CONSOLIDATED PORTFOLIO PERFORMANCE REPORT

CONSOLIDATED PORTFOLIO PERFORMANCE REPORT MORTIMER B. ZUCKERMAN AND RELATED ENTITIES December 31, 2012 PREPARED AND COMPILED BY: IRA MARK EVAN MOST STEPHEN MONROY ADDMONAL PORTIONS PREPARED BY: NEIL MAHESHWARI LYON POLK MORGAN STANLEY SMITII BARNEY FINANCIAL ADVISORS EFTA00283449 Mortimer B. Zuckerman and Related Entities Table of Contents Section I. Page Portfolio Overview • Summary of Investment Assets 1 • Detail of Investment Assets 4 • Consolidated Statement of Selected Assets 11 • Private Capital Portfolio Summary 18 II. Performance Reports • Mortimer B. Zuckerman 22 • The MBZ 19% Trust (GST Exempt) 31 • The MBZ 19% Trust (GST Non-Exempt) 36 • The MBZ 1983 Family Trust 41 • USN College Marketing, Inc. 46 • The MBZ Charitable Remainder Unitrust 50 • The USN Charitable Remainder Unitrust 55 • MBZ 1992 News Trust 58 Cash Account Activity • Mortimer B. Zuckerman 61 • The MBZ 19% Trust (GST Exempt) 72 • The MBZ 19% Trust (GST Non-Exempt) 76 • The MBZ 1983 Family Trust 80 • USN College Marketing, Inc. 83 • The MBZ Charitable Remainder Unitrust 86 • The USN Charitable Remainder Unitrust 90 MorganStanley SmithBarney EFTA00283450 Mortimer B. Zuckerman and Related Entities Table of Contents Section Page IV. Appendices • (A) Boston Properties, Inc. 92 • (B) Boston Properties, Inc. (Options) 93 • (C) Schedule of Private Capital Money Movements 95 • (D) Schedule of Transfers to Selected Investments 100 • (E) Schedule of Secured Debt 102 • (F) Schedule of Unsecured Debt 103 • (G) Schedule of Loan Guarantees 104 • (I-I) Schedule of Contingent Obligations 105 • (1) Fixed Income Summary / Distribution by Product Sector / Maturity Distribution Graph N/A V. Personal Expenses • MBZ Personal Expenses 106 VI. Balance Sheet • Mortimer B. Zuckerman 116 • The MBZ 19% Trust (GST Exempt) 121 • The MBZ 19% Trust (GST Non-Exempt) 123 • The MBZ 1983 Family Trust 125 • USN College Marketing, Inc. 127 • The MBZ Charitable Remainder Unitrust 128 • The USN Charitable Remainder Unitrust 130 • MBZ 1992 News Trust 131 MorganStanley SmithBarney EFTA00283451 Mortimer B. Zuckerman and Related Entities Table of Contents Section Page VII. Descriptions Of Investments • Descriptions Of Investments For MBZ And Related Entities 132 VIII. Disclosures • Disclosures 150 MorganStanley SmithBarney EFTA00283452 Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2012 Asset Allocation 0/0 for Policy Assets U.S. Equities 0.9% Taxable Fixed Income 10.2% Private Capital 35.7% AIP Offshore Hedge Funds 2.3% Municipal Securities 7.9% AIP Onshore Hedge Funds 1.9% TOTAL POLICY ASSETS Cash 11.5% Corporate 6.2% Corporate Bonds 11.6% Global Bonds 3.9% Hedge Funds - Direct 8.0% Asset Allocation 0/0 for Investment Assets Zuckerman Real Properly& Personal Holdngs Options 3.1% 3.1% Personal Assets 4.7% Other Assets 0.0% Notes and Loans Receivable 4.0% Family BuSsnOSSet 223% BXP (Common) 62% BXP (Vested Options inxiCnOs)- 15% Corporso Municipal secuadife 1.8% BXP (OPUS) BXP (Nonvestect 312% PrivaleCapital —Options and LTIPs) 82% Co morale Bonds 2.7% Tax:alder Odd Income 23% U.S.Boudles 02% Global Bonds 02% AIP Onshore Hedge Funds OA% AIP Onshore Hed( Funds 05% Hedge Funds -Direct 11% OA% $591,141,477 TOTAL EXCLUDING LIABILITIES Pkase rote: The Teal Non•Policy Asses figure does net include the Presmt Valued Future MBZ Con Distnbubens and the Present Value of Future USN Out Distnbubons Pkase rote, Obbptions To Related Parties Include: (1) BR, Inc. ?Lazy V Motor Yacht) (2) Pauline C.enler (3) USN Aviation • (2WA, Inc.) (4) ZAS, LLC• (lValdor( Right Services) (5) the MBZ News 1992 Trust UAD 12.29.92 Please rote, Unsecured Obligations To Thud Parties Include: (1) MB2 Printing (APT. LP) (2) Krall Payments (3) Daily Noes, LP. • NJEDA (4) Daily News. LP.- HUD (5) Citibank Revolving lane of Credit (6) Bank of America Revoking Line of Credit $2,584,817,772 MorganStanley SmithBarney EFTA00283453 Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2012 Investment Assets 11/30/2012 Value 12/3I/2012 Value Total Asset Allocation % Policy Asset Allocation % Cash 53,271,406 67,764,347 26% 11.5% Municipal Securities 51,026,515 46,412,832 1.8% 7.9% Corporate 40,645,377 36,431,095 1.4% 6.2% Corporate Bonds 63,955,670 68,813,105 27% 11.6% Taxable Fixed Income 44,295,142 60,111,610 23% 10.2% US. Equities 5,563,095 5,438,298 0.2% 0.9% Global Bonds 21,187,809 23,183,861 0.9% 3.9% AIP Onshore Hedge Funds 11,087,183 11,192,543 0.4% 1.9% AIP Offshore Hedge Funds 13,320,150 13,503,595 0.5% 2.3% Hedge Funds-Direct 46,571,814 47,192,914 1.8% 8.0% Private Capital 217,825,837 211,097,278 8.2% 35.7% Total Policy Assets $568,749,997 $591,141,477 22.9% 100.0% Boston Properties, Inc. (Closing Price: $105.81) BXP (Common) 179,683,988 159,188,786 6.2% BXP (NonVested Options and LTIPs) 9,732,762 10,345,754 0.4% BXP (OPUS) 786,880,631 816,245,854 31.6% BXP (Vested Options and LTIPs) 37,438,486 38,906,707 1.5% Family Businesses 573,548,815 580,639,230 225% Notes and Loans Receivable 104,503,126 104,503,126 4.0% Other Assets 985,885 1,028,281 0.0% Personal Assets 121,490,705 121,490,705 4.7% Zuckerman Personal Holdings 80,500,000 80,500,000 3.1% Real Property tt Options 80,827,852 80,827,852 3.1% Total Non-Policy Assets $1,975,592,250 $1,993,676,295 77.1% Obligations To Related Parties -86,150,993 -88,249,897 Mortgages -56,890,189 -56,788,944 Unsecured Obligations To Third Parties -222,431,592 -225,661,723 Total Liabilities ($365,472,774) (4370,700,564) Please rote: The Teal Non•Policy Assets figure does not include the l'resnu Value of Future MBZ Out DistnIxibeas and the Present Value of Future USN Out Distnbuborn Please note, Obbptions To Related Parties Include: (1) BR, Inc. P Lazy 2' Motor Yacht) (2) Pauline Cenler (3)05N Aviation • (ZWA, Inc.) (4) VS, LLC• (tValelorf Flight Services) (5) The MBZ News 1992 Trust UAD 1229.92 Please note, Unsecured Obligabons To Thud Parties include: (1) MBZ. Printing (APT. LP) (2) Krall Payments (I) Duly Noes, LP. • NJEDA (4) Daily New LP.- I IUD (5) Citibank Revolving Lined Credit (6) Bank et Amoco Revolving Line of Credit MorganStanley SmithBarney 2 EFTA00283454 Mortimer B. Zuckerman and Related Entities Summary of Investment Assets - December 31, 2012 11/342012 12/31/2012 Total Asset Polley Asset Investment Assets Value Value AlbeaHon % Allocation % Total Excluding Liabilities 32,544,342,248 32,584,817,772 100.0% Total Investment Assets 32,178,869,474 82,214,117,208 Pkase rote: The Taal Non•Policy Assets figure does cwt include the l'resnu Value of Future MBZ Cmt Dismbubens and the Present Value of Future USN Out Distnbuboro Pkase rote, Obbgations To Related Parties Include: (1) BR, Inc. f Lazy T Motor Yacht) (2) Pauline Center II) USN Aviation • (2WA, Inc.) (4) ZAS, LLC• (tValdorf Right Services) (5) The MBZ News 1992 Trust UAD 12.29.92 Please note, Unsecured Obligabons To Third Parties include: (1) MBZ Printing (APT. LP) (2) Krall Payments (I) Daily Ne•Al., LP. • NJEDA (4) Daily New LP.-11(10 (5) Otibank Revolving lined Credit (6) Bank America Revolving Line of Credit MorganStanley SmithBarney 3 EFTA00283455 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset Class/inveshnert Endnotes MBZ 111112199chust M021996 Trust MBZ 1983 USN College MBZ CRUM' USN CRUT MBZ 1992 Columbia Total (CST Exempt) (CST Non-Fxemp0 Family Trust Marketing, Inc. News Trust CRUTs Cash Bank of America - MMF 10,112 11,987 22,099 JPM Chase -Checking 133484 133,484 JPM Chase - Money Mkt 98,704 • 98,704 Morgan Stanley- Money Mkt 15,063,700 3,158,852 9,124,231 1.254,906 2,754,541 33,094,427 90,478 64,541,134 Operating Account 1996 TR (All') 1,482.577 • 1,482,577 Operating Account MBZ CRUT (Al?) • 1,486,349 1,486,349 Total Cash 515206,000 $4,641,429 $9,124,231 $1,254,906 52,766327 $34,580,775 5913,478 $67,764,347 Municipal Securities Citibank - Muni Bonds 12,299,472 • 12,299,472 Morgan Stanley- Intermediate Term Muni Bonds 10,795,845 4,511,490 4,657,889 776,074 3,116,722 23,858,020 Morgan Stanley- Long Term Mimi Bonds 8,151,417 568,758 - 256,808 140,731 9,117,713 Morgan Stanley- Short Term Muni Bonds 618,192 • 260,473 258,962 1,137,626 Total Municipal Securities $31,864,927 $5,080248 $4,918,361 5258,962 $1,032,882 53,257,453 $46,412,832 Corporate Citi - Corporate Bonds 16,114506 19,459 1,976,249 10,999,541 7,324340 36,431,095 Total Corporate $16,113506 $19,459 $1,976,249 $10,994541 57,322340 $36,431,095 Corporate Bonds Seix 6,475284 8,056,632 24,871,338 6273,896 3,923,331 12,915,371 6,297,250 68,813,105 Total Corporate Bonds $4475,284 $8,056,632 524,871,338 $6,273,896 53,923,334 02,915271 $6,297..50 $68,813,105 Taxable Fixed Income Doubkline Total Return - Intermediate Term 2,689,662 1,856,683 4,142,892 2,032,024 - 8,137,367 430,019 19,288446 Lord Abbett Short Duration- Short Tenn 10,012,931 11229,756 2,917,193 2,306,732 13455,734 900,618 40,822,964 Total Taxable Fixed Income $12,702,593 51.854683 $15,372,648 $4,949,217 $2,306,732 521,593,101 51,330,637 $60,111,610 US. Equities Goldman Sachs MLP 5,438,298 5,438,298 Total U.S. Equities 55,438,298 55,438,298 Global Bonds Gluskin Shelf • • - • • 9,936,870 - 9,936,870 Templeton Global Bond Fund 2,844,040 1,284580 3.496,917 1,760,876 796,243 2,617,106 41Z 230 13,246,991 Total Global Bonds $2,844,040 $1289,580 53,496,917 $1,760,876 $796243 512,583.976 4412,230 $23,183,861 1) The above values represent a summary et the attune monthly values presented In the Individual entity pages In Section II. For additional Information regarding Individual Investments please refer to Section II. 2) Pkose note: The Family Businesses figure Includes the Present Value of Future USN Out Dumbuttom. The tamed Value of Future MBZ [rut DatrIbutIons Is part e4 Other Investment Assets MorganStanley SmithBarney 4 EFTA00283456 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset aaszilnvestmett Endnotes MBZ P.1821996 Tun M82 19% Trust MBZ 1983 USN College MBZ Garr USN CRUT MBZ 1992 Columbia Total (CST Exempt' (CST Non•Fxempt) Family Trust hlaskaing, Inc. News Trust CRUTs AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 390,113 390,113 Double Black Diamond Class C (All') 1,263,073 1,263,073 GEM Realty Securities LP (All') 1,202,850 1,202,850 HBK Fund ll LP (AIP) 1,352,197 1,352,197 LIM Asia MultiStrategy Fund (AIP) 1,046,115 1,046,115 Man AHL Diversified ll USA (AIP) 452,789 452,789 Mariner Tricadia Credit Stmt (MP) 1,178,042 1,178,042 klillenium USA LP (All') 1,362.436 1,362,136 MQ Asian Alpha fund (AIP) 62%734 671k734 Seligman Tech Spectrum Fund (All') 1,048,406 1,018,106 York Credit Opportunity Fund (AIP) 1,267,486 1,267,486 Total AIP Onshore Hedge Funds $11,192,543 311,192,543 AIP Offshore Hedge Funds Boronia Diversified Fund (AIP) 449,993 449,993 Double Black Diamond Class C (AIP) 1,661,087 1,661,087 HBK Offshore Fund II Ltd. (All') 613,516 613,516 LIM Asia Multi-Strategy Fund (AIP) 1,037,203 1,037,203 Mariner Taicadia Credit Stiat (AIP) 1,178,006 1,178,006 klillenium Intl Ltd - Class EE (AIP) 1,229,159 1,229,159 MQ Asian Alpha fund (AIP) 608,851 608,851 Oz Overseas Fund Ltd. (AIP) 2,177,218 2,177,218 QFR Victoria Fund (AIP) 1,681,295 1,681,295 Seligman Tech Spectrum Fund (AIP) 562,756 562,756 Taconic Opportunity Fund (AIP) • 1,055,049 1,055,019 York Credit Opp Unit Trust (AIP) • 1,249,462 1,249,462 Total AIP Offshore Hedge Funds $13,503.595 313,503,595 1) The above values represent a summary et the current monthly values presented In the Individualentity pages in Section II. For additional information rep/Wing individual investments please ram to Section II. 2) Please note: The Family Businesses figure includes the Present Value of Future USN Crut Distnbutiom. The PICSall Value of Future MBZ Crut Distributions is part et Other Investment Assets MorganStanley SmithBarney 5 EFTA00283457 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset ClattgrInvestmeet Fascinates MBZ 111821996111ml M821996 Trust MBZ 1983 USN College MBZ CRUT USN CRUT MBZ 1992 Columbia Total (CST Exemptl (CST Non•Fxemptt Family Trust Marketing, Inc. News Trust CRUTs Hedge Funds -Direct AIP Custom HF Solutions - 11,786,794 11,786,794 American Steadfast, L.P. 53311,998 5,911,998 AP Investments Europe Limited 7,619 7.649 Ascot Fund Limited 0 0 Blackstone Offshore Fund II - 2,298,697 2,298,697 Castle Advisors, L.P. 14,422 106,365 120,787 CA Absolute Return Muni Strategy, L.P. - 5,260,317 5,750,747 11,011,064 CS Hedge Fund Seeding Strategy 3,021,970 - 3,021,970 CS Investment Partners (Offshore) - 956,066 956,066 CS Investment Partners (Onshore) 1,220,198 - - 1,220,198 Paulson Advantage Plus, L.P. - 8,120,352 2,618,746 10,739,098 Taconic Opportunity Fund 88,593 - 88,593 Total Hedge Funds -Direct $5,956,420 $4,242,168 $13,583,276 $2,618,746 55,750,747 $15,041,537 $17,192,914 Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD 320,073 • 320,073 CS Private Equity Partners II. LP. 718591 318,631 585,976 1,623,201 CS Vintage Fund, I..P. - 1,115,012 1,115,012 QueUes Financial Ventures II, (CRT), L.P. 420,683 420,683 Quellos Financial Ventures II, L.P. 788,175 788,175 Quellos Private Capital 2002, L.P. 1,00,098 1,615,096 2,090,196 Quellos Private Capital 2002, L.P. (US Mature) 5,817,371 5,817,371 Quellos Private Capital II. L.P. 8,640,160 2,1603111 2,160,041 12,960,242 Total Private Capital- Fund of Funds $16,284,370 $3,523,773 $2,746,017 12,160,110 $424683 $25,131,953 1) The above values represent a summary el the current monthly values presented in the indwiclual entity page. inSamoan. For additiorul information regarding individual investments please mkt to Section II. 2) Muse nowt Tln family Businesses figure includes the Present Value of Future USN Out Disinbunorn. The Present Value of Future MBZ. Crut Datributions is pan of Other Investment Awes MorganStanley SmithBarney 6 EFTA00283458 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset C1ass/Investmeet Endnotes MBZ 11182 1996 Trial MBZ 19% Trust MBZ 1983 USN College MBZ Garr USN CRUT MBZ 1992 Columbia Total (CST Exemptl (CST Non-Ex...mpg Family Trust Marketing, Inc. News Trust CRUTs Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, LP. 839.201 839,201 Brickman Real Estate Fund II, LP. 1,824,861 1,824,861 Brickman Real Estate Fund III, LP. 594,971 594,971 Brickman Real Estate Fund IV, L.P. • 1,541,030 1,541,030 Court Square Capital Partners LP. (CVC Eq.Partners 162,678 162.678 LP.) CVC Capital Partners Asia Pacific II, LP. 1,468,894 - 1,468,894 CVC European Equity Partners IV, LP. 2.117,603 2,117,603 4,235,206 CVC European Equity Partners V, LP. 3,880,392 3,880,395 7,760,787 DST Global III, L.P. - 2.902,678 2,902,678 Evercore Venture Partners, LP. 4,546 4.546 Francisco Partners, LP. 1,71O52 1,714,552 Gabriel Capital Investment 2006 7,386,800 7,386,800 Generation Capital Partners II, LP. 1,458,142 1,458,142 Glilot Capital Partners I, LP. 175.000 175,000 Gremoft Partners II, LP. 957,454 957,154 CS Capital Partners III, LP. 61,131 61,131 Heartland Industrial Partners, LP. 906,413 906,113 Israel Infrastructure Fund I-C L.P. 1,610,870 1,610,870 3,721,740 Legacy Capital, L.P. 4456,464 4,556,461 Morgan Stanley Credit Partners Offshore, L.P. 5,721,733 5,721,733 Morgan Stanley Credit Partners Onshore, L.P. 2,288496 2,288,696 1,144,351 5,721,743 Patricof Private Investment Club IL L.P. 8,750 8,750 Patricof Private Investment Club III, L.P. 248,015 248,045 Patricof Private Investment Club, LP. 1449 1,699 Pequot / FMVP II, LP. 27,164 27,164 Quadrangle Capital Partners, L.P. 1,611334 • 1,611,534 Quellos Co -Investment Fund II, LP. 13,345,520 8,127,312 8,127,312 2,709,103 8,127,312 40,636,559 Quellos Co-Investment Fund II, LP.- CRT Series • 5,244,501 5,241,501 Quellos Co-Investment Fund III, LP. 8,779,398 6,584350 8,779,398 2.194,849 6,584,550 32,922,745 Quellos Co-Investment Fund III, LP.- CRT Series • 9,588,748 9,588,748 Quellos Co-Investment Fund, L.P. 1,639.380 3,614318 4,820,263 1,012,717 2,506,645 13,593,523 Quellos Co-Investment Fund, L.P.- CRT Series • 17062,327 12,052,327 Valor Equity Partners II, LP. 1,883,776 1,883,776 1) The above values represent a summary et the current monthly values presented In the Individual entity pages in Section II. For a:Mils:nal intonation regarding individual investments please refer to Section It. 2) Please note: The Family Businesses figure includes the Present Value of Future USN Out Duanbutiom. the Proust Value of Future MBZ Crut Distributions Is pan et Other Investment Assets MorganStanley SmithBarney 7 EFTA00283459 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset ClaµAnvestment Endnotes MBZ MBZ 1996 Trust MBZ 19% Trust MBZ 1983 USN College MBZ CRUZ• USN CRUT MBZ 1992 Columbia Total (CST Exempti (CST Non•Exempt) Family Trust Marketing, Inc. News Trust CRUTs WS Comunications Partners IV, L.P. 2,864.480 2,864,480 5,7M,960 Total Private Capital- Direct Partnerships 518,209,963 $26,060,763 $40,337,289 $11,186,172 $18,362,858 $32,607,309 $176,764,354 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 1,037,361 1,037,361 1,037,361 3,112,083 Courtroom Connect 54.400 - 54,400 Freescale Co-Investment XVI, LLC 712,419 712,419 1,424,839 Keith Glen Media 23,814 - 23,814 Loud3R 2,010,000 2,040,000 Newbridge Venable Partners, LLC 132,500 42,500 75,000 - 250,000 Rely Software (f/k/a Rightfreight, Inc) 35,159 35,159 The Vehicle Production Group, LLC. 2.240,066 2,240,066 VISC Japan K.K. 17,610 17,610 Total Private Capital - Direct Companies $1,300,844 $1,079,861 $3,027,485 $3,789,780 $9,197,971 Closely Held Entities USN College Marketing. Inc. 45,938,864 45,938,861 Total Closely Held Entities $45,938,864 $45,938,864 Consolidating Entry Al I - ($45,938,864) - (445,938,864) Total Policy Assets 4202496,811 $67,043,139 $122,915,860 $36228,913 - $153,826,159 38,130,596 $591,141,477 Non-Policy Assets Boston Properties, Inc. BXP (Common) 103,798,500 - 50,753,740 154,452,240 BXP (Common) 1996 Exempt - 4,636,546 4,636,546 BXP (NonVestod LTIPs) 9,181,217 9,181,217 BXP (Non-Vested Options) 1,164,538 1,164538 BXP (OPUS) 661,680,199 149,618,032 811,298,232 BXP (OPUS)- Cambridge Entities PI 4,947422 4,947,6= BXP (Vested LTIPs) 38,575,355 38,575,354 BXP (Vested Options) 331,351 331,351 Total Boston Properties, Inc. $819,678,782 34,636,516 $149,618,032 - $50,753,740 51,024,687,101 Other Investment Assets $136,155,963 5136,155,963 Family Businesses 4587," 681 484,400 $588,013,063 Notes and Loans Receivable $662,266 $27,991,113 $29,327,783 446,521,964 $104,503,126 I) The above values represent a summary of the current monthly values presented in the indwidualennty pages in Section U. For additionra information regarding individual invntrnmtt pleas• rotor to Section II. 2) Maw note:The Family Bum news figure includes the Present Value of ratite USN Cm Dimnbutiorc The l'resent Value of Future MBZ. Crut Ontributions is part of Other Investment Mrs 8 MorganStanley SmithBarney EFTA00283460 Mortimer B. Zuckerman and Related Entities Detail of Investment Assets - December 31, 2012 Asset Class/Investment Endnotes MBZ 61821996 Nutt m821996 Trust MB2 1983 USN College MBZ atur USN CRUT MBZ 1992 Columbia Total (CST Exempt) (CST Non-Exemptl Family Trust ?Wlutln&1no News Trust CRUTs Other Assets $1,028,281 $1,028,281 Personal Assets $121,190,705 5121,190,705 Zuckerman Personal Holdings $80,500,000 580,500,000 Real Property &Options $80,827,852 - - - - $80,827,852 Total Non-Policy Assets 1,828,272,512 $32,627,659 $178,915,815 $46,606,369 - $50,753,710 $2,137,206,091 Liabilities Obligations To Related Parties ($47,884,213) - ($38,100,000) ($85,984,213) Mortgages ($56,788,914) ($56,788,914) Unsecured Obligations To Third Parties ($225,661,723) (5225,661,723) Total liabilities ($330,334,910) ($38,100,000) ($368,431,910) Anticipated distributions as of 12/31/2011 ($136,155,963) (47,373,83N ($113,529,796) Total Excluding Liabilities SL07E269,323 $99,670,798 $301,861,675 $82,835,277 $17,670,196 4756,763 $2,581,817,772 Total Investment Assets 51.7110,934,013 599,670,798 3301,861,675 $82,335,277 $17,670,196 $756,763 $2216,382,862 I) 7146 ahwc values represent a summary a the CUITCM monthly values presented in the indivKlual entity pages inSo:non 11. For ahlawnil infonnation regality individual investments please refer toSection II. 21 Plcuse now: The Family Businesses figure wgiudes the Present Value of Future USN Cnit Distnbunom. The Resent Value of Future MBZ Cent Ontributions is part a Other Investment Assets MorganStanley SmithBarney 9 EFTA00283461 Mortimer B. Zuckerman and Related Entities Investment Assets Endnotes- December 31, 2012 Reference Endnotee RAJ The Consolidating Entry for the USN College Marketing entity reflects only the value of the Policy Assets and excludes the value of USN Aviation and related debt. Cambridge Entities consists of MZ Burnside Holdings, LP., MZ Longstreet Holdings, LP, and MZ Meade Holdings, L.P. MorganStanley SmithBarney I° EFTA00283462 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11,42012 17/31/2012 December YTD ITD• IRE Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Boston Properties, Inc. (Closing Price:5105.81) Boston Properties, Inc. 1/30/2004 1,013,735,868 1,024,687,101 3.7% 8.5% Total Boston Properties, Inc. 1,013,735,868 1,024,687,101 Municipal Securities Citibank - Muni Bonds 1/15/2009 12,306,520 12,299,472 -0.1% 4.4% 3.1% 3.1% Morgan Stanley- Intermediate Term Muni Bonds 11/23/2009 27,643,292 23,858,020 -1.3% 5.8% 6.0% 6.3% Morgan Stanley- Long Tenn Muni Bonds 2/27/2008 9,939,939 9,117,713 -1.4% 4.2% 5.7% 6.2% Morgan Stanley- Short Tenn Muni Bonds 8/31/2008 1,136,764 1,137,626 0.1% 0.7% 2.6% 3.8% Total Municipal Securities $51,026,515 $46,412,832 Barclays Capital Mimi 1-5 Yr Index -0.3% 2.0% 4.0% Barclays Capital Mimi Bond Index -1.2% 6.8% 7.8% Corporate Citi - Corporate Bonds 1/31/2009 40,645,377 36,431,095 0.0% 3.2% 3.5% 3.7% Total Corporate $40,645,377 $36,431,095 Barclays Intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 63,955,670 68,813,105 0.1% 4.5% 6.3% 6.5% Total Corporate Bonds $63,955,670 $68,813,105 85%Barclays Credit /15%Barclays HO Yield 0.2% 10.3% 12.Ps 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStan ley SmithBarney 11 EFTA00283463 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11/34/2012 12/31/2012 December YTD ITD* IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Taxable Fixed Income Doubleline Total Return- Intermediate Term 12/16/2011 14,811,352 19,288,646 0.0% 9.1% 8.0% 6.9% Lord Abbett Short Duration - Short Term 8/17/2012 29,483,790 40,822,964 -02% 0.6% 0.4% Total Taxable Fixed Income $44,295,142 $60,111,610 US Equities Goldman Sachs MLP 1/31/2012 5,563,095 5,438,298 -22% 8.8% 8.8% Total US Equities $5,563,095 55,438,298 Global Bonds Gluskin Sheff 9/28/2012 9,925,932 9,936,870 0.1% -0.6% -0.6% Templeton Global Bond Fund 5/25/2010 11,261,877 13,246,991 1.5% 16.0% 8.9% 6.8% Total Global Bonds $21,187,809 $23,183,861 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 12 EFTA00283464 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11,34/2012 17/37/2012 December YTD ITD* IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return AIP Onshore Hedge Funds - AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 394,173 390,113 -1.0% -5.4% -5.5% -5.5% Double Black Diamond Class C (AIP) 8/31/2010 1,246,126 1,263,073 1.4% 10.9% 5.1% 5.1% GEM Realty Securities LP (MP) 8/31/2010 1,201,888 1,202,850 0.1% 2.5% 2.9% 2.9% FMK Fund II LP (AIP) 8/31/2010 1,338,809 1,352,197 1.0% 6.6% 8.2% 8.2% LIM Asia Multi-Strategy Fund (ATP) 6/30/2012 1,039,038 1,046,415 0.7% 4.6% 4.6% Man AHL Diversified II USA (AIP) 8/31/2010 450,133 452,789 0.6% -8.4% -5.1% -5.2% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,155,963 1,178,042 1.9% 11.8% 6.2% 6.2% Millenium USA LP (AIP) 8/31/2010 1,353,369 1,362,436 0.7% 4.9% 85% 8.5% MQ Asian Alpha fund (AIP) 2/1/2012 633,804 628,734 -0.8% 3.8% 3.8% Seligman Tech Spectrum Fund (AIP) 8/31/2010 1,037,307 1,048,406 1.1% -2.4% 4.1% 4.9% York Credit Opportunity Fund (AIP) 8/31/2010 1236,573 1,267,488 25% 8.8% 5.2% 5.2% Total AIP Onshore Hedge Funds - AIP $11,087,183 $11,192,543 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 13 EFTA00283465 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Asset Class/Investment/Benchmark Al? Offshore Hedge Funds - AIP Offshore Hedge Funds Inception Date 11/34,2012 Value 12/31/2012 Value December Return YTD Return 1TD • Return IRR Return Boronia Diversified Fund (All") 8/31/2010 454,676 449,993 -1.0% -5.2% -5.4% -5.4% Double Black Diamond Class C (A1P) 8/31/2010 1,639,932 1,661,087 1.3% 9.9% 43% 4.7% HBK Offshore Fund II Ltd. (All) 8/31/2010 607,321 613,516 1.0% 6.3% 8.2% 8.2% LIM Asia Multi-Strategy Fund (A111 3/31/2012 1,029,891 1,037,203 0.7% 2.9% 3.0% Mariner Tricadia Credit Strat (AIP) 8/31/2010 1,155,928 1,178,006 1.9% 11.8% 6.2% 6.2% Millenium Intl Ltd - Class ES (AIP) 8/31/2010 1,221,100 1,229,159 0.7% 4.4% 8.2% 8.1% MQ Asian Alpha fund (A1P) 8/31/2010 613,082 608,851 -0.7% 3.4% 7.9% 7.8% Oz Overseas Fund Ltd. (AIP) 8/31/2010 2155,235 2,177,218 1.0% 10.6% 5.7% 5.5% QFR Victoria Fund (AIP) 6/30/2012 1,629,004 1,681,295 3.2% 11.5% 11.5% Seligman Tech Spectrum Fund (Ali)) 8/31/2010 556,798 562,756 1.1% -4.9% 2.9% 8.2% Taconic Opportunity Fund (AIP) 3/31/2012 1,037,005 1,055,049 1.7% 5.0% 5.0% York Credit Opp Unit Trust (AIP) 8/31/2010 1,220,178 1,249,462 24% 18.1% 9.0% 9.0% Total AIP Offshore Hedge Funds - AIP $13,320,150 $13,503,595 AIP Hedge Funds (Onshore/Offshore) 8/31/2010 24,407,333 24,696,138 1.2% 6.1% 3.6% 3.6% Total AIP Hedge Funds (Onshore/Offshore) $24,407,333 $24,696,138 1) Please note: The current month performance data for the A1P hedge funds is preliminary. Morga nSta n ley SmithBarney 14 EFTA00283466 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11,342012 12/31/2012 December YTD ITD• IRR Asset Class/Investment/Benchmark Date Value Value Return Return Return Return Hedge Funds - Direct AIP Custom HF Solutions 6/9/2011 11,537,126 11,786,794 22% 37.9% 79.5% 50.3% American Steadfast, LP. 4/1/2010 5,924,311 5,941,998 0.3% 6.5% 65% 6.5% AP Investments Europe Limited 7/1/2007 7,649 7,649 0.0% -10.7% -13.6% -18.0% Blackstone Offshore Fund II 1/07/2011 2,298,697 2,298,697 0.0% 4.3% -0.1% -0.8% Castle Advisors, LP. 6/1/2007 121,497 120,787 0.0% 82.0% 14.5% -12.5% CCA Absolute Return Muni Strategy, L.P. 6/30/2010 10,844,442 11,011,064 1.5% 2.5% 5.7% 4.6% CS Hedge Fund Seeding Strategy 2/27/2012 3,022,907 3,021,970 0.0% 4.0% 3.8% CS Investment Partners (Offshore) 1/1/2008 949,660 956,066 0.7% 3.9% 2.2% 0.9% CS Investment Partners (Onshore) 1/1/2008 1,216,746 1,220,198 02% 1.4% 3.0% 2.1% Paulson Advantage LP. Paulson Advantage Plus, L.P. 8/3/2009 10,560,186 10,739,098 1.7% -13.5% -3.9% -4.4% Taconic Opportunity Fund 7/1/2007 88,593 88,593 0.0% 12.5% 3.8% -3.7% Total Hedge Funds - Direct $46,571,814 $47,192,914 Cash & Fixed Income Cash & Fixed Income 12/31/2007 274,381,918 302,716,849 -0.1% 4.3% 3.9% Total Cash & Fixed Income $274,381,918 5302,716,849 Hedge-Funds Hedge-Funds 7/1/2006 76,420,745 77,206,563 1.0% Total Hedge-Funds $76,420,745 $77,206,563 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 15 EFTA00283467 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Selected Investments - December 31, 2012 Inception 11,34/2012 WW2012 December TED ITD • IRR Asset Class/Investment/0enchmark Date Value Value Return Return Return Return Policy Assets ex Private Equity Policy Assets ex Private Equity 7/1/2006 350,802,663 379,923,412 0.1% 4.2% 7.2% Total Policy Assets ex Private Equity $350,802,663 $379,923,412 Policy Assets Policy Assets 6/5/1995 570,445,931 591,007,408 0.1% 4.1% Total Policy Assets $570,445,931 $591,007,408 Barclays Aggregate Bond Index -0.14% 4.21% MI500 Index 0.91% 16.00% MSCI All Country World Index 2.31% 16.91% HFRI Fund Of Funds Index 1.60% 5.25% 1) Please note: The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 16 EFTA00283468 Mortimer B. Zuckerman and Related Entities Consolidated Statement of Select Investment Endnotes- December 31, 2012 Reference i I ”i ***l Endnotes Please note: Inception To Date returns OM Return) am annualized returns for periods greater than 12 months. Please note: The IRR calculations ate Net of Fees. Please note: The TWR calculations are Net of Fees. MorganStanley SmithBarney EFTA00283469 Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2012 Asset Class/Investment Myatt Capital • Fund of Funds Endnotes Vintage Year Committed Capital Contributed Capital Ne Contributed Est. Remaining Comm itttnent Remaining Net Amyl Value ill Distributions to Date Total Value IRR Dated TYPVIRR Chase Capital Partners Private Equity FF II, LTD 2000 1000,033 912.312 912% :COS 320.073 916.444 1,310,204 1.36 6.5% 9/30/2010 GS Private Equity Partners II. LP. (Al 1998 23,750000 22501,694 964% MVO, 1.623,201 28.123.780 29,746,903 1.30 5.2% 9/30/2012 GS Vintage Fund, L.P. 1998 9$00,000 9,033418 951% 466552 1,115.012 10.371.253 11,486.265 1.27 7.9% 9/30/2012 Quake Financial Ventures II. (CRTk LP. 2004 5000,000 5371.765 674% 1,628735 420,683 2.971.580 3,392.263 1.01 0.2% 9/30/2012 Qudlcs Financial Ventures II. L.P. 2004 la 4673.817 66:7% 3.324183 788475 5.626.829 6,486,066 0.96 .1.0% 9/30/2012 Qudles Private Capitd 20O2, LP. (Ill 2002 4,000,000 3.849566 962% 154434 2.090,196 3.272.160 5,509.666 1.39 7.5% 9/30/2012 Quell°. Private Capitd 20O2, LP. (US Mature) ICI 2002 10,000,000 10581.768 1058% .581.768 5.817.371 12816,011 19.039,330 1.76 15.4% 9/30/2012 Quelled Pnvate Capital II, LP. (Dl 2004 15,000,000 12558,928 83:7% 2411.072 12,960342 2.991.657 16,139.906 1.27 SJA 9/30/2012 Total Private Capital. Fund of Funds 578750.000 $69,913,298 893% $8.334702 828.134953 567,089,636 593,10,603 Private Capital • Direct Partnerships Brockman 1280 Fifth Investments II. LP. 2DOS 970,090 970,090 1000% 839201 839.201 a0,1 NA1 Cost Brockman Real Fstme Fund II. LP. 2006 3,000,000 5315200 1115% ...145$0 1.821.861 905.289 3.189.366 0.82 -4.2% • 9/30/2012 Brockman Real Estate Fund III, L.P. 2007 2300,000 1,618,729 64:7% Mat 594.971 594.971 0.37 .210% • 9/30/2012 Brockman Real Estate Fund IV, LP. 1:07 2006,010 2218509 110.6% 412.498 1$41.030 875.781 2.697.496 1.09 18% • 9/30/2012 Court Square Capital Partners LP. (CVC Eq.Paitners LP.) 2001 5,000,000 433,869 823% 874,13! 