Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2011 Date Transaction Description MBZ MBZ 1996 Trust (CST Exempt) MBZ 1996 Trust (CST Non-Exempt) MBZ 1983 Family Trust MBZ CRLYT 11/2/2011 Israel Infrastnicture Fund IC, LP. - Distribution 67,216 67216 11/8/2011 Valor Equity Partners II, L.P. -Distribution 98,863 - 11/14/2011 Stickman Real Estate Fund lit. L.P. - Investment -91,973 11/17/2011 VSS Comunications Partners IV, LP. - Investment -12,341 -12211 11/17/2011 Morgan Stanley Credit Partings Onshore, LP. - Investment -439,220 -439,220 11/18/2011 Morgan Stanley Credit Partings Onshore, LP. - Investment - -1,098,050 11/18/2011 Pequot / FIMVP II, LP. - Distribution 7,021 - 11/23/2011 Morgan Stanley Credit Partners Onshore, LP. - Distribution 59,355 59,355 11/25/2011 CVC European Equity Partners V• LP. - Investment - -338,965 Total (lnvestmenis)/ Distributions as of November 30, 2011 (5273,981) (437,098) (5731,171) 567,216 (51.096050) 12/5/2011 Israel Infrastructure Fund It, LP. - Investment • -75,000 - -75,000 12/9/2011 Quellos Co-Investment Fund III, LP. - Investment -1471,733 -1.S3,800 -1,671,733 417,933 -2,289,000 12/13/2011 Quellos Co-Investment Fund, LP. -Distribution 787,918 1,737,208 2.316,713 486,732 12/13/2011 Quellos Co-Investment Fund, LP.- CRTSeries -Distribution • - - 4,09).406 12/16/2011 Quellos Co-Investment Fund II, LI'. • Distribution 1,024,790 614273 614,873 204,958 12/16/2011 Quellos Co-Investment Fund II, LP. • CRT Series - Distribution • - 1,905,750 12/16/2011 CVC European Equity Partners IV, L.P. -Distribution 164.989 164,989 12/16/2011 Stickman Real Estate Fund IV, LP. • Distribution - 167,957 12/16/2011 Stickman Real Estate Fund IV, LP. • Investment - -14,820 12/19/2011 Chase Capital Partners Private Equity FF II, LTD - Distribution 19,941 12/20/2011 CVC Capital Partners Asia Pacific II, L.P. - Distribution 15,949 - 12/20/2011 Heartland Industrial Partners, LP. - Distribution 175,916 - 12/21/2011 VSS Comunications Partners IV, LP. - Investment - -54,422 -84,422 Total (Investments)/ Distributions as of December 31, 2011 5352,781 5938,859 51,340,420 8516.8.9.1 53,716,156 MorganStanley SmithBarney 97 EFTA00284439

Mortimer B. Zuckerman and Related Entities Appendix D -Schedule of Transfers to Selected Investments - December 31, 2011 Date US News and World Repat- Prime Axle Amount 2(07 Total Investments in US News and World Report - Prime Axis for 21107 -5,550,003 2008 Total Investments in US News and World Report - Prime Axis for 2008 -934,543 Total (Investments)/ Distributions in US News and World Report - Prime Axis for 2011 S0 Date US Never and World Report Amount 2002 Total Investments in US News and World Report for 2092 -25,176,332 2003 Total Investments in US News and World Report for 2003 -61,900,000 2004 Total Investments in US News and World Report for 2004 -1000,000 2005 Total Investments in US News and World Report for 2005 -73500,000 2006 Total Investments in US News and World Report for 2006 -18,500,000 2007 Total Investments in US News and World Report for 2007 -21,000,000 2008 Total Investments in US News and World Report for 2008 -20300,000 2009 Total Investments in US News and World Report for 2009 45350,000 2010 Total Investments in US News and World Report for 2010 -12,725,000 2/22/2011 Investment in US News and World Report -1,000,000 4/19/2011 Investment in US News and World Report -1,000,000 6/15/2011 Investment in US News and World Report -800,000 8/1/2011 Investment in US News and World Report -850,000 9/9/2011 Investment in US News and World Report -650,000 12/15/2011 Investment in US News and World Report -400,000 Total (Investments)/ Distributions in US News and World Report for 2011 04,700,000) MorganStanley SmithBarney 98 EFTA00284440

Mortimer B. Zuckerman and Related Entities Appendix D -Schedule of Transfers to Selected Investments - December 31, 2011 Date Publishing -Daily News Amount 2006 Total Investments in Publishing Daily News for 2006 -18,050,000 2007 Total Investments in Publishing Daily News for 2007 -30,860,000 2008 Total Investments in Publishing - Daily News for 2008 -73,972,000 2009 Total Investmens in Publishing - Daily News for 2009 -85,986,624 2010 Total Investments in Publishing - Daily News for 2010 -42,067,853 1/12/2011 Investment in Publishing - Daily News -4,500,000 2/11/2011 Investment in Publishing - Daily News -3,300,000 3/30/2011 Investment in Publishing- Daily News -2,500,003 4/14/2011 Investment in Publishing - Daily News -1,900,003 4/26/2011 Investment in Publishing - Daily News -2,100,0[0 5/19/2011 Investment in Publishing - Daily News -2,450,000 6/15/2011 Investment in Publishing - Daily News -1,900,0[0 7/15/2011 Investment in Publishing - Daily News -1,400,003 7/20/2011 Investment in Publishing - Daily News -2,500,003 8/17/2011 Investment in Publishing - Daily News -2,000,003 9/14/2011 Investment in Publishing- Daily News -1,174,2f6 9/15/2011 Investment in Publishing - Daily News -6.Z2,041 9/23/2011 Investment in Publishing - Daily News -1„500,000 9/30/2011 Investment in Publishing - Daily News -1.200,000 10/20/2011 Investment in Publishing - Daily News -1,800,000 12/19/2011 Investment in Publishing - Daily News -1,750,000 12/22/2011 Investment in Publishing - Daily News -2,000,000 Total (Investments)/Distributions in Publishing - Daily News for 2011 (540.226.326) Date MB2 Printing, LP Amount 2006 Total Investments in MBZ Printing, LP for 2006 -3,650,563 2007 Total Investments in MBZ Printing, LP for 2007 -2.323,049 Total (Investments)/Distributions in MBZ Printing, LP for 2011 SO MorganStanley SmithBarney 99 EFTA00284441

Mortimer B. Zuckerman Appendix E - Schedule of Secured Debt - December 31, 2011 Lender Collateral Remaining Principal Balance Loan Date Type Intenst Rale Comments Bank of America Stine • "Lazy 2' Motor Yacht 14,792,507 12/11/2007 Balloon due6/ 30/2013 1.04% (Libor • Quarterly payment is interest only. .70%) Loan origination fee of 0.25% (337,079.17). 4/15/2009: modified Monthly mortgage payment based on Bank of America 950 Fifth Avenue, New York, NY 10021 24,027,930 11/20/2011 Balloon due 11/20/2018 330% 30-year amortization Penthouse Apt and S.R. #10 and the 12th and 13th Floor Duplex Bank of America 21 Drew Lane, East Hampton, NY 11937 20,364,720 4/15/2009: modified Balloon due 11/15/2018 330% Monthly mortgage payment based on 11/15/2011 30-year amortization Bank of America 17 East 75th St. New York, NY 10021 5A09419 12/21/2001; modified Balloon due 11/27/2018 330% Monthly mortgage payment based on 11/27/2011 30-year amortization Bank of America 4 Three Mile Harbor Drive, East Hampton, NY 11937 809,739 3/14/2002; modified Balloon due 11/14/2018 3.30% Monthly mortgage payment based on 11/14/2011 30-year amortization Bank of America 418 Wright, Road, Aspen, CO81611 7,329,840 1/5/2010; Loan modified 10/5/11 Balloon due 1/5/2017 330% Monthly mortgage payment based on 30-year amortization Total S 72,734,356 MorganStanley SmithBarney 100 EFTA00284442

Mortimer B. Zuckerman Appendix F - Schedule of Unsecured Debt - December 3I, 2011 Lender PlIndpd Lad Dale lypdOlher DSOs lntne Lae lektest 12/01 • UPI Accrued !Mere. ()Immerses 14 lint cnIM S 2410.720 1/112101 Dandnd 1.120% f 30 S MIA!. (Xotstandid.relnclreelenclettnrJ lidded due wpm Jr:m.63o, paymedlltom lender. There Is no picpadned1 pmeley As el January I. MD AS alCh dicceedInd yew. the Intend MC AA IdaJluterJ lo qual the Federal shartldin nee dclemlneil lot such month wrier 1.4.11961r401C4the Intenvl Revenue C.36 basal on awalhlydempourNlrec Very ol now en file. Aecrucd Inkiest tell/its 3111 ere.1 W^ arc (1290A 4/17/2008 purment 1308031 12/17/3“0 payment 03804 4/7/2009 paymm/ (19d011 2/21/3109 Feyownt MAUI 9/ 30200eFe)ownt (40d011 12/ 2/ 2)409.9969" MAUI 07/11/3010minnd (WWI 12/13/3010ry)inno R2C031 01/4/2011 payment 11000031 11121/3011 maned Genie, stita.vai 3.755A20 Ikon\ al Amnia 100102090 13.4 134.98 . Relinanced a< LIBOR • IV tr. (3". • 1301.0 *Weedier 3/8/11 5.213,03 136% II.223 - IJSOR • noir cs% . 1.111”1/8/11 15.01200) 13.4 32624 - UDR • 011bp. (1S% . 1.111”1/8/11 2.1200) 13.4 3.362 - 3/18/11 es deem 4.e0200) 13.4 5.1$) - 4/16/11 drew down 2.70200) 1.36% 3.631 - 6/14/11 dew down 2..1200) 1.36% 3.362 - 7/33/11 es down 63526,41 13/13 &1st . 9/15/11 dm. down 1406,0 138% 2.421 - 10/20/11 Jnw dawn Rink Am Commameni in. 21.32131 023% 4.£1 - Codrenamovie kw a 054 un undead Julian Oda of All•CM4 9dblmal B3.469.969 2/21/3013 Calakeed.Swap led0)310) 3871 3216685 Swig rub 6(3371 ilvowle 1/8/3)15 Dank of Amend., 1200010) 172% 100.219 Sway nn 0(1.41. Ihroudh 12/30/14 3.107. Prodind (APT. II) 42(0)801 7/3/2010 582% 102.661 • Swap threads 12/30/14 al 4723 • 11493 • 382% • 2/5/3114 malured (maybe retmdaliv by one dornmar). fold 19%223.69 83.937 S 3.4/1.% MorganStantey SmithBarney 101 EFTA00284443

Mortimer B. Zuckerman Appendix G - Schedule of Loan Guarantees - December 31, 2011 Amount Guaranteed as of Internat Debtor 12/3V2011 Beneficia:y Internt Rate 12/01 - 12/31 Commenta LEN Aviation • the bonower was changed to M. Zuckerman in 11/2007 $ 30,551,620 Bank of America Swap rate 5.37% (4.67% • 70bps) Actual rate of 1.01% 139,831 11/1/14 maturity. LIBOR 70bps Swap maturs 11/3/14 at 4.67% • 70bps ZAS, Inc. - the borrower was changed to 1Valdorf Flight Service', LLC in 11/2036 2280,900 Bank of America Swap rate 5.17 % (4.47% • 70bps) Actual rate of 1.04% 10,277 12/1/I3 maturity. LIBOR • 70bps Swap maturs 12/2/13 a14.47% • 70bps Daily News, L.P. NJEDA 7,90Dp00 NJEDA Cround kase Jersey Gty land kase guaranly to NJEDA Daily News, L.P. - HUD 2.£100,0C0 HUD MBZ suarantre pursuant to HUD loan Total MBZ Loan Guarantee. 42.734520 150,108 MorganStanley SmithBarney 102 EFTA00284444

Mortimer B. Zuckerman Appendix H - Schedule of Contingent Obligations - December 31, 2011 Debtor Amount Issuer Comments Liberty Mutual $ 11,829,851 Citigroup (1) L/C Sued for Liberty Mutual insurance 777,971 Citigroup (1) L/C issued for A.I.C. NY Plain Financial Associates, LLC 2.674.350 Citigroup (1) L/C issued for UN & USN new office space Gligroup ( Derivative Division) 4,000,000 Citigroup (1) Value of the Basic Collateral Required under the Swap contract 5,800,000 Citigroup (1) Additional Collateral Required under theSwap agreement Krell Payments 300,000 Bank of America L/C issued as part of guaranty issued for Sev. Payments 1050 Jefferson, Washington DC 178,125 Bank of America L/C issued for USN Washington DC office lease MorganStanley SmithBarney 103 EFTA00284445

