Bonds 8.5% taxable Fixed Income 5.0% Bonds 1.7% Hedge Funds -Direct 12.5% • Cash ■ Municipal Securities OCorporate O Corporate Bonds ■Taxable Fixed Income • Global Bonds ■ Fledge Funds -Direct • Private Capital - Direct Partnerships 11/30/2012 12/31/2012 Actual Investment Assets canals Cost Value Value Policy % Cash 1,602,524 2,766,527 6.0% Municipal Securities 1,003,323 1,067,077 1,032,882 2.2% Corporate 9,908,312 11,002,751 10,999,541 23.9% Corporate Bonds 2,428,138 3,919,549 3,923,334 8.5% Taxable Fixed Income 2,284,328 2,321,072 2,306,732 5.0% Global Bonds 728,916 812,186 796,243 1.7% Hedge Funds -Direct 5,000,000 5,607,564 5,750,747 12.5% Private Capital - Direct Partnerships 9,513,684 19,305,250 18,362,858 40.0% Total Policy Assets $30,866,701 $45,627,973 $45,938,864 100.0% Total Investment Assets $30,866,701 $45,627,973 $45,938,864 MorganStanley SmithBarney 46 EFTA00283498

USN College Marketing, Inc. Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 12/31/2012 December Y I D I I 1) ' Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Bank of America - MMF 9/19/2008 11,987 0 11,987 0.0% 0.0% Morgan Stanley - Money Mkt 12/31/2007 1,590,538 1,163,946 57 2,754,541 0.0% 0.1% Total Cash 12/31/2007 $1,602,524 $1,163,946 $57 $2,766,527 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley - Intermediate Term Muni Bonds 6/19/2012 753,323 797,680 -6,833 -14,773 776,074 -1.9% 4.2% Morgan Stanley - Long Tenn Muni Bonds 6/9/2011 250,000 259,398 -2,590 256,808 -1.0% 12% 3.3% Total Municipal Securities 6/9/2011 $1,003,323 $1,057,077 ($6,833) ($17,363) $1,032,882 -0.9% 3.0% 3.5% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 3.2% Barclays Capital Muni Bond Index -1.2% 6.8% 6.9% Corporate Cad- Corporate Bonds 1/31/2009 9,908,312 11,002,751 -3,209 10,999,541 0.0% 3.8% 3.4% Total Corporate 1/31/2009 $9,908,312 $11,002,751 ($3,209) $10,999,541 0.0% 3.8% 3.4% Barclays Intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 2,428,138 3,919,549 3,786 3,923,334 0.1% 4.3% 6.4% Total Corporate Bonds 1/31/2009 $2,428,138 $3,919,549 $3,786 $3,923,334 0.1% 43% 6.4% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Lord Abbett Short Duration- Short Term 8/17/2012 2,284,328 2,321,072 -14,341 2,306,732 -0.6% 1.0% Total Taxable Fixed Income 8/17/2012 $2,284,328 $2,321,072 ($14,341) $2,306,732 1.2% 15.7% 5.5% Global Bonds Templeton Global Bond Fund 5/25/2011 728,916 812,186 -25,610 9,667 796,243 1.2% 15.7% 5.5% Total Global Bonds 5/25/2011 $728,916 $812,186 ($25,610) $9,667 $796,243 1.2% 15.7% 5.5% Hedge Funds -Direct CCA Absolute Return Muni Strategy, L.P. 6/30/2010 5,000,000 5,607,564 143,184 5,750,747 2.6% 2.6% 5.8% Total Hedge Funds-Direct 6/3(1/2010 $5,000,000 $5,607,564 $143,184 $5,750,747 2.6% 2.6% 5.8% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (S033arclays Credit 1-4 Y / 50%Baniays Muni 1-5 Y). After 2/1/2M2 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 47 EFTA00283499

USN College Marketing, Inc. Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 12/31/2012 December YTD 1'11)' Asset ClasslInvestment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, L.P. 4/20/2010 1,178417 1,144,351 1,144,351 Quellos Co-Investment Fund II, L.P. 9/8/2008 3,420,727 9,541,374 -1,414,062 8,127,312 Quellos Co-Investment Fund Ill, L.P. 10/24/2011 4,845,734 5,913,030 671,520 6,584,550 Quellos Co-Investment Fund, LP. [AI 6/5/2006 68,606 2,706,495 -199,850 2,506,645 Total Private Capital - Direct Partnerships 6/5/2006 $9,513,684 $19,305,250 ($942,392) $18,362,858 Total Policy $30,866,701 $45,627,973 $189,110 $121,781 $45,938,864 0.3% 3.8% Other Investment Assets Total Other Investment Assets Total Investment Assets 430,866,701 $45,627,973 4189,110 $121,781 445,938,864 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Bardays Muni 1-5Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStantey SmithBarney 48 EFTA00283500

USN College Marketing, Inc. Endnotes- December 31, 2012 Reference Endnotes 1 Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. nl Please note: The TWR calculations are Net of Fees. IA) Investment represent s assets owned by Z CAP Fund, L.P. Value presented teprese.nts the percentage interest in the underlying investment. MorganStanley SmithBarney 49 EFTA00283501

MBZ Charitable Remainder Unitrust Executive Summary - December 31, 2012 m„„aosecActual Allocation % for Policy Assets 2.1% Co TO rate Pnvate Capital Fund of Funds 42% 0S Cash 225% Private Capital Direct Partnerships 212% Taxable Fixed PICOT° sae% Global Bonds 82% Corporate Bonds 8A% A IP Offshore Hedge Funds 82% Hedge Funds -Direct OS% ■ Private Capital - Fund of Funds ■ Municipal Securities ❑Corporate KGlobal Bonds ■ Corporate Bonds • Al P Offshore Hedge Funds ■ Hedge Funds -Direct O Taxable Fixed Income ■ Private Capital - Direct Partnerships • Cash 11/30/2012 12/31/2012 Actual Investment Anets Endnotee Coat Value Value Polley % Cash 2,858,134 3,861,423 34,580,775 223% Municipal Securities 3,011,760 4,486,443 3,257,453 2.1% Corporate 1,942,932 11,507,511 7,322,340 4.8% Corporate Bonds 7,150,675 12,896,474 12,915,371 8A% Taxable Fixed Income 21,413,696 21,578,371 21,593,101 14.0% Global Bonds 12,422,202 12,533,975 12,583,976 8.2% AIP Offshore Hedge Funds 11,717,387 13,320,150 13,503,595 8.8% Hedge Funds -Direct 35,670,633 14,785,482 15,041,557 9.8% Private Capital - Fund of Funds 400,185 420,683 420,683 0.3% Private Capital - Direct Partnerships 19,838,176 35,495,007 32,607,309 21.2% Total Policy Assets $116,425,779 $130,885,519 $153,826,159 100.0% Boston Properties, Inc. (Closing Price: $105.81) 26,222,170 Total Investment Assets $116,425,779 4157,107,689 $153,826,159 MorganStanley SmithBarney 50 EFTA00283502

MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/3(/2012 Value Net Cash Flaw December 5 Return 12/31/2012 Value December Return YID Return I I1) Return Morgan Stanley - Money Mkt 12/31/2007 2,375,074 30,718,905 447 33,094,427 0.0% 0.1% Operating Account MBZ CRUT (AIP) 8/31/2010 2,858,134 1,486,349 1,486,349 0.0% 0.0% Total Cash 12/31/2007 $2,858,134 $3,861,423 $30,718,905 $447 $34,580,775 0.0% 0.0% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley - Intermediate Term Muni Bonds 7/25/2001 2,887,728 4,341,793 -1,170,849 -54,222 3,116,722 -1.5% 8.2% 6.9% Morgan Stanley - Long Term Muni Bonds 5/13/2011 124,033 144,649 -3,919 140,731 -2.7% 11.3% 12.1% Total Municipal Securities 7/25/2001 $3,011,760 $4,486,443 ($1,170,849) ($58,141) $3,257,453 -0.2% 5.0% 4.6% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 4.0% Barclays Capital Muni Bond Index -1.2% 6.8% 7.8% Corporate Citi - Corporate Bonds 1/31/2009 1,942,932 11,507,511 4,200,000 14,829 7,3,2,140 0.1% 1.9% 3.3% Total Corporate 1/31/2009 $1,942,932 $11,507,511 ($4,200,000) $14,829 $7,322,340 0.1% 1.9% 3.3% Barclays 1-3 Year Government Credit 0.1% 2.0% 4.3% Corporate Bonds Seix 1/31/2009 7,150,675 12,896,474 18,897 12,915,371 0.2% 4.7% 6.4% Total Corporate Bonds 1/31/2009 $7,150,675 $12,896,474 $18,897 $12,915,371 0.2% 4.7% 6.4% 85%Barclays Credit /15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return- Intermediate Term 2/24/2012 7,997,236 8,122,638 14,729 8,137,367 0.2% 6.1% Lord Abbott Short Duration - Short Term 8/17/2012 13,416,459 13,455,734 -20,661 20,661 13,455,734 0.2% 0.8% Total Taxable Fixed Income 224/2012 $21,413,696 $21,578,371 ($20,661) $35,390 $21,593,101 0.3% 13.4% 4.2% Global Bonds Gluskin Sheff 9/28/2012 10,000,000 9,925,932 10,938 9,936,870 0.1% -0.6% Templeton Global Bond Fund 5/25/2011 2,422,202 2,608,043 39,062 2,647,106 1.5% 16.0% 5.7% Total Global Bonds 5,25/2011 $12,422,202 $12,533,975 $50,000 $12,583,976 0.3% 13.4% 4.2% ") Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Bardays Muni 1-5 Y). After 2/1/2012 its (Barclays 1-3 Year government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AIP hedge funds is preliminary. MorganStantey SmithBarney 51 EFTA00283503

MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2012 Inception 11/302012 Net Cash December 5 / 2/3 I/2012 December YID I I 1) ' Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return AIP Offshore Hedge Funds Boronia Diversified Fund (All) 8/31/2010 511,445 454,676 4,683 449,993 -1.0% -5.2% -5.4% Double Black Diamond Class C (AIP) 8/31/2010 1,528,021 1,639,932 21,155 1461,087 1.3% 9.9% 4.3% FMK Offshore Fund II Ltd. (AIP) 8/31/2010 511,757 607,321 6,195 613,516 1.0% 6.3% 8.2% LIM Asia Multi-Strategy Fund (Alf') 3/30/2012 1,010,093 1,029,891 7,312 1,037,203 0.7% 2.9% Mariner Tricadia Credit Strat (All) 8/31/2010 1,025,076 1,155,928 22,078 1,178,006 1.9% 11.8% 6.2% Millenium Intl Ltd - Class LE (AIP) 8/31/2010 1,026,338 1,221,100 8,059 1,229,159 0.7% 4.4% 8.2% MQ Asian Alpha fund (All') 8/31/2010 512,030 613,082 -4,231 608,851 -0.7% 3.4% 7.9% Oz Overseas Fund Ltd. (AIP) 8/31/2010 1,778,718 2,155,235 21,983 2,177,218 1.0% 10.6% 5.7% QFR Victoria Fund (Alf) 6/29/2012 1,507,759 1,629,004 52,291 1,681,295 3.2% 11.5% Seligman Tech Spectrum Fund (AIP) 8/31/2010 273,174 556,798 5,958 562,756 1.1% -4.9% 2.9% Taconic Opportunity Fund (AIP) 3/30/2012 1,007,603 1,037,005 18,044 1,055,049 1.7% 5.0% York Credit Opp Unit Trust (AIP) 8/31/2010 1,025,375 1,220,178 29,284 1,249,462 2.4% 18.1% 9.0% Total AIP Offshore Hedge Funds 8/31/2010 $11,717,387 $13,320,150 $183,445 $13,503,595 1.4% 7.9% 4.1% Hedge Funds -Direct AIP Custom HF Solutions 6/9/2011 7,356,521 11,537,126 249,668 11,786,794 2.2% 37.9% 79.5% Ascot Fund Limited 7/12/2006 25,000,000 0 0 0.0% 0.0% Blackstone Offshore Fund II 1/7/2011 2,470,017 2,298,697 2,298497 0.0% 4.3% -0.1% CS Investment Partners (Offshore) 1/2/2008 844,095 949,660 6,407 956,066 0.7% 3.9% 2.2% Total Hedge Funds -Direct 7/12/2006 535,670,633 $14,785,482 $256,075 $15,041,557 1.7% 29.1% 13.2% Private Capital - Fund of Funds Quellos Financial Ventures II, (CRT), LP. [B] 11/23/2004 400,185 420,683 420,683 Total Private Capital - Fund of Funds 11/23/2004 $400,185 $420,683 $420,683 Private Capital - Direct Partnerships Morgan Stanley Credit Partners Offshore, LP. 4/20/2010 5,24,703 5,721,733 5,721,733 Quellos Co-Investment Fund II, LP. - CRT Series 11/25/2008 1,635,464 8,138,816 -2,894,315 5,244,501 Quellos Co-Investment Fund III, L.P. - CRT Series 12/9/2011 9,601,968 8,582,238 1,006,510 9,588,748 Quellos Co-Investment Fund, LP. - CRT Series [C] 6/5/2006 3,349,041 13,052,220 -999,893 12,052,327 Total Private Capital - Direct Partnerships 6/5/2006 $19,838,176 $35,495,007 ($2,887,698) - $32,607,309 ') Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Bawlays Muni 1-5 Y). After 2/1/2012 its (llanlays 1-3 Year government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AIP hedge funds is preliminary. MorganStantey SmithBarney 52 EFTA00283504

MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2012 Asset Class/Investment/Benchmark Inception Endnotes Date Cost 11/34/2012 Value Net Cash Flow December $ 12/31/2012 Return Value December Return YTD Return ITD Return Total Policy $116,425,779 4130,885,519 $22,439,698 $500,942 $153,826,159 0.4% 7.4% Boston Properties, Inc. (Closing Price: $105.81) BXP (Common) 2/21/2001 26,222,170 -26,854,073 631,902 2.6% 9.3% 14.3% Total Boston Properties, Inc. 2/21/2001 $26,222,170 ($26,854,073) $631,902 Other Investment Assets Total Other Investment Assets Total Investment Assets $116,425,779 $157,107,689 ($4,414,375) $1,132,844 $153,826,159 1 Please note the benchmark for the Municipal/Corporate has the following composition Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Bardays Mimi 1-5 Y). After 2/1/2012 its (Barclays 1-3 Year government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 53 EFTA00283505

MBZ Charitable Remainder Unitrust Endnotes- December 31, 2012 Reference 19 nj [Al IBI Endnotes Please note: Inception To Date returns (MD Return) are annualized returns for periods greater than 12 months. Please note: The TWR calculations are Net of Fees. Investment represents assets owned by Z CAP Charitable Fund, LP. The November 30, 2012 and December 31, 2012 values represent the September 30, 2012 capital account balance adjusted for contributions or distributions post valuation date. MorganStanley SmithBarney 34 EFTA00283506