162678 8.983.263 10,333.539 2.22 27.7% 9/30/2012 CVC Capital Pamir. Asia Padfic II, L.P. 2005 5,000,000 4120.757 122.4% .1,133.757 1,464894 2.617.073 4.085.967 0.67 .11.1% 9/30/2012 CVC Europron Equity Partners IV. LP. (Fl 2006 7314,000 3136321 69.9% 1.207479 4735,206 2.248.067 6,483,273 1.26 S6A • 9/30/2012 CVC Europenn Equity Partners V, LP. 2001 12371,374 4811,753 55.0A 3579821 7,760,787 • 7,760,787 1.14 11% • 9/30/2012 DST anted M. L.P. 2012 5,000,003 5000,000 100A% 2.902678 2.097.322 7.097,322 Nal HAI Cost Evereore Venture Panners, LP. 2000 674550 670350 1000% 4,546 656.117 795,815 0.99 .02% 9/30/2012 Francisco Partners, L.P. 2000 5300,000 4674$24 933% 355,476 1,714552 4,351.795 6,175,771 1.30 SO% 9/30/2012 Gabriel Capital Imestment 2006 2006 15,000,000 15=000 100A% . 7,162620 3.580.175 11.411,634 0.72 .5.2% 11/30/2012 Generation Capital Partners II. LP. 2000 2004000 1,741,675 871% 38.325 1,458,142 2.449.909 4.09 930 2.24 112% 9/30/2012 O lio( Capital ruiners I. LP. 2011 700,000 175000 25.0% 5=00 175.000 175.000 6V1d NPA Cost Greven:A Partners II, L.P. 2010 1,000,000 1/60,000 1010% 50800 957,454 150.000 1.107454 1.08 7.6% 6/30/2012 CS Capital Partners III, L.P. 19911 20004000 17,722300 89.6% 2.277700 61.131 17.852.614 17.913.745 1.01 Ca% 9/30/2012 I Inutland Industrial Partners, L.P. 2000 6,000,000 4489,711 1092% .489711 904413 2.181.800 3.088.216 0.48 4.6% 9/30/2012 Israel Infrastructure Fund LC, LP. 2006 5,000,000 4,015269 803% 974732 3221.740 991.308 4.213.048 1.05 1.8% 9/30/2012 Legacy Capital, L.P. 2011 15,000,000 4,885,450 328% 10,114,050 4.554464 4.556.464 0.90 •21.4A 9/30/2012 (1.) Values presented represent the investment capital account balance as of the respective 'Date of 7VPI/IRR' adjusted for contributions and distributions post valuation date unless otherwise footnoted. lel Indicates the Fund valuation has been updated since last month's report. nvrr is calculated by adding the most recent fair market value and the distributions to date and then dividing by the Contributed Capital to date. MorganStanley SmithBarney 18 EFTA00283470 Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2012 Asset Claw/Investment Endnotn Vintage Year Committed Capital Contributed Capital % Contributed Est. Remaining Commithnent Remaining Net Asset Value (I) Distributions to Date Total Value TVPI IRR Dated TVPVIRR Morgan Stanley Cit.& NAM.% Offshore, LP. 2010 12,50/000 6233,016 499% &2t4954 5,721.733 1.449.829 7.308.603 1.16 112% 9/30/2012 Morgan Stanley Cit.& Partners Onshore, LP. 2010 12.300,033 6233,017 49.9% 6,26603 5.721.743 1.520.509 7.379293 1.17 112% 9/30/2012 Pained Private Invesimem Club II. L.P. 1998 200,000 200,000 1000% 8,750 116.164 124.914 0.62 4.4% 5/31/2012 Patncof Pnvate Investment Club III, L.P. 2000 1,000,000 1,000..000 1003% 248445 1.389.810 1.747.044 1.64 102% 6/30/2012 Patti Private Investment Club, LP. 1996 100,000 103,630 1016% 4430 1.699 212.799 214,498 2.07 16.5% 6/30/2012 Pequot/ MAT II, LP. 2001 1,000,000 910,000 94.0% 60000 17,164 291.775 318,939 0.14 45.9% 9/30/2012 Quadrangle Capital Partners, LP. 2000 10,000,000 11,818,172 1182% 4,818.172 1,611,534 15344.001 16,955,542 143 10.3% 9/30/2012 Quells Co -Investment Fund II. LP. 2008 75,000,000 51,919.375 692% nnener5 40,636,559 30.618.125 85,588,012 1.37 19.3% 3/31/2012 Quellos Co -Investment Fund R. LP. • CRT Serifs 2008 25,000,000 1734 493% 12,635,156 5241,501 10.729.380 21,359,332 1.29 17.0% 3/31/2012 Quells Co -Investment Fund IR, LP. 2011 75,000,000 #.1‘ 31,850354 423% 43,139,446 34912245 725.389 33,648,134 1.10 15.6% 3/31/2012 Quell°. Co -Investment Fund IR, LP. • CRT Senn 2011 25,000,000 9,651227 384% 15248473 9,588,748 46.359 9.635.107 1.00 47% 3/31/2012 Quells Co -Investment Fund, LP. PI 2006 50100,000 44900,935 918% 3459065 13,593,523 44.150.957 59,828,267 1.23 7.2% 6/30/2012 Quells Co -Investment Fund, LP. • CRT &lies PI 2006 50,000,000 44,722429 894% 5277371 12,062,317 41.366.309 54.418,529 1.19 5.9% 6/30/2012 Valor Equity Partners II, LP. 2007 a 2441,131 814% 558266 1,883,776 629.812 2.635.378 1.03 1.2% 9/30/2012 VSS Comunications Partners IV, L.P. LH 2106 10,000,000 10295,406 103.0% .293,406 5,721,960 1.695.928 7.499.216 0.72 45% 9/30/2012 Total Private Capital • Meet Partnerships 516.1$2,224 imam 7024 5138,414179 5176.545373 3200,222,770 5110/,.106,1108 ILI Values presented represent the investment capital account balance as of the respective 'Date of TVPI/IRR' adjusted for contributions and distributions past valuation date unless otherwise footnoted. lei Indicates the Fund valuation has been updated since last month's report. nvtir is calculated by adding the most recent fair market value and the distributions to date and then dividing by the Contributed Capital to date. MorganStanley SmithBarney 19 EFTA00283471 Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary- December 31, 2012 Asset Class/investment Endnotes Vintage Year Committed Capital Contributed Capital % Contribute Est Remaining Committinent Remaining Net Asset Value (1) Distributions to Date Total Value IRR Date of TVPI/IRR Valuation Method Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 2006 45,000,000 45,030,003 100.0% 3,112,083 568,896 3,680,979 -46.8% 12/ 31/ 2010 Cost Basis Courtroom Connect 2002 50,000 50,000 100.0% 54,400 54,400 3.7% 4O0/ 2006 Cost Basis Freescale Co-Investment XVI, LW 2006 5,000,000 5)074,954 101.5% -74,954 1,424,839 1424,839 453% 6/30/2012 Cost Basis Keith Glen Media 2001 100,000 100,000 100.0% 23,814 now -B.7% 9/30/2009 Loud3R 2010 2,000,000 2010,000 1010% -40,000 2.040,030 1044000 0.0% 7/31/2010 Newbtidge Venable Panners, LW 1997 500,000 500,000 100.0% 250,000 250.000 4A% 6/ 30/ 2001 Write Down Rely Software (f/k/ a Rightfrelght Inc) 2000 930,003 930,003 100.0% 35,159 35,159 -21.2% 11/ 30/ 2010 Write Down The Vehicle Production Group, LW. 2008 2,000,000 2,240,066 112.0% -240,066 2.210,095 - 12/0,066 0.0% 8/31/2008 Cost Basis VISC Japan K.K. 2000 152,409 152,109 100.0% 17,610 134,694 286,998 -0.1% 12/31/2002 Write Down Total Private Capital - Direct Companies 555,302.409 555,657,429 100.6% ($355,020) 59,197,971 $703,590 510,006,255 Total Private Capital 5597,434,633 5454,036,771 76.0% $143,397,861 $210,878,099 5268,020,996 5507,483,666 11.1 Values presented ferment the in estmem capital account balanceas of the respective 'Date of TVPI/IRR' admsted for contributiors and dimnbutiora post valuation date unlessothenenekotnoted. Indirams the Fund valuation has been uplited ranee last months report pi pease note: As of 12/31/2010 the market value of (Ally/ Cerberus Firm Investors, LLC) Iscakulated by multiplying the total shares of 309.66 by the price of 510.050.00. MorganStanley SmithBarney 20 EFTA00283472 Mortimer B. Zuckerman and Related Entities Private Capital Portfolio Summary Endnotes- December 31, 2012 Reference I 'I IA) IBI IDI lEI 19 ICI IHI 19 IJJ Endnotes Please note: The IRR calculations are Net of Fees. EffectiveJanuary 1, 2003, Mars total commitment was reduced to $13.75 million from million. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 4417%, The MB2 1996 Trust (CST Exempt) -19.63%, and The MBZ 1996 Trust (CST Non-Exempt) - 36.10%. The values presented represent MB2 and related entities total ownership in the fund. Ownership percentages are as follows: The MB2 19% Trust (CST Exempt) - 50%, and The MB2 1983 Family Trust - 50%. Initial investment of 92,499,344 was effective ApriI 1,20C0 The values presented repayment 14B2 and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 66.67%, The MBZ 1996 Trust (CST Exempt) -16.67%, and The MBZ 1996 Trust (CSTNon-Exempt) -16.67%. The Remaining Net Asset value presented represents The MBZ 1996 Trust (CST exemptys ownership interest of approximately 4.85% in the total Partners' Capital as of September 30.2006, adjusted for contributions or distributions post valuation date. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MI92 1996 Tnist (CST Non-Exempt)-50% and The MB2 1983 Family Trust - 50%. The investment is held in Burrs and values presented are converted at the Euro spot rate °Mune 30, 2012. The values presented represent MB2 and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zucker an - 96.88%, The MBZ 1996 Trust (CST Exempt) -1.10%, and The MBZ 19% Trust (CST Non-Exempt) - 102%. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: Mortimer B. Zuckerman - 44.67%, The MBZ 1996 Trust (CST Exempt) - 19.49%. and The MR 1996 Trust (CST Non-Exempt) - 35.84%. Monies designated for meeting remainingcommitments have been funded in conjunction with the investments in the 2 CAP Fund, LP. and the 2 CAP Charitable Fund, LP. and are currently invested in the Quellos Appreciation Fund 11, LLC and ILF, Ltd. respectively. Periodic redemptions will be made to fund anticipated capital calls. No further cash commitment is required by MBZ personally. The values presented represent MBZ and related entities total ownership in the fund. Ownership percentages are as follows: The MB2 19% Trust (CST Exempt) - 50%, and The MB2 19% Trust (CST Non Exempt) -50%. MorganStanley SmithBarney 21 EFTA00283473 Mortimer B. Zuckerman Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets Taxable Fixed Income 8.1% Global Bonds 1.8% Corporate Bonds 4.1% Corporate 10.3% Municipal Securities 20.3% Cash Private Capital - Direct 9.7% Companies 0.8% Hedge Funds -Direct 3.8% Private Capital- Fund o Funds 10.4% Private Capital - Direct Partnerships 30.7% ■Cash • Municipal Securities o Corporate OCorporate Bonds • Taxable Fixed Income ■Global Bonds ■ Hedge Funds -Direct O Private Capital - Fund of Funds ■ Private Capital - Direct Partnerships ■ Private Capital - Direct Companies Pkase rote: The Teal Policy Assets figure does rot include the closely held minty (USN Colkw Markehng, INC.), this figure Is included in the Detail of lowstment Asset' sechon. MorganStanley SmithBarney 22 EFTA00283474 Mortimer B. Zuckerman Executive Summary - December 31, 2012 11/30/2012 12/31/3112 Adual Investment As>ets Endnotei Coat Value Value Polity % Cash - *751,064 15,306,000 9.7% Municipal Securities 29,910,203 32,901,825 31,864,927 20.3% Corporate 14,805,749 16,137,868 16,113,506 10.3% Corporate Bonds 5,000,000 1,478,495 6,475,284 4.1% Taxable Fixed Income 12,478,304 8,754,467 12,702,593 8.1% Global Bonds 2,595,875 2,893,075 2,844,040 1.8% Hedge Funds -Direct 5,522,098 5,938,818 5,956,420 3.8% Private Capital - Fund of Funds 7,078,558 16,886,717 16,284,370 10.4% Private Capital- Direct Partnerships 41,363,715 50,506,815 48,209,963 30.7% Private Capital - Direct Companies 15,498,974 1,300,844 1,300,844 0.8% Total Policy Assets 034,253,476 $157,549,988 5157,057,947 100.0% Boston Properties, Inc. (Closing Price:5105.81) 838,808,575 819,678,782 Other Investment Assets 136,155,963 136,155,963 Family Businesses 580,838,248 587,928,663 Notes and Loans Receivable 662,266 662,266 Other Assets 153,855 985,885 1,028,281 Personal Assets 121,490,705 121,490,705 Zuckerman Personal Holdings 80,500,000 84,500,000 Real Property & Options 80,827,852 80,827,852 Total Non-Policy Assets $153,855 $1,840,269,493 $1 ,828,272,512 Obligations To Related Parties -48,050,993 -47,884,243 Mortgages -56,890,189 -56,788,944 Unsecured Obligations To Third Parties -222,431,592 -225,661,723 Total Liabilities ($327,372,774) ($330,334,910) Total Excluding Liabilities $134,407,331 $1,997,819,481 $1,985,330,459 Total Investment Assets $134,407,331 $1,670,446,707 51,654,995,549 Pkase rote: The Teal Policy Assets figure does rot include the closely held entity (USN Colkv Marketing. INC.), Nu figure Is included in the Detail of inwstment Asset' so:hon. MorganStanley SmithBarney 23 EFTA00283475 Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December Y I D Ill) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Bank of America - MMI. 9/19/2008 10,111 1 10,112 0.0% 0.1% WM Chase-Checking 9/19/2008 131,174 2,310 1 133,484 0.0% -02% WM Chase - Money Mkt 9/19/2008 98,703 1 98,704 0.0% 0.0% Morgan Stanley - Money Mkt 12/1/2011 11,483,713 -7,371,693 407 4,112,427 0.0% 0.1% Morgan Stanley - Money Mkt 12/31/2007 9,027,363 1,923,665 245 10,951,273 0.0% 0.0% Total Cash 12/31/2007 $20,751,064 ($5,445,718) $654 $15,306,000 0.0% 0.0% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Citibank - Mimi Bonds 1/15/2009 10,844,100 12,306,520 - -7,047 12,299,472 -0.1% 4A% 3.1% Morgan Stanley- Intermediate Term Mimi Bonds 1/11/2010 10,512,302 13,230,784 -2,269,543 -165,396 10,795,845 -L4% 4.1% 4.4% Morgan Stanley- Long Term Muni Bonds 3/31/2008 7,952,616 6,746,759 1,513,028 -108,370 8,151,417 -1.5% 4.9% 6.1% Morgan Stanley - Short Term Muni Bonds 9/12/2008 601,185 617,762 430 618,192 0.1% 0.8% 1.8% Total Municipal Securities 3/31/2008 $29,910,203 $32,901,825 ($756,515) ($280,383) $31,864,927 -0.8% 4.1% 3.6% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 3.7% Barclays Capital Muni Bond Index -1.2% 6.8% 6.4% Corporate Citi - Corporate Bonds 1/31/2009 14,805,749 16,137,868 -24,362 16,113,506 -0.2% 4.0% 3.8% Total Corporate 1/31/2009 $14,805,749 $16,137,868 ($24,362) $16,113,506 -0.2% 4.0% 3.8% Barclays Intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 5,000,000 1,478,495 5,000,000 -3,211 6,475,284 -0.1% 4.1% 6.1% Total Corporate Bonds 1/31/1009 $5,000,000 $1,478,495 $5,000,000 ($3,211) S6,475,284 -0.1% 4.1% 6.1% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return- Intermediate Term 12/21/2011 2,475,406 2,696,784 -12,044 4,922 2,689,662 0.2% 9A% 8.3% Lord Abbott Short Duration - Short Term 8/17/2012 10,002,898 6,057,683 3,979,788 -24,540 10,012,931 -0.3% 0.2% Total Taxable Fixed Income 12/21/2011 $12,478,304 $8,754,467 $3,967,744 ($19,618) $12,702,593 OS% 12.7% 3.7% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (SO%Barclays Credit 1-5 Y / SO%Barclays Muni 1-511). After 2/1/2012 its (Barclays interm government credit). 1) The performance mums for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 24 EFTA00283476 Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Asset Class/Investment/Benchmark Global Bonds Inception Endnotes Date Cost 11/30/2012 Value Net Cash Floss December 5 Return 12/31/2012 Value December Return YID Return III' Return Templeton Global Bond Fund 5/25/2011 2,595,875 2,893,075 -91,476 42,441 2,844,610 1.5% 16.0% 5.7% Total Global Bonds 5/25/2011 $2,595,875 $2,893,075 ($91,476) $42,441 $2,844,040 0.9% 12.7% 3.7% Hedge Funds -Direct American Steadfast, LP. 4/1/2010 5,000,000 5,924,311 17,687 5,941,998 0.3% 65% 6.5% Castle Advisors, L.P. 6/4/2007 522,098 14,507 -85 14,422 0.0% 13.3% 15.0% Total Hedge Funds -Direct 6/4/2007 $5,522,098 $5,938,818 $17,602 $5,956,420 0.3% 65% -6.8% Private Capital - Fund of Funds Chase Capital Partners Private Equity FF II, LTD 6/15/2000 58,776 320,073 320,073 GS Private Equity Partners II, L.P. 3/11/1998 0 718,591 718,591 Quellos Financial Ventures II, L.P. RI] 4/15/2004 1,137,120 859,237 -71,062 788,175 Quellos Private Capital 2002, LP. (US Mature) 3/26/2003 0 6,223,319 -405,948 5,817,371 Quellos Private Capital II, L.P. 12/20/2004 5,882,662 8,765,497 -125,337 8,640,160 Total Private Capital - Fund of Funds 3/11/1998 $7,078,558 $16,886,717 ($602,347) - $16,284,370 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (SO%Barclays Credit 1-$ Y / SO%Barclays Muni 1-511). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Potifollo Summary Pages. MorganStanley SmithBarney 25 EFTA00283477 Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Private Capital - Direct Partnerships Cost 11/30/2012 Value Net Cash Flow December S 12/3i/2012 December YTI3 I I D Return Value Return Return Return Court Square Capital Partners L.P. (CVC Eq.Partners L.P.) 8/9/2001 0 185,192 -22,514 162,678 CVC Capital Partners Asia Pacific II, L.P. 5/24/2005 3,178,957 1,468,894 1,468,894 CVC European Equity Partners V, LP. 6/26/2008 3,001,967 3,880,392 3,880,392 Evercore Venture Partners, L.P. 11/27/2000 14,433 139,698 -135,152 4,546 Francisco Partners, L.P. 10/30/2000 266,011 1,714,552 1,714,552 Gabriel Capital Investment 2006 7/11/2006 11,419,725 7,864,359 -696,739 219,180 7,386,800 Generation Capital Partners II, L.P. 3/21/2000 0 1,644,021 -185,879 0 1,458,142 Glilot Capital Partners I, L.P. 3/21/2011 210,000 175,000 175,000 Greycroft Partners II, LP. 3/31/2010 900,000 807,454 150,000 957,454 GS Capital Partners III, LP. 8/27/1998 736,310 61,131 61,131 Heartland Industrial Partners, LP. 5/12/2000 4,434486 906,413 906,413 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 2,357,185 2,288,696 2,288,696 Patricof Private Investment Club II, LP. 8/1/1998 83,836 8,750 8,750 Patricof Private Investment Club Ill, L.P. 6/5/2000 0 281,677 -33,632 248,045 Pa picot Private Investment Club, LP. 4/29/1996 0 1,699 1,699 Pequot / FMVP II, LP. 2/14/2000 648,225 27,164 27,164 Quadrangle Capital Partners, LP. 9/28/2000 0 1,611,534 1,611,534 Quellos Co-Investment Fund II, LP. 9/8/2008 5,701,213 15,902,290 -2,356,770 13,545,520 Quellos Co-Investment Fund III, LP. 10/24/2011 6,460,977 7,884,038 895,360 8,779,398 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 18,869 1,770,085 -130,705 1,639,380 Valor Equity Partners II, L.P. 8/10/2007 1,931,322 1,883,776 1,883,776 Total Private Capital - Direct Partnerships 4/29/1996 $41,363,715 $50,506,815 ($2,516,031) $219,180 $48,209,963 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 3/28/2006 14,835,934 1,037,361 1,037,361 Courtroom Connect 11/19/2002 50,000 54,400 54,400 Keith Glen Media 2/24/2004 100,000 23,814 23,814 Newbridge Vencable Partners, LLC 12/31/2001 20,430 132,500 132,500 Rely Software (f/k/a Rightfreight, Inc) 12/31/1999 475,000 35,159 35,159 VISC Japan K.K. 12/31/2001 17,610 17,610 17,610 Total Private Capital - Direct Companies 12/31/1999 S15,498,974 $1,300,844 $1,300,844 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (S05iBarclays Credit 1-SY / S0NBarclays Muni 1-5 Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct gartnetships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStantey SmithBarney 26 EFTA00283478 Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash Decem ber 5 32/31/2012 December YTD ITU' Asset Class/Investment/Benchmark Endnotes Date Cost Value How Return Value Return Return Return Closely Held Entities USN College Marketing, Inc. 30,866,701 45,627,973 189,110 121,781 45,938,864 Total Closely Held Entities 530,866,701 545,627,973 5189,110 5121,781 545,938,864 Total Policy Assets 5165,120,177 $203,177,961 (5255,233) 574,083 5202,996,811 -0.2% 5.6% Boston Properties, Inc. (Closing Price: 8105.81) BXP (Common) [Ei 6/23/1997 148,992,076 -50,000,491 4,806,915 103,798,500 4.1% 8.9% BXP (NonVested LTlPs) 1/30/2004 8,850,914 330,303 9,181217 3.7% 85% 11.8% BXP (Non-Vested Options) 1/1/2011 881,848 282,689 1,164,538 32.1% 12.3% 193.5% BXP (OPUs) 6/23/1997 637,875,623 23,804,576 661,680,199 3.7% 85% 15.9% BXP (OPUs) -Cambridge Entities 5/23/2001 4,769,627 177,995 4,947,622 3.7% 85% 14.0% BXP (Vested LT1Ps) 2/1/2007 37,187,570 1,387,785 38,575,355 3.7% 8.1% 1.0% BXP (Vested Options) [C] 1/30/2004 250,916 80,435 331,351 32.1% 280.3% Total Boston Properties, Inc. 6/23/1997 5838,808,575 (550,000,491) 530,870,699 5819,678,782 Other Investment Assets Present Value of Future MBZ Cnit Distributions 12/31/2007 136,155,963 - 136,155,963 Total Other Investment Assets 17/31/2007 5136,155,963 - 5136,155,963 Family Businesses Present Value of Future USN Cnit Distributions 12/31/2007 7,373,833 7,373,833 The Daily News (Preference and Interest on LOC) 9/30/2007 498,464,415 7,090,415 505,554,830 US News & World Report, LP 9/30/2007 75,000,000 - 75,000,000 Total Family Businesses 9/30/2007 $.580,838,248 57,090,415 5587,928,663 Notes and Loans Receivable Barbara G. Jensen 9/30/2007 28,950 28,950 Carmen 2 Robinson 10/18/2010 283,316 283,316 Daniel Rothschild 9/30/2007 200,000 200,000 Mathias Thorrier 9/30/2007 50,000 50,000 The Core Club 55th Street LLC 9/30/2007 100,000 100,000 Total Notes and Loans Receivable 9/30/2007 5662,266 5662,266 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (503iBarclays Credit 1-5 Y / 50%Barclays Mani 1-5Y). After 2/1/2012 åta (Barclays interm government credit). 1) The performance MOMS for investments In Private Capiml - Fund ei Fonda, Direct partnerships, and Dirett Companies are located in the Private Capita) PortfolioSummary Pages. MorganStanley SmithBarney 27 EFTA00283479 Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December S 12/31/2012 December YID I I D Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Other Assets JP Morgan Chase - East Hampton 9/30/2007 3,784 3,784 Morgan Stanley Checking Account 12/31/2007 635,989 46,120 -3,724 678,386 T. Rowe 401(K) Retirement Plan [DJ 1/31/2007 153,855 346,112 346,112 0.0% 0.0% 8.1% Total Other Assets 1/31/2007 $153,855 $985,885 $46,120 ($3,724) $1,028,281 Personal Assets Art, Furniture and Other - 21 Drew Lane 9/30/2007 2,744,701 2,744,701 Art, Furniture and Other - 599 Lexington Avenue 9/30/2007 184,124 184,124 Art, Furniture and Other - 950 Fifth Avenue 9/30/2007 106,065,592 106,065,592 Art, Furniture and Other - 950 Fifth Avenue (Paloma) 9/30/2007 12,000,000 12,000,000 Art, Furniture and Other - Aspen 9/30/2007 48,864 48,864 Art, Furniture and Other - Lazy Z 9/30/2007 75,073 75,073 Hampton Golf Club, LLC 9/30/2007 309,581 309,581 Lexus LX470-1999 9/30/2007 25,275 25,275 Mercedes Benz S430-2001 9/30/2007 37,495 37,495 Total Personal Assets 9/30/2007 $121,490,705 $121,490,705 Zuckerman Personal Holdings BR, Inc - ("Lazy V Motor Yacht) 9/30/2007 25,000,000 25,000,000 USN Aviation - (ZWA, Inc.) 9/30/2007 44,000,000 44,000,000 ZAS, LLC- (Waldorf Flight Services) 9/30/2007 11,500,000 11,500,000 Total Zuckerman Personal Holdings 9/30/2007 $80,500,000 - $80,500,000 Real Property & Options 17 East 75th Street 9/30/2007 5,527,852 5,527,852 21 Drew Lane 9/30/2007 30,500,000 30,500,000 4 Three Mile Harbor Drive 9/30/2007 3,300,000 3,300,000 418 Wrights Road Aspen 10/22/2009 9,500,000 9,500,000 950 Fifth Avenue 9/30/2007 32,000,000 32,000,000 Total Real Property & Options 9/30 007 S80,827,852 - $80,827,852 Total Non-Policy Assets $153,855 1,840,269,493 ($49,954,371) $37,957,390 1,828,272,512 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (S0SiBarclays Credit 1-S Y / S0%Barclays Muni 1-5 11). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 28 EFTA00283480 Mortimer B. Zuckerman Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December YTD I I 1) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flaw Return Value Return Return Return Obligations To Related Parties BR, Inc - ("Lazy Z" Motor Yacht) 9/30/2008 -14,792,507 -14,792,507 Pauline Gertler 9/30/2007 -2,265,201 -2,265,654 USN Aviation - (ZWA, Inc.) 9/30/2008 -29,368,425 -29,260,862 ZAS, LLC- (Waldorf Flight Services) 9/30/2008 -1,624,860 -1,565,220 Total Obligations To Related Parties 9/30/2007 ($48,050,993) - ($47,884,243) Mortgages Bank of America- 418 Wrights Road 9/30/2007 -7,195,694 -7,181,751 Bank of America-17 East 75th Street 9/30/2007 4312,091 -5,302,759 Bank of America-21 Drew Lane 9/30/2007 -19,995,298 -19,960,171 Bank of America-4 Three Mile Harbor Drive 9/30/2007 -795,050 -793,653 Bank of America-950 Fifth Avenue 9/30/2007 -23,592,056 -23,550,610 Total Mortgages 9/30/2007 ($56,890,189) - ($56,788,944) Unsecured Obligations To Third Parties Bank of America Revolving Line of Credit 9/30/2007 -171,769,869 -175,000,000 Citibank Revolving Line of Credit 9/30/2007 Daily News, LP. - HUD 3/31/2009 -1,600,000 -1,600,000 Daily News, LP. - NJEDA 9/30/2008 -7,800,000 -7,800,000 Krell Payments 9/30/2008 -200,000 -200,000 MBZ Printing (APT, LP) 9/30/2008 -41,061,723 -41,061,723 Total Unsecured Obligations To Third Parties 9/30/2007 - ($222,431,592) - ($225,661,723) Total Liabilities ($327,372,774) - ($330,334,910) Total Excluding Liabilities $165,274,032 2,043,447,454 ($50,209,604) $38,031,473 2,031,269,323 Total Investment Assets $165,274,032 1,716,074,680 ($50,209,604) $40,993,609 1,700,934,413 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (S0NBarclays Credit 1-SY / S0NBarclays Muni 1-5 Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 29 EFTA00283481 Mortimer B. Zuckerman Endnotes- December 31, 2012 Reference I'] In l IA) IBI ICI ID] IEl 19 ICI Endnoles Please note: Inception To Date returns (FTD Return) are annualized returns for periods greater than 12 months. Please note: The 'MR calculations are Net of Fees. Please note: The current ownership of MBZ in this Teal Property & Options' (17 East 7Sth Street) is 3/7 or 12.86%. Investment represents asses owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. The November 30, 2012 and December 31, 2012 values represent the September 30, 2012 capital account balance adjusted for contributions post valuation date. The November 30, 2012 and December 31, 2012 values represent the fair market value of vested options that are in the money. The November 10, 2012 and December 31, 3712 value represents the March 31, 2011 capital account balance adjusted for contributions post valuation date. The historical returns of BXP common include the historical appreciation from the exercise of options. The Market Value d the BXP (Vested Options) is calculated by multiplying the shares of BXP (Vested Options) by the Icon-eat price minus the exercise price). The exercise price $92.71. The present value of Future )1B.2 Crut Distributions and the present value of Future USN Crut Distributions are calculated using an estimated capital market growth rate of S.00% provided by the dient and for which the client is solely rdponsible. Morgan Stanley makes no representation regarding its accuracy nor the accuracy of any calculations based upon such values. MorganStanley SmithBarney 30 EFTA00283482 MBZ 1996 Trust (GST Exempt) Executive Summary - December 31, 2012 Taxabe Fixed irIcAstual Allocation % for Policy Assets Global Bonds 22% Tnvate Capital Fund of Funds 19°Y. N 53% Private Capital Direct Companies IS Pnvate Capital Direct Partnerships 38.9% Investment Assets AP Onshore Hedge Funds Cash Municipal Securities Corporate Corporate Bonds Taxable Fixed Income Global Bonds AIP Onshore Hedge Funds Hedge Funds -Direct Private Capital - Fund of Funds Private Capital - Direct Partnerships Private Capital - Direct Companies Total Policy Assets Boston Properties, Inc. (Closing Price:8105.81) Notes and Loans Receivable Total Investment Assets E.7% Endnotea Hedge Funds -Direct 63% Cash 6.9% Municipal Securities 7.6% Corporate Bonds 12_0% ▪ Corporate ■ Private Capital - Direct Companies 0 Global Bonds K Taxable Fixed Income ■ Private Capital - Fund of Funds K I ledge Funds -Direct ■ Cash K Municipal Securities ■ Corporate Bonds ■ AIP Onshore Hedge Funds 0 Private Capital - Direct Partnerships Coat 11/30/20I2 Valise 12/31/2012 Value Actual Policy % 1,484,987 5,557,356 4,641,429 6.9% 4,662,632 5,124,306 5,080,248 7.6% 0 19,458 19,459 0.0% 4,926,592 8,047,747 8,056,632 12.0% 2,592,126 863,356 1,856,683 2.8% 1,176,727 1,311,814 1,289,580 L9% 9,719,483 11,087,183 11,192,543 16.7% 3,870,188 4,239,653 4,242,168 6.3% 1,780,716 3,628,763 3,523,773 5.3% 19,032,017 27,039,711 26,060,763 38.9% 14,886,622 1,079,861 1,079,861 L6% $64,132,089 $67,999,209 $67,043,139 100.0% 4,469,742 4,636,546 27,991,113 27,991,113 564,132,089 5100,460,064 $99,670,798 MorganStanley SmithBarney EFTA00283483 MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cost 11/3402012 Value Net Cash Flow December Return 12f3I/2012 Value December Return YID Return III" Return Cash Morgan Stanley- Money Mkt 12/31/2007 4,074,779 83,938 -999,865 3,158,852 0.0% 0.1% Operating Account 1996 TR (All') 8/31/2010 1,484,987 1,482,577 1,482,577 0.0% 0.0% Total Cash 12/31/2007 $1,484,987 $5557,356 $83,938 ($999,865) $4,641,429 0.0% 0.0% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley- Intermediate Term Muni Bonds 1/13/2010 4,128,288 4,554,755 43,266 4,511,490 -1.0% 73% 8.5% Morgan Stanley- Long Term Muni Bonds 6/9/2011 534,343 569,551 -793 568,758 -0.1% 2.7% 4.2% Morgan Stanley - Short Term Muni Bonds 9/30/2008 - - Total Municipal Securities 9/30/2008 $4,662,632 $5,124,306 ($44,058) 55,080,248 -0.9% 4.9% 5.2% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 4.0% Barclays Capital Muni Bond Index -1.2% 6.8% 7.8% Corporate Citi - Corporate Bonds 1/31/2009 0 19,458 1 19,459 0.0% 0.0% 2.1% Total Corporate 1/31/2009 $0 $19,438 $1 $19,459 0.0% 0.0% 2.1% Barclays Intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 4,926,592 8,047,747 8,885 8,056,632 0.1% 45% 6.5% Total Corporate Bonds 1/31/2009 $4,926,592 $8,047,747 $8,885 $8,056,632 0.1% 45% 6.5% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return - Intermediate Term 1/9/2012 2,592,126 863,356 996,144 -2,818 1,856,683 -0.2% 8.2% Total Taxable Fixed Income 1/9/2012 $2,592,126 $863,356 $996,144 ($2,818) 81,856,683 0.7% 13.0% 4.0% Global Bonds Templeton Global Bond Fund 5/25/2011 1,176,727 1,311,814 41,478 19,244 1,289,580 1.5% 16.0% 5.7% Total Global Bonds 5/25/2011 $1,176,727 $1,311,814 ($41,478) $19,244 $1,289,580 0.7% 13.0% 4.0% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 7/31/2012 (50%Barclays Credit 1-SY / SOISIllawlays Muni 1-5Y). After 2/1/2012 its (Barclays interns government credit). The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Compsni are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 32 EFTA00283484 MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 12/31/2012 December YTD I I 1) ' Asset Class/Investment/Benchmark Endnotes Date Cost Value How Return Value Return Return Return AIP Onshore Hedge Funds Boronia Diversified Fund (AIP) 8/31/2010 214,136 394,173 4,060 390,113 -1.0% -5.4% -5.5% Double Black Diamond Class C (AIP) 8/31/2010 1,126,870 1,246,126 16,947 1,263,073 1.4% 10.9% 5.1% GEM Realty Securities LP (AlP) 8/31/2010 1,126,932 1,201,888 962 1,202,850 0.1% 25% 2.9% HBK Fund II LP (AIP) 8/31/2010 1,125,008 1,338,809 13,388 1,352,197 1.0% 6.6% 8.2% LIM Asia Multi-Strategy Fund (Alf') 6/29/2012 1,000,000 1,039,038 7,377 1,046,415 0.7% 4.6% Man AHL Diversified II USA (Alf') 8/31/2010 511,531 450,133 2,656 452,789 0.6% -8.4% -5.1% Mariner Tricadia Credit Strat (An') 8/31/2010 1,025,074 1,155,963 22,079 1,178,042 1.9% 11.8% 6.2% Millenium USA LP (AIP) 8/31/2010 1,128,993 1,353,369 9,067 1,362,436 0.7% 4.9% 8.5% MQ Asian Alpha fund (AIP) 2/1/2012 605,637 633,804 -5,070 628,734 -0.8% 3.8% Seligman Tech Spectrum Fund (AIP) 8/31/2010 727,458 1,037,307 11,099 1,048,406 1.1% -2.4% 4.1% York Credit Opportunity Fund (AIP) 8/31/2010 1,127,845 1,236,573 30,915 1,267,488 2.5% 8.8% 5.2% Total AIP Onshore Hedge Funds 8/31/2010 $9,719,483 S11,087,183 $105,360 $11,192,543 1.0% 4.0% 3.1% Hedge Funds -Direct GS Hedge Fund Seeding Strategy 2/27/2012 2,937,219 3,022,907 -937 3,021,970 0.0% 4.0% GS Investment Partners (Onshore) 1/2/2008 932,969 1,216,746 3,452 1,220,198 0.3% 1.4% 3.0% Total Hedge Funds-Direct 712/2008 $3,870,188 $4,239,653 $2,515 $4,242,168 0.1% 4.8% -27.5% Private Capital - Fund of Funds GS Private Equity Partners II, L.P. 3/11/1998 0 318,634 318,634 Quellos Private Capital 2002, LP. 6/14/2002 333,937 1,118,753 -73,655 1,045,098 Quellos Private Capital II, L.P. 12/20/2004 1,446,779 2,191,376 -31,335 2,160,041 Total Private Capital - Fund of Funds 3/11/1998 $1,780,716 $3,628,763 ($104,990) - $3,523,773 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (SOSIBarclays Credit 1-S Y / SO%Batrlays Muni 1-5 Y). After 2/1/2012 its (Ban-lays interns government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct pattnerships, and Direct Comixsnit6 ate located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AlP hedge funds is preliminary. MorganStanle y SmithBarney 33 EFTA00283485 MBZ 1996 Trust (GST Exempt) Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December YID III) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Brickman 1280 Fifth Investments II, L.P. 5/30/2008 970,090 839,201 839,201 Brickman Real Estate Fund II, L.P. 6/5/2006 2,439,912 1,824,861 1,824,861 Brickman Real Estate Fund Ill, LP. 4/4/2007 1,618,729 594,971 594,971 Israel Infrastructure Fund I-C, LP. 10/18/2006 1,479,480 1,573,370 37,500 1,610,870 Quellos Co-Investment Fund II, LP. 9/8/2008 3,420,727 9,541,374 -1,414,062 8,127,312 Quellos Co-Investment Fund III, L.P. 10/24/2011 4,845,734 5,913,030 671,520 6,584,550 Quellos Co-Investment Fund, LP. (Ai 6/5/2006 731,417 3,902,697 -288,179 3,614,518 VSS Comunications Partners IV, L.P. 3/20/2006 3,525,928 2,850,207 14,273 2,864,480 Total Private Capital - Direct Partnerships 3/20/2006 $19,032,017 $27,039,711 ($978,948) - $26,060,763 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 3/28/2006 14,810,588 1,037,361 1,037,361 Newbridge Vencable Partners, LLC 10/31/1997 76,034 42,500 42,500 Total Private Capital - Direct Companies 10/31/1997 $14,886,622 51,079,861 - 81,079,861 Total Policy 864,132,089 567,999,209 ($45,334) ($910,737) 567,043,139 0.1% 2.2% Boston Properties, Inc. (Closing Price: 8105.81) BXP (Common) 1996 Exempt 6/15/2012 4,469,742 166,804 4,636,546 3.7% 3.4% Total Boston Properties, Inc. 6/15/2012 $4,469,742 5166,804 $4,636,546 Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P. 9/30/2007 27,991,113 27,991,113 Total Notes and Loans Receivable 9/30/2007 $27,991,113 - $27,991,113 Total Investment Assets 664,132,089 $100,460,064 ($45,334) (5743,933) $99,670,798 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50111Barclays Credit 1-5 Y / S0%Barrlays Muni 1-5 Y). After 2/1/2012 its (Barclays intern government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companit are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AlP hedge funds is preliminary. MorganStanle y SmithBarney 34 EFTA00283486 MBZ 1996 Trust (GST Exempt) Endnotes- December 31, 2012 Reference Endnotes I 'I Please note: Inception To Date returns (FTD Return) am annualized returns for periods greater than 12 months. I "I Masse note: The TWR calculations are Net of Fees. IAl Investment represents asses owned by Z CAP Fund, L.P. Value presaited represents the percentage interest in the underlying Investment. MorganStanley SmithBarney EFTA00283487 MBZ 1996 (GST Non Exempt) Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets GobS Bonds Priv-sieCspild - Direct Conpaica 28% 25% Cash 7.4%. Hedge Fads -Direct Ill% Muidpd Scarifies 4D% U.S. Eqdias 4.4% la Fixed Imams 12 Prat Capital - Furl of Furls 22% Corporate Bonds 202% PrhadeCaald Direct Patrerstips 328% MI Private Capital - Direct Partnerships • Corporate Bonds 0 Taxable Fixed Income 0 Hedge Funds -Direct • Cash • U.S. Equities • Municipal Securities 0 Global Bonds • Private Capital - Direct Companies • Private Capital - Fund of Funds 11/30/2012 12/31/2072 Anhui Investment Assets Endnaws Cost Value Value Policy % Cash 16,518,517 9,124,231 7.4% Municipal Securities 4,562,147 7,198,178 4,918,361 4.0% Corporate Bonds 20,301,689 24,838,347 24,871,338 20.2% Taxable Fixed Income 15,194,252 7,474,463 15,372,648 12.5% US. Equities 10,000,000 5,563,095 5,438,298 4.4% Global Bonds 2,000,000 2,451,885 3,496,917 2.8% Hedge Funds -Direct 26,455,890 13,425,240 13,583,276 11.1% Private Capital - Fund of Funds 2,777,352 2,746,017 2.2% Private Capital - Direct Partnerships 23,852,917 39,688,733 40,337,289 32.8% Private Capital - Direct Companies 4,920,666 3,027,485 3,027,485 2.5% Total Policy Assets $107,287,560 $122,963,294 4122,915,860 100.0% Boston Properties, Inc. (Closing Price: $105.81) 144,235,381 149,618,032 Notes and Loans Receivable 29)27,783 29)27,783 Total Investment Assets $107,287,560 5296,526,458 $301,861,675 MorganStanley SmithBarney 36 EFTA00283488 MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/30/2012 Value Net Cash Flow December 5 Return 12/31/2012 Value December Return YID Return IT I) Return Morgan Stanley - Money Mkt 12/31/2007 16,518,517 -7,394,875 589 9,124,231 0.0% 0.1% Total Cash 12/31/2007 $16,518,517 ($7,394,875) $589 $9,124,231 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley- Intermediate Term Muni Bonds 1/13/2010 4,309,142 4,718,279 -7,375 -53,015 4,657,889 -1.1% 6.7% 7.0% Morgan Stanley - Long Term Muni Bonds 2/29/2008 2,219,582 -2,214,971 4,611 -0.2% 4.4% 6.0% Morgan Stanley - Short Term Muni Bonds 9/25/2008 253,005 260,317 156 260,473 0.1% 0.9% 3.0% Total Municipal Securities 2/29/2008 $4,562,147 $7,198,178 ($2,222,346) ($57,471) 84,918,361 -1.0% 4.0% 4.1% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 3.9% Barclays Capital Muni Bond Index -1.2% 6.8% 6.9% Corporate Bonds Seix 1/31/2009 20,301,689 24,838,347 32,991 24,871,338 0.1% 45% 6.4% Total Corporate Bonds 1/31/2009 $20,301,689 824838,347 $32,991 $24,871,338 0.1% 45% 6.4% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return- Intermediate Term 12/16/2011 3,979,052 2,157,377 1,990,365 4,850 4,142,892 -0.2% 9.0% 7.9% Lord Abbott Short Duration - Short Term 8/17/2012 11,215,199 5,317,086 5,982,420 -69,751 11,229,756 -1.0% 0.6% Total Taxable Fixed Income 12/16/2011 815,194,252 $7,474,463 $7,972,785 ($74,601) $15,372,648 0.6% 12.6% 7.4% U.S. Equities Goldman Sachs MLP 1/13/2012 10,000,000 5,563,095 -124,797 5,438,298 -2.2% 8.8% Total U.S. Equities 1/13/2012 $10,000,000 $5,563,095 ($124,797) 85,438,298 -2.2% 8.8% Global Bonds Templeton Global Bond Fund 5/25/2010 2,000,000 2,451,885 36,718 2,488,603 1.5% 16.2% 8.8% Templeton Global Bond Fund 12/21/2012 1,000,000 8,314 1,008,314 Total Global Bonds 5/25/2010 $2,000,000 $2,451,885 $1,000,000 $45,033 $3,496,917 0.6% 12.6% 7.4% I Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5Y / 50%Bardays Muni 1-5Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 37 EFTA00283489 MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2012 Asset Class/Investment/Benchmark Hedge Funds -Direct Inception Endnotes Date Cost 11/30/2012 Value Net Cash Flow December 5 Return 12/31/2012 Value December Return YID Return I FL) " Return AP Investments Europe Limited 6/19/2007 521,941 7,649 7,649 0.0% -10.7% -13.6% Castle Advisors, L.P. 6/29/2007 1,475,329 106,990 -625 106,365 0.0% 98.3% 14.8% CCA Absolute Return Muni Strategy, L.P. 4/1/2011 5,000,000 5,236,879 23,438 5,260,317 0.5% 25% 3.0% Paulson Advantage Plus, L.P. 9/1/2009 9,500,000 7,985,129 135,223 8,120,352 1.7% -13.5% -4.6% Taconic Opportunity Fund 6/29/2007 9,958,621 88,593 88,593 0.0% 12.5% 3.8% Total Hedge Funds-Direct 6/19/2007 $26,455,890 513,425,240 $158,036 $13,583,276 1.2% -5.1% -10.3% Private Capital - Fund of Funds GS Private Equity Partners II, L.P. 3/11/1998 585,976 585,976 Quellos Private Capital II, L.P. 12/20/2004 2,191,376 -31,335 2,160,041 Total Private Capital - Fund of Funds 3/11/1998 $2,777,352 ($31,335) $2,746,017 Private Capital - Direct Partnerships CVC European Equity Partners IV, L.P. 9/30/2005 1,555,079 2,117,603 2,117,603 CVC European Equity Partners V, LP. 6/26/2008 3,340,932 3,880,395 3,880,395 DST Global III, LP. 2/2/2012 2,902,678 2,902,678 2,902,678 Legacy Capital, LP. 10/17/2011 3,019,168 1,537,296 4,556,464 Morgan Stanley Credit Partners Onshore, LP. 4/20/2010 2,357,185 2,288,696 2,288,696 Quellos Co-Investment Fund II, LP. 9/8/2008 3,420,727 9,541,374 -1,414,062 8,127,312 Quellos Co-Investment Fund III, L.P. 10/24/2011 6,460,977 7,884,038 895,360 8,779,398 Quellos Co-Investment Fund, L.P. [A] 6/5/2006 0 5,204,574 -384,311 4,820,263 VSS Comunications Partners IV, L.P. 3/20/2006 3,815,339 2,850,207 14,273 2,864,480 Total Private Capital - Direct Partnerships 9/30/2005 S23,852,917 539,688,733 $648,556 - $40,337,289 Private Capital - Direct Companies Freescale Co-Investment XVI, LW 11/28/2006 2,537,500 712,419 712,419 Newbridge Vencable Partners, LLC 12/31/2001 133,505 75,000 75,000 The Vehicle Production Group, LLC 8/12/2008 2,249,661 2,240,066 2,240,066 Total Private Capital - Direct Companies 12/31/2031 $4,920,666 $3,027,485 - $3,027,485 Total Policy $107,287,560 $122,963,294 ($27,215) ($20,220) $122,915,860 0.0% 13% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Barclays Muni 1-5Y). After 2/1/2012 its (Barclays interns government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companim an located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 38 EFTA00283490 MBZ 1996 (GST Non Exempt) Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December YID III) • Asset ClasOnvestment/Benchrnark Endnotes Date Cost Value Flow Return Value Return Return Return Boston Properties, Inc. (Closing Price: $105.81) BXP (OPUS) 4/1/2000 144,235,381 5,382,651 149,618,032 3.7% 85% N.5 Total Boston Properties, Inc. 4/1/2000 $144,235,381 $5,382,651 $149,618,032 Other Investment Assets Total Other Investment Assets Notes and Loans Receivable Daily News, L.P. 9/30/2007 29,327,783 29,327,783 Total Notes and Loans Receivable 9/30/2007 829,327,783 - $29,327,783 Total Investment Assets $107,287,560 $296,526,458 ($27,215) 55,362,432 3301,861,675 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-SY / S0%Barelays Muni 1-5 V). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 39 EFTA00283491 MBZ 1996 Trust (GST Non Exempt) Endnotes- December 31, 2012 Reference Endnotes I I Please note: Inception To Date returns (fTD Return) am annualized returns for periods greater than 12 months. I "1 Nouse note: The TWR calculations are Net of Fees. RAJ Investment represents asses owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanley SmithBarney Oft EFTA00283492 MBZ 1983 Family Trust Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets Corporate 55% Gabd Bards Cash dB% 39% Mtridpal &earlHes 0.7% Nati Capita -Direct Prstrurships PAM a Cspi - Furd al Fiat 309% 6.0% ltdgeFurds-Direct 72% Pda • Csi - Dived Commies CorpardeBords 13% 17.3% Tadble Axed Intone • Private Capital - Direct Partnerships • Corporate Bonds Cl Taxable Fixed Income CI Private Capital - Direct Companies • Hedge Funds -Direct • Private Capital - Fund of Funds • Corporate ▪ Global Bonds • Cash • Municipal Securities 133% tv3opin2 wan Actual Investment Assets &totem Cost Value Value Polley % Cash 4,890,330 1,254,906 3.5% Municipal Securities 265,493 258,686 258,962 0.7% Corporate 1,752,399 1,977,789 1,976,249 5.5% Corporate Bonds 5,123,262 6,268,372 6,273,896 17.3% Taxable Fixed Income 4,893,731 1,966,038 4,949,217 13.7% Global Bonds 1,686,786 765,537 1,760,876 4.9% Hedge Funds -Direct 3,000,000 2,575,057 2,618,746 7.2% Private Capital - Fund of Funds 333,947 2,233,765 2,160,110 6.0% Private Capital - Direct Partnerships 7,125,587 11,476,928 11,186,172 30.9% Private Capital - Direct Companies 19,388,088 3,789,780 3,789,780 10.5% Total Policy Assets $43,569,293 $36,202,282 $36,228,913 100.0% Family Businesses 84,400 84,400 84,400 Notes and Loans Receivable 46,521,964 46,521,964 Total Investment Assets $43,653,693 $82,808,646 $82,835,277 MorganStanley SmithBarney 41 EFTA00283493 MBZ 1983 Family Trust Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/30/2012 Value Net Cash Flow December Return 12/31/2012 Value December Return YID Return I I I) Return Morgan Stanley - Money Mkt 12/31/2007 4,890,330 -3,635,589 164 1,254,906 0.0% 0.1% Total Cash 12/31/2007 $4,890,330 MAMAS% $164 $1,254,906 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley - Short Tenn Muni Bonds 4/30/2009 265,493 258,686 276 258,962 0.1% 1.1% 2.9% Total Municipal Securities 4/30/2009 $265,493 $258,686 $276 $258,962 -0.2% 2.6% 3.7% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 3.1% Barclays Capital Muni Bond Index -1.2% 6.8% 7.1% Barclays Aggregate Bond Index -0.1% 4.2% 6.5% Corporate Citi - Corporate Bonds 1/31/2009 1,752,399 1,977,789 -1,540 1,976,249 -0.1% 4.2% 3.7% Total Corporate 1/31/2009 $1,752,399 $1,977,789 ($1,540) $1,976,249 -0.1% 4.2% 3.7% Barclays intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 5,123,262 6,268,372 5,524 6,273,896 0.1% 4.3% 6.1% Total Corporate Bonds 1/31/2009 $5,123,262 $6,268,372 $5,524 $6,273,896 0.1% 4.3% 6.1% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return- Intermediate Term 12/16/2011 1,995,075 540,040 1,497,588 -5,605 2,032,024 -0.6% 82% 7.6% Lord Abbott Short Duration - Short Term 8/17/2012 2,898,656 1,425,998 1,495,236 4,041 2,917,193 -0.2% 1.4% Total Taxable Fixed Income 12/16/2011 $4,893,731 $1,966,038 $2,992,824 ($9,645) $4,949,217 0.7% 12.9% 3.8% Global Bonds Templeton Global Bond Fund 5/25/2011 1,686,786 765,537 975,795 19,545 1,760,876 L8% 16.4% 5.9% Total Global Bonds 5/25/2011 $1,686,786 $765,537 $975,795 $19,545 $1,760,876 0.7% 12.9% 3.8% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Barclays Muni 1-5 ?). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 42 EFTA00283494 MBZ 1983 Family Trust Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 12/31/2012 December YTD I I 1) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Hedge Funds -Direct Paulson Advantage Plus, L.P. 8/1/2009 3,000,000 2,575,057 43,689 2418,746 1.7% -13.5% -3.9% Total Hedge Funds-Direct 8/1/2009 $3,000,000 $2,575,057 $43,689 $2,618,746 1.7% -7.4% -2.8% Private Capital - Fund of Funds GS Vintage Fund, LP. 12/30/1998 0 1,115,012 1,115,012 Quellos Private Capital 2002, LP. 6/14/2002 333,947 1,118,753 -73,655 1,045,098 Total Private Capital - Fund of Funds 12/30 555 $333,947 42,233,765 ($73,655) - $2,160,110 Private Capital - Direct Partnerships Brickman Real Estate Fund IV, L.P. 12/17/2007 1,342,727 1,541,030 1,541,030 CVC European Equity Partners IV, L.P. 9/30/2005 1,343,987 2,117,603 2,117,603 Israel Infrastructure Fund I-C, LP. 10/18/2006 1,479,480 1,573,370 37,500 1,610,870 Quellos Co-Investment Fund II, LP. 9/8/2008 1,140,241 3,180,457 -471,354 2,709,103 Quellos Co-Investment Fund III, L.P. 10/24/2011 1,615,244 1,971,009 223,840 2,194,849 Quellos Co-Investment Fund, L.P. [A] 6/5/2006 203,909 1,093,459 -80,742 1,012,717 Total Private Capital - Direct Partnerships 9/30/2005 $7,125,587 $11,476,928 ($290,756) - $11,186,172 Private Capital - Direct Companies Ally / Cerberus Firm Investors, LLC 3/28/2006 14,810,588 1,037,361 1,037,361 Freescale Co-Investment XVI, LLC 11/28/2006 2,537,500 712,419 712,419 Loud3R 7/1/2010 2,040,000 2,040,000 2,040,000 Total Private Capital - Direct Companies 3/28/2006 $19,388,088 $3,789,780 - 83,789,780 Total Policy $43,569,293 S36,202,282 ($31,381) $58,012 $36,228,913 0.2% 0.0% Other Investment Assets Total Other Investment Assets Family Businesses MBZ Digital Ventures LLC 7/1/2010 84,400 84,400 84,400 0.0% 0.0% 0.0% Total Family Businesses 7/1/2010 $84,400 $84,400 $84,400 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Barclays Muni 1-5 Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 43 EFTA00283495 MBZ 1983 Family Trust Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 5 12/31/2012 December YID III) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Notes and Loans Receivable Daily News, L.P. 9/30/20W 8,421,964 8,421,964 The MBZ News 1992 Trust UAD 12-29-92 9/30/2007 38,100,000 38,100,000 Total Notes and Loans Receivable 9/30/2007 $46,521,964 - $46,521,964 Total Investment Assets $43,653,693 $82,808,646 ($31,381) $58,012 $82,835,277 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / SO%Barclays Muni 1-5 Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance retunw for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStantey SmithBarney 44 EFTA00283496 MBZ 1983 Family Trust Endnotes- December 31, 2012 Reference Endnotes I Please note: Inception To Date returns (DT/Return) are annualized returns for periods greater than 12 months. "I Please note: The TWR calculations are Net of Fees. IAI Investment represents assets owned by Z CAP Fund, L.P. Value presented represents the percentage interest in the underlying investment. MorganStanley SmithBarney 45 EFTA00283497 USN College Marketing, Inc. Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets Corporate 23.9% Municipal Securities 2.2% Cash/ 6.0% Private Capital - Direct Partnerships 40.0% Corporate Bonds 8.5% taxable Fixed Income 5.0% Bonds 1.7% Hedge Funds -Direct 12.5% • Cash ■ Municipal Securities OCorporate O Corporate Bonds ■Taxable Fixed Income • Global Bonds ■ Fledge Funds -Direct • Private Capital - Direct Partnerships 11/30/2012 12/31/2012 Actual Investment Assets canals Cost Value Value Policy % Cash 1,602,524 2,766,527 6.0% Municipal Securities 1,003,323 1,067,077 1,032,882 2.2% Corporate 9,908,312 11,002,751 10,999,541 23.9% Corporate Bonds 2,428,138 3,919,549 3,923,334 8.5% Taxable Fixed Income 2,284,328 2,321,072 2,306,732 5.0% Global Bonds 728,916 812,186 796,243 1.7% Hedge Funds -Direct 5,000,000 5,607,564 5,750,747 12.5% Private Capital - Direct Partnerships 9,513,684 19,305,250 18,362,858 40.0% Total Policy Assets $30,866,701 $45,627,973 $45,938,864 100.0% Total Investment Assets $30,866,701 $45,627,973 $45,938,864 MorganStanley SmithBarney 46 EFTA00283498 USN College Marketing, Inc. Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 12/31/2012 December Y I D I I 1) ' Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Cash Bank of America - MMF 9/19/2008 11,987 0 11,987 0.0% 0.0% Morgan Stanley - Money Mkt 12/31/2007 1,590,538 1,163,946 57 2,754,541 0.0% 0.1% Total Cash 12/31/2007 $1,602,524 $1,163,946 $57 $2,766,527 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley - Intermediate Term Muni Bonds 6/19/2012 753,323 797,680 -6,833 -14,773 776,074 -1.9% 4.2% Morgan Stanley - Long Tenn Muni Bonds 6/9/2011 250,000 259,398 -2,590 256,808 -1.0% 12% 3.3% Total Municipal Securities 6/9/2011 $1,003,323 $1,057,077 ($6,833) ($17,363) $1,032,882 -0.9% 3.0% 3.5% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 3.2% Barclays Capital Muni Bond Index -1.2% 6.8% 6.9% Corporate Cad- Corporate Bonds 1/31/2009 9,908,312 11,002,751 -3,209 10,999,541 0.0% 3.8% 3.4% Total Corporate 1/31/2009 $9,908,312 $11,002,751 ($3,209) $10,999,541 0.0% 3.8% 3.4% Barclays Intermediate Government Credit -0.1% 3.9% 4.8% Corporate Bonds Seix 1/31/2009 2,428,138 3,919,549 3,786 3,923,334 0.1% 4.3% 6.4% Total Corporate Bonds 1/31/2009 $2,428,138 $3,919,549 $3,786 $3,923,334 0.1% 43% 6.4% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Lord Abbett Short Duration- Short Term 8/17/2012 2,284,328 2,321,072 -14,341 2,306,732 -0.6% 1.0% Total Taxable Fixed Income 8/17/2012 $2,284,328 $2,321,072 ($14,341) $2,306,732 1.2% 15.7% 5.5% Global Bonds Templeton Global Bond Fund 5/25/2011 728,916 812,186 -25,610 9,667 796,243 1.2% 15.7% 5.5% Total Global Bonds 5/25/2011 $728,916 $812,186 ($25,610) $9,667 $796,243 1.2% 15.7% 5.5% Hedge Funds -Direct CCA Absolute Return Muni Strategy, L.P. 6/30/2010 5,000,000 5,607,564 143,184 5,750,747 2.6% 2.6% 5.8% Total Hedge Funds-Direct 6/3(1/2010 $5,000,000 $5,607,564 $143,184 $5,750,747 2.6% 2.6% 5.8% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (S033arclays Credit 1-4 Y / 50%Baniays Muni 1-5 Y). After 2/1/2M2 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStanley SmithBarney 47 EFTA00283499 USN College Marketing, Inc. Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December 12/31/2012 December YTD 1'11)' Asset ClasslInvestment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Private Capital - Direct Partnerships Morgan Stanley Credit Partners Onshore, L.P. 4/20/2010 1,178417 1,144,351 1,144,351 Quellos Co-Investment Fund II, L.P. 9/8/2008 3,420,727 9,541,374 -1,414,062 8,127,312 Quellos Co-Investment Fund Ill, L.P. 10/24/2011 4,845,734 5,913,030 671,520 6,584,550 Quellos Co-Investment Fund, LP. [AI 6/5/2006 68,606 2,706,495 -199,850 2,506,645 Total Private Capital - Direct Partnerships 6/5/2006 $9,513,684 $19,305,250 ($942,392) $18,362,858 Total Policy $30,866,701 $45,627,973 $189,110 $121,781 $45,938,864 0.3% 3.8% Other Investment Assets Total Other Investment Assets Total Investment Assets 430,866,701 $45,627,973 4189,110 $121,781 445,938,864 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Bardays Muni 1-5Y). After 2/1/2012 its (Barclays interm government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. MorganStantey SmithBarney 48 EFTA00283500 USN College Marketing, Inc. Endnotes- December 31, 2012 Reference Endnotes 1 Please note: Inception To Date returns (ITD Return) are annualized returns for periods greater than 12 months. nl Please note: The TWR calculations are Net of Fees. IA) Investment represent s assets owned by Z CAP Fund, L.P. Value presented teprese.nts the percentage interest in the underlying investment. MorganStanley SmithBarney 49 EFTA00283501 MBZ Charitable Remainder Unitrust Executive Summary - December 31, 2012 m„„aosecActual Allocation % for Policy Assets 2.1% Co TO rate Pnvate Capital Fund of Funds 42% 0S Cash 225% Private Capital Direct Partnerships 212% Taxable Fixed PICOT° sae% Global Bonds 82% Corporate Bonds 8A% A IP Offshore Hedge Funds 82% Hedge Funds -Direct OS% ■ Private Capital - Fund of Funds ■ Municipal Securities ❑Corporate KGlobal Bonds ■ Corporate Bonds • Al P Offshore Hedge Funds ■ Hedge Funds -Direct O Taxable Fixed Income ■ Private Capital - Direct Partnerships • Cash 11/30/2012 12/31/2012 Actual Investment Anets Endnotee Coat Value Value Polley % Cash 2,858,134 3,861,423 34,580,775 223% Municipal Securities 3,011,760 4,486,443 3,257,453 2.1% Corporate 1,942,932 11,507,511 7,322,340 4.8% Corporate Bonds 7,150,675 12,896,474 12,915,371 8A% Taxable Fixed Income 21,413,696 21,578,371 21,593,101 14.0% Global Bonds 12,422,202 12,533,975 12,583,976 8.2% AIP Offshore Hedge Funds 11,717,387 13,320,150 13,503,595 8.8% Hedge Funds -Direct 35,670,633 14,785,482 15,041,557 9.8% Private Capital - Fund of Funds 400,185 420,683 420,683 0.3% Private Capital - Direct Partnerships 19,838,176 35,495,007 32,607,309 21.2% Total Policy Assets $116,425,779 $130,885,519 $153,826,159 100.0% Boston Properties, Inc. (Closing Price: $105.81) 26,222,170 Total Investment Assets $116,425,779 4157,107,689 $153,826,159 MorganStanley SmithBarney 50 EFTA00283502 MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/3(/2012 Value Net Cash Flaw December 5 Return 12/31/2012 Value December Return YID Return I I1) Return Morgan Stanley - Money Mkt 12/31/2007 2,375,074 30,718,905 447 33,094,427 0.0% 0.1% Operating Account MBZ CRUT (AIP) 8/31/2010 2,858,134 1,486,349 1,486,349 0.0% 0.0% Total Cash 12/31/2007 $2,858,134 $3,861,423 $30,718,905 $447 $34,580,775 0.0% 0.0% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Municipal Securities Morgan Stanley - Intermediate Term Muni Bonds 7/25/2001 2,887,728 4,341,793 -1,170,849 -54,222 3,116,722 -1.5% 8.2% 6.9% Morgan Stanley - Long Term Muni Bonds 5/13/2011 124,033 144,649 -3,919 140,731 -2.7% 11.3% 12.1% Total Municipal Securities 7/25/2001 $3,011,760 $4,486,443 ($1,170,849) ($58,141) $3,257,453 -0.2% 5.0% 4.6% Barclays Capital Muni 1-5 Yr Index -0.3% 2.0% 4.0% Barclays Capital Muni Bond Index -1.2% 6.8% 7.8% Corporate Citi - Corporate Bonds 1/31/2009 1,942,932 11,507,511 4,200,000 14,829 7,3,2,140 0.1% 1.9% 3.3% Total Corporate 1/31/2009 $1,942,932 $11,507,511 ($4,200,000) $14,829 $7,322,340 0.1% 1.9% 3.3% Barclays 1-3 Year Government Credit 0.1% 2.0% 4.3% Corporate Bonds Seix 1/31/2009 7,150,675 12,896,474 18,897 12,915,371 0.2% 4.7% 6.4% Total Corporate Bonds 1/31/2009 $7,150,675 $12,896,474 $18,897 $12,915,371 0.2% 4.7% 6.4% 85%Barclays Credit /15%Barclays High Yield 0.2% 10.3% 12.2% Taxable Fixed Income Doubleline Total Return- Intermediate Term 2/24/2012 7,997,236 8,122,638 14,729 8,137,367 0.2% 6.1% Lord Abbott Short Duration - Short Term 8/17/2012 13,416,459 13,455,734 -20,661 20,661 13,455,734 0.2% 0.8% Total Taxable Fixed Income 224/2012 $21,413,696 $21,578,371 ($20,661) $35,390 $21,593,101 0.3% 13.4% 4.2% Global Bonds Gluskin Sheff 9/28/2012 10,000,000 9,925,932 10,938 9,936,870 0.1% -0.6% Templeton Global Bond Fund 5/25/2011 2,422,202 2,608,043 39,062 2,647,106 1.5% 16.0% 5.7% Total Global Bonds 5,25/2011 $12,422,202 $12,533,975 $50,000 $12,583,976 0.3% 13.4% 4.2% ") Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Bardays Muni 1-5 Y). After 2/1/2012 its (Barclays 1-3 Year government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AIP hedge funds is preliminary. MorganStantey SmithBarney 51 EFTA00283503 MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2012 Inception 11/302012 Net Cash December 5 / 2/3 I/2012 December YID I I 1) ' Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return AIP Offshore Hedge Funds Boronia Diversified Fund (All) 8/31/2010 511,445 454,676 4,683 449,993 -1.0% -5.2% -5.4% Double Black Diamond Class C (AIP) 8/31/2010 1,528,021 1,639,932 21,155 1461,087 1.3% 9.9% 4.3% FMK Offshore Fund II Ltd. (AIP) 8/31/2010 511,757 607,321 6,195 613,516 1.0% 6.3% 8.2% LIM Asia Multi-Strategy Fund (Alf') 3/30/2012 1,010,093 1,029,891 7,312 1,037,203 0.7% 2.9% Mariner Tricadia Credit Strat (All) 8/31/2010 1,025,076 1,155,928 22,078 1,178,006 1.9% 11.8% 6.2% Millenium Intl Ltd - Class LE (AIP) 8/31/2010 1,026,338 1,221,100 8,059 1,229,159 0.7% 4.4% 8.2% MQ Asian Alpha fund (All') 8/31/2010 512,030 613,082 -4,231 608,851 -0.7% 3.4% 7.9% Oz Overseas Fund Ltd. (AIP) 8/31/2010 1,778,718 2,155,235 21,983 2,177,218 1.0% 10.6% 5.7% QFR Victoria Fund (Alf) 6/29/2012 1,507,759 1,629,004 52,291 1,681,295 3.2% 11.5% Seligman Tech Spectrum Fund (AIP) 8/31/2010 273,174 556,798 5,958 562,756 1.1% -4.9% 2.9% Taconic Opportunity Fund (AIP) 3/30/2012 1,007,603 1,037,005 18,044 1,055,049 1.7% 5.0% York Credit Opp Unit Trust (AIP) 8/31/2010 1,025,375 1,220,178 29,284 1,249,462 2.4% 18.1% 9.0% Total AIP Offshore Hedge Funds 8/31/2010 $11,717,387 $13,320,150 $183,445 $13,503,595 1.4% 7.9% 4.1% Hedge Funds -Direct AIP Custom HF Solutions 6/9/2011 7,356,521 11,537,126 249,668 11,786,794 2.2% 37.9% 79.5% Ascot Fund Limited 7/12/2006 25,000,000 0 0 0.0% 0.0% Blackstone Offshore Fund II 1/7/2011 2,470,017 2,298,697 2,298497 0.0% 4.3% -0.1% CS Investment Partners (Offshore) 1/2/2008 844,095 949,660 6,407 956,066 0.7% 3.9% 2.2% Total Hedge Funds -Direct 7/12/2006 535,670,633 $14,785,482 $256,075 $15,041,557 1.7% 29.1% 13.2% Private Capital - Fund of Funds Quellos Financial Ventures II, (CRT), LP. [B] 11/23/2004 400,185 420,683 420,683 Total Private Capital - Fund of Funds 11/23/2004 $400,185 $420,683 $420,683 Private Capital - Direct Partnerships Morgan Stanley Credit Partners Offshore, LP. 4/20/2010 5,24,703 5,721,733 5,721,733 Quellos Co-Investment Fund II, LP. - CRT Series 11/25/2008 1,635,464 8,138,816 -2,894,315 5,244,501 Quellos Co-Investment Fund III, L.P. - CRT Series 12/9/2011 9,601,968 8,582,238 1,006,510 9,588,748 Quellos Co-Investment Fund, LP. - CRT Series [C] 6/5/2006 3,349,041 13,052,220 -999,893 12,052,327 Total Private Capital - Direct Partnerships 6/5/2006 $19,838,176 $35,495,007 ($2,887,698) - $32,607,309 ') Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Bawlays Muni 1-5 Y). After 2/1/2012 its (llanlays 1-3 Year government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AIP hedge funds is preliminary. MorganStantey SmithBarney 52 EFTA00283504 MBZ Charitable Remainder Unitrust Portfolio Details - December 31, 2012 Asset Class/Investment/Benchmark Inception Endnotes Date Cost 11/34/2012 Value Net Cash Flow December $ 12/31/2012 Return Value December Return YTD Return ITD Return Total Policy $116,425,779 4130,885,519 $22,439,698 $500,942 $153,826,159 0.4% 7.4% Boston Properties, Inc. (Closing Price: $105.81) BXP (Common) 2/21/2001 26,222,170 -26,854,073 631,902 2.6% 9.3% 14.3% Total Boston Properties, Inc. 2/21/2001 $26,222,170 ($26,854,073) $631,902 Other Investment Assets Total Other Investment Assets Total Investment Assets $116,425,779 $157,107,689 ($4,414,375) $1,132,844 $153,826,159 1 Please note the benchmark for the Municipal/Corporate has the following composition Inception to 1/31/2012 (50%Barclays Credit 1-5 Y / 50%Bardays Mimi 1-5 Y). After 2/1/2012 its (Barclays 1-3 Year government credit). 1) The performance returns for investments in Private Capital - Fund of Funds, Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Pages. 2) The current month performance data for the AIP hedge funds is preliminary. MorganStanley SmithBarney 53 EFTA00283505 MBZ Charitable Remainder Unitrust Endnotes- December 31, 2012 Reference 19 nj [Al IBI Endnotes Please note: Inception To Date returns (MD Return) are annualized returns for periods greater than 12 months. Please note: The TWR calculations are Net of Fees. Investment represents assets owned by Z CAP Charitable Fund, LP. The November 30, 2012 and December 31, 2012 values represent the September 30, 2012 capital account balance adjusted for contributions or distributions post valuation date. MorganStanley SmithBarney 34 EFTA00283506 USN Charitable Remainder Unitrust Executive Summary - December 31, 2012 Actual Allocation °/o for Policy Assets Taxable Fixed hcome GA% Corporate Bonds Caen Global Bones 77.5% two 5.1% • Cash • Corporate Bonds 0 Taxable Fixed Income 0 Global Bonds 11/30/2012 12431/7012 Actual Investment Assets Fudnotes Cost Value Value Policy % Cash - 90,191 90,478 1.1% Corporate Bonds 3,901239 6,506,687 6297,250 77.5% Taxable Fixed Income 1,684,410 1,337,375 1,330,637 16.4% Global Bonds 564,883 419,337 412,230 5.1% Total Policy Assets $6,150,533 $8,353,589 $8,130,596 100.0% Total Investment Assets $6,150,533 $8,353,589 $8,130,596 MorganStanley SmithBarney 55 EFTA00283507 USN Charitable Remainder Unitrust Portfolio Details - December 31, 2012 Inception Asset Class/Investment/Benchmark Endnotes Date Cash Cost 11/30/2012 Value Net Cash Flow December 5 Return 12/31/2012 Value December Return YID Return Return Morgan Stanley -Money Mkt 12/11/2007 90.191 2s0 8 90,478 0.0% 0.1% Total Cash 12/31/2007 $90,191 $280 $8 $90,478 0.0% 0.1% Barclays Capital US Treasury Bills 1-3 Mths Index 0.0% 0.1% Corporate Bonds Seix 7/16/2009 3,901239 6,506,687 -215,000 5,564 6,297,250 0.1% 4.6% 4.7% Total Corporate Bonds 7/16/2009 $3,901,239 $6,506,687 ($215,000) $5,564 56,297,250 0.1% 4.6% 4.7% 85%Barclays Credit/15%Barclays High Yield 0.2% 10.3% Taxable Fixed Income Doubleline Total Return- Intermediate Term 1/9/2012 795,568 431,158 -1,926 787 430,019 0.2% 8.6% Lord Abbott Short Duration- Short Term 8/17/2012 888,842 906,217 -3,027 -2,572 900,618 -0.3% 1.3% Total Taxable Fixed Income 1/9/2012 $1,684,410 $1,337,375 ($4,953) ($1,785) $1,330,637 0.8% 12.5% 3.7% Global Bonds Templeton Global Bond Fund 5/25/2011 564,883 419,337 -13,259 6,152 412,230 13% 15.9% 5.6% Total Global Bonds 5/25/2011 $564,883 $419,337 ($13,259) $6,152 $412,230 0.8% 12.5% 3.7% Total Policy $6,150,533 $8,353,589 ($232,932) $9,939 $8,130,596 0.1% 5.0% 3.8% Other Investment Assets Total Other Investment Assets Total Investment Assets $6,150,533 $8,353,589 ($232,932) $9,939 $8,130,596 MorganStanley SmithBarney 56 EFTA00283508 USN Charitable Remainder Unitrust Endnotes- December 31, 2012 Reference Endnotes I 1 Please note: Inception To Date returns (FTD Return) are annualized returns for periods greater than 12 months. I Ptcase note: The TWR calculations are Net of Fees. MorganStanley SmithBarney EFTA00283509 MBZ 1992 News Trust Executive Summary - December 31, 2012 Actual Allocation % for Policy Assets 12131/2012 Actual 1V3W2012 Investment Assets Fatale Cott Value Value Policy % Obligations To Related Parties -38,100,000 -38,100,000 Total Investment Assets ($38,100,000) ($38,100,000) MorganStanley SmithBarney Sti EFTA00283510 MBZ 1992 News Trust Portfolio Details - December 31, 2012 Inception 11/30/2012 Net Cash December S 12/31/2012 December YID I I I) Asset Class/Investment/Benchmark Endnotes Date Cost Value Flow Return Value Return Return Return Obligations To Related Parties The Mortimer B. Zuckerman 1983 Family TR UAD 12-21- Total Obligations To Related Parties 9/30/2007 9/30/2007 -38,100,000 - -38,100,000 ($38,100,000) - ($38,100,000) Total Investment Assets ($38,100,000) $0 - ($38,100,000) MorganStanley SmithBarney 39 EFTA00283511 MBZ 1992 News Trust Endnotes- December 31, 2012 Reference Endnotes 'j Please note: Inception To Date returns (FTD Return) are annualized returns for periods greater than 12 months. I nri Please note: The TWR calculations are Net of Fees. MorganStanley SmithBarney 60 EFTA00283512 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 Maps DIM Therriptiem gm", 1/1/3)12 0146166 TbSttee S ILSOSAKre 1/1/3)12 Call Trarateral from MSC Attic Ce0e52 and had in WIZ Aocill (14601 502000&0 1/1/3)12 Inkrett: Nest York Isx Free Minds 2,173).00 1/1/3)12 'Moyne New Ymk tax her Bond. 11.11300 1/3/3212 Inks!: Nest York Isx nut Scents 1/3/3712 'Moyne New Yuilt Tax Inw Bond. 1/3/2212 Inks!: Leattle trends 1/3/3)12 Ca a Inamtional 3keey Market - 1/V2012 Redemption New Yolk Um Ewe 0onds 44360))00 1/3/3)12 USN, Aviation lam Remelt 44356$74) 112276489) 1/V2012 Oink .24 Amite+ Itewlving tine o10014 SWAP raymen110711073 (21201P.47) 1/A12012 Sink ol Amite. Mottpple raymrak 295026.19 1/3/3)12 Mine • 1.02y Z TacM 1.0an01400127111732.5 (5524736) $a17340/401• 1.2.0rtely Dank 0 America /tenting Uncoil:min 1/3/3)12 16232714) hreem 1/4/.3)12 (15Prattlt Equity Patna U. (Dasibulitm) 93µ021.37 1/7/2012 Inincal: Taut* 0.n& • 1/5/3)12 MoqtanRanIty OW* Mina" 1 Carlo, CA 1 2213.19000) Gave. Renting Line010.10/ Cuily Nn..Ludic. 1/10/W12 01935111) Vorrowtr 020.240X02101CUI.9«.2p raymen n1019.371.11 1/13/3)12 Cala* Monthly Callahan Fe 1/17/3)12 Inlenek New York Tat Wm. Wuxi; 1/17/3)12 InItymitNew Witty Inv Ron& 1/17/272 Inhale Tauter I% Js • 1/19/3)12 lay 7. Valli Opm•bre Ewan and Shipped 11.541/X004 4:bk.Capful Imamate'''. Ltd let emtnenh, Cam C•r0.0 1/23/3)12 (W00000) Potters 1 Cdymen ). 1.1' 1006106) 1/26/3)12 'Moyne nutty bruit • 1/ NV 3212 Valet Equity Putney II. LP. I Capital Celli 1132A0/A0) 1/27/3)12 Baton Propaltta CRP Una. Dividend 3.60900 1/27/3)12 Baton rn2r..m.-.1. • 1 11,21,61dald 210.01801 1/27/3)12 Dablili I TOFITIK, Caxemon SW( k Do idrcid 57µ9S173 1/ 27/ 3712 PentOil eieptetksttelt Pwitlatd 3.701.549.70 1/27/3)12 Poi ol Amato Morwre rayment, 220901033) 1/27/2212 Pcnton rierrlicsCorrnon Stock Madre... 2.14.452.10 1/30/3)12 'Mani Tauten am& • Cask.* Ratting Lineal Cade/ Dully Newt Luars 1/30/3)12 1297016;) &worn' .Orel! liX0)1000.1).Swupraymou al $207$9197 1/30/3)12 Interval:1.1mgal, Stanley /Sunkn 13923 1/30/3)12 Interest: Slorgan !eanley Private !UM M 1074 1/30/3)12 IMenni:1.1oran Stanley Plunk." 16964 1/30/3)12 Intent: Nlorpwit %mkt", Private lunItM 10.74 Aslance as el PAU" 51.3)13 Caulk IF Mown Chme Onmthe Sink Goldma fwd.& C. VS Tammy SiUN SSC...m=1 NAM.. Ending Balm S 11764339.77 • 1130302 633603 IMO!) 652 • 3.10107 • C2R24331 4i0030 1.11750) 40137 7.9350) c236 S 6 S S S S N.57ROLL75 }7$!µµN275 V.79177275 27060775 V.611139775 22,6204775 VA7AXI,M 27,62041.27 21601.341.77 27,91µ66l& 22004941 27371.212 27.202.672110 16711.94316 27751115173 27,64µI4.73 277511.4447 27.0Y1.30.3.62 V.099.!0.19 27006919 V091911.19 2706,5a66 2555551516 25.52054566 255211.13066 25,01.13020 DA11.7390. SA29.75A3t. 243)7,712,0 29g:0.26229 25125271.96 21.4.4.71.4a 29065,310.42 29,167.38MS 29,167,52696 29067,5)772 29.14K1U7.36 29,1441,01&10 S 17.103.024 41 I 11 ea yrt W S raleettn$.10 2/1/3212 inarni: Taut* Nods 611, 0) 2.3.171.122. to 2/1/3)12 'tot Note Voila. her &mat 64010) W11012110 2/1/2012 00 leetlIAMOMI 'kat !Amid • 701 20.100.1,015 2/2/3)12 GenerationCarnal Nonni 11 is ( Cape's, Call) 0.929.49) D,1742)µ(6 2/2/2712 160 Avianon Loan Payman 11.32.2.70. 1101.90774) 20.47.20192 2/2/3)12 LEN AvithomlIC • Lam Payment 113342199) 27.Nµ67093 2/3/2012 Qladagµ CP 16w-ilia LP1the Central rointr)( L104411Netkm 1 113.31400 "3.116411.93 MorganStardey SmithBarney 61 EFTA00283513 Mortimer B. Zuckerman Cosh Account Activity - As of December 31, 2012 Wm Clanipliee Mews %shy aliEnr 1P Slorryn Derry« he Bank Goldman. US Tanury 175Canarywry Cher Sala & Cry 11116 AY". Ending Balance 2/100012 ClOblflit Monthly <1110414/1 Re • 17.77240/ 29.01426233 2/13/3)12 Cenryalbn Cheryl Paws 11 LP (1/1540411an) 7.446.00 29.021.3)&33 2/14/012 Want Taal% NMI. • LIMO 24.0LN97213 2/15/3)12 'tot 36~ Yorlary her Ikenry 11.25000 29A3L 5"13 2/150012 Inlaryl: New Yorylry /ryeBands 11.50090 29.01672213 2/16/3)12 Rrylumpliry New York ha her &nab 10/0300 29/31672213 2/10/3712 Want Tarytte 6".11. • 55241 ~7.74145.7 2/170312 QM 2)«! 3161Lere I 1311.1firy.~1 5.10,1:6100 29,392$5.ry 2/17/2012 OPC 11 Dry...Mad it Oryleburyon 1 131~40 29=447.5.7 2/24/3312 CVCC40114111~ As13 1N41114 1 (Deryibulion) 3)0.41431 299333167.38 2/240712 Bury of ryllaryry »Misr erymenb 11375111-009 29491139139 2/ 27/ DM US,Ne.vs&Weeld Repell I Mortimer.. batertrunl ~MAW III6911.36139 2/28/»12 Inlarya 51rysin Rank" rlank• 54159 28~9d3,97 2129/ 012 Inlant Marva Sunk>. henry Sank I.. 9.73 24.139&41 3,70 2.128/»12 Inlryal: Morgan !lanky ebn‘ffi 12900 29.#19.041711 2/270012 Ital. 3.1crypn Sun/ry. henry Sank li.. 9.73 25.699.102.3 Bilmwe is el ~wry 24.2312 5 16R17.4233 5 111/11211441 $ 21.9L9.102.1‘ 3/1/2312 LINV AL1.41106 Leal“rymar44435447* 00739920 2 4 ',e'en N, 3/1/3)12 MN Marylon Lee Frymme 11312185» • »460.011.35 3/1/3312 16/44401:Calelomliary h., eofid, • 3.77774 211.4%412.13 3/1/3)12 lrynal:New >trey Try Few &Noah. - 4.11473 28,130,520.10 3/1/3)12 Cry laryieryieralNkerry %Inlet - 1472 321.47R541.58 3/2/2012 Greyam/1 Lryearye 11 Beene [Morten« IL Zryle~ • Inecete0 1110/;010(9 • inlit,81.RI Cabby& Rum& ins Imi, offsribil Daily Nery lan 3/5/2012 Dam., lrytH0X0)10CCOL Swap Payme0 615190.412569earryi IM1/».69) 210.119.715ry Inktryl sid Lawry Panel on ryary4351912,01 3/5/»12 Bank al rynealry Mann Payment. 1299/N033) 2:1,7111.71)5.% 3p/3312 Ceneralary Caen*, Paine. 11 LP ( Dembulian) 27.31541 27700.02097 3/7/3)12 Ineeiment Nev 'Jerkin Fen &nary 132%46625> 27,439,551.72 3/9/012 (»twit Monthly Onierytin lry • 0.421.2» 27A373(13.4 3/12/3)12 Ogra Peruel Cry) (1500304 27,422933A. 3/15/2312 Ifraumplion New York try Nye tend. »SUM 27.417.91344 3/15/3)12 Inlant Nee Yorlary her Bona. 64343 rimesucc 3/15/2012 Iniaal: New York 'IA /1<elfords 7.ØOI 27A$5.77 al 3/15/3)12 Inlant Nye Yorlary her Bond. 1.06000 rimeaotoc 3/19/012 QPC 3)00 21aryrei INryibatee I 150.r7A1 27.607.111.07 3/16/3)12 Vain Equity peeve. II. LP. lCaellal Call ) I244.0911X0 27~01907 3/10/2012 CVC Capi61 Plena .41a Pryifer 11LP. 1P050(Capall CAI) (13344 96) 27.311S4.21 3/16/3)12 Lary Z Taal Operying tryNnsry 000M0Ø 16944.324.21 3/10/3312 Want Tryatte Nary 3.28125 26.917.02,16 3/16/3)12 irderal 3 Borah. 56092 24.9411.214.38 lake lialyNrry..LP.(Llartair IL Zuclennen) 3/20/2012 1100X03110/ 26.51K21032 3/20/3)12 InverynentNryv Toryfry Fra. Beery 1581,796 15) 35,964,42A» 3/22/2012 lewrylnkry Nryv Yark lax bee Dords ILM7/114.67/ 207,1.013,0 3/21/3)12 BlekRackCelnwrymsei FunJ Ill. L.P. • 7. WSTaabb 5n444( Cap1141C 11.227.2260), »4541.711% 3/26/3)12 Inkrnil, Taub!. link • 120)03 21.443.017.56 3/29/2012 Intimt ?dawn Nanley &akin 46962 r1.613.47&18 3/29/3)12 Inettry 264440 Leanky Pdryte 53611ffi 1007 23.443.411525 3/29/3(2 Inhent Masan Suelq 1/anLin 13152 Z1.6116230 3/29/3)12 InIntry Morg46 Net,. Private %RIM. 1007 2161301314 MorganStardey SmithBarney 62 EFTA00283514 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 34•36. CiliNnk 1r Slorgan Dostocht Bank Goldnum. VS Timmy, VS Cerwomeni billy DIM Omni,lime Shaky Cline Sainte Co. Ril6 Jain &ban 3/30/3)12 Gab's' Coral LP( Doanbuhon) 1.93132223 TI-92418229 3/30/3)12 CoV(9310Z Mating 1.0961 121,39299 1 Initnil 1 (142110,66) 25/M00193 3/30/2712 LS4 AvIsuon Lean Myrna./ 1132133.90) D$23.917.(0 3/30/3)12 Gawk Lona SCrn.14 anl SWAP Colldwal 0300/(00)) 2022MM 3/30/2:42 /4103 Printing lona11540149/6 116132177) auszsi 3 26 3/30/3212 Mali F- Mite 1147.1(0 Noway .$20L(900mid %wren I ;107,50)00) 20255.311.25 3/300712 LS4 Avidion11.0266.740 111550115) 3Allh0.1711 Oilman al Starch 31,3)12 S S212150.11 S 1122407W 5 S S 2036.11)7.11 4/1/3)12 'ManiNew York Ta Fm Bond. 913730 2/.14041.61 4/1/3712 Inkrist New Yorkim hve Cords 12110.30 2415372211 4/1/3)12 'Mani New Takla Tom Porn.. 1.60340 306433211 4/1/2012 Initrest New Takla Foe Dorris 3346/34 211.14700211 4/1/3)12 'Mani New Takla Fit. Con} 240)00 309410211 4/1/2012 Initrest Ne.s. Takla hoe Dorris 211R02110 21111310211 4/1/3)12 Inland: New Takla Fm Vora. SM0040 200100211 4/2/2012 Dank of Amaks Muirosa Payments 12/901033) 19.979,21.7S 4/2/3)12 Dank of Anuvic• Rewlvins law alCmit SWAP Nywam15(054873 tInnuithts • Va)ncriy Pao America stymying Linea tread 12111141120 19094109.66 4/2/2012 1......... 1149.2.023) 19.131(861.41 4/2/3)12 LC161625122 (19.916.91) 190207.50 4/2/3)12 OR hit • lay .2 Yeas Lost 0100011r225355 (31,21294 1902279.8 4/2/3:n2 1V64.1.1 Flight Semcv (1204f420) 149)269.32 Gakorn.Runalving linen10.11/ Maly Nrwo, Lan 4/2/3)12 Ocaowtr 9C0140X0)10101/1.96vpraymtn101320)223.690:nren 133L197.92) 1112731111.10 Inktcla and Swat, I'm net on loant0102101 4/2/3)12 Inborn: Taxan* bon& . 30230 14$72,344.10 4/2/2712 Ce baallonal 51.55, Simko lindsTnrolerted Iron. Wirt ChantatteRentainte Unilrusi Acc10176 XV 111.5713'229 4/4/3)12 051919 3.37.15331 21,100.425.73 4/5/3312 USNews& Wald Recal • Manse 0 Zuckenvan (.9olgougn 2/01042573 4/9/3)12 klaratiSunle/ Cada Nolan! D6intylan ) 42=40 21,11434473 4/11/3712 Inc lt000t Now York In Fra.0054, 1211117130 3W11.0217 4/13/3)12 Ca..* Monthly Cusintlisn For Rada% 210)9.169.29 4/16/2)12 lay 2 Yalu Crags% [mamba 110040200) 19.609.169.19 4/20/3)12 COvil Slow Cap116Wartrwrs101stntvtiOn 1 2%44440 190261319 V 23/ 2012 Inn...Meat New Takla nee Donis 19910:420) 14.63h61419 4/27/3212 InIntst ?down !frank', Mak IMI 191.14 14.63.04)7A3 4/27/3012 Want Ilorato Fealty Rives /Until.. 9.73 14.61(011716 4/27/3212 Inletnt 3 lorgan 9anky lUnkIMI 1X29 15.6.16,%1% V 27/ 3)12 'Mum,: %licsan Sunk,. Rives /lank.. 974 140411299 4/27/3212 51,11144'u linranet NM 11. LP (1)1Rnbullonl 0414940 190411169 V30/3712 Interne Tamt4e 11.51,15 • 4.!0/1 19.5557a24 4/30/3)12 Oaten rmralla Z011 / 2012 (03 Units 7,71000 19$45431.24 V30/3712 110,100 l`wrallcs- IIISIMIderd 2)9.9020 19/0140674 4/30/3)12 110.10n INctille.C:ennonS100.12,61dald 57365423 10,939.35077 V30/3)12 Itabion Promito. OM Div idrcil 3.324.167.70 31.73012&47 4/30/3)12 %Vag* Flktlx !in1Ct ("5/00)00) 21.659.10347 V30/2012 Dank of Amon. Sluelgare raynwnts 10901013) 21.711011A11 4/20/3)12 Pogo. 1•NralltserOmnon %xi UNIdcr64 1.21000 21371.22414 4/30/3)12 1/0,10n INFalltserOmnon Rod. Utfidalkt 24.1266.10 2161647224 Kahn sr. al Aril 30,2412 3 11.790.14028 S 11112300.46 S S S 21.1e07124 MorganStanley SmithBarney 63 EFTA00283515 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 Malin Cilthank Ir Slorgan Deauhe Bank Guldinsa. LS imam" LS Counuown1 Lading Wm Deariptiaa Staley CMa Sate& Co. Jinx Apnea Manor 5/1/3512 USN AvIsHon UC Lem eaymni 115119731) astsysss 5/1/3)12 USN Avlillon Hgr66740 110707737) 11378.19936 5/1/3)11 'Muni:New Tart Tax fm &201. 11.250.00 22.")9.449.36 5/1/3)12 Interne New York lox Fnellond. L10100 21.401.91936 5/1/3)11 Inkne4:Nove Yadau fm Hard' 1.10100 21/1)3.019.36 5/1/3)12 Initusl. Ladt4t1I40J. 11200) 21.411.249.36 5/1/3)11 Ca Ir *tea taraINIceep Markel 920 21014.309ON Catarlk Re.61vIrkt 1.16e61 OW./ IXIllyNne.1.046 5/3/3)12 Berme 400040)(0)100011.Svap Purnell al5290,515.69cams 1292.736 11) AL/207VA 161..1 sad SWOP Pavnuei an loast36114M01 5/9/3)12 Can Spam taps, Panne 1 DaIrkutua ) 4.71600 21.134012895 5/11/3)11 Pneasico Fermis L I% ( Ltathbulice ) 46.15000 rtISAINVA 1/11/2012 (Wank Monthly Olo.1168 eve • 0.1/432•1 21150365,59 5/14/3)11 'tisk 24,06, Seulo - 225450 rt182.54110) 5/1S /3M Inkra: Nev York lu /11e0onds 7.4010) 21.190.4110) 5/15/3511 'Munk Nee York tax fru Bondi. 1140300 21.3)6.415,09 3/11/3012 Inloal: Nee York lu /11e0onds 22)0100 21.3)9.16109 5/15/3)11 'Munk Nee York Tax liar Bnd. 47.50)00 21..Thef65.05 5/15/3712 InInal: Nee York lax ale lInnds 2330000 21261.6,10) 5/15/3)11 liaerul: Nee Ye& Tax het Bondi. 12.50100 212+4.16509 5/15/3712 Insane 199.9 York lax /199116913 27:10100 2129h4150) 5/15/3)11 'Munk Nee York TuTrn Hand. 51.25000 W.347.165,0) 5/15/3712 Inlonl: Ladtile Rails • 146145 2019.12974 5/15/3)11 'Munk Taut! Beach • ISO) 21$0.12974 5/21/3012 Luy 7.1(4080emarre Nees 140000100) 39912926 5/23/3)12 Rowe lout °cruse 0350000) 22.343.62974 5/L'/ 3012 103altoci Co-Invalmcol Fund III. Li' .11,391)atteStrles(CapkalC 1”6/165-00) 22317.20474 5/30/3)11 CS Cella Patten ILL Le.(12.610bullto) 1965640 125µ109M 5/30/2012 rumens Ratan. LP.( Dehilneias ) 11129990 22691140874 5/30/3)11 Waldorf 12100keite (9100100) 22608.40874 5/30/3012 Dank of Amen. Wags. Piymnth 13/901031) 22319.7‘41 5/30/3511 Immune Nlore6n lanky 110.11.1 11710 22.319.71541 5/50/ 2012 'Menai Nieman Sunk,. Pav•tv /lank IM 1108 27.319.72109 5/50/ 3)12 Inktal:1193an !Inky 1:1)nkM 17916 223199125 5/30/3)12 1063916 nlarsaflianky Panty 'MAIM 1107 22319.997.12 3/11/3512 Duly Nervy LP.(Malten B. Zuclenaun) IL5D100101) 14819.8.7.32 Mime as 61 64/31. 3512 5 7.5.0.73137 S 11819.16593 S 190191117.12 6/1/3012 USN Avalon 465566740 1114.11620) 1921)5.74112 6/1/3)11 INN Amnon L1C Loin raymos 11318.331) 19$73.%5,79 6/1/3)12 Initt9A No+ YOrk163 Frye 009Js 35.62500 14609.91079 6/1/3)12 Ca Intimatkaal Malay Markel • 466 19,609,585.45 6/7/2012 (2PC II Dirmityd 22726200 1411$7.147.45 (1399buticai QM 3102 1141We I 01,10O.41e, I 6/7/3)12 5SL16900 2091A15.45 6/7/3312 'Munk 24,064 Doak • 210150 20394.227.95 6/12/3)12 Chew Octal earner ( Datrilneian) 48699/00 3241292695 Cal-eria Rev& ins law 6104.14/ INaly Mn N Loan 6/12/3)12 Roes+ et •01110.1)(0)1090.11.9topeaymegolS312460.91406/44 13111111191) MIORZ1598 Inittni and Sw apraymei on WiNtleM12101 6/12/3)11 ErloajedIce -1'4018 terurrem a toast.) ssusneescuer M500 3003421SW 6/11/3012 Comae:en CariLd Python II LP( Dunbution) 14A0511 puvyr.21(is MorganStantey SmithBarney 64 EFTA00283516 Mortimer B. Zuckerman Cosh Account Activity — As of December 31, 2012 Wb Docriptia Margin Sualey Cithink llortán D.t.che Bank Dun Goldman, 135 Tanury US Gaut Socha& Ga. Biló .90 0cin alias Bala 1105100 PiwatleaCortnon Stock rneeki lo 476061593 041!« 199$ 6/15/3)12 Evihrt rru1013.552 Mgr. 20.064.60.00 6/15/2012 Inkreoi: Ne.v YorV19* Fru.1/06ds 2.9.000,00 aW5‘60.00 6/15/3)12 Interne New Yunlasx Free nand. 2510100 • Y411464103 6/15/2012 want TaaNe [co" • 1 MOW 20.11M170776 6/15/3)12 Interne 7..1.06, limb 1 /203 OW Y4117.30Z7b 6/15/2012 ink. Cit Talatte &ads 7Z202 20.1111.029.711 6/15/3)12 Cielbani.MonIblyCubIntlusi Fa - ~AO 1015.361.0 6/19/2012 Caber& laber el C6,3* 90.05127 Transkr Fin 025% PARIM 20.1051.67672 6/19/3)12 Inkint Tiuti. Iloculb - 500 W4109385.15 6/ 211/ 2012 lay 7. 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MOCIPte NYMCIlk 1299,0103» 11001,761.111 6/28/3712 01113:.Cu Imunbran Fund IL LP (Dianbution) 1.107.00» 19574.61730 6/28/3)12 0.1.1:Co Ime40:05 NnJ.1.1' ItXstribulic") 196.74400 20361.361.19 6/26/2012 Interne Ilcurpn Stanley Sanklini. 10.72 20.1.1.,09,90 6/2/1/3)12 InIne.1: Morgan "anky Private lbnl.M 9.70 X161.5160 6/ 26/ 302 Interne Ilcurpn Stanley Sank." 16137 20.141.60.17 6/26/3)12 inkno: morgan!iunky Privog Rinks til ltlél..00$8 6/29/3)12 r06901 almaranfilwed bum 1.152 Charit.~RemunJw Unelf ad Acci076 1 4.2"71409 1.5.3711.33LW Ranearnal Wino from Shand &mica. Win. Atwan1 •0:1493 MS2 6/ 29/ WU 1.~ Ian 111121139.299 1.033300 N.510.93305 6/29/.3)12 glared Yeracei wire Moroi - Coiti? 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F Praise Inntesi. Nlorginininky llinkM Initurit %Lysol Sunk, Pnvitv flank= 60,1 Mailer lo rektIllatt 11 Zixkerman C605993 Fwd tiam0 ham MBE CW147606190 1,06.06 Win:Q.511,ColnyestiemtFund II LP IrcoargOnor Eivrcure Carnal Pi:1nm LP Iroontiqg MR! Mort/stet II. ZuCketioan .5ankOf Amain. 114,1 Miami LLC Inlinest Gent., axes'. Siline 6561 UccontAr 31.2012 MorganStantey SmithBarney 70 EFTA00283522 Mortimer B. Zuckerman Cash Account Activity - As of December 31, 2012 Dab Decription hbrys Sunday Citibank IP Morgan Chas Doetre he Bank Coldmaa. Sad. &C. 5 ifM110111). LS Comnseral Lading Arran ItsLinct • MHZ Morgan Stanley Cash Account Activity Includes Accounts 060652 Sr 086488 • Citibank Value Inclusive of Fixed Income Securities and Cash MorganStardey SmithBarney 71 EFTA00283523 The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Date Description Morgan Stinky Indoigua Chase Deutsche Sank US Treasury Bile VS Government Ending Agencies Balance 1/1/2011 1/1/2012 1/3/2013 1/6/2012 1/9/2012 1/15/2012 1/30/2012 1/30/2012 2/1/2012 2/1/2012 2/17/2012 2/17/2012 2/27/2012 2/2B/2012 2/29/2011 2/29/2011 3/7/2012 3/16/2012 3/23/2012 3/29/2012 3/29/2012 3/30/2012 4/1/2011 4/1/2012 4/1/2012 4/1/2012 4/1/2012 4/1/2012 4/2/2012 4/27/2012 4/27/2012 Opining Balance Intere-A. New Yost Tax Free Bored+ Redemption, Now Tort Ms Few Bon& Funds Transferred from MIX Ponlolio Funds transferred 1ooutside uwesinurit ITangleton/ Wobble Investment Awn biome Now Yolk Tax Firy Bonds biome NtorganSlan16, Mut M Interent Morgan Stinky Pnvoe Bank M Balance mot January 31, 20)2 Brulunan Raul [Maw Fund II (Distributon) Inkiest:New York Tax Free Horde QPC 2002 Divested (Distribution) QPC II Diversified ( Retribution) ColcisanS3CM Hedge Fund Steeling Strategy 331) 1.1„C I CapitaCell i Interest. Morgan Stinky franks Interest.Moegon Stinky PlivateltankM Brietnun Real [Maw Fund III, L P.( Capita tall) Behnke ma February, 29,2012 Brieknun Invuitermits IL LI.0 ( C.4p1tal Call due March 7. 2012) QPC2002 Dnerafied (Distal:9ton ) erlackRockCcelnrestment Fund III. I-P..2 US Taxable Series( Capital Call) Inkiest Megan Stanley Bork` barest Morgan 5tanIcy [brae Bank` FundsTransferred in from Wrong %liter Siorrecin Selena. mol /Aaret 31,2012 Imoreat. New Teak Tax Rea OM& Interest. New l011. Tax Flei, Ponds Intorest.Now Teak Tax FN. Bonds Intortru.Now Taik Tax Free OM& Inioncd.Now Tort Tax Fwe Bonds buolost.Now Tont Tax Flee Bonds RideniptIon: Now York Tx. Fin Benda WILK Co. Iminament Rind II. LP- glimilbution) Cadman Sias Hedge Eland SordingStratogy 3)11 TLC( Capltal Call) S 3.1019.7451 1580003 75080100 800900000 mutocevo) 13.00000 15175 1074 S 3.101.625.51 111462851 38(662851 4.6646.78.51 3.8(6.62851 3 62851 38/8.7229 1879.793.03 S 3279,79903 0.31 S S 3879,79903 31.45100 560300 4347200 51.022.03 (1.147A0.17) 14503 9.74 (112.10660) 3011,24643 3.91421643 3,159,918k0 3093,91143 284689086 23743589 2.847415.63 2.731.19343 S 2.734.16940 S S 2.734.16963 (51524003) 25.695.03 (927.96544 MRS 10.07 2330550) 2368.96961 2.41416463 1A8468943 158477651 1,186,78458 1.720.74158 1.721.711 1.720.74191 21%4101 414175 1000100 4250.00 2500.00 3975.00 2454Xt00 54 MOO (1.150A3822) 1.741.60191 1.74683533 1.75683533 1.763)35533 1.76336533 1,769,.15033 2.01426033 2.502,15033 1,13269151 MorganStartley SmithBarney 72 EFTA00283524 The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Mae Deecelpuott Alorgan Stanley JP Masan a. Drulacht Bank US Treasury Bills US Government Ending Agencies Balance 4/17/2012 Interest Morgan Manly Bank 67 722 1.4)2.7e9 23 4/17/2012 Intorea Morgan Sun)y lira am au* 971 1.432.70496 allow in of April 30 2012 3 1.432:A9596 3 3 S S S 1432.76896 5/1/2012 InKrtut New York Tax Free Bonds 23000.00 IA-V.768.96 5/1/2012 InKrtut New York Tax Fret Itond, 1401250 1.10.