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

Mortimer B. Zuckerman and Related Entities Table of Contents Section I. Page Portfolio Overview • Summary of Investment Assets 1 • Detail of Investment Assets 4 • Consolidated Statement of Selected Assets 11 • Private Capital Portfolio Summary 17 II. Performance Reports • Mortimer B. Zuckerman 21 • The MBZ 19% Trust (GST Exempt) 30 • The MBZ 19% Trust (GST Non-Exempt) 35 • The MBZ 1983 Family Trust 39 • USN College Marketing, Inc. 44 • The MBZ Charitable Remainder Unitrust 48 • The USN Charitable Remainder Unitrust 53 • MBZ 1992 News Trust 56 III. Cash Account Activity • Mortimer B. Zuckerman 59 • The MBZ 19% Trust (GST Exempt) 71 • The MBZ 19% Trust (GST Non-Exempt) 74 • The MBZ 1983 Family Trust 78 • USN College Marketing, Inc. 81 • The MBZ Charitable Remainder Unitrust 84 • The USN Charitable Remainder Unitrust 88 MorganStanley SmithBarney EFTA00284340

Mortimer B. Zuckerman and Related Entities Table of Contents Section Page IV. Appendices • (A) Boston Properties, Inc. 90 • (B) Boston Properties, Inc. (Options) 91 • (C) Schedule of Private Capital Money Movements 93 • (D) Schedule of Transfers to Selected Investments 98 • (E) Schedule of Secured Debt 100 • (F) Schedule of Unsecured Debt 101 • (G) Schedule of Loan Guarantees 102 • (1-1) Schedule of Contingent Obligations 103 • (1) Fixed Income Summary / Distribution by Product Sector / Maturity Distribution Graph 104 V. Personal Expenses • MBZ Personal Expenses 107 VI. Balance Sheet • Mortimer B. Zuckerman 118 • The MBZ 19% Trust (GST Exempt) 123 • The MBZ 19% Trust (GST Non-Exempt) 125 • The MBZ 1983 Family Trust 127 • USN College Marketing, Inc. 129 • The MBZ Charitable Remainder Unitrust 130 • The USN Charitable Remainder Unitrust 132 • MBZ 1992 News Trust 133 MorganStanley SmithBarney EFTA00284341

Mortimer B. Zuckerman and Related Entities Table of Contents Section Page VII. Descriptions Of Investments • Descriptions Of Investments For MBZ And Related Entities 134 VIIL Disclosures • Disclosures 147 MorganStanley SmithBarney EFTA00284342

Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 Asset Allocation We for Policy Assets Asset Allocation % for Investment Assets Private Capital 38.3% AIP Offshore Hedge Funds 2.6% Municipal/Cor porate 9.9% AIP Onshore Fledge Funds 2.2% Cash 6A% Municipal Securities 14.6% Corporate Bonds 13.5% Global Bonds 2.4% Fledge Funds - Direct 10.1% TOTAL POLICY ASSETS Zuckerman Persona Holdings 33% Personal Assets 4.9% Other Assets 0.1% Notes and Loans Receivable 43% Family Businesses 2L8% BXP (Common) 82% BXP (Vested Options and LTIPs) to% M unicipal Securities 3.1% Heal Properly WricbilrOorporite Opibns I r 2.1% 3.3% Cash t4% BXP (Nonvested Options and LTIPs) 0.7% $525,695,878 TOTAL EXCLUDING LIABILITIES Please note: The Total Non-Policy Assets figure does not include the Present Value of FutureMS.2 Can Distnbunom and the Present Valued Future USN Crut Distributions Please note, Obligations To Related Partin include (1) BR, Inc. ('Lazy 2' Motor Yacht) (2) Pauline Center (3) USN Aviation • (ZWA, Inc.) (4) Z AS, LLC• (Waldorf Flight Services)(5) The MBZ News 1992 Trust UAD 12-29.92 Please note, Unsecured Obligabons ToThW Pants include: (1) h1BZ Printing (APT, LP) 12) Wall Payments (3) Dolly News, LP. • NJEDA (4) Daily News, L.P. • 1111D (5) Citibank Revolving Low of Credit (6) Ban& of America Revolving Line of Credn BXP (CPUs) 311% Corporate Bonds 2.9% AIP Onshore Hedge r Funds 0.5% AIP Onshore Hedge Funds 0.8% Global Bonds OS% Hedge Funds -Direct 2.2% Pnvate Capital 82% $2,458,711,831 MorganStanley SmithBarney EFTA00284343

Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 Investment Assets 11/302011 Value 1 4/2011 Value Total Asset Allocation 91, Policy Asset Allocation 96 Cash 16,182,078 33,791,910 1.4% 6.4% Municipal Securities 91,381,788 76,732,717 3.1% 14.6% Municipal/Corporate 54,188,896 52,068,384 21% 9.9% Corporate Bonds 67,182,455 71,040,514 29% 13.5% Global Bonds 9470,441 12,654,880 0.5% 2A% AIP Onshore Hedge Funds 11,564,809 11,553,338 0.5% 2.2% AIP Offshore Hedge Funds 13,568,722 13,535,447 0.6% 26% Hedge Funds -Direct 56,342,568 53,205,255 22% 10.1% Private Capital 208,544,349 201,113,433 8.2% 38.3% Total Policy Assets $528,626,106 $525,695,878 21.4% 100.0% Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) 193,161,755 201,708,018 8.2% BXP (NonVested Options and LT1Ps) 15,350,965 16,185,780 0.7% BXP (OPUS) 731,293,721 763,649,136 31.1% BXP (Vested Options and LTIPs) 23,929,390 25,039,999 1.0% Family Businesses 529,679,866 535,497,412 21.8% Notes and Loans Receivable 104,503,126 104,503,126 4.3% Other Assets 10,793,097 3,613,926 0.1% Personal Assets 121,490,705 121,490,705 4.9% Zuckerman Personal Holdings 80,500,000 80,500,000 3.3% Real Property & Options 80,827,852 80,827,852 3.3% Total Non-Policy Assets $1,891,530,476 $1,933,015,954 78.6% Obligations To Related Parties -88,202,320 -88,035,503 Mortgages -*057,270 -57,941,848 Unsecured Obligations To Third Parties -202,869,869 -204,669,869 Total Liabilities ($349,129,459) ($350,647,220) Muse note: The Total Non-Policy Assets figure does not Include the Present Value of Future MBZ Crut Distnbutiorn and the Present Value of Future USN Coot Dkanbutiortt name note, Obligations To Related Pashes Include. (1) BR, Inc. Mary 2' Motor Yacht) (2) Pauline Center (3) USN Aviation • (ZWA. Inc.) (4) Z AS, LLC. (Waldorf Flight Services) IS) The MBZ News 1992 Trust UAD 1249.92 Noose note, Unsecured Obligations To l'hin:1 Panics Studs (1) MBZ Prinitng CAFTAN (2) Wall Payments43) Daily News, LP. • NADA (4) Daily News, L.P. - 'IUD (s) Citibank Revolving Line of Credit (6) Bank of America Revolving Line of Credit MorganStanley SmithBarney 2 EFTA00284344

Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2011 IWO2011 12/31/21111 Total Asset Policy Asset Investment Assets Value Value Alloealloe % Allocation t5i) Total Excluding Liabilities $2,420,156,582 $2,458,711,831 100.0% Total Investment Assets $2,071,027,123 $2,108,064,611 Please note: The Total Non.Policy ,Usets figure does not Include the Present Value of Future Mgt Crut Disanbutiorn and the Present Value of Future USN Crut Distnbutiont Please note, Obliptionc To Related Pulls Include (1) BR, Inc. Mary 2* Motor Yacht) (2) PaulineCenter (3) USN Aviation • (ZWA. trie.) (4) ZAS, LLC. (Waldorf Flight Services) (5) The MBZ News 1992 Trull UAD 1229.92 Please note, Unsecured Obligahors ToThW Pubes irelude: (1) h1BZ Printing (APT, LP) (2) Wall Payments() Daily News, LP. • NADA (4) Daily News, L.P. - HUD (s) Citibank Revolving Line of Credit (6) Bank of America Revolving Line of Credn MorganStanley SmithBarney 3 EFTA00284345

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 19% Trust MBZ 1996 Tnist MBZ 1983 USN College NM 1992 Asset Class/Investment Endeotes MBZ (GST Exempt) (GST Non-Exempt) Family Trust Marketing, Inc. MBZ CRUT USN CRUT News Trust Total Cash Bank of America - MMF 10,104 11,985 22.089 JP8I Chase - Checking 108,947 108,947 JPM Chase - Money Mkt 98,695 - 98,6% Morgan Stanley- Money Mkt 15,805.865 3,101,629 8,564909 1,368,536 2,157,168 1,394,833 150,440 32,543,379 Operating Account 1996TR (AIP) 542,400 - 542,400 Operating Amount MBZ CRUT (AIP) 476,400 476,400 Total Cash $16,023,611 $3,644,029 38,564909 31,368536 $23(8.152 $1,871,233 $150,440 $33,791,910 Municipal Securities Citibank - Muni Bonds 11,783,323 - - - - 11,783,323 McDonnell - Short Term Muni Bonds 5,901155 - 5,095,568 1,382,087 2,247,381 7478,836 876,937 23,382,065 Morgan Stanley- Inhirmediate Term Mimi Bonds 11,543,438 4,674,326 3,792,110 - 4,112,249 24,122122 Morgan Stanley- Long Term Muni Bonds 5,919291 1,601,846 4,270,439 517,274 134,339 12,443,189 Morgan Stanley -Short Term Mimi Bonds 1,133,405 2,454,083 1,016,665 265,952 101,913 - 5,002,018 Total Municipal Securities $36,280,711 58.730,255 $14,201,782 31,648,039 $2,866369 512,125,424 $876,937 $76,732,717 Municipal/Corporate Citi - Muni/Corporate Bonds (Formerly 11,027.030 19,455 3,597,436 1,896,231 10494316 24,932,916 52,068384 Blackrock) Total Municipal/Corporate 311,027,030 319,455 53,597,436 31,896,231 $10,595,316 524,932,916 $52,068,384 Corporate Bonds Seix 1,418,759 8,505,035 23,804,221 4016,987 3,763,238 19,679,220 7,853,064 71,040,514 Total Corporate Bonds $1,418,759 58.505,035 $23,801,221 56,016,907 33,763,238 319,679,220 S7,833,054 $71,040,514 Global Bonds Templeton Global Bond Fund 5,024,729 1,153,735 2242,551 1,169,764 710,635 2,283,924 169,542 12454880 Total Global Bonds 55.024,729 $1,153,735 $2342.551 51,169,764 3710,635 $2,233,921 5169,542 $12,651,880 1) The above values represent a summary of the current montNy values presented in the individual entity pages in Section II. For additional infonnation regarding individual invesenents please role to SeNonll. 2) Please now The Family Businesses figure includes the Preterit Value of Future USN Crut Cistributions. the Present Value of Future MBZ Out Dishibutions is part of Other Investment Assets MorganStanley SmithBarney 4 EFTA00284346

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trust MBZ 1996 Trust MBZ 1983 USN College M82 1992 Asset Clam/Investment Existeetem MBZ (GST Exempt) (CST Non-Exempt) Family Trust Marketing, Inc. SIBZ CRUT USN CRUT News Trust Total AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 657,108 657,408 Dialectic Antithesis Partners (All') 1,000,171 1,000,171 Double Black Diamond Class C (All') 1,128,147 1,128,147 GEM Realty Securities LP (AIP) 1,162,079 1,162,079 HSK Fund II LP (AIP) 1,257,042 1,257,042 Ivory Flagship Fund LP (MP) 1,097,751 1,097,754 Man AHL Diversified II USA (All') 486,154 486,154 Mariner Tricadia Credit Strat (AIP) 1,042,380 1,042,380 Millenium USA LP (AIP) 1,284,959 1,288,959 Owl Creek II LP (AIP) 33,929 3.3,929 1,254,826 1,258,826 Seligman Tech Spectrum Fund (All') York Credit Opportunity Fund (AIP) 1,148,189 1,148,489 Total AIP Onshore Hedge Funds $11,553,338 511,553,338 AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) 469,745 469,745 Dialectic Antithesis Partners (All') 1,008,010 1,008,010 Double Black Diamond Class C (All') 1,017,270 1,017,270 FISK Offshore Fund II Ltd. (AIP) 571,605 571,605 Ivory Offshore Flagship Fund (AIP) 995,448 996,448 Kaiser Trading Fund SIC Ltd. (AIP) 944,013 944,013 Mariner Treadle Credit Strat (AIP) 1,042,367 1,042,367 Millenium Intl Ltd - Class EE (MP) 1,163,851 1,163,851 MQ Asia Long Short Fd Offshore (AIP) 582,925 582,925 ONIG Opportunities Trading Fund (All') 483,587 483,587 Owl Creek Overseas Fund (AIP) 28,962 28962 Oz Overseas Fund Ltd. (AIP) 2,080,902 2,060,902 Pharo Macro Fund Ltd. (All') 963,864 963,854 Seligman Tech Spectrum Fund (AIP) 1,139,383 1,139,383 York Credit Opp Unit Trust (AIP) 1,043,525 1,043,525 Total AIP Offshore Hedge Funds 573,535,447 513,535,447 1) The above values represent a summary of thecurrent mmtNy values presented in the individual entity pages in Section II. For additional information regarding individual investments please Me to SeNonll. 2) Moose note: The Family Businesses figure includes the Preierd Value of Future USN Crut Distributions. The Present Value of Future NIBZ Crut Distnbutions es pan of Other Investment Assets MorganStanley SmithBarney 5 EFTA00284347

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trust MBZ 1996 Trust MBZ 1983 USN College MBZ 1992 Asset Class/Investment Endnotes MBZ (CST Exempt) (GST Non-Exempt) Family Trust Marketing. Inc. MBZ CRUT USN CRUT News Trust Total Hedge Funds-Direct AIP Custom HF Solutions • 5,815,971 5,815,971 American Steadfast L.P. 5,578,572 - - 5,578,572 AP Investments Europe Limited 59,676 - 59,676 Ascot Fund Limited • 0 0 Blackstone Offshore Fund II • 1,838,896 1,838,896 CCA Absolute Return Muni Strategy, L.P. 5,130,601 5,607,861 - 10,738,468 GS Investment Partners (Offshore) - - 920,077 974077 CS Investment Partners (Onshore) 1,201619 - - - 1,203419 Paulson Advantage LP. 11,031,689 3,483,691 - 14,515380 Paulson Advantage Plus, L.P. 9,388,107 3,027,979 12,416,086 Taconic Opportunity Fund - 118,510 - 118,310 Total Hedge Funds -Direct 55,578,572 51203419 525,728,586 $6,511,670 55,607,861 58,574,941 853205,255 Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD 338,772 - 338,772 GS Private Equity Partners II, L.P. 841720 373,231 686,381 - - 1,901,332 GS Vintage Fund, LP. 1,359,828 - 1,359,828 Quellos Financial Ventures II, (CRT), LP. - 391,356 391,356 Oodles Financial Ventures II, LP. 779,315 - - 779,315 Quellos Private Capital 2002, L.P. 1,227,635 1,227,635 - 2,155270 Quellos Private Capital 2002, L.P. (US Mature) 6,729,663 - - 6,729,663 Quellos Private Capital II, L.P. 8,123,832 2,030,959 2,030,959 - 12,185,750 Total Private Capital - Fund of Funds 516413,302 53,631,825 52,717,340 52,587,463 5391356 $26,141,286 1) The above values represent a summary of the current mondgy values presented m the individual entity pages in Section II. For additional information regarding individual Monument& papaw Se to Section II. 2) Please note: The Family Businesses figure includes the Presera Value of Future USN Crut Destributions. The Present Value of Future NIBZ Out Dishabutions is part of Other Investment AmeM MorganStanley SmithBarney 6 EFTA00284348

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trust MBZ 1996Tnist hiBZ 1983 USN College MBZ 1992 Asset Class/Investment Endnotee MBZ (GST Exempt) (GST Non-Exempt) Family Trust Marketing, Inc. MBZ CRUT USN CRUT News Trust Total Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, L.P. 970,090 970,090 Brickman Real Estate Fund I, L.P. 895,317 895,317 Brickman Real Estate Fund II, LP. 2,188,789 2,188,789 Brickman Real Estate Fund Ia. LP. 1,035,684 1,05,684 Brickman Real Estate Fund IV, LP. • 1,713,959 1,713,959 Court Square Capital Partners LP. (CVC 1,148,444 • 1,148,444 Eq.Partners LP.) CVC Capital Partners Asia Pacific II, L.P. 2,115,511 . . 2,115411 CPC European Equity Partners IV, L.P. . 2,390,613 2,390,613 4,781226 CVC European Equity Partners V, L.P. 3,341406 3,680,571 .. 7,022477 Evercore Venture Partners, LP. 118,212 - . 118,212 Francisco Partners, L.P. 1,805,546 - 1,886,546 Gabriel Capital Investment 2006 10,115,478 10,115,478 Generation Capital Partners II, L.P. 1,285,199 1,288499 allot Capital Partners I, LP. 52.500 52.50) Greycroft Partners II, L.P. 413,55 113,521 GS Capital Partners III, L.P. 375,404 375.404 Heartland Industrial Partners, LP. 783,383 783)83 Israel Infrastructure Fund IC, LP. 1,481,190 1,484,190 2,968,379 Legacy Capital, LP. - 726,027 726,027 Morgan Stanley Credit Partners Onshore, LP. 1,984486 1,984,486 992,247 5,031,898 9,993,118 Patrice! Private Investment Club II, L.P. 1,329 1,329 Patrice! Private Investment Club III, L.P. 367,145 367,145 Patrice! Private Investment Club, L.P. 2.155 2,155 Pequot / FMVP II, LP. 31,998 - - - 31,9% Quadrangle Capital Partners, LP. 1,899,086 . - - - 1,899,086 Quelled Co4nvestment Fund II, LP. 16,649274 9,989,565 9,989,565 3,329,853 9,989,565 49,947,822 Quelled Co4nvestment Fund II, LP. - CRT Series - . - - - 10,487,766 10,487266 Quelled Co4nvestment Fund III, LP. 3,513,466 2,635,100 3,513,466 878,366 2,635,100 2,289,000 15,464.4% Quelled Co4nvestment Fund, LP. 1,748,610 3,855,349 5,141,432 1,080,193 2,673,660 - 14,499214 Quelled Co4nvestment Fund, LP. -CRTSeries - - - - - 13,125,490 13,15.490 Valor Equity Partners II, LP. 1,398,859 - - . - - 1,398,859 VSS Comunkations Partners IV, LP. 3,547,235 3,547,235 - 7,094,470 Total Private Capital - Direct Partnerships $49)51,212 $26,601,319 $30,973,395 510,877,173 516,290,572 530,934,151 5164,827,525 1) The above values represent a summary of the current montNy values presented in the individual entity pages in Section II. For additional information regarding individual investments pleme refer to Section II. 2) Please note: The Family Businesses figure includes the Presere Value of Future USN Crut Thstributions. The Present Value of Future MBZ Out DisMbutions is Nfld.:Mier Investment Assets MorganStanley SmithBarney 7 EFTA00284349

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trust MBZ 1996Trust MBZ 1983 USN College hIBZ 1992 Asset Class/Investment Endnotes MBZ (GST Exempt) (GST Non-Exempt) Family Trust Marketing, Inc. MBZ CRUT USN CRUT News Trust Total Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 1,037,361 1,037,361 - 1,037,361 3,112,083 Courtroom COMM 54,400 - 54.400 Foie:scale Co-Investment XV1, LW 1,190,393 1,190,393 2,380,75 Keith Glen Media 23414 - 23.814 Loud3R - 2,010,000 2,040,000 Newbridge Veritable Partners, LW 132.500 42.500 75,000 250,000 Rely Software (f/k/a Rightfrelght. Int) 35,159 - 35,159 The Vehicle Production Group, LW. 2,230,471 2,230,471 VISC Japan K.K. 17,610 - - 17,610 Total Private Capital - Direct Companies $1,300,844 $1,079,861 53,45864 54,267,754 $10,144,322 Closely Held Entities USN College Marketing. Inc. 42,003,345 42,003,345 Total Closely Held Entities $42,003,315 $42,003,343 Consolidating Entry IA] (542,003,345) (44,fini,345) Total Policy Ana,. 5181422,114 $66,122,470 $115,229,064 636,343418 $0 $14,324619 $9,049,974 $55,695478 Non-Policy Assets Boston Properties, Inc. BXP (Common) 148,931,074 52,776,944 - 201,708,018 BXP (NonVested LTIPX) 15,924,372 - 15,924,372 BXP (Non-Vested Options) 261,408 - 261,40B BXP (OPUs) 619,043,282 139,977,043 759,05326 BXP (OPUS)- Cambridge Entities IBI 4,65,810 4,65,810 BXP (Vested LTIPs) 24,952,863 - 24,952,863 BXP (Vested Options) 8'7,136 - 87336 Total Boston Properties, Inc. $813,828,945 $139,977,043 $52,776,941 - $1,006,55933 Other Investment Assets $136,155,963 - $136,155,963 Family Businesses $542,786,845 65400 $54245245 Notes and Loans Receivable $662,266 $27,991,113 $29,327,783 $46,511,964 $04,503,126 Other Assets 63,613,926 - 53413,926 Personal Assets $121,490,705 - 5121.490,705 Zuckerman Personal Holdings $80,500,000 50400,000 the above values represent a summary of the current montNy valuer presented in the individual entity pages in Section II. For additional infonnation regarding individual investments please Me to Secrionft. 2) Please note: The Family Businesses figure includes the Present Value of Future USN Crut Essuiburions. The Present Value of Future Xl8.2Crut Dismbutions u pan of Other Investment Assets MorganStanley SmithBarney 8 EFTA00284350

Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2011 MBZ 1996 Trnst MBZ 1996 Trust M BZ 1963 USN College 618Z 1992 Asset Class/Investment Endnotes MBZ (CST Exempt) (GST Non-Exempt) Family Trust Sfarketing, Inc. MBZ CRUT USN CRUT News Trust Total Real Property et Options 580,827,852 $80,827,52 Total Non-Policy Assets S1,779)366,302 527,991,113 5169,304,826 516,606,361 $62.776,911 $2,076,545,750 Liabilities Obligations To Related Parties (549,935,503) (538.100,000) (3ellig35.905) Mortgages ($57,941,848) ($57,941,818) Unsecured Obligations To Third Parties (3204,669.869) (5201,669,869) Total Liabilities ($312.547220) - (S-3000.000) (3350,667,210) Anticipated distributions as of 12/37/2010 ($136,155,963) (57,173.833) ($10.529, 96) Total Excluding Liabilities 31,96t06,616 $91,113,583 $284,533,910 SAW= SO $30,969,601 $1.676,141 $2,458,711,6141 Total Investment Assets $1,691,941,396 $94,113,583 $284533,910 SAW= $0 $3494001 $1,676,141 $2,108,064,611 1) The above values represent a summary of the currera monthly values presented an the individual entity cows in Section II. For additional information regarding inkvidual investments please !vier to Section II. 2) Please note: The Family Businesses figure includes the Proem Value of Future USN Crut Catnbutions. The l'resent Value of Future 6182 Out Distnbutimis is pan of Other Investment Assets 9 MorganStanley SmithBarney EFTA00284351

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

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/342011 12/31/2011 December YTD ITD• IRE Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Boston Properties, Inc. (Closing Price: $99.60) Boston Properties, Inc. 1/30/2004 963,735,830 1,006,582,933 5.0% 18.1% Total Boston Properties, Inc. $963,735,830 1,006,582,933 Municipal Securities Citibank -Muni Bonds 1/15/2009 11,734,793 11,783,323 0.4% 2.3% 2.7% 2.7% McDonnell - Short Term Muni Bonds 8/21/2009 38,261,582 23,382,065 2.5% 5.4% 3.9% 3.6% Morgan Stanley - Intermediate Term Muni Bonds 11/23/2009 23,718,149 24,122,122 1.9% 10.9% 6.0% 6.5% Morgan Stanley - Long Term Muni Bonds 2/27/2008 12,373,429 12,443,189 1.0% 11.5% 6.1% 6.5% Morgan Stanley -Short Term Muni Bonds 8/31/2008 5,293,835 5,002,018 0.1% 1.3% 3.2% 3.9% Total Municipal Securities $91,381,788 $76,732,717 Barclays Capital Muni 1-5 Yr Index 0.7% 4.2% 4.7% Barclays Capital Muni Bond Index 1.9% 10.7% 8.1% MunicipaKorporate Cifi - Muni/Corporate Bonds (Pormedy Blackrock) 1/31/2009 5 4. 1 Sti.8% 52,068,384 0.3% 2.8% 3.6% 3.8% Total Municipal/Corporate $54,188,896 552,068,384 50%Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 67,182,455 71,040,514 3A4. 7A' 7.0% Total Corporate Bonds $67,182,455 $71,040,514 85%Barclays Credit /15%Barclays High yield 2.1% 7.9% 12.9% 1) Please note: The current month performance data for the AlP hedge funds Is preliminary. MorganStanley SmithBarney 11 EFTA00284353

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Asset Class/Investment/Benchmark Global Bonds Inception Date 11/30/2011 Value 12/31/2011 Value December Return YTD Return ITD• Return IRE Return Templeton Global Bond Fund 5/25/2010 9,670,441 12,654,880 -0.1% -2.0% 4.6% -4.2% Total Global Bonds $9,670,441 $12,654,880 AIP Onshore Hedge Funds - AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 672,578 657,408 -2.3% -9.7% -5.6% -5.6% Dialectic Antithesis Partners (AIP) 8/31/2010 1,004,692 1,000,171 -0.5% 20.0% -1.0% -0.9% Double Black Diamond Class C (AIP) 8/31/2010 1,130,861 1,128,147 -0.2% -2.4% 0.9% 0.9% GEM Realty Securities LP(AIP) 8/31/2010 1,144,454 1,162,079 1.5% 1.1% 3.2% 3.2% HBK Fund II LP (AIP) 8/31/2010 1,249,865 1,257,042 0.6% 7.0% 9.5% 9.4% Ivory Flagship Fund LP(AIP) 8/31/2010 1,109,739 1,097,754 -1.1% -4.5% -1.1% -1.2% Man Al4L Diversified II USA (AIP) 8/31/2010 486,154 486,154 0.0% -9.0% -3.1% -3.1% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,042,380 1,042,380 0.0% -1.9% 2.1% 2.1% Millenium USA LP (AIP) 8/31/2010 1,273,245 1,284,959 0.9% 7.5% 11.3% 11.2% Owl Creek II LP (AIP) 8/31/2010 34,979 33,929 -3.0% -16.6% -10.8% -16.0% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,267,373 1,254,826 -1.0% -1.2% 9.3% 9.2% York Credit Opportunity Fund (AIP) 8/31/2010 1,148,489 1,148,489 0.0% -2.8% 2.3% 2.2% Total AIP Onshore Hedge Funds - AIP $11,564,809 $11,553,338 1) Please note: The current month performance data for the AIP hedge funds Is preliminary. MorganStanley SmithBarney 12 EFTA00284354

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Asset Class/Investment/Benchmark AIP Offshore Hedge Funds - AIP Offshore Hedge Funds Inception Date 11/30/2011 Value 12/31/2011 Value December Return YTD Return ITD * Return IRE Return Boronia Diversified Fund (AIP) 8/31/2010 480,576 469,745 -13% -9.7% -5.5% -5.6% Dialectic Antithesis Partners (AIP) 8/31/2010 1,011,753 1,008,010 -0.4% 20.9% -0.4% -0.3% Double Black Diamond Class C (AIP) 8/31/2010 1,020,535 1,017,270 -0.3% -2.8% 0.3% 0.3% HBK Offshore Fund II Ltd. (AIP) 8/31/2010 568,300 571,605 0.6% 7.5% 9.7% 9.7% Ivory Offshore Flagship Fund (AIP) 8/31/2010 1,006,316 995,448 -1.1% -4.7% -1.3% -1.4% Kaiser Trading Fund SPC Ltd. (MP) 8/31/2010 940,908 944,013 0.3% -6.8% -5.2% -5.2% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,042,367 1,042,367 0.0% -1.9% 2.1% 2.1% Millenium Intl Ltd - Class EE (AIP) 8/31/2010 1,153,127 1,163,851 0.9% 7.2% 11.0% 10.9% MQ Asia Long Short Fd Offshore (AIP) 8/31/2010 584,679 582,925 -0.3% 8.0% 11.3% 11.3% CMG Opportunities Trading Fund (AIP) 8/31/2010 488,669 483,587 -1.0% -4.3% -3.5% -3.5% Owl Creek Overseas Fund (AIP) 8/31/2010 29,827 28,962 -29% -26.9% -19.4% -16.6% Oz Overseas Fund Ltd. (AIP) 8/31/2010 2,080,902 2,080,902 0.0% -1.9% 20% 2.0% Pharo Macro Fund Ltd. (AIP) 8/31/2010 966,463 963,854 -0.3% -8.7% -3.7% -3.7% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,150,775 1,139,383 -1.0% -1.3% 9.2% 9.2% York Credit Opp Unit Trust (AIP) 8/31/2010 1,043,525 1,043,525 0.0% -3.2% 2.2% 2.2% Total AIP Offshore Hedge Funds - AIP $13,568,722 $13,535,447 AIP Hedge Funds (Onshore/Offshore) 8/31/2010 25,133,531 25,088,785 -0.2% -0.9% 1.8% 1.8% Total AIP Hedge Funds (Onshore/offshore) $25,133,531 $25,088,785 1) Please note: The current month performance data for the AIP hedge funds Is preliminary. MorganStanley SmithBarney 13 EFTA00284355