USN Charitable Remainder Unitrust Executive Summary - December 31, 2012 Actual Allocation °/o for Policy Assets Taxable Fixed hcome GA% Corporate Bonds Caen Global Bones 77.5% two 5.1% • Cash • Corporate Bonds 0 Taxable Fixed Income 0 Global Bonds 11/30/2012 12431/7012 Actual Investment Assets Fudnotes Cost Value Value Policy % Cash - 90,191 90,478 1.1% Corporate Bonds 3,901239 6,506,687 6297,250 77.5% Taxable Fixed Income 1,684,410 1,337,375 1,330,637 16.4% Global Bonds 564,883 419,337 412,230 5.1% Total Policy Assets $6,150,533 $8,353,589 $8,130,596 100.0% Total Investment Assets $6,150,533 $8,353,589 $8,130,596 MorganStanley SmithBarney 55 EFTA00283507

USN Charitable Remainder Unitrust Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/30/2012 Value Net Cash Flow December 5 Return 12/31/2012 Value December Return YID Return Return Morgan Stanley -Money Mkt 12/11/2007 90.191 2s0 8 90,478 0.0% 0.1% Total Cash 12/31/2007 $90,191 $280 $8 $90,478 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Corporate Bonds Seix 7/16/2009 3,901239 6,506,687 -215,000 5,564 6,297,250 0.1% 4.6% 4.7% Total Corporate Bonds 7/16/2009 $3,901,239 $6,506,687 ($215,000) $5,564 56,297,250 0.1% 4.6% 4.7% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% Taxable Fixed Income Doubleline Total Return- Intermediate Term 1/9/2012 795,568 431,158 -1,926 787 430,019 0.2% 8.6% Lord Abbott Short Duration- Short Term 8/17/2012 888,842 906,217 -3,027 -2,572 900,618 -0.3% 1.3% Total Taxable Fixed Income 1/9/2012 $1,684,410 $1,337,375 ($4,953) ($1,785) $1,330,637 0.8% 12.5% 3.7% Global Bonds Templeton Global Bond Fund 5/25/2011 564,883 419,337 -13,259 6,152 412,230 13% 15.9% 5.6% Total Global Bonds 5/25/2011 $564,883 $419,337 ($13,259) $6,152 $412,230 0.8% 12.5% 3.7% Total Policy $6,150,533 $8,353,589 ($232,932) $9,939 $8,130,596 0.1% 5.0% 3.8% Other Investment Assets Total Other Investment Assets Total Investment Assets $6,150,533 $8,353,589 ($232,932) $9,939 $8,130,596 MorganStanley SmithBarney 56 EFTA00283508

USN Charitable Remainder Unitrust Endnotes- December 31, 2012 Reference Endnotes I 1 Please note: Inception To Date returns (FTD Return) are annualized returns for periods greater than 12 months. I Ptcase note: The TWR calculations are Net of Fees. MorganStanley SmithBarney EFTA00283509

MBZ 1992 News Trust Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets 12131/2012 Actual 1V3W2012 Investment Assets Fatale Cott Value Value Policy % Obligations To Related Parties -38,100,000 -38,100,000 Total Investment Assets ($38,100,000) ($38,100,000) MorganStanley SmithBarney Sti EFTA00283510

MBZ 1992 News Trust Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December S 12/31/2012 December YID I I I) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Obligations To Related Parties The Mortimer B. Zuckerman 1983 Family TR UAD 12-21- Total Obligations To Related Parties 9/30/2007 9/30/2007 -38,100,000 - -38,100,000 ($38,100,000) - ($38,100,000) Total Investment Assets ($38,100,000) $0 - ($38,100,000) MorganStanley SmithBarney 39 EFTA00283511

MBZ 1992 News Trust Endnotes- December 31, 2012 Reference Endnotes 'j Please note: Inception To Date returns (FTD Return) are annualized returns for periods greater than 12 months. I nri Please note: The TWR calculations are Net of Fees. MorganStanley SmithBarney 60 EFTA00283512

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 Maps DIM Therriptiem gm", 1/1/3)12 0146166 TbSttee S ILSOSAKre 1/1/3)12 Call Trarateral from MSC Attic Ce0e52 and had in WIZ Aocill (14601 502000&0 1/1/3)12 Inkrett: Nest York Isx Free Minds 2,173).00 1/1/3)12 'Moyne New Ymk tax her Bond. 11.11300 1/3/3212 Inks!: Nest York Isx nut Scents 1/3/3712 'Moyne New Yuilt Tax Inw Bond. 1/3/2212 Inks!: Leattle trends 1/3/3)12 Ca a Inamtional 3keey Market - 1/V2012 Redemption New Yolk Um Ewe 0onds 44360))00 1/3/3)12 USN, Aviation lam Remelt 44356$74) 112276489) 1/V2012 Oink .24 Amite+ Itewlving tine o10014 SWAP raymen110711073 (21201P.47) 1/A12012 Sink ol Amite. Mottpple raymrak 295026.19 1/3/3)12 Mine • 1.02y Z TacM 1.0an01400127111732.5 (5524736) $a17340/401• 1.2.0rtely Dank 0 America /tenting Uncoil:min 1/3/3)12 16232714) hreem 1/4/.3)12 (15Prattlt Equity Patna U. (Dasibulitm) 93µ021.37 1/7/2012 Inincal: Taut* 0.n& • 1/5/3)12 MoqtanRanIty OW* Mina" 1 Carlo, CA 1 2213.19000) Gave. Renting Line010.10/ Cuily Nn..Ludic. 1/10/W12 01935111) Vorrowtr 020.240X02101CUI.9«.2p raymen n1019.371.11 1/13/3)12 Cala* Monthly Callahan Fe 1/17/3)12 Inlenek New York Tat Wm. Wuxi; 1/17/3)12 InItymitNew Witty Inv Ron& 1/17/272 Inhale Tauter I% Js • 1/19/3)12 lay 7. Valli Opm•bre Ewan and Shipped 11.541/X004 4:bk.Capful Imamate'''. Ltd let emtnenh, Cam C•r0.0 1/23/3)12 (W00000) Potters 1 Cdymen ). 1.1' 1006106) 1/26/3)12 'Moyne nutty bruit • 1/ NV 3212 Valet Equity Putney II. LP. I Capital Celli 1132A0/A0) 1/27/3)12 Baton Propaltta CRP Una. Dividend 3.60900 1/27/3)12 Baton rn2r..m.-.1. • 1 11,21,61dald 210.01801 1/27/3)12 Dablili I TOFITIK, Caxemon SW( k Do idrcid 57µ9S173 1/ 27/ 3712 PentOil eieptetksttelt Pwitlatd 3.701.549.70 1/27/3)12 Poi ol Amato Morwre rayment, 220901033) 1/27/2212 Pcnton rierrlicsCorrnon Stock Madre... 2.14.452.10 1/30/3)12 'Mani Tauten am& • Cask.* Ratting Lineal Cade/ Dully Newt Luars 1/30/3)12 1297016;) &worn' .Orel! liX0)1000.1).Swupraymou al $207$9197 1/30/3)12 Interval:1.1mgal, Stanley /Sunkn 13923 1/30/3)12 Interest: Slorgan !eanley Private !UM M 1074 1/30/3)12 IMenni:1.1oran Stanley Plunk." 16964 1/30/3)12 Intent: Nlorpwit %mkt", Private lunItM 10.74 Aslance as el PAU" 51.3)13 Caulk IF Mown Chme Onmthe Sink Goldma fwd.& C. VS Tammy SiUN SSC...m=1 NAM.. Ending Balm S 11764339.77 • 1130302 633603 IMO!) 652 • 3.10107 • C2R24331 4i0030 1.11750) 40137 7.9350) c236 S 6 S S S S N.57ROLL75 }7$!µµN275 V.79177275 27060775 V.611139775 22,6204775 VA7AXI,M 27,62041.27 21601.341.77 27,91µ66l& 22004941 27371.212 27.202.672110 16711.94316 27751115173 27,64µI4.73 277511.4447 27.0Y1.30.3.62 V.099.!0.19 27006919 V091911.19 2706,5a66 2555551516 25.52054566 255211.13066 25,01.13020 DA11.7390. SA29.75A3t. 243)7,712,0 29g:0.26229 25125271.96 21.4.4.71.4a 29065,310.42 29,167.38MS 29,167,52696 29067,5)772 29.14K1U7.36 29,1441,01&10 S 17.103.024 41 I 11 ea yrt W S raleettn$.10 2/1/3212 inarni: Taut* Nods 611, 0) 2.3.171.122. to 2/1/3)12 'tot Note Voila. her &mat 64010) W11012110 2/1/2012 00 leetlIAMOMI 'kat !Amid • 701 20.100.1,015 2/2/3)12 GenerationCarnal Nonni 11 is ( Cape's, Call) 0.929.49) D,1742)µ(6 2/2/2712 160 Avianon Loan Payman 11.32.2.70. 1101.90774) 20.47.20192 2/2/3)12 LEN AvithomlIC • Lam Payment 113342199) 27.Nµ67093 2/3/2012 Qladagµ CP 16w-ilia LP1the Central rointr)( L104411Netkm 1 113.31400 "3.116411.93 MorganStardey SmithBarney 61 EFTA00283513

Mortimer B. Zuckerman Cosh Account Activity - As of December 31, 2012 Wm Clanipliee Mews %shy aliEnr 1P Slorryn Derry« he Bank Goldman. US Tanury 175Canarywry Cher Sala & Cry 11116 AY". Ending Balance 2/100012 ClOblflit Monthly <1110414/1 Re • 17.77240/ 29.01426233 2/13/3)12 Cenryalbn Cheryl Paws 11 LP (1/1540411an) 7.446.00 29.021.3)&33 2/14/012 Want Taal% NMI. • LIMO 24.0LN97213 2/15/3)12 'tot 36~ Yorlary her Ikenry 11.25000 29A3L 5"13 2/150012 Inlaryl: New Yorylry /ryeBands 11.50090 29.01672213 2/16/3)12 Rrylumpliry New York ha her &nab 10/0300 29/31672213 2/10/3712 Want Tarytte 6".11. • 55241 ~7.74145.7 2/170312 QM 2)«! 3161Lere I 1311.1firy.~1 5.10,1:6100 29,392$5.ry 2/17/2012 OPC 11 Dry...Mad it Oryleburyon 1 131~40 29=447.5.7 2/24/3312 CVCC40114111~ As13 1N41114 1 (Deryibulion) 3)0.41431 299333167.38 2/240712 Bury of ryllaryry »Misr erymenb 1137511-009 29491139139 2/ 27/ DM US,Ne.vs&Weeld Repell I Mortimer.. batertrunl ~MAW III6911.36139 2/28/»12 Inlarya 51rysin Rank" rlank• 54159 28~9d3,97 2129/ 012 Inlant Marva Sunk>. henry Sank I.. 9.73 24.139&41 3,70 2.128/»12 Inlryal: Morgan !lanky ebn‘ffi 12900 29.#19.041711 2/270012 Ital. 3.1crypn Sun/ry. henry Sank li.. 9.73 25.699.102.3 Bilmwe is el ~wry 24.2312 5 16R17.4233 5 111/11211441 $ 21.9L9.102.1‘ 3/1/2312 LINV AL1.41106 Leal“rymar44435447* 00739920 2 4 ',e'en N, 3/1/3)12 MN Marylon Lee Frymme 11312185» • »460.011.35 3/1/3312 16/44401:Calelomliary h., eofid, • 3.77774 211.4%412.13 3/1/3)12 lrynal:New >trey Try Few &Noah. - 4.11473 28,130,520.10 3/1/3)12 Cry laryieryieralNkerry %Inlet - 1472 321.47R541.58 3/2/2012 Greyam/1 Lryearye 11 Beene [Morten« IL Zryle~ • Inecete0 1110/;010(9 • inlit,81.RI Cabby& Rum& ins Imi, offsribil Daily Nery lan 3/5/2012 Dam., lrytH0X0)10CCOL Swap Payme0 615190.412569earryi IM1/».69) 210.119.715ry Inktryl sid Lawry Panel on ryary4351912,01 3/5/»12 Bank al rynealry Mann Payment. 1299/N033) 2:1,7111.71)5.% 3p/3312 Ceneralary Caen*, Paine. 11 LP ( Dembulian) 27.31541 27700.02097 3/7/3)12 Ineeiment Nev 'Jerkin Fen &nary 132%46625> 27,439,551.72 3/9/012 (»twit Monthly Onierytin lry • 0.421.2» 27A373(13.4 3/12/3)12 Ogra Peruel Cry) (1500304 27,422933A. 3/15/2312 Ifraumplion New York try Nye tend. »SUM 27.417.91344 3/15/3)12 Inlant Nee Yorlary her Bona. 64343 rimesucc 3/15/2012 Iniaal: New York 'IA /1<elfords 7.ØOI 27A$5.77 al 3/15/3)12 Inlant Nye Yorlary her Bond. 1.06000 rimeaotoc 3/19/012 QPC 3)00 21aryrei INryibatee I 150.r7A1 27.607.111.07 3/16/3)12 Vain Equity peeve. II. LP. lCaellal Call ) I244.0911X0 27~01907 3/10/2012 CVC Capi61 Plena .41a Pryifer 11LP. 1P050(Capall CAI) (13344 96) 27.311S4.21 3/16/3)12 Lary Z Taal Operying tryNnsry 000M0Ø 16944.324.21 3/10/3312 Want Tryatte Nary 3.28125 26.917.02,16 3/16/3)12 irderal 3 Borah. 56092 24.9411.214.38 lake lialyNrry..LP.(Llartair IL Zuclennen) 3/20/2012 1100X03110/ 26.51K21032 3/20/3)12 InverynentNryv Toryfry Fra. Beery 1581,796 15) 35,964,42A» 3/22/2012 lewrylnkry Nryv Yark lax bee Dords ILM7/114.67/ 207,1.013,0 3/21/3)12 BlekRackCelnwrymsei FunJ Ill. L.P. • 7. WSTaabb 5n444( Cap1141C 11.227.2260), »4541.711% 3/26/3)12 Inkrnil, Taub!. link • 120)03 21.443.017.56 3/29/2012 Intimt ?dawn Nanley &akin 46962 r1.613.47&18 3/29/3)12 Inettry 264440 Leanky Pdryte 53611ffi 1007 23.443.411525 3/29/3(2 Inhent Masan Suelq 1/anLin 13152 Z1.6116230 3/29/3)12 InIntry Morg46 Net,. Private %RIM. 1007 2161301314 MorganStardey SmithBarney 62 EFTA00283514