(91.46 5/15/2012 InWrtut New York Tax Free Bonds tzsoaoo 1.00.%1.46 5/15/2012 InWrtut New York Tax Free Ponds zonoo 15(6581.46 5/15/2012 InWrtut New York Tax Free Bonds 3409a75 1,51167521 5/18/2012 %SS Communicanons Panne° N. LP( Capital Call1 01.333.40) 1,51031221 5/23/2012 tilackltAxk Calmvamen1Fund 114 LP.- 2 QS Tenable *ries i Caudal CaU 1 1147.019.07) 1/36229321 5/30/2012 InWrtuti Mown Storney Sta.! 5275 1,063,345.96 5/30/2012 Iowan: Morgan Stanley PrnaaeBanl.M 1108 1.053.3574/1 Eulannomol May31,2012 1.043.37.01 $ s 1.053.367.01 6/7/2012 QM II DivotallM4 ( Dlatilbution) 69.39100 1.132.747.1 6/7/2012 QM 2(02 Mangled ( Diuribution ) 111,914.0 1.31186101 6/15/2012 Beaton Proppertin C4111101011 Slott TIAMIIIIIIIM476060662. tallirt) 43.352 Shama 4.330714.56 1.314461.01 6/29/2012 Q.BLK Co. Immentoil Sand IL LP- (Dlaulbution) 993.71403 2.128.375AI 6/211/2012 Q.BLK Co. 1111,011110M Rind, Ll`• (1)Sulbution) mini°, 2340.110M 6/211/2012 Mama. Alormin Stanley Bunks 37.62 234014766 6/22/2012 Inhume. Alormin Stanley Mime runIM 9.70 234433736 Silence tea w322012 254015736 2310,15736 7/12/2012 brael Infrastructure Fund 1-C. LP. ( Capital Call 091 (137.500401 7402,48736 7/13/2012 Qrc 2on Diversfied ( Distribubon 1 29.79).03 20239636 7/15/2012 Cullen-4. New York Tax Free Bonds 1300300 2415396.36 7/26/2012 InackRock Co-Inve9munl Fled HELP. - 2 1.5 Taxable Series( Capital Call) (965.0.10(0) 10939636 7/22/2012 Branch Check Deposit 46.732.41 L55062817 7/30/2012 blew* Mown Stanley GMs 9251 1,565,72131 7/30/2012 Interest Morgan Stanley Myatt Bank M 1071 1.565.73202 7/31/2012 Boston Propenia Common Stuck Dividend 23,95360 1.89.68582 BaLintv w01 July 31. 9)12 1,949,46592 $ 1.549.665.62 MorganStanley SmithBarney 73 EFTA00283525 The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Dale Description Morgan Stinky IP Ntotpaa Ouse Deutsche Sank US Treasury Bills ES Government Ending Agencies Balance 8/1/2013 8/14/1012 8/16/1012 8/30/1012 8/30/2012 8/30/2012 9/V/2012 9/V/2012 10/1/2012 10/17/2012 10/30/2012 10/30/2012 10/31/2012 11/1/2012 11/6/2012 11/13/2012 11/15/2012 11/15/2012 11/15/2012 11/19/2012 11/19/2012 11/29/2012 11/29/2012 11/19/2011 11/311/302 12/12/2012 leenest. Mier Timken% Fete Bondi Fun& tuntilatiod so 061057 (Nontwmpt Trait) VSSCeromunketbris Pariah, IV, IP (Derilbullon) Mar Altosk Coannratanent Fund ID LP.- Z Eg Eaubla Sales ( Esplul Call) Inlattea.Moryin Slanky Bank M Inborn.. 3.10avn Slangy Privaie Bank- (Wince mod August 31.2012 Intere5t Morton Stanley fisnkM Intere5t Morgan Stanley Pine81AM IlaLinne el Seplembor 30.2112 blares.. TA.Frue New Yea Benda Goldman Sas !ledge FundSealing Strabsgy 2011 LW litmlinenl WireTraival InWirut Morgan Stinky Banks litlineia. Morgan Rangy Private Banks BeslonnopenksCoffirnon Slott Div limit Balance in of Clicker 31.2012 Were* Mew York Tax Free bonds Invebnent: New York Tax Free bonds Invebnent: New York Tax Ewe Bonds Lunen* New York Tax Free bonds Reamption:Thb,rour,118rodge Sc Tunnel Tax Free Bonds finert4.New York Tax Free bonds Reamption: New York State Dorm Auth ledannt.Now Yolk Tax Free Bonds Sri. New TOIL Tax Free Bond, ledureat. Morgan Stinky 15.in1.M. Abigail Slinky Alvah: ILINM Beekman Rual EilaW Fund II 1>neibution Balance as of November 30.2012 Isnot' Intrrstructure 5.10103 (145812.41) 463735410 (5798010D) 6330 1038 1.541.01562 1.513145321 1.972.3)021 1.392318121 139212131 1,11281Se S LYTLE:81P S S S S S 1,39228120 4391 937 1,39297520 1392.935.17 1.392.935.17 S S 1.392.935.17 44.843.75 1639.71033) 41.29 11.04 8395360 1.437.770.92 79806039 793109J515 793120.92 872.06.4 82207432 S 1C2.074.92 35312.50 ocn.7,34,:o) (207.0333) 1250003 120020)0,1 6D)91.75 1375)30000 40136 6111119.91 5838 1046 4.9).2160) 4.074.774 r 85728702 7%40302 318.169,69 5f0A69.69 1,560,669.69 1421,.63,44 2996:AS344 2397,36500 3.615.494.91 3.61333332 3.61334337 4.074.77937 S 4.074.77937 07.510 013 4.60727011 MorganStanley SmithBarney 74 EFTA00283526 The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Dale Dcioalpdoil Marna Stinky 919 tdosiuno Chase Deutsche Bank VS Treasury Bilk k5 Government Ending Agenetos Balance 12/192012 12/21/3312 12/21/3312 12/21/3312 12/21/3312 12/21/3312 12/27/3312 12/27/202 12/211/3312 12/13/2012 12/31/3312 12/31/2012 VSSCommunkulictio Fund TINYCIIII on MBZ 1996 Etoutpt Fixed Income Am. (34-111044 Fund T1111,1611 on MBZ 1996 Eidonpl Fixed Income Am. 654417036 looming Mn,: Venonk Wilder Sleouriunn Womb% Villadif2BII.Co Inkanmeno hind LI' Madkurck Co 1.11“14Telll hind III Incornling Villiv.(7PC II Divdrollk0 Mot Wank% Wliv.(7PC 3002 Olociallik3 OW Iniettria. Mown Sunky Banks ItillIttril.MOWIIISlanky Friluee Ronk In Fund TFLYCICI to MBZ 1996 Et4t0pt divin C6402992 Iteornlag Wize:C581kCo Invommont Rind1130 BaLtno. tool Dotomobot 31,2012 i )1.437/0) 00.40)000 0.001401/X9 37,1610 233179.0) 4671,52004 31,3350) mato) 17542 970 (2,0002000) 1.411,0520) S 1.15816249 $ $ $ $ 20034237 2.90,847-V 1,910,847-V 2.090,016-V 2311,2037 143946537 1,671,01037 1,74065537 154471079 1.74479049 (25330931) 1,15053249 $ 1.158.85249 MorganStanley SmithBarney EFTA00283527 The MBZ 19% Trust (1ST Non-Exempt) Cash Account Activity - As of December 31, 2012 Dale DecrIption Morgan Stanley JP Morgan Deutsche Bata US Treasury Clime Bllb US Coventment Ending Agencies Balance 1/1/»11 1/5/»12 1/9/102 1/13/2012 1/V/2012 Droning Balance Morgan Stanley Credit Partner (Capital Call) Pkneur LW- The Windt ProductionGrow. LW - WedgePayment Rinds Trantlemd to thy CS AIPL lows/men! DoslonPropertimOPU Dividend S 5564,90,78 (233,19000) (949050) 4500(1001103) 7432960 5 5.5(405.76 . 5331.72828 - 53a.123.78 3.3ZZIM78 4.06590239 1/30/2012 Interemi Morgan Stanley Bonk- 20.73 4.06115741 1/30/2012 Mirror. Mogom Slankry Petra. Bank- 1074 06116535 1/31/2012 Leper C41114 LEL ll CaMtal Call 1 (572555001 3,49361535 Balance mol January 31.012 5 3,49561535 5493.61533 2/1/2012 Inkrer. New York Tax Free Bonds 20)(00.00 5513,61535 2/2/»12 Funds Trandornad from Cebark 3,10000000 7,11861535 2/3/2012 [Er Global Ill. LP - 15.7064010 DST Global Paying Banat (Capital Call ) (5 citn00300) 211561535 2/16/2012 Taconk Opportunity Pand LP. 41479.17 2,154,99432 2/17/2012 QIC II Diversified ( Disrelbutinn) 34LU3O1 2,189,01732 2/211/2012 lamired. Mown Stanley Bank 10222 2,189,11916 2/0/2012 laterest.1109,an Slinky Privair Meek 9.73 2,189,129.55 Solonee mot Frtoung 29,012 2,189,12935 5 2,189,129.55 3/Z/2012 BlackRock Co-Immtmen1 Fund !IL LP. -Z US Taxable 'Scrim( Capital Call) (1,237,28100) 95144358 3/»/2012 Inlermt:Mcoga Stark B3rikM 611.(0 951,911.61 3/»/2012 Intermr Meegap Stark private Dank 1007 951,921.69 3/30/2012 Funds Transferred in horn Winne Solder Swenson 233,55500 1,18311760 &dame arc ol March 352012 5 1,18507668 5 5 5 LIS54.nm 411/2012 Interest. New Trek Tax Floe Banda 2523000 121012665 411/2011 Intered. New Trek Tax Free Ilamt. 461230 1.211.739.15 411/2011 Intered.New Bark Tax Free Bonds 484373 1.716.53293 4/1/2012 Interest.Nenv Bork Tax Free Bond, 10,0000/ 1.226.53293 4/1/2012 Intarost.Nenv Bork Tax Free Bond, 6.25010 1.0.2.832.93 4/1/2012 Interest New York Tax Floe Bonds 120000 1.211.032.93 4/2/2012 Roderription, NowYork Tax Five Bowls 001)0000 1314.032.93 4/10/2012 C6T Imgmmenb VIII. LP. One Capital - (Dignbutson) L50000300 2214.032.93 4/27/012 DIL( Co. Inent Fund II. LP- (Dign1199m) 560.89300 3202.922.93 4/27/012 Interest Morgan Manley BankM. 75.74 3.012.99067 4/27/3112 Imerert Morgan Stanley Private B3nk 9.74 3,023.0)041 4/30/2012 Balm Propertim Cfe Dividend 74903610 4.132017.01 MorganStanley SmithBarney 76 EFTA00283528 The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2012 De Danalpoon Morgan Stanley jr Morgan Obese Deutsche Bards US Treaesny Bills US Dosgmment Ending Agencies Balance Manna .% el April M. 2012 $ $132.1117 l.13?plul 3/1/2012 Wand: New Tork Tax Fra Bonds 10,31230 4542529.51 5/1/2012 Intaniat NIsw Twist », Fra Bonds 3,73000 4,14,47951 5/15/2012 Legacy CoPRA L.P. (Capital Cain 079,279.00) 3JAMO:051 5/15/2012 Redemption: New York Ten Free Ronda <85£1)0.00 4451403.51 5/15/2012 Interek New York Tax Free Bonds 17.98l 25 4.469.75126 5/15/2012 Interek New York Tax Free Bonds 522500) 4.52213176 5/18/2012 AP Invetment Canape CID I DisAkutien 1 1 1.562 45 4.52.941.21 5/18/2012 V$6. Communications Partners IV. LP( Capital Call) 131433401 4.502261.21 5/23/2012 ItlackInxk Co Investment Fund Ill L.P. - 243 Taxable 5encs ( Capnil Call) 1596%5001 390(.19621 5/24/2012 inemtmerie New York Tax Free bond, 1251460001 3451.73621 5/30/2012 Inkiest Morgan Stanky Bank.' 17291 3451.939.15 5/30/2012 Interest Morgan Stark Nine Bank= ILO] 3451.92022 5/31/2012 Innestment New York Tax Fra Bondi 1252003 00) 3.401.930.22 5/31/2012 InnAment New York Tax Fra bonds (250003.00) 3.151.92022 Meaner Ma May31,2012 $ 3.1$1.0512.1 $ $ $ 3.151.93522 6/1/2012 ligestment.Now Tork Tax Free Bonds 517XXI00 1201.920.22 6/7/2012 Qrcii Diversified ( DistrIbution 1 6959000 127151022 6/15/2012 1357 Global ID LP- 157061000 osr Global Paying agent (Capital Contribution) (503)M.00) 2571510.22 6/78/2017 WU, Co. Investment Fund II. LP- (DisicibutiOn1 583,71400 »MON= 6/28/2012 42.8LIC Co. Immanent Fund LP- (Dminbunon) 54948450 4.201.108fl 6/28/2012 Inkreat Morgan Stanley Bank` 12955 4.201237.77 6/28/2012 Interest Morgan Stanley Pewee Bengal 971 4.201247.48 Balance anal Jusa.30,3312 4301.247.48 5 5 5 5 s 4.204247.49 7/15/2012 inland. Sliv, York Tax Fr.', Bond, 62300 4.204~ 7/16/2012 Legacy Capital LI'. (CapitalCell 1 pcnaog 3437.16143 7/26/2012 BlackRcels Co-Investment Fund lg. L.P.- X US tuaNe Sells( Capital eau) 0.283.00103) 2.369.162.48 7/27/2012 Incoming Check -Castle Advisors LP. Dunn Capital Inc Attn. Frank Sabena 56.-112.11 2.437/59429 7/20/2012 linens!. Wigan Stanley &aka. 13307 Z4111547.96 7/20/2012 kliegs!. Morgan Stanley [Shut.. DIN= 1071 2.4115.530.67 7/31/2012 Boston Progeilks Olt Dividend mhos° 3.201.252.27 Balnaad July31.2012 :au 252 2- 5 3.35i.2'52 r MorganStanley SmithBarney 77 EFTA00283529 The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2012 Date Description Morgan Stinky IP Morgan Moe Denrirtie Bank US Treasury Bills US Government Ending Agencies BaLance 8/1/2012 Inirreat: New York Tax Free Bonds 2040040 3.22.25127 8/7/2012 DSTGlobalill. LP - One Carnal( Orsini:9nm ) 1826137 3,24105314 8/16/2012 VSSCoonnunicarims Partners IV. LP (Distribution) 463,75540 3.700.80341 8/30/2012 AP Ellett-Ili Europe LM( Delritelion 1 25,52114 3,735.32978 8/30/2012 Legacy Capital. L.P. 1 Capital Can 1 0,12108503) 2612244.78 8/30/2012 44acklbxk Co-Invevritent Fund HI, L.P. - Z US Taxable Serie. ( Capital Con) [18.531001 1.839.711.78 8/30/2012 InWre4t. Morgan Stanley 0,3nkM 1)122 1.839.80.03 8/30/1,11 inWre4t. Morgan Sixty Private lank- 1037 te.39.enx Balanceanof Augusl 31. 3)12 S. 1439453.37 S 9/27/1011 Interest Morgan Natty Main 6101 1379.9143s 9/9/1011 Inlerest Morgan Stinky Petv444 Dank 934 1439,913.76 9/28/2012 46Faotridlii. LP • Ono CaNta ( DiOnbullow) 109037240 2,930,993.76 Balance as of September 30.212 S 2934956.76 S S S S 52930.995.76 10/1/2011 interest New York Tax Free Bonds 40,70625 2,971.70201 10/11/2011 DST C34b0111 LP (0/4210,41461 V3001 2,977,93201 10/30/2011 140,040.310w in Stanley Ban- 111134 10/30/2011 laleratAlawin Slinky Priwnerwra 1101 10/31/2011 00044 Propenkwat Dividend 749,15940 37-0,111.61 Balance *sof Octraba M. 2012 S 1727.241.19 S S S S 53,727,111.61 11/1/2012 inirrevt:New York Tax Free Bonds 1406250 3,741,174.11 11/15/2012 Redemption: NITA NY Tax Free Bonds 209040000 5,831,174.11 11/15/2012 interest.New York Tax Fret Bonds 5225040 1160424.11 11/72/2012 Paulson Advantage LP Distribution 14628.489.44 16511.91355 11/29/2012 interest.Macgan Stanley NAM 21352 16312127.07 11/29/2012 interest Morgan Stanley Private Ban- 1044 16312137.11 BaLinev and November 30,301E S 16311137.11 S S16311137.11 12/1/2012 Interest New Tait NY City Conlet,68 W.W.I'," 12/11/2012 itaieroption New Yo6, NY CllyGenION63 2461,97, I I 14,717,101.21 12/13/2012 L.:Racy 040341 LP. 0,337.24,- r, 17.16931222 MorganStartley SmithBarney 78 EFTA00283530 The MBZ 19% Trust (GST Non-Exempt) Cash Account Activity - As of December 31, 2012 Ode ElescrIplien Morgan IP Motgan Sunk,. Chao Deutsche Bank US Treasury Bills USGmgenmcnt Ending Agencies Balance 11/IA/MI' 11./I5/3J11 13/30/31113 12/11/MI1 12/11/MI1 12/11/3.02 13/31/11113 13/31/1013 12/27/2012 12/2J4/2011 13/111/2011 12/31/2012 12/31/2012 Inlorea. ChunliellW NIGoni ScloDioa laicrat Alowool. NY Ghat SM Dial AWE Communicatin' Fund Townie' on MBZ I996 MomEhtion Laid Ablxil Am 0 4544115440 Fond TI1110.11 00 MUM I996 Mon.Emmool Fhod Income Atm 06540/7091 lamming Wish QBILCo Inv.:Ammo Fund LP lamming Wish Wrong. Subic' Stevenson Blackocul. Co 1.11w-mum Fund Ill Incoming Win. QFC II OlowslIM.1 BIM lainal, !down RanIcy I. Minot. Almjan Manley !Mouth Ban` Fund n11%5161 on MEM 19% Mon-Ey:mod Am to 476-0959% lamming Why. Q. ME On Immtmeni Fund II U' eJLIIIN a cd Dommtvr 31.2012 3µ50l1 3,75000 (51,437.0th (0.0(0.00103) (men 00).03) Mall= 37,16400 (M.36000) 31,11500 579.45 971 (FAXIM1103) 1414.962C0 S 1.112.811 101 $ $ MI93.437.22 17,197,167.22 17,115,750.27 A345.730.22 A5M.061.22 AS67.225.22 7.671.865.ZZ 7.718.300.23 7.7C0.779.67 I296,210.62) 1.I17.851.33 $ 1.117.851.11 MorganStanley SmithBarney 79 EFTA00283531 The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2012 Dale Desaiption Mogan Stanley IP Morgoa Druische Baal. Ouse Goldman. US Treasure Sachs a Ca Bills US Government Ending Agencies Balance 1/1/3111 Opening Etaltnee S 1.168.53539 5 ≤ L381.53539 1/30/3112 Invest Morgan Stanley Banker 4925 1.369..%1.431 1/30/2012 Interest Mogan Stanley Private Banks ion 1.369.555.58 Mantrasof January 31.392 $ L369.555.58 2/17/2012 QM 3102 Dreersthed I DisInbutrot i 4347200 1.412.267.58 2/23/2012 Iniera. Almgan SW/by Banks 45.12 1412311 .70 2/23/2012 ktimust Morgan Montt/ Private BankM. 924 1.41232244 Dabney and Fettuary 29.2012 5 1.4 /2A22 44 S S 1.412.37.341 3/16/2012 QPC 20)2 Ceterstied 1 Distribution1 2548500 24!.00744 3/23/2012 MackllockCmInvestnine Fund 111. LP.- 2 US Taxable Berke ( CapiLe Call) (309322k0) 1.12606.44 3/29/2012 Interest /dorm Stanley Banks 45.39 1.128.7308) 3/29/2012 Interest Alorg.anSlanley Pnvate 1$34M 1G07 1.128.740.90 Baloney as of March 31.2012 S 1.120740.90 1.131.741190 4/27/2012 12.11LA Co. Imes/tont Rind II. LP- Xlistabutlan) 189430.13 L318.37090 4/27/2012 Interest AloyAn Stanley Bank M. nil 1.318.40601 4/27/2012 limentst Alorgan Stanley Itinttv Man 973 1318.41174 Balance as of Apr1130. 3)12 S 1.318.41574 $ S 1)15.415.71 5/1/2012 Interest:New York Tax Fro Bonds WOO 1522/415.74 5/23/2012 MackRock CmInvestmcnI Fund 112 L.P.-2 US ramble Series ( CapiLll Call) (149.010:01 1.174.39974 5/30/2012 Interest Mogan Stanley Bank` 4657 1.174.446.31 5/30/2012 Interest AlocganSlardey PnV4tt tunkIM 1108 1.174.457.39 Balanu and /44y 31.2012 $ 1.174.5739 $ 1.174457 39 6/7/2012 QM 20E U6mOkd (Dismination i 111914291 6/23/2012 (1.81K Co. Imvsunent Sand II. U' . (Dimnbution) 294.5711M 1510.947-39 6/23/2012 Q.BLX Cn. IMV111110.11 Band, LP • Ontaibutinn) 115,36000 1491531Q.19 6/23/2012 Interest Alorgan Stanley Banks 4,01 149634243 6/23/2012 lntenst !down Stanley Ili/nu-Bank5 9 70 1.494535113 Balance nsofJune 30.2012 MorganStanley SmithBarney EFTA00283532 The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2012 Morgan Dale DewriptIon Stanley IP Blorgan Clime Daunehe Baal. Goldman. US Treasury VS Government Ending Satin & Ca Bills Agencies Balance 7/12/2012 7/12/2012 Funds tranufered from Calderon Sachs Vintme Fund. LP. Israel Infrastructure Fund 1-C. LP. (Capital Call *19) 17131457 1137.5(040) 1.006370 1.733.36370 7/13/2012 QPC 2(02 Cournfied (Distention I 2073900 1.70.1(6.70 7/2e/2012 Blicklioli Co-Investmen1 Fund M. LP.- 2 US Taxable Series( Capital Call) 432L00040) 1.411.1(6.70 7/30/2012 Interest Morgan Manley Banks 6276 1411.16816 7/30/2012 Interest AlmonManley !Verne BankM. 1071 1.411.179.17 Falange ma July 31.2012 S 1.411.17917 S $ 1.411.179 17 11/30/2012 Blell1/40.Co-Invusimeni Fund Ill, LP. - X L'S Taxable Sarin (Caphal Call) 4193.13300) 1.31.100.17 11/30/2012 !merest Morgan Manley nankin'. 5010 1.318.096.57 11/30/2012 Inkiest Morgan Manley Aurae Bani... 10311 1.2.910605 Balance4'ot August 31.2012 5 13111106.93 S S 1.213.10395 9/27/2012 Latex Morgan Stanley Banks 36.37 1246.11532 9/27/2012 Inkiest MorganStanley Private Bank.' 937 1246.15410 Balance as September 30,2011 S I iiiii.1140 S S 1.24.151.1? 10/30/2012 Inmost MownManley Bank` 4522 130199.91 10/311/24112 Inlennt.Moqtan Slinky rthute Nan 11.05 1.7.49.210.96 Nlareemc4CetoteM.W12 5 1.245.210.96 5 S S S 1.20/10.96 11/1/2012 interest New Vote Tax Free Bond WOO 1.251210.96 11/6/2012 Brockman Fund IV LP Drantotion 211061000 1.533356.96 11/27/2012 Paulson Advantage LP Distribution 335330.09 4.050.26116 11/29/2012 Interest Morgan Sunday Banks 5930 1.95037036 11/29/2012 Intrust. Morgan Stanley Private Banks WM 1.05020039 Balance xa November 30,2012 1.00.33039 $ Vn 17419/2012 hotel Int intructury (305(0K0) 401.83039 12/21/2012 Fund Twofer to 51621983 Family- Lad Atku Acct * 01-1(6415 (1.5(0.03040) 035;63039 12/21/2012 Fund Transfer to MU ISM Faintly- Axed Income Acct * 65/417112 (2.50303040) 6572/33339 12/21/2012 Intonate Wire. Q BR C Investment Fund LP 91712.0) 93157239 MorganStanley SmithBarney EFTA00283533 The MBZ 1983 Family Trust Cash Account Activity - As of December 31, 2012 Morgan IP Masan Dale Description Stanley Chase Dmilsche Ink Goldman. US Treasury VS Government Ending Sato Pt Ca Bills Agencies Balance 12/21/1112 12/2713112 IlLiclovet Co Invimnical Fund M Incoming Wins QM: 202 DIversilled BEE (223.941(0) 71Asmo 704.732.39 71030739 12/214/3112 Inionnt Morµan Manley Inks 13441 710311.3 12/214/3112 Inlerost Morgan Slinky Prism.: Ink 9.70 793.35130 12/31/3112 Iswoming Wins QED: ill Insostmenl Fund II LP 471.33030 1.234.933.30 Balance., of December M. 3112 $ 1.27:4M550 $ $ $ t.rA.9(69.) MorganStanley SmithBarney 82 EFTA00283534 USN College Marketing, Inc. Cash Account Activity - As of December 31, 2012 Date DewriptIon Mown Staley "Mogan Chas. lhanwler Bulk US Trowitry &11a VS Government Ending Agaarka Balance 1/1/3)11 1/5/2012 1/9/2012 1/9/2012 I/30/Ø2 (/30/2012 2/28/3)12 2/25/2012 3/23/3112 3/29/3)12 3/29/3)12 4/1/3)12 4/2/3)12 4/4/2212 4/27/3212 4/27/3112 4/27/3112 5/15/3112 5/15/2012 5/15/2012 5/23/2012 5/30/2012 5/30/2012 6/19/3112 ~lag Balance Alorgintra.anky Credit Partner; ( Capital Cell) Fund. Tramiormil Irani USN GRUT noeit476461957 to mow thoquannly distribution lear the Third Quarter 2011 Fords TranoSerred frem UEN CRUT Arent-476-061950 to covet the qtainedy distribution Mr the TAW Quarter 2011 Inlmst. Stiorgan Stanley Link In Interest Antigen Stanley Private Banks Balance as d linuary 31.2)12 Interest: Mogan Stanley Bank= Inewusi. Alwyn Sunk). Private Rank W. Halanceanof Inborn'', 22 3)12 BlackRock CwInwniment Fund III. LP.- Z USTonitdeSesint (CapitolCall j Intrust. Finegan Stanley Link W. Ineausi. Stiorgan Stanley Private Rank.. Iktlig.CtIsOf Marco 31,2012 Interest: New York Tan Free Bad, Redemption: New Yak Tax Free Bands Funds Transferred from UR Charitable Remainder Unitrist Acc094740$1937 Q.BLK Co. Investment Fend II. LP- (Dirinbutionl Imerest AllerganStnnley lInnkW Imarmi: Mogan %inky PrIvain Hank W. BAISKVa01 Ap1930,2012 ItodumpUori. Nw York Tax Firm Bowl. Interest: New York Ton Fete Bond, Interest New York Tax Free Bod, BIM:Rock Co-Ira:raiment Fund III. LR.- Z USTaiableSeneo ( Copilal Call) Interest Morgan Hanky Bank Interest Magen Realty PriValt Banks Dabney as of May 32.2012 Immanent New Yorlann Fine Bonds 5 2.157.167.90 (116.59510) ~SS 2.105763:5 93.10 10.74 5 5 2.15736790 201057290 2.271.151.48 2.501730/6 2.501323.16 250183390 $ 2501)533.50 - 5 2301333 90 89.66 9.73 230192336 230193329 5 2,501,91329 5 - 5 2501.93329 (9L966101 n86 1(017 1573.96829 1374.032.15 2374)36222 5 1.574)36222 5 1.‘74.(n2 22 MOO 5000200 214.72242 56&890.0) 61.31 s.' 3 1.57431222 162431222 1.839.53264 2A0BA2264 2.405413.94 2.405.49267 1' I+✓tt Vrti< 5 5 5 5 5 VIt 5003)00 1.31230 1250200 (442019101 9266 11.03 2.458A9347 2A59.506.17 2A72.306.17 2)025257.17 2/05.319.83 2/05.140.91 5 210336091 5 S 2.01536091 430396833y 1.521.39230 MorganStanley SmithBarney 93 EFTA00283535 USN College Marketing, Inc. Cash Account Activity - As of December 31, 2012 Date Orsaiptiost Morgan Stanley Ntonyaa Chase Deutsche Bank US Trunatry Bilk US Government Ending 8816806 Balance 6/21/9112 Investinat New Yart.Tas Fens-Bonds. (2.91.118111 I.271.268Al 6/22/2012 Innattnat New Yalta Few Bonds 52211300/301 1)321228A1 6/28/9112 OZEKCluliwsuliasitu Fund II. LP (Dislitbullonj 881.7I403 12011002AI 6/28/2012 QIILKCluliwsuliasitu Fund. LP iDistratunonl 28553203 2.192.13841 6/28/2012 Alnigan Stinks Bank-, )U19 2.1909160 6/28/2)12 Alnigan Stinks Private Hank M . 971 2.192211831 Funds Transact-0J from USN CltUT An112476.061927 to caw Iticqutilvely 6/29/2012 disnibulinn lot the Second Quarter 2012 21423142 2.403.13823 &shwa as al July 30.. 2012 S 240523823 S 7605.10ZI 7/26/2012 IllackRoc1.(9.1nvislawrg Fun] III. LP. • Z USTatatdeSeibis ( Capital Call 066.040L0) 1439418.77 7/30/2012 InasssL Mogan Stanley Bank M. 93.31 140943701 7/30/2012 Iniae01. Alragan Stanley Private Hank` Ian 1,09447.73 Balance no( July31.2012 $ 1,439,447.73 $ S S S 1,439447.73 8/30/2012 IllackliockCo-Invratentr4 Fund III. L.P. Z USTasuble Series ( Capital Call ) 4579A001:01 MA17.75 8/30/2012 Interst Mogan Stanley Bank-. 4929 840A97.51 8/30/2012 Interest ?dowsesStanley Private Banks 1037 80.10291 Balance as el August 31.2012 116.107 91 95060791 9/27/2012 Irenusl. Morgan Stanley lUink 2‘$‘ sesul 44 9/27/2012 Internal. Aloigan Stanley Private Banks 1440.1400 9/28/2012 Funds Truncates"! I num lase Ouritabk Remainder Unitrust Ac111476.06I112 213.72012 1.074461M Balance 45 o7 S: 3112 S 1.074/$61 11 S 1.1174:6111 10/30/2012 Interest Morgan Stanley Banks. 1.074147.76 10/30/X42 Inure* Mogan Stanley Private Bank.. 01. 1.07450914 Balance as or (ember 31, 9112 1.1C4M11 5 - S 1074.90881 11/1/2012 Internal Nov York TAX FInx.Bansl* \1155!41 1.077.98321 11/13/2012 IlsaIntrplicek Tribonsugh W Wge& 'runnel Tax Fl“, Bonds 10,10101$1 1.57720321 11/13/2012 Intierust New Yort.T0Frnal3004. 12:400 1.59222121 11/29/2012 Interns,: AIOISIIIISIMIky Bank 4591 1.9111597.73 11/29/2012 Interest Morgan Stinky Pnvain Bank WO, 1390.53779 MorganStantey SmithBarney $4 EFTA00283536 USN College Marketing, Inc. Cash Account Activity - As of December 31, 2012 Dar Deadpans Morgan Slanky PP Meagan Orals< laa Bank US Trumtry Omar &Il US Government Agegrin Ending Balance Balan[vasof Nkrnyrnber 311, 3/12 5 I .550.5,17 5 5 5 12/15/2012 Inia~. Bruin &mum NY Clint &ii Mil *"33 1,597.31132 12/21/2012 Inromllµ Wire_ Oink Oci Monitored Fugd LP 09850.00 1.797221.12 12/21/2012 Blarkrnrk Co Invesimeni Fund Ill (671.%1NO) 1.125.701.12 12/28/2012 Fund Trander fnxn USN CRUT Bali 4740315k4Q 214.733.42 1.340A21.54 12/28/2012 Intrest Masan Sianley Bank W. 47.43 1.34046897 12/28/2012 Ininet MervinSnaky Private Banks 9.71 1.340A7848 12/31/2012 Inninung Win.: Q.Blk Co Inveamml Fund II LP 1A14.06103 2.754.54048 Bigamy as of DuCeilletur 31. 3)12 5 2.751.5,048 $ 5 2 MorganStanley SmithBarney EFTA00283537 The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Morgan 111 Morgan Dale Detaigelas Stanley Oust Deutsch. Bank Goldman. US Treasury DSGmemment Ending Sachs 41 COL Bills Agencies Balance 1/1/2011 1/3/2012 Opening Balance MS CaHlt Partner) (GeOftal CM) 5 1.391533M M9L975k0) 5 5 • S 0394533.27 811a27 1/19/2012 Check I 1112 - Conkrence of Prmidenb (73.000gO) 7565.CAV 1/25/7812 Cao-B*1111. Dept of Moan/nay and NalltOftiWit.\> a5.0.3M0) 76155127 1/26/2012 MS Credit Partners (:90ntollon) 117A3?.03 879,317V 1/72/2012 Boston Propene Common StockDivided t11,73100 1.011.06727 1/22/2012 Boston Propetyky.Common Mort. Div Woad 15461M56 1,17473422 1/30/2012 Check 41113- Fyrendsof IR David (101030k0) 157075422 1/30/2M2 tnlereg. Morgan Stanley Sans 7537 1570831.59 1/30/7012 tnierat Morton Slangy Moat Bora.M 1474 1.0741143.M Bogert. as ol January 31,2012 S 1.07014533 5 5 5 5 • • 5 1.070.8630 1/21/2012 Funds Transferred from Clibarti 0000000.03 4.070.815M 2/24/2M2 Funds Tramterrod Item 510% Portfolio 7$000 00 11.0705033 2/24/1012 Funds Transferred from McDonnell Pergola 3500000.03 IALC0513.33 2/24/2012 DoutioLinehrtesisnont Account (2.0,2000.03) 12574313,33 2/24/2012 Winne Morgan Hanky Mink NB 2715 12,07410251 2/24/2012 Inrtrerti Morgan Surd" Pine Basks &06 1207050051 2/20/2012 Inrtrerti Morgan Stanley Nan 32.40 1207491291 2/70/2012 Interert' Morgan Stanley Nome Banks O67 12070,913,61 Samaras of Fitruary19,2311 1257091344 12.07491161 3/5/2112 Owl 11114- Memorial Doan Kettaing (11.030(10/0D) 1,074913.61 Morgan Stanley fray-Amain Managrentn1 - AIPCustom Hedge Fund 3/16/2012 renal/1104304446A) (1027$910) 91012372 3/23/1012 Finds Transferred 00mM:bonnet Pordoto 1300500.03 251012172 3/23/1012 Magi:Rook Co-Investment Fund 10. LP.. 2 ner Serifs ( Capital CAI) (1.93330500) 42650.72 3/23/2012 Iniereat. Morgan Hanky Ban IMI 9953 426,918.35 3/23/2012 tnlereni Morgan Sisley Private Bans 7.72 42492427 3/2./2012 Fund. Tian erect MOM MSDannell Panel. 1,00000.000 1,42492627 3/23/2012 Funds Toirsterrtd hem SOX Portfolio 45400000 1,87492627 MP Diatom Hedge Fund Seligkeisf Cayman) 1ABZ CRUT 1.16201A 3/211/2012 Carnmemanl Payment (1.430)300001 42492477 3/211/2012 tnlere-gl Morgan Stark &ink M 017 42492491 3/211/2012 tnlere-gl Morgan Stanley Now Kink M 030 424927.41 3/29/W12 Warta Mown Slangy NM. M . 034 424927.73 3/29/W12 Warta Morgan Hanky !Await Bans 025 426,92603 Balance nor Mirth 31.3)12 s .126.02,, 4/1/2112 tnterert. New York Tax Free Bonds 431.54053 MorganStanley SmithBarney So EFTA00283538 The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Dale DescrIptioo Morgan Stanley Jr Maims Ouse Deulsche Sank Goldman, Sao a Ca US Treasury Bills US GoTemment Agencies Inding Balance 1/1/1112 101,646416.iw ToikTax FM/ 00111, 1,93299 42447652 1/1/1112 lahniest sine ToikTax Pm, fonds 3,204.69 43667831 4/1/2112 IMents4.5kw Tisk Tax Soo fonds 2.00100 43867831 4/1/2012 Manta New Toil Tax FAv fonds 800100 4627831 4/1/2012 Warta New Toil Tax Soo fonds 1800800 45667821 4/1/2012 Winne, 74ra Toil Tax Soo fonds 2580200 410,138.21 4/4/2012 Sands 4111114ICITOS is WIZ Aocta4764:60652 (3,25215734) (2778 475.13) 1/4/1112 Oilbunlilkod Redemption( Funded WIZ DkilAbullon) 735400200 47633467 4/12/1012 51.4010vdit Poalrois011.hoie•(Disattiolkinj 9664200 371,171.07 4/24/2012 Chia IS- USfregfillge a PAIN 12403108 54637167 4/27/11l2 Bbeklicek Sand 11. L P. • I DistrIbulkin 1 96406600 1,312338117 4/73/202 Inentst Morgan Surrey MAAS 1136 1312347.13 4/27/2012 1,6666m Slinky Private &AIM 922 151225635 4/30/2012 Balton Properties Cermet MOM OPMnse 131.75000 1,617.00$35 4/70/2012 BoelOn PCOPOilie$ COmn106 Sloth 06460.51 1564%95 1,003,69333 Siang, *col Apill 302012 S L910,69530 4803293,33 5/1/21111 Inlarem, New Teak Tax FAv fonds 537200 1,109)17,133 5/1/21111 Inlarem, 74ra Toil Tax FAv fonds 1,950.00 4311,02630 5/1/1111 Inlatem, slew Toil Tax Fro2 fonds 2240200 10330119 5/10/2012 MP Custom Hedge Fund Semitone( Cayman) 1.102 CAW 1.113D31A GOMMIYMAll Payment (470(KOLO) 1,363,03X30 5/23/2012 ettackRexk CmInweentot Fund Ill LP.