Mortimer B. Zuckerman Appendix I - Fixed Income Summary - December 31, 2011 Fixed Income Summary Par Value $163,757,495.49 Cost Basis $169,518,421.46 Adjusted Cost Basis 5167,334,908.85 Market Value S173,810,386.92 Accrued Interest $1,659,033.82 Total Market Value 5175,469,420.74 Net Unrealized Gain (Loss) $6,475,478.07 Average Moody's/M/Fitch Ratings Al/A+/A+ Average Coupon 4.459 Projected Annual Income $7,108,956.20 Proejcted Annual After-Tax Income $5,846,923.62 Average Maturity in Years 5.250 Average Call/Maturity in Years 3.451 Average Effective Duration 3.337 Average Purchase Yield 3.533 Priced as of 1/04/2012 Average Yield to Maturity 2.054 Average Yield to Call/ Maturity 1.752 Average Pre-Tax Market Yield 1.752 Average After-Tax Market Yield 1.430 Total Money Funds as of 12/31/2011 $33,791,910.00 • Please note: TheTotal market Value is cak-ulated by multiplying the fixed income holdings as of 11/30/2011 and market prices as of 12/31/2x111 • The pricing source used in the eakulation of the fixed income total market value is the Fixed Income Hish Net worth Reporting Tool, and therefore will not match the market values in the eddy of the performance report. which use different sources • Total market value of Fixed Income Summary includes values of Citi Bonds. Seix Bonds, McDonnell Bonds, and MSSD Bonds. Please note. the fixed ;worm value excludes the market values of Mutual Funds that are part of the fixed income portfolios MorganStanley SmithBarney 104 EFTA00284446

Mortimer B. Zuckerman Appendix 1- Distribution by Product Sector - December 31, 2011 Product Sector Cost Estimated Market Value Precent of Portfolio Market Value Tax-Exempt Securities $76,412,610.68 $79,064,604.60 45.489% Corporate Securities $81,639,016.60 $83,117,331.47 47.822% Mortgage-Backed Securities $1,415,242.69 $1,406,040.85 0.809% US. Treasury Securities S6,152,456.04 $6,326,650.10 3.639% US. Agency Securities S3,899,095.45 $3,895,759.90 2.241% Total $169,518,421.46 $173,810,386.92 100.000% U.S. Treasury Securities, asisn U.S. Agency &MUMS, 2.2% Corporate Securities, 47.8% Tax-Europa &laureled, 45.5% • Please note: lieTotal market Value is calculated by multiplying the fixed income holdings as of 11/30/2011 and market prices as of 12/31/2011 • The pricing source used in the cak-ulation of the fixed income total market value is the Fixed Income High Net worth Reporting Tool, and therefore will not match the market values in the Lvdy of the performance report, which use different sources. Total market value of Fixed Income Summary includes values of Citi Bonds, &ix Bonds, hfcDonnell Bonds, and MSSB Bonds. Fleas* note the fixed income value excludes themarket values of Mutual Funds that are part of the fixed income portfolios. IN Tax-Exempt Securities ■ Corporate Securities o Mortgage•Backed Securities • U.S. Treasury Securities ■ U.S. Agency Securities MorganStanley SmithBarney 105 EFTA00284447

Mortimer B. Zuckerman Appendix 1- Maturity Distribution Graph - December 31, 2011 Year Value Percent Per Year 2012 $12267.000.00 7.55% 2013 $41061.000.00 27.75% 2014 $23.471000.00 14.45% 2015 $19.821.000.00 12.21% 2016 $12/79.000.00 7.87% 2017 $8.607.000.00 5.30% 2018 $1.600.000.00 0.99% 2019 $100000.00 0.06% 2020 $3/11.000.00 2.29% 2021 $1073.000.00 3.74% 2022 $2200.000.00 1.35% 2023 $1630.000.00 2.24% 2024 $2.350.000.00 1.45% 2025 $1525.000.00 2.17% 2026 $6.925.000.00 4.27% 2027 $500.000.00 0.31% 2028 $1.030.000.00 0.63% 2029 2030 2031 $4.140.000.00 2.55% 2032 $2.000.000.00 1.23% 2033 $2520.000.00 1.55% 2034 2035 2036 2037 2038 2039 $75.000.00 0.05% 2040 2041 2042 2043 2044 2045 2046+ $50.000.000 $45.000.000 $40.000.000 $35.000.000 $30.000.000 $25.000.000 $20.000.000 $15,000.000 $10,000.000 $5.000.000 $0 1, \b` tiC? Maturity Distribution Graph ilk 1.5i\c' q° 43' q, q, • Please note: TheTotal market Value is cak-ulated by multiplying the fixed income holdings as of 11/30/2011 and market priors as of 12/31/2011 • The pricing source used in thecalculation of the fixed income total market value is the Fixed Income II igh Net worth Reporting Tool, and therefore will not match the market values in the tody of the performance report, which use different sources. • Total market value of Fixed Income Summary includes values of Citi Bonds, Seix Bond; McDonnell Bonds, and MSSB Bonds. Male note. the fixed income value excludes the market value of Mutual Funds that are part of the fixed income portfolios. q," (951 q, I, (19 (19 09- et) if) 05' if) 'Pa"' 106 MorganStanley SmithBarney EFTA00284448

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category Description January 2011 bebruary 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 7011 September 2011 October 2011 November 2011 December 2011 OARALL TOTAL INFLOWS Uncategorized 0.01 258.45 25846 . . • Div Income - 58,045.09 • • 58,045.09 Interest Inc 278.20 322.33 421.81 121.74 53.49 42.85 57.51 29.13 12.99 741 202.15 1,549.61 Invest Inc 9,191.35 • Invest Reimbursement 40,769.00 • • • • • • 40,768.00 Salary Sabry:FIXP 75,38653 2,625,124.64 73,12161 73,124.61 73,124.64 73,124.64 111,775.54 73,124.64 73,124.64 73,124.64 73,124.64 109486.96 3,501,970.79 Sabry:Intelligence Squared Locos° Locos° TOTAL Salary 75,38653 2,625,124.64 73,124.64 73,124.64 73,124.64 73,124.64 111,77554 73,124.61 73,124.64 73,124.64 74,124.64 109486.96 3,5(6,970.79 Tax Refund Tax Refund:AL 5,197.00 • • 5,197.00 Tax Refund:CA 14,003.13 • 116,530.12 48,98627 • 31,052.01 Tax Refund:CT 8,494.00 • 1,176.00 9470.00 Tax Refund:GA • 19,391.01 2067.00 20458.00 Tax Refund:Indiana 5,163.68 • • Tax Refund:lowa • • 4,128.00 4,178.00 Tax Refund:IRS • • • 72713,175.00 • Tax Refund:Kansas 5,79700 • • • • 5,797.00 Tax Refund:LA • 21,915.17 • • • 21,915.17 Tax Refund:Mass • • 158)3B.00 158)375.00 Tax Refund:MD • 1,407.00 3,616.00 72266.00 Tax Refund:NC 40,395.76 • 40,395.76 Tax Refund:NJ 98,63.1.1:0 • • • • 4235000 Tax Refund:NM 8,913.67 • • • 8,913.67 Tax Refund:NY • • • 2916,089.00 • 2,916,089.00 Tax Refund:OH 77,354.00 • • • 77,354.00 Tax Refund:PA - 1,38354 1,033.01 2,40331 Tax Refund:VA 89,303.67 • 89303.67 Tax Refund:Wisconsin 20,015.52 • 20,01552 Tax Refund:WV 17,034.06 17,034.06 TOTAL Tax Refund 178,189.24 139,728.36 117,913.66 48,986.n 98,152.10 4,128.0,0 3416.0.0 10.371,118.W 90,436.01 11,052268.04 TOTAL INFLOWS 253,853.97 2,772,260.06 213,27451 191,160.04 122161.90 171,319.49 115,961.06 76269.77 82,328.98 73,13216 10,445,444.80 200,381.42 14,668.05134 OUTFLOWS 200 E. 65th Street 200 E. 65th Street:Commission 70,000.00 713,000.00 MorganStanLey SmithBarney 107 EFTA00284449

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December OARALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL 200 E. 65th StreetRent 168,000.00 70,000.00 70,000.00 70,000.00 70,000.00 448,0133.00 TOTAL 200 E. 65th Street 238,000.00 70,000.00 70,000.00 70,000.00 70,000.00 518,0133.00 Accounting • 25,808.00 45,000.00 601000.00 28,107.00 181,107.00 Apartment ApartmentRent • 65.18 . 65.18 TOTAL Apartment 65.18 65.18 Art Art:Consereation 1427.50 3,050.00 9,058.25 1,129.88 2,863.00 7513.00 11463.82 7400.00 TOTAL Art 1,427.50 3,050.00 9,058.25 1,129.88 2,863.00 7513.00 11463.82 1,400.00 31,542.45 Assessment 13,396.84 13,396.64 13,396.84 • Auto • Auto:Aspen Auto 205.50 • • 2[6.50 Auto:EH Auto 453.40 97 42 216.52 191.91 28645 27445 45145 346.25 5549 21526 2.574.80 Auto:Fuel 52.56 127.64 212.29 153.26 267.65 74.88 165.29 1,073.57 Auto:Parking 73.00 7.00 • • 37.00 117.00 Auto:Parking Ticket • 65.00 n.co 140.00 Auto:Purchase • 39,000.00 Auto:Service 379.73 230.18 790.58 249.73 290.93 368.73 • 2309.88 TOTAL Auto 1,111.63 79.42 216.52 481.65 1,07743 65142 212.29 899.04 656.38 39,486.13 258.18 290.26 Baby 1,064.33 • 357.36 384.50 1,182.65 3,006.84 Bank Charge Bank Charge:MBZ Printing • Haw TOTAL Bank Charge 102,750.00 102,750.00 Bike 3C6.11 190.05 Bilce:MZ 439.90 439.90 TOTAL Bike 439.90 3C6.11 ISOM 935.09 Boston Prop Charges Boston Prop Charges:Entertaining 26227 495.51 382.13 1,061.32 431.97 181.08 141.12 115.99 257.76 113.41 3,445.59 Boston Prop Charges:Gift • 136.00 • Boston Prop Charges:Reimbursement (4.131.80) 0808.04 11.503.0% (1,503.0% 13.003.0% • (1,503.0% 0400.013) (75,808.55) (1,500.001 0,503.001 0,501.001 (94940.351 MorganStantey SmithBarney 108 EFTA00284450

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December MISCALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Boston Prop Charges:Telephone 3,039.53 698.70 2,64519 1,712.20 1,744.31 1,779.53 1,235.87 1,675.91 1,723.03 2,003.80 2.316.99 1667.55 22243.26 Boston Prop Charges:Travel • 1,456.73 4,131.50 297.60 442.38 • 6331.21 TOTAL Boston Prop Charges (83100) (93130) 1,64133 594.33 1262.36 6,349.00 (8316) 31703 (73,969.48) 801.40 1,653.13 280.96 Clothing 369.51 • • 369.51 Clothing:AJZ 501.03 500.85 97039 461.87 999.43 1099.86 174.20 Clothing:Cleaners 386.00 331.93 397.55 577.65 87.85 372.50 • 165.70 • 7,318.75 Clothing:MBZ 10,54232 2,201.40 3,659.11 29,533.65 3,572.80 1,565.60 1,894.70 3,345.32 2,522.49 5342.80 2,983.40 Clothing:RZ 163.70 21.75 • 2,819.84 • 3,0[6.29 TOTAL Clothing 11,96256 2,53290 3,659.11 29,952.95 4,19145 2,17430 3237.59 3,810.19 6,341.76 6,60836 3,157.60 77,587.77 Commission 1,1 r so • 1,125.00 Computer 1,284.48 3,483.15 221.92 391.97 261.28 141.93 141.93 141.93 141.93 116.93 141.93 216.88 6,689.26 Computer:AJZ 1,499.00 3,589.61 5,068.61 Computer:MBZ 2,199.00 • • . 2,199.00 TOTAL Computer 1,281.413 7,181.15 221.92 391.97 261.28 141.93 141.93 141.93 141.93 116.93 141.93 3.80649 13,976.87 Contribution Contribution:Charitable 15,000.00 10590.00 3,500.00 45,180.08 71,703.00 35,958.10 82,940.08 8,593.00 15,000.00 25,750.00 41,500.00 57,325.08 413293.00 Contribution:Not Deductible 146000 7,885.00 15,137.00 2,060.03 5,000.00 1000.00 250.00 175.00 TOTAL Contribution 15,000.00 12,350.00 3,500.00 53065.00 71,700.00 51095.00 135,000.00 13,550.00 16,000.00 26,000.00 41,500.00 57,500.00 446260.00 Daily News Charges Daily News Charges:Entertaining 71657 198.48 217.16 257.12 147.57 300.29 1,837.19 Daily News Charges:Gift • 16050 . 160.00 Daily News Charges:Reimbursement (2,487-11) (4,816.25) Daily News Charges:Subscriptions 31270 720.20 733.92 31.50 280.95 737.20 297.20 297.20 3,413.87 TOTAL Daily News Charges 0,45284) 198.48 937.36 733.92 291.62 280.95 147.57 697.20 297.20 (4218.76) Dues 11,488.37 2,299.09 11,188.37 1,553.65 3.340.00 • 452.55 • 6,900.26 37,422.29 Entertainment 4,533.22 1,341.77 2,59119 5,513.78 15,799.04 327637 2,943.37 4,610.02 4,724.11 10,833.57 6,421.53 1,887.93 64,529.50 Entertainment950 Fifth • 1,971.70 217.64 63175 2,103.00 1113.26 EntertainmentEH • • 141.21 775.89 • 4,539.79 5,406.89 TOTAL Entertainment 4,533.22 1394.77 2,59119 5,513.78 15,799.04 327637 5,056.28 5,553.55 5,344.86 12,936.57 6,534 79 6,427.72 Fee • • 284.00 284.00 MorganStardey SmithBarney 109 EFTA00284451