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 34•36. CiliNnk 1r Slorgan Dostocht Bank Goldnum. VS Timmy, VS Cerwomeni billy DIM Omni,lime Shaky Cline Sainte Co. Ril6 Jain &ban 3/30/3)12 Gab's' Coral LP( Doanbuhon) 1.93132223 TI-92418229 3/30/3)12 CoV(9310Z Mating 1.0961 121,39299 1 Initnil 1 (142110,66) 25/M00193 3/30/2712 LS4 AvIsuon Lean Myrna./ 1132133.90) D$23.917.(0 3/30/3)12 Gawk Lona SCrn.14 anl SWAP Colldwal 0300/(00)) 2022MM 3/30/2:42 /4103 Printing lona11540149/6 116132177) auszsi 3 26 3/30/3212 Mali F- Mite 1147.1(0 Noway .$20L(900mid %wren I ;107,50)00) 20255.311.25 3/300712 LS4 Avidion11.0266.740 111550115) 3Allh0.1711 Oilman al Starch 31,3)12 S S212150.11 S 1122407W 5 S S 2036.11)7.11 4/1/3)12 'ManiNew York Ta Fm Bond. 913730 2/.14041.61 4/1/3712 Inkrist New Yorkim hve Cords 12110.30 2415372211 4/1/3)12 'Mani New Takla Tom Porn.. 1.60340 306433211 4/1/2012 Initrest New Takla Foe Dorris 3346/34 211.14700211 4/1/3)12 'Mani New Takla Fit. Con} 240)00 309410211 4/1/2012 Initrest Ne.s. Takla hoe Dorris 211R02110 21111310211 4/1/3)12 Inland: New Takla Fm Vora. SM0040 200100211 4/2/2012 Dank of Amaks Muirosa Payments 12/901033) 19.979,21.7S 4/2/3)12 Dank of Anuvic• Rewlvins law alCmit SWAP Nywam15(054873 tInnuithts • Va)ncriy Pao America stymying Linea tread 12111141120 19094109.66 4/2/2012 1......... 1149.2.023) 19.131(861.41 4/2/3)12 LC161625122 (19.916.91) 190207.50 4/2/3)12 OR hit • lay .2 Yeas Lost 0100011r225355 (31,21294 1902279.8 4/2/3:n2 1V64.1.1 Flight Semcv (1204f420) 149)269.32 Gakorn.Runalving linen10.11/ Maly Nrwo, Lan 4/2/3)12 Ocaowtr 9C0140X0)10101/1.96vpraymtn101320)223.690:nren 133L197.92) 1112731111.10 Inktcla and Swat, I'm net on loant0102101 4/2/3)12 Inborn: Taxan* bon& . 30230 14$72,344.10 4/2/2712 Ce baallonal 51.55, Simko lindsTnrolerted Iron. Wirt ChantatteRentainte Unilrusi Acc10176 XV 111.5713'229 4/4/3)12 051919 3.37.15331 21,100.425.73 4/5/3312 USNews& Wald Recal • Manse 0 Zuckenvan (.9olgougn 2/01042573 4/9/3)12 klaratiSunle/ Cada Nolan! D6intylan ) 42=40 21,11434473 4/11/3712 Inc lt000t Now York In Fra.0054, 1211117130 3W11.0217 4/13/3)12 Ca..* Monthly Cusintlisn For Rada% 210)9.169.29 4/16/2)12 lay 2 Yalu Crags% [mamba 110040200) 19.609.169.19 4/20/3)12 COvil Slow Cap116Wartrwrs101stntvtiOn 1 2%44440 190261319 V 23/ 2012 Inn...Meat New Takla nee Donis 19910:420) 14.63h61419 4/27/3212 InIntst ?down !frank', Mak IMI 191.14 14.63.04)7A3 4/27/3012 Want Ilorato Fealty Rives /Until.. 9.73 14.61(011716 4/27/3212 Inletnt 3 lorgan 9anky lUnkIMI 1X29 15.6.16,%1% V 27/ 3)12 'Mum,: %licsan Sunk,. Rives /lank.. 974 140411299 4/27/3212 51,11144'u linranet NM 11. LP (1)1Rnbullonl 0414940 190411169 V30/3712 Interne Tamt4e 11.51,15 • 4.!0/1 19.5557a24 4/30/3)12 Oaten rmralla Z011 / 2012 (03 Units 7,71000 19$45431.24 V30/3712 110,100 l`wrallcs- IIISIMIderd 2)9.9020 19/0140674 4/30/3)12 110.10n INctille.C:ennonS100.12,61dald 57365423 10,939.35077 V30/3)12 Itabion Promito. OM Div idrcil 3.324.167.70 31.73012&47 4/30/3)12 %Vag* Flktlx !in1Ct ("5/00)00) 21.659.10347 V30/2012 Dank of Amon. Sluelgare raynwnts 10901013) 21.711011A11 4/20/3)12 Pogo. 1•NralltserOmnon %xi UNIdcr64 1.21000 21371.22414 4/30/3)12 1/0,10n INFalltserOmnon Rod. Utfidalkt 24.1266.10 2161647224 Kahn sr. al Aril 30,2412 3 11.790.14028 S 11112300.46 S S S 21.1e07124 MorganStanley SmithBarney 63 EFTA00283515

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Mortimer B. Zuckerman Cosh Account Activity — As of December 31, 2012 Wb Docriptia Margin Sualey Cithink llortán D.t.che Bank Dun Goldman, 135 Tanury US Gaut Socha& Ga. Biló .90 0cin alias Bala 1105100 PiwatleaCortnon Stock rneeki lo 476061593 041!« 199$ 6/15/3)12 Evihrt rru1013.552 Mgr. 20.064.60.00 6/15/2012 Inkreoi: Ne.v YorV19* Fru.1/06ds 2.9.000,00 aW5‘60.00 6/15/3)12 Interne New Yunlasx Free nand. 2510100 • Y411464103 6/15/2012 want TaaNe [co" • 1 MOW 20.11M170776 6/15/3)12 Interne 7..1.06, limb 1 /203 OW Y4117.30Z7b 6/15/2012 ink. Cit Talatte &ads 7Z202 20.1111.029.711 6/15/3)12 Cielbani.MonIblyCubIntlusi Fa - ~AO 1015.361.0 6/19/2012 Caber& laber el C6,3* 90.05127 Transkr Fin 025% PARIM 20.1051.67672 6/19/3)12 Inkint Tiuti. Iloculb - 500 W4109385.15 6/ 211/ 2012 lay 7. Ymbi Operate« Lapin. 1100000X9 19.71)931130 6/30/3)12 Imv.inynt Net, Toot lax Few Illond. lbaCalOcc, 19~11535 6/21/2012 US News &Work, ltemt i Mortimer19 tutkaWn 1 (030000X9 18.794.1130 Clik4 Cip561 Iffinnxnk la Lid lot ratagnáipClibiCsoul 6/12/3)11 Mann') I, Clymen ). LP 10(401 Ca) (37.50300 1a615 -L5 6/W/2012 Giovanni /aria • Tour Dips.* (7)"" 18.723.0.30 6/25/3)12 Ink!~ Taal& aoMik 629000 10232,13&15 6/Z7/2012 0/CCapild Patna, Mi. Pacific 1 ( Ditribution) 53.50.1.16 • 111.701771.51 6/27/3)12 WU 04 AMOK. MOCIPte NYMCIlk 1299,0103» 11001,761.111 6/28/3712 01113:.Cu Imunbran Fund IL LP (Dianbution) 1.107.00» 19574.61730 6/28/3)12 0.1.1:Co Ime40:05 NnJ.1.1' ItXstribulic") 196.74400 20361.361.19 6/26/2012 Interne Ilcurpn Stanley Sanklini. 10.72 20.1.1.,09,90 6/2/1/3)12 InIne.1: Morgan "anky Private lbnl.M 9.70 X161.5160 6/ 26/ 302 Interne Ilcurpn Stanley Sank." 16137 20.141.60.17 6/26/3)12 inkno: morgan!iunky Privog Rinks til ltlél..00$8 6/29/3)12 r06901 almaranfilwed bum 1.152 Charit.~RemunJw Unelf ad Acci076 1 4.2"71409 1.5.3711.33LW Ranearnal Wino from Shand &mica. Win. Atwan1 •0:1493 MS2 6/ 29/ WU 1.~ Ian 111121139.299 1.033300 N.510.93305 6/29/.3)12 glared Yeracei wire Moroi - Coiti? NI& l'nrtrg Lain el=7.3»r) 110.51,300 14371{364W 6/ 29/ WU 3.102Prinling loon 000100 1161303» 0.906.011.46 6/29/»12 Mal, F. 5%.~ 1 1873“1 ~way .$20.030(b.15uppoit I 007.50000 WA9$11A6 6/ 29/ 2012 USN Avishonfle Lain Paymeni 1130.003?) 0.617. 55 2 93 Rink of Amyl. col Rewch mg lant 01 C654.15WAP Payment 6/29/W12 6/29/3)12 9511110173 (Cowrie...11111101 Crwli Swap, PR Int. • lazy Z OEM Lew 010(011:7105-30 1211.1017.11) 05411197) 231394.165.52 11319.330.55 .10... 1AUPLIII• ~Pity 0.1.“< ATVIIIIi ANtalille, Lill, U• taw' 6/ 29/ WU Il.n 1141.1,077) II-730171711 6/29/.3)12 Interne TaluebIg &nib - 6A7503 22.744.60711 Iblance as el June 5 1(t5\anlla 1. IIA3t.WRD $ 22211.61A714 7/1/2012 ink. Ca New YorV19.‘ am Bonds ilny,r , 9-737.3550 7/1/3)12 InInnt New Yu& liat /in &ma. iramkt from Sol. el Anne lten.i.kb‘t Wind Cffi111 • C.71,1161 1S.75340 32793.105.0 ]/y2013 21130.03)01 Commelonng Ai Ow NY Maly »no 24.70.10 5 0 7/2/3)12 Daly News. L.P.(klettiser D. Z61105M61 12.030030), 12793.105.0 7/2/2712 IraZAwilion 1141566.740 1113.7107?) • 2160.39920 7/2/3)12 InIntat Tauettv Km& 15166E 226606553 7/2/2012 Oa lostizurgeol ?keel Mirkt1 0.0 225406601 7/5/2712 Inkomt tnatile Nods 3..truno 72627766m Caborá Rank« 4µ Low €.10.1*/ DadyNnmdamt 7/6/3)12 ammo, 1011.0011)101031. raymenild 9312.5111 corm %Iv 01251070 22.17s.nan. ~NNE Soar ravm.trel en Isten le.01 7/9/2012 (Awn Slum, Cepelal Pactron 1 Decinktson ll 4.73100 • 223, t1Illla. MorganStardey SmithBarney 65 EFTA00283517

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 Mara Citibank 1r Iloritrn Dvense he Bank Goldman Tnnnury LS Canvas &Ain DIM Daniplia —y Ch. taint Cs. Bill Arnr9. Saban 10/31/3712 Vertre Ittertlent/V Molded .&32757.70 rtIM1991.19 10/31/2)11 &Son Promise. Ccarinon Stuck Dresden] 21250150 15.5.19.168.4) 10/31/2012 Imeument Nauss County Tun Env Weds 1510.79972) 25$211719.V 10/31/2)11 Dania Ammons thaw unS17RInare olCz.la 3103.0000) 211.011t715IV 10/31/2012 Drily New...LP.(klortmex11.2teLerwan) (t030A0)07) r11211719.V 10/31/2)11 IAN Anshan 11C • Ian Payment 1130.2907 21.1117.941.10 10/31/2012 linstiTh-rd Nassni County Tun Free Reds 12021•199.41) LlS7h407n Daiwa Ottoker 123011 S 11.831.55584 S 121144.1/842 1 S 29%45.79 11 /1/3)12 INN AvIsiio 04W34C.$0 1112677274 29.74767.49 11/1/2)12 Waal:New tufa. her Dents 245761 wetzin. 11/1/2)12 Want Ii.ve ts.6.1. Fen Mat 201500) Amain 11/1/3712 Co trntorutReal Weer Mater 23) antor.3o 11/1/3711 'want Cameral Elxlm Bonk 112500) roxan.36 11/S/2012 Punk 4.4 AmeTtCa Mallow l'uyments 1265.10621) agatonos 11/ 6/ 20I2 'med..: Riwte.4 NV Conon' Schrel Mint Tan Ave am& 1590.9200)) 2902701116 11/02012 Celled Watt hi IA NY 5130/ 1713211 MONO, nroustos 11/7/3)11 Ciskei Revolving Lneal0.11/ Daily NInm. Lan 130129167) 71.9111419.38 &grown MU41.0(1»10(cUl. 94+401.1VmOM 11/9/2012 Cosi Swart Carilal Detaullon Itt<thyd 41139100 21.9901.7.30 11 /9/2)12 Coker& Monthly Cusittlesn Fee P.768381 210)1.1179C0 11/11/3712 Investment Alttny emery NY' I. /Fe Wends P77.873 00/ 29211,311(0 11/14/2)11 Dania Arndt. RuselvingLrwalCzela AMMO 0)) 1939162460 11/14/2012 Dilly Newt LI'. celnsIkete It ZudernatIl 7.10.00.100 29.211,3)00 11/14/2011 kunst Sion. Surely Dumb 2.251.713 21.21/(43S 70 11/13/2012 M1s Itonslared to MK ChoSing AccogiorMN.65 IM O% 27.86&41570 11/15/W11 Intrrat Now Yorlstrx Fm &W. 3309393 22.9.17.311.17 11/138/2)12 Itedenvocalatomgh Onde&'nunnel Audi 1. Frye Dot* 3IM0)00 21.2223.11.17 11/15/W11 harrat Now Yorlstrx Fm &W. 157.2500) 29379.584.17 WIWZO12 Itedenvtiovintomgh Dodge& 'Nand Audi In Ira llorxh 2.(0)X002 5.979381.17 1111,11012 linktnpliOn intomgh Vadge& Nand Audi' In lite Bonds LOWN002 26.379381.17 11/15/W11 Relurriptnec Trkurough lids. re Tunnel Audit. Tra. lent 503.0000) 2009.58417 11/13/2012 Italentritt MIA NY In her Mends 1.243.0(002 31.101.381.17 11/15/W11 Inkn.l 11112.1C Bent 30807 211.90,68214 11/13/2012 /1111.1C Welds Redwood I 5. 379 37 219129361 11/16/W11 00.4A Saul Wormed 7.69422 211130,682.08 11/14/2012 Interest CNMA rends 413111 31.171.017.16 11/26/2)12 Waldorf Flgtht Snide Wiry Trseorerr 1402000 0)) 72,731,097.16 11/21/2)12 Etduthe Yacht Monigernat Wire Tratter 1150070)07) 27361.097.16 11/21/W12 Tun& Tranelnind to MEM ChnlonsAannI76.063f65 1163.0007/ 72,231,0:07.16 11/29/2012 Sold rend: New York ells WWI AuthOtity Tan NW Bald 1.19.98122 2U)1107938 11/19/W12 Interest SlorpnStawsley Sank IMI 15109 211.110AWA7 11/29/2)12 Interest Skew %mkt ratite link IM. 1001 2821944711 11/19/3712 Mortara B 7.1serwun Dank of Amen. Wier trans, 1265.596.75) 2815.9526 11/29/2312 Sold Mad: New York trt CO 2.111/11(00) 3R533.731.26 11/19/2012 loU Sant New Yu& Sr thruway 1.1505620 31/875746 11/29/3)12 Sold Mad: New Yost ntt Cry CO $10.91110) 3191.82.46 11/19/3)12 Set land, New York 7IY fay C.0 51112,8119 n6500235 11/29/3)12 Interest Skew Itankylink IE. WTI 3165626/12 11/19/3)12 Interem: MoryonStnnley PntarSemk IM. 1001 32.654r1.16 11/30/W12 Ittertro Fart/eel, IhstritnOte 61.673.00 2.72Nifin 16 MorganStardey SmithBarney 69 EFTA00283521