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/30/2011 12/31/2011 December YTD ITD• IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Hedge Funds - Direct AIP Custom HF Solutions 6/9/2011 5,815,971 5,815,971 0.0% 71.4% 35.5% American Steadfast, L.P. 4/1/2010 5,721,561 5,578,572 -25% 2.1% 6.5% 6.5% AP Investments Europe Limited 7/1/2007 59,676 59,676 0.0% -6.4% -125% -17.7% Blackstone Offshore Fund II 1/07/2011 1,838,896 1,838,896 0.0% -1.3% -3.7% CCA Absolute Return Muni Strategy, L.P. 6/30/2010 10,710,802 10,738,468 0.3% 6.1% 7.9% 63% GS Investment Partners (Offshore) 1/1/2008 910,365 920,077 1.1% -0.6% 1.8% 0.6% GS Investment Partners (Onshore) 1/1/2008 1,200,957 1,203,619 0.2% 2.1% 3.4% 2.1% Paulson Advantage L.P. 8/3/2009 16,202,011 14,515,380 -10.4% -22.3% 6.4% 6.5% Paulson Advantage Plus, L.P. 8/3/2009 13,762562 12,416,086 -9.8% -36.0% 0.4% -0.3% Taconic Opportunity Fund 7/1/2007 119,768 118,510 -1.1% 3.2% 1.6% -3.8% Total Hedge Funds - Direct $56,342,568 $53,205,255 Cash & Fixed Income Cash & Fixed Income 12/31/2007 238,605,658 246,288,405 1.1% 3.9% 3.8% Total Cash & Fixed Income $238,605,658 $246,288,405 Hedge-Funds Hedge-Funds 7/1/2006 81,476,099 78,294,040 -3.9% -11.2% Total Hedge-Funds $81,476,099 $78,294,040 1) Please note: The current month performance data for the AIP hedge funds Is preliminary. MorganStanley SmithBarney 14 EFTA00284356

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2011 Inception 11/30/2011 12/31/2011 December YTD ITD• IRR Asset Class/InvestmenVBenchmark Date Value Value Return Return Return Return Policy Assets ex Private Equity Policy Assets ex Private Equity 7/1/2006 320,081,757 324,582,444 -0.1% 0.0% 7.7% Total Policy Assets ex Private Equity $320,081,757 $324,582,444 Policy Assets Policy Assets 6/5/1995 528,710,506 525,780,278 -0.1% 1.2% Total Policy Assets $528,710,506 $525,780,278 Barclays Aggregate Bond Index M500 Index MSCI All Country World Index HFRI Fund Of Funds Index 1.1% 1.0% -0.2% -0.3% 7.9% 2.1% -6.9% -5.5% 1) Please note: The current month performance data for the AlP hedge funds Is preliminary. MorganStanley SmithBarney 15 EFTA00284357

Mortimer B. Zuckerman and Related Entities Consolidated Statement of Select Investment Endnotes- December 31, 2011 Reference Endnoter I' Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. Please note: The IRR calculations are Net of Fees. Please note: The WM rakulations are Net of Fees. MorganStanley SmithBarney 16 EFTA00284358

Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2011 Asset Class/Investment Private Capital • Fund of Funds Endnotes Vintage Year Committed Capital Contributed Capital 96 Contributed EM. Remaining Comm lament Remaining Net Asset Value (1) Distributions to Date Total Value 'fVPI IRR Date of I V PI/Ilt Owe Capital Partners I'mate Equity FF II, LTD 2000 L000,000 912.312 91.2% VASS 334772 897745 tansin 1.36 65% 9/30/2010 CS Private Equity Partners IL L.P. [Al 1998 23,750.000 22,931,694 96.6% 818706 1,901712 17393,610 29,09042 1.27 4.9% 9/30/2011 CS Vintage Fund, LP. 1998 9,500000 9033,41.8 95.1% 466332 1,3597b3 10,145,188 11504016 1.27 &I% 9/30/2011 Quelled Financial Ventures a (CRT), LP. 2004 5,000.000 3,371,765 674% 1,623235 391756 2.971,580 3741.240 I.00 -0.1% 9/30/2011 Quelled Financial Ventures II, L.P. 2004 10,000.000 6,673,817 66.7% 2326183 779.315 5,555,767 6491888 0.95 .14% 9/30/2011 Quelled Private Capital 2002. L.P. (BI 2002 4,000.000 3,813236 %.1% 156764 2.455X0 3.696500 5351,770 1.34 74% 9/30/2011 Quelled Private Capital 2002. L.P. (USMature) iq 2002 10,000000 10738,472 105.4% -528422 4729863 11,174121 17,906,784 1.70 15.7% 9/30/2011 Quake Private Carnal ll. LP. (D) 2004 15,000.000 12,525270 835% 2.474,730 12,125.750 2349712 14735,742 1.14 3.7% 9/30/2011 Total Private Capital. Fund of Funds 578.250,000 869,829,964 89.2% 4000,036 826.141,286 062.716.073 $89.647787 Private Capital • Dina Partnerships Brockman 1280 Fifth Investments II. LP. 2108 970.090 970,090 100.0% 970.090 970,090 N/M N/M Con Stickman Real Estate Fund I, LP. iFi 2002 3,000000 3,100,334 103.3% .100.334 895317 1,861,424 2754741 089 .65% 12/31/2010 Stickman Real Estate Fund IL L.P. 2006 3,000.000 3.000,000 100.0% 3.188289 414,620 2.603,409 0.87 4.1% 9/30/2011 Stickman Real Estate Fund III, L.P. 2007 2,500,000 1,505,853 60.2% 594,147 2.005.484 • 1,005,604 0.67 41.9% 9/30/2011 Stickman Real Estate Fund IV, L.P. 2007 2506810 2218,569 110.6% -212,498 1,713,993 596,096 2,477,012 1.04 18% 9/30/2011 Gxur Square Capital Partners LP. (CVC Eq.Pariners L.P.) 2001 5,000000 4,125,869 82.5% 874,131 1,148,411 7,757,953 8.937316 116 277% 9/30/2011 CVC Capital Partners Asia Pacific IL L.P. 2005 5,000000 6,093,007 121.9% -1,093,007 4116511 2.352.012 AMAIL2 an .95% 9/30/2011 • CVC European Equity Ruiners IV, L.P. (F) 2006 7,344,000 5,136321 69.9% 2.207,679 4,781226 2.118.067 7759771 1.37 &9% 9/30/2011 • CVC European Equity Partners V, LP. 2008 12391,574 6,811,753 55.0% 6579421 7,0=177 7,002377 1.03 1.9% 9/30/2011 • Evercore Venture Partners. LP. 2000 670,550 670,550 100.0% 118,212 520,965 619,177 0.95 .a7% 9/30/2011 Franctico Partners, LP. 2000 5,000,000 4,674724 93.5% 325476 3,805516 4,041,722 5847,268 1.25 4.6% 9/30/2011 Gabriel Capital Investment 2036 5006 15,000.000 15,000,000 100.0% - 10,115,478 10,115,478 0.67 .7.1% 11/30/2011 Generation Capital Partners IL L.P. 2000 2,000000 1,35,746 868% 264251 1,285,199 2.214,763 3,499,962 102 113% 9/30/2011 Glibt Capital Partners I, I..P. 2011 700.000 52.300 7.5% 617700 52503 53.500 NVM AVM Cost Creycroft Partners IL LP. 2010 L000800 600000 60.0% 400,000 413721 1512000 713,521 0.88 .134% 6/30/2011 GS Capital Partners III, LP. 1998 20,000800 17,722700 88.6% 2.277,700 375,401 17,656,069 18.031,473 1.02 0.4% 9/30/2011 Heartland Industrial Partners, LP. 2000 6,000000 6489,711 108.2% .489,711 763.363 2.010,463 2,999,762 0.44 .102% 9/30/2011 Israel Infrastructure Fund IC. LP. 2006 5,000000 3,675,269 73.5% 1724,732 2.968779 991,306 4894320 LOS 3.6% 9/30/2011 Legacy Capital, L.P. 2011 10,000033 726,027 7.3% 9273,973 735.027 724002 N/M N/M Cost (14 Values presented represent the investment capital account balance as of the respective 'Date of TVFI/IRIP adjusted for contributions and distributions post valuation date unless otherwise footnoted. PI Indicates the Fund valuation has been updated since last month's report. I") 'TVW is calculated by adding the most recent fair market value and the distributions to date and then dividing by the Contributed Capital to date. MorganStanley SmithBarney 17 EFTA00284359

Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2011 Asset Class/Inveshitent Esidnotes Vintage Year Committed Capital Contributed Capital % Contributed Est. Remaining Committment Remaining Net Asset Value (I) Distributions to Date Total Value TVPI IRR Date of TVIVIRR Morgan Stanley Credit Palmer Onshore, LP. 2010 25,000.033 10,716,004 42.9"‘ 14-3:39.36 9,993,118 1.277,425 11,496422 I.0O 10.8% 9/30/2011 Patrice( Pnvate Investment Oubll, LP. 1998 200.000 203,000 100.0% 1.329 116364 141,936 059 -6.3% 6/30/2011 Patneof Pnvate Investment Club Ill, LP. 2000 1,000/300 1,000,000 100.0% 367,145 1.280,621 1.647.766 1.65 104% 6/30/2011 Patncei Pnvate Investment Cub, LP. 1996 100,000 103,630 103.6% 4,630 2155 212,799 214,954 107 165% 6/30/2011 Piquet / ESIVP II, LP. 2000 1,000030 940,000 96.0% @000 31,5513 291.775 330,794 0.34 .15.9% 9/30/2011 Quadrangle Capital Partners, LP. 2000 10,000403 11,818,172 118.2% -1118,172 1199,036 15.260.694 17359,780 1.45 107% 9/30/2011 QI1C1105 Co-Invesenera Fund II, L.P. 1i 75,000403 49,133,771 65.5% 25966229 49,947,812 13.499.193 66121.382 1.31 21.9% 6/30/2011 Qurike Co-Invaamem Fund ii, L.P. - CRT Series 2008 25,000403 12.271,402 49.1% 12.718.598 10,487,766 5.250.467 17144103 1.21 25O% 6/30/2011 Oldies CesInvistmem Fund III. LP. 2011 75,000403 15,461,498 20.6% 595351O2 15,464,498 • 15,164,490 N/M 94/61 Coo Oxlips Co-Inv.:14mm Fund. LP. III 2006 50,000403 46,903,935 93.8% 3.059,065 14,499241 41.518.711 64.735.623 1.19 6.9% 6/30/2011 Qualm C.csInvesenem Fund. LP. • CRT Series III 2006 50,000403 44,722429 894% =7,571 13,1B,490 38730,906 58314736 1.16 55% 6/30/2011 Valor Equal.). Partners II. L.P. 2007 3,000100 1,997,042 66.6% 1POZ9•93 1,398159 500402 2005,744 0.95 .22% 9/30/2011 VSS Comunwatiects Partners IV, LP. 18 2006 10,000000 10,129,866 101.3% 429,866 7,094,470 691,090 7788..540 0.76 -62% 9/30/2011 Total Private Capital • Direct Partnerships $431,892.214 $289,706,111 67.1% 5142.176413 616019.6101 5161,485,358 5347.676069 Values presented represent the investment capital account balance as of the respective 'Date of TVPI/IRR* adjusted for contributions and distributions post valuation date unit's otherwise footnoted. Indicates the Fund valuation has been updated since last month's report. I") "TVW is calculated by adding the most recent fair market value and the distributions to date and then dividing by the Contributed Capital to date. MorganStanley SmithBarney 18 EFTA00284360

Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2011 Asset CLissfinvestment Endnotcs 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 45,000,000 100.0% 3,112,043 568,896 3,680,979 -46.8% 12/31/2010 Cost Basis Courtroom Connect 2002 50,000 50,003 100.0% 54,400 54,400 3.7% 4/ 30/ 2006 Coss Basis Freescak Co-Investment XVI, LW 2006 5,000,000 5,074,954 101.5% -74,954 7..380,785 2.380285 -16.0% 3/31/2011 Cost Basis Keith Glen Media 2004 100,000 100,003 100.0% 23,814 23,814 -217% 9/30/2009 Loud3R 2010 2,000,000 2,040,000 102.0% 40,000 2140,003 2.040.000 0.0% 7/31/2010 Newbridge Veritable Partners, LLC 1997 500,000 500,003 100.0% 250,000 250,000 -SA% 6/ 30/ 2004 Write Down Rely Software (f/k/a Rightfteight, Inc) 2000 500,000 500,000 100.0% 35,159 35,159 -21-2% 11/30/2010 Write Down The Vehicle Production Group, LW. 2008 2,000,000 2,230,471 111.5% -230,471 7.230,471 2230471 0.0% 8/31/2008 Cost Basis VISC Japan K.K. 2000 182,409 152,409 100.0% 17,610 134,694 286,938 -0.1% 12/31/2002 Write Down Total Private Capital- Direct Companies 555,302,409 S%,647,834 100.6% (5345,425) 510,144,322 5703,590 $10,982,606 Total Private Capital 5565434633 5415,183,908 734% 5150,250,724 $201,113,433 5224,974,972 5148,206,482 II.] Values presented represent the investment capital account balance as of the respective Tate of TV0I/IRR• Amsted for contributions and dartnbunons post valuation date unless othenvise 'canard. M Indicates the Fund suluation has been updated since Last month's repot. rj Please note: As of 12/31/2010the market value et (Ally / Cerberus Firm Investors, LLC) bcalculated by multiplying the total sharesof 30946 by the price of 310,050.00. MorganStanley SmithBarney 19 EFTA00284361

Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary Endnotes- December 31, 2011 Reference Endnotes I Please note: The IRR calculations are Net of Fees. jA) Effective January 1, 2003, MBZ% tout commitment was reduced to523.75 million from SS million. The values prevented represent MBZ and related entities total ownership in the fund. Ownership petrentages are as follows: Mortimer B. Zuckerman - 49.27%, The MBZ 1996 Trust (CST Exempt) -19.63%, and The MBZ 1996 Trust (CST Non-Exempt) - 36.10%. IB] The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MBZ 1996 Trust PST Exempt) - 50%, and The MBZ 1993 Family Trust - 50%. ICI Initial investment of 92,499,349 was effective April 1.2003 [D] The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 66.67%, The MBZ 1996 Trust ((ST Exempt) -16.67%, and The MBZ 1996 Trust (GS1Non-Exempt) -16.67%. tEl The Remaining Net Asset value presented represents The MBZ 1996 Trust (CST exemptys ownership interest of approximately 4.85% in the total Partners' Capital as of September 30,2006, adjusted for contributions or distributions post valuation date. )F) The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MBZ 1996 Trust (2ST Non-Exempt)-50% and The MBZ 1993 Family Trust - 50%. The investment is held in Euros and values presented are converted at the Euro spot rate on September 30, 2011. PI The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 96.88%, The MBZ 1996 Trust PST Exempt) -1.10%, and The MBZ 1996 Trust (CST Non-Exempt) -102%. [HI The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 44.67%, The MBZ 1996 Trust ((ST Exempt) - 19.49%. and The MBZ 1996 Trust (CST Non-Exempt) - 35.89%. Monies designated for meeting remaining commitments have been funded in conjunction with the investments in the 2 CAP Fund, LP. and the 2 CAP Charitable Fund, L.P. and are currently invested in the Quellos Appreciation Fund 11, LLC and 1LF, ltd. respectively. Periodic redemptions will be made to fund anticipated capital calls. No further cash commitment is required by MBZ personally. JJ The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MBZ 1996 Trust PST Exempt) - 50%, and The MBZ 1996 Trust ((Sr Non- Exempt) -50%. MorganStanley SmithBarney 20 EFTA00284362

Mortimer B. Zuckerman Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Private Capital - Direct Companies 0.9% Private Capital - Direct Partnerships 34.5% Private Capital - Fund of Funds 11.8% Hedge Funds -Direct 3.9% Cash 11.2% Municipal Securities 25.4% Municipal/Corporate 7.7% Corporate Bonds 1.0% Global Bonds 3.5% • Cash • Municipal Securities 0 Municipal/Corporate 0 Corporate Bonds ■Global Bonds • Hedge Funds -Direct • Private Capital - Fund of Funds O Private Capital - Direct Partnerships • Private Capital - Direct Companies Piny.° note: The Total Policy Ames figuredots not include the closely held entity (USN College Masketing. INC.} this (Oren included in the Detail of Investment Assets section. MorganStanley SmithBarney 21 EFTA00284363

Mortimer B. Zuckerman Executive Summary - December 31, 2011 Investment Assets Actual Polity % Endnotes Celt 11/dQR011 Value 12/ 31AM Value Cash 2,839,047 16,023,611 11.2% Municipal Securities 33,259,680 38,401,107 36,280,711 25.4% Municipal/Corporate 10,305,749 10,974,987 11,027,030 7.7% Corporate Bonds 0 1,393,245 1,418,759 1.0% Global Bonds 5,200,000 2,541,337 5,024,729 3.5% Hedge Funds -Direct 5,000,000 5,721,561 5,578,572 3.9% Private Capital - Fund of Funds 7,963,641 16,833,243 16,813,302 11.8% Private Capital - Direct Partnerships 46,725,993 49,484,052 49,151,212 34.5% Private Capital - Direct Companies 15,498,974 1,300,844 1,300,844 0.9% Total Policy Assets $123,954,036 $129,489,423 $142,618,769 100.0% Boston Properties, Inc. (Closing Price: $99.60) 779,148,728 813,828,945 Other Investment Assets 150,305,829 136,155,963 Family Businesses 537,397,085 542,786,845 Notes and Loans Receivable 662,266 662,266 Other Assets 153,855 10,793,097 3,613,926 Personal Assets 121,490,705 121,490,705 Zuckerman Personal Holdings 80,500,000 80,500,000 Real Property & Options 80,827,852 80,827,852 Total Non-Policy Assets $153,855 $1,761,125,362 $1,779,866,502 Obligations To Related Parties -50,102,320 49,935,503 Mortgages -58,057,270 -57,941,848 Unsecured Obligations To Third Parties -202,869,869 -204,669,869 Total Liabilities ($311,029,459) ($312,547,220) Total Excluding Liabilities $124,107,891 $1,890,614,985 $1,922,485,271 Total Investment Assets $124,107,891 $1,579,585,526 $1,609,938,051 none note: The Total Pokn• Assets figuredots not include the closely held entity (USN Calks* Marketing. INC.} this figures included in the Detail of Investment Assets section. MorganStanley SmithBarney 22 EFTA00284364

Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/30/2011 Value Net Cash Flow December S 12/31/2011 Return Value December Return YID Return III' Return Bank of America - MMF 9/19/2008 10,104 1 10,104 0.0% 0.1% JPM Chase -Checking 9/19/2008 126,202 -17,256 1 108,947 0.0% -1.7% JPM Chase - Money Mkt 9/19/2008 98,692 3 98,695 0.0% 0.0% Morgan Stanley - Money mm 12/1/2011 - 3,000,000 47 3,000,047 Morgan Stanley - Money mkt 12/31/2007 2,604,049 10,201,587 181 12,805,817 0.0% 0.1% Total Cash 12/31/2007 $2,839,047 $13,184,332 $232 $16,023,611 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Citibank - Muni Bonds 1/15/2009 10,844,100 11,734,793 7 48,523 11,783,323 0.4% 2.3% 2.7% McDonnell - Short Term Muni Bonds 8/21/2009 4,599,827 8,233,709 -2,500,000 167,546 5,901,255 2.4% 5.1% 3.6% Morgan Stanley - Intermediate Term Muni Bonds 1/11/2010 11,177,914 11,442,969 -35,625 136,094 11,543,438 1.2% 8.0% 4.6% Morgan Stanley - Long Term Muni Bonds 3/31/2008 5,541,274 5,858,327 60,963 5,919,291 1.0% 122% 6.4% Morgan Stanley -Short Term Muni Bonds 9/12/2008 1,096,565 1,131,309 2,096 1,133,405 0.2% 0.5% 2.1% Total Municipal Securities 3/3V2008 $33,259,680 $38,401,107 ($2,535,618) $415,222 $36,280,711 1.1% 6.2% 3.5% Barclays Capital Muni 1-5 Yr Index 0.7% 4.2% 4.1% Barclays Capital Muni Bond Index 1.9% 10.7% 6.3% Municipal/Corporate Citi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 10,305,749 10,974,987 52,043 11,027,030 0.5% 3.0% 3.7% Total Municipal/Corporate 1/31/2009 $10,305,749 $10,974,987 $52,043 $11,027,030 0.5% 3.0% 3.7% 50%Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 0 1,393,245 25,514 1,418,759 1.8% 29% 6.8% Total Corporate Bonds 1/31/2009 SO $1,393,245 $25,514 $1,418,759 1.8% 2.9% 6.8% 85%Barclays Credit/ 15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 5,2130,000 2,541,337 2,500,000 -16,609 5,024,729 -0.4% -6.3% Total Global Bonds 5/25/2011 $5,200,000 $2,541,337 $2,500,000 ($16,609) $5,024,729 -0.4% -6.3% 1) Please note: The performance returns for investments in Private Capital - Fund of Funds Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Par. MorganStanley SmithBarney 23 EFTA00284365

Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark Hedge Funds -Direct American Steadfast, L.P. Inception Endnotes Date 4/1/2010 Cost 5,000,000 11/30/2011 Value 5,721,561 Net Cash Flow• December S 12/31/2011 Return Value -142,989 5,578,572 December Return -2.5% YID Return 2.1% I I 1) Return 6.5% Total Hedge Funds -Direct 4/1/2010 $5,000,000 $5,721,561 ($142,989) $5,578,572 -2.5% 2.1% 6.5% Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD 6/15/2000 77,475 358,713 -19,941 338,772 GS Private Equity Partners II, L.P. 3/11/1998 841,720 841,720 Quellos Financial Ventures II, L.P. [B] 4/15/2004 1,208,182 779,315 779,315 Quellos Private Capital 2002, L.P. (US Mature) 3/26/2003 256,331 6,729,663 6,729,663 Quellos Private Capital II, L.P. 12/20/2004 6,421,653 8,123,832 8,123,832 Total Private Capital - Fund of Funds 3/11/10$8 $7,963,641 $16,833,243 ($19,941) - $16,813,302 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pagm. MorganStanley SmithBarney 24 EFTA00284366

Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception Asset Class/Investment/Benchmark Endnotes Date Private Capital - Direct Partnerships Cost 11/30/2011 Value Net Cash Flaw December S 12/31/2011 December YID Ill) Return Value Return Return Return Court Square Capital Partners L.P. (CVC Eq.Partners LP.) 8/9/2001 1,148,444 1,148,444 CVC Capital Partners Asia Pacific II, LP. 5/24/2005 3,416,259 2,131,460 -15.9 it) 0 2,115,511 CVC European Equity Partners V, LP. 6/26/2008 3,001,967 3,341,606 3,341,606 Evercore Venture Partners, L.P. 11/27/2000 149,585 118,212 118,212 Francisco Partners, L.P. 10/30/2000 576,084 1,805,546 1,805,546 Gabriel Capital Investment 2006 7/11/2006 15,000,000 10,115,478 10,115,478 Generation Capital Partners II, LP. 3/21/2000 - 1,285,199 1,285,199 Glilot Capital Partners I, L.P. 3/21/2011 52,500 52,500 52,500 Greycroft Partners II, LP. 3/31/2010 450,000 413,521 413,521 GS Capital Partners Ill, L.P. 8/27/1998 932,855 375,404 375,404 Heartland Industrial Partners, L.P. 5/12/2000 4,576,026 959,299 -175,916 783,383 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 2,020,864 1,984,486 1,984,486 Patricof Private Investment Club II, LP. 8/1/1998 83436 1,329 1,329 Patricof Private Investment Club III, L.P. 6/5/2000 367,145 367,145 Patricof Private Investment Club, LP. 4/29/1996 2,155 2,155 Pequot / FMVP II, LP. 2/14/2000 648,225 31,998 31,998 Quadrangle Capital Partners, LP. 9/28/2000 1,899,086 1,899,086 Quellos Co-Investment Fund II, LP. 9/8/2008 10,478,988 17,674,064 -1,024,790 16,649274 Quellos Co-Investment Fund III, L.P. 10/24/2011 3,513,466 1,841,733 1,671,733 3,513,466 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 336,318 2,536,528 -787,918 1,748,610 Valor Equity Partners II, L.P. 8/10/2007 1,489,020 1,398,859 1,398,859 Total Private Capital - Direct Partnerships 4/29/1996 $46,725,993 $49,484,052 ($332,840) $0 $49,151,212 Private Capital - Direct Companies Ally / Cerberus Finn Investors, LLC 3/28/2006 14,835,934 1,037,361 1,037,361 Courtroom Connect 11/19/2002 50,000 54,400 54,400 Keith Glen Media 2/24/2004 100,000 23,814 23,814 Newbridge Vencable Partners, LLC 12/31/2001 20,430 132,500 132,500 Rely Software (f/k/a Rightfreight, Inc) 12/31/1999 475,000 35,159 35,159 VISC Japan K.K. 12/31/2001 17,610 17,610 17,610 Total Private Capital - Direct Companies 12/11/1999 $15,498,974 $1,300,844 $1,300,844 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 25 EFTA00284367

Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December $ 12/31/2011 December YID I I 1) Asset Class/Investment/Benchmark Endnotes Date Cost Value flow Return Value Return Return Return Closely Held Entities USN College Marketing, Inc. 31,035,500 41,599,220 230,579 173,546 42,003,345 Total Closely Held Entities $31,035,500 $41,599,220 $230,579 4173,546 $42,003,345 Total Policy Assets $154,989,537 $171,088,644 $13,026,511 4506,959 5184,622,114 0.2% 1.9% Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) [El 6/23/1997 142,620,942 -747,646 7,057,778 148,931,074 5.0% 18.1% BXP (NonVested LTIPs) 1/30/2004 15,249,664 -79,942 754,649 15,924,372 5.0% 18.1% 12.2% IMP (Non-Vested Options) 1/1/2011 101,300 160,108 261,408 158.1% 665.4% BXP (OPUs) 6/23/1997 592,814,742 -3,107,647 29,336,188 619,043,282 5.0% 18.1% 16.5% BXP (OPUs) - Cambridge Entities 5/23/2001 4,432,690 -23,237 219,357 4,628,810 5.0% 18.1% 14.5% BXP (Vested LTIPs) 2/1/2007 23,895,623 -125,265 1,182,505 24,952,863 5.0% 18.1% -0.4% BXP (Vested Options) [CI 1/30/2004 33,767 53,369 87,136 158.1% 665.3% Total Boston Properties, Inc. 6/23/1997 $779,148,728 ($4,083,737) $38,763,954 $813,828,945 Other Investment Assets Present Value of Future MBZ Crut Distributions 12/31/2007 - 150,305,829 - -14,149,866 136,155,963 Total Other Investment Assets 12/37/2007 - $150,305,829 - (S14,149,866) 4136,155,963 Family Businesses Present Value of Future USN Crut Distributions 12/31/2007 7,801,619 -427,786 7,373,833 The Daily News (Preference and Interest on LOC) 9/30/2007 454,595,466 5,817,546 460,413,012 US News & World Report LP 9/30/2007 75,000,000 - 75,000,000 Total Family Businesses 9/30/2007 $537,397,085 $5,389,760 $542,786,845 Notes and Loans Receivable Barbara G. Jensen 9/30/2007 28,950 28,950 Carmen Z Robinson 10/18/2010 283,316 283,316 Daniel Rothschild 9/30/2007 200,000 200,000 Mathias Monier 9/30/2007 50,000 50,000 The Core Club 55th Street LLC 9/30/2007 100,000 100,000 Total Notes and Loans Receivable 9/30/2007 $662,266 $662,266 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pagm. MorganStanley SmithBarney 26 EFTA00284368

Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December YID I I I) Asset Class/investment/Oenchmark Endnotes Date Cost Value Flow Return Value Return Return Return Other Assets JP Morgan Chase - East Hampton 9/30/2007 3,784 3,784 Morgan Stanley Checking Account 12/31/2007 10,443,201 -7,179,429 258 3,264,030 T. Rowe 401(K) Retirement Plan (DJ 1/31/2007 153,855 346,112 346,112 0.0% 7.4% 9.9% Total Other Assets 1/31/2007 $153,855 $10,793,097 ($7,179,429) $258 $3,613,926 Personal Assets Art, Furniture and Other -21 Drew Lane 9/30/2007 2,744,701 2,744,701 Art, Furniture and Other -599 Lexington Avenue 9/30/2007 184,124 184,124 Art, Furniture and Other -950 Fifth Avenue 9/30/2007 106,065,592 106,065,592 Art, Furniture and Other -950 Fifth Avenue (Paloma) 9/30/2007 12,000,000 12,000,000 Art, Furniture and Other -Aspen 9/30/2007 48,864 48,864 Art, Furniture and Other -Lazy Z 9/30/2007 75,073 75,073 Hampton Golf Club, LLC 9/30/2007 309,581 309,581 Lexus LX470-1999 9/30/2007 25,275 25,275 Mercedes Benz S430-2001 9/30/2007 37,495 37,495 Total Personal Assets 9/30/2007 $121,190,705 $121,490,705 Zuckerman Personal Holdings BR, Inc - ("Lazy Z" Motor Yacht) 9/30/2007 25,000,000 25,000,000 USN Aviation - (ZWA, Inc.) 9/30/2007 44,000,000 44,000,000 ZAS, LLC- (Waldorf Right Services) 9/30/2007 11,500,000 11,500,000 Total Zuckerman Personal Holdings 9/30/2007 $80,500,000 - $84500,000 Real Property & Options 17 East 75th Street 9/30/2007 5,527,852 5,527,852 21 Drew Lane 9/30/2007 30,500,000 30,500,000 4 Three Mile Harbor Drive 9/30/2007 3,300,000 3,300,000 418 Wrights Road Aspen 10/22/2009 9,500,000 9,500,000 950 Fifth Avenue 9/30/2007 32,000,000 32,000,000 Total Real Property & Options 5/30/2007 $80,827,852 - $80,827,852 Total Non-Policy Assets 8153,855 1,761,125,562 ($11,263,166) $30,004,106 1,779,866,502 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 27 EFTA00284369

Mortimer B. Zuckerman Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December YR) I I t) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Obligations To Related Parties BR, Inc - ("Lazy Z" Motor Yacht) 9/30/2008 -14,79Z507 -14,792,507 Pauline Corder 9/30/2007 -2,310,090 -2,310,476 USN Aviation - (ZWA, Inc.) 9/30/2008 -30459,183 -30,551,620 ZAS, LLC- (Waldorf Flight Services) 9/30/2008 -2,340,540 -2,280,900 Total Obligations To Related Parties 9/30/2007 ($50,102,320) ($49,935,503) Mortgages Bank of America-418 Wrights Road 9/30/2007 -7,369,034 -7,329,840 Bank of America-17 East 75th Street 9/30/2007 -5,401,978 -5,409,619 Bank of America-21 Drew Lane 9/30/2007 -20,402,505 -20,364,720 Bank of America-4 Three Mile Harbor Drive 9/30/2007 -811,241 -809,739 Bank of America-950 Fifth Avenue 9/30/2007 -24,072,512 -24,027,930 Total Mortgages 9/30/2007 ($58,057,270) - ($57,941,848) Unsecured Obligations To Third Pasties Bank of America Revolving Line of Credit 9/30/2007 -151,669,869 -153,469,869 Citibank Revolving Line of Credit 9/30/2007 Daily News, L.P. - HUD 3/31/2009 -2,000,000 -2,000,000 Daily News, L.P. - NJEDA 9/30/2008 -7,900,000 -7,900,000 Krall Payments 9/30/2008 -300,000 -300,000 MBZ Printing (APT, LP) 9/30/2008 41,000,000 41,000,000 Total Unsecured Obligations To Third Parties 9/30/2007 - ($202,869,869) - ($204,669,869) Total Liabilities ($311,029,459) $0 - ($312,547,220) Total Excluding Liabilities $155,143,392 1,932,214,206 $1,763,345 $30,511,066 1,964,488,616 Total Investment Assets $155,143,392 1,621,184,747 $1,763,345 $32,028,827 1,651,941,396 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pagsm. MorganStanley SmithBarney 28 EFTA00284370

Mortimer B. Zuckerman Endnotes- December 31, 2011 Reference I1 P*1 IAI 1B1 ICI PI tEl 19 ICI Endnotes Please note: Inception To Date returns (1TD Return) are annualized returns for periods greater than 12 months. Please note: The TWR calculations are Net of Fees. Please note: The current ownershipof MBZ in this Teal Property le Options' (17 East 75th Street) is 3/7 or 42.86%. Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. The November 30, 2011 and December 31, 2011 values represent the September 30, 2011 capital amount balance adjusted for contributions post valuation date. The November 30, 2011 and December 31, 2011 values represent the fair market value of vested options that are in the money. The November 30, 2011 and December 31, 2011 value represents the March 31, 2011 capital account balance adjusted for contributions peat valuation date. The historical returns of BXPcornmon include the historical appreciation from the exercise d options. The Market Value d the SXP (Vested Options) is calculated by multiplying the shares of BXP (Vested Options) by the (current price minus the exercise price). The exercise price - 536.45. The present value of Future MBZ Crut Distributions and the present value of Future USN Crut Distributions are calculated using an estimated capital market growth rate d 5.00% provided by the client and for which the client is solely responsible. Morgan Stanley makes no representation regarding its accuracy nor the accuracy of any calculations based upon such values. MorganStanley SmithBarney 29 EFTA00284371

MBZ 1996 Trust (GST Exempt) Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets P ovate Capital - Direct Companies 16% Distal Bonds Hedge Funds -Direct 17% 18% Municipal/Corporate OD% Pnvate Capital - Direct Partnerships 402% AP Onshore Hedge Funds Private Capital Fund of Funds S.S% Cash 55% Corporate Bonds 119% M inicipai Securities 02% ■ Municipal/Corporate ■ Private Capital - Direct Companies ■ Global Bonds O Hedge Funds -Direct ■ Private Capital - Fund of Funds ■ Cash ■ Corporate Bonds o Municipal Securities ■ AIP Onshore Hedge Funds ■ Private Capital - Direct Partnerships VS% 11/30201I IZt/2011 Actual Investment Assets Endnotes Cost Value Value Polley % Cash 94,879 2,406,730 3,644,029 5.5% Municipal Securities 8,318,263 8,884,163 8,730,255 13.2% Municipal/Corporate - 19,454 19,455 0.0% Corporate Bonds 6,526,592 8,347,768 8,505,035 129% Global Bonds 1,225,000 1,153,014 1,153,735 1.7% AIP Onshore Hedge Funds 11,655,710 11,564,809 11,553,338 17.5% Hedge Funds -Direct 932,969 1,200,957 1,203,619 1.8% Private Capital - Fund of Funds 2,200,129 3,631,825 3,631,825 5.5% Private Capital - Direct Partnerships 20,974,673 27,540,178 26,601,319 40.2% Private Capital - Direct Companies 14,886,622 1,079,861 1,079,861 L6% Total Policy Assets 566,814,836 $65,828,760 $66,122,470 100.0% Notes and Loans Receivable 27,991,113 27,991,113 Total Investment Assets 566,814,836 $93,819,873 $94,113,583 MorganStanley SmithBarney 30 EFTA00284372

MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Inception Asset Class/Investment/Benchmark Endnotes Date Cost 11/30/2011 Value Net Cash Flow December Return 12/31/2011 Value December Return YID Return IT0 Return Cash Morgan Stanley - Money mkt 12/31/2007 1,864,331 2,650,419 -1,413,121 3,101,629 0.0% 0.1% Operating Account 1996 TR (AIP) 8/31/2010 94,879 542,399 1 542,400 0.0% 0.0% Total Cash 12/31/2007 $91,879 $2,406,730 $2,650,419 ($1,413,120) $3,644,029 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley - Intermediate Term Muni Bonds 1/13/2010 4,357,817 4,550,299 124,027 4,674,326 2.7% 15.2% 9.1% Morgan Stanley - Long Term Muni Bonds 6/9/2011 1,551,433 1,583,925 17,920 1,601,846 1.1% 3.9% Morgan Stanley -Short Term Muni Bonds 9/30/2008 2,409,013 2,749,939 -298,338 2,481 2,454,083 0.1% 1.2% 3.0% Total Municipal Securities 9/30/2008 $8,318,263 $8,884,163 ($298,338) $144,429 58,730,255 1.7% 8.6% 5.3% Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% 4.7% Barclays Capital Mimi Bond Index 1.9% 10.7% 8.1% MunicipaKorporate Citi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 19,454 1 19,455 0.0% 0.0% 2.8% Total Municipal/Corporate 1/31/2009 519,454 51 519,455 0.0% 0.0% 2.8% 50%Barclays Credit 1-5 Y/504fiElarclays Mimi 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 6,526,592 8,347,768 157,267 8,505,035 1.9% 3.0% 7.2% Total Corporate Bonds 1/31/2009 $6,526,592 $8,347,768 $157,267 58,505,035 1.9% 3.0% 7.2% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 12'25,000 1,153,014 721 1,153,735 0.1% -5.8% Total Global Bonds 5/25/2011 51,225,000 $1,153,014 $721 $1,153,735 0.1% -5.8% 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies an: located in the Private Capital Portfolio Summary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 31 EFTA00284373

MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Inception 11/3012011 Net Cash December 12/31/2011 December YID I ID " Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 709,433 672,578 -15,170 657,408 -2.3% -9.7% -5.6% Dialectic Antithesis Partners (AIP) 8/31/2010 1,012,310 1,004,692 -4,521 1,000,171 -0.5% 20.0% -1.0% Double Black Diamond Class C (All) 8/31/2010 1,115,243 1,130,861 -2,714 1,128,147 -0.2% -2.4% 0.9% GEM Realty Securities LP (AIP) 8/31/2010 1,115,142 1,144,454 17,625 1,162,079 1.5% 1.1% 3.2% HBK Fund II LP (AIP) 8/31/2010 1,112,049 1,249,865 7,177 1,257,042 0.6% 7.0% 9.5% Ivory Flagship Fund LP (AIP) 8/31/2010 1,114,868 1,109,739 -11,985 1,097,754 -1.1% 4,5% -1.1% Man AHL Diversified II USA (AIP) 8/31/2010 506,773 486,154 486,154 0.0% -9.0% -3.1% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,014,210 1,042,380 1,042,380 0.0% -1.9% 2.1% Millenium USA LP (AIP) 8/31/2010 1,115,938 1,273,245 11,714 1,284,959 0.9% 7.5% 11.3% Owl Creek II LP (Alf" 8/31/2010 608,025 34,979 -1,050 33,929 -3.0% -16.6% -10.8% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,116,195 1,267,373 -12,547 1,254,826 -1.0% -1.2% 9.3% York Credit Opportunity Fund (All) 8/31/2010 1,115,522 1,148,489 1,148,489 0.0% -2.8% 2.3% Total AIP Onshore Hedge Funds 8/31/2010 $11,655,710 $11,564,809 ($11,471) $11,553,338 -0.1% -0.4% 2.3% Hedge Funds -Direct GS Investment Partners (Onshore) 1/2/2008 932,969 1,200,957 2,662 1,203,619 0.2% 21% 3.4% Total Hedge Funds -Direct 1/2/20011 $932,969 $1,200,957 $2,662 $1,203,619 0.2% 21% -33.4% Private Capital - Fund of Funds GS Private Equity Partners II, LP. 3/11/1998 - 373,231 373,231 Quellos Private Capital 2002, L.P. 6/14/2002 618,602 1,227,635 1,227,635 Quellos Private Capital II, L.P. 12/20/2004 1,581,527 2,030,959 2,030,959 Total Private Capital - Fund of Funds 3/11/1998 $2,200,129 $3,631,825 - $3,631,825 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital PortfolioSummary Pages. 2) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 32 EFTA00284374

MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2011 Inception 11/3Q/2011 Net Cash December 5 12/31/2011 December YID rm. Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, L.P. 5/30/2008 970,090 970,090 970,090 Brickman Real Estate Fund I, LP. 6/18/2002 310,968 895,317 895,317 Brickman Real Estate Fund II, LP. 6/5/2006 2,585,381 2,188,789 2,188,789 Brickman Real Estate Fund III, L.P. 4/4/2007 1,505,853 1,035,684 1,035,684 Israel Infrastructure Fund I-C, LP. 10/18/2006 1,304,480 1,409,190 75,000 1,484,190 Quellos Co-Investment Fund II, LP. 9/8/2008 6,287,393 10,604,438 -614,873 9,989,565 Quellos Co-Investment Fund III, L.P. 10/24/2011 2,635,100 1,381,300 1,253,800 2,635,100 Quellos Co-Investment Fund, LP. [A] 6/5/2006 1,431,331 5,592,557 -1,737,208 3,855,349 VSS Comunications Partners IV, L.P. 3/20/2006 3,944,077 3,462,813 84,422 3,547,235 Total Private Capital - Direct Partnerships 6/18/2002 520,974,673 527,540,178 ($938,859) - $26,601,319 Private Capital - Direct Companies Ally / Cerberus Finn Investors, LLC 3/28/2006 14,810,588 1,037,361 1,037,361 Newbridge Vencable Partners, LLC 10/31/1997 76,034 42,500 42,500 Total Private Capital - Direct Companies 1021/1997 $14,886,622 $1,079,861 - $1,079,861 Total Policy $66,814,836 $65,828,760 $1,413,222 ($1,119,512) $66,122,470 0.5% 3.7% Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P. 9/30/2007 27,991,113 - 27,991,113 Total Notes and Loans Receivable 9/302007 $27,991,113 - $27,991,113 Total Investment Assets $66,814,836 $93,819,873 $1,413,222 ($1,119,512) $94,113,583 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies an: located in the Private Capital PortfolioSummary Paws. 2) Please note: The current month performance data for the AIP hed8e funds is preliminary. MorganStanley SmithBarney 33 EFTA00284375

The MBZ 1996 Trust (GST Exempt) Endnotes- December 31, 2011 Reference Endnotes •I Incase note: Inception To Date returns (1n3 Return) are annualized returns for periods greater than 12 months. *1 Incase note: The TWR calculations are Net of Fees. IA) Investment represents assets owned by Z CAP Fund, L.P. Value pimented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 34 EFTA00284376

MBZ 1996 (GST Non Exempt) Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Priv-MsCapita - ant of Fuels PriateCapital Direct Cormaim 2.4% 3D% MarieiptI/Corporae Global Bards 3.64. 19% Cron 7.a% Patricia:I Seartim 23% Corporate Bards 20.7% Priv-SaCtpild Direet Pettnastips 269% Hedge Fula-Direct 22.3% ■ Private Capital - Direct Partnerships ■ Hedge Funds -Direct O Corporate Bonds 0 Municipal Securit • Cash • Municipal/Corporate ■ Private Capital - Direct Companies 0 Private Capital - Fund of Funds • Global Bonds 11/30/2011 12/37/2011 Actual Investment Aasets &duets Cost Value Value Polley % Cash 7,174,163 8,564,909 7A% Municipal Securities 13,072,527 18,255,433 14,204,782 12.3% Municipal/Corporate 2,803,169 3,587,922 3,597,436 3.1% Corporate Bonds 20,301,689 21,107,712 23,804,221 20.7% Global Bonds 2,000,000 2,140,552 2,142,551 1.9% Hedge Funds -Direct 34,562,024 28,016,845 25,728,586 22.3% Private Capital - Fund of Funds 2,717,340 2,717,340 2.4% Private Capital - Direct Partnerships 20,951,222 32,313,815 30,973,395 26.9% Private Capital - Direct Companies 4,901,476 3,495,864 3,495,864 3.0% Total Policy Assets 598,592,107 5118,809,647 5113,229,084 100.0% Boston Properties, Inc. (Closing Price: $99.60) 134,046,289 139,977,043 Notes and Loans Receivable 29,327,783 29,327,783 Total Investment Assets 598,592,107 $282,183,719 3284,533,910 MorganStanley SmithBarney 35 EFTA00284377

MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December Y'll) Ill) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Morgan Stanley - Money Mkt 12/31/2007 7,174,163 3,146,575 -1,755,830 8,564,909 0.0% 0.1% Total Cash 12/31/2007 $7,174,163 $3,146,575 ($1,755,830) 68,564,909 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Muni Bonds 9/2/2009 4,405,233 9,229,008 4,300,000 166,559 5,095,568 2.4% 5.1% 3.7% Morgan Stanley - Intermediate Term Muni Bonds 1/13/2010 3,568,894 3,696,656 95,453 3,792,110 2.6% 14.3% 7.2% Morgan Stanley - Long Term Muni Bonds 2/29/2008 4,069,775 4,284,398 -50,000 36,041 4,270,439 0.9% 11.2% 6.4% Morgan Stanley -Short Term Muni Bonds 9/25/2008 1,028,624 1,045,371 1,295 1,046,665 0.1% 1.3% 3.6% Total Municipal Securities 2/29/2008 $13,072,527 $18,255,433 ($4,350,000) $299,349 $14,204,782 1.9% 7.8% 4.1% Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% 4.5% Barclays Capital Muni Bond Index 1.9% 10.7% 6.9% Municipal/Corporate Citi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 2,803,169 3,587,922 9,513 3,597,436 0.3% 2.1% 3.4% Total Municipal/Corporate 1/31/2009 $2,803,169 $3,587,922 $9,513 63,597,436 0.3% 2.1% 3.4% 50%Barclays Credit 1-5Y/50%Barclays Mimi 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 20,301,689 21,107,712 2,300,000 396,509 23,804,221 1.8% 3.2% 7.1% Total Corporate Bonds 1/31/2009 $20,301,689 $21,107,712 $2,300,000 $396,509 $23,804,221 1.8% 3.2% 7.1% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2010 2,000,000 2,140,552 1,999 2,142,551 0.1% -2.2% 4.4% Total Global Bonds 5/25/2010 $2,000,000 $2,140,552 $1,999 $2,142,551 0.1% -2_2% 4.4% Hedge Funds -Direct AP Investments Europe Limited 6/19/2007 562,024 59,676 59,676 0.0% -6.4% -12.5% CCA Absolute Return Muni Strategy, L.P. 4/1/2011 5,000,000 5,117,800 12,804 5,130,604 0.3% 2.6% Paulson Advantage LP. 8/3/2009 9,500,000 12,313,528 -1,281,839 11,031,689 -10.4% -22.3% 6.4% Paulson Advantage Plus, LP. 9/1/2009 9,500,000 10,406,073 -1,017,966 9,388,107 -9.8% -36.0% -0.5% Taconic Opportunity Fund 6/29/2007 10,000,000 119,768 -1,258 118,510 -1.1% 3.2% 1.6% Total Hedge Funds -Direct 6/19/2007 4.24,567 024 $28,016,845 ($2,288,259) $25,728,586 -8.2% -245% -11.8% 1) Please note The performance returns for invemnents in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital PortfolioSununary Pages. MorganStanley SmithBarney 36 EFTA00284378

MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/31/2011 December YID 11 D Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Fund of Funds CS Private Equity Partners II, L.P. 3/11/1998 686,381 686,381 Quellos Private Capital II, L.P. 12/20/2004 2,030,959 2,030,959 Total Private Capital - Fund of Funds 3/11/1998 $2,717,340 - $2,717,340 Private Capital - Direct Partnerships CVC European Equity Partners IV, L.P. 9/30/2005 1,555,079 2,555,602 -164,989 0 2,390,613 CVC European Equity Partners V, LP. 6/26/2008 3,340,932 3,680,571 3,680,571 Legacy Capital, L.P. 10/17/2011 - 726,027 726,027 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 2,020,864 1,984,486 1,984,486 Quellos Co-Investment Fund IL LP. 9/8/2008 6,287,393 10,604,438 -614,873 9,989,565 Quellos Co-Investment Fund III, L.P. 10/24/2011 3,513,466 1,841,733 1,671,733 3,513,466 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 0 7,458,145 -2,316,713 5,141,432 VSS Comunications Partners IV, L.P. 3/20/2006 4,233,488 3,462,813 84,422 3,547,235 Total Private Capital - Direct Partnerships 9/30/2005 $20,951,222 $32,313,815 ($1,340,420) $0 $30,973,395 Private Capital - Direct Companies Freescale Co-Investment XVI, LLC 11/28/2006 2,537,500 1,190,393 1,190,393 Newbridge Venable Partners, LLC 12/31/2001 133,505 75,000 75,000 The Vehicle Production Group, LLC. 8/12/2008 2,230,471 2,230,471 2,230,471 Total Private Capital - Direct Companies 17/31/2001 $4,901,476 $3,495,864 - $3,495,864 Total Policy $98,592,107 $118,809,647 ($243,845) ($3,336,718) $115,229,084 -1.3% -3.3% Boston Properties, Inc. (Closing Price: $99.60) BXP (OPUS) 4/1/2000 134,046,289 -702,696 6,633,450 139,977,043 5.0% 18.1% 15.9% Total Boston Properties, Inc. 4/1/2000 $134,046,289 ($702,696) $6,633,450 $139,977,043 Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P. 9/30/2007 29,327,783 29,327,783 Total Notes and Loans Receivable 9/30/2007 $29,327,783 - $29,327,783 Total Investment Assets $98,592,107 $282,183,719 ($946,541) $3,296,732 $284,533,910 1) Please note The performance returns for invesunents in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 37 EFTA00284379

The MBZ 1996 Trust (GST Non-Exempt) Endnotes- December 31, 2011 Reference Endnotes •I Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. *1 Please note: The TWR calculations are Net of Fees. IA) Investment represents assets owned by Z CAP Fund, L.P. Value prmented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 38 EFTA00284380

MBZ 1983 Family Trust Executive Summary - December 31, 2011 Actual Allocation Wo for Policy Assets MuridpS Seositiat 4.5% MuridpidCorporde 52% Made CaSIS Furd of Ftrdt 7.1% Node CatitS Greet Conperio: 1t7% Gobs Bold: 32% Cash I RivseGwitel • Dined Portnustipo 38% Corr:useBoni 18.6% 29 9% ltdgeFurds Direst 17.9% • Private Capital - Direct Partnerships • Hedge Funds -Direct K Corporate Bonds K Private Capital - Direct Companies • Private Capital - Fund of Funds • Municipal/Corporate • Municipal Securities El Cash • Global Bonds Investment An cle in a I ae Cost 11/30/2011 Value 12/31/2011 Value Actual Polley % Cash 851,610 1,368,536 3.8% Municipal Securities 1,456,575 2,401,558 1,648,039 4.5% Municipal/Corporate 1,752,399 1,889,098 1,896,231 5.2% Corporate Bonds 5,123,262 5,612,604 6,016,987 16.6% Global Bonds 1,215,000 672,984 1,169,764 3.2% Hedge Funds -Direct 6,000,000 7,244,972 6,511,670 17.9% Private Capital - Fund of Funds 618,612 2,587,463 2,587,463 7.1% Private Capital - Direct Partnerships 7,646,051 11,394,057 10,877,173 29.9% Private Capital - Direct Companies 19,388,088 4,267,754 4,267,754 11.7% Total Policy Assets $43,199,988 $36,922,098 $36,343,618 100.0% Family Businesses 84,400 84,400 84,400 Notes and Loans Receivable 46,521,964 46,521,964 Total Investment Assets $43,284,388 983,528,462 $82,949,982 MorganStanley SmithBarney 39 EFTA00284381

MBZ 1983 Family Trust Portfolio Details - December 31, 2011 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/30/2011 Value Net Cash Flow December 5 Return 12/31/2011 Value December Return Yip Return I I D Return Morgan Stanley - Money Mkt 12/31/2007 851,610 591,883 -74,957 1,368,536 0.0% 0.1% Total Cash 12/31/2007 S&51,610 $591,883 (574,957) $1,368,536 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mtlis Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Muni Bonds 9/3/2009 1,200,012 2,136,192 -800,000 45,895 1,382,087 27% 5.8% 4.1% Morgan Stanley -Short Term Muni Bonds 4/30/2009 256,563 265,366 586 265,952 0.2% 2.9% 3.6% Total Municipal Securities 4/30/2009 $1,456,575 $2,401,558 ($800,000) $46,481 $1,648,039 2.3% 5.4% 4.2% Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% 3.6% Barclays Capital Mimi Bond Index 1.9% 10.7% 7.2% Barclays Aggregate Bond Index 1.1% 7.9% 7.4% Municipal/Corporate Citi -Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 1,752,399 1,889,098 7,134 1,896,231 0.4% 2.4% 3.5% Total MunicipaVCorporate 1/31/2009 $1,752,399 $1,889,098 $7,134 $1,896,231 0.4% 2.4% 3.5% 50%Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y 0.6% 16% 5.1% Corporate Bonds Seix 1/31/2009 5,123,262 5,612,604 300,000 104,383 6,016,987 1.8% 2.8% 6.7% Total Corporate Bonds 1/31/2009 $5,123,262 $5,612,604 $300,000 $104,383 $6,016,987 1.8% 2.8% 6.7% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 1,215,000 672,984 500,000 -3,219 1,169,764 -0.4% -6.2% Total Global Bonds 5/25/2011 $1,215,000 6672,984 $500,000 ($3,219) $1,169,764 -0.4% -6.2% Hedge Funds -Direct Paulson Advantage LP. 8/3/2009 3,000,000 3,888,483 -404,792 3,483,691 -10.4% -22.3% 6.4% Paulson Advantage Plus, LP. 8/1/2009 3,000,000 3,356,489 -328,510 3,027,979 -9.8% -36.0% 0.4% Total Hedge Funds -Direct 8/1/2009 $6,000,000 $7,244,972 ($733,302) $6,511,670 -10.1% -292% -2.3% 1) Please note The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies ant located in the Private Capital PortfolioSummary Pages. MorganStanley SmithBarney 40 EFTA00284382

MBZ 1983 Family Trust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December S 12/31/2011 December 'an IT0 " Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Fund of Funds GS Vintage Fund, L.P. 12/30/1998 1,359,828 1,359,828 Quellos Private Capital 2002, L.P. 6/14/2002 618,612 1,227,635 1,227,635 Total Private Capital - Fund of Funds 22/30 454 4618,612 $2,587,463 - $2,587,463 Private Capital - Direct Partnerships Brickman Real Estate Fund IV, LP. 12/17/2007 1423,412 1,867,096 -153,137 1,713,959 CVC European Equity Partners IV, L.P. 9/30/2005 1,343,987 2,555,602 -164,989 0 2,390,613 Israel Infrastructure Fund I-C, LP. 10/18/2006 1,304,480 1,409,190 75,000 1,484,190 Quellos Co-Investment Fund II, LP. 9/8/2008 2,095,796 3,534,811 -204,958 3,329,853 Quellos Co-Investment Fund Ill, L.P. 10/24/2011 878,366 460,433 417,933 878,366 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 400,011 1,566,925 486,732 1,080,193 Total Private Capital - Direct Partnerships 9/342005 47,646,051 411,394,057 ($516,883) $0 $10,877,173 Private Capital - Direct Companies Ally / Cerberus Finn Investors, LLC 3/28/2006 14,810,588 1,037,361 1,037,361 Freescale Co-Investment XVI, LLC 11/28/2006 2,537,500 1,190,393 1,190,393 Loud3R 7/1/2010 2,040,000 2,040,000 2,040,000 Total Private Capital - Direct Companies 3/28/2006 419,388,088 $4,267,754 - 44,267,754 Total Policy $43,199,988 436,922,098 $75,000 ($653,481) $36,343,618 -1.6% 4.1% Other Investment Assets Total Other Investment Assets Family Businesses MBZ Digital Ventures LLC 7/1/2010 84,400 84,400 84,400 0.0% 0.0% 0.0% Total Family Businesses 7/1/2010 $84,400 $84,400 484,400 Notes and Loans Receivable Daily News, L.P. 9/30/2007 8,421,964 8,421,964 The MBZ News 1992 Trust UAD 12-29-92 9/30/2007 38,100,000 38,100,000 Total Notes and Loans Receivable 4/30/2002 $46,521,964 - $46,521,964 1) Please note. The perfornunce returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 41 EFTA00284383

MBZ 1983 Family Trust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December $ 12/31/2011 December YTD ITD " Asset Class/Investment/Benchmark Endnotes Date Cost Value Hob Return Value Return Return Return Total Investment Assets 343,284,388 483,528,462 575,000 ($653,481) $82,949,982 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Dbect partnerships, and Direct Companies ana located in the Private Capital PortfolloSurrunary Pages. MorganStanley SmithBarney 42 EFTA00284384

The MBZ 1983 Family Trust Endnotes- December 31, 2011 Reference Endnotes I Please note: Inception To Date returns (11D Return) anz annualized returns for periods greater than 12 months. ni Please note: The TWR calculations are Net of Fees. Investment represents assets owned by Z CAP Fund, L.P. Value pimented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 43 EFTA00284385

USN College Marketing, Inc. Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Private Capital - Direct Partnerships 38.8% Hedge Funds -Direct 13.4% Cash Municipal Securities 5.2% 6.8% Global Bonds Municipal/Corporate 25.2% Corporate Bonds 9.0% @Cash ■ Municipal Securities K Municipal/Corporate ❑Corporate Bonds • Global Bonds @Hedge Funds -Direct ■ Private Capital - Direct Partnerships 1.7% WW= 11/31/2011 *dual Investment Assets endnate. Cost Value Value Polley % Cash - 372,709 2,169,152 5.2% Municipal Securities 2,457,111 3,114,602 2,866,569 6.8% Municipal/Corporate 9,908,312 11,256,805 10,595,316 25.2% Corporate Bonds 2,428,138 3,695,081 3,763,238 9.0% Global Bonds 755,000 710,633 710,635 1.7% Hedge Funds -Direct 5,000,000 5,593,002 5,607,864 13.4% Private Capital - Direct Partnerships 10,486,940 16,856,388 16,290,572 38.8% Total Policy Assets 531,035,500 541,599,220 542,003,345 100.0% Total Investment Assets $31,035,500 $41,599,220 $42,003,345 MorganStanley SmithBarney 44 EFTA00284386

