/05 TO 11/30/05 15 OF 17 TRADING ACTIVITY FOR THE MONTH DESCRIPTION VALASSIS COMMUNICATIONS INC OFFSHORE ARRANGING FLIP TO 736F10 FROM 746FY0 VALASSIS COMMUNICATIONS INC DONE AT KBC FINANCIAL PRODUCTS VALASSIS COMMUNICATIONS CVT 144A 01.0843 05/22/2033 DONE AT KBC FINANCIAL PRODUCTS VALASSIS COMMUNICATIONS INC SR

2 JOURNAL 9/O P G FROM TO 01 12/02 JOURNAL 134,000 VALASSIS COMMUNICATIONS 83,972.49 01.0843 05/22/2033 TO FROM 01 12/02 JOURNAL 134,000 VALASSIS COMMUNICATIONS INC SR 83,972.49 01.0843 05/22/2033 TO FROM 01 12/02 JOURNAL -134,000 VALASSIS COMMUNICATIONS INC SR 83,972.49 01.0843 05/2 TO FROM 01 12/0

NCING 199,690.73 FROM 2F8EE0 TO 746FY0 01 02/08 WIRED FUNDS RECEIVED BY WIRE 7,862.00 746F10 HIGHBRIDGE CAPITAL MANA 01 02/08 JOURNAL -940 VALASSIS COMMUNICATIONS INC 26,137.17 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 03 02/08 JOURNAL -1,950 AMGEN 144,943.95 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746F

018.62 DONE AT EDGETRADE.COM INC. 03 05/24 BOUGHT 650 VORNADO REALTY TR 90.02710 58,521.19 DONE AT EDGETRADE.COM INC. 03 05/24 BOUGHT 510 VALASSIS COMMUNICATIONS INC 28.39720 14,485.38 DONE AT EDGETRADE.COM INC. 03 05/24 BOUGHT 3,753 ALLERGAN INC 95.68370 359,121.03 CORRECTION DONE AT EDGETRADE.COM INC.

FLIP TO 736FY0 FROM 746FY0 HCC INSURANCE HOLDINGS INC PRICE DEBIT CREDIT 19,872.51 17,433.57 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 VALASSIS COMMUNICATIONS INC 28.38380 19,872.51 DONE AT EDGETRADE.COM INC. HCC INSURANCE HOLDINGS INC 30.57970 17,433.57 DONE AT EDGETRADE.COM INC. ALLERGAN INC 94.48000

9 FROM TO DUKE ENERGY HLDG CORP 120,781.19 OFFSHORE ARRANGING FLIP TO MINIM. FROM ALLERGAN INC 359,121.03 OFFSHORE ARRANGING FLIP TO FROM VALASSIS COMMUNICATIONS INC 14,485.38 OFFSHORE ARRANGING FLIP TO FROM VORNADO REALTY TR 58,521.19 OFFSHORE ARRANGING FLIP TO FROM AMERICAN FINL GROUP INC 22,018.62 O

06/27 JOURNAL S/D FINANCING 1,998.01 FROM TO 01 06/27 WIRED FUNDS RECEIVED BY WIRE 5,194.00 HIGHBRIDGE CAPITAL MANA 03 06/27 JOURNAL -150 VALASSIS COMMUNICATIONS INC 3,996.03 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 03 06/27 BOUGHT 150 VALASSIS COMMUNICATIONS INC 26.63470 3,996.03 DONE AT EDGETRADE.COM INC.

S RECEIVED BY WIRE 746FY0 HIGHBRIDGE CAPITAL MANA PRICE DEBIT CREDIT 1,013.25 9,395.00 S/D FINANCING RETURN 1,013.25 FROM 746FY0 TO 2F8EE0 VALASSIS COMMUNICATIONS INC 2,026.51 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 VALASSIS COMMUNICATIONS INC 28.94390 2,026.51 DONE AT EDGETRADE.COM INC. ADJUST CREDIT

P TO 736FY0 FROM 746FY0 03 11/08 BOUGHT 500 HCC INSURANCE HOLDINGS INC 32.31320 16,159.35 DONE AT EDGETRADE.COM INC. 01 11/08 SOLD -789,000 VALASSIS COMMUNICATIONS INC SR 62.15630 494,310.55 01.0843 05/22/2033 CORRECTION AS OF 11/06/06 DONE AT BEAR,STEARNS & CO.INC. 01 11/09 JOURNAL S/D FINANCING RETURN 53

MONTH DESCRIPTION PRICE DEBIT CREDIT 03 03/14 BOUGHT 2,000 AMGEN 73.65000 147,300.09 DONE AT EDGETRADE.COM INC. 03 03/14 BOUGHT 1,500 VALASSIS COMMUNICATIONS INC 28.53670 42,806.47 DONE AT EDGETRADE.COM INC. 01 03/15 JOURNAL "0 FROM 17,782.53 01 03/15 JOURNAL S/D FINANCING 17,782.53 FROM 2F8EE0 TO