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 DIM Daniels 36iman Stub" 1221287774 Ian Morgan Drown. Bank Chair !Goldman. V5 Toomey Sat.& Co HIL VS Conlon* Ending Armin Balusen 11/3879872 12/1/2012 11/1/ 3)12 121343712 11/ 3/ 3)I 2 12/42912 11/7/W11 12/10/1011 12411/2011 12/12/1011 12414/3)11 12/13/1011 12117/2012 12117/2212 12/17/2012 12217/2212 /2/17/2012 iutwanz 11419/3)11 11410/3)11 12421/3)12 12411/3)11 12421/Z012 11411/2011 12421/2012 12/11/2011 12/21/2012 11422/2012 12/27/)12 12417/3)11 12/ ZS/ 3)12 12428/3)11 12/ 2.11/ 3712 12418/3)11 12/ 28/ 2011 12418/3)11 12131/3212 12/31/)12 12431/212 12431/3)11 12/31/1011 12431/3)11 12/31/1011 Win Avlillon L1C • Loin niyinen1 1121ance as 61 Nottmte 21,9712 Initrei6 ManroeCounly NY Rink of Amain, Inknistricotioi 5114:9ip DAilend:Wothwn nein 115Trovany Rm. CreiOnill Mironers11 Waist joko rhino Capin, kInnienvi boliermin. Citibank Iniondro Wirs, Q. Mk Eironrail Vinton. LI LP Dilly News U' Coke* Ctionlan liv Intense Ntw York NY City !Ann MI Fln Anth WV & 969 FlILMC Ilan1R•dased GNMA 560 Itedmric51 Insrai, GNMA IMutsl: /111.21C Imam, ItILMC sneeze /1104C InonOnint:Cluvior NV UN Frei St Din Inondinent Clotho NY UN Env Sth Din /beds Itninkt In NM cheil.leo An< 19 179•01!ei, Incorins Ono Q 1111,Colnotanoni Rini LP Wowing PainCool Snare Minot LW 81sekrock Co Inioffineni hand111 Wily News. LP Tnreavr 111COCAP In Moore Simploni Trun Cowomny • Yailn Lazy Z Immo: Wklorgui Cline 110in/ Incorino Wire. QPC 0 Moron-milNo Iniosiro OW spy 3,02 Male Mid Iacono, One. POrioof Panty !madmen( Club Irooinno OW (knounon Caroni, Pains 11 LP In:oar% Wen Hui Schwan Ran 5 115A(0.13) 2AM1X5 60 S 120231711 31901211(0 315912120 .L.2,, 1115.95101) (1)A0380) 13214122/) 703620) (103/00301) MOJA) +10300 CO) 15(0010 CO) 1159110300) 1302460) ZL$11.00 firn.3600)) (2.90/003.11/1 (195(839) 15,100) 49).9691.19 330200 1119419.46 69623951 11875411119) 1111750)00) 231.11 921 IMOICOM) 4202140 L,14.7100) 132151/3 2.0801)(1102 1138568.93) 93580) 259 21/1210 127711351 11991.11) 9(161164 715M 3670 iO*W 161662 6290(1) 612500 ILIVAA II S 37.594121.36 twin 777 V45912032 3149921287 32(0.72LW 32.342W61.7 32.017.113.15 31"175.15 38.05%173.15 380.5.101.60 39.110.101.8.1 38121-93$30 38131161.91 38132.66078 39.1334CO-11 30.134.033.41 39.131.8009 19715/3408 19.235.6%;08 287113.8009 2.81440)08 218938.91409 281141.55408 2314/59108 2532196569 5.132.2019 24,10,62169 25015019 2505,17269 5.241.05215 hi$77,79016 26.09131516 2558/71)58b W.107.91(197 2558/%968 17.967.99010 211966647. 11.513601.77 16618629.(6 26.658.R17.05 24551993.12 16941.123.12 $ 16.314A73.12 as. oleibrol Pink ol Ain*, • Binkne AfeCrItai ktirls. F Praise Inntesi. Nlorginininky llinkM Initurit %Lysol Sunk, Pnvitv flank= 60,1 Mailer lo rektIllatt 11 Zixkerman C605993 Fwd tiam0 ham MBE CW147606190 1,06.06 Win:Q.511,ColnyestiemtFund II LP IrcoargOnor Eivrcure Carnal Pi:1nm LP Iroontiqg MR! Mort/stet II. ZuCketioan .5ankOf Amain. 114,1 Miami LLC Inlinest Gent., axes'. Siline 6561 UccontAr 31.2012 MorganStantey SmithBarney 70 EFTA00283522

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 Dab Decription hbrys Sunday Citibank IP Morgan Chas Doetre he Bank Coldmaa. Sad. &C. 5 ifM110111). LS Comnseral Lading Arran ItsLinct • MHZ Morgan Stanley Cash Account Activity Includes Accounts 060652 Sr 086488 • Citibank Value Inclusive of Fixed Income Securities and Cash MorganStardey SmithBarney 71 EFTA00283523

The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Date Description Morgan Stinky Indoigua Chase Deutsche Sank US Treasury Bile VS Government Ending Agencies Balance 1/1/2011 1/1/2012 1/3/2013 1/6/2012 1/9/2012 1/15/2012 1/30/2012 1/30/2012 2/1/2012 2/1/2012 2/17/2012 2/17/2012 2/27/2012 2/2B/2012 2/29/2011 2/29/2011 3/7/2012 3/16/2012 3/23/2012 3/29/2012 3/29/2012 3/30/2012 4/1/2011 4/1/2012 4/1/2012 4/1/2012 4/1/2012 4/1/2012 4/2/2012 4/27/2012 4/27/2012 Opining Balance Intere-A. New Yost Tax Free Bored+ Redemption, Now Tort Ms Few Bon& Funds Transferred from MIX Ponlolio Funds transferred 1ooutside uwesinurit ITangleton/ Wobble Investment Awn biome Now Yolk Tax Firy Bonds biome NtorganSlan16, Mut M Interent Morgan Stinky Pnvoe Bank M Balance mot January 31, 20)2 Brulunan Raul [Maw Fund II (Distributon) Inkiest:New York Tax Free Horde QPC 2002 Divested (Distribution) QPC II Diversified ( Retribution) ColcisanS3CM Hedge Fund Steeling Strategy 331) 1.1„C I CapitaCell i Interest. Morgan Stinky franks Interest.Moegon Stinky PlivateltankM Brietnun Real [Maw Fund III, L P.( Capita tall) Behnke ma February, 29,2012 Brieknun Invuitermits IL LI.0 ( C.4p1tal Call due March 7. 2012) QPC2002 Dnerafied (Distal:9ton ) erlackRockCcelnrestment Fund III. I-P..2 US Taxable Series( Capital Call) Inkiest Megan Stanley Bork` barest Morgan 5tanIcy [brae Bank` FundsTransferred in from Wrong %liter Siorrecin Selena. mol /Aaret 31,2012 Imoreat. New Teak Tax Rea OM& Interest. New l011. Tax Flei, Ponds Intorest.Now Teak Tax FN. Bonds Intortru.Now Taik Tax Free OM& Inioncd.Now Tort Tax Fwe Bonds buolost.Now Tont Tax Flee Bonds RideniptIon: Now York Tx. Fin Benda WILK Co. Iminament Rind II. LP- glimilbution) Cadman Sias Hedge Eland SordingStratogy 3)11 TLC( Capltal Call) S 3.1019.7451 1580003 75080100 800900000 mutocevo) 13.00000 15175 1074 S 3.101.625.51 111462851 38(662851 4.6646.78.51 3.8(6.62851 3 62851 38/8.7229 1879.793.03 S 3279,79903 0.31 S S 3879,79903 31.45100 560300 4347200 51.022.03 (1.147A0.17) 14503 9.74 (112.10660) 3011,24643 3.91421643 3,159,918k0 3093,91143 284689086 23743589 2.847415.63 2.731.19343 S 2.734.16940 S S 2.734.16963 (51524003) 25.695.03 (927.96544 MRS 10.07 2330550) 2368.96961 2.41416463 1A8468943 158477651 1,186,78458 1.720.74158 1.721.711 1.720.74191 21%4101 414175 1000100 4250.00 2500.00 3975.00 2454Xt00 54 MOO (1.150A3822) 1.741.60191 1.74683533 1.75683533 1.763)35533 1.76336533 1,769,.15033 2.01426033 2.502,15033 1,13269151 MorganStartley SmithBarney 72 EFTA00283524

The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Mae Deecelpuott Alorgan Stanley JP Masan a. Drulacht Bank US Treasury Bills US Government Ending Agencies Balance 4/17/2012 Interest Morgan Manly Bank 67 722 1.4)2.7e9 23 4/17/2012 Intorea Morgan Sun)y lira am au* 971 1.432.70496 allow in of April 30 2012 3 1.432:A9596 3 3 S S S 1432.76896 5/1/2012 InKrtut New York Tax Free Bonds 23000.00 IA-V.768.96 5/1/2012 InKrtut New York Tax Fret Itond, 1401250 1.10.(91.46 5/15/2012 InWrtut New York Tax Free Bonds tzsoaoo 1.00.%1.46 5/15/2012 InWrtut New York Tax Free Ponds zonoo 15(6581.46 5/15/2012 InWrtut New York Tax Free Bonds 3409a75 1,51167521 5/18/2012 %SS Communicanons Panne° N. LP( Capital Call1 01.333.40) 1,51031221 5/23/2012 tilackltAxk Calmvamen1Fund 114 LP.- 2 QS Tenable *ries i Caudal CaU 1 1147.019.07) 1/36229321 5/30/2012 InWrtuti Mown Storney Sta.! 5275 1,063,345.96 5/30/2012 Iowan: Morgan Stanley PrnaaeBanl.M 1108 1.053.3574/1 Eulannomol May31,2012 1.043.37.01 $ s 1.053.367.01 6/7/2012 QM II DivotallM4 ( Dlatilbution) 69.39100 1.132.747.1 6/7/2012 QM 2(02 Mangled ( Diuribution ) 111,914.0 1.31186101 6/15/2012 Beaton Proppertin C4111101011 Slott TIAMIIIIIIIM476060662. tallirt) 43.352 Shama 4.330714.56 1.314461.01 6/29/2012 Q.BLK Co. Immentoil Sand IL LP- (Dlaulbution) 993.71403 2.128.375AI 6/211/2012 Q.BLK Co. 1111,011110M Rind, Ll`• (1)Sulbution) mini°, 2340.110M 6/211/2012 Mama. Alormin Stanley Bunks 37.62 234014766 6/22/2012 Inhume. Alormin Stanley Mime runIM 9.70 234433736 Silence tea w322012 254015736 2310,15736 7/12/2012 brael Infrastructure Fund 1-C. LP. ( Capital Call 091 (137.500401 7402,48736 7/13/2012 Qrc 2on Diversfied ( Distribubon 1 29.79).03 20239636 7/15/2012 Cullen-4. New York Tax Free Bonds 1300300 2415396.36 7/26/2012 InackRock Co-Inve9munl Fled HELP. - 2 1.5 Taxable Series( Capital Call) (965.0.10(0) 10939636 7/22/2012 Branch Check Deposit 46.732.41 L55062817 7/30/2012 blew* Mown Stanley GMs 9251 1,565,72131 7/30/2012 Interest Morgan Stanley Myatt Bank M 1071 1.565.73202 7/31/2012 Boston Propenia Common Stuck Dividend 23,95360 1.89.68582 BaLintv w01 July 31. 9)12 1,949,46592 $ 1.549.665.62 MorganStanley SmithBarney 73 EFTA00283525

The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Dale Description Morgan Stinky IP Ntotpaa Ouse Deutsche Sank US Treasury Bills ES Government Ending Agencies Balance 8/1/2013 8/14/1012 8/16/1012 8/30/1012 8/30/2012 8/30/2012 9/V/2012 9/V/2012 10/1/2012 10/17/2012 10/30/2012 10/30/2012 10/31/2012 11/1/2012 11/6/2012 11/13/2012 11/15/2012 11/15/2012 11/15/2012 11/19/2012 11/19/2012 11/29/2012 11/29/2012 11/19/2011 11/311/302 12/12/2012 leenest. Mier Timken% Fete Bondi Fun& tuntilatiod so 061057 (Nontwmpt Trait) VSSCeromunketbris Pariah, IV, IP (Derilbullon) Mar Altosk Coannratanent Fund ID LP.- Z Eg Eaubla Sales ( Esplul Call) Inlattea.Moryin Slanky Bank M Inborn.. 3.10avn Slangy Privaie Bank- (Wince mod August 31.2012 Intere5t Morton Stanley fisnkM Intere5t Morgan Stanley Pine81AM IlaLinne el Seplembor 30.2112 blares.. TA.Frue New Yea Benda Goldman Sas !ledge FundSealing Strabsgy 2011 LW litmlinenl WireTraival InWirut Morgan Stinky Banks litlineia. Morgan Rangy Private Banks BeslonnopenksCoffirnon Slott Div limit Balance in of Clicker 31.2012 Were* Mew York Tax Free bonds Invebnent: New York Tax Free bonds Invebnent: New York Tax Ewe Bonds Lunen* New York Tax Free bonds Reamption:Thb,rour,118rodge Sc Tunnel Tax Free Bonds finert4.New York Tax Free bonds Reamption: New York State Dorm Auth ledannt.Now Yolk Tax Free Bonds Sri. New TOIL Tax Free Bond, ledureat. Morgan Stinky 15.in1.M. Abigail Slinky Alvah: ILINM Beekman Rual EilaW Fund II 1>neibution Balance as of November 30.2012 Isnot' Intrrstructure 5.10103 (145812.41) 463735410 (5798010D) 6330 1038 1.541.01562 1.513145321 1.972.3)021 1.392318121 139212131 1,11281Se S LYTLE:81P S S S S S 1,39228120 4391 937 1,39297520 1392.935.17 1.392.935.17 S S 1.392.935.17 44.843.75 1639.71033) 41.29 11.04 8395360 1.437.770.92 79806039 793109J515 793120.92 872.06.4 82207432 S 1C2.074.92 35312.50 ocn.7,34,:o) (207.0333) 1250003 120020)0,1 6D)91.75 1375)30000 40136 6111119.91 5838 1046 4.9).2160) 4.074.774 r 85728702 7%40302 318.169,69 5f0A69.69 1,560,669.69 1421,.63,44 2996:AS344 2397,36500 3.615.494.91 3.61333332 3.61334337 4.074.77937 S 4.074.77937 07.510 013 4.60727011 MorganStanley SmithBarney 74 EFTA00283526