USN College Marketing, Inc. Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 12/.31/2011 December Y I D I I D Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Bank of America - MMF 9/19/2008 11.954 0 11,985 0.0% 0.0% Morgan Stanley - Money Mkt 12/31/2007 360,725 1,796,395 49 2,157,168 0.0% 0.2% Total Cash 12/31/2007 $372,709 $1,796,395 $49 $2,169,152 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Muni Bonds 8/21/2009 1,850,000 2,497,324 -300,000 50,057 2,247,381 22% 5.8% 4.1% Morgan Stanley - Long Term Muni Bonds 6/9/2011 506,368 515,427 1,848 517,274 0.4% 3.4% Morgan Stanley -Short Term Mimi Bonds 5/31/2009 100,742 101,851 62 101,913 0.1% 1.9% 2.5% Total Municipal Securities 5/31/2009 $2,457,111 $3,114,602 (8300,000) $51,966 $2,866,569 1.8% 5.1% 3.7% Barclays Capital Muni 1-5 Yr Index 0.7% 4.2% 3.7% Barclays Capital Mimi Bond Index 1.9% 10.7% 7.0% Municipal/Corporate Citi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 9,908,312 11,256,805 -700,000 38,510 10,595,316 0.4% 2.6% 3.3% Total MunicipaVCorporate 1/31/2009 $9,908,312 $11,256,805 ($700,000) $38,510 $10,595,316 0.4% 2.6% 33% 50%Barclays Credit 1-5Y/50%Barclays Mimi 1-5 Y 0.6% 16% 5.1% Corporate Bonds Seix 1/31/2009 2,428,138 3,695,081 68,157 3,763,238 1.8% 29% 7.1% Total Corporate Bonds 1/31/2009 $2,428,138 $3,695,081 $68,157 $3,763,238 1.8% 2.9% 7.1% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 755,000 710,633 2 710,635 0.0% -5.9% Total Global Bonds 5/25/2011 $755,000 $710,633 $2 $710,635 0.0% -5.9% Hedge Funds -Direct CCA Absolute Return Muni Strategy, LP. 6/30/2010 5,000,000 5,593,002 14,862 5,607,864 0.3% 6.1% 8.0% Total Hedge Funds -Direct 6/30/2010 $5,000,000 $5,593,002 $14,862 $5,607,864 0.3% 6.1% 8.0% 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 45 EFTA00284387

USN College Marketing, Inc. Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December S / 2/3 I/2011 December YTD ITD Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 1,010,455 992,247 992,247 Quellos Co-Investment Fund II, LP. 9/8/2008 6,287,393 10,604,438 -614,873 9,989,565 Quellos Co-Investment Fund Ill, L.P. 10/24/2011 2635,100 1,381,300 1,253,800 2,635,100 Quellos Co-Investment Fund, LP. [All 6/5/2006 553,992 3,878,403 -1,204,743 2,673,660 Total Private Capital - Direct Partnerships 6/5/2006 $10,486,940 $16,856,388 ($565,816) $16,290,572 Total Policy $31,035,500 $41,599,220 $230,579 $173,546 $42,003,345 0.4% 4.3% Other Investment Assets Total Other Investment Assets Total Investment Assets $31,035,500 $41,599,220 $230,579 $173,546 $42,003,345 1) Please note: The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies ant located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 46 EFTA00284388

USN College Marketing, Inc. Endnotes- December 31, 2011 Reference Endnotes I Please note: Inception To Date returns (11D Return) anz annualized returns for periods greater than 12 months. ni Please note: The TWR calculations are Net of Fees. IA) Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 47 EFTA00284389

MBZ Charitable Remainder Unitrust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Cash 18% PrivateCapital - Fund of Funds 0.3% Private Capital - Direct Partnerships 27.1% theta Bonds 20% Hedge Funds -Direct 75% Municipal Securities 88% AP Off shore Hedge Funds Municipal/Corporate Corporate Bonds 218% 172% I1.8% ■ Private Capital - Fund of Funds • Cash O Global Bonds K Hedge Funds -Direct ■ Municipal Securities ■ AIP Offshore Hedge Funds ■ Corporate Bonds ▪ Municipal/Corporate • Private Capital - Direct Partnerships 11/30/2011 12/32011 Actual Investment Assets Fndnotea Cost Value Value Polley % Cash 109,707 2,381,808 1,871233 1.6% Municipal Securities 10,665,197 19,247,039 12,125,424 10.6% Municipal/Corporate 19,892,932 26,460,630 24,932,916 21.8% Corporate Bonds 14,600,675 19,313,647 19,679,220 17.2% Global Bonds 2A25,000 2,282,497 2,283,924 2.0% AIP Offshore Hedge Funds 13,684,085 13,568,722 13,535,447 11.8% Hedge Funds -Direct 32,827,343 8,565232 8,574,944 7.5% Private Capital - Fund of Funds 400,185 391,356 391,356 0.3% Private Capital - Direct Partnerships 20,048,989 34,650,310 30,934,154 27.1% Total Policy Assets $114,654,113 $126,861,240 8114,328,619 100.0% Boston Properties, Inc. (Closing Price: $99.60) 50,540,813 52,776,944 Total Investment Assets $114,654,113 $177,402,053 $167,105SM MorganStanley SmithBarney 48 EFTA00284390

MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 /2/3I/2011 December YTD III) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Morgan Stanley - Money mkt 12/31/2007 1,905,408 3,931,510 -4,442,085 1,394,833 0.0% 0.2% Operating Account MBZ CRUT (AlP) 8/31/2010 109,707 476,399 1 476,400 0.0% 0.0% Total Cash 12/31/2007 $109,707 $2,381,808 $3,931,510 ($4,442,084) $1,871,233 0.0% 0.2% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities McDonnell - Short Term Mimi Bonds 9/2/2009 6,595,854 15,087,462 -7,500,000 291,375 7,878,836 2.6% 5.8% 4.3% Morgan Stanley- Intermediate Term Muni Bonds 7/25/2001 3,945,310 4,028,224 84,024 4,112,249 2.1% 11.8% 6.3% Morgan Stanley - Long Term Muni Bonds 5/13/2011 124,033 131,352 2,987 134,339 2.3% 8.3% Total Municipal Securities 7/25/2001 $10,665,197 $19,247,039 ($7,500,000) $378,386 $12,125,424 2.5% 6.5% 4.4% Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% 4.7% Barclays Capital Mimi Bond Index 1.9% 10.7% 8.1% MunicipaVCorporate Cifi - Muni/Corporate Bonds (Formerly Blackrock) 1/31/2009 19,892,932 26,460,630 -1,600,000 72,287 24,932,916 0.3% 2.9% 3.8% Total Municipal/Corporate 1/31/2009 $19,892,932 $26,460,630 ($1,600,000) $72,287 $24,932,916 0.3% 2.9% 3.8% 50%Barclays Credit 1-5 Y/50%Barclays Muni 1-5 Y 0.6% 3.6% 5.1% Corporate Bonds Seix 1/31/2009 14,600,675 19,313,647 365,573 19,679,220 1.9% 27% 7.0% Total Corporate Bonds 1/31/2009 $14,600,675 $19,313,647 $365,573 $19,679,220 1.9% 2.7% 7.0% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% 12.9% Global Bonds Templeton Global Bond Fund 5/25/2011 2,425,000 2,282,497 1,426 2,283,924 0.1% -5.8% Total Global Bonds 5/25/2011 $2,425,000 $2,282,497 $1,426 $2,283,924 0.1% -5.8% 1) Please note The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies an located in the Private Capital Portfolio Summary Pages. 2) Please note The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 49 EFTA00284391

MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Asset Class/Investment/Benchmark AIP Offshore Hedge Funds Inception Endnotes Date Cost 11/30/201I Net Cash Value Flow December S 12/31/2011 Return Value December Return 'ITU Return ITD " Return Boronia Diversified Fund (AIP) 8/31/2010 506,739 480,576 -10,831 469,745 -2.3% -9.7% -5.5% Dialectic Antithesis Partners (Alf) 8/31/2010 1,012,359 1,011,753 -3,743 1,008,010 -0.4% 20.9% -0.4% Double Black Diamond Class C (AIP) 8/31/2010 1,013,804 1,020,535 -3,265 1,017,270 -0.3% -2.8% 0.3% HBK Offshore Fund II Ltd. (AIP) 8/31/2010 505,902 568,300 3,305 571,605 0.6% 7.5% 9.7% Ivory Offshore Flagship Fund (AIP) 8/31/2010 1,013,504 1,006,316 -10,868 995,448 -1.1% -4.7% 4.3% Kaiser Trading Fund SPC Ltd. (ATP) 8/31/2010 1,013,291 940,908 3,105 944,013 0.3% -6.8% -5.2% Mariner Tricadia Credit Strat (ATP) 8/31/2010 1,014211 1,042,367 1,042,367 0.0% -1.9% 2.1% Millenium Intl Ltd -Class EE (Alf') 8/31/2010 1,014,516 1,153,127 10,724 1,163,851 0.9% 7.2% 11.0% MQ Asia Long Short Fd Offshore (Alf) 8/31/2010 506,070 584,679 -1,754 582,925 -0.3% 8.0% 11.3% OMG Opportunities Trading Fund (AIP) 8/31/2010 506,710 488,669 -5,082 483,587 -1.0% 4.3% -3.5% Owl Creek Overseas Fund (Alf') 8/31/2010 506,658 29,827 -865 28,962 -2.9% -26.9% -19.4% Oz Overseas Fund Ltd. (AIP) 8/31/2010 2,028,060 2,080,902 - 2,080,902 0.0% -1.9% 2.0% Pharo Macro Fund Ltd. (AIP) 8/31/2010 1,013,398 966,463 -2,609 963,854 -0.3% -8.7% -3.7% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,014,718 1,150,775 -11,392 1,139,383 -1.0% 4.3% 9.2% York Credit Opp Unit Trust (Alf') 8/31/2010 1,014,146 1,043,525 1,043,525 0.0% -3.2% 2.2% Total A1P Offshore Hedge Funds 8/31/2010 $13,684,085 $13,568,722 ($33,275) $13,535,447 -0.3% -1.4% 1.3% Hedge Funds -Direct AIP Custom HF Solutions 6/9/2011 4,705,731 5,815,971 5,815,971 0.0% 71.4% Ascot Fund Limited 7/12/2006 25,000,000 0 0 0.0% 0.0% Blackstone Offshore Fund Il 1/7/2011 2,277,517 1,838,896 1,838,896 0.0% 4.3% GS Investment Partners (Offshore) 1/2/2008 844,095 910,365 9,713 920,077 1.1% -0.6% 1.8% Total Hedge Funds -Direct 7/12/2006 $32,827,343 $8,565,232 $9,713 $8,574,944 0.1% 19.3% 10.7% Private Capital - Fund of Funds Quellos Financial Ventures II, (CRT), L.P. [B] 11/23/2004 400,185 391,356 391,356 Total Private Capital - Fund of Funds 11/23/201}4 $400,185 $391,356 $391,356 1) Please note The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies an located in the Private Capital Portfolio Summary Pages. 2) Please note The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 50 EFTA00284392

MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December $ 12/31/2011 December YTD ITO " Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 4,754,629 5,031,898 5,031,898 Quellos Co-Investment Fund II, LP. - CRT Series 11/25/2008 7,020,915 12,393,516 -1,905,750 10,487,766 Quellos Co-Investment Fund III, LP. 12/9/2011 2,289,000 2,289,000 2,289,000 Quellos Co-Investment Fund, L.P. - CRT Series [CI 6/5/2006 5,984,445 17,224,896 4,099,406 13,125,490 Total Private Capital - Direct Partnerships 6/5/2006 $20,048,989 $34,650,310 ($3,716,156) $30,934,154 Total Policy $114,654,113 $126,861,240 ($8,884,647) ($3,647,974) $114,328,619 0.6% 4.3% Boston Properties, Inc. (Closing Price: $99.60) BXP (Common) 2/21/2001 50,540,813 -264,945 2,501,076 52,776,944 5.0% 18.1% 14.8% Total Boston Properties, Inc. 2/21/2001 $50,540,813 ($264,945) $2,501,076 $52,776,944 Other Investment Assets Total Other Investment Assets Total Investment Assets $114,654,113 $177,402,053 ($9,149,591) ($1,146,898) $167,105,564 1) Please note The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies am located in the Private Capital Portfolio Summary Pages. 2) Please note The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 51 EFTA00284393

The MBZ Charitable Remainder Unitrust Endnotes- December 31, 2011 Reference I *I I n l IAI IBI Endnotes Please note: Inception To Date returns (ITD Return) an? 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, 2011 and December 31, 2011 values represent the September 30, 2011 capital account balance adjusted for contributions or distributions post valuation date. MorganStanley SmithBarney 52 EFTA00284394

USN Charitable Remainder Unitrust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets Investment Assets Cash Municipal Securities Corporate Bonds Global Bonds Total Policy Assets Total Investment Assets Global Bonds Cash 1.7% Municipal Securities 9.7% Corporate Bo res 868% Esidnotes Cost al Cash ■ Municipal Securities K Corporate Bonds K Global Bonds 11/30,0M Value 11/31./2811 Value Actual Policy % 156,011 150,440 1.7% 775,000 1,077,886 876,937 9.7% 6,861,239 7,712,398 7,853,054 86.8% 180,000 169,422 169,542 1.9% $7,816,239 $9,115,718 $9,049,974 100.0% $7,816,239 $9,115,718 $9,049,974 MorganStanley SmithBarney 53 EFTA00284395

USN Charitable Remainder Unitrust Portfolio Details - December 31, 2011 Inception Asset Classfinvestment/Benchmark Endnotes Date Cash Cost 11/30/2011 Value Net Cash Flow December S 12/31/2011 Return Value December Return YTD Return ITO " Return Morgan Stanley - Money mkt 12/ -11/2(10, 156,011 -5,579 8 150,440 0.0% 0.2% Total Cash 12/31/2007 $156,011 ($5,579) $8 $150,440 0.0% 0.2% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities McDonnell -Short Term Muni Bonds 3/10/2010 775,000 I .077.s86 -225,000 24,051 876,937 25% 6.3% 5.7% Total Municipal Securities 3/10/2010 5775,(]00 $1,077,886 $24,051 $876,937 2.5% 6.3% 5.7% ($225,000) Barclays Capital Mimi 1-5 Yr Index 0.7% 4.2% Barclays Capital Muni Bond Index 1.9% 10.7% Corporate Bonds Seix 7/16/2009 6,861,239 7,712,398 140,656 7,853,054 1.8% 3.1% 4.8% Total Corporate Bonds 7/16/2009 56,861,239 $7,712,398 $140,656 $7,853,054 1.8% 3.1% 4.8% 85%Barclays Credit/15%Barclays High Yield 2.1% 7.9% Global Bonds Templeton Global Bond Fund 5/25/2011 180,000 169,422 120 169,542 0.1% -5.8% Total Global Bonds 5/25/2011 $180,000 $169,422 $120 $169,542 0.1% -5.8% Total Policy $7,816,239 $9,115,718 ($230,579) $164,834 $9,049,974 1.8% 3.3% 3.5% Other Investment Assets Total Other Investment Assets Total Investment Assets $7,816,239 $9,115,718 ($230,579) $164,834 $9,049,974 MorganStanley SmithBarney 54 EFTA00284396

The USN Charitable Remainder Unitrust Endnotes- December 31, 2011 Reference Endnotes I Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. I "1 Please note: The TWR calculations are Net of Fees. MorganStanley SmithBarney 55 EFTA00284397

MBZ 1992 News Trust Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets 11/340011 12/33,02011 Actual Investment Assets Endnatea Cott Value Value Polley % Obligations To Related Parties -38,100,000 -38,100,000 Total Investment Assets ($38,100,000) ($38,100,000) MorganStanley SmithBarney se EFTA00284398

MBZ 1992 News Trust Portfolio Details - December 31, 2011 Inception 11/30/2011 Net Cash December 5 12/3I/2011 December YID I I I) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Obligations To Related Parties The Mortimer B. Zuckerman 1983 Family TR UAD 12-21- 9/30/2007 -38,100,000 - -38,100,000 Total Obligations To Related Parties 9/30/1007 (438,100,000) - ($38,100,000) Total Investment Assets ($38,100,000) 50 - (438,100,000) MorganStanley SmithBarney 57 EFTA00284399

MBZ 1992 News Trust Endnotes- December 31, 2011 Reference &Andes I 1 Please note: Inception To Date returns (I112 Return) an? annualized returns for periods greater than 12 months. I "I Please note: The TWR eakulations are Net of Fees. MorganStanley SmithBarney 58 EFTA00284400

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Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Don Datartion /lawn Mabry Gana rug.= Mamas Bank Ca-Muth US Trona, US Groenunai Gum Salm& Co. Amman Lading Itthethr 2/1/2011 2/3/2311 2/V2011 Comoup Gate Oththl Partners Asia It LPICmIlaKoll Inwwior 0 LP No901 Sok 01 AmeTtca *Apr Fayinenb Cannot:on Cargal Paintall LP( CapitalCall) Craw& Rumbas Low olfon10 CuilyNowawan (101.035) 11504;720) (631. OCT 11,01775•10 15333249/9 1535.00•69 20/2311 Bottom/ OW1101X07100111. Los. 011912210.1.161.90735Stap 4050241) 1010.67145 FamcalsfSISO,S)&91 2/11/2311 Coker*. Monthly Cutiothsts Fro • P.769391 1060006 2/11/2311 Gym Nowt °Nal Tartnon. I DIslitt19411 31.140 1070.7900 2/11/2311 0.111.14 Myth/ [areal 2112.13'( Datnbuiita) 12017000 10.2512006 110ly News. IR Cothantravn Mama ( Malmo tl. ZwLennan • 2/11/2311 Conlaalm lot ON (thaream Gsh SL30.1041 New 61110(111 0.1010(0011 L9M.59101 SyolanIATEXIS250.00.01ficv /slur 5.7,1f0)) 2/14/2311 Inktha Taut* lIonds 211241 17211101.0 2/14/2311 OBLK CthInvththuraunJ II. LP (Camel Call) OW4904 17.210.9020 2/15/2311 'Snot Nrre York in her Ulm... 20003 1220/96500 2,15/2011 Inthathat New York lax Fire Borst 196,0004 1130215-10 2/15/3)11 'tot Nun Yu* Tax Irw Nona. 11.25040 11117µc90 1131/3000 2/IS/2311 Intrthat Nee VOA Ina Mallon* 0.10000 2/15/3)11 Invetammi N.,. Sink Tax Fin. Hrn., 07125000 1037271530 2/16/2011 Taththe roods 79170 103730492/1 2/16/3)11 Futla Tansawre0 WOAcOrnel PoNtho 2000000 lumina° 2/17/2311 Non Dwantatte Gartman, (awn tamw rand 12SM110) 123607/01 2118/3)11 Fuxth Stan0Orr90 ban OkDornel Poifitho 1.0150M00 133047/10 VIS.,2011 Nthawano Anlan Tamen IP I Onecitvisca I 241.57040 1339/01111 2422/3)11 US N.w.k Woe', Amon 1 Mamma S. Zudaman) (IMAM* 1159304110 2/2V2011 Waldcof Flight Fattvas, IIM010)) • 1145101TM 2/25/3)11 Inkrobt Talatto Ike& 531250 12/6/35670 V 2$/ MI lanai: twat* !Mods 4.50m1 1110.01011 2/25/2311 Lam 1 Makthet athm Draw 0504030>) 11.017$7613 2/242311 lam a Nlornan Sunith Sank NA. R”.)1 12115110./5 25/3)11 Immo: Sunky Privac RIM NA. alS7 12.018,IS9t6 Ithlance as el FR owyZO.DMI 0691567 S 11011.3116 S 1211111005 3/1/3311 TNT Avalon loan barna 4010.70 110020) 1141/01652 3/1/2311 barna Nrw York Tax ha Booth 63!410) 11,9100652 3/1/2311 GO Instoulathal akeey Watt 330 1191011002 3/1/3)11 barna Now Toth Taw ha Bond. 21103/30 M941,84002 3/1/2311 Inkthat New Yorklax rile Donis 1.00.75 1151111:4177 3/4/3/11 (10. Gisabolion 0.1690) 120001777 3/7/2311 Dank of Athena Loan kw 1137303 11.369A1777 3/8/2311 knit Trwitiorted inn, CO Pork.* MAW 00 12269,41777 Catbird. Rumbas Gov olOn10 1501410. Loan 3/492311 Mama ICOROXONONV). Loon 01.0121.101905111•Stap l'uyincaiNT.KWUN 1124APH”) 11.019.745.72 3/8/2311 WMN Amerka Maim< Nyments 1r0.715 92) 1/52016210 30/2311 Ininni: Tomtit ren4. 5461 1131%0969 3/9/2311 Q. SLK Colnveginataund. LP (Paribulico) 1550 040 11.76/1207/69 3/1W2011 linsunme New York Fax /the With (101"1.11) 11.45701(47 3/11/2311 Gave. Monthly Cam boa F.. 12739391 11,651$106911 3/11/2311 Tab Month lathak Rama 1100,1061S 3/14/3)11 RodemplIon New Toga r4 1700)164s ISCON30 11/.61‘.4.1 MorganStardey SmithBarney 60 EFTA00284402

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Daw 13seelplicin Mayan 514n 1q. Cilibank Elnitects Bank Caldnim. USTawourr US Carummi Palms Clue Sank Co. ill& Apes Loam Rdlann 3/15/3)11 Inlmnl.Niwe Yu& Tax Trot &mil. • 6.750113 1147216695 3/15/3)I1 Ininni: New York Tax ate ISOrds 2310)00 11.697.111.99 3/0/3311 Iniscol. N... Yarkbx Trot Ilona. 2.5.03340 117220695 3/13/3311 Inkrol: New York TE4 Roe Nods 140.63 1132149761 3/15/3311 RagemplIce. New leek RR Prie Wends 37310100 129849741 3/15/3311 Inient New York Tut Me M* 7.'0000 U.105.99761 3/15/3)11 Inlwol. Now York Tax Tut. Bono. 2.5103.00 12.150.99141 3/13/3)11 Inkrol: New York To Bee llonds 7.20000 ILIKI97.14 3/15/3)11 Inlitml.34n. Twit Tax rm. Had. 1.45750 12.139.655.11 3/16/3)11 Ininni: Tumble roads • 325123 1214293624 3/16/3)11 'tot tnabk Sao & • nsx 12.143,67606 3/10/3)11 Partial Rcymenl of loin lis Guinn Rhona. 1.0.0.03100 1314167601 Inwomail ['Nova. for Nvedbrslp•AmInm 4: PiebnFalias( NW 3)11 lamo.C.sellor I (9.74,2113) 13.133,99326 Inw.slmnil rtamcds for No....bride,- Anclnan 4: PortNiFelica ( Erie 3/15/3)11 Calk° 49282W) 13,124,11046 3/21/3)11 L447 Z Tub, Opecatieg l.p.nw 13034(00)) 12,824,11046 Chloe Carcial Intuament. IM. LW lor Pammip(1164 CaF041 3/21/3)11 Patina ( Gyms ). LP • Capdal Ca 13L10.100) 12.771.610.46 3/223)11 Inveslmcwl. Now To* Tax trot nava. OTOS 03) 12271610.46 3/23/2011 Inincal:Tamble Nods 12$55. I2227.99102 3/ 28/3)i I 5163: 04 AM*. R. oivirk<Line 01 Oc.111 2.93)40103 1072.89602 3/ 25/ 2011 Sold • 500 Num Tab Melon Inc 117.347.74 141190213,711 3/2333)11 Sold -)MU Stores Tab /dolor, Ine 117.34774 15012,93130 3/ 25/ 3)11 Sold • MO Slums Tale klolon Inc 1577143 1302656713 3/2333)11 Sold - MU Slum, frill klolon. In< 117.34714 I5.143,714.82 3/29/3311 Waldorf Flight Sown, IMMO% 111/1/1211.37 3/29/3)11 Sold - 3.953 Slung Ted, /Joins Inc 9599135 ISA II7622 3/ 29/ 2011 Sold • LIM Slur. Tab 31 000 n Inc 9337210 117102353E 3/29/3)11 Investment Now Yorlt tax hat Bond. 19(0,7500)) 14.22652/132 3/XV2011 ha& Transfimd Inimawalang AN 0 476410665 130100)00 11-721,527.32 Daily NervyW.(744%1.11mM. &venni( Mc)ume t ZwLemian• 3/3(1/3,11 OperaUry IlAr.(0).New atonal System 077.0)1 4Nirr (250).9(0011 11,221,527.32 11.4ocahonS70).00)1 3/30/3)11 CO 900 moz niming Logo 1=09-299 ( Intent) 113946736) 130106096 3/30/3)11 MINChinlins Wan 4500148.5 4457.0,11)) 12419,76516 317344/JANU • eunk(N Amenta on Nreohiev Line 44 Credal 3/30/3)1I Inincv &SwAr nyment 1502564) 12.1D,166 13 3/30/3)11 164444: 6138311 Ranks' 5,61.NA 12045 12.122)06s, 3/303 3)11 Inlwol.31.wpn Stanley ;Viva./ Sank NA 29.1.1 121 V.336.41 3/31/3)11 Mt Inc. • Lazy 1 Tact* 135529151 12.091313726 3/31/3311 Mark F.Prague (357.5(0 Ideurty lc 333.0))0461Suprort I 110730104 11.934.50726 3/31/3)11 Inlernl. towel& Bala 3,06250 11.9005676 Nslance as el Much II. 3)11 S 434.40693 $ 115111961.111 $ 11341716976 4/1/3)11 IS' Aviation lawn Paywan (13344655) 11,833,723.21 Cask.* Rowlvins LinecdCzna/ Cully Nays Loan 4/1/3311 VOTOwtt IC(U-(0X0)1001/1.9.stOp Arnett! 01$310.401.11. LC 1329.96.3112) IL3n7,939 Ram519.101n 4/1/3)11 C-10 Insboullotal Slott" Minket 431 10217639J 4/1/3)11 Inns": New Yak Tax !no Ilan& 1421250 11$34.976.40 4/1/3)11 Inns": Nye. Yak Tax Tin Band. 7.5(011) 1154247640 MorganStariley SmithBarney 61 EFTA00284403