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December O'QdIALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Fine Art 6,70189 • 6,702.89 Fine Art:Appraisal 15,879.50 - 705.00 5,77510 • 22.359.50 Fine Art:Documentation • • 990.00 303.00 Fine Art:Framing 321151 1,524.25 6394.23 571.59 4,13332 15,82280 Fine Art:Moving • ishrat • 2,131.25 75.00 Fine Art:Photography • Thoso • 2,00010 • 2,75010 Fine Art:Repair 4,200.40 B,162-50 23,000.80 • 1,9[6.31 21,549.25 73,817.46 TOTAL Fine Art 4,200.40 39,04210 26211.81 2274.25 6394.23 16328.01 2.476.90 6,76510 2,131.25 8,70259 26,015.17 140,574.91 Furniture Fumiture:950 Fifth 1,575.00 44,437.29 92247.77 24,123.88 162383.94 Fumiture:Aspen 1,925.00 283.98 2208.98 Fumiture:EH 17,409.00 10,228.74 461.36 TOTAL Furniture 17,409.00 • 13,728.74 44,437.29 92247.77 24,869.22 192,692.02 Gifts Given 6,374.31 324.90 619.97 754.43 3,018.60 1,237.91 919.19 151.38 1,11:6.13 2,107.91 51187 Gifts Given:AJZ 76207 • 762.07 Gifts Given:Holiday 3,750.00 7510 3)325.00 TOTAL Gifts Given 10,886.38 324.90 619.97 754.43 3,018.60 1,23791 919.19 251.38 1,11:6.13 2,107.91 586.87 Golf Expense • 765.75 181.50 181.50 • 1,128.75 Groceries • • • 110.18 Groceries:950 Fifth 8,355.90 11/74.70 6,243.09 3,57135 7,15941 6)356.44 5,189.56 4,185.37 4,176.97 7,533.68 8,258.41 10,501.52 83,806.40 Groceries:Aspen 4,529.78 1,1131.01 511.66 3,17444 7753 • • . Groceries:EH 380.16 22835 • 444.15 1,000.03 5,075.11 5,950.94 5,361.16 201.64 61784 1,372.73 20,632.11 TOTAL Groceries 13,265.64 12,878.71 6,983.10 6,745.79 7,603.56 7)356.47 10,342.50 10,13631 9,538.13 7,735.32 8,876.25 11,98443 113,94641 Homelmprovement Homelmprovement:21 Drew Lane 13,80613 20,146.20 5,859.09 3,96810 • 3)300.00 1,12510 • Homelmprovement:950 Fifth 5,209.88 5,209.88 12,44388 27,785.18 19,342.93 45,8126.02 76,714.21 138,956.24 7,307.00 126,678.13 75,272.77 18459.04 559381.16 Homelmprovement:Aspen 25.31214 2533.00 32,129.35 • 22293.27 TOTAL Homelmprovement 30,52202 5,209.88 38,770.71 47,93138 2530212 49,773.02 76,714.21 142,756.24 40,56135 126,678.13 97,553.04 18459.01 690331.04 HomelmprovementEH 7,375.00 • 11148 748648 HomeRepair • • 179.23 179.23 HomeRepair:2I Drew Lane 3,253.95 • 727.25 762 "'A 1,501.54 6248.29 HomeRepair:2I Drew Lane:Mold 1,401.26 MorganStardey SmithBarney 110 EFTA00284452

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary Mardi April May June July August September October November December OVIKALL Description 7011 2011 2011 2011 2011 2011 2011 7011 7011 2011 2011 2011 TOTAL TOTAL HomeRepair.21 Drew Lane 4,65121 • 727.15 762.55 1,501.54 7,649.55 HomeRepair:950 Fifth Avenue 4451.18 7,495.50 15,87161 1,37739 16,127.28 8,750.68 735.00 • 4,869.44 4,771.24 223,76932 1021.18 HomeRepair:950 Fifth Avenue:Riser Pray . 28,081.00 28,081.00 TOTAL HomeRepair.950 Fifth Avenue 4,054.18 7,495.93 15,87161 1377.19 16,127.28 8,750.68 735.00 • 4,869.44 32,85124 223,76932 1021.18 316,923.65 HomeRepair:Aspen 4,88953 86.00 13,386.00 6,426.81 2.410.79 6,53045 4,93148 6,846.78 26,33619 6,37130 78,226.73 HomeRepair:EH 29,95692 10,443.28 5,101.18 13,975.03 3,36157 1,065.82 2.59938 2.35379 4,208.20 4,739.75 76545 1,925.27 80,446.64 TOTAL HomeRepair 43,55184 17,939.78 2106142 28688.22 25,917.66 9,816.50 5,74517 8,881.64 14,97240 44,438.77 251,633.51 10,82629 483.425.80 Horse n2m . 1,879.75 . • Horse:care 350.00 350.00 MOO 585.00 2.850.00 3,260.00 3,810.00 735.00 4,700.00 1160.00 700.00 19,200.00 Horse:Housing 18,000.00 4,752.00 4,094.00 6,166.00 6,780.00 7,666.00 11)37100 72,100.00 14,600.00 Horse:Insurance • 3,566.00 • . . 107100 • 6444.00 Horse:Lease • 15,003.00 • • • • 15,000.00 Horse:Lessons 85.00 170.00 85.00 1,000.00 1920.00 17000 1)37168 29.00 5,563.68 Horselvledical 1190.00 3,51000 170650 1075.00 4,569.00 3,623.00 5,123.03 550.00 4,751.00 5,577.00 4,951.00 Horse:Purchase • • . . 19,500.00 • 19,500.00 HorseShow 1,15775 878.00 770.00 HorseSupplies 472.00 497.00 1,956.00 976.11 3,901.11 Horse:Transport 30100 300.00 1200.00 2,19100 1,600.00 5,100.00 TOTAL Horse 33,625.00 82100 3,810.00 7,948.50 24,852.00 18,898.75 18611.00 20,248.78 3,031.11 28,30168 51415.00 20,509.00 219,07182 Household - 524.89 43546 • • • 3.79 Household:950 Fifth 6461.21 1,939.35 5,093.38 4,920.72 5,43540 7,462.11 6,86187 1,275.78 1,445.98 6)46.01 1693.06 15,501.36 68,437.63 Household:Aspen 1,39214 86.40 266.81 1588.34 • 29139 127183 1508.99 • 6,412.93 Household:Easthampton 119.44 483.57 146.65 4,759.00 2,787.64 9,998.52 10,73201 5,355.99 2290.50 134745 714.60 623.73 39,359.10 Household:Photography - - • 3,426.1:13 • . . 3,426.00 TOTAL Household 7,97279 2,509.32 5,506.87 1179235 8,69.90 3/886.63 17,887.27 6,63127 5,01531 9,20145 6,40746 16,128.88 118,59940 Housekeeping Housekeeping:950 Fifth 1,020.00 9,76100 400.1:0 1118100 Housekeeping:Aspen 1,869.00 1,561.00 2,19156 208.113 1386.15 Housekeeping:EH 1,540.00 577.90 1,55175 2,997.50 3,948.18 4,08175 3,877.50 • 1,760.00 1086.25 21424.43 TOTAL Housekeeping 3,409.00 577.50 1,56100 3,746.31 2,99750 4,156.18 5.469.90 3,87750 1,020.00 11,521.00 1,486.25 39)322.14 MorganStardey SmithBarney 111 EFTA00284453

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December MISCALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Insurance Insurance:I7 E. 75th Street 9,91:6.50 27.00 9,932.50 Insurance:Auto 1,432.00 1,432.00 IA32.00 • 1,567.00 Insurance:EH Mood 1,985.00 • • 1,986.0 Insurance:Fine Art 19,04240 - 19,042.00 • 19,521.00 • 4,531.00 24,241.00 86,380.00 Insurance:Homeowners 21,363.3 - 21,363.25 21,363.B 1.42300 25892.75 - 91,41:6.50 Insurance:Ltd 47.70 47.70 47.70 47.70 47.70 47.70 71.55 47.70 47.70 47.70 47.70 71.55 620.10 Insurance:Medical 336.02 336.02 336.02 336.02 336.02 336.02 501.03 336.02 336.02 336.02 336.02 501.03 Insurance:Refund - - • • (759.50) • (66.50) (16800) (994.00) Insurance:Umbrella 2.169.E - 2,189.25 2,189.25 • 30.00 • • 2,58130 TOTAL Insurance 44410.22 38322 56,300.72 383.72 44)389.n 383.72 (153.92) 383.72 383.72 6,340.72 5442647 407.58 208,739.61 Insurance Charge Insurance Charge:950 Fifth 1,26250 143,296.06 (112324.62) 47,11116 (60499.75) Insurance Charge:950 Fifth 14th Floor • 6,701.47 6,701.47 TOTAL Insurance Charge 1,26250 143,296.06 (11232442) 53)31443 (60499.75) Invest Exp 10400.00 2,088.58 12,088.58 Invest Exp:Boston Properties LTIPS 29,000.00 29,000.00 TOTAL Invest Exp 29400.00 • 10,000.00 2,088.58 41,088.58 =Fees 17,026.37 7,760.98 22,756.34 12,869.87 9,75271 4,849.36 15,87187 11,55646 10,152.04 8,315.39 12,195.54 2235177 165,542.61 M Fees:MBZ Printing 1528.E 1S28.E TOTAL-Fees 17,026.37 7,760.98 22,756.34 =36947 9,75271 6,377.61 15,87347 11,55646 10,152.04 8,315.39 12,156.54 22355.77 167,07046 Landscaping Landscaping-950 Fifth • 555.27 413.73 3522.11 4,491.11 Landscapin&EH 771.24 73035 17,2'4.00 441942 7,363.40 24,326.04 15,638.41 3,700.n 6,778.13 16,141.17 8,169.04 17,34540 TOTAL Landscaping 771.24 73035 17,2'4.00 441942 7,363.40 24,88131 1543841 3,700.n 6,778.13 16,551.90 11491.15 17,34540 127,088.73 Loan Loan:13arbara Jensen (600.(0) (600.00) Loan:BofA 153,386.0 153,386.03 Loan:Marty Peretz 50,000.00 • 50,000.00 TOTAL Loan 50,000.00 152786.0 20278640 MorganStardey SmithBarney 112 EFTA00284454