The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Dale Dcioalpdoil Marna Stinky 919 tdosiuno Chase Deutsche Bank VS Treasury Bilk k5 Government Ending Agenetos Balance 12/192012 12/21/3312 12/21/3312 12/21/3312 12/21/3312 12/21/3312 12/27/3312 12/27/202 12/211/3312 12/13/2012 12/31/3312 12/31/2012 VSSCommunkulictio Fund TINYCIIII on MBZ 1996 Etoutpt Fixed Income Am. (34-111044 Fund T1111,1611 on MBZ 1996 Eidonpl Fixed Income Am. 654417036 looming Mn,: Venonk Wilder Sleouriunn Womb% Villadif2BII.Co Inkanmeno hind LI' Madkurck Co 1.11“14Telll hind III Incornling Villiv.(7PC II Divdrollk0 Mot Wank% Wliv.(7PC 3002 Olociallik3 OW Iniettria. Mown Sunky Banks ItillIttril.MOWIIISlanky Friluee Ronk In Fund TFLYCICI to MBZ 1996 Et4t0pt divin C6402992 Iteornlag Wize:C581kCo Invommont Rind1130 BaLtno. tool Dotomobot 31,2012 i )1.437/0) 00.40)000 0.001401/X9 37,1610 233179.0) 4671,52004 31,3350) mato) 17542 970 (2,0002000) 1.411,0520) S 1.15816249 $ $ $ $ 20034237 2.90,847-V 1,910,847-V 2.090,016-V 2311,2037 143946537 1,671,01037 1,74065537 154471079 1.74479049 (25330931) 1,15053249 $ 1.158.85249 MorganStanley SmithBarney EFTA00283527

The MBZ 19% Trust (1ST Non-Exempt) Cash Account Activity - As of December 31, 2012 Dale DecrIption Morgan Stanley JP Morgan Deutsche Bata US Treasury Clime Bllb US Coventment Ending Agencies Balance 1/1/»11 1/5/»12 1/9/102 1/13/2012 1/V/2012 Droning Balance Morgan Stanley Credit Partner (Capital Call) Pkneur LW- The Windt ProductionGrow. LW - WedgePayment Rinds Trantlemd to thy CS AIPL lows/men! DoslonPropertimOPU Dividend S 5564,90,78 (233,19000) (949050) 4500(1001103) 7432960 5 5.5(405.76 . 5331.72828 - 53a.123.78 3.3ZZIM78 4.06590239 1/30/2012 Interemi Morgan Stanley Bonk- 20.73 4.06115741 1/30/2012 Mirror. Mogom Slankry Petra. Bank- 1074 06116535 1/31/2012 Leper C41114 LEL ll CaMtal Call 1 (572555001 3,49361535 Balance mol January 31.012 5 3,49561535 5493.61533 2/1/2012 Inkrer. New York Tax Free Bonds 20)(00.00 5513,61535 2/2/»12 Funds Trandornad from Cebark 3,10000000 7,11861535 2/3/2012 [Er Global Ill. LP - 15.7064010 DST Global Paying Banat (Capital Call ) (5 citn00300) 211561535 2/16/2012 Taconk Opportunity Pand LP. 41479.17 2,154,99432 2/17/2012 QIC II Diversified ( Disrelbutinn) 34LU3O1 2,189,01732 2/211/2012 lamired. Mown Stanley Bank 10222 2,189,11916 2/0/2012 laterest.1109,an Slinky Privair Meek 9.73 2,189,129.55 Solonee mot Frtoung 29,012 2,189,12935 5 2,189,129.55 3/Z/2012 BlackRock Co-Immtmen1 Fund !IL LP. -Z US Taxable 'Scrim( Capital Call) (1,237,28100) 95144358 3/»/2012 Inlermt:Mcoga Stark B3rikM 611.(0 951,911.61 3/»/2012 Intermr Meegap Stark private Dank 1007 951,921.69 3/30/2012 Funds Transferred in horn Winne Solder Swenson 233,55500 1,18311760 &dame arc ol March 352012 5 1,18507668 5 5 5 LIS54.nm 411/2012 Interest. New Trek Tax Floe Banda 2523000 121012665 411/2011 Intered. New Trek Tax Free Ilamt. 461230 1.211.739.15 411/2011 Intered.New Bark Tax Free Bonds 484373 1.716.53293 4/1/2012 Interest.Nenv Bork Tax Free Bond, 10,0000/ 1.226.53293 4/1/2012 Intarost.Nenv Bork Tax Free Bond, 6.25010 1.0.2.832.93 4/1/2012 Interest New York Tax Floe Bonds 120000 1.211.032.93 4/2/2012 Roderription, NowYork Tax Five Bowls 001)0000 1314.032.93 4/10/2012 C6T Imgmmenb VIII. LP. One Capital - (Dignbutson) L50000300 2214.032.93 4/27/012 DIL( Co. Inent Fund II. LP- (Dign1199m) 560.89300 3202.922.93 4/27/012 Interest Morgan Manley BankM. 75.74 3.012.99067 4/27/3112 Imerert Morgan Stanley Private B3nk 9.74 3,023.0)041 4/30/2012 Balm Propertim Cfe Dividend 74903610 4.132017.01 MorganStanley SmithBarney 76 EFTA00283528

The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2012 De Danalpoon Morgan Stanley jr Morgan Obese Deutsche Bards US Treaesny Bills US Dosgmment Ending Agencies Balance Manna .% el April M. 2012 $ $132.1117 l.13?plul 3/1/2012 Wand: New Tork Tax Fra Bonds 10,31230 4542529.51 5/1/2012 Intaniat NIsw Twist », Fra Bonds 3,73000 4,14,47951 5/15/2012 Legacy CoPRA L.P. (Capital Cain 079,279.00) 3JAMO:051 5/15/2012 Redemption: New York Ten Free Ronda <85£1)0.00 4451403.51 5/15/2012 Interek New York Tax Free Bonds 17.98l 25 4.469.75126 5/15/2012 Interek New York Tax Free Bonds 522500) 4.52213176 5/18/2012 AP Invetment Canape CID I DisAkutien 1 1 1.562 45 4.52.941.21 5/18/2012 V$6. Communications Partners IV. LP( Capital Call) 131433401 4.502261.21 5/23/2012 ItlackInxk Co Investment Fund Ill L.P. - 243 Taxable 5encs ( Capnil Call) 1596%5001 390(.19621 5/24/2012 inemtmerie New York Tax Free bond, 1251460001 3451.73621 5/30/2012 Inkiest Morgan Stanky Bank.' 17291 3451.939.15 5/30/2012 Interest Morgan Stark Nine Bank= ILO] 3451.92022 5/31/2012 Innestment New York Tax Fra Bondi 1252003 00) 3.401.930.22 5/31/2012 InnAment New York Tax Fra bonds (250003.00) 3.151.92022 Meaner Ma May31,2012 $ 3.1$1.0512.1 $ $ $ 3.151.93522 6/1/2012 ligestment.Now Tork Tax Free Bonds 517XXI00 1201.920.22 6/7/2012 Qrcii Diversified ( DistrIbution 1 6959000 127151022 6/15/2012 1357 Global ID LP- 157061000 osr Global Paying agent (Capital Contribution) (503)M.00) 2571510.22 6/78/2017 WU, Co. Investment Fund II. LP- (DisicibutiOn1 583,71400 »MON= 6/28/2012 42.8LIC Co. Immanent Fund LP- (Dminbunon) 54948450 4.201.108fl 6/28/2012 Inkreat Morgan Stanley Bank` 12955 4.201237.77 6/28/2012 Interest Morgan Stanley Pewee Bengal 971 4.201247.48 Balance anal Jusa.30,3312 4301.247.48 5 5 5 5 s 4.204247.49 7/15/2012 inland. Sliv, York Tax Fr.', Bond, 62300 4.204~ 7/16/2012 Legacy Capital LI'. (CapitalCell 1 pcnaog 3437.16143 7/26/2012 BlackRcels Co-Investment Fund lg. L.P.- X US tuaNe Sells( Capital eau) 0.283.00103) 2.369.162.48 7/27/2012 Incoming Check -Castle Advisors LP. Dunn Capital Inc Attn. Frank Sabena 56.-112.11 2.437/59429 7/20/2012 linens!. Wigan Stanley &aka. 13307 Z4111547.96 7/20/2012 kliegs!. Morgan Stanley [Shut.. DIN= 1071 2.4115.530.67 7/31/2012 Boston Progeilks Olt Dividend mhos° 3.201.252.27 Balnaad July31.2012 :au 252 2- 5 3.35i.2'52 r MorganStanley SmithBarney 77 EFTA00283529

The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2012 Date Description Morgan Stinky IP Morgan Moe Denrirtie Bank US Treasury Bills US Government Ending Agencies BaLance 8/1/2012 Inirreat: New York Tax Free Bonds 2040040 3.22.25127 8/7/2012 DSTGlobalill. LP - One Carnal( Orsini:9nm ) 1826137 3,24105314 8/16/2012 VSSCoonnunicarims Partners IV. LP (Distribution) 463,75540 3.700.80341 8/30/2012 AP Ellett-Ili Europe LM( Delritelion 1 25,52114 3,735.32978 8/30/2012 Legacy Capital. L.P. 1 Capital Can 1 0,12108503) 2612244.78 8/30/2012 44acklbxk Co-Invevritent Fund HI, L.P. - Z US Taxable Serie. ( Capital Con) [18.531001 1.839.711.78 8/30/2012 InWre4t. Morgan Stanley 0,3nkM 1)122 1.839.80.03 8/30/1,11 inWre4t. Morgan Sixty Private lank- 1037 te.39.enx Balanceanof Augusl 31. 3)12 S. 1439453.37 S 9/27/1011 Interest Morgan Natty Main 6101 1379.9143s 9/9/1011 Inlerest Morgan Stinky Petv444 Dank 934 1439,913.76 9/28/2012 46Faotridlii. LP • Ono CaNta ( DiOnbullow) 109037240 2,930,993.76 Balance as of September 30.212 S 2934956.76 S S S S 52930.995.76 10/1/2011 interest New York Tax Free Bonds 40,70625 2,971.70201 10/11/2011 DST C34b0111 LP (0/4210,41461 V3001 2,977,93201 10/30/2011 140,040.310w in Stanley Ban- 111134 10/30/2011 laleratAlawin Slinky Priwnerwra 1101 10/31/2011 00044 Propenkwat Dividend 749,15940 37-0,111.61 Balance *sof Octraba M. 2012 S 1727.241.19 S S S S 53,727,111.61 11/1/2012 inirrevt:New York Tax Free Bonds 1406250 3,741,174.11 11/15/2012 Redemption: NITA NY Tax Free Bonds 209040000 5,831,174.11 11/15/2012 interest.New York Tax Fret Bonds 5225040 1160424.11 11/72/2012 Paulson Advantage LP Distribution 14628.489.44 16511.91355 11/29/2012 interest.Macgan Stanley NAM 21352 16312127.07 11/29/2012 interest Morgan Stanley Private Ban- 1044 16312137.11 BaLinev and November 30,301E S 16311137.11 S S16311137.11 12/1/2012 Interest New Tait NY City Conlet,68 W.W.I'," 12/11/2012 itaieroption New Yo6, NY CllyGenION63 2461,97, I I 14,717,101.21 12/13/2012 L.:Racy 040341 LP. 0,337.24,- r, 17.16931222 MorganStartley SmithBarney 78 EFTA00283530

The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2012 Ode ElescrIplien Morgan IP Motgan Sunk,. Chao Deutsche Bank US Treasury Bills USGmgenmcnt Ending Agencies Balance 11/IA/MI' 11./I5/3J11 13/30/31113 12/11/MI1 12/11/MI1 12/11/3.02 13/31/11113 13/31/1013 12/27/2012 12/2J4/2011 13/111/2011 12/31/2012 12/31/2012 Inlorea. ChunliellW NIGoni ScloDioa laicrat Alowool. NY Ghat SM Dial AWE Communicatin' Fund Townie' on MBZ I996 MomEhtion Laid Ablxil Am 0 4544115440 Fond TI1110.11 00 MUM I996 Mon.Emmool Fhod Income Atm 06540/7091 lamming Wish QBILCo Inv.:Ammo Fund LP lamming Wish Wrong. Subic' Stevenson Blackocul. Co 1.11w-mum Fund Ill Incoming Win. QFC II OlowslIM.1 BIM lainal, !down RanIcy I. Minot. Almjan Manley !Mouth Ban` Fund n11%5161 on MEM 19% Mon-Ey:mod Am to 476-0959% lamming Why. Q. ME On Immtmeni Fund II U' eJLIIIN a cd Dommtvr 31.2012 3µ50l1 3,75000 (51,437.0th (0.0(0.00103) (men 00).03) Mall= 37,16400 (M.36000) 31,11500 579.45 971 (FAXIM1103) 1414.962C0 S 1.112.811 101 $ $ MI93.437.22 17,197,167.22 17,115,750.27 A345.730.22 A5M.061.22 AS67.225.22 7.671.865.ZZ 7.718.300.23 7.7C0.779.67 I296,210.62) 1.I17.851.33 $ 1.117.851.11 MorganStanley SmithBarney 79 EFTA00283531