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Der, DawrIptiou Moqpri 52ohy Cililank IP Mow. Drawlw Bank Galena. USTI...wry C.Ovrtneteitt Our 54elra &co. 6316 WgInne. fading 11.1.444 4/1/2)11 4/1/2011 4/1/321 141.241:Nwee Yoder. tier Bona. lokrnt New Yon Tax lite BoNh 141242:Norm YurlaT. Frew Nora. 7.19456 2.54222 11249.0133 11.55221325 11,560,157.99 4/1/2)11 lokr21: Now Yeirfax Nee Powl, *MORO 1131207.99 4/1/3)11 InImr•I:Nrre Yorlau rin. Bona. 2310250 11,61057.9) 4/1/2)11 161224 New Yost Tm Ito, Pork's W0000 111.03.07.99 Pas.19.Tronslerred lwat MU 0/111 2414 474 CORN lo COW 4/4/3)11 <pokily 32122.4121. lot II* Ilisl quarter el 2)11 4,142.32325 16,116,511124 4/412011 Wig AViiii0A tO•lri MOW% 010N4710 111922149) 1532472075 4/4/3)11 Les & 5wapColliteral (140/00302 14,952,72075 4/0/2011 Cann awn Capiiil Python II LP( Cry Ea' all) (.5.221)2) 14.9511.419. 75 4/0/2)11 11421:94 Amala Mortwe raywcals 1159.73594 1 4.72111.2223 4111/2)11 lin& Roniwal from Ilan/. el Amaks Rewlving Lane ol OW* 1.M).0000 1 /1724.17442 4/13/3)11 Uay 2 Orerallng fl pe Mc anJ tiiipyrd G'a'te 11044901) II1220,70LE3 021y Nwn...LP.Cortrubmwo NocounI(Ntorlimer II Ziwlannars• 4/14/2)11 Paulo, Payment $1.42002. 14p12202rwril WOAD I (1.401.0211:01 16.324211/3 4/14/3)11 Investment:New YorIttaw Env Pon!. 0 1110)0)) 1234024W 4/15/2)11 ClaNtral Monthly Cusinalcui Fn • (2.711401 15317,000 411212011 Intone Tomtit 091ith .. mill 15.334139014 4/19/2)11 512122,..ankyWaillh gam), Crab, rattler 1 Disintollon) 147.11042 15,45,995.56 US News & World Raton 1 Mortimer I. Zud:/rnun -1COIC 4/ t9/3211 Optribms. MIK Mato Onnux 'MK Fbnel (1,21/12002 144115,015.6 4/21/3)11 Cowl Some esplial Parimn 1 Distrttlion 1 9,51240 1449550556 4.1 21/ 2011 Waldo2F10452vwv 112504901) 14370207.56 1/26/3)11 MorprtS1mIty.9niih Maw" (INK florets 1 Digntction ) 11.47151 14,26,18237 Daily NS, LP. Cueendraaun Account ( 2120ma B. Zuclonnan - V RV NII Oper.brriCa2 51401.0)(1. Maw F.lisrial Smart I AIEX ) (2.100)(0101 17.300.187-.V WM.4 Nov WO: I'lln) Heima0un $71)).1)(0 ) 1/28/3)11 Fink 41 Amato MorIppe Nyinenb psAnt,4)) IZOIRISl9J V 2.5/ 3211 In1221:51orpn Stanley !tank NA 4$125 11010.2.1725 4/28/3)11 12212: Nlorsan !lanky WW/N1532.NA 3336 izaiithmat 4/29/2011 llogen rn)rvrties 20).0IT Oita °widen. 3V200 1241201281 1/29/3)11 BMW, IITOplille. 1... TIPS Do idrcid 204294;00 12.214.33441 1/29/3)11 Iknion l'ivmlics Common Stock Pnidm.1 32S.).1 127220151 1/29/3)11 Bosion 264%466.0PC 0viJml uctueuxi 15,71,12).52 1/29/2)11 Pogo() l'ropenics Coxnon Stock Valdes) r1AF100 1199117432 Rals-av nal Apnl 32 2011 S 4.422.5(Cia 5 I ; tw • 1293217452 5/1/2211 Ca Intirolimal Moray Markel • 152,4179.15 5/1/3)11 16122.1: New Yor1.16‘ rrte Bards 2.2.040 16.016.429.15 5/1/2211 InImel:New York TaxFret Ilcmd. 2.5000) 16218,929.15 5/1/3)11 iAkftli: New York lax Tne Bonds 1.10100 16.020.1429.15 5/2/3211 Munroe) IncluOr21 print/sir i imintancel 106.%600 16422955.15 5/2/201 LSI Avinion LOattraymett *MVP 111931570 16.307.649.37 5/4/2)11 USN Aviation Luta Payment 1132.16920 16275.40261 5/0/221 0.1113: Co Im.onenI Nal IPI D6Irkulam) 264.93300 1641233344 5/ 9/2011 °O.& ItetwhIn(• Noe ol4.1,214/ wily NV.41-44,, 11orrowaiON4t0(0)100701.,:wor raymtni of S31111301. 131331306) 16.129.21005 141221 Pay m24 €41(100.1.0 Tam 5040 5/11/3)11 Valor Equity Pannell. IL LP. Lbtilletko I 10472600 16.235236.55 5/13/2011 I 00.14. Monthly CUModisit Re write) 162511,5339 5/B/2011 1242.1:Nrre York Tax Frn Bunch 2301.11 102155,021 MorganStariley SmithBarney 62 EFTA00284404

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Cam* Dib• Thwription IP Slurps Char Ontocbe Dank Goldman. US Treanor, US Ce•••mmi Sacb• It Co. A11.05. Saw. 5/15/3)11 Inlimm:N•ve Yuela Tax Fm Boni. 1730)00 16,1/AMC° 5/13/2011 Inks( New Yolk Tm }tee Hun.. 23.01)C0 16.3(tU000) 5/13/3)11 llama:Now Yueladbx /err Pura. 18.75040 16.316,9)000 5/15/2011 Inktat Mn. Y0.41)0 Nur 1100.1, 5119)00 - 16371U000) 5/1613)11 Inlmret Nen York Tut Tme bud. 10.3750) 1636841SM 5/WWII 164660:Nee To/rim ITTe11€6•65 73000 16395.9230) 5/16/3)11 Inlimel:N•nr York. Tax Inv Donde 51.00) 16.01,175C0 5/16/2011 Minot TaMble Binds 2.110 16.400.207.43 5/16/3)11 InItrol: tnabie DOD& • X*133 16A0/445.76 5/17/2011 /Ana Cohan( Can) (MOM) - 16396313Th 5/18/3)11 Lary Z OreratirktLt Knit unJ,Ilipyisil Evcree 00)4010>) 1511%31576 Wily Non. I.P.Coactotraron Attounl ( Momma O. Zwkrman • 5/19/3)11 Oper•bniCsAS1.75110:0. Now fahloeul Syulan 1 ATE( ) (14,00(0001 13/416,515.76 630).00). 'New York Plus 14/16:41101154CLUX0 IP 5/WWII Span 24 Office IluilJing LLC 1 End Dearkution) 7193539 114140.44265 5/17/3)11 Rfla Itunslerre4 to away% Act 4 47.1%%>5(11ticall Event IM/X110)) A.119/14265 5/27/2011 Inkrn1:51organ Stanley !tank NA. 519W 13219.965M 5/17/3)11 Interest Nlorgan Rank, Filo/la 5361.NA. 36.91 131/0,107.711 5/31/2)11 Waklor( F10,4 Strawy 1135/XU 0))) 110551127111 5/31/3)11 Inkral. 7.0.4/‘, &:o& 1.4:... , 13/1147/134.1:0 Wlavm of Slay 31.1011 S 1.491.11256 S II 5 Iir tar 111 6/1/3)11 Can Irobtultonal Money Mak/. • 1.1)11,741.1/49, 6/1/2011 FsItlf Teiantendle09544, POrtf016 L70%00100 15:47.06.99 6/1/3)11 Gaiet4011411`artnen(IMC66611on) 65.017.X, 15.65243596 6/1/3)11 1.SY Anglian Imes Pasant A41566740 1119.455E) 157435011 6/1/3)11 URN Avlillon tos's roma% 102.16117) 15.6(0.33*94 6/1/3)11 lonplecon lotd NM Im<stinen1 <2.711.100101 119033:5&94 6/1/3)11 Inlene0: Nov York lax /Tml/Ords 15.62SCO 17.636.01294 6/6/3)11 Gscwitai Partner, Ill L.P.( Vollibution) 41101300 119./41241 6/6/3)11 Ilaullanal InJwitial Patina (De0nbutut-i) 1•13.012C0 11233,91194 CASS' R./0,km bow 610611/ Cu!, New. Low 6/6/3)11 Renown 1100040)00)1000)1. Swap Psymen1 olS105.11t.7. 131631667) 13,025474Y 161060 rayintol olSftftt LC Res 9X0 6/9/3)11 Inwilwal: Now, York In lite Bond, 1512.2”/”) 1251632038 6/9/3)11 Robarrithort Mtn York Taa I en. Bon& 24).191.11 1179.07149 6/9/3)11 Itcdempliort New York la. Int Bon& 3/732922 1100(0)131 6/10/3)11 InItrol: tool& Bomb • 69.25 13,8005736 6/10/2011 Ottani Monthly °median Fee - 127%17,1 1).001-9,139 6/10/3)11 Wry Z Yjad ()MAIN Dttese 110340100 11301,9)139 6/11/3)11 ran& Inns106.11oClutkins An A 47600665( Pmcaul Expense 168.44/00) 1216/.90139 6/14/3)11 Lep! ant] Amid Ikts lot JI,K6alon <4 Comp4ny (100010)) 11,1310)139 6/14/3)11 Danko( ATM. Sloeipee Payments 1Z9.735$2) 11)0216247 6/13/3)11 Inicrol: New Yu* Tax Fier Rona. 73(00) 1117065A, 6/15/2011 InIatil: New York I* IgoePon* ).675.10 11=131047 6/13/2011 Rn.1.1tottlml f tvm 561.1 Amnia RaWlvb*UneolOtdil 17000A0 143r...31011 6/13/2011 ROCIS Transtainxi Ii060.14D0WIP0010SS 1.33000/100 15.7a310.47 Daily NS, LP. Coeutntresuo au ( ?dolma 11 Zuglennen• 6/W2011 (1300X00:1 13M)10.47 OperebreiCsAS1.750.0* Maur Buyout. 6101001) 6/150)11 U.S.News & Work' %port Mot thaw 5. Zwlanun l fRi080/04 13.1)&1310.47 MorganStantey SmithBarney 63 EFTA00284405

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Dar Damnation Masan Sada China Magna Saab, Bank Us Cannalat Apincia Bann IP Caldnum USTriatiry Char Sada &Ca. RIM 6/15/3)11 6/13/2011 larva Mae York Tax Fin liana Itniemplat Na. York I m Pree Ponds =MOO %COMO 121001547 11191.21347 6/15/3)11 larva Mae York la Fret Rona. 2.12300 11193/041 6/15/2011 Inane Na. York I m Dads 21(00100 1321)631017 6/16/3)11 larva Taalt Ducat X025 1321944072 0/11/2011 Stacy Fauw. Parana, Baler ( 1 1.101/0100) 13209.01072 6/M/3)11 New bridge Arakun Futlowts LP I Lairitaal 1 *466.90 111.17,90672 6/22/2011 Canavan Capital Priam ll LP( Caul Cali) 1212940% 13213.7%72 6/M/3)11 Waldorf rlightFerila IMAM)) 1341029172 6/ 23/ 2011 Redemption New York rm Naftali 1.101.362.30 11.142.14122 6/24(011 Investmant Nay York Tax !me Ilona. (1.10)..“1,01 1311144%19 6/ 24/ 3311 Intent Ta.able Raids 6291107 13017.97319 6/21/3)11 Nab Framlerred loClicitkb*Att 041162665 (Pataral Eipatse 123090)030 12297,97319 6/ 27/ 2011 Ewan Venture Rama LP( DiNtS1•011) 66.761.71 121/6173654 6/29/3)11 Q.I/LK Co avestnail lata LP I Distribian I R3316190 13444797% 6/29/2011 lama glorpn Sunk, Sank NA 21190 12413.01270 6/29/3)11 31organ,4anley Frage Punk NA 4.116 • 12445".516 6/29/3)11 Interest Taiat4t34144 6.475110 114%M% 6/30/3)11 lama Taub/ "Wilt lid 7 50 136453,21836 6/ XV 2011 kleZ Printing lanai 51014.165 111105210) 12.931.36313 6/30/3)11 14734X1/00.1• Ronk ol Ativrk.3 Revelling Urn 44 Credit lateral ISS523890) 12.426,12663 6/10/2011 BR Inc. • Lay Z Yawls 13123714) 12291139.47 6/30/3)11 MM. Y. PratlaISM3(0 Many & 53(40) ChM Support I 1107.5010)) 12.2341)947 6/30/3)11 Investment Mae* for Newbildge Andmn Partaratixt (4.13861) 122113200113 I fn' Cutlat Inwonwnt Plural. for Nimbnder Panipatices 11 'SOP-319 6/30/3)11 ouncs Odder) (A3964) Dalian a W June30.3011 661.527.% 1141153424 $ 3. 12 M4064 is /1/3)11 Garnateticadglavry Market 541 ASKO 67.60 /1/2011 Initial: New Takla Rte116m1s 11.1(00) 1229354710 /1/3)11 lama New York Tm tree Horn.. • 62500) 122901760 /1/2011 LL44 Avlition 4an Paume4 044,44749 111291031) 12.1tO.777.06 /1/3)11 LS44 Mahon loan Paunint 113073034) 124541672 /1/2011 lanai: New York 1* It POWs 2, 00100 12.010794.72 /1/3411 InantNrre WA Tax fray Bona. 11.125.00 12,093,921.72 /S/2011 Inkral: Tautly 1014s • 73177$ 12497,449.50 M3)11 Co #193 ).10Z Riming Loan.. 1 ZEZU9-299 114241623) 11.95425272 /6/2011 0/CCapital patina MU Pacific I ( Daranion) 117.21$19 12.07204.7.9. /6/3)11 001, at America en Revahing 4aw 01 Cr&B SWAP hymen, 0%41273) 112A61521 /6/3)11 Rainaticat New Takla fm Bondi 1035,43228 12.110),16301 /6/2011 Redemption( Na Takla Ha Ponds 1—M4419 101M1911.S0 /6/3)11 Kalamai= Na. York Tax fay Bondi 1,036,471.11 10$3,60,01 /7/2011 Pala Tramiand 10 ClitiAllIg Art 476416,666 ( Anal Dipme 11,00)04 • 11.1/161501 0/3)11 G5141rak Eflulty Farmers IL U' I Ilistntylia I 606.562,00 13,423175,01 IrVion Candied I aviator NItura Calvin (WOO 15.419.57,01 /5/3)11 Camped 4144k Mr Main Golan (7504 10100301 /W2011 Gnand elwak for glen C.M. COMO 441931001 Critgalcho:k for Maga 0thIn 00300) 1010,9501 ast3211 Gratind elak raglans C.M. WOOD) 1/A1253001 /5/3)11 COWS check fa Slum. (Wan 0.203 - - - 154091,001 MorganStardey SmithBarney 64 EFTA00284406

Mortimer B. Zuckerman Gish Account Activity - As of December 31, 2011 Dab 13acrIptIon Moepur Malloy Cilltunk WSlarges Drutreler Dank Goldmrs. US Trareury Ifs Conwommt fltrro Saris &Cu. Awn/1m Fading Baloney 7/ 9/ 320 7/ß73211 7/9/ 3211 Girtion.1 duck for Nitrate Calw.n Gobbed cluck for Nltrara Glum Gsbank &nuking lonoolCrelek/ Dimly I0rm. Loon 13Orewer •011140)(0)100111.9e.oplraymenl al $X16,7611 17. Interest l'avmenlrelSIICIt LC Fms WOO (22$0026 CIAP102) 13116.701.17) 15a47001 136(0.39601 13.096.113314 7/11/3)11 Grozeouror 1 Drantoloro 425500 15.101,6412.1 7/11/3)11 Rolompliorr Now Yin Taa Env &old. lag ..5.33 16.136175.17 7/1U3211 ROOS Trinit61169 froodArDentol POOR,» L:WlN00 111.631t1M17 7/15/3)11 InIrrier New York Tm her Oral. OWL» 114347S17 7/1N3011 1St« New York I* rite Ifords 1103110 111.6.‘52007 7/15/3)11 Gam* Moodily Curerhan Fro • 12.726361 19.613$1.5.81 7/15/3211 Daily Nee% 1.11Cancenlrmen Aecouni( /denim« 11 Zo:kermar0 (1 A01.0(2 XI 172.3310.81 7/19/3211 119‘151texiwd from NM. el Ameba Reelvir%Uneoleedil 200.0011» 1973310A 7/19/3211 lateral: Taal* Nods 69231 1973153612 7/19/2011 Wok or America Morlie 113yrreni5 131210701) 19A27.611.(0 7/19/3)11 Rofrneirre Now Yuk Tax row Bond. 1.03).3£56 2044276661 7/19/2011 Reiernpllort New York Yam Pew Nash 1.(011,113.59 2147(0220 7/30/3)11 NEU, 1renslerred le Cheek.% Aa I 17.11939.5 ( IYUgNO3) 21,17412120 7/ XV 3311 Wily New% 1.11Cancentnen Amur., ( 5199119e1 Zo:konorn) (2.51UAICUM1 19.971.47229 7/20/3)11 141 Forts lot on Gullstresenew Owes 025/310029 1$149,4211) 7/20/2011 Waldorf ne. MAW(0) 19.359A722) 7/23/3)11 Rsermidicer Now Yuk Tax rm.Bomb 915103» 19)74,4211) 7/23/3)11 berme New York lax axe Mont 511033 19279.505.53 7/26/3)11 Inlerror Tarok& Bonds • 7.5,511) 191971190.53 7/7'613)11 Rcemplicre New ToA ne. PM Wend, 1.01133559 20.331.44909 7/tß13)11 larva: Slorsorheenley 0611.NA 50637 20131,r5266 7/ 29/ 2011 3.1orsan Stanley Pnvato Punk NA 3336 20331.95632 7/ 29/ 3)11 Dorton hope...3010PP Leda IliviJerul 337210 31335,33&52 7/29/3211 Iketoo NeedlesIL 111‘,0.oldere1 3/0.41300 3/313.76652 7/29/3)11 Braun Propito. Ccorinon Nock Doldar.1 5551.33.71 21,0%.302.11 7/29/3)11 31(0.30100 -‚Sr Itrobro l'royedlei00: I.X•rldcor1 Breton Nerd... Cannon Nock Deridael 7/29/3)11 2soto 39046/622 7/29/3)11 11robro Common Stock OrreltIce.1 ZLVOI .00 39318.679S1 Dalortv End July31.3)11 S 11667.91395 S 11.63476539 S S 26.319.67613 9/1/3)11 Cot Irtrarlional Slory Mohn 637 2.4111.145.60 8/1/3)11 Iniettel: Tomtit %ids 6.100110 2024293.11) 9/1/3)11 Inlierror Nor. York Tax Fret Bond. • 60(0(0 21,331173060 X/1/3)11 U.S News & World epee Mottlinci,AfeellUn IMAN 6)) • DMIL75/1111) 8/1/.3)11 I/Sor Avirlion Lorin Piterraro 513F6N0 11194399e 23361,15670 X/1/3)11 IAN Av4uon 1.0M1PeTtate on.roye 399Rß11 8/1/.3)11 InlierrorNrre York Tax runllorp.i. scmoo 232793190 II X/.9/3)11 Mass Calton • GA oxuße D276113411 9/5/3)11 Rat lnrvlmdJ lo (Neb.% Ad 146.IgY63 90,55m1111,11•911. 13Y10NN1 22.926.139611 Ger. Runting Low €.10•1141 Dodo Nnadoran 9/ 9/MH Renown 16)111.61010)10(CUI.Swap Parynnol oIS317.297.92. 131729794 22.609,581I9 Snot Paymml o190(11, 5.9.5003 8/10/3)11 rear« Pdvete Imeornenklub III IllsWINOIXI I 16.94700 2162432919 8/12/2011 Oalmrdr Moodily “trodiro 17.73/061 ZL6r09713 8/1213311 CertibeJchc,:k for nleura (14209 canceZed 6.”10 22.6247113 11/15/3311 Inineel: Tomtit 159115 209357 rie.m.31 MorganStantey SmithBarney 65 EFTA00284407

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Drimiptitin Magri —y Gam& "Minim Dosch, Bank Coidmim USTrommiti USGernmeme Chem Sank Co. 8/15/3)11 IIMM XII Cormfirel ohm k for flora Cairn • .43-04.1 Conotied chock for Mora Colvin • isemiLml MOM 40000 22.636.713.70 ZLOV.IWO 8/15/3)11 Inimmi New York Tax rim Bond. 11.250)30 96591651 11/15/3)11 toluene:Neer MAU% Fn Bon& 11.10200 9.619.612111 8/15/3)11 Loary Z TochlOptream Emonse021521p0m1 (503)3030)) 21.149,96370 8!1/ 2011 Inincial: Tomtit 0010. 1176.01 4.130.30-51 8/17/3)11 Daily Nri v se LP. COOCIIIAZO1011 ?mous ( Mortimer II Zug lerman ) OallAC0110, 33.150.21251 M2.113)11 Inknsl: Tumble1MM. $31230 3).135311201 MI5/3311 Introit Tamil& llorals • 4.5001* 2036435101 M2.113)11 Pa0M4 Privam ImmoramiClob II ( theft Zama I 7.491.40 3).167.10101 MI5/3311 Waldorf Flishe !inlet 00300304 20,067,161.01 M29/301 Redemption Na' Yoh 130 km boteJs 1203040 3)032101.01 8/30/3311 Inhume: NlorgraMmIty Sok NA 1A51.0. 3.1084.3.336.7 211212011 learnt Morgan Stanley hives NM. NA 31.11 31104.707.51) &lam. al Augeg 31,2011 S 3.41161033 S 20.051.337.90 9/1/3)11 Ca InsimermaINIcem Market 3.1.084.31443 9/1/3)11 Ca Insticutimal Money Mahe 33.081.31.23 9/1/3)11 Ininesi: Now &AT. Fe. Uor..i. • 3100^33 9/1/3011 QPC3)(C3Istame Dirilitmeire. I 901.71000 31.995$0.23 9/1/3)11 USN &ninon Lion Fimmirit A0536740 (119.1523) 313,71M43.43 9/1/3)11 Itcdemplicov New Teak I.0 Int VonJs 7210300 ara51.633.1/1 9/1/3)11 Introit New York Tax 1,.. Bor.+ 1%05 3).95365221 9/6/2311 Fedi Transkirrel to [Maoris AI A 476.061MM &m al &paw 1106X003) 3.1.4216320 90/3)11 Sok 04 Maeda Morempc Metro& 129-IA4492) 24152.93731 9//3911 (Shim& &luny tannin. II ( Coinbutom 3 nava& Rowing Mee €.1061// Mile Nima. Lam 04).0923 20.611.6323. 9/8/3)11 Boons SO00.(03(06003-0). Swap Parynirmi 0115315.59202 0069.106) 3232901430 Iniermi l'aynitol ol UM LC km $0.00 9/8/3/11 LeIntiplicet Now Yolk Tax Fw Bond. 2.09.21607 22548351.17 9/9/3)11 Otihmk Monthly Clialodien Re - 12.690021 9566/61.15 9/9/3)11 Merl I Ulatrilatice I 331.4000 22,309,194.15 9/9/3311 US News &World Repo& I Mortimer& Zuhronun I 10630.00) 9.19.19115 9/14/3)11 Pals Motion.) lo MOO:* Ad 4 1713110.160 (11m0010ptote (3030100.6 2009,194.15 Civmouti klsameyn. II Frani 144.1tSil B. Zuclarmon • iTOffille • 9/14/ 301 3rd ITMAIIIMIlli I 11%M0& 21.709.191.15 Mt Ittivrned by Groyaoll MammonII Macovet.lorUmer IL 9/14/3/11 76clermun• Jimmie • Ird Ineallnimit I 15010)00 21259,194.15 9/14/3)11 Drily Nem, LP. Concentrusio ACCOSIM(Nlonimor II Zug lemur. ) (I.1743ES031 32684039.15 9/15/2011 Inked l: New Yoh lax Ittir 1066 6.7,0110 3)29/0915 9/15/3)11 IN4w Inn. lb* of AMMO Oft ItetvIvir% line olOaht 10:5201100 269536/3 Is 9/1213)11 Duly Nen.I.P.Concroinacro Amnon,( Morlimer li Z0Serman) 025201101 3)29/0915 9/15/3)11 Isnot New Y. Tax Ti.. &ma. 64063 31.692.21901 9/13/2011 Inked l: New York lox Wm Us 7.21)200 3)4969998 9/15/3)11 /anon!: New WA Tax !me Dom& tram 33.703701.53 9/19/ 2011 Inimmi: Tomtit 11XId, 328121 33.70lO39.70 9/19/2011 Inimmi: Tomtit 1160> 6472 3).701.7(030 Omicron lane en II Estqw I Mower U. Zuckromn • Inveotor • 9/19/3)11 3011roMIlmtril/ 115120100)) 3255403430 9/ 22/ 3)11 Inmstment Nov York lox Pre Uonds 1101/1103) 211.430.50130 9/22/3)11 Centried Owl %Wird 6.40000 3)&5203430 9/22/3/11 Cormlirel ChM Voolod 3.30300 3340301M MorganStantey SmithBarney 66 EFTA00284408

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Orm 139691.9hin /Anami Sang Chink IP Magas Einue.h. Bank Goldman. US Trani., US Cannmme Clubs Sat& Co. Agn9in Dabney 9/23/3)11 9/22/3711 Cerldiodenswk Voided 2.$97X0 UMW 31,162.984.50 9141A116190 C..9319dOork V..99.4 Dilly Nrove• LP. Contoutnnen AccottnI(3199ma B Zwlenmen) 9/21/3)11 (1500910,01 • 18,969861.50 9/26/3711 Ininni: Taut* tvods 1.30.00 1691.7.141-90 9/26/3)11 klownRonley 961111 Panty 0911119rbien I Cap1111 call) 12349:60)) 18,212,759.50 9/29/3711 161991.51orpn Stanley Bank NA. INAS 18.73261392 9/79/3)11 16494: 310%.0 %inky PrIvac It.ml.NA 10.74 I9212624.66 9/992011 161099:19.414, 50.14 • .4)14:11 18.73966614 $177.009191• ‘19itilyllankH AmerWa Keating Meal:ma 9/30/3)11 Ininv9 0133.7.19.91) 10,1%93772 9/993711 Daily Nen.I.P.Cancetatwo Mcouni( Mourne 11 ZoSennan) (120/0031/01 169%507.72 9/30/3)11 C91010 kl0Z rtinling1.0.0 122.1139191 11309199) 16)18,74611 9/993711 BR Int, Limy 7.98918 (73.9.40A) IVAIJIMIS 9/30/3)11 1.10z Panung loan 0,001.1%, (173.811.6) 16.3111,99812 9/70/3711 119.4 AvIslIonto6nPomatt 113127203) 10.179.72609 ast avmr6 Septsivka 4A8747224 S u 5 $ 19179.73900 10/1/3)11 19991.7.19.• Yoh In Inv 11.9.9 9.73730 16,159,46330 10/1/3)11 16199.1: New YO4 In Fur I1.99. 1LII021 1620191)71 10/1/3)11 161.9.9799. York In feu 0.9.6 160300 16/0331871 10/1/3711 16199.1: New Yob In Fur Pond, 5.0040 %mown 10/1/3)11 161.9.9799. York In In. 0.9.I. 28.50)03 162101671 10/1/3711 161099: New Yoh In 19.11.9•9 2M0)00 16261.01071 10/1/3)11 16999 Note Tork In I,.. Bomb 57.(0)(9 • 16311,21871 10/3/3711 (34 1,918919491 3199.9 Marta - 697 10.311.02.944 10/3/3)11 Ca a Inixoloc9•13.19” Markel 79) 16.311,103,11 10/3/3711 161099:N9v York UM 81(913091s 11.21237 10.321.01344 10/3/3)11 161991.74.9 Yorli.Tax I'm Iluncla 75(7 I)) 16 1‘9.5.n.61 10/313711 Dinka9699/49n /,91.9nsLanACrod.199'Ariuyment 910)1 128531731) 10.012=07 10/3/3)11 MI Avulion Lan Nyman 44.1.96740 1121,638.%) 15,920,54932 10/4/3711 Call lo Miura Calven MOO) 15.920.1339% 10/5/3)11 Ury Z Y.XhIC.)00g.ON E9r9nre IS Shipyan1 IFOO.00)01/4 15A202,4932 10/3/2011 Rank of AMAMI& Mocipge Payments 1295.02949 15.15.013.12 10/6/3)11 QOLK /16.9361 %Whim IL 1.1•10151nbullon) 39006.00 13.4031449.12 10/7/2011 OX Euroimm Nutty 991,99 V ( C.p.I4I Ca • Amory Feetryviw 1396.99039/ 15.14261.3.92 10/11/3)11 116x9 I cansleneil lo (haling A419 I76.19.99311.9999 1E.P099 I39.00109 16942.43.92 Cako.9.199,bans boo °remit/ Dully Neva .Issin 10/11/3)11 Barrversc 891/400(0)10(611.Svap Paymen1 alit /0333. 03903311) 16,6004£739) InIernI Nym,61 id SRC% LC 199 SO.00 10/11/3)11 klub I, Ilather I 9C.591Alle/Onyla $910)00•419vprelt 1 11079040Y) 16901,150.9) 10/11/3)11 (184.94 Monthly Coslot19.1 I've 12972061 1.0,079.33 10/17/3)11 Inn./: Taut* 5,,,J• • 654 14.499.33.1.23 10/19/3)11 Pasl. Received Iron Rook et Amines Pennhing land Ladd 120910900 162993362 10/30/3)11 0911916691914161P66449 I 1.11.6191106 I 3471900 16 '0410,.11 10/20/3711 Purest of 11ona INA? ) 0 30•90 09 10.203.033.0 10/30/3)11 Duly Nor,..LP.Conc999629 AccounI(31969•• B. 299..man ) (1.41)1900.3 1673240/32 10/21/3711 r0/19•9199J in 06..61rµ Ad A 479861669(lirooral /Amur 110)5900.9 11.002193.0 10/24/3)11 0/96 1/9, 69990 Sc., PkOrret Porlicik. 2.E.33.00.100 16 9199,91 10/242011 Q.011:C., Intnmens Rai IL IP I Capilal Cal) 090219190 11.331.894,V 10/24/3)11 Q.18.14.1.9 Inve.uncol 1,4+.110.1.111.7.90.)1Cal) (4541233)1 13,6930113 10/242311 Molve9unhy 999 Bunn Cr91.1 Pathan. Capital call)) 126929917) 1.71AZI.7.11 MorganStantey SmithBarney 67 EFTA00284409