- 2 CRT Sark.( Capital Call) (L037.15304 325.86733 5/30/2012 Intoner Morgan StIrty SlnkM 46.08 325,91334 5/30/2012 Intoner Morgan Stanley Myatt. Bank 9.50 3rouss Bataan:Anal May31,2012 325,92283 3r,anitt 6/7/1112 °Wank Managed Bond Ponta* 1211203103 13289228S 6/11/2012 MP Custom Hedge Fund Selman Cayman )141:42CRUT 1.102010. Commireent Payment (570.0.10AD) 7%922% 021/2012 ElletkelOne Slane& Menne Onshore Fund II Ltd I Caplal Gall I (192500k0) 563,4226B 6/22/3112 Citibank ?amused Bond Portfolio 6.50400).00 7.063,42/16 6/28/2012 GBP Co Investment Fwd IL LP. CRT Smits Dietnbunon 152-a072.00 4.5%491.88 l 6/28/2012 GOLK Co Me-Amami Fund LP .CRT &tics [Distribution) 1.63531140 14224.0(6.% 6/211/2012 linnet Morgan Stanley Bank.' 5075 14224.0%63 6/211/2012 InMmet. Morgan Stanley Pnvme Bank El 7.92 10224.061.55 6/29/2012 Funds Transferred to MB2 Personal AmM117600652 (.206.71489) 6.015635046 6/29/2012 Cheat/1117-Harvard University (1.3(0.030k01 4714/5046 MorganStanley SmithBarney 87 EFTA00283539 The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Morgan Dale DesalptIo• Stinky JP Morgan Claw Deutsche Bank Goldman, US Treastny US Goremment Ending Sachs St On 0111i Agencies Balance 1MLinov in ol lune 30,2012 $ 5.V9 S $ • $ • $ 1.71539)9s 7/20/2012 MS9B audit Palmeri 011ihnre - (Dinsibunonl 159571) 4263223.46 7/26/2012 BlackRixk Co-Invvianent Fund Ill LP.- 2 CRT Serie. ( Capital Call) (IBX1.03202 2,757,923.46 7/30/2012 lmrretet• Morton Stanley Sink IM 199.92 2,7%12528 7/30/2012 Inkre-A. Morgan %they Private Sink m 1071 2,7%13/49 7/31/2012 Baton PiCeerbeS Coneret Stock atiklend 81.75003 21192619.09 7/31/2012 Bolton Nowt.. Coneret Stock Cittklend 3.24390 2.059.129.99 7/31/2012 Boslon Plonotiett Conran Salk 069fend 153,44526 3,019,575.01 Balances of July31,2012 $ - s - 5 3.049.37161 5/21/3112 AIS Credit Paitness(M01bugon) 3463t no 3.3%309os 5/311/3112 Bia<kRo:k Ca-Investmenl Fund Ilt. L.P. - Z CRT Seam ( Caglial Call (1.1g120022 2.21A309.04 5/311/3112 Winos. Ntosgsn Sianky Nan 121 21 2.213,43123 5/311/2012 Interns. Mays Stanley l'/War. lank- 1037 221321021 tiolanco as of Augusl 31. 2012 S 2.215.110 s2 $ • s .1215.4.)62 9/11/2012 Senor1(0230 slum-so( Boom Prorates (0Xr) 11.2%657.77 1347209R% 9/12/2012 Sell of 31.221 Ammo/ flown Properties 02‘11 3.57840929 17.203507.4S 9/13/2012 Sell of MON awns of BoAnn Properties (BM1 8.5%19210 M57470331 9/14/2012 %lot MISS ammo( Boston Properton (BMA 7.931.78143 3351.6.01.94 9/26/2012 Route trareferred to MBZ Cheritekle Ranander 'intent (6.91-108117) 01.0XBX0,101 225(9t4(11.94 9/26/2012 Funds tranderred to MBZ Cher. Ran Vnitrust Advisory Aoct (654-11291 (6.0(02)0201 14519‘4111.94 9/72/2012 Inkreot. Morgan Stanley Baal 461k3 16,50&90.57 9/r/2012 Entortet• Morgan Surety Ne w &ank M 937 145(ei952.94 9/22/2012 Funds TIaltilinfilS 10 WIZ Ar21476260652 (4,200.7,422 12300.235.83 9/28/2012 Gluilin %ell & Assculuiss Madsvock Invesfrnall (104KOAC0001 2.303,23.83 BiLinry as ol Sapiently' 322012 $ LA)0231125 $ $ • s S - $ 23022%25 10/1/2012 Internal 11. Free New lnil. Beals 59.74573 2.3621/1C.40 10/10/2012 MS Credit Fanners Oilikore (Contrib./non) (212,03902 2267.94260 10/24/2012 MSCredit rumors Oilikore 1Dislribution1 1372110) 220300920 10/30/2012 kdereA: Morgan Stinky Blnkl. 1(6.12 2205,115.02 10/30/2012 Imam: Mayon Sankt' Pnvete GMT 1166 2.30102907 MorganStanley SmithBarney Ins EFTA00283540 The MBZ Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Morgan JP Morgan Dale Dewriptloo Stanley Ouse Deutsche Sank Goldman, US Treasury DSGmemment finding Sachs M Ca Bills Agencies Balance 20/31/2012 10/31/2012 11/1/2012 11/29/2012 Boston Proportms Corrirxe, Steck Otedcegi Boston Proponms Common Sloth Owdord &stance as of Oahe 31.2012 lnieren Tax Free New York Bonds bitten. Morgan Sixty EtsrikM 134.:5020 5.77610 Z33927227 Z345,65217 :;5.5 1'6 S S S $ 29.37526 wit 2,374277.17 2375461,33 11/29/2012 bitten. Morgan Sixty Myatt Bank M 10.01 2375.074.42 &nano...tot Novemkor 322012 5 2.375/24.42 ≤ 2375274AZ 12/11/2012 Redemption: New Tort 51 Twy Auth Hwy k Olds 1.1712521.29 3.545,9=31 12/19/2012 Check Harvard College ISGOM) 329522331 12/21/2012 lreoming Wize:Q. IRA Co Inwstment Sand LP 999.89320 4,495216.31 12/21/2012 Blaehroth Co trivimenwnt Fond Ill 0.006.510.00i 3,489)0631 12/24/3412 Fund TraerderAIRZCIarliable (135.001/20) 3)5420631 12/25/3112 lreoming Win: lhe WIZ thuluble Ronainder UAIIII.INI 4.20020020 7254,30631 12/25/3112 interest. Morgan Hanky tanks 9720 7554,404.11 12/24/302 interest. Mown Hanky Private Ewa 271 7,554,41322 12/31/2012 Fund Transfer to Axil 476460652 (4.32.714201 3.345497.22 12/31/2012 treuenhm Wizo:CRTSeriis 2204.3150) 6.240,014/G B31411Ct 04 01 Dectintrr 31.2012 5 ≤ 6,24401422 MorganStanley SmithBarney S9 EFTA00283541 The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 Dale Description Mown Stinky IP Motsan Deutsche Bank fl ay US Treasury Bills VS Government Agencies (tiding Balance 1/1/2011 1/6/2012 04vnireg Bilartee Funds Transferred from USNSEIX Portfolio Fund.. TrargailIfili to LS:Colley /Aariastass Awl-4764:619N to oover the S 130.440.43 IA0000300 $ 4 4 $ 150410.43 1.230410.43 1/9/2012 qua/sods disitibuucto lee Ste Third quarter ol 2011 1230578.531 1.019.576146 Funds Transferred to US 3Collese Marken; Acct./476-0619N to cove the 1/9/2012 quirkily deNbutions foe the Fourth Quarter ol 2011 93:1'5'333) - 789.28327 1/9/2012 Funds Transferred to Templewm/Doubline Investment Amount (60100140) 189.20.27 1/30/21312 lnWrest. Morgan Stinky Ssnk MI 886 189.29133 1/30/2012 lnierest. Morgan Ratty 19699.114/4.= 034 189.191.67 P0Ltnsv NG ol January 31,2012 $ 194291.67 S S S S S 189.291.67 2/28/2012 lotets94. Mayo Stassky Sank m 7,2 IS'4,1•+) iv INLtnoe 9 ol 144ruary 29.2017 S ,,,,..-re, ].., I. I. I. 3/29/2011 Interest Morgan Stinky Ilnk In 7.711 10930999 Balance as ol March M. 23312 S 189.30497 S S S S S 189.3097 4/4/2011 Rinds ThleISIalTeli 00 USN Colkna Maalsoung Aectri4764161985 (21473142) (23413.4.5) 4/4/2012 Rinds TrarolomaS 00TUSNSFIX Politolio 19000000 164.57435 4/V/2012 Interest Morgan Stinky SsnkM 624 161.99/29 B31411tt its of April 3,0 2012 S 161.9;0.29 S $ $ $ $ 1619;0.29 3/30/2011 Inhere-4. Morgan Natty 64 Si 741 16440073 MOW nor May 31.2012 S 161640.73 161.9'073 6/20/2012 Funds Ttaroloren5 hom USNSEUC Polikslio 155,0IXIMO 3I90.074 6/28/2012 lnlercel. Masan Stinky 134r9n 740 3194(4113 6/28/2011 lnlercet Masan Stinky Pnvate Wan 012 31940196 6/29/2011 Funds Traeolorted to USN folksy Mastoing ANO/4764161916 1214.72042) 104,8511.53 SeLtnev and June 30,2012 itsts4s bi S $ $ 10189133 7/30/20)2 lnlercel.Meogan Stanley Elsa.. 516 101250.69 7/30/20)2 lnleret Merlons Stanley Pnvate Punk El 030 101250.9? Balano.s sod July31.2012 $ 104850.9? $ $ 101,8919? 0/30/2011 Nionnt. klogran Stanley Make 443 101,898.44 atlanev tool August 312012 S 101.1119.44 5 S S S S 101.89444 MorganStanley SmithBarney 90 EFTA00283542 The USN Charitable Remainder Unitrust Cash Account Activity - As of December 31, 2012 pale Description Morgan Stanley Ds Mean o °MC Mutat Bank US Treasury Bills US Govemrnent Cndiag Beene's, Balance 9/27/2812 9/27/2812 9/2B/2012 10/311/5412 10/311/5412 It/20/2012 12/13/2012 12/ 2/l/ 2012 12/24/2012 II/ 20/2912 Funds Transferroi from USN CRVf SE1X Portfolio interne Morn= Stinky Bank- Funds Transferred to USN Coact= htlatlirl Acel4476-061496 Balansv ol Saplemlvr 36.2112 trilerest.S.lenan %inky Parma Rat. Warta Mown Slinky Baia &Slaw< enol Octotrr 31.9)12 Interest Mown %Inky 84rik In Bala as ol Novernbar 30.2012 Fland TlanSlill irom USN BRUT SEIB Ault 654501231 Fund TIMICIIII to LM Clallnin Manialins Acct. 476461%93 interest. Morgan Slanky Bank M. Inland. Meagan Blanks 0rensca Rank- Balancers of Deermtrr31. 3012 204000.00 4.01 (214.720.421 304.$98.44 30490245 90.18103 9038203 025 4.70 90402211 S 9018696 S StllUMOS S S S $ $ 011t4.98 3.69 9919867 S 9019067 S 90050.67 2I \ 002 03 (214,22042) 6.7S SD S 014.713.23 30% Bs/ 67 94,C0.23 90477.03 90478.53 S 9l9"9.1‘ MorganStanley SmithBarney 91 EFTA00283543 Mortimer B. Zuckerman and Related Entities Appendix A - Boston Properties, Inc. - December 31, 2012 Holdings of Boston Properties, Inc -Shares MHZ MB2199611ust (CST Exempt) Mg2 1996 iron MBZCRUT (CST Non-Exempt) NU Burnside Holding.. L.P. Ml Longstreet Holdings, LP. Ml Meade Holdings. LP. Columbia CRUTs Total Kommea • lino 23.19t7 ban Ord Option., 344.020 MOW !Woman) SKOV O440 1.131240 Kowtow) *4% Dome 0452 43412 IANNonVntod L110.1 KOH IANNon.Voonl Origami SO1116 6806 &POO 144.030 11000 IINNOPUO 4LbS,.:11. 1,103.192 Mae 1.307 7633140 oo.oro two 362.346 362.346 OXP (Vested Opionol S,204 IS2t4 Taal 7.$11.071 43452 1,103.392 333624 LINO 5,753 47‘140 4,10229 Valuation of Boston Properties, Int. - Clueing Price: 5106.81 NISI MB2 1996 host (CST Exempt) 082 19% That (CST Non-Exempt) 3182 OW? LIZ Barnacle Holdings, L.P. MZ Longstreet Holdings, LP. 1112 Meade Holdings. LP. Columbia CRUTs Total P.NCommos • Now 23.19t7 baccOod Option., 33402100 DiSt2O) P.P.Comineo) 39,304550 50,14309 114.11µW P.P.Commes01496 toner 002.231 AWE= II .P(Non‘'rod LIIPO 4,12%160 %Mita II .P(Non.V000d Option) 1.164,534 1.16.t.SM 'ANON%) (OruO 43704238 14x, 4.523 2.441.655 1,031,96 H1.N2YO OlP(Voorod1.71ht 21.119.1130 35.13900 OXP (Vesta Ophoml 334131 'Stasi Total 5 10..741114 S 002.231 S 148,11,SZI 5 0 S 2.493.615 5 1.90.791 S 1031,965 S 50441449 S 1.010.431,116 Year to Date Dividends Received 3182 MBZ 1996 Trost M821996 Trust MBZCRUT NU Burnside Ml Longstreet Ml Meade Columbia CRLITs Total (CST Exempt) (CST Non-Exempt) Holding.. L.P. Holdings, LP. Holdings. LP. DX? (Comma - Now WSW Lane Ord Option., MOO 1%44!0 OXP(ComenoS 1.506.500 Loto502 1.43..0 OXP(Coones)111.6 Lome 103,170 100.170 DX? (NonVood LT10.1 11402 mosso OXP(OPP.I 333.130 arm axe oaruO 14.294176 2252402 54315 0.121 22.432 17.0068 OXP (Yoko, 1.71.4 Teta S 033.116 17,600.116 103,170 S 3.131.402 S 0 5 54315 Mit3 s 22.432 S unO501 S 43336 2.1.139.510 Performance of Boston Properties, Inc. MTD % YID % Change Change Price Pet( swmance 3.1 6.2 Thne4Veighted Performance 3.7 8.5 MorganStanley SmithBarney •As of December 17, 2012 the dividend and distribution payment amounts for rho quarter were changed to (1)9).65 per Common Share, Common Unit and LTIP Unit and (21$0.65 per 2009 OPP Unit. Previously it was (I) $055 pm Common Share, Common Unit and LTIP Unn and (2) 5OA55 per 20090PP Unit Also, during the dividend declaration months, the market values of Boston Propernes, Inc include the respective accruals 92 EFTA00283544 Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2012 Options Vested Grant Date Expiration Date Plan ID Grant Type Granted Options I Vesting Schedule Exercise Vesting Date Price I Current Price Vested Options 1 Value of Vested Options 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 Immediate Current 92.71 105.81 12,647 165,672 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 1 Year Current 92.71 105.81 12,647 165,672 Total Vested Options 25,294 331,345 Options Unvested Expiration Granted Vesting Grant Date Date Plan ID Grant Type Options Schedule Vesting Date 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 2 Years 1/15/2013 1/15/2011 2/1/2099 2011 Non-Qualified 12,647 3 Years 1/15/2014 Total Unvested Option 25,294 LTIPs Vested Expiration Granted Vesting Current Vested Value of Vested Grant Date Date Plan ID Grant Type Options Schedule Vesting Date Price LTIPs LTIPs 1/30/2004 1/30/2099 LTIP Restricted 7,495 3 Years Current 105.81 7,495 793,046 1/30/2004 1/30/2099 LTIP Restricted 10,494 4 Years Current 105.81 10,494 1,110,370 1/30/2004 1/30/2099 LTIP Restricted 11,993 5 Years Current 105.81 11,993 1,268,979 1/28/2005 1/28/2099 LTIP Restricted 8,622 3 Years Current 105.81 8,622 912,294 1/28/2005 1/28/2099 LTIP Restricted 12,071 4 Years Current 105.81 12,071 1,277,233 1/28/2005 1/28/2099 LTIP Restricted 13,796 5 Years Current 105.81 13,796 1,459,755 4/28/2006 4/28/2099 Lill* Restricted 5,947 3 Years Current 105.81 5,947 629,252 4/28/2006 4/28/2099 LTIP Restricted 8,327 4 Years Current 105.81 8,327 881,080 4/28/2006 4/28/2099 LW Restricted 9.516 5 Years Current 105.81 9,516 1,006,888 2/2/2007 2/2/2099 LTIP Restricted 6,896 1 Year Current 105.81 6,896 729,666 The number of vested oplious and the exercise price have been adjusted to eliminate the economic impact if the September 30, 2005 and December 27, 2006 Boston Properties, Inc. special dividends of $2.50 and $5.40 per share, respectirdy. MorganStanley SmithBarney 93 EFTA00283545 Mortimer B. Zuckerman Appendix B - Boston Properties, Inc. (Options) - December 31, 2012 2/2/2007 2/2/2099 LTIP Restricted 6.896 2 Years Current 105.81 6,896 729,666 2/2/2007 2/2/2099 LTIP Restricted 6.896 3 Years Current 105.81 6,896 729,666 2/2/2007 2/2/2099 LTIP Restricted 6.897 4 Years Current 105.81 6,897 729,772 2/1/2008 2/1/2099 LTIP Restricted 15,610 1 Year Current 105.81 15,610 1,651,694 2/1/2008 2/1/2099 LTIP Restricted 15,610 2Years Current 105.81 15,610 1,651,694 2/1/2008 2/1/2099 LTIP Restricted 15,610 3 Years Current 105.81 15,610 1,651,694 2/1/2008 2/1/2099 LTIP Restricted 15,611 4 Years Current 105.81 15,611 1,651,800 1/29/2010 2/1/2099 LTIP Restricted 18,113 1 Year Current 105.81 18,113 1,916,537 1/29/2010 2/1/2099 LTIP Restricted 18,113 2Years Current 105.81 18,113 1,916,537 2/2/2009 2/1/2099 LTIP Restricted 29,823 1 Year Current 105.81 29,823 3,155,572 2/2/2009 2/1/2099 LTIP Restricted 29,823 2 Years Current 105.81 29,823 3,155,572 2/2/2009 2/1/2099 LTIP Restricted 29,823 3 Years Current 105.81 29,823 3,155,572 1/15/2011 2/1/2099 LTIP Restricted 10,096 1 Year Current 105.81 10,096 1,068,231 1/15/2011 2/1/2099 LTIP Restricted 10,096 Immediate Current 105.81 10,096 1,068,231 2/3/2012 2/1/2099 LTIP Restricted 38,172 Immediate Current 105.81 38,172 4,038,979 Total Vested LTIPs 362,346 38,339,777 LTIPs Unvested Grant Date Expiration Date Plan ID Grant Type Granted Options Vesting Schedule Vesting Date 1/29/2010 2/1/2099 LTIP Restricted 18,113 3 Years 1/15/2013 1/29/2010 2/1/2O99 LTIP Restricted 18,113 4 Years 1/15/2014 2/2/2009 2/1/2099 LTIP Restricted 29,823 4 Years 1/15/2013 1/15/2011 2/1/2O99 LTIP Restricted 10,096 2 Years 1/15/2013 1/15/2011 2/1/2O99 LTIP Restricted 10,096 3 Years 1/15/2014 Total Unvested LTIPs 86,241 77r number of vested crimes and the exercise prier have been adjusted to eliminate the economic impact of the September 30, 2005 and December 27, 2006 Poston Properties, Inc. special dividends of $2.50 and 35.40 per share, respectively. MorganStanley SmithBarney 94 EFTA00283546 Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2012 Date Transaction Description MBZ MB 21996 Trust (GST Exempt) 61821996Trust (GST Non-Exempt) MBZ 1983 Family Trust MBZ CRUT 1/4/2012 GS Private Equity Partners II, L.P. - Distribution 411,732 182.577 335,763 1/5/2012 Morgan Stanley Credit Partners Offshore, LP. - Investment - - -582975 1/5/2012 Morgan Stanley Credit Partners Onshore, LP. - Investment - -233,1% 1/6/2012 Morgan Stanley Credit Partners Onshore, LP. - Investment -Th,190 - 1/9/2012 The Vehicle Production Group, LLC. - Investment - -9,595 1/25/2012 Glilot Capital Partners I, LP. - Investment -35,000 - 1/26/2012 Valor Equity Partners II, LP. - Investment -120,000 - 1/27/2012 Morgan Stanley Credit Partners Offshore, LP. • Distribution - - 117,459 1/27/2012 Morgan Stanley Credit Partners Onshore, LP. - Distribution 46,984 46,984 1/31/2012 Legacy Capital, LP. - Investment - -572,553 Total (Invesiments)/Distributions as of January 31, 2012 5'70,546 5182,577 (5432,591) (5468.516) 2/1/2012 Stickman Real Estate Fund II, L.P. - Distribution - 31,453 2/2/2012 Generation Capital Partners II, L.P. - Investment -5,929 2/2/2012 C6T Global HI, LP. - Investment - -5,000,000 2/3/2012 Quadrangle Capital Partners, LP. - Distribution 83,314 2/13/2012 Generation Capital Partners II, L.P. - Distribution 7,446 2/17/2012 Quellos Private Capital 2002, L.P. -Distribution - 43,672 43.672 2/17/2012 Quellos Private Capital 2002, L.P. (US Mature) - Distribution 536,051 2/17/2012 Quellos Private Capital II, L.P. - Distribution 136,012 34,023 34.023 2/24/2012 CVC Capital Partners Asia Pacific II, L.P. - Distribution 206,415 2/29/2012 Brickman Real Estate Fund III, LP. - Investment - -112.876 Total (Investrnems)/Distributions as of February 29, 2012 5963,388 §3,728) (54,965,977) 543,672 MorganStanley SmithBarney 95 EFTA00283547 Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2012 Date Transaction Description MBZ MBZ 1996 Trust (GST Exempt) 61 BZ1996 Trust (GST Non-Exempt) MBZ1983 Family Trust MBZ CRUT 3/2/2012 Greycroft Partners II, LP. - Investment -150,000 3/7/2012 Stickman Real Estate Fund II, L.P. - Investment - 445,200 3/7/2012 Generation Capital Partners II, L.P. - Distribution 27,315 3/16/2012 Quellos Private Capital 2002, L.P. (US Mature) - Distribution 150,277 3/16/2012 CVC Capital Partners Asia Pacific II, L.P. - Investment -13,645 3/16/2012 Quellos Private Capital 2002, L.P. - Distribution - 25,685 25,685 3/16/2012 Valor Equity Partners II, LP. - Investment -249,012 3/23/2012 Quellos Co-Investment Fund III, L.P.- CRT Series - Distribution - - 46,359 3/23/2012 Quellos Co-Investment Fund III, L.P. - CRT Series - Investment - - 4,029,661 3/23/2012 Quellos Co-Investment Fund III, L.P. - Distribution 120,237 90,178 120,237 *059 3/23/2012 Quellos Co-Investment Fund III, LP. - Investment 4,357,823 4,018,143 -1,357,523 -339,3131 3/30/2012 Gabriel Capital Investment 2006 - Distribution 1,954,542 - 3/31/2012 Quellos Private Capital 2002, LP. (US Mature) - Distribution 29,079 3/31/2012 Quellos Private Capital 2002, L.P. (US Mature) - Investment -29,079 Total (Investments)/Distributions as of March 31, 2012 8482.122 (91.247,480) (61.M7,286) (8283,637) (51.963.305) 4/10/2012 C6T Global III, LP. -Distribution - 1,500)000 4/12/20/2 Morten Stanley Credit Partners Onshore, LP. - Distribution 37,859 37,849 4/12/2012 Morten Stanley Credit Partners Offshore, LP. • Distribution - - 94,647 4/20/2012 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 23,444 4/27/2012 Quellos Co-Investment Fund II, LP. • CRT Series • Distribution - 964064 4/27/2012 Quellos Co-Investment Fund II, LP. • Distribution 948,149 568,890 568,890 189,630 Total (Investments)/Distributions as of April 30, 2012 91,009,482 $568,890 52104,749 8189,630 51,060,711 5/9/2012 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 4,756 5/11/2012 Francisco Partners, L.P. - Distribution 46,350 - 5/15/2012 Quellos Co-Investment Fund III, L.P. - CRT Series - Investment - - -1,037,153 5/15/2012 Legacy Capital, LP. - Investment - 479.279 5/18/2012 VSS Comunications Partners IV, LP. - Investment - -31,333 41,333 5/23/2012 Quellos Co-Investment Fund III, L.P. - Investment -596,065 -147,049 -596.065 -149,016 5/30/2012 Francisco Partners, L.P. - Distribution 151,299 - 5/30/2012 GS Capital Partners III, L.P. - Distribution 196,545 Total (Investments)/Distributions as of May 31, 2012 (5194,115) (5178,382) (91.006,677) (6149,016) ($1,037,183) MorganStanley SmithBarney 96 EFTA00283548 Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2012 Date Transaction Description 9.0.2 MBZ 1996 Trust (GST Exempt) M821996 Trust (GST Non-Exempt) MBZ 1983 Family Trust MBZ CRUT 6/7/2012 Quellos Private Capital 2002, LP. (US Mature) - Distribution 518,535 6/7/2012 Quellos Private Capital 2002, L.P. - Distribution - 115,079 115,079 6/7/2012 Quellos Private Capital 2002, L.P. - Investment - -3,165 - 4,165 6/7/2012 Quellos Private Capital 2002, LP. (US Mature) - Investment -14,267 - - 6/7/2012 Quellos Private Capital II, L.P. - Distribution 300,030 75,030 75,030 6/7/2012 Quellos Private Capital II, L.P. - Investment -22,438 -5,610 -5410 6/12/2012 Chase Capital Partners Private Equity FF IL LTD - Distribution 18,699 - 6/13/2012 Generation Capital Partners II, L.P. - Distribution 14,405 - 6/18/2012 DST Global III, LP. -Distribution - -500,030 6/22/2012 allot Capital Partners I, LP. - Investment 47,930 - 6/Y//2012 CVC Capital Partners Asia Pacific II, L.P. - Distribution 58,636 - 6/28/2012 Quellos Co-Investment Fund II, LP.- CRT Series -Distribution - - 1,525,072 6/28/2012 Quellos Co-Investment Fund II, LP. • Distribution 1,472,856 883,714 883,714 294,571 6/28/2012 Quellos Co-Investment Fund, LP. - Distribution 186,744 411,735 549084 115360 6/28/2012 Quellos Co-Investment Fund, L.P. - CRT Series -Distribution - - - 1,635,511 Total (Investments)/Distributions as of June 30, 2012 92,495,670 91,476,753 91.002,188 $521,845 $3,160,583 7/9/2012 Court Square Capital Partners LP. (CVC Eq.Panners L.P.) - 4,756 - 7/12/2012 GS Vintage Fund, LP. - Distribution - 226,065 7/12/2012 Israel Infrastructure Fund I-C LP. - Investment - -137,500 -137,500 7/13/2012 Quellos Private Capital 2002, L.P. - Distribution - 29,739 29,739 7/13/2012 Gabriel Capital Investment 2006 - Distribution 926,985 - 7/15/2012 Quellos Co-Investment Fund III, L.P.- CRT Series- Investment - - -2,108,000 7/16/2012 Legacy Capital, LP. - Investment - •547210 7/17/2012 Greycroft Partners IL LP. - Investment -150,030 - 7/20/2012 Morgan Stanley Credit Partners Offshore, LP. • Distribution - - 150,575 7/20/2012 Morgan Stanley Credit Partners Onshore, LP. - Distribution - 60,231 7/26/2012 Quellos Co-Investment Fund III, L.P. - Investment -1,2B8,030 •964000 -1,288,000 -322,000 7/30/2012 Morgan Stanley Credit Partners Onshore, LP. - Distribution 60,231 - Total (Investmenti)/Disuibutions as of July 31, 2012 (S444,028) (91.073,761) (61,775,479) (S203,696) (51.957.425) MorganStanley SmithBarney 97 EFTA00283549 Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2012 Dale Transaction Description MB2 MI12 1996 Trust (GST Exempt) ta21996Trust (GST Non-Exempt) M1I112 1983 Family Trust 1102 MUT 8/6/2012 CVC Capital Partners Asia Pacific II, L.P. • Investment -14,105 8/6/2012 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 4,756 8/9/2012 Generation Capital Partners II, L.P. - Distribution 100 - 8/15/2012 Quellos Co4nvestment Fund III, L.P. - CRT Series - Investment - - -1,181,000 8/16/2012 VSSComunications Partners IV, LP. - Distribution - 463,755 463,755 8/21/2012 Morgan Stanley Credit Partners Onshore, LP. -Distribution 138,693 138,693 8/21/2012 Morgan Stanley Credit Partners Offshore, LP. - Distribution - - 346234 8/30/2012 Quellos Co-Investment Fund Ill, L.P. - Investment -772533 -579,400 -772,533 -193,133 8/30/2012 Legacy Capital, LP. - Investment - -1,1Aoss Total (Investmentt)/Distributions as of August 31, 2012 (4643,089) (S115,645) (SI.293,170) (5193,133) (5834,266) 9/6/2012 Heartland Industrial Partners, L.P. - Distribution 141,340 9/24/2012 Valor Equity Nutters II, LP. - Investment -75,030 9/28/2012 Patrice!Ptivate Investment Oub Ill, L.P. - Distribution 75,557 - 9/28/2012 GRIN Capital Partners I, LP. - Investment -50,000 - 9/28/2012 DST Global III, LP. -Distribution • 1,091.072 Total (Investment)/Distributions as of September 30, 2012 591,897 41.091,072 10/5/2012 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 7,610 10/10/2012 Morgan Stanley Credit Partners Offshore, LP. - Investment -292.039 10/11/2012 Valor Equity Partners II, LP. - Distribution 121,790 10/11/2012 Morgan Stanley Credit Partners Onshore, LP. - Investment -116,816 -116,816 10/23/2012 DST Global III, LP. - Distribution 6,250 10/24/2012 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 659,216 - 10/24/2012 Francisco Partners, L.P. - Distribution 42,599 10/24/2012 Morgan Stanley Credit Partners Offshore, LP. • Distribution 137,041 10/24/2012 Morgan Stanley Credit Partners Onshore, LP. - Distribution 54,817 54,817 Total (investments)/Distributions as of October 31, 2012 3769,216 ($55,749) ($154,998) 11/6/2012 Stickman Real Estate Fund IV, LP. -Distribution 280685 11/9/2012 Court Square Capital Partners LP. (CVC Eq.Partners LP.) - 498,38 11/30/2012 Stickman Real Estate Fund II, L.P. - Distribution 459,216 11/30/2012 Francisco Partners, L.P. -Distribution 66,835 Total tinvestment0/Distributions as of November 30, 2012 S565,033 $459,216 9280,685 MorganStanley SmithBarney 98 EFTA00283550 Mortimer B. Zuckerman and Related Entities Appendix C -Schedule of Private Capital Money Movements - December 31, 2012 Date Transaction Description MBE MI12 1996 Trust (GST Exempt) MBZ1996 Trust (GST Non-Exempt) MBE -1983 Family Trust MBE CRUT 12/4/2012 Greycroft Partners It. LP. - Investment -150,000 12/11/2012 Quellos Financial Ventures II, LP. -Distribution 71,062 - 12/12/2112 Israel Infrastructure Fund I-C LP. - Investment -37,500 - 12/13/2012 Legacy Capital, LP. - Investment -1,537,296 12/19/2012 Israel Infrastructure Fund I-C LP. - Investment - 47,500 12/19/2012 VSS Comunications Partners IV, LP. - Investment -51,437 - 12/20/2112 VSS Comunications Partners IV, LP. - Investment - -S1.437 12/21/2012 Quellos Co-Investment Fund, LP. - Distribution 130,705 285379 384311 93,742 12/21/2012 VSS Comunications Partners IV, LP. -Distribution - 37,164 37,164 12/21/2012 Quellos Co-Investment Fund, L.P. - CRT Series - Distribution - - 999,893 12/21/2012 Quellos Co-Investment Fund III, LP. - Investment -895,360 -671,520 495360 -2M,840 12/21/2012 Quellos Co-Investment Fund III, L.P.- CRT Series -Investment - - -1,006,510 12/21/2012 Court Square Capital Partners LP. (CVC Eq.Partners L.P.) - 22,514 12/27/2012 Quellos Private Capital 2002, L.P. - Distribution - 73,655 73655 12/27/2012 Quellos Private Capital 2002, LP. (US Mature) - Distribution 405,948 12/27/2012 Quellos Private Capital II, L.P. - Distribution 125,337 31,335 31.335 12/27/2012 Patrice( Private Investment Club III, L.P. - Distribution 33,632 12/28/2012 Gabriel Capital Investment 2006 - Distribution 696,739 12/28/2012 Generation Capital Partners II, L.P. - Distribution 185,879 12/31/2012 Even-ore Venture Partners, LP. - Distribution 135,152 - 12/31/2012 Quellos Co-Investment Fund II, LP.