The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2012 Dale Desaiption Mogan Stanley IP Morgoa Druische Baal. Ouse Goldman. US Treasure Sachs a Ca Bills US Government Ending Agencies Balance 1/1/3111 Opening Etaltnee S 1.168.53539 5 ≤ L381.53539 1/30/3112 Invest Morgan Stanley Banker 4925 1.369..%1.431 1/30/2012 Interest Mogan Stanley Private Banks ion 1.369.555.58 Mantrasof January 31.392 $ L369.555.58 2/17/2012 QM 3102 Dreersthed I DisInbutrot i 4347200 1.412.267.58 2/23/2012 Iniera. Almgan SW/by Banks 45.12 1412311 .70 2/23/2012 ktimust Morgan Montt/ Private BankM. 924 1.41232244 Dabney and Fettuary 29.2012 5 1.4 /2A22 44 S S 1.412.37.341 3/16/2012 QPC 20)2 Ceterstied 1 Distribution1 2548500 24!.00744 3/23/2012 MackllockCmInvestnine Fund 111. LP.- 2 US Taxable Berke ( CapiLe Call) (309322k0) 1.12606.44 3/29/2012 Interest /dorm Stanley Banks 45.39 1.128.7308) 3/29/2012 Interest Alorg.anSlanley Pnvate 1$34M 1G07 1.128.740.90 Baloney as of March 31.2012 S 1.120740.90 1.131.741190 4/27/2012 12.11LA Co. Imes/tont Rind II. LP- Xlistabutlan) 189430.13 L318.37090 4/27/2012 Interest AloyAn Stanley Bank M. nil 1.318.40601 4/27/2012 limentst Alorgan Stanley Itinttv Man 973 1318.41174 Balance as of Apr1130. 3)12 S 1.318.41574 $ S 1)15.415.71 5/1/2012 Interest:New York Tax Fro Bonds WOO 1522/415.74 5/23/2012 MackRock CmInvestmcnI Fund 112 L.P.-2 US ramble Series ( CapiLll Call) (149.010:01 1.174.39974 5/30/2012 Interest Mogan Stanley Bank` 4657 1.174.446.31 5/30/2012 Interest AlocganSlardey PnV4tt tunkIM 1108 1.174.457.39 Balanu and /44y 31.2012 $ 1.174.5739 $ 1.174457 39 6/7/2012 QM 20E U6mOkd (Dismination i 111914291 6/23/2012 (1.81K Co. Imvsunent Sand II. U' . (Dimnbution) 294.5711M 1510.947-39 6/23/2012 Q.BLX Cn. IMV111110.11 Band, LP • Ontaibutinn) 115,36000 1491531Q.19 6/23/2012 Interest Alorgan Stanley Banks 4,01 149634243 6/23/2012 lntenst !down Stanley Ili/nu-Bank5 9 70 1.494535113 Balance nsofJune 30.2012 MorganStanley SmithBarney EFTA00283532

The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2012 Morgan Dale DewriptIon Stanley IP Blorgan Clime Daunehe Baal. Goldman. US Treasury VS Government Ending Satin & Ca Bills Agencies Balance 7/12/2012 7/12/2012 Funds tranufered from Calderon Sachs Vintme Fund. LP. Israel Infrastructure Fund 1-C. LP. (Capital Call *19) 17131457 1137.5(040) 1.006370 1.733.36370 7/13/2012 QPC 2(02 Cournfied (Distention I 2073900 1.70.1(6.70 7/2e/2012 Blicklioli Co-Investmen1 Fund M. LP.- 2 US Taxable Series( Capital Call) 432L00040) 1.411.1(6.70 7/30/2012 Interest Morgan Manley Banks 6276 1411.16816 7/30/2012 Interest AlmonManley !Verne BankM. 1071 1.411.179.17 Falange ma July 31.2012 S 1.411.17917 S $ 1.411.179 17 11/30/2012 Blell1/40.Co-Invusimeni Fund Ill, LP. - X L'S Taxable Sarin (Caphal Call) 4193.13300) 1.31.100.17 11/30/2012 !merest Morgan Manley nankin'. 5010 1.318.096.57 11/30/2012 Inkiest Morgan Manley Aurae Bani... 10311 1.2.910605 Balance4'ot August 31.2012 5 13111106.93 S S 1.213.10395 9/27/2012 Latex Morgan Stanley Banks 36.37 1246.11532 9/27/2012 Inkiest MorganStanley Private Bank.' 937 1246.15410 Balance as September 30,2011 S I iiiii.1140 S S 1.24.151.1? 10/30/2012 Inmost MownManley Bank` 4522 130199.91 10/311/24112 Inlennt.Moqtan Slinky rthute Nan 11.05 1.7.49.210.96 Nlareemc4CetoteM.W12 5 1.245.210.96 5 S S S 1.20/10.96 11/1/2012 interest New Vote Tax Free Bond WOO 1.251210.96 11/6/2012 Brockman Fund IV LP Drantotion 211061000 1.533356.96 11/27/2012 Paulson Advantage LP Distribution 335330.09 4.050.26116 11/29/2012 Interest Morgan Sunday Banks 5930 1.95037036 11/29/2012 Intrust. Morgan Stanley Private Banks WM 1.05020039 Balance xa November 30,2012 1.00.33039 $ Vn 17419/2012 hotel Int intructury (305(0K0) 401.83039 12/21/2012 Fund Twofer to 51621983 Family- Lad Atku Acct * 01-1(6415 (1.5(0.03040) 035;63039 12/21/2012 Fund Transfer to MU ISM Faintly- Axed Income Acct * 65/417112 (2.50303040) 6572/33339 12/21/2012 Intonate Wire. Q BR C Investment Fund LP 91712.0) 93157239 MorganStanley SmithBarney EFTA00283533

The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2012 Morgan IP Masan Dale Description Stanley Chase Dmilsche Ink Goldman. US Treasury VS Government Ending Sato Pt Ca Bills Agencies Balance 12/21/1112 12/2713112 IlLiclovet Co Invimnical Fund M Incoming Wins QM: 202 DIversilled BEE (223.941(0) 71Asmo 704.732.39 71030739 12/214/3112 Inionnt Morµan Manley Inks 13441 710311.3 12/214/3112 Inlerost Morgan Slinky Prism.: Ink 9.70 793.35130 12/31/3112 Iswoming Wins QED: ill Insostmenl Fund II LP 471.33030 1.234.933.30 Balance., of December M. 3112 $ 1.27:4M550 $ $ $ t.rA.9(69.) MorganStanley SmithBarney 82 EFTA00283534

USN College Marketing, Inc. Cash Account Activity - As of December 31, 2012 Date DewriptIon Mown Staley "Mogan Chas. lhanwler Bulk US Trowitry &11a VS Government Ending Agaarka Balance 1/1/3)11 1/5/2012 1/9/2012 1/9/2012 I/30/Ø2 (/30/2012 2/28/3)12 2/25/2012 3/23/3112 3/29/3)12 3/29/3)12 4/1/3)12 4/2/3)12 4/4/2212 4/27/3212 4/27/3112 4/27/3112 5/15/3112 5/15/2012 5/15/2012 5/23/2012 5/30/2012 5/30/2012 6/19/3112 ~lag Balance Alorgintra.anky Credit Partner; ( Capital Cell) Fund. Tramiormil Irani USN GRUT noeit476461957 to mow thoquannly distribution lear the Third Quarter 2011 Fords TranoSerred frem UEN CRUT Arent-476-061950 to covet the qtainedy distribution Mr the TAW Quarter 2011 Inlmst. Stiorgan Stanley Link In Interest Antigen Stanley Private Banks Balance as d linuary 31.2)12 Interest: Mogan Stanley Bank= Inewusi. Alwyn Sunk). Private Rank W. Halanceanof Inborn'', 22 3)12 BlackRock CwInwniment Fund III. LP.- Z USTonitdeSesint (CapitolCall j Intrust. Finegan Stanley Link W. Ineausi. Stiorgan Stanley Private Rank.. Iktlig.CtIsOf Marco 31,2012 Interest: New York Tan Free Bad, Redemption: New Yak Tax Free Bands Funds Transferred from UR Charitable Remainder Unitrist Acc094740$1937 Q.BLK Co. Investment Fend II. LP- (Dirinbutionl Imerest AllerganStnnley lInnkW Imarmi: Mogan %inky PrIvain Hank W. BAISKVa01 Ap1930,2012 ItodumpUori. Nw York Tax Firm Bowl. Interest: New York Ton Fete Bond, Interest New York Tax Free Bod, BIM:Rock Co-Ira:raiment Fund III. LR.- Z USTaiableSeneo ( Copilal Call) Interest Morgan Hanky Bank Interest Magen Realty PriValt Banks Dabney as of May 32.2012 Immanent New Yorlann Fine Bonds 5 2.157.167.90 (116.59510) ~SS 2.105763:5 93.10 10.74 5 5 2.15736790 201057290 2.271.151.48 2.501730/6 2.501323.16 250183390 $ 2501)533.50 - 5 2301333 90 89.66 9.73 230192336 230193329 5 2,501,91329 5 - 5 2501.93329 (9L966101 n86 1(017 1573.96829 1374.032.15 2374)36222 5 1.574)36222 5 1.‘74.(n2 22 MOO 5000200 214.72242 56&890.0) 61.31 s.' 3 1.57431222 162431222 1.839.53264 2A0BA2264 2.405413.94 2.405.49267 1' I+✓tt Vrti< 5 5 5 5 5 VIt 5003)00 1.31230 1250200 (442019101 9266 11.03 2.458A9347 2A59.506.17 2A72.306.17 2)025257.17 2/05.319.83 2/05.140.91 5 210336091 5 S 2.01536091 430396833y 1.521.39230 MorganStanley SmithBarney 93 EFTA00283535

USN College Marketing, Inc. Cash Account Activity - As of December 31, 2012 Date Orsaiptiost Morgan Stanley Ntonyaa Chase Deutsche Bank US Trunatry Bilk US Government Ending 8816806 Balance 6/21/9112 Investinat New Yart.Tas Fens-Bonds. (2.91.118111 I.271.268Al 6/22/2012 Innattnat New Yalta Few Bonds 52211300/301 1)321228A1 6/28/9112 OZEKCluliwsuliasitu Fund II. LP (Dislitbullonj 881.7I403 12011002AI 6/28/2012 QIILKCluliwsuliasitu Fund. LP iDistratunonl 28553203 2.192.13841 6/28/2012 Alnigan Stinks Bank-, )U19 2.1909160 6/28/2)12 Alnigan Stinks Private Hank M . 971 2.192211831 Funds Transact-0J from USN CltUT An112476.061927 to caw Iticqutilvely 6/29/2012 disnibulinn lot the Second Quarter 2012 21423142 2.403.13823 &shwa as al July 30.. 2012 S 240523823 S 7605.10ZI 7/26/2012 IllackRoc1.(9.1nvislawrg Fun] III. LP. • Z USTatatdeSeibis ( Capital Call 066.040L0) 1439418.77 7/30/2012 InasssL Mogan Stanley Bank M. 93.31 140943701 7/30/2012 Iniae01. Alragan Stanley Private Hank` Ian 1,09447.73 Balance no( July31.2012 $ 1,439,447.73 $ S S S 1,439447.73 8/30/2012 IllackliockCo-Invratentr4 Fund III. L.P. Z USTasuble Series ( Capital Call ) 4579A001:01 MA17.75 8/30/2012 Interst Mogan Stanley Bank-. 4929 840A97.51 8/30/2012 Interest ?dowsesStanley Private Banks 1037 80.10291 Balance as el August 31.2012 116.107 91 95060791 9/27/2012 Irenusl. Morgan Stanley lUink 2‘$‘ sesul 44 9/27/2012 Internal. Aloigan Stanley Private Banks 1440.1400 9/28/2012 Funds Truncates"! I num lase Ouritabk Remainder Unitrust Ac111476.06I112 213.72012 1.074461M Balance 45 o7 S: 3112 S 1.074/$61 11 S 1.1174:6111 10/30/2012 Interest Morgan Stanley Banks. 1.074147.76 10/30/X42 Inure* Mogan Stanley Private Bank.. 01. 1.07450914 Balance as or (ember 31, 9112 1.1C4M11 5 - S 1074.90881 11/1/2012 Internal Nov York TAX FInx.Bansl* \1155!41 1.077.98321 11/13/2012 IlsaIntrplicek Tribonsugh W Wge& 'runnel Tax Fl“, Bonds 10,10101$1 1.57720321 11/13/2012 Intierust New Yort.T0Frnal3004. 12:400 1.59222121 11/29/2012 Interns,: AIOISIIIISIMIky Bank 4591 1.9111597.73 11/29/2012 Interest Morgan Stinky Pnvain Bank WO, 1390.53779 MorganStantey SmithBarney $4 EFTA00283536

USN College Marketing, Inc. Cash Account Activity - As of December 31, 2012 Dar Deadpans Morgan Slanky PP Meagan Orals< laa Bank US Trumtry Omar &Il US Government Agegrin Ending Balance Balan[vasof Nkrnyrnber 311, 3/12 5 I .550.5,17 5 5 5 12/15/2012 Inia~. Bruin &mum NY Clint &ii Mil *"33 1,597.31132 12/21/2012 Inromllµ Wire_ Oink Oci Monitored Fugd LP 09850.00 1.797221.12 12/21/2012 Blarkrnrk Co Invesimeni Fund Ill (671.%1NO) 1.125.701.12 12/28/2012 Fund Trander fnxn USN CRUT Bali 4740315k4Q 214.733.42 1.340A21.54 12/28/2012 Intrest Masan Sianley Bank W. 47.43 1.34046897 12/28/2012 Ininet MervinSnaky Private Banks 9.71 1.340A7848 12/31/2012 Inninung Win.: Q.Blk Co Inveamml Fund II LP 1A14.06103 2.754.54048 Bigamy as of DuCeilletur 31. 3)12 5 2.751.5,048 $ 5 2 MorganStanley SmithBarney EFTA00283537