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Dam DarlirtIon Malian Semidry Cilthenk IP Slurps Clump Oranclw Dank Goldman. Soda t Co. OS Tremor, 8116 US Cerearlialal Drains Asmara Saban 10/25/3)11 Want Morgan Stanley Sank NA ma 13,135.09531 10/25/2011 InItred: Mown Fraley Pnvott SAMNA. 9.71 IIALN903(0 10/31/3)11 Beide PrOpirll. ZONIOPP Ueda Divilmd 3.06500 1.5.113,9610:6 10/31/2011 19).10100 13421.021.00 11;ntoci reoptillcs1 -115S Milani 10/31/3)11 &oda Propliim Gammon Sock Divalent 511594.76 141.145.81 10/31/2011 11>atoorroptiller.OIN: M,Mde0 2951.27100 17.131.810.51 10/31/3)11 &oda PromIro. Cannon Mock Deridrad rl..(6100 17335.937.81 Ralseav not Ctioter 11. 2011 S 5,616.973 42 5 - • 1.1 • S S S S 17.35S.937.81 11/1/3)11 Co o Inbar/m.11.k./ Markel 17.335.94.456 11/1/2)11 CIO Irstiaatioml Nicety Marla • 17.350.9$209 11/1/2311 URN AVIllatill Lowtromatt nyur 10) 17.1.D32.”9 1111/3)11 IISNI Avr4I.on horn Parms.• 5/156760 1104793153) 17,114.10156 11/1/2011 Interest New York IA Ertellords 21.L000 17.05.311.00 II/1/3)11 InItml.Nrre Train Inv Ilona. LV1000 17,13.60106 11/1/3)11 Inlecol: New Wolin Fru. IlOrds 130100 17.1749$1.01 11/3/2011 Leary 2 Thal Operakm Caserta ark$ Shimard INMCCUOCS 16404491.1.01 11/4/2011 ]Ilea Cahn, MOO 16.0.9441.100 11/5/2011 Valor Sally patwn II. LP. I 001r...tun) 56,0103) 16.237.31406 Calker. Rinolving Low €.10011/ day Alnm. Lan 1115/2011 POITVIICI IMX114031))10(0111.9topliymt010132513(4,36. 1252.105.%) 1663236 Ingot,/ raylrw01 ol WO. IS Fcts $O0'0 11/9/2011 BMW AmaKa Motiptie Payments 1296026 902 • 14160,179.10 11/14/2)11 InItml: Talaldt 5.,4 2.11255 16.162291.95 11/11/3311 admit Monthly (Wallin Ma 1247W) 16.139.014441 11/15/2011 Inkrnl. New Yoh In Inv Rta. 103750) 16,170,19MM 11/1$0311 Inkiest New Vol. In Ftryllord.. 73(003 16.2069395 11/15/3)11 Inane New York In km Pord. 52100) 16,142.94.101 11/15/2011 illIttell: New Vol. In Ftry Pond, 040000 16230.413(tI 11/15/3)11 InIerotNew York In km Boni. 25.0)300 162.5S,44.1.Ct 11/13/2011 Interest New Yoe. In Ftry Pond, IAMVIO 1627419905 11/15/.3)11 'Mani New York In In. Pal. 12.50300 1635/µ9(W 11/15/2011 leanest New Vo6 In Fur llorris LL600 16.2511.91.Mtl 11/15/3)11 'Mani: New York In Fin Hind* 51.15000 16,310,193.111 11/16/3)11 InleM1.1.nabk UM* • 61137 16.3155.11 11/16/3)11 Pails Trarntraml lo (ltratbm Ad I 476.06.44-0 (11054•0111tparre 000000)) 15,740.10445 11/17/2011 kloquitteankyfredit Canners 1 CmIlal 5011 1139 220 OD) 11201.61790 11/15/3)11 llw R4V711 Lietalalins TIIM I Direntertun 1 7.02121 15.300.0966 11/21/2011 ParIMI 09Nymnelc WM lo Mabee Catkr IM MO?) 141.900.69944 11/22/3)11 lay 2 Valid Opotrbrs Etp•••••n4Sh.p,..sni 13950000.2 141(563966 11/22/2011 IACN Avistion tosPaymms 1131.7254?) 15276.91121 11/21/3)11 MagssnSunley Calla Nib., I Dierrtylart I 5935185 14336266C6 11/29/2011 InItml.Nlorsail Stanley !tank NA 1603? 14336.42.41 11/29/3311 Inlettsl: ?Impel Stinky Mule IN3n1, NA 1474 163!!µA.15 11/30/2011 Interne Tumble tkekh 2A(62) 143.91211.410 Daltrey and Nowmtw 30,3111 2.60104833 S 11234.79410 S S S S S S 14.338.81140 12/1/3311 C Iremeutatal Skye, Market 11. IS 14.335116955 12/1/2311 41MIm0nMl Money Marin 3.61 14391.57?01 MorganStardey SmithBarney 68 EFTA00284410

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Dan Daziplion )Antaan Slinky Chink IP MM.. Ono -4'w Bank CokImaa. US Tumour, US Gematnea1 Chat Sada .4 Cu. Bill. Agencies Lading Mann 12/1/3311 In...I:New Yu* Tax Int &mi. • WOO) ILUX475,01 12/1/2311 MI Aviation LLC Lain Payment) (11243791) 14.2.14007.01 12/1/3)11 Inter...I:Nur Yu* Tax Inv Bono. 35.62500 14,264,46104 12/2/3311 Bulk of Alma. Mtwigag• Payment, 1290460.) 13.971A3IM 12/ 51 3,11 Wald,* PIO% Senite "12000 CO) 1355143&M 12/143311 lay 7. °pirating &Savvy:Ed Expen.• 15001430% 13.3MAIIM 1212/ 3,11 'Muni: Taub/ Said. tlatunk ItuulyIn4 tine nItlult, DIlly Nuu. Loan • 211290 13.354.2.18.I4 12/8/3)II &unmet tOMOIX0310(0111.9topraymoil ol5L2Ktl2A 0012450)) 13/152.373.14 Inktml Pay mul .ISOM,ICTaw 5040 1219/1311 Oahu& Monthly OnloJlan &e 110900 rtoonti, 1219/ 3" 1 Pad% Itunslertul lam l4-[1121 MAI% AOMORI Attt411)10614) 7.000A0D) 24/149.7/4.13 12190311 Oak Cu-ImsserunI Fund Iµ LP • CapilaA Call (1571.730001 1$.377.98113 12/13/3211 PwalsItunslorul In Loin 44 USD ?Ana% 0010(%4M) (IOW JX0031 15.377,981.B 12/13/1311 Feb Translana in Clinking Art 474•06,665(Pmmal txpenn 1\041404 - 15.027.981.1) 12/13/3211 12/13/3211 WILK Co tuumbrent Ulshitution 7$7.91/10) 15.1)13$9.B 12/13/2011 1011,0I1SonJ• Traerfarp.Uu Ltibyr cdCialt Axonal (Antillfbli 151/15$99.1) 12/13/3211 Irt070 Ion)& Trarehau.1 W Idler nICteill &Conn' jA0(110$61M 15.1115,949.B 12/13/2011 SMAOSonJ• 'bantam, to lanor orCrula AuvunI"AnOUSUIM 111/ MIMI) 12/13/3211 AVM Pon", Tenulerrul In LOW <4 Credal MuninIWOOMIASS) 15014949.13 12/13/2011 2C0,0308onJ• Trararm4 to laIUD olCrula Armunt "Ant•061,468 111/ MIMI) 12/13/3)11 MOOD Ion& Trarntom1 Leto nItluit Attain' IAAVIVIOR 15014949.13 12/130311 1,2CLUINISnJ• Tramitreva to L•ilvi of Ord/ &vaunt 01n0061,41 111/15$99.1) 12/13/3311 lAWIDO Ion& Trarntom1 V. Letter 01 Vndt Attain' IAAVIVMS1 15014949.13 12/13/2011 750,0:0 Son& Trararm4 to laItyr olCullat AnDunt CADMIUM; 111/ MIMI) 12/13/3211 SOUIDO Don& Traretored w LcDet nICruhl &Conn' IAD1009.08 15014949.13 12/13/3211 IMMO Son). Trarsetreva to laIUD orCrulat &wool lAntS0fulf8 15014949.13 12/1742011 101,0:0SonJ• Trarsetreva to laIUD orCrulal AnyunI 'AutirOful,8 111/ MIMI) 12/13/3311 WU> Dori}, funsIenul In Wier N Credal &town, (M00046141 15014949.13 12/1742011 LOMAX, Sonde Trars6uTo.Uu ewr olCault AaounI 011080tUlt 111/ MIMI) 12/13/3311 /MAO IfonJs TranUctird 101Alter DI OUIJA &Won' IAAMIMLI 15014949.13 12/13,3311 2401A0 Bondi Tnratorrol lan olGult &vaunt 01n0061,41 111/ MIMI) 12/13/3311 'Ankle Donis Trarnkrtua to 'Mier DI OULA Attain' IAAVIVIOR 15014949.13 12/130711 1,030A0SonJ• Trandermi to Wen cdCrult &vaunt 01n0061,41 111/ MIMI) 12/13/3311 23M0PnrkU Tunarnul lo tuna <4 °SD &venni (AAIODSSU) 15014949.13 12/13/2011 %VAUD gond. Tranan4 to laIUD orCrula Mutant "Ant•Obli4M 111/ MIMI) 12/13/3311 3010.7015onits Trarnkfro.1 tO Ittlef ol CIAJI1 ACCOunI1ACCIIRIPMR1 15014949.13 12/13/2011 14500 Sn& 'bantam, to 1.1tvi olCrnlit AnDunI"AnOUEMM 111/11199.13 12/13/3)11 *WO Don& TrareZerml V. ItDer &Conn' fACCIIMMUS IMII5,99913 12/174I311 SACO) Bonin truulixtvJ In loan et [radii AuounI(T.10606486) 112/1509113 12/B/3)11 Inter...I:Nine York lax Fur Mai. 3,675IU 15)119574.13 12/1S/2011 Ink New York IA rite Ponds liroisTnnslertul lam MU CRUI MIS 4. - CORD lo cow. 750300 11.27.0741) 12/B/3311 <tanker JIstritea0Als lot Ihe !ku<0.1129ann 313011 4.442.13.125 3)269)9738 12/13/1311 TtiatfertU3 Igen MCDADOI POMCI10 33130//40 397.38 12/15/3211 US. N.w. WorA germ.. I MoDsnwr tutlarrinon I 140)000100) 22.369)9738 12/1,0)11 real. TranshereJ lowdown, (2511)AUMI 1461•9207.38 12/16/3)II 'Swot Taustio &4W. 61911) 19)701117.18 12/19/2011 OBLK Cu. Inv numert Fund IL LP • DUmbulion 1.(01.74)00 31/94.1W1$ 12/19/3)11 <tow CapRol Nana, (Uhlritclion) 19.9000 11.914.74&18 Daily Nee., LAConmnIzaawn AuounI &Wilmer Sixlarmin• 12/19/M11 OprittetC.I.51,750:001 .. 700140% 191697451$ 12/20/3)11 CVCCapital ramm Ads ILdOc I 1.5.949.13, l%Itar07 MorganStardey SmithBarney 69 EFTA00284411

Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2011 Dfin Dmoirtion Mayan Slinky Chink IP Slurps Our Dintteclw Dank Caelnun. US Trance" Sada &Co. Bill ls (:..*omen Ate 11••••• fading BALM, I2/30/3M I2/22/3M 12/12/3M 12/22/3)U IlaudanJInJumftul Patina, LP • nutihaass Co LP Daily Mrs', . nc.ontruun Aountni(Morbma D Zuclermsri• KM 'UMW ° lay 7. OTVIliting & *OM Sed brag Waldorf Flke,t*DiCe l7S.91600 <2.00U00.1 PTOU0.10)) IIVAMO>) 19.15toll.SS I7.3%.613.SS InAC4b1S.50 ICSIOLlSS 12/r/20II Inlunl: Tamblv Nods - 6.2900) I6.127-9M0 12/29/3M InItml:TausIde 5046 • 6A7SD) I6.319.378.SS 124129/3)I1 'Munk Masan Stinky Sank NA DIM I.329.61(11. 12/79/3)I1 Inlittol: !minium "anky Private Dunk NA. hat Itunsierred lam MU (11U1 MIN 4Th. %MAR le cowl BA. I6.3190S(0 12/30/3)11 %Walla., 411,01hcbmis Int the Mini Qalliff Oi 3,111 4.142.12125 20,971,94&SS Rat It4I1Sierteci Warn MU OlUI MIN 0* %TRU le OW 12/WWII quarto., klIsUltealens Int IhelkwiliQuatterol XIII 4.442.3..as 25,04,272I0 12/XVZ011 MILT Printing limn AFUOI4Sb4 II(0.45M) 24.9401,13.20 12,00/3)11 Math P. Preilte - *WM Alisway & SMOJOCtied Supped 11073C130>) 30143,31110 12/X9 MI Cu 0493 MI/Minting Loen•1212339.1.0• 'Moral IMO/C.4 217(031.171 I2/30/3)1 I U!N AvIMIon UV- Loan l'uywal IMMO)) 24970,07275 film a. no Denninlwr 31.2)11 S I2d16$24 S IL764.09.77 S S S 94.57tX02L7S • MBZ Morgan Stanley Cash Account Activity includes Accounts 060652 & 086488 • Citibank Value Inclusive of Fixed Income Securities and Cash MorganStantey SmithBarney 70 EFTA00284412

The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Dale Desaiptio• Morgan Manky jr Meagan Chase Dtutwbe Bank IISTreasy Bills US Governed Ending Agencies Balance 1/1/2011 1/1/2011 1/1/2011 1/1/3811 1/13/2011 1/13/2011 1/15/2011 1/21/2011 1/211/2121 2/1/2011 2/1/2011 2/1/2011 2/11/2011 2/14/2011 2/13/2011 2/25/2011 1/25/2011 3/9/2011 3/30/2011 3/30/2011 4/1/2011 4/1/2011 4/1/2011 4/1/2011 4/1/2011 4/1/2011 4/1/2011 4/1/2011 4/13/2011 4/13/2011 4/22/2011 4/20/2011 5/1/2011 5/6/2011 5/15/2011 °pude"; &Wee Intent New York Tax Free Bonds Emmet New York Tax Frog Bonds Intent blew York Tax Free Bonds Reamption: New York Tm Free Bonds Invasimont. New York Tax Fray Bonds Imerek New York Tax Free Bonds 1/D5 Communications Panne° IV, U'( Distribution) Intense. Morgan Sunk,' PrivateBank NA. Balance mot January 31,1011 Inkiest New `Cork Tax Free Bonds Inkiest New `Cork Tax Free Bonds Interne, New York Tax Urn Bonds QBLK Prtiuse Capital 3102 LP ( Distribution I Redauption, New York Mei Fro. Bon& QBLK Co- Investment Fund II. LP ( Capital Call) Nowbridge Andean Pillrans 12 ( 0140Ibuilon) Interest Mequon Stark/ Myatt Bank SA. Balance and February 28,2011 Q.BLK Co-Investment Fwd. LP I DiAnbution I intoreaddagan Sulky Bank NA. Interew Morgan Stanley Privatesank N.A. (Islam and Mush M. 3311 Invesemvnt probtodi kg No...bridge Andean 4% Patkipation ( Eric Caraluf i Invesenvant procatili for Newtridge Andean 4% Datkirution ( MaimCelt ) Interest New York Tax Fee Bonds Inlarat New TOIL Th. Fro. Bond, Inlertia. New Teak Tax Frye 04024 Interest New York Tax Free Bonds Intorect. Now Toil.Tix Flee llond, Inland, New York Tax Floe Bonds Redemption: New York Tax Free Bonds inemement. Now York Tax Free Bonds InIe,o.MorganStaNey SINN A. intorem. Morgan Stanley Prhute Bunk NA. BaLtnev cud April 3). 3)11 Interest New York Tax Free Bonds QIILIC Co hwestment Fund-12( Diuribution ) Interest New York Tux Free Bonds 5 6734165 13125A) 1520000 14.9750) 4133653/ (493A93.049 xrege 59X957:0 1411 5 3 $ 6734.66 80.469,66 52.469A6 11029466 573.759.99 29.03459 33134.99 92.33959 92,33410 9255110 • 9$551111 5.007.0) &MO) 150X0) 108231.0) 214.07720 (399,39“01 0.9660) 21,63 101801.10 118.03410 327.3)3.10 441,72210 41292.10 30238.10 90.87213 5027273 S 5027273 3970120) 320 23.36 40554:73 447.506.17 44803953 S 44200933 S 44200953 (3861) (33364) 21,150000 7.696.13 1280829 9,93056 2,5000) 3,6730) 1231652.43 (120020100) 9239 3601 447,65029 44729273 469.31223 47427843 492.12732 50106723 501.55725 51822000 134122531 54123531 541.97750 542015.91 5 '4201' 91 5.7,4, An 9411.931OU l0.97222 O2 r m' r MorganStanley SmithBarney 71 EFTA00284413

The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Dale DewriptIon Morgan Stanley Jr Morgan Deutsche Peak Chase US Traeger Billy US Government Agenda (riding Balance 5/15/1011 5/27/1011 5/17/2011 linnet New York Tax Free Bonds Internt Morgan Slinky Bank SA. Internt Morgan Stanhey ('Une Bank NA. le, (Pit pinl 138244931 1.120.561.45 I.120,60038 Balance mot May31,2011 I .N.NIFX $ 1,183,0038 6/1/2011 Funds Transferral Iran Sea Pentode 1.2251000100 2.~.60038 6/1/2011 Interest Saw York Tax Free Bonds 8337.50 2516.937,88 6/2/2011 Templeton Lobar Bond Imyetment 0.215.000110) 139193735 6/9/2011 Invelmmy New York Tax Free Bondy meows) 16739210 6/9/2011 Redemption New York Tax tree Said, 1.060.8333 1.217.503.43 6/15/2011 litterat Nair York Tax Fray Ilona. 5.75000 12D,633.43 6/15/2011 Redemption New York T.o.Fra. Bonds 203020) 1.242633.43 6/15/2011 Interest New York Tax Free Benis 5(0.00 1.244353.43 6/71/2111 Redemption New Yort.Tat.Fra.Bonda 550,07935 1.53121301 6/21/2111 Investrant: Nee York Tax Fen Honst. (55217693) 13418.600 6/3112011 Newbeidge Andean Pawn lir ( Dantwain 1 1.044.0) 1.24250~ 6/27/2011 kraal lnleastrature Fund LC. LP.( Capita all) C (37~00) 1.25.40~ 6/29/2011 Q.BLK Co lananwnt Fund, U'( Distribution ) 1.5119230) 2.154.123,30 6/29/»11 Inleda: Morgan Manley Bank NA. l74.72 204,49710 6/29/2011 Internt Morgan Stanley Nest Bank NA. lnemtment Promo% lot Nerebridge Andean 4% Participation 1411 2.15434211 6/30/2011 (Eilt(Mtler ) lawratment Prosseda lo. Newbridge Andean 4% Participation NI 36> 2.15430035 6/30/2011 (Jaos Gerdes ) (4136) 2.154.451.59 Balance as of June 30,2011 8 2184.4859 2984.45859 7/1/1011 Intact New York Tax Free Bonds 150)0£0 2.19995859 7/15/2011 Redemption New York Tax tree Ponds 20,0)0£0 269945859 7/15/2011 Intereat.Nenv York Tax Free Dona 323000 2.maxe.s• 7/15/2011 Interne New York Tax Free Bonds 13£00£0 2.715.78959 7/25/2011 Redemption: New York Tax tree Bond, 23~30£0 2.915.7IM59 7/73/2011 lnielest.Nsnv York Tax Free Bona 1277311 2.91998637 7/28/2011 lniennt. Morgan Stanley Bank N A. 374.5) 2.94716107 7/23/2011 lniennt.AlorganNanley Dane Funk NA. 38.91 2917.400£1 Mena ma July 31.2011 294790391 5 5 5 2917903411 8/1/2011 Miaow New Yak Tax Tree Bona 5,510.01 2.951400£1 8/1/2011 Realempoon, New York Tax Few ~di 73900000 3202,40001 8/1/2011 Ink « New York Tax Free Bond; 623000 320845001 11/30/2011 Interest ?deepen Stanley Bank N.A. Me% 33Pb:6877 5/30/2011 Internt Mogan Stanley Panne Rank NA. 3423 220999300 Balance an of Auguat 31, 3111 5 3209~00 5 5 3399,itosexi 9/1/1011 QPC 2002 Diaraded (Dian-beam ) 1362350) 144531880 MorganStanley SmithBarney 72 EFTA00284414

The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2011 Ode DesaiptIon Morgan Stanley jr Mogan Chase DflattCbC Baak US Treasury Bill» US Government Agencies (nding Balance 9/2/2011 AIP Custom Portfolio MINIM RV (125X0009 3.220-1480J 9/9/2011 Q.842( Co Invenment Fund-12( DkOribution) 53282003 3.101.1680) 9/13/2011 V55 Communications Paring's IV, IP( Capital Call) (63.331.P01 3.735,6370) 9/16/2011 Y% Communication Partners IV, u'( Capital Call) (31,974001 3,70166300 9/»/2011 Interco. Morgan Stanley Bank NA. 143.46 3.703206MS 9/29/2011 Interest Morgan Stinky Prime Bank NA. 1074 3.702173) Balance m of Seplember 30.2011 5 3,703,817 20 5 5 3703,817.20 10/1/2011 Interest ?Ow York Tax Free (fonds 2129100 3773.06720 10/1/2011 Intern: New York Tax Free Bonds 4.813.75 3.729.91055 10/1/2011 :Mond Nos York Tax Fro Bonds 10.0(0£0 3.739.91055 10/1/2011 !Mond Nos York Tax Fro Bonds 9.29/.0) 3744.16393 10/1/2011 Intern: New York Tax Free Bords 15(0.0) 3.7480055 10/1/2011 !Moron New York Tax Fro Bonds 3.675.0) 10/24/2011 Q.BLK Co lanniment Furs] Ill. LP( CapitaCa) (1.381,3001:0) 2.37tcoss, 10/24/2011 Q.BLK Co linnamens Fund II, LP ( Capital Call) (99,15G001 1,191)51113.93 10/23/2011 listen-A. Morton Stanky Bank NA. IRS» 1.792014711 10/23/2011 Interest. Mown golly Insuwallsk NA. 9.73 1,19102401 Balan ad Onotur 31.2.011 5 1.29229421 5 5 5 5 5 1.7921/241/1 11/1/2011 lntere*New York Tax Free Bonds 7541647 L817,44018 11/1/2011 lnionst.Now York Tax Free Bondi 1031250 1207.753.18 11/2/2011 brad Inhatrucium Fund LC. LP ( DbcrIbution y 67216.40 1Aµ96938 11/14/2011 Brickman Real Elbte ford Ill. LP. ( Capita can) 191.973.001 1302,99638 11/15/2011 Interest New York Ta Flee Bonds 12.5000 1.815,49658 11/13/2011 Interest Now York Ta. Fn. Bonds 25£00£0 /81049658 11/15/2011 Inkiest New York Tax Free Bonds 36093.73 137639033 11/17/2011 055 Communication Para°, IV, LP( Capital Call I 02241.00) 184249.33 11/29/2011 (Merest. Morgan Stardey Bank MA. 71)22 1.05432032 11/29/2011 Interest. Mown Runny Innate UK N.A. 1074 1.864.330.94 Balan MCI N6~69(30,2011 5 1364.330.11 5 5 5 5 5 1364.333.94 12/1/2011 Redemption: New York Tan Free Bads 219X430£0 2.154330.91 12/1/2011 lnionna.Now York Tax Foe Bonds 8337.50 2.162~64 12/3/2011 brad ltdrasinwinre Fund IS. LP (Capful Call ) 173,(03001 213/7(668,44 12/9/2011 Q.BLK Co InvonnontFund111.12( Capiuleall ) (1,1532000(6 (033611.44 12/13/2011 Q.811( Co Inventment Fund-LP( Ontribution ) 1.73721340 2.5711)76.44 12/16/2011 QIILIC Co Imummont Fund II. LP ( Distribution I 6142330) 3,1113,949,44 12/21/2011 S.55 Communicahon Panne" IV. LP( Capilal Call) 014,421001 320122744 12/29/2011 Inkiest Morgan Stanley Bards N.A. 91(0 3,101418.47 12/29/2011 Inkiest ?damn Manley Isavaw Bank N.A. 1007 3301,6211.54 Branasol Duombor 31.2011 WI 63'54 5 5 5 WI MorganStanley SmithBarney 73 EFTA00284415

The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Dale DescrIptIon Morgan Sunk-, Jr Motgan Clouse Penni/me Gant US Treasury Bills US Coseniment Agencies Ending Balance 1/1/2011 1/11/2011 1/12/2011 1/12/2011 1/14/2011 1/13/WI! 1/15/2011 1/15/2011 1/15/2011 1/19/2011 1/24/2011 1/15/2011 vzsnon 1/20/2011 2/1/2011 2/1/2011 2/11/2011 2/3/2011 2/25/2011 2/25/2011 3/9/2011 3/16/2011 3/16/2011 3/16/2011 3/30/1011 3/30/2011 Opinbµ Balance Funds Telint4Wred Item S.36 Portrolo Morgan Stanley Credit Partners( Captal Call ) 0/C Capital Call Redemption: New York Ms Free Bonds Inwslmort Now Yolk Tax rim Bonds InWreur New York Tax Free Bonds InWrent New York Tax Free /lords Interest Now Yolk Tax Fru/ Bonds AP invesMwrit Europe LTD Distribution VSS Communing/caw Parbwra FY, LP( Dmibution Boston Propenies Ontlend Intense Morgan Stanley Balk NA. Ialeraa.Nlorgan Rangy Framer Ma NA. BaLanee an of January 31,3311 Interest New lock Tax Flee Bond, Interest New lock Tax Flee Bond, Q.BLK Co. Invonnam1 Fund BAT< Capful Call ) Newbridge Andean Partners LP 0 3. 118901011) UnowstEdorgan Manley Bank NA. UnowstEdorgan Manley IMmer Bunk 31A. Balanav au or Fabluary .202011 Q OLE Co-Inregmtn1 Fund. LP I DiAtnbutton I Redemption: New York Tax Free Fords Raientre Inn Now York En Fire Bawls Invemment New Yolk Tax Free Bonds /Merest. Morgan Stanley Bank N.A. latereit. Morgan Slanky Privabc. Mt* NIA. EnLinav riot Mardi 31.2011 4/1/2011 lrivestment proceeds for Newbridge Andean4% Participation l Eric Cartier) 4/1/2011 lnwantrant piomadi for Newt/ridge Andean 44 Participation (3anus Conks ) 4/1/2011 Inloont.Nsnv York Tax Fier Bonds 4/1/2011 Interest New York Tax Free Bonds 4/1/2011 Inlenist Now Yolk Tax Free Bonds 4/1/2011 Intent New TOIL Tis. Frog Bonds 4/1/2011 Interest New York Tax Free Bonds 4/1/2011 /Mena Now Yoil.Tas Five Bonds 4/11/2011 AP Uwownwnt EurOpoL113143131bugan) 4/15/2011 Alma/ Stanley SmIlb flanuy 0681 (Diaributioil 4/15/2011 Inlemst New Yolk Tau Five Bonds 4/24/5111 Morgan Manley Salt Danny Quail Paster( DlwrIbution 36,95390 S (00330.00 RAO:toffi 1519AH 001 37.1873 3934300i 325040 103)00) 1520330 15.171.79 59385.3 67979330 1863 134 3693590 636358.50 631268.50 81,9143 589.102.46 3247/68 50.497.31 1(0.497/6 123.49748 13669.47 13031.47 877.31.47 877,86830 877,86944 87669.44 877469.44 2031000 1973000 03390 0:9 16,49500 75.94 3731 897249.44 91641944 51722944 533.72444 5333038 533237.97 533.10797 $ 1/:x3797 S S 529343.130 1,06871889 1,04032000 (2.121393.0:0) 11231 4431 103991097 2.113399,86 3,172,41926 13116926 131.18217 1,0613616 S 1251.22648 S S 1,1361.2260 1659.80) /659.80) 21,25000 3,40812 7,6961/1 1548889 9,93056 1.2300 2146631 14739824 3.373.00 307642 3:60.566.68 1,001:106443 1271,15628 13636500 332261 18 1µ3&.130O7 1,1014,080.63 1.1093043 1,131,14603 122834510 1.281.92007 1.116,59649 MorganStanley SmithBarney 74 EFTA00284416