UANTITY TRADING ACTIVITY FOR DESCRIPTION THE MONTH PRICE DEBIT CREDIT 03 11/25 MRKD/MARKET MARK TO MARKET 15,305.66 03 11/25 JOURNAL -850 VALASSIS COMMUNICATIONS INC 25,481.93 OFFAINIRRAN P TO FROM 01 11/28 MRKD/MARKET MA RKET 224,236.24 01 11/28 WIRED FUNDS PAID BY WIRE 14,403.00 WIRE TO CITIBANK 0

6FY0 01 11/25 JOURNAL 134,000 VALASSIS COMMUNICATIONS CVT 144A 83,972.49 01.0843 05/22/2033 TO 736F10 FROM 746FY0 01 11/25 JOURNAL 134,000 VALASSIS COMMUNICATIONS INC SR 83,975.97 01.0843 05/22/2033 TO 736FY0 FROM 746FY0 CREDIT FIRST I SUISSE BOSTON CREDIT SUISSE FIRST BOSTON LLC ELEVEN MADISON AVENUE N

ALASSIS COMMUNICATIONS CVT 194A 418,400.87 01.0843 05/22/2033 TO FROM 03 11/09 MRKD/MARKET MARK TO MARKET 32,337.93 03 11/09 JOURNAL -9,972 VALASSIS COMMUNICATIONS INC 139,073.37 OFFSHORE ARRANGING FLIP TO FROM 01 11/10 MRKD/MARKET MARK TO MARKET 66,045.02 01 11/10 JOURNAL -655,000 VALASSIS COMMUNICATION

Q Olt INCOME ACTIVITY FOR THE MONTH DESCRIPTION TAXPAYER ID. STATEMENT PERIOD UNDISCLOSED 11/01/05 TO 11/30/05 PAGE 20 OF 24 DEBIT CREDIT VALASSIS COMMUNICATIONS INC SR 3,551.08 01.0843 05/22/2033 INTEREST CREDIT 11/22/05 ON 655000 BONDS PORTFOLIO TYPE LONG OR SHORT(S) DESCRIPTION EQUITIES PRICE MARKE

55.34 01 12/02 JOURNAL -134,000 VALASSIS COMMUNICATIONS CVT 144A 83,972.49 01.0843 05/22/2033 TO 736FY0 FROM 746FY0 01 12/02 JOURNAL 134,000 VALASSIS COMMUNICATIONS INC SR 83,972.49 01.0843 05/22/2033 TO 736F10 FROM 746FY0 01 12/02 JOURNAL -134,000 VALASSIS COMMUNICATIONS INC SR 83,972.49 01.0843 05/22/2033

PAGE 20,10 UNDISCLOSED 12/01/05 TO 12/31/05 21 OF 21 PORTFOLIO PRICE MARKET ESTIMATED CURRENT VALUE ANNUAL INCOME YIELD % 01 789,000 VALASSIS COMMUNICATIONS INC SR 61.50000 485,235.00 8,552.76 1.763 NT CV1. 01.0843 05/22/2033 01 2,000,000 VORNADO RLTY L P SR 104.37500 2,087,500.00 77,500.00 3.7

.3890 05/13/2033 01 4,000,000 SUPERVALU INC SR CVT BOND 11/02/2031 01 500,000 UNISOURCE ENERGY CORP CVT 144A 04.5000 03/01/2035 01 789,000 VALASSIS COMMUNICATIONS INC SR NT CV1. 01.0843 05/22/2033 TOTAL PRICED PORTFOLIO ACCOUNT TAXPAYER ID. STATEMENT PERIOD PAGE 736FY UNDISCLOSED 08/01/06 TO 08/31/06 18

K TO MARKET 341,586.58 03 02/07 MRKD/MARKET MARK TO MARKET 341,586.58 01 02/08 MRKD/MARKET MARK TO MARKET 153,922.08 01 02/08 JOURNAL 940 VALASSIS COMMUNICATIONS INC 26,137.17 OFFSHORE ARRANGING FLIP TO 736FY0 FROM 746FY0 03 02/08 MRKD/MARKET MARK TO MARKET 153,922.08 03 02/08 JOURNAL 1,950 AMGEN 144,943

NAL CREDIT aUISSE)1.tt QUANTITY -1,000 -1,000 -1,700 -800 -800 TOa USD/EUR MARK TO MARKET 2,500 AMGEN JNL SHORT A/C TO MARGIN A/C -940 VALASSIS COMMUNICATIONS INC CLOSE SHORT VS BOX -1 INVITROGEN CORP CLOSE SHORT VS BOX MARK TO MARKET -2,500 AMGEN JNL SHORT A/C TO MARGIN A/C 1,000 AMGEN OFFSHORE AR

. STATEMENT PERIOD PAGE TRADING ACTIVITY FOR THE MONTH TYPE DATE TRANSACTION QUANTITY DESCRIPTION PRICE DEBIT CREDIT 03 02/27 JOURNAL 940 VALASSIS COMMUNICATIONS INC CLOSE SHORT VS BOX 03 02/27 JOURNAL -4,000 DUKE ENERGY CORP 114,764.47 OFFSHORE ARRANGING FLIP TO FROM 03 02/27 JOURNAL -900 VORNADO REALT