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January February March April May June July August September October November December ONUALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Maintenance Fees 20,329.23 20,329.23 37,329.23 24470.47 92929.23 20329.23 21,529.23 20329.23 20,329.21 20329.23 20329.23 26,02142 Maintenance Fees:950 Fifth 4413.58 18944 4,803.02 Maintenance Fees:Aspen 6,204.30 10,843.16 5362.11 1729.14 • • 603.00 600.117 TOTAL Maintenance Fees 7:6,53153 31,17239 25.411.34 2447047 28271.95 20,329.23 21,71847 20,929.23 20329.23 20,329.23 20,929.23 26421.42 287,245.92 Medical • 44.62 265.00 61.08 • • 373.70 Medical:AJZ 301100 1,189.00 929.00 1257100 20.00 20.00 320.00 690.00 20.00 451.1:0 16,517.W Medical:MBZ 464.83 1,640.00 1,500.00 4,810.00 13,750.00 25267.20 4,151.00 5,217.00 2,689.50 4474.53 4361.00 4,475.00 72,526.06 Medical:Refund ( 3.017) (154.70) (984.50) • • (594.50) Medical:REZ 265.00 1,007.00 • 322.61 356.00 741.00 350.00 180.00 • 3,260.61 TOTAL Medical 749.83 1,640.00 2,732.00 5,88832 14,179.00 37,445.31 443348 5,97840 2,415.00 5,714.53 4,564.00 4,929.00 Misc 2,261.89 14.47 (279.08) 0.01 1,99729 Misc:Aspen 374.91 374.91 TOTAL Misc 2,636.80 14.47 (279.08) 0.01 2372.20 Moving & Storage 489.94 310.94 1,119.77 119.77 1,752.90 • • 3,79332 Moving & Storage:950 Fifth 489.94 900.00 • 84144 • 93,325.95 5226646 147)3B.79 Moving & Storage:Art 517.17 805.00 5428.70 62,80142 12,002.75 4,595.11/3 2,775.64 51,732.72 Moving & Storage:Aspen 1,675.00 1,546.00 1,112.50 902.50 902.50 1,81:6.00 902.50 902.50 1277.50 967.50 942.50 12,936.00 Moving & Storage:EH 1,444.69 5,611.59 689.25 3,303.11 5,465.60 . • • 430.67 21153 Moving & Storage:NYC 119.77 14,741.70 • 14,86147 TOTAL Moving & Storage 4,126.80 7,677.53 3,506.75 4,21:6.61 609.04 1,119.77 8,394.91 65,457.22 106,350.97 20,614.20 4,1r.8I 105,175.21 337,43142 Party Party:AJZ 9,000.00 5,52939 4,114.83 18,644.22 Party:RZ 881.61 3,000.00 TOTAL Party 9,000.00 881.61 5,52939 7,11443 22.525.83 Payroll Payroll:Eric Certler 5,53110 5,819.89 5,713204 5,60149 5,55741 5,551.88 5,549.98 5,563.94 5410.90 5,59191 5,551.81 61401.55 Payroll:Personal Staff 158,141.74 165,262.53 60,457.75 • 145,828.13 69,147/4 138255.46 93,910.74 69,14772 99)3123.88 89,95389 1,089,960.58 TOTAL Payroll 163,679.81 171,082.42 66,159.79 5,60149 151,385.74 74499.62 5,549.98 143,859.40 99,521.64 74498.63 105,360.69 89,95949 1,151,562.13 Personal Expenses 8,544.78 8,54438 Personal Expenses:Boston Properties - 11,813.88 858.13 12472.01 MorganStardey SmithBarney 113 EFTA00284455

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December ONUALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Personal Expenses:Mort Zuckerman 1,939.90 TOTAL Personal Expenses - 11,813.88 9,402.51 1,939.90 23,156.29 Petty Cash Petty Cash:950 Fifth 1,606.75 853.13 1,018.58 999.09 793.11 692.77 596.50 507.30 61.56 147140 3,066.56 11,796.75 Petty Cash:EH • 2,953.75 2,908.76 • . • 5,859.53 Petty Cash:MBZ 1,000.00 2500.00 1,500.00 2.000.00 2,000.00 2000.00 2000.00 2000.00 15,000.00 Petty Cash:Nanny 5,163.77 1,945M 198.65 3455.80 66.19 367.99 54349 1,38951 5,74268 553.98 2,461.73 Petty Cash:Office • • 1,500.00 1,500.00 TOTAL Petty Cash 7,77052 2,79816 3,717.E 9,108.64 2,78630 1,060.76 6,015.77 50730 3,454.07 9,414.06 7,120.54 2.461.73 Pool Pool:EH 1,106.28 92245 658.29 7292.25 9,979.27 PoolSwimming Lessons 1,950.00 600.00 2,593.00 TOTAL Pool 1,106.28 92245 2608.29 600.00 7292.25 Rent Rent:155 E. 31st Street 2,580.00 5,160.00 5,332.00 5,160.00 TOTAL Rent 2580.00 5,160.00 5,332.00 5,160.00 18,232.00 School 880.00 660.00 • 60.00 40.00 1,640.00 School:Ballet 280W • 280.00 School:Bus . ZStoso . 2520.01 School:Camp . • 4,355W 7513.00 • 5,145.00 School:Misc 120.91 3452.00 1,159.00 • 500.00 500.00 • 6,131.91 School:Piano 1,690.00 • 1,560.00 . 3.250.W School:REZ 2175.00 900.00 3075,40 School:Tuition 3,000.00 11,501.21 72,935.00 14,408.08 7,705.00 59,621.21 School:Tutor 525.00 • • . . snoo TOTAL School 3,880.00 11,501.21 2,335.91 3,852.00 22159.08 19,370.08 4,395.00 1.250.08 560.00 40.00 7,705.00 82,128.12 Security Security:950 Fifth 914.55 914.55 16331 914.55 Security:Aspen 1,320.75 379.90 193.00 124.70 193.00 193.00 2.274.45 Security:EH 1,117.95 saoo 3,316.21 752.27 • 1,117.95 93.00 1,127.03 100.00 • TOTAL Security 2,.438.20 429.93 4,210.76 193.00 376.97 914.55 1,117.95 31331 50.00 1,127.03 250.00 914.55 12.31242 MorganStardey SmithBarney 114 EFTA00284456

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December ONTLRALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Shipping 101.17 49.21 395.42 19.09 653.53 252.63 174.94 4.15 3,621.72 251.74 5,963.65 Skiing 21,381.40 5,199.40 7,911.00 13,07%56 2,433.00 • • 49,991.36 Skiing:Aspen 285.00 500.00 0.50 • • • • TOTAL Skiing 21,66640 5,699.40 7,91130 13,07936 2,433.00 • 50,776.86 Subscriptions 29.95 • 573.79 M.00 Tax • Tax:17 E. 75h Street 840.33 - • 55,35239 • 58,910313 115,10122 Tax:CA 19,109.33 - • • • • • 19,108.20 Tax:Fed 19,733.02 813,339.44 22,777.90 72,777.90 22,777.90 72,777.90 34,59736 22,777.90 72,777.90 22,777.90 22,777.90 34,16635 1084.36037 Tax:Medicare 1393.75 38,035.95 1,060.95 1,060.95 1,060.95 1,060.95 1,621.70 1,060.95 1,060.95 1,060.95 1,060.95 1,59143 Tax:NY 5,981.98 r5,425.83 6,831b4 6,831.94 6,831.94 6,831.94 10,451.96 6,831.94 6,831.94 6,831.94 6,831.94 10,247.91 336,763.33 Tax:NYC 2,558.87 111,069.23 2.928.62 2,928.62 2,928.62 2,928.62 4,481.69 2,928.62 2,928.62 2,928.62 2,928.62 4,392.93 Tax:PA - 2,050.00 • • • • • • 2050.00 Tax:Property Tax:Property:2i Drew Lane 63,479.60 317.39 28,026.76 64,994.72 156,51847 Tax:Property:4 Three Mile Harbor Drive 16,805.75 17,536.64 34,342.39 Tax:Property:418 Wright Road 14,419.96 • TOTAL Tax:Property 94,705.31 317.39 28,026.76 82331.36 206,580.82 Tax.Soc Sec 3,165.09 1,317.51 • • TOTAL Tax 147,189.55 1,221,551.35 33,599.41 33,599.41 33,599.41 88,951.80 51,453.21 61,626.17 33,599.41 33,599.41 33,599.41 191,840.98 1,964.21232 Telephone • • • • 476.87 702.93 1,17930 Telephone:200 E. 65th Street 114.57 114.57 Telephone:EH Cell Phone 139.71 • 139.71 Telephone:Nanny's 145.96 145.96 148.31 246.06 295.67 247.17 25298 247.80 249.95 247.74 249.40 24940 2,72630 TOTAL Telephone 145.96 285.67 148.31 246.06 295.67 247.17 25298 247.80 249.95 362.31 726.27 95233 4,16038 Tennis 800.00 150.00 950.00 Tennis:EH 1,357.82 1,357.81 55359 738.65 923.31 1,477.30 358.46 6,76731 TOTAL Tennis 1,357.82 1,357.81 55199 738.65 923.31 803.00 150.00 1,477.30 35846 7,71731 Toys 118.63 196.86 • 31549 Travel 17,714.61 2,836.01 4,200.36 9266.71 8,361.67 54,93122 62,651.64 1,101.71 176,823.64 21,5(6.51 30,35632 1.240 Og Travel:AJZ 390.00 390.00 MorganStariley SmithBarney 115 EFTA00284457

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January bebruary March April May June July August September October November December OARALL Description 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 TOTAL Travel:Helicopter Travel:Helicopter:Operating Expense 5,457.51 5,457.51 TOTAL Travel:Helicopter 5,457.51 5,457.51 TravelStaff • • 2,14815 2,14815 TOTAL Travel 17,714.61 2136.01 9,65717 9266.71 8,751.67 54,933.21 62,651.62 1,10171 176)3B.64 21,566.51 30,356.32 5,388.93 US News Charges US News Charges:Entertaining 1,825.61 2,214.49 600.58 4001013 234249 705.62 541.94 675.97 529.85 18,430.23 3,174.18 711.61 US News Charges:Gift 13000 13000 153.00 14510 • 55810 US News Charges:MZ Website • • 2,677.18 2,677.18 US News Charges:Reimbursement (53,108.97) • • • (84,451.56) (137,563.53) US News Charges:Storage 379.85 403.39 403.39 403.39 403.39 403.39 403.39 481.07 403.39 81.75 81.75 82.60 US News Charges:Subscriptions 312.70 19910 720.33 9100 733.93 31.50 280.95 1006.56 396.20 43439 4,16813 US News Charges:Supplies • - • • 5218 • 78.32 21.72 . US News Charges:Travel 3,677-16 5,195.95 3,973.17 6,554.23 1,549.08 6,777.03 3,27235 227280 3,555.40 1,468.40 2,655.28 1,953.00 42,89815 TOTAL US News Charges (46,918.62) 8,112.83 5,872.31 11,161.70 5,08137 7,93154 4,721.95 3,429.84 5,494.40 31398.30 5,911.21 (78,592.75) (47,42119) Utilities Utilities:200 E. 65th Street • • • 10,107.92 . Utilities:Aspen 978.35 1,279.13 1,777.13 1,0B.96 1,158.62 515.10 621.21 1,201.57 791.53 1,566.59 793.14 97836 12626.69 Utilities:Cable TV 950 Fifth 863.70 - 1,338.21 • 437.30 442.56 721.17 • • • Utilities:Cable TV Aspen 231.61 173.66 188.30 188.30 • • • • • • • 783.90 Utilities:Cable TV EH 502.93 502.93 502.93 577.74 519.09 519.13 519.13 519.13 519.13 519.13 519.13 519.13 6,239.53 Utilities:Cable TV200 E 65th Street - - - • • • • • • 11394.27 • • 1,094.27 Utilities:Gas & Electric 950 Fifth 2,460.03 2,612.03 1,599.97 2,040.28 1,558.74 1,335.79 2,728.61 2,94616 1,960.40 1,975.75 28.04 . Utilities:Gas & Electric EH 1,26208 2,391.82 4,057.86 3,996.20 5,47916 5,571.25 4,185.73 4,801.46 4,145.33 9,019.72 1,747.52 2.392.49 52,050.32 Utilities:Water EH - 54.81 • 117.55 • • 392.21 . 319.90 TOTAL Utilities 9,303.73 6,991.57 9,519.21 7,826.48 9,271.16 8,382.83 8,77515 9,471.21 7,808.60 24,22238 3,08713 4,209.88 108,870.73 Wine Wine:950 Fifth 626.47 626.47 Wine:Aspen 889.93 Wine:EH 702.85 237205 366.63 3,380.53 TOTAL Wine 889.93 626.47 70285 237215 366.63 • . TOTAL OUTFLOWS 651,13294 1,560,798.00 606,508.98 283,958.57 618,47819 823,889.22 562,137.22 690,371.04 585,838.48 802,750.31 960,49310 761,094.69 8,910,455.14 MorganStardey SmithBarney 116 EFTA00284458

Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2011 Category January lvbruary March April May June July August September October November December OVIItALL Description 2011 2011 2011 2011 2011 2011 2011 2011 7011 2011 2011 2011 TOTAL OVERALL TOTAL (400,278.97) 1,161,46206 (393,231.17) (92,79833) (496,313.59) (652369.73) (446,176.17) 013,6[4.17) (50350930) (729,618.26) 9,4&1,951.00 (560,713.27) 5,757,59620 MorganStanLey SmithBarney 117 EFTA00284459

Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Mortimer B. Zuckerman 51,651,941,396 ASSETS $1,964,488,616 Cash $16,023,611 Bank of America - MMF $10,104 JPM Chase - Checking $108,947 JPM Chase - Money Mkt $98,695 Morgan Stanley - Money mkt $15,805,865 Municipal Securities $36,280,711 Citibank - Muni Bonds 511,783,323 McDonnell - Short Term Muni Bonds $5,901,255 Morgan Stanley - Intermediate Term Muni Bonds 511,543,438 Morgan Stanley - Long Term Muni Bonds $5,919,291 Morgan Stanley -Short Term Muni Bonds $1,133,405 Municipal/Corporate $11,027,030 Citi - Muni/Corporate Bonds (Formerly Blackrock) $11,027,030 Corporate Bonds $1,418,759 Seix $1,418,759 Global Bonds $5,024,729 Templeton Global Bond Fund $5,024,729 Hedge Funds -Direct $5,578,572 American Steadfast, L.P. $5,578,572 Private Capital - Fund of Funds $16,813,302 Chase Capital Partners Private Equity FF II, LTD $338,772 GS Private Equity Partners II, LP. $841,720 Quellos Financial Ventures II, LP. $779,315 Quellos Private Capital 2002, L.P. (US Mature) $6,729,663 Quellos Private Capital II, L.P. $8,123,832 Confidential MorganStanley SmithBarney 118 EFTA00284460

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

Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Boston Properties, Inc. $813,828,945 BXP (Common) $117,059,074 BXP (Common) $31,872,000 BXP (LTIP) $24,952,863 BXP (Non Vested) 515,924,372 BXP (Non Vested) $261,408 BXP (OPU's) $619,043,282 BXP (Vested Options) 587,136 MZ Burnside Holdings, L.P. $2,352,950 MZ Longstreet Holdings, L.P. $1,304,461 MZ Meade Holdings, L.P. $971,399 Other Investment Assets $136,155,963 Present Value of Future MBZ Crut Distributions $136,155,963 Family Businesses $542,786,845 Present Value of Future USN Crut Distributions $7,373,833 The Daily News (Preference and Interest on LOC) $460,413,012 US News & World Report, LP $75,000,000 Notes and Loans Receivable $662,266 Barbara G. Jensen 528,950 Carmen 2 Robinson $283,316 Daniel Rothschild $200,000 Mathias Thorner $50,000 The Core Club 55th Street LLC $100,000 Other Assets $3,613,926 JP Morgan Chase - East Hampton $3,784 Morgan Stanley Checking Account $3,264,030 T. Rowe 401(K) Retirement Plan $346,112 Confidential MorganStanley SmithBarney 120 EFTA00284462

Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Personal Assets $121,490,705 Art, Furniture and Other - 21 Drew Lane $2,744,701 Art, Furniture and Other - 599 Lexington Avenue $184,124 Art, Furniture and Other - 950 Fifth Avenue $106,065,592 Art, Furniture and Other - 950 Fifth Avenue (Paloma) 312,000,000 Art, Furniture and Other - Aspen 348,864 Art, Furniture and Other - Lazy 2 375,073 Hampton Golf Club, LLC $309,581 Lexus LX470-1999 325,275 Mercedes Benz S430-2001 $37,495 Zuckerman Personal Holdings 380,500,000 BR, Inc - ("Lazy 2" Motor Yacht) 325,000,000 USN Aviation - (ZWA, Inc.) 344,000,000 2AS, LLC- (Waldorf Flight Services) 311,500,000 Real Property & Options 380,827,852 17 East 75th Street $5,527,852 21 Drew Lane 330,500,000 4 Three Mile Harbor Drive $3,300,000 418 Wrights Road Aspen $9,500,000 950 Fifth Avenue 332,000,000 LIABILITIES $312,547,220 Obligations To Related Parties 349,935,503 BR, Inc - ("Lazy 2" Motor Yacht) 314,792,507 Pauline Gertler $2,310,476 USN Aviation - (ZWA, Inc.) 330,551,620 ZAS, LLC- (Waldorf Right Services) $2,280,900 Confidential MorganStanley SmithBarney 121 EFTA00284463

Mortimer B. Zuckerman Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Mortgages $57,941,848 Bank of America-418 Wrights Road $7,329,840 Bank of America-17 East 75th Street $5,409,619 Bank of America-21 Drew Lane $20,364,720 Bank of America-4 Three Mile Harbor Drive $809,739 Bank of America-950 Fifth Avenue $24,027,930 Unsecured Obligations To Third Parties $204,669,869 Bank of America Revolving Line of Credit $153,469,869 Daily News, L.P. - HUD $2,000,000 Daily News, L.P. - NJEDA $7,900,000 Krall Payments 6300,000 MBZ Printing (APT, LP) $41,000,000 Confidential MorganStanley SmithBarney 122 EFTA00284464

MBZ 1996 Trust (GST Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 19% Trust (GST Exempt) $94,113,583 ASSETS $94,113,583 Cash $3,644,029 Morgan Stanley - Money Mkt $3,101,629 Operating Account 1996 TR (AIP) $542,400 Municipal Securities $8,730,255 Morgan Stanley - Intermediate Term Muni Bonds $4,674,326 Morgan Stanley - Long Term Muni Bonds $1,601,846 Morgan Stanley -Short Term Muni Bonds $2,454,083 MunicipaVCorporate $19,455 Citi - Muni/Corporate Bonds (Formerly Blackrock) $19,455 Corporate Bonds $8,505,035 Seix $8,505,035 Global Bonds $1,153,735 Templeton Global Bond Fund $1,153,735 AIP Onshore Hedge Funds $11,553,338 Boronia Diversified Fund (A115) $657,408 Dialectic Antithesis Partners (AIP) $1,000,171 Double Black Diamond Class C (AIP) $1,128,147 GEM Realty Securities LP (Al?) $1,162,079 HBK Fund II LP (AIP) $1,257,042 Ivory Flagship Fund LP (AIP) $1,097,754 Man AHL Diversified II USA (A1P) $486,154 Mariner Tricadia Credit Seat (AIP) $1,042,380 Millenium USA LP (AIP) $1,284,959 Owl Creek II LP (AIP) $33,929 Seligman Tech Spectrum Fund (AU') $1,254,826 York Credit Opportunity Fund (AIP) $1,148,489 Hedge Funds -Direct $1,203,619 GS Investment Partners (Onshore) $1,203,619 Confidential MorganStanley SmithBarney 123 EFTA00284465

MBZ 1996 Trust (GST Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Private Capital - Fund of Funds $3,631,825 GS Private Equity Partners II, LP. $373,231 Quellos Private Capital 2002, L.P. $1,227,635 Quellos Private Capital II, LP. $2,030,959 Private Capital - Direct Partnerships 426,601,319 Brickman 1280 Fifth Investments II, L.P. $970,090 Brickman Real Estate Fund I, LP. $895,317 Brickman Real Estate Fund II, LP. $2,188,789 Brickman Real Estate Fund Ill, L.P. $1,035,684 Israel Infrastructure Fund I-C, LP. $1,484,190 Quellos Co-Investment Fund II, LP. $9,989,565 Quellos Co-Investment Fund III, L.P. $2,635,100 Quellos Co-Investment Fund, LP. $3,855,349 VSS Comunications Partners IV, L.P. $3,547,235 Private Capital - Direct Companies $1,079,861 Ally / Cerberus Finn Investors, LLC $1,037,361 Newbridge Vencable Partners, LLC 342,500 Notes and Loans Receivable $27,991,113 Daily News, L.P. $27,991,113 Confidential MorganStanley SmithBarney 124 EFTA00284466

MBZ 1996 (GST Non Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 19% (CST Non Exempt) $284,533,910 ASSETS $284,533,910 Cash $8,564,909 Morgan Stanley - Money Mkt $8,564,909 Municipal Securities $14,204,782 McDonnell - Short Term Muni Bonds $5,095,568 Morgan Stanley - Intermediate Term Muni Bonds $3,792,110 Morgan Stanley - Long Term Muni Bonds $4,270,439 Morgan Stanley -Short Term Muni Bonds $1,046,665 Municipal/Corporate $3,597,436 Citi - Muni/Corporate Bonds (Formerly Blackrock) $3,597,436 Corporate Bonds $23,804,221 Sei‘ $23,804,221 Global Bonds $2,142,551 Templeton Global Bond Fund $2,142,551 Hedge Funds -Direct $25,728,586 AP Investments Europe Limited $59,676 CCA Absolute Return Muni Strategy, L.P. $5,130,604 Paulson Advantage L.P. $11,031,689 Paulson Advantage Plus, L.P. $9,388,107 Taconic Opportunity Fund $118,510 Private Capital - Fund of Funds $2,717,340 GS Private Equity Partners II, L.P. $686,381 Quellos Private Capital II, L.P. $2,030,959 Confidential MorganStanley SmithBarney 125 EFTA00284467

MBZ 1996 (GST Non Exempt) Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Private Capital - Direct Partnerships $30,973,395 CVC European Equity Partners IV, LP. $2,390,613 CVC European Equity Partners V, LP. $3,680,571 Legacy Capital, L.P. $726,027 Morgan Stanley Credit Partners Onshore, LP. $1,984,486 Quellos Co-Investment Fund II, LP. $9,989,565 Quellos Co-Investment Fund III, L.P. $3,513,466 Quellos Co-Investment Fund, LP. $5,141,432 VSS Comunications Partners IV, L.P. $3,547,235 Private Capital - Direct Companies $3,495,864 Freescale Co-Investment XVI, LLC $1,190,393 Newbridge Vencable Partners, LLC 375,000 The Vehicle Production Group, LLC. $2,230,471 Boston Properties, Inc. $139,977,043 BXP (OPLI's) $139,977,043 Notes and Loans Receivable $29,327,783 Daily News, L.P. 329,327,783 Confidential MorganStanley SmithBarney 128 EFTA00284468

MBZ 1983 Family Trust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 1983 Family Trust $92,949,982 ASSETS $92,949,982 Cash $1,368,536 Morgan Stanley - Money Mkt $1,368,536 Municipal Securities $1,648,039 McDonnell - Short Term Muni Bonds $1,382,087 Morgan Stanley -Short Term Muni Bonds $265,952 Municipal/Corporate $1,896,231 Cifi - Muni/Corporate Bonds (Formerly Blackrock) $1,896,231 Corporate Bonds $6,016,987 Seix $6,016,987 Global Bonds $1,169,764 Templeton Global Bond Fund $1,169,764 Hedge Funds -Direct $6,511,670 Paulson Advantage L.P. $3,483,691 Paulson Advantage Plus, L.P. $3,027,979 Private Capital - Fund of Funds $2,,582,463 CS Vintage Fund, L.P. $1,359,828 Quellos Private Capital 2002, L.P. $1,227,635 Private Capital - Direct Partnerships $10,877,173 Brickman Real Estate Fund IV, L.P. $1,713,959 CVC European Equity Partners IV, L.P. $2,390,613 Israel Infrastructure Fund I-C, L.P. $1,484,190 Quellos Co-Investment Fund II, L.P. $3,329,853 Quellos Co-Investment Fund III, L.P. $878,366 Quellos Co-Investment Fund, L.P. $1,080,193 Confidential MorganStanley SmithBarney 127 EFTA00284469

MBZ 1983 Family Trust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value Private Capital - Direct Companies $4,267,754 Ally / Cerberus Finn Investors, LLC $1,037,361 Freescale Co-Investment XVI, LLC $1,190,393 Loud3R $2,040,000 Family Businesses 584,400 MBZ Digital Ventures LLC $84A00 Notes and Loans Receivable 446,521,964 Daily News, L.P. $8,421,964 The MBZ News 1992 Trust UAD 12-29-92 $38,100,000 Confidential MorganStanley SmithBarney 128 EFTA00284470

USN College Marketing, Inc. Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value USN College Marketing, Inc. 542,003,345 ASSETS 542,003,345 Cash $2,169,152 Bank of America - MMF $11,985 Morgan Stanley - Money Mkt $2,157,168 Municipal Securities $2,866,569 McDonnell - Short Term Muni Bonds $2,247,381 Morgan Stanley - Long Term Muni Bonds $517,274 Morgan Stanley -Short Term Muni Bonds $101,913 MunicipaVCorporate 510,595,316 Citi - Muni/Corporate Bonds (Formerly Blackrock) 310,595316 Corporate Bonds $3,763,238 Seix $3,763,238 Global Bonds $710,635 Templeton Global Bond Fund $710,635 Hedge Funds -Direct $5,607,864 CCA Absolute Return Mimi Strategy, L.P. $5,607,864 Private Capital - Direct Partnerships 516,290,572 Morgan Stanley Credit Partners Onshore, LP. $992,247 Quellos Co-Investment Fund II, LP. $9,989,565 Quellos Co-Investment Fund Ill, L.P. $2,635,100 Quellos Co-Investment Fund, L.P. $2,673,660 Confidential MorganStanley SmithBarney 129 EFTA00284471