The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Date Description Morgan JP Mangan Stanley Clime Veourhe Pang US Treasury Bills US 0:averment Ending Agencies Balance 4/28/1011 Wend. Morgan Slangy Bunk NIA 14758 1.‘16.744 4/28/1011 Inlere-g. Morgan Stanley Private Rink NA. 38.91 I %In 7S1 in 4/19/2011 &goon Pieprtks OPU Dividend 679,71.101 "a91 7 in Balance a of April30latl oi< -Aro, 5/1/2011 Interest New York Tax Free Bonds 5236.46 LOCCL3C0A7 5/1/2011 Interest: New York Tax Free Bonds 37000 2105):63.47 5/6/2211 Q.BLK Coiner-ninonFont U'( Dtstnbution) 7211.912011 1790.975.47 5/12/2011 CVC Gump° W I Csagibulion 1 26.509.41 7.817.884211 5/15/2011 Interest: New York Tax Free lands 17.98175 2835,8%.11 3/13/2011 :Mama New Yolk Tax Free Bonds 3225000 Lai.116.1) 3/19/2011 CVC Gump. IV I Dstribubon 1 184932.43 3272068.53 5/27/2011 *name Morgan Stanley Bank NA. 375.93 3.073.41451 3/27/2011 *name Morgan Stanley Pine Bank N A. 38.93 3.073.413.44 &Wm< nor May31,2011 :fflrt,4,0,44 S s 3,073,48144 6/1/2711 lnleret New TOIL Tax Free Bond, 11.5,(0000 3198433AI 6/15/2011 blare -L. New York Tax Free lands 5,750.00 3.201.213.44 6/13/2011 Rakallptioit New York Tax Few Bond< 24(11001 6/13/2011 3.22423341 Iniereat.New Yolk Tax Flee Bonds WOW 3244,75331 6/22/2011 Newark* Andean l'illtwis LP( LX.41sitc1100) 1,9201)0 3.216463.44 6/13/2011 AP litenement Europe( Distribution) 49,03201 3.275.710545 6/19/2011 QJLK Co Imantment Fond, LP( ViguibutionJ 1,703531.00 4.931,256,45 6/19/2011 Redemption: New York Tax Free Pads 2035,441.41 7.016,70039 6/19/2011 Interest AlocgonSlardey Bonk N A. 53138 701723517 6/19/2011 Inkiest Morgan Stanley Pnvate Bank N A. 4131 70172/958 Itionemens Pe. for Neistridge Andean 4% Participation 6/202011 ( Ertel:Mkt J (74301 7.0172)178 Inemimens Nand, for Newbridge Andean 4% Participation 6/30/2011 (JammCenki) reing 7.017.125 50 Balancers of June 30,2011 7.017.123.93 S S S 7,017,12398 7/12/2011 Italemption New Yalta Five Bonds 1,021,11111 8.(08.D7.09 7/15/2011 Raiemption: New Vogt Tax FreyBonds MOX00.00 0.98,97.09 7/15/2011 Inhume' New York Tax Fray Bonds 3301)0 821148729 7/25/2011 RoJemption: New Yortaag Froa.Bonds 230,000De 8471,48729 705/2011 inlerta. New York Tax Fret Bonds 1,27778 8.472,76427 7/19/2011 interest. Morgan Stanley Bank NA. 108629 0.47386176 7/28/2011 interest Megan Stanley Private Bank NA. 38.93 BAMBOO)* 7/19/2011 B on Propettkg0PU MISS H4024800 9,154,130.69 Balind ai 01 July31.2011 v. l7.Llvan., $ £ 9,154130.69 8/1/2011 Inierest New York Tax ETC<BOildf 9.174,13069 8/1/2011 Redetiction: NowYork Tax Env Bonds 7110:00 00 g.924,1)0M MorganStanley SmithBarney 75 EFTA00284417

The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Nee D,alpthn Morgan Rutin JP Morgan Chace Deutsche Bata US Treasury Bills US Cocernment Ending Agencies Balance 8/1/2011 8/5/2011 8/23/1011 8/30/2011 8/30/2011 9/9/2211 9/13/2011 9/16/2011 9/26/2011 9/29/2011 9/29/2011 10/1/570 10/1/5111 10/1/2011 10/1/2011 10/1/2011 10/1/2011 10/1/2011 10/17/2011 10/17/2011 10/24/2011 10/24/2011 10/27/2011 10/28/2011 10/28/2011 10/31/1011 11/1/2011 11/1/2011 11/3/2011 11/13/2011 11/15/2011 11/17/3011 11/17/3011 11/23/2011 11/25/3011 11/29/3011 11/29/2011 Inlereq, New York Tax Free Bonds TheWhale Produchon Croup. TLC AP Mammon' Farope Lit) I Ditintrukon I Inwrera. Mown Slangy Bank N A. littered. Morwan Rangy Pnvsar Kn,k N A Balance as of Airpal 31.2)11 0192 Cameramen Fund LP( Ensvibution) %SS Comnucnicattons Partner, IV, LP (Capital Call) VE6Communicabons Partner) IV, LP (04.1411 Call) Meagan Slack,. Singh Barney Credit Partners ( Capitol Call) Interest Morgan Stanley Bang NA. lotting Hagan Stanley Enemy Bank NA. Ilaggeor of Sepiemkel 342411 lnioreg. Now York Tax Fray Bonds lnioreg. Now York Tax Free Bonk Ligon-A. New York Tax Free Bonds ledoreq.Now Yorl.Tax FlueBon& Intone* New York Tax Free Bonds Inionnt.New York Tax Floe Bonds 0500) Entered. New York Tax Free Bonds 1294,7 C9F044.E.E, I Caporal Call) Red...Action: New York Tat Fmk Bonds 0.BLK Co Inwamonl Fund III. LP (Crepltal Call) 0.8LE Co Imegtintog Fund IL LP( Copt& Call I ?down Hanky Smith Barney Crcatil Partner"( Capital call)) itileftla Morgan Slinky Bank N.A. 39.46 . 7,132423.47 Inkeert AlorganStardey ink N A Bowan Propertks OPU Dividend Balance mot Odder 31.2011 1.111Jfilt NOW York Tax Flee Bond. InlereettNew York Tax Free Bond; AP Invegrnent Europe LTV I Diantobon I Iniorest. New York Tax Free Bonds Interest New York Tax Free Bonds Alorgan Stanley Credit Partnnx (Capital call) VESCommualculbara Pagners IV, LP ( CaplIal Cell) Morpn Rangy Credit Partner, (1)14tribution ) CVC European Equity Parbwrs V (CapitalCall I "serest Hagan SLanley Bang N.A. "serest Mogan Stanley Iltvaw Baal NA. 18,75020 04300300) 5949026 152679 3424 9.9.42.24121 9.79748269 9227.37155 942049034 9.8”:732.58 S 9253732SE 9233,23235 77457201 165431001 01.974.04 (2.34205110) 437.44 10.74 104760158 10,561.77338 1053079958 10.25509958 10296532m 10,296,312.76 S 1029624276 5 5 S S S 10.296.34276 21,25001 441230 043 75 - MAXI= 1.200a1 3,17540 1724017101/1 200.19200 (1211.733.03) isnmo.o» 269250.00) 923 671121200 1031759276 1402L20324 10,327219.01 1020701901 10513.25921 10244.49921 1024727401 9,621247.01 9821247.01 7,968,11401 7440,964M 7.11147421 7.1320020 7.81029520 S 7.8111246 20 S 7,BIGN5 20 121,25o 3,75000 10,412.19 17,90125 5225040 (43922000 0 25 0 .03) 59)5485 13382 9933) 32221 1074 7A20.07.7 7u 7r-455770 7404.76910 7832.751.14 7,503401.14 7469,78114 7,133,460.14 751273999 7.173412979 7.174,15250 7.174.16324 MorganStanley SmithBarney 76 EFTA00284418

The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2011 Dale Description Morgan jr Megan Deutsche tinl. Stanley ghee US Treasury Bills USGovernment Agencies Ending Balance Balance as of November 31),2011 S 7,174.16124 7,174isait 12/1/9M Learnt. Slew Yolk Mix Frn Bondi 5080000 1,174.16324 12/9/2011 Q.BLK Co lineement Fund IIL LP ( Capital cat) 11.671.33100) s vytlazi 12/13/1011 Q.BLK Co lineament Font LP( Distribution) 1316,71100 71469.143.24 12/15/2011 Funds TreAtioned WO McDonnell Pallor* 4.3000040 12.16934311 11/16/1011 CVC European Ecpaty Parlous IV. LP ( DIstrteesn I 164509.10 12.334.13142 12/16/2011 Q.BLK CoIncrement Fund IL LP( Ihnribution 1 6142730) 11949.0)5.42 12/16/2011 Funds TreAsIoned 10 Sone Pelf016 (2.300.000.00) 10649.0)5.42 12/16/2011 Funds Ternkrre3 for Doubline lenestment (2.00:1001M 14,649.00342 11/11/1011 %SS Commurucelwns Panne, IV. LP ( Capiel Call( Ist4noo) 83(4.583.42 12/29/21111 Weer Morgan Sunky Bank (.1A. 11529 8.561A11.71 12/29/21111 lawn. Mogen Sunky Para.Rank NA. 1007 3.!6.1.501.78 Balanoemol Docvmbot 31, 2011 $ $ SSn <S< )S MorganStanley SmithBarney 77 EFTA00284419

The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2011 Date Description Alorgan Stanley leMelva Ouse Ikent.ohe Bank Goldman. US Treasury SdoRCa Bill. VS Gcerernrnent Inding Agencies Balance 1/1/)311 Opening Balmer S 217.131D4 S S 237331.05 1/11/2011 Laad3r Inc. Investment (2O.0.UA)j 37,13108 1/23/2011 CS Vintage Fiend. U'( Dualbutinn ) 13506//3 17223208 1/28/2011 !Stant ?damn Stanley Pentair Bank N.A. 2129 IT233337 Balano..asol January 31. 3311 172.75337 $ $ 172.TA),31 2/11/2(01 Q-81K DirateCapital 2002. LP( Debit:000n) 1013,401.0) 281,151.37 2/14/2011 QILI( Co- Ineabremt Fund II, LP ( CapkAl Call 1 (135130187 148024 37 2/17/2011 Loted3r km. Investment (5.0(0007 73,02437 2/22/2011 FuntIS Traditered from Sax POMO° 540030) 123024 37 2/22/2011 Laad3r Inc Investment (7503000 4802.37 2/22/2011 Intemst Monate Stanley Perna Bank N A. 19.99 4804136 2/25/211 Lood3r Inc Investment 17.%0(0) 40044.36 2/23/2011 Interest Magma Stanley Percale Bank KA. 049 4054185 Balance ma Fetcuary 28,2011 1834415 S 10,511 M. 3/9/2011 (2.11LKCa4nyostenrnt FunJ. LP i Disintmlion ) 111,25103 151.799,15 3/11/3311 Loud)' In. Iniostmam 050.0.1N01 1,799.83 3/18/2011 Lood3r Inc Investment (7.50100) (5.15813) 3/21/2011 In ennt Morgan Stanley Ilkaw Bank N.A. 339 (5.696.56) 3/22/2011 Ends Translated from Sex Ponta* 500303 Apiast 3/30/2011 Interest Morgan Stanley ['mate Bank N.A. 1.94 4430538 3/30/3011 Margin Inseam (521) 4430110 Balance as March 31,2011 44200.10 $ 443(0.10 4/14/2011 Loud), hti. ilIVOSIMall (7•5(01507 36000.10 4/27/2011 Backman Reel Estate Fund IV( Debitation) 182,77603 219,57(.10 1/28/2011 Interest Morgan Stanley Bank N.A. 7.43 219.58353 Balance., of April 30t 2011 219.503.53 $ S ?tarsi. At smarm Intrast New York Tax Five Bonds 5,00303 22458153 5/3/2011 Margin Intent Crean 5.28 224.55081 5/6/2011 Q.811( Co tram-tent Fund. LP ( Dialnlutian 1 164,90910 38949701 5/12/2011 CVG Europa Ni Destriatran I 77.33197 46 7,053.711 5/19/2011 CVG EttrOPS N( DISB0.0011 107415,93 574469.76 5/27/2011 Interest Morgan Stanley Bank KA. 41.41 574.511.17 5/27/2011 Interest Morgan Stanley INvate Bank NA. 2243 574,53160 Balance ma May 31,3111 571.51).(i) $ $ 574,53.0 6/1/2011 Fends Translated from Sax Portfolio 7INI10.101 1289,53160 6/1/2011 Templeton Tutu' Bond Investment (717.0.1160) 574.53160 6/27/2011 itfalei illiIIMIOCIWA: Fund I.C. LP. (Capital Call 1 (37.5(060) S.171)3360 MorganStanley SmithBarney 78 EFTA00284420

The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2011 Morgan Dale Description Stanley IF:Morgan Clunk ISubohe Bank Goldman• US Treasury VS Govemment Inding Sachs & Ca Bills Agencies Balance 6/29/2011 6/29/2011 6/29/2011 GIL); Co Imostmonl Rand• LP ( Dkanbution ) Interest Morgan Slardey Bank NA. Inlerom Morgan Slanky Private BadcN A. :pros 8)5,36260 89592113 895416603 Balance and June 30 am S 8933416 7/28/2011 inkiest (down Stinky Bank N.A. 103.37 935,369.45 7/28/2011 inkiest Morgan Starke Private Bank N A. 3S) $95411039 Balance as ot July31.2011 8%.&I.39 1193605.39 8/9/2011 GVG European Ewe, Pamirs IV ( Degthbson I 237,90292 L133,5➢131 0/30/2011 linolost.Mossan Stinky Banter A. 111.45 L13370276 0/30/2011 Inlema: ?dawn 51ardey Nun< (tank N.A. 3123 U33,73499 Baloney and August 31.2011 $ 1,133236.99 5 5 5 f f f 1,133726.99 9/1/2011 OPC20:0 Diversified( Diminution) 136.25100 1269,591.99 9/9/2011 Q.BLK Co livmstmen1 Fund, LI' ( Distribution ( 167,734.00 1,432725.99 9/29/2011 Inkiest Motion Smoky Bank NA. 4820 1,432774.19 9/29/2011 Interest Morgan 5ianiey Pnvate Bank N.A. Ian IA32,364.93 Balance as of &Timber 30. 2311 :FA2.791.93 5 S 1,432,784.93 10/24/2011 Q.BLK Co Immamon1 Sand III, LP ( Carnal Call) 1460,43300 9123.51.93 10/24/2011 Q.BLK Co Immamon1 Sand 11. U• I Capital CM) (150.019AB 779,30193 10/28/2011 Interest Morgan Slardey Bank N.A. 4361 79.31654 10/28/2011 Interest Morgan Slade), Private Bank N.A. 9.73 779.35617 Balance., ol October 31,2011 77926627 t S S S 77v,3 .27 11/1/3111 Inmost New York Tax TTC<E4011t6 5,00a00 184,3562; 11/2/2011 Israel Infrastructure Fund IC. LP. ( Distribution ) 67.214,40 (61,57267 11/29/2011 Interest Morgan Slardey Bonk N.A. 26.10 851,59357 11/29/2011 Inkiest. Motion Shining Moan, Bank NA. 1075 951,60932 BalatIN and Nowirnbn 33 2011 851.609.52 $ $ $ $ 851.(01.52 12/5/2(91 Israel Infrastructure Fund K. LP. ( Capital Call ) 05.003AB 776489 52 umzon D-BLX Co Imo-Amen. Fund Kt LP( Capital Call) (417,913301) 358476 52 12/13/2011 Q.BLK Co Insnamon1 Sand, LP (DlianbutIon ) 49923280 145,40832 12/15/21311 Furris Transtorrod from PicConnal Punkt, 80000.00 1,645,40352 12/16/2011 CVO 6,40449016000 PenneM IV. I-P (C6101:600^) 164,989.18 141069770 12/16/2011 Berkman Rail EOM,/ Fund IV, LP( nimabution) 167,957.00 1,976354.70 12/16/2(91 QIILK Co IlWallIWAi Fund 11. LP I Distrabolkin 1 204.9M00 2,1113..31270 12/16/2011 Fists T an* SI* Sea Poinoso PC0.000):01 188131270 12/16/2011 Funds Tninslenvd rot Suublies.lincumeni DiXt00003) 1,381,31270 MorganStanley SmithBarney 79 EFTA00284421

The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2011 Alartran lIMMorgai Dale Detalptlom Stinky that !Statische ISank Goldman, US Treasury US Government Ending Sachs St Ca Bills Agencies Balance 12/22/2011 Hackman RevlEslale Fund IV. LP ( Capital Cell l L36449270 12/29/2011 Interest Morgan Manley Bonk N.A. I.368,52519 I2./2S/2011 (Merest Alava]. Stanley Private NAN A. I.36A5)559 Balance es of Decanber 71. 2011 • I. trrl,ttc. trtt MorganStanley SmithBarney 80 EFTA00284422

USN College Marketing, Inc. Cash Account Activity - As of December 31, 2011 Dale Description Morgan Stanley jr Meagan Chaw Daetacho Bank US Treasary Cab US Government Ending Agenda Balance 1/1/2011 Opening Balance s 64389.9 5 5 s s s -.no,. 1/11/2011 Morgan Stanley Croht Partners( Canted Call) 125411 MI i , ,-, ...i 1/719/ 2011 Intern: Morton NuAky ?mete Bu k N.A. 601 _....1 -1 ado-Kr as of lanuary 31, loll 22 1818 221814 2/15/2011 funds Translated kern Cabaret Peelloba 40).(010) 429184.5.1 2/15/2011 Q. els Co- Investment Fund ILLY I Capta Call) (399390.001 29.95431 2/23/2011 Intent Morgan 9..anky Prink Bank NA 4.54 29.99903 Balance as of February 28. WI 1 29.999015 $ 5 5 5 2944900 3/9/2011 Q.BIX Co4nomemont Fund. U'( DaurIbution 215,374.0) 2-8171111 3/30/B)11 Interval: MorganFunkyBank NA 3017 1i: 1221 121 3/27/2011 Interest. Wren Sunky Prink Bank NA 6.95 -1.1 Ili, '20 Balance as of March 31. ttni X5,11020 Fund, Transferred from USN CRUT Act. 476- 06141U to coat the quarteny 4/1/2011 distnbution fee the FintQlMitee 2011 2!0.57s.se 535.948.78 4/1/2011 Interest: New Vote Tax Free Bonds 7300) S36738.78 4/19/2011 ?doyen Stanley Smith Etna', Credit Partners( Distibuden) 7304,62 610405.40 4/26/2011 MorganStanleySmith Barney Credit Partners( Distribution) 17135.02 672.740.42 4/20/2011 Intorna. Meagan Sunky Rank NA. 49.16 62:471195/1 4/20/2011 Interest Morgan Sunky Naar Bank NA. 34)39 62722447 Balance as of April XI MI S 6.27424.47 637424.47 5/1/2.011 Want New Valk Tax Fray Bonds mom 632442447 5/6/2.011 QBLK Co trivmenwnt Fund. b'( Oh.trIbution ) 4011.117.00 1.010,60147 5/15/2011 Interest New York Tax Free Bonds 131250 1A11,91397 5/9/2011 InWrme Morgan Stanley Bank N A. 104gal 101201$01 5/27/1011 Mwrae. Megan Stalky Ith.aw Baal NA. 38.93 1042.06.94 Bab vatol /day 31,Zall 1.0420%54 $ $ 101205691 6/1/2011 Funds TeallSIONO INT SOX Portlate 7%.0)0):0 1.:97.056.94 6/1/2011 Templeton Lobel Bond Investment Qssanwl 1.012):66.94 6/1/2011 lawn-at: New York Tax Fin Bomb. 937303 1,031,131.91 6/9/2011 Redemption New York Tax imam& 514.72The iswita9n2 6/9/2011 InYeaMstra: New York Tax Free Bonds 612.293891 D:63.365.13 6/29/3011 Q.04-K Co Immanent Fund. LP( Distribution/ 866.92.5.00 1.540290.13 6/29/2011 biome. Mogan Suitt Bart NA. 14524 1.940,43527 6/19/101! lawns,. &townStanley Parma Bank NA. 4411 1.94000.18 Italanoe as ol June 30,24111 $ I 441 4S1 Lt $ - $ I. Ol)4 4-, I, MorganStanley SmithBarney 81 EFTA00284423

USN College Marketing, Inc. Cash Account Activity - As of December 31, 2011 Dale D.7ØØ Morgan Stanley jr ~gm Chase Deutsche Bank US Treawxy US Government Bills Agencies Ending Balance 7/2B/2011 7/28/2011 8/30/2011 8/30/2011 leterem: Wegmslanky Bank NA. Nan: *grey, Stinky Pram< Bank NA Balance asof July 31. 201] Intern: klorgrng.anky Innk NA Intern. M>ntanstanky Private Da* Nerk Balance es of August 31,3)11 269M 38.93 1.310.78962 ~.78836 5 1,940,21.55 5 5 • 5 1,9~55 236.96 34.31 1.94102531 1.911089.]5 5 1,911.09975 S 1,911,099 75 9/9/3311 «LK Co InvesImmt Fund. LP( Dishitunen 1 ØN5Ø 2.31.338435 9/26/2011 Morgan Stanley Smith Barney Credit Panes (Canal Call) 017,44301 2.r03101.75 9/ 2// 3)11 Intern: Morgan Stank,. Bank NA 8181 2736,4556 9/29/3311 Intense Morgan 9..anlek. Prink. Bank NA 10.71 2.r03196,30 Balance as of September 30. 20I1 5 2216,49630 5 S 5 • 5 2.216,49630 10/1/2011 Internt: New York Tax Free Bonds 750.00 23r.31630 10/21/2011 QBLK Co inveslennst Fund 111,12 I Capital Call I 11,381,30003 1115,91630 10/14/201] QBLK Co Invelment Fund IL LP ( Capital Call) (533,15000j Nr6.79630 10/25/2011 ?down Stanley Smith Rung Credit Partners ( Capital run)) (131,61500j 132.15130 10/33/1011 Intern: Mangan %mkt Bank NA. 6911 132309 10/28/2011 Intern: Morgan Stanley Prwate Bank NA 831 I31319Ø Bebnce as of Ocb*er 31. am 13232903 5 132229413 11/1/2011 Redemption New Tort.Tee Free Bonds 100P01/31 532219(0 11/1/2011 Inhern. New York Tax Free Bent 4,031(0 536.829£0 11/15/2011 Intern >kw York Tax Free Bards 1312-50 538.11133 11/15/3111 Intern. New York Tax Free Bends 12300/30 Ø0M153 11/17/2011 Morgan Stanley Credit Partners <Capital call) (21941000) 33100133 11/23/2011 Morgan Stanley Credit Perinea( Distribution) 29,67142 36033615 11/39/301 Intern Morgan Stark Bank SA. 1130 36021765 11/29/3311 laWN1l. Mogan Ratty Priem. ILK NA. 7t6 3[0.72470 Balance as.' Novemker 30.7311 5 5 5 5 Yo:1.72-1 7:1 12/5/2011 Funds Transferred Inn McDonnell ~loin 300,000/30 M1L721.70 12/9/2011 Funds Transferred Iran Ca Poring> X0/330(0) 1,360.7213.1 12/9/2011 Q.EILK Co Inventment f unit°. LI' I Caput Cal) 0.2538C1300) 106.921.70 12/13/2011 Q.BLK Co Inessiment Fund. LP( DBfribution) 1.201.74300 1311,167N 12/16/2011 Q.BLK Colnessiment Fund II, LP( Distribution) 6118750) 1,93,310.70 Bands Trarslenn5 from USN cRur Aav 47(.061W up toverifrquatvely 12/19/2011 dkuttegion for ihQS‘wod Quarter 3111 210373R1 2.157,11926 12/31/2011 Intern Morgan Sunk", But NA. 4022 2.157,16030 12/19/2011 Intern. Morgan Stanley New3fmk NA 720 2,157,167.90 MorganStanley SmithBarney 82 EFTA00284424

USN College Marketing, Inc. Cash Account Activity - As of December 31, 2011 Morgan Date Descrtdion Manley jr Morgan Chute Catutache Baak US Treadady USGovernment Ending BUb Amid° Balance Balance ascii Do:enter 31. MI 2,157.167 90 L57,16790 S S S MorganStanley SmithBarney 83 EFTA00284425

The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Dale DeacrIptIon Mayan JP Marra Deutsch* Sank Goldman. US Treason, VS Government Wing Stanley Clam Sad,,I. Ca Mils Agencies Balance 1/1/2011 Opening Valance S - $ 6 6 s $ 1/4/2011 Funds T(6414014 lion, &ix 000t110 1.00100)10 100000000 1/6/2011 Morgan Stanley Credit Patna" ( Capital Call) (837,43131) 162.56849 1/7/2011 Investment. Blackstone Group LP 1.00100)10 1.162.369,49 1/7/2011 Fund{ TranSered Irom C$bwdt (1.0:0X0031 16256849 Cheek. 1097: John F. Kennedy Library Foundation (To Support the 1/20/2011 IFICSOPrcted) (91,000LO) 137,569,49 1/27/2011 ?dolman Stanley Crolit Patron( Disolbutlan) 24324.00 501892,49 1/3/2011 Colton Proper0es Common Stock Dividend 12250100 67439249 1/20/2011 Boston Plopenim.Common Stock Dividald 1122,430 77010699 1 / 29/2211 biome Marµan %inky Bank NA. 27.98 711).86497 1/211/1011 1/31/2011 !Mem4 Mayan Sunky ',mewRink NA. aura 1098 Hohmann 11.9.1irec., LL ( Ekren Witness / Report tot Merkin UV/ Suit i 4.03 (I0.0.1)fi)) 7702690) 7*1)260 !Lane. re of January 31,2011 7.10559W 2/14/2011 MK Co- Investment Rad II. LP( Coptul Call) 1684140.0.9 7626910 2/25/2011 Intermt Morgan Stanley Bank NA. 4983 76.91710 2/25/2011 Inionnt Morgan Stanley Pne.ile BMA NA. 21.46 7693931 Baluvemol Rtruat) 20.2011 76.qw.m 76,939.31 3/0/7011 Owe,. rt 1102- MemormIRoan Koloodsv ( 3111 Contribution) ,uomArot 02 0,92306069) 3/0/2011 Interest. Mayan Stanley Bank N.A. 4.22 (4923.115.47) 3/9/901 Fund* TWOS'S lrOnI C$ PO00010 920020).03 76.9{353 3/9/1011 Q.BLK Co-Investrnau Sand, LP( Distribution) 89600 7723933 3/9/2011 Q.B4K Colmvslxnent Fund. 1.0 I Distribution I 1491.62300 1.56%16253 3/16/2011 Check .1099- US !militia Of Nice ( In honor of Ron Silver) (r1010)) 15{446253 3/17/2011 Redemption. New York Tax PrP001144 39100100 L91446253 3/30/2011 InWre5t Morgan Stanley Rank NA. 19136 1.91461289 3/20/2011 Interest Mayan Stanley PrivateBank NA. a19 1.91{.611(8 Babnce as of March 31. 2011 $ 1.914.6003 $ $ 1,11o4i 4/1/2011 Interest New York Tax Free Bards 3{0512 1.99931921) 4/1/2011 Interet New York Tax Free Bonds 3,177.78 1.921226.90 4/1/2011 Interest. N2w Yolk Tax Free Bond, 7,944.46 1.929,17142 4/1/2011 Interest. New York Tax Fro, Bond, 1500100 1924,17142 4/4/2011 Funds Trandaerof Iran Co Pordolo 4.50100103 6.451,17142 Funds Transferred to Mortimer B Zuckertnan Act. Of.- 067652 lo 4/4/VII cover the quarterly distnbutions for the Fiat Quarter 0.442.323.75) 2011..64M7 4/8/2011 To Cover Annual Return Fees for 2 Cap. LTD( NDE/615586_92(015) (2.316.71) 2X09,531.46 4/11/901 IthelatonoStrategle AIIIMIN NM Ill CapfulCAI 1 (131),030.00) 155%53146 4/12/2011 Check 91103- American heart Friendship Leoptie (AITLContribution 1 (1409001 159531.46 4/13/2011 Check I 1104 - Gown &Gcdfrey I Meet Alerkin Surd (410).591 15)471087 4/21/3111 Morgan Stanley Smith Barney Credit Partners( Dmvibution 1 9601200 1.62639287 MorganStanley SmithBarney 84 EFTA00284426