- CRT Series • Distribution - - 2,894,315 12/31/2112 Quellos Co-Investment Fund II, LP. -Distribution 2356,770 1,414,062 1.114,062 471,354 Total (lnvestnsents)/Distributions as of December 31, 2012 53,118,378 51,063,938 (5617,221) 5364,411 $2.887,698 MorganStanley SmithBarney 99 EFTA00283551 Mortimer B. Zuckerman and Related Entities Appendix D -Schedule of Transfers to Selected Investments - December 31, 2012 Date US News and World Repat-Prime Axis Amount 2007 Total Investmenis in US News and World Report - Prime Axis for 2007 -5,560,030 2008 Total investment in US News and World Report - Prime Axis for 2008 -934,513 Total (investments)/Distributions in US News and World Report - Prime Axis for 2012 90 Date US News and World Report Amount 2002 Total Investments in US News and World Report for 2002 -Z,176,332 2003 Total Investments in US News and World Report for 2003 -61,900,030 2034 Total Investments in US News and World Report for 2004 44000,030 2005 Total Investments in US News and World Report for 2005 43,500,000 2036 Total Investments in US News and World Report for 2006 48.500,000 2007 Total Investments in us News and World Report for 2007 41500,000 2038 Total Investments in us News and World Report for 2008 40,500,000 2039 Total Investments in US News and World Report for 2009 45,150,000 2010 Total Investments in us News and World Report for 2010 .12,725,000 2011 Total Investments in us News and World Report for 2011 4700,000 2/27/2012 Investment in US News and World Report -800,000 4/5/2012 Investment in US News and World Report -750,000 6/21/2012 Investment in US News and World Report -700,000 Total (investments)/Distributions in US News and World Report for 2012 (5280,000) MorganStanley SmithBarney 100 EFTA00283552 Mortimer B. Zuckerman and Related Entities Appendix D -Schedule of Transfers to Selected Investments - December 31, 2012 Date Publishing - Daily News Amount 2006 Total Investments in Publishing - Daily News for 2006 -18,060,030 2007 Total Investments in Publishing - Daily News for 2007 -30,860,030 2008 Total Investments in Publishing - Daily News for 2008 -73,972800 2009 Total Investments in Publishing - Daily News for 2009 -85,986,624 2010 Total Investments in Publishing - Daily News for 2010 -42,067,853 2011 Total Investments in Publishing - Daily News for 2011 -40,226,326 5/31/2012 Investment in Publishing - Daily News -2,500,000 7/2/2012 Investment in Publishing - Daily News -2.000,000 7/8/2012 Investment in Publishing - Daily News -2.000,000 8/8/2012 Investment in Publishing - Daily News -2.000,000 9/12/2012 Investment in Publishing - Daily News -3,000,000 10/31/2012 Investment in Publishing - Daily News -3,000,000 11/14/2012 Investment in Publishing - Daily News 4,800,000 12/12/2012 Investment in Publishing - Daily News -2.000,000 12/21/2012 Investment in Publishing - Daily News -2.900,003 Total (Investments)/Distributions in Publishing - Daily News for 2012 (323,200,000) Date MBZ Printing. LP ADMITS/ 2006 Total Investments in MBZ Printing, LP for 2O6 -300,563 2007 Total Investments in MBZ Printing, LP for 2O7 -2.323,00 Total (Investments)/Distributions in MBZ Printing. LP for 2012 B0 MorganStanley SmithBarney 101 EFTA00283553 Mortimer B. Zuckerman Appendix E - Schedule of Secured Debt - December 31, 2012 Lender Collateral Remaining Principal Balance Loan Date Type Interest Rate CommenIs Bank of America BR. Inc • "Lazy 2' Motor Yacht S 14,791507 12/11/2007 Balloon due 6/30/2013 0.94% Quarterly payment is interest only. Loan origination fee of 0.25% (337,079.17). Monthly mortgage payment based on Bank of America 950 Fifth Avenue, New York, NY 10021 23550,610 9/20/2012 Balloon due 11/20/2018 2.70% 30-year amortization Penthouse Apt and S.R.N10 and the 12th and 13th Floor Duplex Bank of America 2i Drew Lane, East Hampton, NY 11937 19,960,171 9/15/2012 Balloon due 11/15/2018 2.70% Monthly mortgage payment based on 30-year amortization Bank of America 17 East 75th St. New York, NY 10021 5,302,759 9/27/2012 Balloon due 11/27/2018 2.70% Monthly mortgage payment based on 30-year amortization Bank of America 4 Three Mile Harbor Drive, East Hampton, NY 11937 793,653 9/14/2012 Balloon due 11/14/2018 2.87% Monthly mortgage payment bawd on 30-year amortization Bank of America 418 Wright, Road, Aspen, CO81611 7,181,751 10/5/2011. Lean Balloon due 1/5/2017 3.3% Modified modified on rate: 230% Monthly mortgage payment based on 18/4/1/ 30-year amortization Total 71,581,450 MorganStanley SmithBarney 102 EFTA00283554 Mortimer B. Zuckerman Appendix F - Schedule of unsecured Debt - December 31, 2012 lady M.s4 Dsie 0660116.60•6 Sant Lae Insert). 1.1.1 Cessesb P•greCarler S Z411123) 413X9 Dawn, 02.I. , 0) S 094 Otisseilectwoorti 010 runt e•••••••••••10610,0/666001010kr Ihmess ma refelnaItIlPitt AI «I.,.., 131010 06600166•••••06 000 0006 be /444.110 apal tvralt••14,1940...•.d.sna4•MAIIIIIIIWthaditSiale• 1274.04 to Sunni 0.•••••04)100•64.646.••••••00) 00 a ••••• 6016 A.66•6100•••••003.6104 (66060 04. VO/3600nart 060 4 Of 340•Trati 10/316mtrati 14•616 000 7/27/30 pavaLen 0500 616/30 pay nmt )060 12M30 p. ^n 42360 6410,00esei 040 IVINM•Hperrati GS16). 0010 jperezei WOOS. USN/ MI tureen OA. 0)01/M2terrati Cat ktlgul I.7(601 limlur Ann° 10.0003 ITS 1143 060iced a1 LISOR • 1010 I60 • 1100 altisve V011 0174 ITS I(LI* l'106 • 40 10 , 41. • 1101.1 )540 60 151% 114 l'106 • 40 10 , 41. • 1101.1 14033 130 Iii 0141 Jan anorn 0060 130 LW 41,16•0 4•66 1664 ISM )M 664,0140)4•0 4tC*3 ISM 13* 7/34/ Ild0v 42.3.66 ISM 64 1/1401 dr.) 4.0 DOM, ITS 0/301libas •Sysa WW1 ITS 46 7 11112 bash WW1 ITS 46 7/6012Jon 4•4.n WOOS) 1616 mor, 0101:406406, 36066 1616 )4 014/04•0406, 36066 160 MO VIVI:dins dasto SAI*3 130 360 )0.0013 tbas •Sysa )11603 150 44 10,013tbas •Sysa W966 150 LW! 12612/13tbas utsa la 01 ISI• IF 00:01) (s den Oak Mt JCMIMIMI kv. • 03. 0 0000•016.1•20 ••••••04 paten Sink NI An. 4064 iSS.001.• 14,011> 011•0106. 04004 SIP) 046 060•0430%6606 4010 10104.00100 2010E Ln. MVO barmaid 471% ihinOLVIA114 1026•0•0046. 10 1103.60 3/)13110 WS StS00 My. llo• crh CINVII•11721 • LIM. • SAC% 2/60400 6.00000-404.00.000•60'06 Ins 0106 4..• 44 1,14 Thal 31771050 S OHM S 3944 MorganStanley SmehBamey 103 EFTA00283555 Mortimer B. Zuckerman Appendix G - Schedule of Loan Guarantees - December 31, 2012 Amount Guaranteed as of Inleret Debtor 12/31/2012 Beneficiary Interest Rate 12/01 - 12/31 Comments USN Aviation • the borrower was changed to M. Zuckerman in 11/2007 $ 29,260,862 Bank of America Swap rate 5.37% (4.67% • 70bps) Actual rate of 1.04% 133,944 11/1/14 maturity. LIBOR • 70bps Swap matures 11/3/14 at 4.67% • 70bps ZAS, Inc. - the borrower was changed to Waldorf Flight Services, LLC in 11/2036 4565,120 Bank of America Swap rate 5.17 %(4.47% • 70bps) Actual rate of 1.04% 7,135 12/1/I3 maturity. LIBOR • 70bps Swap matures 12/2/13 at 4.47% • 70bps Daily News, L.P. - NJEDA 7,800)303 NJ EDA Ground lease Jersey Gty land lease guaranty to NJEDA Daily News, L.P. - HUD 1,600,000 HUD MBL guarantee pursuant to HUD loan Total MBZ Loan Guarantees 40,226,082 141,079 MorganStanley SmithBarney 104 EFTA00283556 Mortimer B. Zuckerman Appendix H - Schedule of Contingent Obligations -December 31, 2012 Debtor Amount bus Comments Liberty Mutual S 15,937,851 Gligroup (1) L/C issued for Liberty Mutual insurance A-I.G. 777,971 Gligroup (1) L/C Sued for A.I.G. NYP Ventures LLC 2.674.350 Gligroup (1) L/C issued for DN & USN new alike space- 4NYP Citigroup ( Derivatives Division) 4,000,000 Gligroup Valued the Basic Collateral Required under the Swap contract 5,800,000 atigrmP Additional Collateral Required under the Swap agreement Krell Payments 200)000 Bank of America L/C issued as part at guaranty issued for Sm. Paymenb Total NIBZ Contingent Obligations S 2%390,172 (1) L/ts and Swap collateralized by investments with 85% loanable advance value. MorganStanley SmithBarney 105 EFTA00283557 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category Description January 2012 February 2012 March 2012 April 2012 May 2012 June July 2012 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL INFLOWS Uncategorized $ - $ - $ - $ - $ - $ - $ - $ - $ - S - $ 120 S - $ 120 $ - $ - $ - $ - - $ - - $ - $ - S - $ - S - $ Interest Inc $ 125 $ 130 $ 128 $ 101 $ 100 $ 64 $ 37 $ 29 $ 15 S 16 $ 12 S 26 $ 783 Salary Salary:BXP $ 73,117 $2,776,963 $ 77,895 $ 76,963 $ 76,963 $ 115,445 $ 79,263 $ 76,963 $ 76,963 S 76,963 $ 115,445 S 76,963 $ 3,699,906 TOTAL Salary $ 73,117 $2,776,963 $ 77,895 $ 76,963 $ 76,963 $ 115,445 $ 79,263 $ 76,963 $ 76,963 S 76,963 $ 115,445 S 76,963 $ 3,699,906 Tax Refund Tax Refund:AR $ - $ $ - $ - $ - $ - $ - $ - $ - S - $ 4,427 S $ 4,427 Tax Refund:CA $ - $ $ - S. 6,776 $ - $ - $ - $ - $ - S - $ 645 S $ 7,421 Tax Refund:CO $ 3,334 $ $ - $ - $ - $ - $ - $ - $ - S - $ 2,342 S $ 5,676 Tax Refund:IL $ - $ $ 26,540 $ - $ - $ - $ - $ - $ - S - $ - S $ 26,540 Tax Refund:Indiana $ 1,409 $ $ - $ - $ - $ - $ - $ - $ - S - $ - S $ 1,409 Tax Refund:MD $ - $ $ - $ - $ - $ - $ - $ - $ - S - $ - S 586 $ 586 Tax Refund:Missouri $ 3,741 $ $ - $ - 5 - $ - $ - 5 - $ - S - $ - S $ 3,741 Tax Refund:NJ $ - S. 1,328 $ - $ - $ - $ - $ - $ - $ - S - $ - S $ 1,328 Tax Refund:NM $ - $ $ - $ 37,088 $ - $ - $ - $ - $ - S - $ - S - $ 37,088 Tax Refund:NY $ - $ $ - $ - $ - $ - $ - $ - $ - S - $ - S 486,087 $ 486,087 Tax Refund:OH $ - $ $ 5,475 $ - $ - $ - $ - $ - $ - S - $ - S - $ 5,475 Tax Refund:OK $ - $ $ 1,184 $ - $ - S. - $ - $ - $ - S - $ - S - $ 1,184 Tax Refund:VA $ - $ $ - $73,473$ - $ - $ - 5 - $ - S - $ - S - $ 73,473 Tax Refund:Wisconsin $ 2,324 $ $ - $ - $ - $ - $ - 5 - $ - S - $ - S - $ 2,324 TOTAL Tax Refund $ 10,808 $ 1,328 $ 33,199 $ 117,337 $ $ $ $ $ S $ 7,414 S 486,674 $ 656,759 TOTAL INFLOWS $ 84,050 $2,778,421 $ 111,222 $ 194,401 $ 77,064 $ 115,509 $ 79,300 $ 76,992 $ 76,978 S 76,979 $ 122,990 S 563,663 $ 4,357,568 OUTFLOWS Uncategorized $ - $ $ $ $ $ - $ $ $ 7,404 S $ S $ 7,404 200 E. 65th Street 200 E. 65th Street:Rent $ (65,000) $ $ $ $ $ - $ $ $ S $ S $ (65,000) TOTAL 200 E. 65th Street $ (65,000) $ $ $ $ $ - $ $ $ S $ S $ (65,000) Accounting $ 5,850 $ 16,013 $ 38,985 $ S. 62,040 $ $ $ 40,750 S $ S $ 163,638 Annual Membership Fee $ 125 $ - $ $ S. 489 $ $ $ - S $ S $ 614 Art Art:Appraisal 1,162 $ 7,600 $ $ $ S $ S $ 8,762 Art:Conservation $ $ $ 1,622 $ - 1,849 $ - $ $ $ S $ 5 $ 3,470 MorganStardey SmithBarney 106 EFTA00283558 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category January February March April May June July August September October November December OVERALL Description 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 TOTAL TOTAL Art Art EH Auto Auto:Aspen Auto Auto:EH Auto:EH Auto Auto:Parking Auto:Parking Ticket Auto:Registration TOTAL Auto Bank Charge Bank Charge:MBZ Printing TOTAL Bank Charge Bike Bike:PAZ TOTAL Bike $ $ $ 1,622 $ 1,162 $ 1,849 $ 7,600 $ $ - S $ 12,232 $ $ $ - - $ $ 40 40 $ 2,591 $ 124 $ 370 $ (1,100 $ 661 5 $ $ $ - S 113 $ S 160 $ 2,916 $ S. - $ 2,210 $ - $ - S. $ $ $ 74 S - $ S - $ 2,284 $ 110 $ 2,680 $ 140 $ 575 $ 83 5 868 $ 354 $ 138 $ 2,289 $ 4,120 $ 94 $ 1,132 $ 12,583 $ $ - $ - $ 71 $ 28 $ $ $ $ - S - $ S - $ 99 $ $ - $ 65 $ - $ - S. $ $ $ - S - $ S - $ 65 $ $ - $ - $ - $ - S. $ $ $ 147 S - $ S - $ 147 $ 2,701 $ 2,804 $ 2,786 $ (458) $ 772 5 868 5 354 $ 138 $ 2,509 S 4,233 $ 94 S 1,292 $ 18,093 $ $ $ $ $ S. 35 5 $ $ S $ s $ 35 $ S $ $ S s 102,750 $ $ $ S $ S $ 102,750 $ $ $ $ $ 5 102,785 S. $ $ S $ S $ 102,785 $ - S. $ - $ $ 2,709 S. S. - $ $ - S $ S $ 2,709 $ 2,745 $ 4,364 $ (100) $ $ 625 $ S. 7,237 $ $ 757 S $ S a 15,628 $ 20745 5 4,364 $ (100) 5 $ 3.334 5 5 7,237 $ $ 757 $ $ S $ 18,337 Boston Prop Charges Boston Prop Charges:Computer 75 $ - - - 25 $ 25 $ - - $ - S - $ - S - $ 125 Boston Prop Charges:Entertaining $ 1,255 $ 1,034 $ 628 $ 420 $ 364 $ 700 $ 586 $ 635 $ 508 $ 557 $ 573 S 546 $ 7,806 Boston Prop Charges:Reimbursement $ (6,901) $ (22,339) - $ (1,500) $ (1,500) $ (1,500) S. (1,500) (1,500) $ (1,500) S (74,623) $ (1,500) S (1,500) (115,864) Boston Prop Charges:Telephone 2,304 S. 650 S. 1,624 $ 1,573 $ 1,475 $ 2,642 S. 1,456 471 $ 2,659 S 1,532 $ 819 S 1,620 $ 18,826 Boston Prop Charges:Travel - $ - S. 1,426 $ - - - - - $ 93,648 S 73,123 $ 71 S - $ 168,268 TOTAL Boston Prop Charges (3,267) $ (20,656) $ 3,677 $ 493 365 $ 1,867 $ 542 (394) $ 95,315 $ 589 $ (37) S 666 $ 79,161 Clothing Clothing:AJZ 35 $ - $ 923 $ 724 - $ 1,542 $ 900 - $ 2,056 S 546 $ 309 S 512 $ 7,547 Clothing:Cleaners $ - S. - $ - S. 256 $ 455 $ - S. - $ - $ - S 160 $ S - $ 872 Clothing:Cleaners EH $ - S. - $ - S. - $ 348 $ - S. - $ - $ - S - $ S - $ 348 Clothing:Cleaners NYC $ - $ - $ - $ 2,348 $ 2,674 $ 2,151 $ 2,110 $ 1,039 $ 1,559 $ 3,131 $ S 7,118 $ 22,130 Clothing:MBZ $ 9,737 $ 216 $ 8,618 $ - $ 2,748 $ 15,322 $ 226 $ - $ - S - $ S 9,928 $ 46,825 Clothing:RZ $ - S. 509 $ 132 $ 4,109 $ 1,810 $ 760 $ 2,552 $ - $ 688 S 325 $ 1,455 $ 4,447 $ 16,788 MorganStantey SmithBarney 107 EFTA00283559 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category Description January 2012 February• 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL TOTAL Clothing $ 9,772 725 $ 9,703 7,437 $ 8,036 $ 19,776 $ 5,788 $ 1,039 $ 4,303 $ 4,162 $ 1,764 S 22,006 $ 94,510 Computer 82 117 57 108 $ 57 $ 57 $ 57 $ 57 $ 57 S 57 $ 2,060 S 57 $ 2,823 Contribution Contribution:Charitable 33,000 25,000 25,350 62,000 $ 22,750 $ 107.411 $ 19,600 $ 10,000 $ 19,000 S 54,000 $ 55,000 S 113,500 $ 546,611 Contribution:Not Deductible 1,350 28,200 $ 15,000 $ - $ 150 $ $ S 2,500 $ S - 47,200 TOTAL Contribution $ 34,350 $ 25,000 $ 53,550 $ 62,000 $ 37,750 $ 107,411 $ 19,750 $ 10,000 $ 19,000 S 56500 $ 55,000 S 113,500 $ 593,811 Daily News Charges Daily News Charges:attertaining $ 276 $ $ 206 $ 271 $ 396 $ $ 82 $ - $ 336 S $ 177 S $ 1,743 Daily News ChargesSubscriptions S. 737 $ - $ 322 $ 764 $ 381 $ 39 $ 500 S 171 $ 316 $ 440 $ 3,671 Daily News Charges:Travel $ (346) $ $ - $ - $ - $ 157 $ $ $ (189) TOTAL Daily News Charges $ 276 $ 737 $ (140) $ 592 $ 396 $ 764 $ 463 $ 196 $ 836 S 171 $ 493 S 440 $ 5,225 Dues $ 12,497 - $ 1,139 $ 425 $ 11,803 $ 1,455 $ 3,475 $ $ 408 S - $ 7,259 S - $ 38,461 Entertainment $ 3,070 $ 5,192 $ 3,538 $ 1,987 $ 7.514 $ 2,860 $ 1,998 $ 899 $ 3,630 S 3,918 $ 1,554 S 1,752 $ 37,912 Entertainment:950 Fifth $ - S. 1,806 $ 1,917 $ 794 $ 3,523 $ 2,854 $ $ - S 2,657 $ 2,199 S 4,868 $ 20,617 EntertainmentEH $ - $ - $ - $ $ - $ - $ 64 $ 6,782 S 3,113 $ 2,168 S 3,076 $ 15,203 Entertainment:MP $ - $ - - $ $ 197 $ 853 $ 407 $ $ - S - $ - S - $ 1,458 TOTAL Entertainment $ 3,070 $ 6,998 $ 5,455 $ 2,780 $ 11,234 $ 6,567 $ 2,406 $ 963 $ 10,412 S 9,688 $ 5,921 S 9,696 $ 75,190 Fee $ $ $ $ $ 965 $ $ $ $ 397 S $ S $ 1,362 Fine Art Fine Art:Appraisal $ $ $ - $ - $ $ 6,003 $ $ - $ - S $ - S 1,500 $ 7,503 Fine Art:Documentation $ 150 $ $ - $ - $ $ - $ $ - $ - S 990 $ - S $ 1,140 Fine Art:Framing $ $ $ - $ - $ 925 $ 517 $ $ - $ - S $ - S $ 1,443 Fine Art:Moving $ $ 1,099 $ - $ - $ S. - S. 639 $ - $ - S $ - S $ 1,738 TOTAL Fine Art $ 150 $ 1,099 $ $ $ 925 $ 6520 $ 639 $ $ S 990 $ S 1,500 $ 11,823 Furniture Fumiture:950 Fifth $ (1,360) $ - $ - $ - $ 4,180 $ $ $ - $ S - $ S 2,600 $ 5,420 Fumiture:Aspen $ - $ - $ - $ - $ $ $ $ 17,862 $ 3,214 S - $ 3,445 S 7,395 $ 31,916 Fumiture:EH $ - $ 288 $ - $ - $ $ 23,163 $ 1,412 $ - $ S - $ S 1,096 $ 25,959 TOTAL Furniture $ (1,360) $ 288 $ $ $ 4,180 $ 23,163 $ 1,412 $ 17,862 $ 3,214 S $ 3,445 S 11,091 $ 63,295 Gifts Given - $ 600 $ $ 12,413 $ 4,788 $ 6,213 $ 446 692 S 738 $ 471 S 2,377 $ 28,738 MorganStantey SmithBarney 108 EFTA00283560 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category January Description 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL Gifts Given:Holiday $ - $ - $ - - $ - $ - $ - S - $ 100 $ 9,250 $ 9,350 TOTAL Gifts Given - $ 600 $ $ 12,413 $ 4,788 $ 6,213 $ 446 $ 692 S 738 $ 571 5 11,627 $ 38,088 Groceries Groceries:950 Fifth $ 6,667 $ 8,615 $ 7,217 $ 5,859 $ 9,383 $ 11,539 $ 6,754 $ 3,972 $ 4,307 5 8,304 $ 10,726 5 6,689 $ 90,032 Groceries:Aspen $ 634 $ 4,558 $ 537 $ 654 $ 1,904 $ S. 182 $ 598 $ - S - $ - 5 - $ 9,067 Groceries:EH $ - $ 75 $ - $ 759 $ 219 $ 3,375 $ 4,837 $ 4,756 $ 7,314 S 713 $ - S - $ 22,048 TOTAL Groceries $ 7,301 $ 13,248 $ 7,754 $ 7,273 $ 11,505 $ 14,915 $ 11,772 $ 9,326 $ 11,621 5 9,017 $ 10,726 5 6,689 $ 121,147 Homelmprovement Homelmprovement:21 Drew Lane $ - $ 1,575 $ 962 $ 535 $ 161 $ 223 $ - $ - $ - S $ 27 S - $ 3,484 Homelmprovement:950 Fifth $ 21,804 $ 18,366 $ 39,114 $ 6,100 $ 8,240 S. 34,073 $ 1,335 $ - $ - S $ - S - $ 129,032 Homelmprovement:Aspen $ - $ 4,200 $ - $ - $ - - $ - $ - $ - 5 $ - S - $ 4,200 TOTAL Homelmprovement $ 21,804 $ 24,141 $ 40,077 $ 6,635 $ 8,401 S. 34,296 $ 1,335 $ - $ - S - $ 27 S $ 136,716 HomeRepair HomeRepair:21 Drew Lane - $ 134 $ 3,434 $ 15,179 $ 15,181 $ 18,195 $ 1,032 $ 639 1,200 $ 2,870 S $ 57,865 HomeRepair:950 Fifth Avenue 8,361 4,614 $ 4,993 $ 15,420 $ 886 $ 2358 $ 8,577 $ 1,202 3,424 7,826 5 14,991 $ 72,652 HomeRepair:950 Fifth Avenue:Riser Pray $ - $ 614,022 $ 116,943 $ 116,943 $ 200,892 $ - $ 84,199 84,199 84,199 5 $ 1,301,398 TOTAL HomeRepair.950 Fifth Avenue $ 8,361 4,614 $ 619,015 $ 132,364 $ 117,829 S. 203,250 S. 8,577 $ 85,401 87,623 92,025 $ 14,991 $ 1,374,050 HomeRepair:Aspen $ 7,449 $ $ 7,293 $ 1,139 $ 2,341 $ - $ 11,724 $ 321 $ 1,544 S 242 $ 86 S - $ 32,139 HomeRepair:EH $ - $ $ 389 $ 6,620 $ - $ - $ 9,919 $ 852 $ 19,123 S - $ 5 21,117 $ 58,021 TOTAL HomeRepair $ 15,811 $ 4,614 $ 626,831 $ 143,556 $ 135349 $ 218,432 $ 48,415 $ 87,606 $ 108,929 S 93,468 $ 2,956 S 36,109 $ 1,522,076 Horse $ - $ $ - $ $ 373 $ - S. - $ - $ S $ - S - $ 373 Horse:care $ 1,210 $ 910 $ 1,855 $ 1,825 $ 1,110 $ 1,605 $ 1,707 $ - $ 650 5 150 $ 900 5 15,924 $ 27,846 Horse:Housing $ 10,100 $ 1,600 $ 4,500 $ 6,900 $ 9,112 $ 6,882 $ 2,150 $ - $ 5,250 5 5,150 $ 15,245 S 3,900 $ 70,789 Horse:Insurance $ - $ $ - $ $ - $ 8319 $ - $ - $ S $ S - $ 8,319 Horse:Lessons $ 255 $ $ - $ $ - $ 85 $ 360 $ - $ 635 S 255 $ 298 5 - $ 1,888 Horse:Medical $ 3,051 $ $ 3,935 $ 4,263 $ 2,305 S. 4,548 $ 1,210 $ 4,692 $ 2,853 5 7,194 $ 5,072 S 7,481 $ 46,605 HorseShow $ - $ $ 2,049 $ 900 $ 295 $ 650 $ - $ 618 $ S $ S - $ 4,512 HorseSupplies $ 60 $ 100 $ 1,041 $ $ - $ - $ - $ - $ S $ S - $ 1,201 Horse:Transport $ - $ $ - $ $ - S. 1,150 $ 500 $ - $ S $ 500 $ $ 2,150 Horse:Treadmill $ - $ $ - $ $ - $ - $ - $ - $ S $ S 300 $ 300 MorganStardey SmithBarney 109 EFTA00283561 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category Description January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL TOTAL Horse 14,676 $ 2,610 S 13,380 S 13,888 $ 13,195 $ 23,239 $ 5,927 $ 5,310 $ 9,388 S 12,749 $ 22,015 S 27,605 $ 163,982 Household Household:950 Fifth $ 5,698 $ 1,927 $ 6,269 S 4,590 $ 4,830 $ 5,929 $ 3,593 $ 2,283 $ 2,637 S 1,720 $ 1,354 S 2,930 $ 43,760 Household:950 Fifth Staff $ - S. $ - S. - $ - S. - S. - $ - $ - S 300 $ S 382 $ 682 Household:Abigail $ - S. S. - S. - $ - S. - S. - $ - $ - S 5 48 S - $ 48 Household:Aspen $ 41 5 2,927 S. 7,221 5 3,091 $ 1,074 $ - S. 1,144 $ 2,730 $ (510) S 486 $ S - $ 18,204 Household:Easthampton $ 71 S. 1,698 S. 154 S. 851 $ 1,616 S. 4,061 S. 2,914 $ 984 $ 2,368 S 284 $ 169 S 4,153 $ 19,323 Household:Easthampton Staff $ - S. S. - S. - $ 1,229 $ - S. - $ - $ - S 5 S - $ 1,229 Household:Flowers $ - S. S - S 120 $ - S 370 $ 163 $ 26 $ - S 1,264 $ 299 S 419 $ 2,662 Household:Management ASPEN $ - S. $ - $ - $ - S - S. - $ 600 $ 600 $ 600 $ 600 S 600 $ 3,000 Household:Photography $ - S. S. - S. 1,201 $ 270 $ 114 5 - $ - $ - S $ S - $ 1,585 TOTAL Household $ 5,809 $ 6,552 $ 13,644 $ 9,852 $ 9,019 $ 10,474 $ 7,815 $ 6,623 $ 5,095 S 4,655 $ 2,470 S 8,485 $ 90,493 Housekeeping Housekeeping:950 Fifth $ - S - S - S - $ 600 $ - $ $ $ - S - $ S - $ 600 Housekeeping:Aspen $ - S - S - S - $ 1,716 5 396 5 $ 1,602 $ 573 S - $ S - $ 4,287 Housekeeping:EH $ 468 $ - S - S - 5 2,255 $ 3,575 5 4,125 $ $ 6,270 $ - $ 832 S - $ 17,524 TOTAL Housekeeping $ 468 $ S S 5 4,571 S. 3,971 S. 4,125 $ 1,602 $ 6,843 S $ 832 S $ 22,411 Insurance $ - S - $ - $ $ - $ - S $ - $ S $ 4,424 S $ 4,424 Insurance:I7 E 75th Street $ - S - $ - $ $ - S 10,204 S. $ - 5 S $ - S $ 10,204 Insurance:Auto $ 2,139 S. - $ 1,809 S. $ 1,809 $ - $ $ - $ S $ 755 S $ 6,512 Insurance:Collections $ - S - S - S $ - $ - $ 5 13305 $ S $ 31,812 S $ 45,117 Insurance:EH Flood $ - S - $ - S 2,095 $ - S - S $ - $ S $ - S $ 2,095 Insurance:Fine Art 5 24,241 S. - $ 24,241 $ 5 24,241 S. 479 $ $ - $ S $ - S $ 73,202 Insurance:Homeowners 5 20,066 5 - 5 22,979 $ 5 22,979 5 - S $ - $ S $ 25,484 S $ 91,508 Insurance:Ltd $ 40 $ 40 S. 40 S. 40 $ 40 S. 60 S. 40 $ 40 $ 40 $ 40 $ 60 S 40 $ 520 Insurance:Medical $ 342 $ 342 $ 342 $ 342 $ 342 S. 513 $ 342 $ 342 $ 342 S 342 $ 513 S 342 $ 4,445 Insurance:Refund $ (581) S. (994) S. - S $ - $ - $ $ - $ S $ - S $ (1,575) Insurance:Umbrella $ 2,669 5 - $ 2,621 5 $ 2,621 S. - S. $ - $ S $ 2,621 $ $ 10,532 TOTAL Insurance $ 48,915 $ (612) $ 52,033 $ 2,477 $ 52,033 $ 11,255 $ 382 $ 13,687 $ 382 S 382 $ 65,668 S 382 $ 246,983 Insurance Charge Insurance Charge:950 Fifth $ (21,706) $ - $ - $ - $ - $ - $ - $ - $ - S - $ - S - $ (21,706) TOTAL Insurance Charge $ (21,706) $ - $ - $ - $ - $ - $ - $ - $ - S - $ - S - $ (21,706) MorganStardey SmithBarney 110 EFTA00283562 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category Description January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL Invest Exp $ - $ $ $ $ $ 10,000 $ $ 10,000 Invest Exp:Boston Properties LTIPS $ 29,475 $ S S $ 29,475 TOTAL Invest Exp $ 29,475 $ $ 10,000 $ S S $ 39,475 Fees $ 44,122 $ $ 35,542 $ 41,416 $ 56,828 $ 35,803 $ 45,778 $ $ 74,299 S 23,947 $ 52,172 5 ,5 72132 $ 482,437 z Fees:Boat $ - $ $ - $ - $ $ - $ $ - S 2,494 $ S 66 $ TOTAL MI Fees $ 44,122 $ $ 35,542 $ 41,416 $ 56,828 $ 35,803 $ 45,778 $ $ 74,299 S 26,440 $ 52,172 S 72,698 $ 485,097 Landscaping Landscapin&950 Fifth - - $. 331 $ - 3,042 S. 9,296 $ 343 $ 2,253 S - $ - S 4,502 $ 19,766 Landscapin&EH $ 4,859 $ 130 5 5 25,124 $ 24,438 $ 19,031 $ 7,232 $ 2,951 $ 18,815 5 6,311 $ 16,482 5 8,920 $ 134,292 TOTAL Landscaping $ 4,859 $ 130 $ $ 25,455 $ 24,438 $ 22,073 $ 16,527 $ 3294 $ 21,067 S 6,311 $ 16,482 5 13,422 $ 154,059 Loan Loan:BofA $ $ $ $ - $ - $ - $ $ - $ - 5 144,677 $ S $ 144,677 TOTAL Loan $ $ $ $ - $ - $ - $ $ - $ S 144,677 $ S $ 144,677 Maintenance Fees $ $ - $ - $ 14,637 $ - $ 11384 $ - $ - $ 38,436 5 - $ - S 11,384 $ 75,842 Maintenance Fees:950 Fifth $ 40,658 $ - $ 15,829 $ 5,692 $ 20,329 $ 33,888 $ - $ 53,073 $ 19,251 S 53,073 $ - S 29,274 $ 271,068 Maintenance Fees:Aspen $ 600 $ - $ 600 $ 1,236 $ 1,278 $ $ 11,375 $ 1,166 $ 886 S 270 $ 8,130 5 1,692 $ 27,234 TOTAL Maintenance Fees $ 41,258 $ $ 16,429 $ 21,565 $ 21,608 $ 45,272 $ 11,375 $ 54,240 $ 58,573 S 53343 $ 8,130 S 42,350 $ 374,143 Medical $ 2,194 $ - $ - $ - $ - $ - $ - $ - S - $ - S $ 2,194 Medical:AJZ $ 300 $ $ - $ 236 $ 3,006 $ 383 $ 454 $ - $ 454 5 1,268 $ 889 S 454 $ 7,445 Medical:AJZ:Refund $ - $ - $ - $ - $ - $ - $ - $ - $ (203) S (350) $ (252) S $ (805) TOTAL Medical:AJZ $ 300 $ $ 236 $ 3,006 $ 383 $ 454 $ - $ 251 5 918 $ 637 S 454 $ 6,640 Medical:eye Care $ - $ - $ - $ - - (228) $ - $ S - $ - S - $ (228) Medical:MBZ $ 5,616 $ 2,354 $ 1,256 $ 1,235 $ 2,215 $ 4,175 $ 55 $ 3,437 $ 38 5 2.525 $ 3,220 S 4,040 $ 30,166 Nledical:MBZ:refund $ - $ $ (174) $ - $ - $ - $ - $ (350) $ S - $ (546) S (280) $ (1,350) TOTAL Medical:MBZ $ 5,616 $ 2,354 $ 1,082 $ 1,235 $ 2,215 $ 4,175 $ 55 $ 3,087 $ 38 S 2.525 $ 2,674 S 3,760 $ 28,816 Medical:MBZ Refund $ - $ $ (866) $ - $ - $ - $ - $ S - $ - S - $ (866) Medical:Medicine $ 29 $ $ 2,594 $ 109 $ 4,303 $ 1,211 $ 2,573 $ 318 S 5,157 $ 622 S 2,288 $ 19,204 MorganStardey SmithBarney 111 EFTA00283563 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category Description January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL Medical:Refund $ - $ (823) $ $ - $ - $ - S - $ - S - $ (823) Medical:REZ $ 1,361 $ 260 $ 655 $ 710 $ 405 $ 1,129 $ 1,680 $ 10 $ 570 S 290 $ 765 S 895 $ 8,730 Medical:REZ Refund $ - $ $ (445) $ (998) $ (105) $ (144) S (327) $ (445) S (434) $ (2,896) TOTAL Medical $ 7,306 $ 3,986 $ 1,737 $ 3,909 $ 5,735 $ 9,546 $ 2,175 $ 5,565 $ 1,034 S 8,563 $ 4,254 $ 6,963 $ 60,773 Moving & Storage $ 4,207 $ 746 $ 746 $ 746 $ 3,179 $ 1,638 $ 474 $ 120 $ 632 S 474 $ 474 S 474 $ 13,908 Moving & Storage:950 Fifth $ 283 $ - $ - $ 25 $ - $ $ - $ - $ - S - $ - S - $ 308 Moving & Storage:Art $ 6,016 $ 4,964 $ 3,473 $ - $ - $ 3,043 $ 788 $ - $ - S - $ - S 3,133 $ 21,417 Moving & Storage:Aspen $ 943 $ 943 $ 943 $ 1,143 $ 943 $ 943 $ 943 $ 943 $ 943 S 943 $ 943 S 943 $ 11,510 Moving & Storage:EH $ - $ 462 $ 228 $ 223 $ 423 $ $ - $ - $ - S - $ - S 424 $ 1,760 TOTAL Moving & Storage $ 11,449 $ 7,114 $ 5,389 $ 2,136 $ 4,545 $ 5,624 $ 2,204 $ 1,062 $ 1,575 S 1,416 $ 1,416 S 4,973 $ 48,903 Party Party:AJZ $ (752) $ - $ - $ - $ - $ $ - S - $ (752) Party:RZ $ 778 $ - $ - $ - $ - $ $ 200 S - $ 978 Tony. Party $ 25 $ - $ - $ - $ - $ $ 200 S - $ 225 Payroll Payroll:Eric Center $ 11,114 $ 5,903 $ 5,730 $ - $ 11,177 $ 5,565 $ - $ $ 11,144 S 11,144 $ S 5,645 $ 67,424 Payroll:Personal Staff $ 137,374 $ - $ 105,810 $ 80,131 $ 79,135 $ 15,600 $ 170,564 $ $ 151,887 S 105,944 $ S 169,656 $ 1,016,100 TOTAL Payroll $ 148,488 $ 5,903 $ 111,540 $ 80,131 $ 90,313 $ 21,165 $ 170,564 $ $ 163,031 S 117,088 $ S 175,301 $ 1,083,524 Personal Expenses Personal Expenses:Flowers, EH $ - $ - $ - $ - $ - $ - $ 88 $ - $ - S - $ - S - $ 88 TOTAL Personal Expenses $ - $ - $ - $ - $ - $ - $ 88 $ - $ - S - $ - S - $ 88 Petty Cash Petty Cash:950 Fifth $ 437 $ 2,291 $ $ 1,897 $ - $ $ 211 S 855 $ 5,690 Petty Cash:EH $ - $ - $ 1,913 $ $ - $ 2,991 $ S - $ 4,904 Petty Cash:MBZ $ - $ 1,000 $ 1,000 $ 1,000 $ 3,000 $ 2,600 $ 5,000 $ $ 2,000 S $ 2,000 S 4,000 $ 21,600 Petty Cash:Nanny $ - $ 1,493 $ 253 $ 679 $ 384 $ 2,014 $ 158 $ 220 $ 1,246 S 4,410 $ 393 S 1,490 $ 12,742 Petty Cash:Office $ - $ - $ $ $ - $ - $ $ $ S $ 1,500 S - $ 1,500 Petty Cash:OfficeSupplies $ - $ - $ $ $ - $ - $ $ $ 38 S $ S - $ 38 TOTAL Petty Cash:Office $ - $ - $ $ 38 S $ 1,500 S $ 1,538 MorganStardey SmithBarney 112 EFTA00283564 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category Description January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL TOTAL Petty Cash $ 437 $ 4,785 $ 3,166 $ 1,679 $ 5,281 $ 7,605 $ 5,158 $ 220 $ 3,284 S 4,410 $ 4,104 S 6,345 $ 46,474 Pool PookEH $ - $ - $ $ - S 3,166 $ 790 $ - $ 634 $ 3,075 S - $ - S - 7,666 PoolSwimming Lessons $ - $ - $ $ 2,805 $ 2,805 $ - 2,400 $ - $ 1450 5 3)000 $ - S - 12,660 TOTAL Pool $ - $ - $ 5 2,805 5 5,971 5 790 5 2,400 5 634 $ 4,725 S 3,000 $ - S - 20,326 Rent Rent:155 E. 31st Street 5 5,332 $ 2,752 $ $ $ 8,084 Rent:200 E 65th St 20A $ - $ - $ 5 51.360 $ $ 51,360 TOTAL Rent $ 5,332 $ 2,752 $ $ 51.360 $ $ 59,444 School $ $ - $ $ $ $ - $ $ $ S $ 250 S $ 250 School:Ballet $ $ 575 $ $ $ $ - $ $ $ S $ - S $ 575 School:Bus $ $ - $ $ $ $ 2,585 $ $ $ S $ - S $ 2,585 School:Misc $ $ - $ $ $ $ - $ $ 1,000 $ 10 $ 601 $ 75 S $ 1,686 School:REZ $ $ 750 $ 600 $ 5,750 $ $ - $ 1,440 $ 300 $ 600 S $ - S 600 $ 10,040 &hool:Tui lion $ 300 $ 7,785 $ $ 5 24,100 $ 15,903 $ $ $ S $ 7,815 S $ 58,603 TOTAL School 5 3,000 $ 9,110 $ 600 $ 5,750 $ 24,100 $ 18,488 $ 1,440 $ 1,300 $ 610 $ 601 $ 8,140 $ 600 $ 73,739 Security Security:950 Fifth $ $ - $ 915 $ $ $ 915 $ $ $ 915 S $ $ 915 $ 3,658 Security:Aspen $ 150 $ - $ 95 $ $ 150 $ 854 $ $ 150 $ S $ 150 S $ 1,549 Security:EH $ 1,277 $ - $ $ 1,127 $ $ 146 $ 1,127 $ $ 50 S 1,136 $ S $ 4,863 TOTAL Security $ 1,427 $ $ 1,010 $ 1,127 $ 150 $ 1,914 $ 1,127 $ 150 $ 965 S 1,136 $ 150 S 915 $ 10,070 Shipping $ 735 $ 470 $ 292 $ 517 $ 56 $ 112 $ 66 $ 317 $ 287 S 110 $ 75 S 188 $ 3,226 Skiing 5 13,373 $ 12,790 $ - $ - $ 2,025 $ $ $ $ S $ S $ 28,188 Skiing:Aspen 5 2,141 $ 258 $ - 5 16,297 $ $ $ $ $ S $ S 1,940 $ 20,637 TOTAL Skiing 5 15,514 $ 13,048 $ 5 16,297 $ 2,025 $ $ S 1,940 $ 48,825 Subscriptions $ 65 $ 32 $ 38 $ 50 $ 12 $ $ 197 Tax Tax:17 E. 75h Street $ - $ $ - $ - $ $ 62,446 S - $ S - $ 62,446 Tax:Fed $ 18,868 $ 866,938 $ 24,051 $ 24,051 $ 24,051 $ 36,077 $ 27,1% $ 24,051 $ 24,051 S 24)051 $ 36,077 S 24,051 $ 1,153,473 Tax:MA $ - $ $ 46,000 $ - $ $ - S - $ S - $ 46,000 MorganStariley SmithBarney 113 EFTA00283565 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category Description January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL Tax:MD - $ - $ - $ - $ - $ - $ - $ S 17,647 $ - S 1,649 $ 19,296 Tax:Medicare 1,061 $ 40,267 $ 1,117 $ 1,117 $ 1,117 $ 1,675 $ 1,150 $ 1,117 1,117 $ 1,117 $ 1,675 S 1,117 $ 53,642 Tax:NY 4,422 $ 264,806 $ 5,510 $ 5,510 $ 5.510 $ 8,265 S. 6,318 $ 5,510 $ 5,510 S 117,055 $ 8,265 S 5,510 $ 442,190 Tax:NYC 2,462 $ 117,585 $ 3,092 $ 3,092 $ 3,092 $ 4,637 S. 3,189 $ 3,092 3,092 $ 3,092 $ 4,637 S 3,092 $ 154,151 Tax:Payment - $ - $ - $ - $ - $ - $ - $ $ 24,024 $ - S - $ 24,024 Tax:Property Tax:Property21 Drew Lane $ $ $ - $ $ 28,850 - S - $ - S 67,663 $ 96,512 Tax:Property:4 Three Mile Harbor Drive $ $ $ $ $ $ $ $ - S - $ - S 18,425 $ 18,425 Tax:Property:418 Wrights Road - $ 17,505 S. - $ - $ $ $ $ $ - S - $ - S - $ 17,505 TOTAL Tax:Property $ $ 17,505 $ $ $ $ $ $ 28,850 $ S $ S 86,088 $ 132,442 Tax.Sac Sec $ 3,073 $ 1,552 $ $ $ $ $ $ $ S $ S - $ 4,624 TOTAL Tax $ 29,885 $1,308,651 $ 33,769 $ 79,769 $ 33,769 $ 50,654 $ 37,814 $ 62619 $ 96,215 S 186,985 $ 50,654 S 121,506 $ 2,092,289 Tax Pee $ - - $ $ - $ - $ $ - $ - S - $ 850 S - $ 850 Telephone $ 1,199 $ 250 $ 250 $ 177 $ 214 $ 214 $ 316 $ 559 $ 326 S 141 $ 180 S 180 $ 4,004 Telephone:Nanny's $ 248 $ 248 $ 251 $ 248 $ 248 $ 248 $ 250 $ - $ 501 $ 248 $ 248 $ 253 $ 2,992 TOTAL Telephone $ 1,447 $ 499 $ 501 $ 425 $ 462 $ 462 $ 566 $ 559 $ 826 $ 389 $ 428 $ 433 $ 6,997 Tennis Tennis:EH $ $ 1,399 $ $ $ 1,399 $ $ 1,711 $ $ 1,711 S 760 $ S - $ 6,979 TOTAL Tennis $ - $ 1,399 $ $ $ 1,399 $ $ 1,711 $ $ 1,711 5 760 $ S - $ 6,979 Toys $ - S. $ S. 78 $ - $ 93 $ 209 $ 388 $ 391 $ 260 $ 285 $ 1,265 $ 2,969 Travel $ 7,679 $ 5,951 $ 8,534 $ 756 $ 4,587 $ 30.349 $ - $ - $ 108 S $ 3,228 $ 18,722 $ 79,914 Travel:AJZ $ - $ $ $ 3,952 $ 1,909 $ $ - $ - $ - S $ S - $ 5,861 Travel:Helicopter $ 7,611 $ $ $ 38,870 $ - $ $ 71,549 $ 37,089 $ 52,140 $ 7,355 $ 5 12,275 $ 226,888 Travel:Helicopter:Operating Expense $ 125,000 $ 65,000 $ $ - $ - $ 100,000 $ - $ - $ - $ - $ $ 150,000 $ 440,000 TOTAL Travel:Helicopter $ 