MBZ Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ Charitable Remainder Unitrust $167,105,564 ASSETS $167,105,564 Cash $1,871,233 Morgan Stanley - Money mkt $1,394,833 Operating Account MBZ CRUT (Alf') $476,400 Municipal Securities $12,125,424 McDonnell - Short Term Muni Bonds $7,878,836 Morgan Stanley - Intermediate Term Muni Bonds $4,112,249 Morgan Stanley - Long Term Muni Bonds $134,339 Municipal/Corporate $24,932,916 Citi - Muni/Corporate Bonds (Formerly Blackrock) $24,932,916 Corporate Bonds $19,679,220 Seix $19,679,220 Global Bonds $2,283,924 Templeton Global Bond Fund $2,283,924 Please note: The total value doss not take IMO eanuderanon the habitaty of the Present Valueof Future MB2 Crut Dutributtorn Confidential MorganStanley SmithBarney 130 EFTA00284472

MBZ Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value AIP Offshore Hedge Funds $13,535,447 Boronia Diversified Fund (AIP) $469,745 Dialectic Antithesis Partners (AIP) $1,008,010 Double Black Diamond Class C (AIP) $1,017,270 HBK Offshore Fund II Ltd. (AIP) $571,605 Ivory Offshore Flagship Fund (AIP) $995,448 Kaiser Trading Fund SPC Ltd. (Alf') $944,013 Mariner Tricadia Credit Strat $1,042,367 Millenium Intl Ltd - Class EE (AIP) $1,163,851 MQ Asia Long Short Fd Offshore (AIP) $582,925 OMG Opportunities Trading Fund (AIP) $483,587 Owl Creek Overseas Fund (AIP) $28,962 Oz Overseas Fund Ltd. (AIP) $2,080,902 Pharo Macro Fund Ltd. (AIP) $963,854 Seligman Tech Spectrum Fund (AIP) $1,139,383 York Credit Opp Unit Trust (AIP) $1,043,525 Hedge Funds -Direct $8,574,944 AIP Custom HF Solutions $5,815,971 Ascot Fund Limited SO Blackstone Offshore Fund II $1,838,896 ras Investment Partners (Offshore) $920,077 Private Capital - Fund of Funds S391,356 Queltos Financial Ventures II, (CRT), LP. $391,356 Private Capital - Direct Partnerships $30,934,154 Morgan Stanley Credit Partners Onshore, LP. $5,031,898 Quellos Co-Investment Fund IL LP. - CRT Series 510,487,766 Quellos Co-Investment Fund Ill, L.P. $2,289,000 Quellos Co-Investment Fund, LP. - CRT Series $13,125,490 Boston Properties, Inc. $52,776,944 BXP (Common) $52,776,944 Muse note: The total VAlue does not take MO consideration the halathly of the Present Value of Future MB2 Crut Nonhuman. Confidential MorganStanley SmithBarney 131 EFTA00284473

USN Charitable Remainder Unitrust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value USN Charitable Remainder Unitrust 59,049,974 ASSETS 59,049,974 Cash $150,440 Morgan Stanley - Money Mkt $150,440 Municipal Securities 5876,937 McDonnell - Short Term Muni Bonds $876,937 Corporate Bonds 57,853,054 Seix $7,853,054 Global Bonds $169,542 Templeton Global Bond Fund $169,542 Please note: The total value does not take onto conuderanon the liability of the Prc,ent Value of Future USN Out Distrzbutions Confidential MorganStanley SmithBarney 132 EFTA00284474

MBZ 1992 News Trust Balance Sheet - As of December 31, 2011 Current Value of Individual/Entity (as of 12/31/11) Value MBZ 1992 News Trust (S38,100,000) LIABILITIES 438,100,000 Obligations To Related Parties 438,100,000 The Mortimer B. Zuckerman 1983 Family TR UAD 12-21-83 438,100,000 Confidential MorganStanley SmithBarney 133 EFTA00284475

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description American Steadfast LP MBZ A long/short hedge fund seeking to generate long-term compounded annual returns of 10% - 20% net, while protecting capital from large draw-downs. With an emphasis on capital appreciation, they use the following strategies to obtain an attractive risk-adjusted return: equities represent the majority of exposure, deep analysis across the capital structure; opportunistic use of debt and other non-equity securities, 'portfolio hedges' address macro risk to the portfolio, downside protection as options and default swaps increase in value with negative catalysts AP Investments Europe Limited MBZ 1996 Ttust (Non Exempt) AP Investment Europe (AIE): AlE invests in mezzanine, debt and equity investments of both public and private, companies primarily located in Europe. The fund seeks to generate current income and capital appreciation though its flexible investment strategy which is intended to capture opportunities across the capital structure. AM utilizes a disciplined approach to evaluate the most appropriate part of the capital structure in which to Invest based on the risk/reward profile of the investment opportunity. Blackstone Strategic Alliance Fund II MBZ Gut An investment vehicle that provides seed capital to emerging hedge fund managers and proprietary trading desks. They will allocate Day 1 capital to experienced hedge fund managers seeking to launch their own businesses. The fund seeks to provide above average hedge fund returns through a combination of General Partnership participation and hedge fund exposure: in addition to a meaningful long-term seed investment, Blackstone provides advice to underlying managers, in return for a share of the underlying managers revenues. Brickman Real Estate Fund I, LP. MBZ 1996Trust Brickman Real Estate Fund I, LP (the 'Fund li), a Delaware limited partnership, was formed on April9, 2002 between Stickman Real Estate Fund I, GP as the general partner and various private investors as limited partners for the purpose of investing in real estate property and real estate secured loans. Fund I had a scheduled termination date of May 31, 2008 and included an extension option of up to twenty-four months. On May 6, 2008, Fund I extended the term to May 30, 2009. Fund I intends to extend the term to May 30, 2010. Only remaining Investment is 1280 Fifth Ave, all other investments have been monetized. Brickman Real Estate Fund II, LP. MBZ 1996Trust The Fund target/core assets which will produce a stable cash flow over the targeted hold period. It seeks asset in markets that have long term positive fundamentals and that have a history of liquidity. In summary, the Fund targets: Core + Invintment, 16 office properties, 2 residential, Concentration in Boston, DC, Metro NY, 96% leased, very strong cash flows ' Please note: The fund descriptions are provided by the respective funds. MorganStanley SmithBarney 134 EFTA00284476

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Desaiption Brickman Real Estate Fund III, L.P. MBZ 1996 Trust The Fund invests in opportunistic real estate assets. Currently, the Fund is focusing on distressed debt and equity opportunities. Opportunistic Fund's Key Investments: Raw Land in the Hampton, Mn Debt in Savanah, CA, Resort property in Bermuda (formerly Coral Beach Club), Pinnacle Multi-Family rental properties Brickman Real Estate Fund IV, L.P. MB2 1983 Family Trust The Fund targets core assets which will produce a stable cash flow over the targeted hold period. It seeks assets in markets that have long term positive fundamentals and that are considered highly liquid. The majority of the assets will be office buildings, however there will also be investments allocated to real estate debt and residential real tritate. The Fund 'Mud's: 8 Debt Investments, 4 Properties, Sister fund to fund IL Debt Investments have been marked Brickman Real Estate Fund V, L.P. MB2 1996Trust The Fund invests in opportunistic real estate assets. Currently, the Fund is specifically invested in 1280 Fifth Ave. CCA Absolute Return Muni Strategy, LP MB2 1996Trust (Non Exempt), USN College Marketing Inc. Cerberus Firm Investors, LLC MBZ MB2 1996 Trust MB2 1963 Family Trust A long/short Municipal Bond investment managed by Craig Henick at Citi. The fund seeks to generate an absolute return from municipal securities via (i) current income, (ii) relative value trading opportunities and (iii) the potential for longer-term capital appreciation should the municipal/taxable yield ratios recover from currently distended levels and revert towards historical averages. The fund will trade both tax- exempt and taxable municipal bonds. The duration of the portfolio will depend on the relative value along the municipal yield curve, as well as the relative steepness of the municipal to taxable yield curves. No leverage will be used. Cerberus FIM Investors, LLC (the "Company, was organized as a limited liability company in March 2006 pursuant to the provisions of the laws of the Delaware Limited Liability Company Act, and commenced operations on March 9, 2006. Cerberus FIM, LLC, a Delaware limited liability company, is the managing member ('Managing Member") of the Company. The Company was formed to invest substantially al of its assets indirectly (through FIM Holdings, LLC (•FIM Holdings")) in General Motors Acceptance Corporation LLC, a Delaware limited liability company ("GMAC) in the other diversified financial services industry, and engage in any activities and transactions incidental to the foregoing. At December 31, 2007, the Company owned approximately 83.76% of the members' capital of FIM Holdings. The company also serves as the managing member of FIM Holdings. MorganStanley SmithBarney 135 EFTA00284477

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Court Square Capital Partners, LP. MBZ Court Square Capital Partners, Inc. ("Court Square" or the "Finn") has one of the most exp.Mmed and tenured teams in the private equity Industry. For more than 20 years, William T. Comfort, David F. Thomas, Thomas F. McWilliams, Michael A. Delaney and Joseph M. Silvestri (collectively, the "Managing Partners"), along with eight other members of the senior investment team (together with the Managing Partners, the "Investment Team"), have pursued a consistent strategy of sponsoring buyouts of businesses that possess attractive growth prospects. Court Square Capital Partners II, L.P. (the "Fund" or "Fund II") is being established by Court Square and will be managed on a substantially similar basis as Citigroup Venture Capital Equity Partners, LP. ("Fund n to invest primarily in US.-based middle-market companies. Fund L a S2.6 billion punnet-ship established in 2001, has generated a realized gross IRR of 87.7% and a multiple of invested capital of 4.7x. In keeping with the Investment Team's historical investment strategy, Fund II is seeking commitments of 42.5 billion from limited partners- The Investment Team intends to commit S150 million to Fund II. Fund is 100% called, 100% committed, currently in distribution mode. 118 vintage and can expect to see the 2 - 1 year extensions utilized. 9 companies left in portfolio, 70Orrim cost 1.3b in value. IRR on portfolio 39%. CVC Capital Partners Asia Pacific II. LP. MBZ CVC Capital Partners Asia Pacific II L.P. (the 'Partnership') was established on 1st November 2004 and Is registered as an exempted limited partnership in the Cayman Islands under The Exempted Limited Partnership Law. The principal activity of the Partnership is to seek to generate significant long-term capital appreciation through the making of private control equity investments in established, cash-generative businesses in the Asia Pacific region. CVC Asia focuses on buyouts and investment in Japan, Greater China, South Korea and Australia. They have a well-established local presence and proven execution capability in all key markets. CVC Asia's senior management lead all investment decisions for funds I, II, and III. Key professionals have on average over 14 years of private equity experience. CVC European Equity Partners IV (Europe MBZ 1996Trust (Non Exempt), MBZ Specializing in European Buyouts and Investments, Realized and Unrealized portfolio currently valued at 1.2x cast. CVC Europe has a 1983 Family Trust global network of 18 offices and 72 buyout professionals, including 27 partners with an average tenure o(12 years. CVC European Equity Partners V (Europe MBZ, MBZ 1996 Trust (Non Exempt) European Private Equity. 22% of commitment has been called, plenty of cash available for new deals. Only 3 portfolio companies at this time. CVC Europe has a global network of 18 offices and 72 buyout professiona8, including 27 partners with an average tenure of 12 years. MorganStanley SmithBarney 136 EFTA00284478