The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan Dan Doweled., Stanley Jr %Regan Clame Deutsche Bank Goldman. US Treasury US Goremment gnding Sachs & Bills Agencies Balance 4/23/2011 4/23/2011 4/29/2011 4/29/2011 Wane. Merman Ratty But N.A. lnlereet. Menem Stanley Private Bank NA. Boston Properties Common Mori Dividend Boston Progenies Common Stak Dividend 17736 M94 122.5(Kt00 142.44130 1426,57025 1424409.19 1249109.19 1.831,55369 Palanee *I April Xi. 2011 5 1,991.5330 S S - $ 1,991,553.69 5/1/2011 Interest. New York Tax Free Bonds l6100.ß 1.909,95349 5/1/2011 Inlottent. Sang Yantis Frog Ponds unto 1.916.27869 5/1/2011 Intrust New York Tax Free Bonds 531500 1,922,15369 5/1/2011 Interest* New York Tax Free Bonds 1,99303 1.924,10349 5/1/2011 Interest* New York Tax Free Bonds 2200303 1.916,10349 5/6/2011 Q.BLK Co Messnot Fund, 1P( DurrIbution) 2,191,551.50 4.137,65169 5/6/2011 Redemption: New York Tin Tree Rends 14.5.02356 428247825 5/13/2011 Investment. New York Tax Fine Bond, (49,(0930) /2143935 5/13/»11 Imgelmeng New York Tax Free Bonds (74.990:01 4,159,64575 5/17/2011 Enterer Morgan Stinky Bank NA. 501.17 4,159,146.92 5/37/2011 Mined. Morgan angry Prorate Bart NA. 3193 4 159 19535 !Unweaned May31,2011 $ $14. r,.:•••. • $ (ISOM:SOS 6/1/2011 Funds Transferred Iran Sea Pentoge 2425600003 6.554,19545 6/1/2011 Templeton Lobal Bond Invegment (2.423.0:0») 4.159.18535 6/9/2011 AlPfleomIledgu Fund Solutions - Linmen ,LP ( Capitol Call) 131,00800) lemass(6 6/1)/2011 KD Resourcer 1.1.0 I Meet Makin Suit) 14733.03) 3.9:0-76525 6/15/2011 linen-A:New York Tig Free Bond, 228300 3.ß6M035 6/13/1111 Reißanplion Now York Us Five Bonds SUMO° 3.911MO(6 6/15/2111 Innrem: New Yak Tig Free Bond, 2.12500 191326565 49/29/2011 Q.B1.14 CoInvestment Fund. LP( Delribation) 2a17.350 00 6031.11535 6/29/7211 Intern: Morgan Rafael Bank NA 614236 6X01.79$21 6/23/»11 berrest. ',teem Slonky Petnobe ea NA. 4131 6/301A-102 Man» ol June 310011 5 o • 1;4 t •C• 5 - s - s S ' S ' 5 4001.8.502 7/13/2011 Check V1109- Harvard College 1 Zuckerman Fellows) 11.0(0.0NX0) 56014/02 7/18/1111 Clint 81108- Nava", Celk16, 111arvard Delon Program) (!80ßß6D1 456124302 7/72/181 Masan Slonloy Smith Hoene Gast ratans( Distribution ) XL61200 5,022515ga 7/35/2011 Redemption New York Tin Tree Bonds 91500300 5,93731502 7/73/2011 Insrem. New York Tax Fin Pont. ROOM 5,91239835 7/27/1011 Oust a 1107. Comma on FOIVISA minions ( Onaribution ) (35$0»toe 5,937.59935 7/28/2011 Interest: Ntonom Stinky Bank NA. 84202 5.908M037 7/74/2011 Interest Morgan Stinky Poem. Bank NA 3993 5.909A7930 7/29/2011 Berton Properthe Common Seek ',indeed 122.501110 6,030.97930 7/29/»11 Boston Propertim Common Stock Divided 14244450 6.173A2390 Balm» asol July 31, 2011 so' S «15:325x' MorganStanley SmithBarney 85 EFTA00284427

The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan IP Morgan Dale DesalptIo• Stanley Chase Deutsche Bank Goldman, US Treasury Goeemment Ind* Sachs & CP Bills Agencies Balance 8/5/2011 AIP Custom Hedge Fund Solutions . Caymem IP ( CaPital Call) (1.02603004 524742300 8/17/2011 AIP Custom Hedge Fund Solutions. Cayman .1P( Capital Call) (7.624.73101) 2 97749276 Oseck 4 1110- Dana-Farber Cancer Irotinne ( Pediatric Sarcoma 8/26/2011 GmornicPrmect I 1181373.(0) 2,33831976 8/30/1011 Intense Morgan Hanky Bait N.A. 37428 2130/401 8/,`0/2011 Intense Maggin Harley PrAme Bank NA. 3124 2.11802828 Satan°. m ol Augtmt31. 2011 2.),s.91S > $ S 213\92020 9/2/2011 A1PCtmeom Portfolio Amual Fee 11430.10.00) 2.193.928111 9/9/2011 Q.BLK Co Itivestment Fund. LP ( Distribution) 210153300 4.3906328 9/1)11011 BlacbtoneStrolegic Alliance ( Copt& Call I 1827.517.03) 3,571.31628 9/27/2011 ?dorm Stanley Credit Partners ( Capital Cali) 1310.263.03) 29131.08328 9/29/2011 Interest Morgan Stinky Birk NA. 13132 2.984203.81) 9/29/2011 lowest Morgan Hanby ravage Bank NA. 1(174 193421434 BWnv as of Sepamter 30.1011 2.9.1.1.214 51 5 - $ 25011.214.51 10/1/2011 Interest: Tow York Tax Free Bonds 1.61153 2984827.01 10/1/1(01 IntereA. Now Toik Tax Brno Bond. UMW 2990,27.04 10/1/2011 Intere-A.2.kw York Tax Free Ilonds 5,00000 2995327.01 10/1/2011 Interest: Tow York Tax Free Ilonds 25,00000 302027.01 /0/6/1011 Q.BLK Murcia! Ventura 11 ( Cla LP ( Drienbution i 173304410 3,199,131.04 10/6/1011 axiom !Wt.Fund Solutions ( Cayman ) 1.1, - Commitment Payment tX0.00/.0)) 2.499,13104 10/17/2011 Morgan Slinley Saila Ibtiwy °Nil Fannin ( Journal) 709500 25702401 10/21/2111 Morgan SiAnleySmah Batley Cm/it Patters( Capital null)) (673223.0)) 1,911301.04 10/26/1011 Interest Morpn Stanley Kink NA. 9436 1,903,69360 10/18/1011 !Memo) )403),,,)i)St.),)1.-, Private8mA NA. 9.73 l$0320333 10/31/2011 Boston Properties Common Stock Dividend 12250300 2026.20533 10/31/2011 Boston Properties Common Slack Thvidtmd 1424+150 21684498 Babnce roof Octoker 31.21)11 I 2163.64910 5 s - s - M 2163.64923 11/1/211 Redemption New TOM try Pro. Bonds 10000103 3.71916+983 11/1/2011 Interest: New York Tax Free Ilonds l84(300 3.777,0.923 11/1/2011 Intact New York Tax Free Bonds 1.80375 3.71305358 11/1/2011 Inking: Now YorkTax Free Bondi 3.37303 329422858 11/1/2011 Intact New York Tax Free Bonds 1,950.00 3,79627830 11/1/2011 2200100 3.818,17858 Intact New York Tax Free Bonds 11/3/2011 IMPS haunt. Now York Tax Free Bondi p.occaxgo) 220,17858 11/17/2011 Rafrillpliffit New YOrt.TM Froa.BOad6 1115,00CW3 3=27830 11/17/2011 Interest: New York Tax Free Bonds 15031 VX0,32.889 11/18/2011 ?damn Smoky Credit Paetness ( Capital toll) 0.(F91403000) 1.50527889 11/29/2011 latest Margin Stinky Bait N.A. I ISM5 1,505,39771 11/29/2011 lnleitt. Margin Ratty Privme Bank NA. 1074 1,905,408.40 Polasme ao of Nownibin10,2011 1. 9)).1.: S S - S 1.9113,MtklA MorganStartley SmithBarney as EFTA00284428

The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Morgan JP 'began Dale Devoiptlom Stanley Ono DdtJtMIw Bank Goldman, US Treasury US Commmene Ending Seats Be Ca Bill, Agencies Balance 12/9/2011 12/9/2011 11/13/1011 Fund* %MAWS liOnICIS P01010 edackreck Co-Invedmunt Fund Ill, LP ( Cepital Call Q.BLK Co leamement Rind, LP( Mmelbution) Funds Manama' ea Montreux a:aria-noun And 476460532 10 1,600,00100 (2289,000001 4.099.40$.00 3.505400AS 121640048 ssissita 12/13/2011 (4A42323224 873,49123 WWI eh., <wady dmilbulion Ine Hue Suomi 011•11 fin 12/13/2011 Funds Transferred from McDonnell Ponlolo 2500000.03 0223,49123 11/16/2011 13/mkrock Codmvomma Fund II. LP I DisInbution ) 1,90,75040 1027924113 11/29/2011 Interest. Morgan Reeky Bunk SA. 223.47 10279,1070 12/29/2011 Mierest Morgan Marty Pars* Rank N.A. 141117 102/1,479.77 Funds Trarnkrred to Mortimer I Zuckerman Act. 476- 060552 so 12/30/1011 corer the quoit-tie distritutions for the Tined Quarter (4m22,23.25) 510715452 12/30/2211 Funds Trenskrred to Mortimer I Zuckerman An, 476- 060552 In nowt eine quasowly Modbulione Mr IS Fnusth (Manes (4.44232123) 1,39431327 Salem. m of Docvntn 31. 2011 r'rdi S • S $ I.lui tem r MorganStanley SmithBarney 87 EFTA00284429

The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Mona JP >Megan Description Staley Clue Deutsthe Bank US Treasury V5 Cavemen/Tit Cncling Bills Agencies Balance 1/1/2011 Orval% 1141.46:e $ 983713.98 $ 9 3 $ 136371398 1/20/2011 InWre4. Morgan Stark Bonk N.A. 21/37 13640065 Balance mot Jemmy 31.2011 s 136480.65 1 S S 134%0.65 2/75/2011 Interex Morgan Sleety Prwar Bark NA. 2093 136421.58 &lane. of February 212011 5 136421 Sx S 5 5 5 5 136.42135 3/30/2011 46 erect Morgan Stanley Bea NIA. 2467 136,44625 Belem. ol March 31.2011 5 I -64462' 4/1/2.011 Ft0145 T640690 ken St.( Porfolo 33644625 Tends Tramlettal to LIS.N Calk*, Marketing Agit 476-061985 WCOW the 4/1/2.011 I.7.-..,-.>•,, 15556767 questa/1y distritealons lot the Hot Quante of MI I 4/28/2011 Intend. Morgan Tatty Ma NIA. 2434 155,89201 allallaV IS of April Xl. DTI 155.89201 $ $ I. $ 5 155.89201 5/27/3.01 Interest'. Morgan Stinky Punic Bonk TA. 2478 155,91679 UMW AS Of May 31,2011 S 155.91619 S S S S S 155.91619 6/1/2011 Funds Transitsned komSeix Portklio 18080100 33%91679 6/1/2011 Templeton Lob.% Bond Invesunau 1380.0:0.03) 155,91679 6/29/2011 Intemt./Ilorpn Stanley Bank NA. 28.19 15%944.48 Balance as of June 3%2011 S I:D.95198 S S S S 155.944.98 7/214/2011 Interest Morgan Stanley PrivateBali MA. 24 79 15%96977 ftsbnctaa al July 31.2011 S S S F.;.,.,,:- 0/30/2011 %Detest ?down Stanley [Meese aug. NA. 21.9 15.991:6 allillaV Asa Augur. 31.2011 S 155.991.56 5 15.991.56 9/29/2011 Enterer Morgan Reeky sank MA 644 155,998.40 &stance es of *amber 30,2011 S 155.993.40 S S S 155.99840 10/28/2011 Inhere-A. Morgan Stanley Purge Barg. N.A. 620 156004.60 &SWIM WI of 0:tober 31. all 1 S 1361/11/0 S 1561010 11/29/2011 latere%.Moigen Stanley %draw Bea TA. 'Cm,' 144 MorganStanley SmithBarney EFTA00284430

The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2011 Alorµan Dore Drnalpain Stanley JP Magian Clime Dent-wise Bank US Treasury VS Government End* Bills Agencirs Balance Balance mot November 30. 2011 154011.44 $ ' ,mini +1 12/15/2011 Funds TrliMarined lirn1141Oannell Por11010 2251100.130 Sell= Fluids TfAMIIIITsli to USN Calkµ° Markalksn Ada 476. 061RO In cowl the 3) quern* dislrilmMoms for dm Srnand ()W 12.14576.5 WI of 2011 350,332116 12/29/3.111 Warta Morgan Manky Barn NIA. 622 130,139.60 12/ 20/ 2011 Inlets.* Morgan Staley Private Bank N.A. 075 15044043 Balance mot December 31.2111 150.410.43 $ 150M0.43 MorganStanley SmithBarney 89 EFTA00284431

Mortimer B. Zuckerman and Related Entities Appendix A - Boston Properties, Inc. - December 31, 2011 Holdings of Boston Properties, Inc. -Shares BXP (Common - June 23,1997 Exercised Options) MBZ 370,000 MBZ1996Trust (GST Non-Exempt) MBZ CRUT MZ Burnside Holdings, L.P. MZ Longstreet Holdings, L.P. MZ Meade Holdings, LP. Total 320,000 BXP (Common) 1,175,292 529,889 1,705,181 BXP (NonWsted LTIPs) 159.883 159,883 BXP (Non-Vested Options) 37,940 37,940 BXP (OPPs) 681300 68,000 BXP (OPUs) 6,215,294 1,405,392 23,624 13,097 9,753 7,667,160 BXP (Vested LTIPs) 250,531 250,531 BXP (Vested Options) 12.647 12447 Total 8,239,587 1,406,392 529,889 23,624 13,097 9,753 10,221,342 Valuation of Boston Properties, Inc.Closinet Dice: $99.60 MHZ MBZ 1996 Trust (CST Non-Exempt) MBZ CRUT MZ Burnside Holdings, LP. MZ Lonipareet Holdings, LP. MZ Meade Holdings, LP. Total BXP (Common - June 23,1997 Exercised Options) 31,872.000 31,872.000 BXP (Common) 117,059,074 52,776,944 169,836418 BXP (NonVisted LTIPs) 15,924,372 15,924.372 BXP (Non-Vested Options) 261,404 261408 BXP (OPPs) BXP (OPUs) 619,043,282 139,977,043 2952,950 1.304,461 971,399 763449,136 BXP (Vested LTIPs) 24,952,863 24,952,863 BXP (Vested Options) 87,136 87,136 Total S 809,200,135 $ 139,977,043 $ 52,776,944 S 2,352,950 $ 1,304,461 S 971,399 S 1,006,582,933 Year to Date Dividends Received It11121996Trint MZ Burnside MZ Longstreet MI Meade Min (GST Non.Esempl) MSZ CRUT Holdings, L.P. Holdings, LP. Holdings, LP. Total BXP (Common - June 23,1997 Exercised Options) 654000 - 656,000 BXP (Common) 2,409,348 1,086,272 3,495421 BXP (NonWsted LTIPs) 327,761 327,761 BXP (OPPs) 13,940 13,940 BXP (OPUs) 12,741,353 2,881,054 48,429 26,819 19,994 15,717,678 BXP (Vested LTIPIr) 513,384 513,388 Total S 16,661,990 $ 2,881,051 $ 1,086,272 $ 48,429 S 26,819 S 19,994 $ 20,724,389, Performance of Boston Properties, Inc. MTD YTD %Change %Change Price Performance 5.0 15.7 Time-Weighted Performance 5.0 18.1 •As of June 30, 20)9 the dividend and distnbunon payment amounts for the quaner were chaniaed to (1) 4030 per Common Share, Common Unit and LTIP Unit and (2) $0.50 per 2009 OPP Una Previously it was (1)10.68 per Common Share. Common Unit and LTIP Unit and (2) $0.068 per 2009 OPP UML 90 MorganStariley SmithBarney EFTA00284432

Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2011 Options Vested Expiration Grant Date Date Granted Plan ID Grant Type Options 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 Options Unvested Expiration Grant Date Date 1/15/2011 1/15/2011 1/15/2011 2/1/2099 2/1/2099 2/1/2099 Plan ID Grant Type 2011 Non-Qualified 2011 Non-Qualified 2011 Non-Qualified Total Unvested Option Granted Options 12,647 12,647 12,647 37,940 Vesting Schedule Exercise Vesting Date Price Immediate Current 92.71 Total Vested Options Vesting Schedule Vesting Date 1 Year 2 Years 3 Years 1/15/2012 1/15/2013 1/15/2014 Current Price 99.6 Vested Value of Vested Options 1 Options 12,647 87,136 12,647 87,136 LTIPs Vested Expiration Granted Vesting Current Vested Value of Vested Grant Date Date Plan ID Grant Type Options Schedule Vesting Date Price LTI Ps LTIPa 1/30/2004 1/30/2099 LTIP Restricted 7,495 3 Years Current 99.6 7,495 746,502 1/30/2004 1/30/2099 LTIP Restricted 10,494 4 Years Current 99.6 10,494 1,045,202 1/30/2004 1/30/2099 LTIP Restricted 1L993 5 Years Current 99.6 11,993 1,194,503 1/28/2005 1/28/2099 LTIP Restricted 8,622 3 Years Current 99.6 8,622 858,751 1/28/2005 1/28/2099 LTIP Restricted 12,071 4 Years Current 99.6 12,071 1,202,272 1/28/2005 1/28/2099 LTIP Restricted 13,796 5 Years Current 99.6 13,796 1,374,082 4/28/2006 4/28/2099 LTIP Restricted 5,947 3 Years Current 99.6 5,947 592,321 4/28/2006 4/28/2099 LTIP Restricted 8,327 4 Years Current 99.6 8,327 829,369 4/28/2006 4/28/2099 LTIP Restricted 9,516 5 Years Current 99.6 9,516 947,794 2/2/2007 2/2/2099 LTIP Restricted 6,896 1 Year Current 99.6 6,896 686,842 The number of vested options and the exercise pia haw been adjusted to eliminate the economic impact tithe September 30, 2005 and December 27, 2006 Boston Promises, Ins. special dioidetuts of $2.50 and $5.40 per share, respechtwly. MorganStanley SmithBarney 91 EFTA00284433

Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2011 2/2/2007 2/2/2099 LTIP Restricted 6,896 2 Years Current 99.6 6,896 686,842 2/2/2007 2/2/2099 LTIP Restricted 6,896 3 Years Current 99.6 6,896 686,842 2/2/2007 2/2/2099 LTIP Restricted 6,897 4 Years Current 99.6 6,897 686,941 2/1/2008 2/1/2099 LTIP Restricted 15,610 1 Year Current 99.6 15,610 1,554,756 2/1/2008 2/1/2099 LTIP Restricted 15,610 2 Years Current 99.6 15,610 1,554,756 2/1/2008 2/1/2099 LTIP Restricted 15,610 3 Years Current 99.6 15,610 1,554,756 1/29/2010 2/1/2099 LTIP Restricted 18,113 1 Year Current 99.6 18,113 1,804,055 2/2/2009 2/1/2099 LTIP Restricted 29,823 1 Year Current 99.6 29,823 2,970,371 2/2/2009 2/1/2099 LTIP Restricted 29,823 2 Years Current 99.6 29,823 2,970,371 1/15/2011 2/1/2099 LTIP Restricted 10,096 Immediate Current 99.6 10,096 1,005,537 Total Vested LTIPs 250,531 24,952,863 LTIPs Unvested Expiration Granted Vesting Grant Date Date Plan ID Grant Type Options Schedule Vesting Date 2/1/2008 2/1/2099 LTIP Restricted 15,611 4 Years 1/15/2012 1/29/2010 2/1/2099 LTIP Restricted 18,113 2 Years 1/15/2012 1/29/2010 2/1/2099 LTIP Restricted 18,113 3 Years 1/15/2013 1/29/2010 2/1/2O99 LTIP Restricted 18,113 4 Years 1/15/2014 2/2/2009 2/1/2099 LTIP Restricted 29.823 3 Years 1/15/2012 2/2/2009 2/1/2099 LTIP Restricted 29.823 4 Years 1/15/2013 1/15/2011 2/1/2099 LTIP Restricted 10,096 1 Year 1/15/2012 1/15/2011 2/1/2099 LTIP Restricted 10,096 2 Years 1/15/2013 1/15/2011 2/1/2099 LTIP Restricted 10,096 3 Years 1/15/2014 Total Unvested LTIPs 159,883 The number of ousted 4)0ot:sand the exercise pier haze been adjusted to eliminate the tee:tonne impact of the Sepumber 30, 2006 and December 27, 2006 Boston Properties, Int. special dtvidetuts of $230 and $5.40 per share, nupeehody. MorganStanley SmithBarney 92 EFTA00284434

Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 Date Transaction Description MBZ MB2 1996 Trust (GST Exempt) MBZ1996 Trust (GST Non-Exempt) MBZ 1983 Family Trust MBZ CRUT 1/6/2011 Motion Stanley Credit Partners Onshore, LP. - Investment • 1/11/2011 CVC European Equity Partners V, LP. - Investment -SI9,444 1/11/2011 Loud3R - Investment • - -200,000 1/11/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution 147,326 - 1/12/2011 CVC European Equity Partners V• LP. - Investment • -519,444 1/12/2011 GSCapital Partners III, L.P. - Distribution 620,871 - 1/12/2011 Morgan Stanley Credit Partners Onshore, LP. • Distribution • 147,326 1/24/2011 VSS Comunications Partners IV, LP. - Distribution 59,385 59,365 1/5/2011 GS Vintage Fund, LP. - Distribution - 135,601 1/27/2011 Morgan Stanley Credit Partners Onshore, LP. • Distribution 368,324 Total (Investments)/Distributions as of January 31, 2011 $218,7S3 559,385 ($342.733) ($64,399) 968,324 2/1/2011 CVC Capital Partners Asia Pacific II, L.P. - Investment -16,646 2/3/2011 Generation Capital Partners II, L.P. - Investment -6,914 2/11/2011 Quellos Private Capital 2002, L.P. - Investment • -3,291 -3.291 2/11/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 3,853 2/11/2011 Quellos Private Capital 2002, LP. (US Mature) - Investment -15,372 2/11/2011 Quellos Private Capital 2002, LP. (US Mature) - Distribution 1,396,115 2/11/2011 Quellos Private Capital 2002, L.P. -Distribution • 111,692 111,692 2/11/2011 Quellos Co-Investment Fund II, LP. • Distribution 390,658 2/11/2011 Quellos Co-Investment Fund II, LP. • Investment -790,0I8 2/14/2011 Quellos Co-Investment Fund II, LP. • CRT Series - Distribution • 538,228 2/14/2011 Quellos Co-Investment Fund IL LP. • CRT Series -Investment • -1,2»»8 2/14/2011 Quellos Co-Investment Fund II, LP. • Distribution 651,097 130,219 2/14/2011 Quellos Co-Investment Fund IL LP. • Investment -1316,746 -263,349 2/15/2011 Quellos Co-Investment Fund II, LP. • Distribution - 390,658 2/15/2011 Quellos Co-Investment Fund IL LP. • Investment -790,048 2/17/2011 Loud3R - Investment 45,000 2/72/2011 Loud3R - Investment -75,000 2/5/2011 Loud3R - Investment -7,500 Total (investments)/Distributions as of February 28, 2011 $695,387 (4290,989) ($399,390) (5182,229) (5684)00) MorganStanley SmithBarney 93 EFTA00284435

Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 Date Transaction Description MBZ MBZ 1996 Trust (GST Exempt) M821996 Trust (GST Non-Exempt) MBZ 1983 Family Trust MBZ CRUT 3/4/2011 Quadrangle Capital Partners, LP. -Distribution 92,860 3/4/2011 Quadrangle Capital Partners, LP.- Investment -29,751 - 3/9/2011 Queues Co-Investment Fund, LP.- CRT Series - Distribution - - 1,492.519 3/9/2011 Quellos Co-Investment Fund, LP. - Distribution 180,098 397,082 529,543 111,255 3/11/2011 Loud3R - Investment - - -150,000 3/18/2011 Loud3R - Investment - -7,500 3/21/2011 Glilot Capital Partners I, L.P. - Investment -52,503 - Total (investments)/Distributions as of March 31, 2011 5192707 3397.082 6529543 ($46,245) 57,492519 4/6/2011 Generation Capital Partners 0, L.P. - Investment -6,231 4/14/2011 Loud3R - Investment . -7,500 4/21/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution 34,674 - 86482 4/21/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 9,512 - 4/26/2011 Morgan Stanley Credit Partners Onshore, LP. • Distribution - 34,674 4/27/2011 Brickman Real Estate Fund IV, LP. • Distribution - - 182,776 Total (Investments)/Distributions asof April 30, 2011 637,905 534,674 9175,276 586,682 5/2/2011 Heartland Industrial Partners, LP. - Distribution 406,956 5/6/2011 Quellos Co -Investment Fund, LP. - Distribution 266,953 588,581 784,922 164,909 5/6/2011 Quellos Co -Investment Fund, LP.- CRT Series - Distribution - 2,191,551 5/6/2011 GS Capital Partners III, L.P. - Distribution 44,095 - 5/11/2011 Valor Equity Partners II, L.P. - Distribution 106,726 - - 5/12/2011 CVC European Equity Partners IV, L.P. - Distribution • 26,909 77,556 5/19/2011 CVC European Equity Partners IV, L.P. - Distribution • 184,952 107,416 Total (Investment)/Distributions as of May 31, 2011 5824,730 $588,581 6996,784 6349.881 52,191,551 MorganStanley SmithBarney 94 EFTA00284436

Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 Date Transaction Description MB2 MB 21996 Trust (GST Exempt) MBZ1996 Trust (GST Non-Exempt) MBZ 1983 Family Trust MBZ CRUT 6/1/2011 Quellos Private Capital II, LP.- Distribution 740,904 57,726 57,726 6/1/2011 Quellos Private Capital II, LP.- Investment -230,904 -57,726 -57,726 6/1/2011 Chase Capital Partners Private Equity FF II, LTD - Distribution 65,047 6/6/2011 Heartland Industrial Partners, LP. • Distribution 353,682 6/15/2011 Quellos Co-Investment Fund II, LP. • Investment -1,130,4% -678,291 478,291 -226.097 6/15/2011 Quellos Co-Investment Fund H. LP. • Distribution 1,130,485 678,291 678,291 226.097 6/15/2011 Quellos Co-Investment Fund II, LP. • CRT Series - Investment • • 4,271,543 6/15/2011 Quellos Co-Investment Fund IL LP. -CRT Series - Distribution 1,271,543 6/22/2011 Generation Capital Partners II, L.P. - Investment -21,708 6/27/2011 Everson Venture Partners, LP. - Distribution 66,762 • 6/27/2011 Israel Infrastructure Fund IC, LP. • Investment • 47,500 -37,500 6/29/2011 Quellos Co-Investment Fund, LP. - CRT Series -Distribution • 2,087,350 6/29/2011 Quellos Co-Investment Fund, LP. - Distribution 580,061 1,278,923 1,705,551 3eS.Tt9 Total (Investments)/ Distributions as of June 30, 2011 51,043,844 51,241,473 51,705,551 5320,829 5:2,037,350 7/6/2011 CVC Capital Partners Asia Pacific II, L.P. - Distribution 117,215 7/7/2011 CS Private Equity Partners U. LP. - Distribution 303,941 134,772 247,819 7/12/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 4,756 7/20/2011 Morgan Stisnley Credit Partners Onshore, LP. - Distribution 28,267 22,267 70.672 Total Onvestments)/Distributions as of July 31, 2011 5454,179 $134,772 9276.116 $70,672 8/5/2011 The Vehicle Production Group, LLC • Investment • 445,000 8/9/2011 CVC European Equity Partners IV, L.P. • Distribution • 237,983 8/10/2011 Petricca Private Investment Club II, LP. • Distribution 16,947 8/5/2011 Patricof Private Investment Club II, LP. • Distribution 7,496 Total Onvestments)/Distributions as of August 31, 2011 524.443 (5145,003) 5237,983 MorganStanley SmithBarney 95 EFTA00284437

Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 Date Transaction Description MBZ MBZ 1996 Trust (GST Exempt) MBZ 1996 Trust (GST Non-Exempt) MBZ 1983 Family Trust MBZ CRUT 9/1/2311 Queues Private Capital 2002, L.P. - Investment - -6,407 - 4407 9/1/2311 Qualm Private Capital 2002, LP. (US Mature) -Distribution 934,115 9/1/2311 Qualm Private Capital 2002, LP. (US Mature) - Investment -29,376 - 9/1/2311 Qualm Private Capital 2002, L.P. -Distribution - 142,662 - 142,662 9/8/2311 CS Private Equity Partners II, LP.- Distribution 214,997 95,333 175,319 9/9/2311 Qualm Co -Investment Fund, LP. - Distribution 263,433 580,820 774,572 162,734 9/9/2311 Qualm Co -Investment Fund, LP.- CRT Series - Distribution • - - 2,201,935 9/13/2011 VSS Comunications Partners IV, LP. - Investment - -65,531 -65,531 9/14/2011 Greycroft Partners II, L.P. - Investment -150,000 - 9/14/2011 theycroft Partners II, L.P. - Distribution 150,000 - - 9/15/2011 Qualm Private Capital II, LP.- Investment -224,320 -56,080 -56,080 9/15/2011 Qualm Private Capital II, LP.- Distribution 224,320 56,080 56,080 9/16/2011 VSS Comunications Partners IV, LP. - Investment - -31,974 -31,974 9/19/2011 Greycroft Partners II, L.P. - Investment -150,000 - 9/26/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment -n4,906 -134,905 - 9/27/2011 Morgan Stanley Credit Partners Onshore, LP. • Investment - - -587,263 Total (Investments)/Distributions as of September 30, 2011 5998,264 $714,903 9617,481 9298,989 5'1417,672 10/6/2011 Quelloa Financial Ventures II, (CRT), L.P. - Distribution 178.304 10/6/2011 Quelloa Financial Ventures II, LP. • Distribution 356,606 - 10/17/2011 Legacy Capital, LP. - Investment • -726,027 10/17/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution • 77495 10/20/2011 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 30,719 10/24/2011 Quelloa Co-Investment Fund II, LP. • Investment .965,249 -579,150 -579,150 •193,049 10/24/2011 Quelloa Co-Investment Fund III, LP. - Investment -1,841,733 -1381,300 -1,841,733 -460,433 10/27/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment • -269,290 10/28/2011 Morgan Stanley Credit Partners Onshore, LP. - Investment 169,290 -673225 Total (Investments)/Distributions as of October 31, 2011 ($2,688,947) ($1,960,450) (43,416.2)) ($653,482) ($417,226) MorganStanley SmithBarney 96 EFTA00284438