The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Morgan 111 Morgan Dale Detaigelas Stanley Oust Deutsch. Bank Goldman. US Treasury DSGmemment Ending Sachs 41 COL Bills Agencies Balance 1/1/2011 1/3/2012 Opening Balance MS CaHlt Partner) (GeOftal CM) 5 1.391533M M9L975k0) 5 5 • S 0394533.27 811a27 1/19/2012 Check I 1112 - Conkrence of Prmidenb (73.000gO) 7565.CAV 1/25/7812 Cao-B*1111. Dept of Moan/nay and NalltOftiWit.\> a5.0.3M0) 76155127 1/26/2012 MS Credit Partners (:90ntollon) 117A3?.03 879,317V 1/72/2012 Boston Propene Common StockDivided t11,73100 1.011.06727 1/22/2012 Boston Propetyky.Common Mort. Div Woad 15461M56 1,17473422 1/30/2012 Check 41113- Fyrendsof IR David (101030k0) 157075422 1/30/2M2 tnlereg. Morgan Stanley Sans 7537 1570831.59 1/30/7012 tnierat Morton Slangy Moat Bora.M 1474 1.0741143.M Bogert. as ol January 31,2012 S 1.07014533 5 5 5 5 • • 5 1.070.8630 1/21/2012 Funds Transferred from Clibarti 0000000.03 4.070.815M 2/24/2M2 Funds Tramterrod Item 510% Portfolio 7$000 00 11.0705033 2/24/1012 Funds Transferred from McDonnell Pergola 3500000.03 IALC0513.33 2/24/2012 DoutioLinehrtesisnont Account (2.0,2000.03) 12574313,33 2/24/2012 Winne Morgan Hanky Mink NB 2715 12,07410251 2/24/2012 Inrtrerti Morgan Surd" Pine Basks &06 1207050051 2/20/2012 Inrtrerti Morgan Stanley Nan 32.40 1207491291 2/70/2012 Interert' Morgan Stanley Nome Banks O67 12070,913,61 Samaras of Fitruary19,2311 1257091344 12.07491161 3/5/2112 Owl 11114- Memorial Doan Kettaing (11.030(10/0D) 1,074913.61 Morgan Stanley fray-Amain Managrentn1 - AIPCustom Hedge Fund 3/16/2012 renal/1104304446A) (1027$910) 91012372 3/23/1012 Finds Transferred 00mM:bonnet Pordoto 1300500.03 251012172 3/23/1012 Magi:Rook Co-Investment Fund 10. LP.. 2 ner Serifs ( Capital CAI) (1.93330500) 42650.72 3/23/2012 Iniereat. Morgan Hanky Ban IMI 9953 426,918.35 3/23/2012 tnlereni Morgan Sisley Private Bans 7.72 42492427 3/2./2012 Fund. Tian erect MOM MSDannell Panel. 1,00000.000 1,42492627 3/23/2012 Funds Toirsterrtd hem SOX Portfolio 45400000 1,87492627 MP Diatom Hedge Fund Seligkeisf Cayman) 1ABZ CRUT 1.16201A 3/211/2012 Carnmemanl Payment (1.430)300001 42492477 3/211/2012 tnlere-gl Morgan Stark &ink M 017 42492491 3/211/2012 tnlere-gl Morgan Stanley Now Kink M 030 424927.41 3/29/W12 Warta Mown Slangy NM. M . 034 424927.73 3/29/W12 Warta Morgan Hanky !Await Bans 025 426,92603 Balance nor Mirth 31.3)12 s .126.02, 4/1/2112 tnterert. New York Tax Free Bonds 431.54053 MorganStanley SmithBarney So EFTA00283538

The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Dale DescrIptioo Morgan Stanley Jr Maims Ouse Deulsche Sank Goldman, Sao a Ca US Treasury Bills US GoTemment Agencies Inding Balance 1/1/1112 101,646416.iw ToikTax FM/ 00111, 1,93299 42447652 1/1/1112 lahniest sine ToikTax Pm, fonds 3,204.69 43667831 4/1/2112 IMents4.5kw Tisk Tax Soo fonds 2.00100 43867831 4/1/2012 Manta New Toil Tax FAv fonds 800100 4627831 4/1/2012 Warta New Toil Tax Soo fonds 1800800 45667821 4/1/2012 Winne, 74ra Toil Tax Soo fonds 2580200 410,138.21 4/4/2012 Sands 4111114ICITOS is WIZ Aocta4764:60652 (3,25215734) (2778 475.13) 1/4/1112 Oilbunlilkod Redemption( Funded WIZ DkilAbullon) 735400200 47633467 4/12/1012 51.4010vdit Poalrois011.hoie•(Disattiolkinj 9664200 371,171.07 4/24/2012 Chia IS- USfregfillge a PAIN 12403108 54637167 4/27/11l2 Bbeklicek Sand 11. L P. • I DistrIbulkin 1 96406600 1,312338117 4/73/202 Inentst Morgan Surrey MAAS 1136 1312347.13 4/27/2012 1,6666m Slinky Private &AIM 922 151225635 4/30/2012 Balton Properties Cermet MOM OPMnse 131.75000 1,617.00$35 4/70/2012 BoelOn PCOPOilie$ COmn106 Sloth 06460.51 1564%95 1,003,69333 Siang, *col Apill 302012 S L910,69530 4803293,33 5/1/21111 Inlarem, New Teak Tax FAv fonds 537200 1,109)17,133 5/1/21111 Inlarem, 74ra Toil Tax FAv fonds 1,950.00 4311,02630 5/1/1111 Inlatem, slew Toil Tax Fro2 fonds 2240200 10330119 5/10/2012 MP Custom Hedge Fund Semitone( Cayman) 1.102 CAW 1.113D31A GOMMIYMAll Payment (470(KOLO) 1,363,03X30 5/23/2012 ettackRexk CmInweentot Fund Ill LP.- 2 CRT Sark.( Capital Call) (L037.15304 325.86733 5/30/2012 Intoner Morgan StIrty SlnkM 46.08 325,91334 5/30/2012 Intoner Morgan Stanley Myatt. Bank 9.50 3rouss Bataan:Anal May31,2012 325,92283 3r,anitt 6/7/1112 °Wank Managed Bond Ponta* 1211203103 13289228S 6/11/2012 MP Custom Hedge Fund Selman Cayman )141:42CRUT 1.102010. Commireent Payment (570.0.10AD) 7%922% 021/2012 ElletkelOne Slane& Menne Onshore Fund II Ltd I Caplal Gall I (192500k0) 563,4226B 6/22/3112 Citibank ?amused Bond Portfolio 6.50400).00 7.063,42/16 6/28/2012 GBP Co Investment Fwd IL LP. CRT Smits Dietnbunon 152-a072.00 4.5%491.88 l 6/28/2012 GOLK Co Me-Amami Fund LP .CRT &tics [Distribution) 1.63531140 14224.0(6.% 6/211/2012 linnet Morgan Stanley Bank.' 5075 14224.0%63 6/211/2012 InMmet. Morgan Stanley Pnvme Bank El 7.92 10224.061.55 6/29/2012 Funds Transferred to MB2 Personal AmM117600652 (.206.71489) 6.015635046 6/29/2012 Cheat/1117-Harvard University (1.3(0.030k01 4714/5046 MorganStanley SmithBarney 87 EFTA00283539

The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Morgan Dale DesalptIo• Stinky JP Morgan Claw Deutsche Bank Goldman, US Treastny US Goremment Ending Sachs St On 0111i Agencies Balance 1MLinov in ol lune 30,2012 $ 5.V9 S $ • $ • $ 1.71539)9s 7/20/2012 MS9B audit Palmeri 011ihnre - (Dinsibunonl 159571) 4263223.46 7/26/2012 BlackRixk Co-Invvianent Fund Ill LP.- 2 CRT Serie. ( Capital Call) (IBX1.03202 2,757,923.46 7/30/2012 lmrretet• Morton Stanley Sink IM 199.92 2,7%12528 7/30/2012 Inkre-A. Morgan %they Private Sink m 1071 2,7%13/49 7/31/2012 Baton PiCeerbeS Coneret Stock atiklend 81.75003 21192619.09 7/31/2012 Bolton Nowt.. Coneret Stock Cittklend 3.24390 2.059.129.99 7/31/2012 Boslon Plonotiett Conran Salk 069fend 153,44526 3,019,575.01 Balances of July31,2012 $ - s - 5 3.049.37161 5/21/3112 AIS Credit Paitness(M01bugon) 3463t no 3.3%309os 5/311/3112 Bia<kRo:k Ca-Investmenl Fund Ilt. L.P. - Z CRT Seam ( Caglial Call (1.1g120022 2.21A309.04 5/311/3112 Winos. Ntosgsn Sianky Nan 121 21 2.213,43123 5/311/2012 Interns. Mays Stanley l'/War. lank- 1037 221321021 tiolanco as of Augusl 31. 2012 S 2.215.110 s2 $ • s .1215.4.)62 9/11/2012 Senor1(0230 slum-so( Boom Prorates (0Xr) 11.2%657.77 1347209R% 9/12/2012 Sell of 31.221 Ammo/ flown Properties 02‘11 3.57840929 17.203507.4S 9/13/2012 Sell of MON awns of BoAnn Properties (BM1 8.5%19210 M57470331 9/14/2012 %lot MISS ammo( Boston Properton (BMA 7.931.78143 3351.6.01.94 9/26/2012 Route trareferred to MBZ Cheritekle Ranander 'intent (6.91-108117) 01.0XBX0,101 225(9t4(11.94 9/26/2012 Funds tranderred to MBZ Cher. Ran Vnitrust Advisory Aoct (654-11291 (6.0(02)0201 14519‘4111.94 9/72/2012 Inkreot. Morgan Stanley Baal 461k3 16,50&90.57 9/r/2012 Entortet• Morgan Surety Ne w &ank M 937 145(ei952.94 9/22/2012 Funds TIaltilinfilS 10 WIZ Ar21476260652 (4,200.7,422 12300.235.83 9/28/2012 Gluilin %ell & Assculuiss Madsvock Invesfrnall (104KOAC0001 2.303,23.83 BiLinry as ol Sapiently' 322012 $ LA)0231125 $ $ • s S - $ 23022%25 10/1/2012 Internal 11. Free New lnil. Beals 59.74573 2.3621/1C.40 10/10/2012 MS Credit Fanners Oilikore (Contrib./non) (212,03902 2267.94260 10/24/2012 MSCredit rumors Oilikore 1Dislribution1 1372110) 220300920 10/30/2012 kdereA: Morgan Stinky Blnkl. 1(6.12 2205,115.02 10/30/2012 Imam: Mayon Sankt' Pnvete GMT 1166 2.30102907 MorganStanley SmithBarney Ins EFTA00283540

The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Morgan JP Morgan Dale Dewriptloo Stanley Ouse Deutsche Sank Goldman, US Treasury DSGmemment finding Sachs M Ca Bills Agencies Balance 20/31/2012 10/31/2012 11/1/2012 11/29/2012 Boston Proportms Corrirxe, Steck Otedcegi Boston Proponms Common Sloth Owdord &stance as of Oahe 31.2012 lnieren Tax Free New York Bonds bitten. Morgan Sixty EtsrikM 134.:5020 5.77610 Z33927227 Z345,65217 :;5.5 1'6 S S S $ 29.37526 wit 2,374277.17 2375461,33 11/29/2012 bitten. Morgan Sixty Myatt Bank M 10.01 2375.074.42 &nano...tot Novemkor 322012 5 2.375/24.42 ≤ 2375274AZ 12/11/2012 Redemption: New Tort 51 Twy Auth Hwy k Olds 1.1712521.29 3.545,9=31 12/19/2012 Check Harvard College ISGOM) 329522331 12/21/2012 lreoming Wize:Q. IRA Co Inwstment Sand LP 999.89320 4,495216.31 12/21/2012 Blaehroth Co trivimenwnt Fond Ill 0.006.510.00i 3,489)0631 12/24/3412 Fund TraerderAIRZCIarliable (135.001/20) 3)5420631 12/25/3112 lreoming Win: lhe WIZ thuluble Ronainder UAIIII.INI 4.20020020 7254,30631 12/25/3112 interest. Morgan Hanky tanks 9720 7554,404.11 12/24/302 interest. Mown Hanky Private Ewa 271 7,554,41322 12/31/2012 Fund Transfer to Axil 476460652 (4.32.714201 3.345497.22 12/31/2012 treuenhm Wizo:CRTSeriis 2204.3150) 6.240,014/G B31411Ct 04 01 Dectintrr 31.2012 5 ≤ 6,24401422 MorganStanley SmithBarney S9 EFTA00283541

The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Dale Description Mown Stinky IP Motsan Deutsche Bank fl ay US Treasury Bills VS Government Agencies (tiding Balance 1/1/2011 1/6/2012 04vnireg Bilartee Funds Transferred from USNSEIX Portfolio Fund.. TrargailIfili to LS:Colley /Aariastass Awl-4764:619N to oover the S 130.440.43 IA0000300 $ 4 4 $ 150410.43 1.230410.43 1/9/2012 qua/sods disitibuucto lee Ste Third quarter ol 2011 1230578.531 1.019.576146 Funds Transferred to US 3Collese Marken; Acct./476-0619N to cove the 1/9/2012 quirkily deNbutions foe the Fourth Quarter ol 2011 93:1'5'333) - 789.28327 1/9/2012 Funds Transferred to Templewm/Doubline Investment Amount (60100140) 189.20.27 1/30/21312 lnWrest. Morgan Stinky Ssnk MI 886 189.29133 1/30/2012 lnierest. Morgan Ratty 19699.114/4.= 034 189.191.67 P0Ltnsv NG ol January 31,2012 $ 194291.67 S S S S S 189.291.67 2/28/2012 lotets94. Mayo Stassky Sank m 7,2 IS'4,1•+) iv INLtnoe 9 ol 144ruary 29.2017 S ,,,,..-re, ].., I. I. I. 3/29/2011 Interest Morgan Stinky Ilnk In 7.711 10930999 Balance as ol March M. 23312 S 189.30497 S S S S S 189.3097 4/4/2011 Rinds ThleISIalTeli 00 USN Colkna Maalsoung Aectri4764161985 (21473142) (23413.4.5) 4/4/2012 Rinds TrarolomaS 00TUSNSFIX Politolio 19000000 164.57435 4/V/2012 Interest Morgan Stinky SsnkM 624 161.99/29 B31411tt its of April 3,0 2012 S 161.9;0.29 S $ $ $ $ 1619;0.29 3/30/2011 Inhere-4. Morgan Natty 64 Si 741 16440073 MOW nor May 31.2012 S 161640.73 161.9'073 6/20/2012 Funds Ttaroloren5 hom USNSEUC Polikslio 155,0IXIMO 3I90.074 6/28/2012 lnlercel. Masan Stinky 134r9n 740 3194(4113 6/28/2011 lnlercet Masan Stinky Pnvate Wan 012 31940196 6/29/2011 Funds Traeolorted to USN folksy Mastoing ANO/4764161916 1214.72042) 104,8511.53 SeLtnev and June 30,2012 itsts4s bi S $ $ 10189133 7/30/20)2 lnlercel.Meogan Stanley Elsa.. 516 101250.69 7/30/20)2 lnleret Merlons Stanley Pnvate Punk El 030 101250.9? Balano.s sod July31.2012 $ 104850.9? $ $ 101,8919? 0/30/2011 Nionnt. klogran Stanley Make 443 101,898.44 atlanev tool August 312012 S 101.1119.44 5 S S S S 101.89444 MorganStanley SmithBarney 90 EFTA00283542