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Evercore Venture Partners, LP. MBZ Everitt* Venture Partners LP. (the "Partnership") is a limited partnership formed under the laws of the State of Delaware for the purpose of making Portfolio Investments, as defined in the Partnership Agreement (the "Agreement"), as amended. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Agreement. To the extent that this and the other notes that follow describe or refer to the terms and provisions of the Agreement, they are intended as summaries only and are qualified in their entirety by reference to the Agreement itself. The Partnership was formed on (ktober 16, 2000 and commenced operations on October n, 2000. The Partnership changed its name from eCompanks - Evercore Venture Partners II LP. on June 28, 2001. The Partnership has a term of eight years from the Initial Closing Date and is subject to earlier dissolution and termination upon the occurrence of certain events as described in the Agreement. The General Partner may extend the term of the Partnership for up to two successive one-year periods, in each case with the consent of a Majority in Interest of the Limited Partners. Thereafter, the Partnership will liquidate in an orderly manner and distribute all investments or proceeds. In December 2003, the Partnership adopted the Third Amendment to the Agreement which extends the term of the Partnership from eight to ten years. The general partner of the Partnership is Evercore Venture Management LLC. (the "General Partner"). The General Partner changed its name from eCompanies - Evercore Venture Management II L.L.C. on June 28, 2001. Pursuant to the terms of an Investment Advisory Agreement, Evercore Venture Advisors L.L.C. (the "Advisor"), a Delaware limited partnership, and an Affiliate of the General Partner, originates and recommends investment opportunities to the Partnership, monitors and evaluates investments and performs certain administrative services. The Partnership and Evercore Venture Partners (NQ) LP. rEVP (NQ)"), a Delaware limited partnership (a "Parallel Investment Partnership") and other Evercore related co-investors (Note 9) co-invest on a parallel basis in the securities of companies selected by the Advisor. EVP (NQ), however, has certain restrictions and limitations on investments that are not applicable to the Partnership. The Partnership will generally co-invest in the portfolio of securities with EVP (NQ) in the ratio of their respective aggregate Unfunded Capital Commitments. Francisco Partners, LP. MBZ The enclosed financial statements include the accounts of Francisco Partners, LP. and its parallel fund Francisco Partners Fund A, LP. (collectively the "Partnership"). The Partnership was organized as a Delaware limited partnership on May 8, 2000 to make investments in technology companies, both domestically and internationally, for long-term capital appreciation, using various transaction structures including leveraged buyouts, management buyouts, spinouts, recapitalizations, minority investments, restructurings and growth equity investments. Francisco Partners Fund A, L.P., which has total commitments of $12.3 million, was established to facilitate non-qualified investors investments in the same investments made by Francisco Partners, LP. Both funds share all Partnership investments and expenses on a pro-rata basis. The general partner of the Partnership is Francisco Partners GP, LW (the "General Partner), a Delaware limited liability company. Freescale Co-Investment XVI, LLC MBZ MBZ 1996 Trust (Non Exempt), Direct Co-Investment alongside Citigroup; Restructuring one of the leading semi-conductor design companies MHZ1983 Family Trust MorganStanley SmithBarney 137 EFTA00284479

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Generation Capital Partners II, LP. MB2 Generation Capital Partners II LP (the 'Partnership') is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act pursuant to an agreement entered into as of March 28, 2008 (the "Partnership Agreement'). The general partner of the Partnership is Generation Partners H LLC (the 'General Partner'). The Partnership will operate until March 28, 2010, unless terminated earlier or extended in accordance with the provisions of the Partnership Agreement. The Partnership was organized to achieve long-term capital appreciation by investing in equity and equity-oriented securities of privately help companies in HealthcareServices & Technology, Education, Media & Communications. allot Capital Partners I L.P. MB2 An Israeli venture capital fund investing in seed and early state software companies. Greycroft Partners II, LP. MB2 A venture capital fund led by Alan Patriooff. They seek to invest in promising digital media companies. They serve the founders and investors who have chosen us as their partners, and help them to build large, successful businesses. Greycroft invests between $500,000 and $5 million at inception, and will increase on a staged basis to double that amount over time. They invest alone or alongside other firms, and will accept a board seat when appropriate, although a board seat is not a prerequisite when syndicating with others. With offices in New York and Los Angeles, they also leverage an extensive network of media and technology industry connections to help their inostees gain visibility, build strategic relationships, and successfully bring their products to market. CS Capital Partners IL L.P. M82, M112 1996 Trust MBZ 1996 GSCapital Partners II, LP. (the "Partnership"), a Delaware limited partnership, was formed for the purpose of investing inequity, equity- Trust (Non Exempt) related and debt securities primarily acquired in privately-negotiated transactions, leveraged acquisitions, reorganizations and other equity transactions. The Partnership seeks to provide the partners with long-term capital gains through such investments. The Partnership commenced operations on April 15, 1995 and sold its last investment in 2009. GS Advisors, LLC. (the "General Partner"), a wholly-owned subsidiary of The Goldman Sachs Group, Inc. (the "Special Limited Partner"), extended the Partnership's term until April 15, 2009 in accordance with the Amended and Restated Agreement of Limited Partnership dated A0115, 1995 (the "Partnership Agreement"). At that time, the General Partner initiated the winding up of the Partnership's business in accordance with the Partnership Agreement. GS Capital Partners III, LP. M112 GSCapital Partners III, L.P. (the "Partnership"), a Delaware limited partnership, was formed for the purpose of investing in equity, equity- related and debt securities primarily acquired in privately-negotiated transactions, leveraged acquisitions, reorganizations and other equity transactions. The Partnership seeks to provide the partners with long-term capital gains through such investments. The Partnership commenced operations on June 4,1998. GS Advisors III, LLC. (the "General Partner"), a wholly-owned subsidiary of The Goldman Sachs Group, Inc. (the "Special Limited Partner"), has extended the Partnership's term until June 4, 2011 in accordance with the Amended and Restated Agreement of Limited Partnership dated June 4,1998 (the "Partnership Agreement"). MorganStanley SmithBarney 138 EFTA00284480

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Deurripdon CS Investment Partners (Off Shore) MB2 Crut Goldman Sachs Investment Partners Offshore, LP. (the "Partnership"), a Cayman Islands limited partnership, was formed to achieve attractive risk-adjusted returns with low correlation to traditional asset classes. The Partnership Invests all or substantially all of its assets in Goldman Sachs Investment Partners Offshore Aggregating Fund, L.P. (the "Aggregating Vehicle"), a Cayman Islands limited partnership. The Aggregating Vehicle in turn invests a significant portion of its asses in Goldman Sachs Investment Partners Master Fund, LP. (the "Master Partnership"), and its wholly owned subsidiary, Goldman Sachs Investment Partners Aggregating Fund Holdings Offshore, LP. (the "Holding Company). Goldman Sachs Investment Partners GP, LLC, a Delaware limited liability company, is the General Partner (the "General Partner") of the Partnership. CS Investment Strategies, LLC is the investment manager ("GSIS" or the "Investment Manager") of the Partnership. Both the General Partner and Investment Manager are affiliates of Goldman, Sachs & Co. ("Goldman Sachs"). The Partnership commenced operations on January 1, 2008 and will continue in existence until dissolved in accordance with the terms of the Amended and Restated Limited Partnership Agreement dated December 6, 2007 (the "Partnership Agreement"). At December 31, 2008, the Partnership had a 75.02% ownership in the Aggregating Vehicle. The performance of the Partnership is directly affected by the performance of the Aggregating Vehicle. These financial statements should be read in conjunction with the attached consolidated financial statements of the Aggregating Vehicle. CS Investment Partners (On Shore) MBZ 1996Trust Goldman Sachs Investment Partners, L.P. (the "Partnership"), a Delaware limited partnership was formed to achieve attractive risk-adjusted returns with low correlation to traditional asset classes. The Partnership invests all or substantially all of its assets in Goldman Sachs Investment Partners Aggregating Fund, LP. (the "Aggregating Vehicle"), a Delaware limited partnership. The Aggregating Vehicle in tum invests a significant portion of its assets in Goldman Sachs Investment Partners Master Fund, LP., (the "Master Partnership") and a wholly owned subsidiary, Goldman Sachs Investment Partners Aggregating Fund Holdings, LP. (the "Holding Company"). Goldman Sachs Investment Partners GP, LLC, a Delaware limited liability company, is the General Partner (the "General Partner") of the Partnership. GS Investment Strategies, LLC is the investment manager ("GSIS" or the "Investment Manager) of the Partnership. Both the General Partner and Investment Manager are affiliates of Goldman, Sachs & Co. ("Goldman Sachs"). The Partnership omnmenced operations on January 1, 2008 and will continue in existence until dissolved in accordance with the terms of the Amended and Restated Limited Partnership Agreement dated December 6, 2007 (the "Partnership Agreement"). At December 31, 2008. the Partnership had a 51.16% ownership in the Aggregating Vehicle. The performance of the Partnership is directly affected by the performance of the Aggregating Vehicle. These financial statements should be read in conjunction with the attached consolidated financial statements of the Aggregating Vehicle. MorganStanley SmithBarney 139 EFTA00284481

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fond Entity Description GS Private Equity Ruiners II, LP. M82. W2 1996Trust, 3-1B.2 1996 Trust (Non Exempt) GS Private Equity Partners IL L.P. (the "Partnership"), a Delaware limited partnership, was formed for the purpose of investing in pooled investment vehicles via capital commitments to the issuers of such investments ("Partnership Investments") and privately negotiated transactions ("Direct Investments"), generally sourced on a co-investment basis with certain other co -investment partnerships ("Co- Investment Partnerships"). The Partnership may receive distributions-in-kind from the Partnership Investments representing securities of the Partnership Investments underlying portfolio companies ("Security Immtments" and together with Partnership Investments and Direct Investments, "Portfolio Investments"). The Partnership may also make investments directly or indirectly related to the Partnership Investments, including underlying portfolio companies owned by Partnership Invmtments, swaps, options, and forward currency contracts. The Partnership is permitted to invest both domestically and internationally across all sectors of the private equity market. The Partnership commenced operations on February 21, 1998 and will continue in existence until the later to occur of (1) December 31, 2009 or (ii) one year after the date by which all of the Partnership's Portfolio Investments have been liquidated and the Partnership's obligations (including. without limitation, contingent obligations) have terminated. The Partnership may also be dissolved earlier as requested by GS PEP II Advisors, LLC. (the "General Partner'") or its term may be extended by the General Partner with the approval by a majority in Interest of the limited partners in accordance with the Amended and Restated Agreement of Limited Partnership dated November 1, 2008 (the "Partnership Agreement"). CS Vintage Fund, L.P. MHZ 1983 Family Trust CS Vintage Fund L.P. (the "Partnership"), a Delaware limited partnership, was formed for the purpose of investing in (I) pooled investment vehicles via capital commitments to the issuers of such investments ("Partnership Investments"), (ii) pooled investment vehicles purdased from the existing owners of such pooled investments and not from the issuers of such investments or transactions structured to share many of the characteristics and economics of such purchases ("Secondary Investments"), and (hi) privately negotiated transactions ("Direct Investments"), generally sourced on a co-investment basis with certain other co-investment partnerships ("Co-Investment Partnerships"). The Partnership may receive distributions-in-kind from the Partnership Investments and Secondary Investments representing securities of the Partnership Investments and Secondary Invmtmentil underlying portfolio companies ("Security Investments" and together with Partnership Investments, Secondary Investments and Direst Investments, "Portfolio Investments"). The Partnership may also make investments directly or indirectly related to the Partnership Investments and Secondary Investments, including underlying portfolio companies owned by Partnership Investments and Secondary Investments, swaps, options, and forward currency contracts. The Partnership is permitted to invest both domestically and internationally across all sectors of the private equity market. The Partnership commenced operations on November 5, 1998 and will continue in existence until the later to occur of (I) December 31, 2009 or (ii) one year after the date by which all of the Partnership's Portfolio Investments have been liquidated and the Partnership's obligations (including. without limitation, contingent obligations) have terminated. The Partnership may also be dissolved earlier as requested by CS Vintage Advisors, LLC (the "General Partneri") or its term may be extended by the General Partner with the approval by a majority in interest of the limited partners in accordance with the Amended and Restated Agreement of Limited Partnership dated November 5, 1998 (the "Partnership Agreement"). MorganStanley SmithBarney 140 EFTA00284482

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description I leartland Industrial Partners. LP. MBZ Heartland Industrial Partners, L.P. (the 'Partnership') is a Delaware limited partnership formed pursuant to an agreement entered into as of May 10, 2000 (the 'Partnership Agreement"). The Partnership is organized for the principle purpose of investing in corporate acquisitions and leveraged buyouts and makes investments as deemed advisable by Heartland Industrial Associates, LLC. (the 'General Partner') a Delaware limited liability company. Original investment idea surrounded Manufacturing opportunities in W in 2000. investments were made in 11/2000, 2/2001, 9/2001, 6/2002. 60% decline from the initial investment. 4 investments are still in the portfolio with a 5153mm valuation. Life of fund terminates in May 10, 2 -lyear extensions will likely be used. The Partnership tom is to continue through May 10, 2010, which may be extended by the General Partner for up to two consecutive one-year periods as described and provided for in the Partnership Agreement. In connection with an amendment to the Partnership Agreement, the Partnership's Commitment Period was terminated effective January 1, 2006. Accordingly, available capital commitments may no longer be drawn to fund new investments, but may be drawn to fund existing investments and expenses of the Partnership. Israel Infrastructure Fund IC LP. MBZ 1996 Trust MBZ 1983 Family Trust JPM Chace - Money Mkt McDonnell Morgan Stanley - Money Mkt Israel Infrastructure Fund (hereinafter - 'the Fund') represents three parallel partnerships: 1. Israel Infrastructure Fund I-A, LP. (hereinafter - 'the Partnership'); 2. Israel Infrastructure Fund I-B, L.P.; 3. Israel Infrastructure Fund IC, LP. The Fund intends to initiate and invest in infrastructure projects, entities and assets mainly in Israel. The Partnership was established on August 31, 2006, under the laws of the State of Israel pursuant to an agreement between theGeneral Partner and the Initial Limited Partner. The term of the Fund is ten years from the initial dosing, subject to up to two consecutive additional one-year extensions, as decided by the General Partner in its sole and absolute discretion. The Fund intends to initiate and invest in infrastructure poirds,entiti% and assets mainly in Israel, which offer investment opportunities with the potential to generate significant interest and dividend income and capital appreciation. MBZ Cash account, benchmarked against the Cltigroup 90 day T-Bill MBZ MBZ 19% Trust (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut The portfolio taken as whole will be structured over the long tom, first with an objective to seek to preserve principal, and second to seek to enhance capital value. Investment include: (1) Short term tax-free money market instruments, (2) Municipal obligation and (3) US treasuries and agency securities. The investment objective is to be competitive with the appropriate Barclays Capital Muni Bond index (Barclays Capital 5 Year Muni Bond Index) depending upon the average maturity and duration of the portfolio at that time. MBZ MBZ 1996Trust MBZ 19% Trust Cash account benchmarked against the Otigroup 90 day T-Bill (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut, USN Crut MorganStanley SmithBarney 141 EFTA00284483

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Morgan Stanley Credit Partners Fund, LP. MBZ MBZ 1%6 Trust (Non Exempt), The Morgan Stanley Credit Partners Fund LP has been organized to make investments in the corporate credit markets. The Fund intends to USN College Marketing Inc., MBZ Out invest on a global basis in order to assemble an investment portfolio of up to 20 to 25 primary market invisments. The Fund's primary market investments are expected to be comprised primarily of fixed income loans and securities, including preferred stock (which may include an equity component) made in the context of corporate transactions such as acquisitions, debt refinancing, capital structure restructurings„ leveraged buyouts and DIP financings. The Fund will seek to maximize risk-adjusted returns by investing selectively in transactions where issuers cannot access the high yield or leveraged loan markets or where those markets cannot provide the certainty, speed, flexibility or confidentiality that such issuers may require. Importantly, the Fund will seek to leverage the proprietary deal flow and due diligence advantage embedded in the Morgan Stanley platform. The Fund will have the flexibility to invest in secondary market purchases. Morgan Stanley Credit Partners Onshore MBZ MBZ 19% Trust (Non Exempt), A Mezzanine Debt Fund organized to make investments in the corporate credit markets. The Fund intends to invest on a global basis in USN College Marketing Inc., MBZ Gut order to assemble an investment portfolio of up to 20 to 25 primary market investments. The Fund's primary market investments are expected to be comprised primarily of fixed income loans and securities, including preferred stock (which may include an equity component) made in the context of corporate transactions such as acquisitions, debt refinancing. capital structure restructurings, leveraged buyouts and DIP financings. The Fund will seek to maximize risk-adjusted returns by investing selectively in transactions where issuers cannot arcs the high yield or leveraged loan markets or where these markets cannot provide the certainty, speed, flexibility or confidentiality that such issuers may require. Morgan Stanley-Muni Bonds - IT MBZ MBZ 19% Trust (Non Exempt), Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income MBZ 1996 Trust ItIBZ Cnit Morgan Stanley-Muni Bonds - LT MBZ MBZ 19% Trust (Non Exempt) Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income Morgan Stanley-Muni Bonds -ST MBZ MBZ 19% Trust (Non Exempt), Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income MBZ 1996Trust MBZ 1983 Family Trust, MBZ Gut, USN College Marketing Inc. Patricof Private Investment Club II, L.P. MBZ Patricof Private Investment Club II, LP. is a limited partnership organized on May 1, 1%8 under the laws of Delaware. The purpose of the partnership is to invest in equity securities ranging from early stage investments to later stage investments and turnaround situations in parallel with AM Excelsior V partnerships ("companion funds") with the objective of realizing long term capital appreciation. MorganStanley SmithBarney 142 EFTA00284484

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

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fond Quadrangle Capital Partner, LP. Quellos Co-Investment Fund II, LP. Quellos Co-Investment Fund, L.P. Entity MBZ MBZ USN College Marketing Inc., MBZ 1996 Trust (Non Exempt), MBZ 1996 Trust, MBZ 1983 Family Trust, MBZ Crut MBZ USN College Marketing Inc, MBZ 1996 Trust (Non Exempt), MBZ 1996 Trust, MBZ 1983 Family Trust, MBZ Crut Quellos Financial Ventures II, (CRT), L.P. MBZ MBZ Crut Quellos Private Capital 2002, LP. (US Mat MBZ MBZ 1996 Trust, MBZ 1983 Family Trust Queues Private Capital IL L.P. MBZ MBZ 1996 Trust, MBZ 1996 Trust (Non Exempt) Description QCP has Invested in a diversified portfolio of 19 companies that cover a wide range of media and communications sectors within our investment scope. OveralL we are pleased with the portfolio's progression. QCP is fully committed and will not add new portfolio companies; our five-year commitment period ended on May 23, 3005. QBCo-Inveitment Fund H. LP. CCe:F II' or the `Fund) is being established as a successor fund toQB Co-Investment Fund, L.P. CQCF Similar to QCF I, the Fund will be structured to make select cciinvittments primarily with the general partners and investment managers underlying our Absolute Return Strategies CARS') and Private Capital Strategies CFCS" funds of funds. Quellos Co-Investment Fund, LP. ("QCF" or the 'Fund') is organized as a Delaware series limited partnership. The Fund's objective is to generate returns for investors through concentrated exposure to «o-investments and special purpose fund invittment primarily with the general partners and investment managers underlying Quellos* absolute return and private capital funds of funds. Quellos Financial Ventures IL L.P. CQFV IP or the 'Fund) is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in the first quarter of 2004. The Fund's objective is to generate superior risk-adjusted returns for investors by investing in a portfolio of hedge fund strategies (relative-value, event-driven, hedged-directional) and will attempt to enhance returns through a venture capital structure in the underlying hedge fund managers: Investing in Prop-Trading desks and Hedge Fund Groups. Taking operating interest participating in mgmt fees and performance fem. Only 3 funds left in portfolio: Blueliarbor, Rosegrove, Stylous Quellos Private Capital 2002, L.P.is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in the first quarter of 2004. The Fund's objective is to generate superior Mk-adjusted retinas for investors by investing in a portfolio of hedge fund strategies (relative-value, event-driven hedged-directionati. PE FOF Investing in mature company and venture interest only. 38% LBO, 9% Distressed, 3% Mee. 3% SS, 46% Venture Capital. Quellos Private Capital U. LP. is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in the first quarter of 2004. The Funds objective is to generate superior risk-adjusted returns for investors by investing in a portfolio of hedge fund strategies (relative-value, event-driven, hedged-directional). PE FOF Investing in mature company and venture interest only. 40% LBO, 8% Distressed, 6% SS, 44% Venture Capital. MorganStanley SmithBarney 144 EFTA00284486

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Descripdon Seix Templeton Global Bond Fund US Trust (BOA) - Money Mkt Valor Equity Partners II, LP. MBZ MBZ 19% Trust, MBZ 19% Trust (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MB2.Crut, USN Out MBZ 1996Trust (Non Exempt) MBZ USN College Marketing Inc. MBZ The Investment Advisor will actively manage the portfolio with the goal of achieving favorable long term, consistent performance at acceptable risk levels by investing in a diversified portfolio of Investment Grade and High Yield Bonds. The portfolio will not invent in: (1) Common Stock, (2) Derivatives, (CDS, Futures, Options, etc.) and (3) Convertibles. In addition, with the exception of the U.S Government, Federal Agencies, and Government-Sponsored Enterprises, the portfolio will not (1) invest more than of its assets in the securities of any single issuer or (2) invest more than 25% of its assets in any one corporate sub-sector. The investment objectives of the SEIX bonds: (1) Investing in taxable Corporate Bonds (2) Realizing Absolute Return A mutual fund that seeks current income with capital appreciation and growth of income by investing predominantly in bonds of governments and government agencies located around the world. The fund's quantitative and qualitative analysis is supplemented with on- the-ground research, leveraging the resources of local analyst around the world to identify investment opportunities and risks that a solely US.-based manager might miss. Research efforts focus on rigorous country analysis to identify economic imbalance leading to value opportunities in currencies, interest rates (duration) and sovereign credit. Cash account. benchmarked against the Citigroup 90 day T-Bill Valor equity partners II LP. Is a Delaware is a Limited partnership formed pursuant to and in accordance with the Delaware revised uniform limited partnership act. The partnership wasorganized for the principal purpose of (a) investing in securities of the kind and nature described in the partnerships confidential private offering memorandum, (b) managing and supervising such investments and (c) engaging in such other activities incidental or ancillary thereto as the general partner deems necessary of advisable. MorganStanley SmithBarney 145 EFTA00284487

Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fend Entity Description VSS Comunkations Partners IV, L.P. MB2 1996 Trust MBZ 1996 Trust (Non VSS Communications Partners IV's combined financial statements include the financial statements of VSS Communications Partners IV, LP. Exempt) ("CP IV"), VSS Communications Parallel Partners IV L.P. (the "Parallel Fund"), and VSSCommunications Parallel II Partners IV, LP. (the "Parallel II Fund," and together with CP IV and the Parallel Fund, collectively referred to as "VSS IV" or the "Partnership"). There are no intercompany balances within the combined financial statements. CP IV is a Delaware limited partnership formed pursuant to an Amended and Restated Limited Partnership Agreement (the "CP IV Agreement") dated as of September 27, 2004 (the date of initial dosing and inception of CP IV). The Parallel Fund is a Delaware limited partnership formed pursuant to the CP IV Agreement and an Amended and Restated Limited Partnership Agreement (the "Parallel Fund Agreement") dated as of September 27, 2004 (the date of initial dosing and inception of the Parallel Fund). The Parallel II Fund is a Delaware limited partnership formed pursuant to the CP IV Agreement and an Amended and Restated Limited Partnership Agreement (the "Parallel II Fund Agreement," and together with the CT IV Agreement and the Parallel Fund Agnoment, the "Partnership Agreement") dated as of June 30, 2005 (the date of initial closing and inception of the Parallel II Fund). Pursuant to an amendment to the Partnership Agreement, which was approved in February 2006, the Outside Date was extended to April 30, 2006. The investment objedive of VSS IV is to achieve long-term appreciation of capital contributed by the Limited Partners and the General Partner (together, the "Partners") of CT IV, the Parallel Fund and the Parallel II Fund through emphasis on investments in middle market media, communications and information ("Media") companies primarily in North America and Europe. The performance of VSS IV may be affected by economic developments within the media industry. The general partner of VSS IV is VSS Equities IV, L.L.C. (the "General Partner"). The managing members of the General Partner are John J. Veronis, John S. Suhler, Jeffrey T. Stevenson, Marco Sodi and Scott). Troeller. The statement of changes in partners capital presents separately the interest of the General Partner and VSS Waiver Entity LLC. The following brief description of the Partnership Agreement is provided for general information purposes. Partners should refer to the actual agreements for more complete information. The terms of the CP W, the Parallel Fund, and the Parallel II Fund Agreements are substantially similar in all material respects. All capitalized terms used herein, unless otherwise defined herein, shall have the meanings ascribed to such terms in the CP IV Agreement, the Parallel Fund Agreement, and the Parallel II Fund Agreement. Z CAP - Money Mkt 2 CAP • Money Mkt MBZ NM19967mA MBZ 19% Trust Cash account benchmarked against the Cltlgroup 90 day T-Bill (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZCrut MBE MBZ 1936 Trust, MB2 19% Trust Cash account benchmarked against the Citigroup 90 day T-Bill (Non Exempt), 4•1B2 1983 Family Trust, USN College Marketing Inc., MBZCrut MorganStanley SmithBarney 146 EFTA00284488

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