The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 pale Description Morgan Stanley Ds Mean o °MC Mutat Bank US Treasury Bills US Govemrnent Cndiag Beene's, Balance 9/27/2812 9/27/2812 9/2B/2012 10/311/5412 10/311/5412 It/20/2012 12/13/2012 12/ 2/l/ 2012 12/24/2012 II/ 20/2912 Funds Transferroi from USN CRVf SE1X Portfolio interne Morn= Stinky Bank- Funds Transferred to USN Coact= htlatlirl Acel4476-061496 Balansv ol Saplemlvr 36.2112 trilerest.S.lenan %inky Parma Rat. Warta Mown Slinky Baia &Slaw< enol Octotrr 31.9)12 Interest Mown %Inky 84rik In Bala as ol Novernbar 30.2012 Fland TlanSlill irom USN BRUT SEIB Ault 654501231 Fund TIMICIIII to LM Clallnin Manialins Acct. 476461%93 interest. Morgan Slanky Bank M. Inland. Meagan Blanks 0rensca Rank- Balancers of Deermtrr31. 3012 204000.00 4.01 (214.720.421 304.$98.44 30490245 90.18103 9038203 025 4.70 90402211 S 9018696 S StllUMOS S S S $ $ 011t4.98 3.69 9919867 S 9019067 S 90050.67 2I \ 002 03 (214,22042) 6.7S SD S 014.713.23 30% Bs/ 67 94,C0.23 90477.03 90478.53 S 9l9"9.1‘ MorganStanley SmithBarney 91 EFTA00283543

Mortimer B. Zuckerman and Related Entities Appendix A - Boston Properties, Inc. - December 31, 2012 Holdings of Boston Properties, Inc -Shares MHZ MB2199611ust (CST Exempt) Mg2 1996 iron MBZCRUT (CST Non-Exempt) NU Burnside Holding.. L.P. Ml Longstreet Holdings, LP. Ml Meade Holdings. LP. Columbia CRUTs Total Kommea • lino 23.19t7 ban Ord Option., 344.020 MOW !Woman) SKOV O440 1.131240 Kowtow) *4% Dome 0452 43412 IANNonVntod L110.1 KOH IANNon.Voonl Origami SO1116 6806 &POO 144.030 11000 IINNOPUO 4LbS,.:11. 1,103.192 Mae 1.307 7633140 oo.oro two 362.346 362.346 OXP (Vested Opionol S,204 IS2t4 Taal 7.$11.071 43452 1,103.392 333624 LINO 5,753 47‘140 4,10229 Valuation of Boston Properties, Int. - Clueing Price: 5106.81 NISI MB2 1996 host (CST Exempt) 082 19% That (CST Non-Exempt) 3182 OW? LIZ Barnacle Holdings, L.P. MZ Longstreet Holdings, LP. 1112 Meade Holdings. LP. Columbia CRUTs Total P.NCommos • Now 23.19t7 baccOod Option., 33402100 DiSt2O) P.P.Comineo) 39,304550 50,14309 114.11µW P.P.Commes01496 toner 002.231 AWE= II .P(Non‘'rod LIIPO 4,12%160 %Mita II .P(Non.V000d Option) 1.164,534 1.16.t.SM 'ANON%) (OruO 43704238 14x, 4.523 2.441.655 1,031,96 H1.N2YO OlP(Voorod1.71ht 21.119.1130 35.13900 OXP (Vesta Ophoml 334131 'Stasi Total 5 10..741114 S 002.231 S 148,11,SZI 5 0 S 2.493.615 5 1.90.791 S 1031,965 S 50441449 S 1.010.431,116 Year to Date Dividends Received 3182 MBZ 1996 Trost M821996 Trust MBZCRUT NU Burnside Ml Longstreet Ml Meade Columbia CRLITs Total (CST Exempt) (CST Non-Exempt) Holding.. L.P. Holdings, LP. Holdings. LP. DX? (Comma - Now WSW Lane Ord Option., MOO 1%44!0 OXP(ComenoS 1.506.500 Loto502 1.43..0 OXP(Coones)111.6 Lome 103,170 100.170 DX? (NonVood LT10.1 11402 mosso OXP(OPP.I 333.130 arm axe oaruO 14.294176 2252402 54315 0.121 22.432 17.0068 OXP (Yoko, 1.71.4 Teta S 033.116 17,600.116 103,170 S 3.131.402 S 0 5 54315 Mit3 s 22.432 S unO501 S 43336 2.1.139.510 Performance of Boston Properties, Inc. MTD % YID % Change Change Price Pet( swmance 3.1 6.2 Thne4Veighted Performance 3.7 8.5 MorganStanley SmithBarney •As of December 17, 2012 the dividend and distribution payment amounts for rho quarter were changed to (1)9).65 per Common Share, Common Unit and LTIP Unit and (21$0.65 per 2009 OPP Unit. Previously it was (I) $055 pm Common Share, Common Unit and LTIP Unn and (2) 5OA55 per 20090PP Unit Also, during the dividend declaration months, the market values of Boston Propernes, Inc include the respective accruals 92 EFTA00283544

Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2012 Options Vested Grant Date Expiration Date Plan ID Grant Type Granted Options I Vesting Schedule Exercise Vesting Date Price I Current Price Vested Options 1 Value of Vested Options 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 Immediate Current 92.71 105.81 12,647 165,672 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 1 Year Current 92.71 105.81 12,647 165,672 Total Vested Options 25,294 331,345 Options Unvested Expiration Granted Vesting Grant Date Date Plan ID Grant Type Options Schedule Vesting Date 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 2 Years 1/15/2013 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 3 Years 1/15/2014 Total Unvested Option 25,294 LTIPs Vested Expiration Granted Vesting Current Vested Value of Vested Grant Date Date Plan ID Grant Type Options Schedule Vesting Date Price LTIPs LTIPs 1/30/2004 1/30/2099 LTIP Restricted 7,495 3 Years Current 105.81 7,495 793,046 1/30/2004 1/30/2099 LTIP Restricted 10,494 4 Years Current 105.81 10,494 1,110,370 1/30/2004 1/30/2099 LTIP Restricted 11,993 5 Years Current 105.81 11,993 1,268,979 1/28/2005 1/28/2099 LTIP Restricted 8,622 3 Years Current 105.81 8,622 912,294 1/28/2005 1/28/2099 LTIP Restricted 12,071 4 Years Current 105.81 12,071 1,277,233 1/28/2005 1/28/2099 LTIP Restricted 13,796 5 Years Current 105.81 13,796 1,459,755 4/28/2006 4/28/2099 Lill* Restricted 5,947 3 Years Current 105.81 5,947 629,252 4/28/2006 4/28/2099 LTIP Restricted 8,327 4 Years Current 105.81 8,327 881,080 4/28/2006 4/28/2099 LW Restricted 9.516 5 Years Current 105.81 9,516 1,006,888 2/2/2007 2/2/2099 LTIP Restricted 6,896 1 Year Current 105.81 6,896 729,666 The number of vested oplious and the exercise price have been adjusted to eliminate the economic impact if the September 30, 2005 and December 27, 2006 Boston Properties, Inc. special dividends of $2.50 and $5.40 per share, respectirdy. MorganStanley SmithBarney 93 EFTA00283545

Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2012 2/2/2007 2/2/2099 LTIP Restricted 6.896 2 Years Current 105.81 6,896 729,666 2/2/2007 2/2/2099 LTIP Restricted 6.896 3 Years Current 105.81 6,896 729,666 2/2/2007 2/2/2099 LTIP Restricted 6.897 4 Years Current 105.81 6,897 729,772 2/1/2008 2/1/2099 LTIP Restricted 15,610 1 Year Current 105.81 15,610 1,651,694 2/1/2008 2/1/2099 LTIP Restricted 15,610 2Years Current 105.81 15,610 1,651,694 2/1/2008 2/1/2099 LTIP Restricted 15,610 3 Years Current 105.81 15,610 1,651,694 2/1/2008 2/1/2099 LTIP Restricted 15,611 4 Years Current 105.81 15,611 1,651,800 1/29/2010 2/1/2099 LTIP Restricted 18,113 1 Year Current 105.81 18,113 1,916,537 1/29/2010 2/1/2099 LTIP Restricted 18,113 2Years Current 105.81 18,113 1,916,537 2/2/2009 2/1/2099 LTIP Restricted 29,823 1 Year Current 105.81 29,823 3,155,572 2/2/2009 2/1/2099 LTIP Restricted 29,823 2 Years Current 105.81 29,823 3,155,572 2/2/2009 2/1/2099 LTIP Restricted 29,823 3 Years Current 105.81 29,823 3,155,572 1/15/2011 2/1/2099 LTIP Restricted 10,096 1 Year Current 105.81 10,096 1,068,231 1/15/2011 2/1/2099 LTIP Restricted 10,096 Immediate Current 105.81 10,096 1,068,231 2/3/2012 2/1/2099 LTIP Restricted 38,172 Immediate Current 105.81 38,172 4,038,979 Total Vested LTIPs 362,346 38,339,777 LTIPs Unvested Grant Date Expiration Date Plan ID Grant Type Granted Options Vesting Schedule Vesting Date 1/29/2010 2/1/2099 LTIP Restricted 18,113 3 Years 1/15/2013 1/29/2010 2/1/2O99 LTIP Restricted 18,113 4 Years 1/15/2014 2/2/2009 2/1/2099 LTIP Restricted 29,823 4 Years 1/15/2013 1/15/2011 2/1/2O99 LTIP Restricted 10,096 2 Years 1/15/2013 1/15/2011 2/1/2O99 LTIP Restricted 10,096 3 Years 1/15/2014 Total Unvested LTIPs 86,241 77r number of vested crimes and the exercise prier have been adjusted to eliminate the economic impact of the September 30, 2005 and December 27, 2006 Poston Properties, Inc. special dividends of $2.50 and 35.40 per share, respectively. MorganStanley SmithBarney 94 EFTA00283546

Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2012 Date Transaction Description MBZ MB 21996 Trust (GST Exempt) 61821996Trust (GST Non-Exempt) MBZ 1983 Family Trust MBZ CRUT 1/4/2012 GS Private Equity Partners II, L.P. - Distribution 411,732 182.577 335,763 1/5/2012 Morgan Stanley Credit Partners Offshore, LP. - Investment - - -582975 1/5/2012 Morgan Stanley Credit Partners Onshore, LP. - Investment - -233,1% 1/6/2012 Morgan Stanley Credit Partners Onshore, LP. - Investment -Th,190 - 1/9/2012 The Vehicle Production Group, LLC. - Investment - -9,595 1/25/2012 Glilot Capital Partners I, LP. - Investment -35,000 - 1/26/2012 Valor Equity Partners II, LP. - Investment -120,000 - 1/27/2012 Morgan Stanley Credit Partners Offshore, LP. • Distribution - - 117,459 1/27/2012 Morgan Stanley Credit Partners Onshore, LP. - Distribution 46,984 46,984 1/31/2012 Legacy Capital, LP. - Investment - -572,553 Total (Invesiments)/Distributions as of January 31, 2012 5'70,546 5182,577 (5432,591) (5468.516) 2/1/2012 Stickman Real Estate Fund II, L.P. - Distribution - 31,453 2/2/2012 Generation Capital Partners II, L.P. - Investment -5,929 2/2/2012 C6T Global HI, LP. - Investment - -5,000,000 2/3/2012 Quadrangle Capital Partners, LP. - Distribution 83,314 2/13/2012 Generation Capital Partners II, L.P. - Distribution 7,446 2/17/2012 Quellos Private Capital 2002, L.P. -Distribution - 43,672 43.672 2/17/2012 Quellos Private Capital 2002, L.P. (US Mature) - Distribution 536,051 2/17/2012 Quellos Private Capital II, L.P. - Distribution 136,012 34,023 34.023 2/24/2012 CVC Capital Partners Asia Pacific II, L.P. - Distribution 206,415 2/29/2012 Brickman Real Estate Fund III, LP. - Investment - -112.876 Total (Investrnems)/Distributions as of February 29, 2012 5963,388 §3,728) (54,965,977) 543,672 MorganStanley SmithBarney 95 EFTA00283547

Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2012 Date Transaction Description MBZ MBZ 1996 Trust (GST Exempt) 61 BZ1996 Trust (GST Non-Exempt) MBZ1983 Family Trust MBZ CRUT 3/2/2012 Greycroft Partners II, LP. - Investment -150,000 3/7/2012 Stickman Real Estate Fund II, L.P. - Investment - 445,200 3/7/2012 Generation Capital Partners II, L.P. - Distribution 27,315 3/16/2012 Quellos Private Capital 2002, L.P. (US Mature) - Distribution 150,277 3/16/2012 CVC Capital Partners Asia Pacific II, L.P. - Investment -13,645 3/16/2012 Quellos Private Capital 2002, L.P. - Distribution - 25,685 25,685 3/16/2012 Valor Equity Partners II, LP. - Investment -249,012 3/23/2012 Quellos Co-Investment Fund III, L.P.- CRT Series - Distribution - - 46,359 3/23/2012 Quellos Co-Investment Fund III, L.P. - CRT Series - Investment - - 4,029,661 3/23/2012 Quellos Co-Investment Fund III, L.P. - Distribution 120,237 90,178 120,237 *059 3/23/2012 Quellos Co-Investment Fund III, LP. - Investment 4,357,823 4,018,143 -1,357,523 -339,3131 3/30/2012 Gabriel Capital Investment 2006 - Distribution 1,954,542 - 3/31/2012 Quellos Private Capital 2002, LP. (US Mature) - Distribution 29,079 3/31/2012 Quellos Private Capital 2002, L.P. (US Mature) - Investment -29,079 Total (Investments)/Distributions as of March 31, 2012 8482.122 (91.247,480) (61.M7,286) (8283,637) (51.963.305) 4/10/2012 C6T Global III, LP. -Distribution - 1,500)000 4/12/20/2 Morten Stanley Credit Partners Onshore, LP. - Distribution 37,859 37,849 4/12/2012 Morten Stanley Credit Partners Offshore, LP. • Distribution - - 94,647 4/20/2012 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 23,444 4/27/2012 Quellos Co-Investment Fund II, LP. • CRT Series • Distribution - 964064 4/27/2012 Quellos Co-Investment Fund II, LP. • Distribution 948,149 568,890 568,890 189,630 Total (Investments)/Distributions as of April 30, 2012 91,009,482 $568,890 52104,749 8189,630 51,060,711 5/9/2012 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 4,756 5/11/2012 Francisco Partners, L.P. - Distribution 46,350 - 5/15/2012 Quellos Co-Investment Fund III, L.P. - CRT Series - Investment - - -1,037,153 5/15/2012 Legacy Capital, LP. - Investment - 479.279 5/18/2012 VSS Comunications Partners IV, LP. - Investment - -31,333 41,333 5/23/2012 Quellos Co-Investment Fund III, L.P. - Investment -596,065 -147,049 -596.065 -149,016 5/30/2012 Francisco Partners, L.P. - Distribution 151,299 - 5/30/2012 GS Capital Partners III, L.P. - Distribution 196,545 Total (Investments)/Distributions as of May 31, 2012 (5194,115) (5178,382) (91.006,677) (6149,016) ($1,037,183) MorganStanley SmithBarney 96 EFTA00283548