132,611 S. 65,000 $ $ 38,870 $ $ 100,000 S. 71,549 $ 37,089 $ 52,140 $ 7,355 $ S 162,275 $ 666,888 Travel:MBZ $ $ - $ 2,581 $ 781 $ - $ 1.325 $ $ $ 21,112 $ 1,741 $ S 1,966 $ 29,505 Travel:REZ $ $ 246 $ 35 $ $ - $ $ $ $ - $ - $ S 528 $ 809 TravelStaff $ 14 $ 2,699 $ $ 2,868 $ - $ 180 $ 797 $ 435 $ 723 $ 85 $ 18 S 2,604 $ 10,422 TOTAL Travel $ 140,304 $ 73,895 $ 11,150 $ 47,227 $ 6,496 $ 131,854 $ 72,346 $ 37,524 $ 74,082 S 9,181 $ 3,245 S 186,095 $ 793,400 MorganStardey SmithBarney 114 EFTA00283566 Mortimer B. Zuckerman MBZ Personal Expenses - As of December 31, 2012 Category Description January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 OVERALL TOTAL US News Charges $ - $ - $ - $ - $ 1358 4,724 $ $ S $ S 6,083 US News Charges:Dinner $ - $ - $ - $ 1,200 $ 45 $ $ S $ $ 1,245 US News Charges:Entertaining 814 $ - $ 788 $ 395 $ 130 302 181 313 $ $ 676 $ 765 $ 597 4,962 US News Charges:MZ Website $ 22,620 $ - $ - $ - $ 8,910 $ $ 31,530 US News Charges:Reimbursement $ - $ - $ - $ - $ $ $ US News Charges:Storage $ 93 $ 93 $ 93 $ 93 93 93 $ 93 $ 93 $ 93 S 93 $ 186 1,115 US News Charges:Subscriptions $ - $ 737 $ 80 $ 1,148 50 764 381 $ 39 $ 887 171 5 488 463 5,209 US News Charges:Supplies $ 414 $ - $ - $ - $ $ $ $ 414 US News Charges:Telephone $ 18 $ 18 $ 18 $ 18 $ 18 18 14 $ 20 17 35 5 18 18 230 US News Charges:Travel $ 1,510 $ 938 $ 1,452 $ 2,055 $ 880 600 1,953 $ 2.846 1,805 3,821 2,334 12,959 33,152 US News Charges:USN Aviation $ - $ - $ - $ - $ $ $ TOTAL US News Charges 25,468 $ 1,785 $ 2,430 $ 4,908 $ 2,529 $ 6,502 $ 2,668 $ 12,222 $ 2,802 S 4,796 $ 3,604 S 14,224 $ 83,939 Utilities Utilities:200 E. 65th Street $ 8,221 $ - $ - $ - $ - $ - $ - $ - $ - S - $ - S - $ 8,221 Utilities:Aspen $ 1,614 $ 805 $ 462 $ 1,601 $ 351 $ 1,025 $ 810 $ 1,131 $ 1,180 S 2,766 $ 915 S 567 $ 13,226 Utilities:Cable TV 950 Fifth $ 994 $ 400 $ - $ 134 $ 395 $ 395 $ 395 $ 395 $ 395 S 395 $ 404 S 459 $ 4,760 Utilities:Cable TV Aspen $ - $ - $ - $ 193 $ 187 $ 187 $ 187 $ 242 $ 242 S 242 $ 242 S 242 $ 1,966 Utilities:Cable TV EH $ 519 $ 519 $ 519 $ 519 $ 519 $ 519 $ 519 $ 519 $ 519 S 519 $ 519 S 519 $ 6,229 Utilities:Cable TV200 E 65th Street $ 500 $ - $ - $ - $ - $ - $ - $ - $ - S - $ - S - $ 500 Utilities:Cas & Electric 950 Fifth $ 78 $ - $ 51 $ 56 $ 40 $ 71 $ 25 $ - $ 86 S 52 $ - S 49 $ 509 Utilities:Cas & Electric EH $ 4,682 $ 2,200 $ 2,854 $ 1,928 $ 1,740 $ 8,713 $ 3,448 $ 3,745 $ 6,007 S 4,434 $ 56 S 4,652 $ 44,440 Utilities:Water Eli $ - $ - $ 60 $ - $ - $ 204 $ - $ - $ 541 S - $ - S 407 $ 1,213 TOTAL Utilities 16,607.78 3,924.12 3,946.41 4,430.14 3,232.13 11,114.18 5,384.68 6,032.77 8,970-53 8,408.73 2,135.77 6,876.11 81,063.35 TOTAL OUTFLOWS 622,208.97 1,526,157.36 1,097,985.03 597,884.38 617,087.55 1,093,211.20 507,719.91 340,589.07 842,801.00 775,274.83 337,587.26 907,238.68 9,265,745.24 OVERALL TOTAL -538,159.40 1,252,263.78 -986,763.25 -403,483.04 -540,024.04 -977,702.13 -428,419.74 -263,596.92 -765,82295 -698,296.00 -214,597.30 -343,576.02 4,908,177.01 MorganStardey SmithBarney 115 EFTA00283567 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value Mortimer B. Zuckennan 41,700,256,033 ASSETS 42,030,590,943 Cash 515,306,000 Bank of America - MMF $10,112 JPM Chase - Checking $133,484 JPM Chase - Money Mkt $98,704 Morgan Stanley - Money Mkt 515,063,700 Municipal Securities 531,864,927 Citibank - Muni Bonds $12,299,472 Morgan Stanley - Intermediate Term Muni Bonds $10,795,845 Morgan Stanley - Long Term Muni Bonds $8,151,417 Morgan Stanley -Short Term Muni Bonds $618,192 Corporate 516,113,506 Citi - Corporate Bonds 516,113,506 Corporate Bonds $6,475,284 Seix $6,475,284 Taxable Fixed Income 512,702,593 Doubleline Total Return - Intermediate Term $2,689,662 Lord Abbett Short Duration - Short Term 510,012,931 Global Bonds $2,844,040 Templeton Global Bond Fund $2,844,040 Hedge Funds -Direct $5,941,998 American Steadfast, LP. $5,941,998 Private Capital - Fund of Funds 516,284,370 Chase Capital Partners Private Equity FF II, LTD $320,073 GS Private Equity Partners II, L.P. $718,591 Quellos Financial Ventures II, L.P. $788,175 Quellos Private Capital 2002, L.P. (US Mature) $5,817,371 Quellos Private Capital II, L.P. $8,640,160 Please note: The MV of BXP common stock does not include accruals. The total amount will not match the amount on the "detailed of investment assets page." Confidentiel MorganStanley SmithBarney 116 EFTA00283568 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value Private Capital - Direct Partnerships $48,209,963 Court Square Capital Partners L.P. (CVC Eq.Partners L.P.) 5164678 CVC Capital Partners Asia Pacific II, LP. $1,468,894 CVC European Equity Partners V, LP. $3,880,392 Evercore Venture Partners, LP. $4,546 Francisco Partners, L.P. $1,714,552 Gabriel Capital Investment 2006 $7,386,800 Generation Capital Partners II, L.P. $1,458,142 Glilot Capital Partners I, L.P. $175,000 Greycroft Partners II, LP. $957,454 GS Capital Partners III, L.P. $61,131 Heartland Industrial Partners, L.P. $906,413 Morgan Stanley Credit Partners Onshore, LP. $2,288,696 Patricof Private Investment Club II, LP. $8,750 Patricof Private Investment Club III, L.P. $248,045 Patricof Private Investment Club, L.P. $1,699 Pequot / FMVP II, L.P. $27,164 Quadrangle Capital Partners, L.P. $1,611,534 Quellos Co-Investment Fund II, L.P. $13,545,520 Quellos Co-Investment Fund III, LP. $8,779,398 Quellos Co-Investment Fund, LP. $1,639,380 Valor Equity Partners II, L.P. $1,883,776 Private Capital - Direct Companies $1,300,844 Ally / Cerbenn Firm 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 $45,938,864 USN College Marketing, Inc. $45,938,864 Please note: The MV of BXP common stock does not include accruals. The total amount will not match the amount on the "detailed of investment assets page." Confidential MorganStanley SmithBarney 117 EFTA00283569 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value Boston Properties, Inc. $819,014,824 BXP (Common) $69,305,550 BXP (Common) $33,859,200 BXP (LTIP) $38575,355 BXP (Non Vested) $9,181,217 BXP (Non Vested) $1,164,538 BXP (OPU's) $661,680,199 BXP (Vested Options) $331,351 M2 Burnside Holdings, L.P. $2,499,655 M2 Longstreet Holdings, LP. $1,385,794 M2 Meade Holdings, L.P. $1,031,965 Other Investment Assets $136,155,963 Present Value of Future MBZ Crut Distributions $136,155,963 Family Businesses $587,928,663 Present Value of Future USN Crut Distributions $7,373,833 The Daily News (Preference and Interest on LOC) $505,554,830 US News Sc World Report, LP $75,000,000 Notes and Loans Receivable $662,266 Barbara G. Jensen $28,950 Carmen Z Robinson $283,316 Daniel Rothschild $200,000 Mathias Thomer $50,000 The Core Club 55th Street LLC $100,000 Other Assets $1,028,281 JP Morgan Chase - East Hampton $3,784 Morgan Stanley Checking Account $678,386 T. Rowe 401(K) Retirement Plan $346,112 Please note: The MV of BXP common stock does not include accruals. The total amount will not match the amount on the "detailed of investment assets page." Confidential MorganStanley SmithBarney 118 EFTA00283570 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value Personal Assets $121,490,705 An, Furniture and Other - 21 Drew Lane $2,744,701 An, Furniture and Other - 599 Lexington Avenue $184,124 An, Furniture and Other - 950 Fifth Avenue $106,065,592 An, Furniture and Other - 950 Fifth Avenue (Paloma) $12,000,000 An, Furniture and Other - Aspen $48,864 An, Furniture and Other - Lazy Z $75,073 Hampton Golf Club, LLC $309,581 Lexus LX470-1999 $25,275 Mercedes Benz 5430-2001 937,495 Zuckerman Personal Holdings $80,500,000 BR, Inc - ("Lazy 2" Motor Yacht) $25,000,000 USN Aviation - (ZWA, Inc.) $44,000,000 ZAS, LLC- (Waldorf Flight Services) $11,500,000 Real Property & Options $80,827,852 17 East 75th Street 95,527,852 21 Drew Lane 830,500,000 4 Three Mile Harbor Drive $3,300,000 418 Wrights Road Aspen $9,500,000 950 Fifth Avenue $32,000,000 LIABILITIES $330,334,910 Obligations To Related Parties $47,884,243 BR, Inc - ("Lazy 2" Motor Yacht) $14,792507 Pauline Gertler $2.265,654 USN Aviation - (ZWA, Inc.) $29,260,862 ZAS, LLC- (Waldorf Flight Services) $1,565,220 Please note: The MV of BXP common stock does not include accruals. The total amount will not match the amount on the "detailed of investment assets page." Confidential MorganStanley SmithBarney 119 EFTA00283571 Mortimer B. Zuckerman Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value Mortgages $56,788,944 Bank of America- 418 Wrights Road 57,181,751 Bank of America-17 East 75th Street 55,302,759 Bank of America-21 Drew Lane $19,960,171 Bank of America-4 Three Mile Harbor Drive $793,653 Bank of America-950 Fifth Avenue $23,550,610 Unsecured Obligations To Third Parties 4225,661,723 Bank of America Revolving Line of Credit $175,000,000 Daily News, L.P. - HUD $1,600,000 Daily News, L.P. - NJEDA $7,800,000 Krall Payments $200,000 MBZ Printing (APT, LP) $41,061,723 Please note: The MV of BXP common stock does not include accruals. The total amount will not match the amount on the "detailed of investment assets page." Confidential MorganStanley SmithBarney 120 EFTA00283572 MBZ 1996 Trust (GST Exempt) Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value MBZ 19% Trust (GST Exempt) $99,670,798 ASSETS $99,670,798 Cash $4,641,429 Morgan Stanley - Money Mkt $3,158,852 Operating Account 1996 TR (AIP) $1,482,577 Municipal Securities $5,080,248 Morgan Stanley - Intermediate Term Muni Bonds $4,511,490 Morgan Stanley - Long Tenn Muni Bonds $568,758 Corporate $19,459 Citi - Corporate Bonds $19,459 Corporate Bonds $8,056,632 Seix $8,056,632 Taxable Fixed Income $1,856,683 Doubleline Total Return - Intermediate Tenn $1,856,683 Global Bonds $4289,580 Templeton Global Bond Fund $1,289,580 AIP Onshore Hedge Funds $11,192,543 Boronia Diversified Fund (AIP) $390,113 Double Black Diamond Class C (AIP) $1,263,073 GEM Realty Securities LP (All) $1,202,850 14BK Fund Il LP (ALF') $1,352,197 LIM Asia Multi-Strategy Fund (Ali) $1,046,415 Man AHL Diversified Il USA (ATP) $452,789 Mariner Tricadia Credit Strat (AIP) $1,178,042 Millenium USA LP (AIP) $1,362,436 MQ Asian Alpha fund (AIP) $628,734 Seligman Tech Spectrum Fund (AIP) $1,048,406 York Credit Opportunity Fund (MP) $1,267,488 Confidential MorganStanley SmithBarney 121 EFTA00283573 MBZ 1996 Trust (GST Exempt) Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value Hedge Funds -Direct $4,242,168 GS Hedge Fund Seeding Strategy $3,021,970 GS Investment Partners (Onshore) 31,220,198 Private Capital - Fund of Funds $3,523,773 GS Private Equity Partners II, L.P. $318,634 Quellos Private Capital 2002, L.P. $1,045,098 Quellos Private Capital II, L.P. 52,160,041 Private Capital - Direct Partnerships S26,060,763 Brickman 1280 Fifth Investments II, LP. $839,201 Brickman Real Estate Fund II, LP. 31,824,861 Brickman Real Estate Fund III, L.P. $594,971 Israel Infrastructure Fund I-C, LP. 51,610,870 Quellos Co-Investment Fund II, LP. $8,127,312 Quellos Co-Investment Fund III, LP. $6,584550 Quellos Co-Investment Fund, LP. $3,614518 VSS Comunications Partners IV, LP. 32,864,480 Private Capital - Direct Companies $1,079,861 Ally / Cerberus Firm Investors, LLC 51,037,361 Newbridge Vencable Partners, LLC 542,500 Boston Properties, Inc. $4,636,546 BXP (Common) 51,636,546 Notes and Loans Receivable $27,991,113 Daily News, L.P. $27,991,113 Confidential MorganStanley SmithBarney 122 EFTA00283574 MBZ 1996 (GST Non Exempt) Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value MBZ 1996 (GST Non Exempt) $301,755„310 ASSETS $301,755,310 Cash $9,124,231 Morgan Stanley - Money Mkt $9,124,231 Municipal Securities $4,918,361 Morgan Stanley - Intermediate Term Muni Bonds $4,657,889 Morgan Stanley - Short Term Muni Bonds $260,473 Corporate Bonds $24,871,338 Seix $24,871,338 Taxable Fixed Income $15,372,648 Doubleline Total Return - Intermediate Term $4,142,892 Lord Abbott Short Duration - Short Term $11,229,756 U.S. Equities $5,438,298 Goldman Sachs MLP $5,438,298 Global Bonds $3,496,917 Templeton Global Bond Fund $3,496,917 Hedge Funds -Direct $13,476,911 AP Investments Europe Limited $7,649 CCA Absolute Return Muni Strategy, LP. $5,260,317 Paulson Advantage Plus, LP. $8,120,352 Taconic Opportunity Fund $88,593 Private Capital - Fund of Funds $2,746,017 GS Private Equity Partners II, L.P. $585,976 Quellos Private Capital II, L.P. $2.160,041 Confidential MorganStanley SmithBarney 123 EFTA00283575 MBZ 1996 (GST Non Exempt) Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value Private Capital - Direct Partnerships $40,337,289 CVC European Equity Partners IV, L.P. 52.117,603 CVC European Equity Partners V, LP. 53,880,395 DST Global III, LP. 52.902,678 Legacy Capital, LP. 54,556464 Morgan Stanley Credit Partners Onshore, LP. 52,288,696 Quellos Co-Investment Fund II, L.P. 58,127,312 Quellos Co-Investment Fund III, LP. 58,779,398 Quellos Co-Investment Fund, LP. $4,820,263 VSS Comunications Partners IV, L.P. $2,864480 Private Capital - Direct Companies $3,027,485 Freescale Co-Investment XVI, LW $712419 Newbridge Vencable Partners, LLC 575,000 The Vehicle Production Group, LLC. $2,240,066 Boston Properties, Inc. $149,618,032 BXP (OPU's) 5149,618,032 Notes and Loans Receivable $29,327,783 Daily News, L.P. $29,327,783 Confidential MorganStanley SmithBarney 124 EFTA00283576 MBZ 1983 Family Trust Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value MBZ 1983 Family Trust $82,835,277 ASSETS $82,835,277 Cash 41,254,906 Morgan Stanley - Money Mkt $1,254,906 Municipal Securities $258,962 Morgan Stanley - Short Term Muni Bonds $258,962 Corporate $1,976,249 Citi - Corporate Bonds $1,976,249 Corporate Bonds $6,273,896 Seix $6,273,896 Taxable Fixed Income $4,949,217 Doubleline Total Return - Intermediate Term $2,032,024 Lord Abbett Short Duration - Short Term $2,917,193 Global Bonds $1,760,876 Templeton Global Bond Fund $1,760,876 Hedge Funds -Direct $2,618,746 Paulson Advantage Plus, L.P. $2,618,746 Private Capital - Fund of Funds $2,160,110 GS Vintage Fund, LP. $1,115,012 Quellos Private Capital 2002, LP. $1,045,098 Private Capital - Direct Partnerships $11,186,172 Brickman Real Estate Fund IV, LP. $1,541,030 CVC European Equity Partners IV, LP. $2,117,603 Israel Infrastructure Fund I-C, LP. $1,610,870 Quellos Co-Investment Fund II, LP. $2,709,103 Quellos Co-Investment Fund III, LP. $2,194,849 Quellos Co-Investment Fund, LP. $1,012,717 Confidential MorganStanley SmithBarney 125 EFTA00283577 MBZ 1983 Family Trust Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value Private Capital - Direct Companies $3,789,780 Ally / Cerbenis Firm Investors, LLC $1,037,361 Freescale Co-Investment XVI, LW $712,419 Loud3R $2,040,000 Family Businesses $UMO MBZ Digital Ventures LLC $84,400 Notes and Loans Receivable $46,521,964 Daily News, L.P. $8,421,964 The MBZ News 1992 Trust UAD 12-29-92 $38,100,000 Confidential MorganStanley SmithBarney 126 EFTA00283578 USN College Marketing, Inc. Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value USN College Marketing, Inc. $45,938,864 ASSETS $45,938,864 Cash $2,766,527 Bank of America - MMF S11,987 Morgan Stanley - Money Mkt $2,754,541 Municipal Securities $1,032,882 Morgan Stanley - Intermediate Term Muni Bonds $776,074 Morgan Stanley - Long Tenn Muni Bonds $256,808 Corporate $10,999,541 Citi - Corporate Bonds $10,999,541 Corporate Bonds $3,923,334 Seix $3,923,334 Taxable Fixed Income $2,306,732 Lord Abbett Short Duration - Short Term $2,306,732 Global Bonds $796,243 Templeton Global Bond Fund $796,243 Hedge Funds -Direct $5,750,747 CCA Absolute Return Muni Strategy, L.P. $5,750,747 Private Capital - Direct Partnerships $18,362,858 Morgan Stanley Credit Partners Onshore, LP. $1,144,351 Quellos Co-Investment Fund II, LP. $8,127,312 Quellos Co-Investment Fund III, LP. $6,584,550 Quellos Co-Investment Fund, LP. 52,506,645 Confidential MorganStanley SmithBarney 127 EFTA00283579 MBZ Charitable Remainder Unitrust Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value MBZ Charitable Remainder Unitrust 5153,826,159 ASSETS $153,826,159 Cash $34,580,775 Morgan Stanley - Money Mkt $33,094,427 Operating Account MBZ CRUT (AIP) $1,486,349 Municipal Securities $3,257,453 Morgan Stanley - Intermediate Term Muni Bonds $3,116,722 Morgan Stanley - Long Term Muni Bonds $140,731 Corporate $7,322,340 Citi - Corporate Bonds $7,322,340 Corporate Bonds $12,915,371 Seix $12,915,371 Taxable Fixed Income $21,593,101 Doubleline Total Return - Intermediate Term $8,137,367 Lord Abbett Short Duration - Short Term $13,455,734 Global Bonds $12,583,976 Gluskin Sheff $9,936,870 Templeton Global Bond Fund $2,647,106 Pk:~ rote: The total value does rot take into cortuderatton the liability d the Present Value of Future MB2 Crut Distnbutions Confidential MorganStanley SmithBarney 128 EFTA00283580 MBZ Charitable Remainder Unitrust Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value AIP Offshore Hedge Funds $13,503,595 Boronia Diversified Fund (AIP) $449,993 Double Black Diamond Class C (Al?) $1,661,087 HBK Offshore Fund Il Ltd. (AIP) $613,516 LIM Asia Multi-Strategy Fund (AIP) $1,037,203 Mariner Tricadia Credit Strat (MP) $1,178,006 Millenium Intl Ltd - aass EE (AIP) $1,229,159 MQ Asian Alpha fund (AIP) $608,851 Oz Overseas Fund Ltd. (All) $2,177,218 QFR Victoria Fund (AIP) $1,681,295 Seligman Tech Spectrum Fund (MP) $562,756 Taconic Opportunity Fund (MP) $1,055,049 York Credit Opp Unit Trust (AIP) $1,249,462 Hedge Funds-Direct $15,041,557 AIP Custom HF Solutions $11,786,794 Ascot Fund Limited $0 Blackstone Offshore Fund II $2,298,697 GS Investment Partners (Offshore) $956,066 Private Capital - Fund of Funds $420,683 Quellos Financial Ventures II, (CRT), LP. $420,683 Private Capital - Direct Partnerships $32,607,309 Morgan Stanley Credit Partners Offshore, LP. $5,721,733 Quellos Co-Investment Fund Il, L.P. - CRT Series 55,244,501 Quellos Co-Investment Fund III, L.P. - CRT Series $9,588,748 Quellos Co-Investment Fund, LP. - CRT Series $12,052,327 Pk:~ rote: The total value do“ rot taka• into cortuderation the cd the Hesent Value of Future MB2 [rut Distnbutions Confidential MorganStanley SmithBarney 129 EFTA00283581 USN Charitable Remainder Unitrust Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value USN Charitable Remainder Unitrust $8,130,596 ASSETS *130,596 Cash 390,478 Morgan Stanley - Money Mkt $90,478 Corporate Bonds $6,297,250 Seix $6,297,250 Taxable Fixed Income $1,330,637 Doubleline Total Return - Intermediate Term $430,019 Lord Abbett Short Duration - Short Tenn $900,618 Global Bonds $412,230 Templeton Global Bond Fund $412,230 Pkaie rote: The total value does rot take into eoroxleration the liability of the Present Value of Future USN Crut Distributions Confidential MorganStanley SmithBarney 130 EFTA00283582 MBZ 1992 News Trust Balance Sheet - As of December 31, 2012 Current Value of Individual/Entity (as of 12/31/12) Value MBZ 1992 News Trust ($38,100,000) LIABILITIES $38,100,000 Obligations To Related Parties $38,100,000 The Mortimer B. Zuckerman 1983 Family TR UAD 12-21-83 $38,100,000 Confidential MorganStanley SmithBarney 131 EFTA00283583 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Alp: Boronia Diversified Fund MBZ 1996 Trust, MBZ Out Managed Futures -The investment objective of the Boronia Diversified Fund (US) LP Ls to deliver above-average, consistent, medium-term capital appreciation by investing primarily in a diversified portfolio of futures and forward markets using the investment techniques developed by Boronia Capital Pty Ltd ("Boronia"). The Fund invests all of its assets to Boronia Diversified Program which is 100% systematic, technical-bused, short-term directional program that tradm in highly liquid futures and forward markets. Key Employee's: Richard Grinham, Angus Grinham All': Dialectic Antithesis Partners MBZ 1996 Trust, MBZ Crut Equity Long/Short - Dialectic Antithesis' principal investment philosophy is to short stocks using a long-term time horizon across a diverse portfolio of troubled companies Over the long run, Dialectic Capital Management LLC believes this strategy can achieve positive absolute returns. In the short mit a down market should create significant positive returns In an up market, the manager believes that the funds long positions, disciplined profit taking and focus on troubled companies will protect against significant losses. Key Employees: John Fichthom, Luke Fichthorn All': Double Black Diamond Class C MBZ 1996 Trust MBZ Crut Relative Value - The principal strategy of Double Black Diamond, LP. is to identify and exploit inefficiencies in the global securities markets while minimizingexposure to market risk Carlson Capital LP. is the investment manager and seeks to accomplish this objective through hedging and other investment strategies, that are generally intended not to be market-sensitive. Key Employees: Clint Carlson, R. Harold Schroeder, Roy Trice, Jr. AIP: Ivory Flagship Fund LP MBZ 1996 Trust MBZ Crut Global Equity Long/Short- Ivory Investment Management, LP. (the 'Manager') takes long and short positions primarily in equity securities of publicly-traded companies, and may also invest in debt securities and derivative instruments. Ivory seeks to generate returns primarily from individual security selection ('alpha") as opposed to overall market exposure ((beta and expects the returns to be derived from both capital appreciation and investment Income. Key Employee Curtis Macnguyen, Christopher Winkler, Mads Jorge All: Mariner Tricadia Credit Strat MBZ 1996 Trust MBZ Crut Credit Long/Short - Tricadia employs a fundamental approach investing in securitized credit and corporate credit (single name and structured credit) from both long and short. The Fund pursues a combination of relative value trading and directional credit strategies. Key Employees: Michael Barnes, Arif Inayatullah • Please note: The fund descriptions are provided by the respective funds. MorganStanley SmithBarney 132 EFTA00283584 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description AIP: Millenium LISA LP MBZ 1996 Trust MBZ Out Global Multi- Strat The Manager seeks to deliver absolute return with relatively low volatility by focusing on a high level of diversification, tight control of directional market exposures, and a risk management framework that ensures a high level of liquidity and systematic movement of capital based on teal-time trading profit and losses. Key Employee: bay Englander Alf': MQ Asia Long Short Fd Offshore MBZ 1996 Trust, MBZ Crut Alp: °NIG Opportunities Trading Fund MBZ 1996 Trust MBZ Out Equity Market Neutral Asia - The MQ Asia Long Short Fund seeks to systematically exploit situations where equities deviate from fair value, due to human behavioral biases, which result in market participants placing too much or too little value on certain information flows. Three behavioral biases are driven by fundamental human emotions and therefore apply across markets and endure over time. The manager believes that this is particularly so in Asia given its culture, population pressures, gee-political histoty, and structural inefficiencies which accommodate and exacerbate these biases Key Employees: Nick Bird, Andrew Alexander, 2icai Feng European Equity Long/Short - OMG is an equity long/short, trading oriented hedge fund targeting large cap equities in developed Europe. The Fund seeks to 'buy and sell share prices," as opposed to investing in companies based on the merits of their fundamentals. The strategy focuses on determining share price supply/demand imbalances by analyzing technical indicators, news flow and fund flows. The manager aims to understand market positioning, expectations and share price action to make long and short investment decisions. Key Employees: Richard O'Hare, Gary Martin, Steven Gee Alp: Owl Creek II LP MBZ 1996 Trust MBZ Crut Event Driven -Owl Creek is a fundamental research, value and event-driven investor that analyzes opportunities across the capital structure and invests in both credit and equity securities. As such, the fund seeks to maintain flexibility and focus on the opportunity set that offers the most compelling risk reward in the market. The fund predominantly invests in the U.S. but also has deep investing experience in Asia, providing some geographic diversification. Jeffrey Altman Alp: 0.2 Overseas Fund Ltd. MBZ 1996 Trust MBZ Out Global Multi Strategy - The Fund seeks to achieve consistent, positive absolute returns that are non-correlated with the equity market indicts through investments in merger arbitrage, long/short equity special situations, convertible and derivative arbitrage, credit, structured credit, and private investments. The Fund employs a research-driven, bottom-up investment proems that is supported by thorough qualitative and quantitative analysis. The Manager exhibits significant depth of fundamental research capabilities and typically generates alpha from the long side. Daniel Och David Windreich, Harold Kelly, Joel Frank, MorganStanley SmithBarney 133 EFTA00283585 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Alp: Moro Macro Fund Ltd. MBZ 1996 Trust, MBZ Out Global Macro- a global macro fund that attempts to generate returns by focusing on nano imbalances and structural inefficiencies in Emerging Markets. While the Fund focuses primarily on Emerging Market sectors, it will also trade in the developed marks. There are eight portfolio managers in the Fund. The multi-PM approach, combined with a strong risk discipline, is designed to provide the Fund with diversification benefits. Guillaume Fonkenell, Michael Skarbinski AIP: Seligman Tech Spectrum Fund MBZ 1996 Trust, MBZ Crut Equity Long/Short - The Seligman Tech Spectrum Fund is an Equity Long-Short Fund focusing primarily on the US. Technology, Media, and Telecom Markets. The portfolio will invest in both long and short positions and in general have a net long bias to the markets. Paul Wick AIP: York Credit Opportunity Fund MBZ 1996 Trust. 1482 Crut AIP: GEM Realty Securities LP MBZ 1996 Trust. MBZ Crut HBK Fund II LP MBZ 1996 Trust. MBZ Crut Global Event Driven Distressed - Objective to achieve superior risk-adjusted returns over time prirnarilythrough investments in opportunities that are generated by the various phases of the credit cycle. The Fund's target investments tend to be underappreciated companies with favorable earnings and solid balance sheets. The Manager pays close attention to market dislocations, where limited liquidity may present unique windows of opportunity to invest in heavily discounted securities. The Manager's experience with complex market processes means that the Fund's portfolio may periodically include strategies that require discrete expertise, including bankruptcy and merger arbitrage. The Fund is typically long-biased, but does implement short strategies as market conditions warrant. Importantly, the Manager is averse to the deployment of portfolio leverage. James Dinan, Daniel Schwartz. Real Estate Equity Long/Short - The Fund's investment objective is to achieve attractive risk adjusted rates of return with less volatility than the broader equity markets primarily through publicly-traded real estate companies, including real estate investment trusts ("Rat's") and real estate operating companies„ or companies that have a significant component that is real estate related. The Fund invests and trades, by purchasing long and selling short on margin and otherwise, the equity and debt (including loan participation interest) of US. and non-US. companies, including real estate companies, which they believe are undervalued relative to the market. Key Employees: Michael Elrad, Barry Malkin, Norman Geller, Neal Gumbin Multi- Swat fund - The Fund exhibits a relative value orientation, and attempts to deliver strong risk-adjusted returns with relatively ow volatility and low correlation to major market indices. The Fund pursues a wide range of strategies, including investments in equity, credit, derivatives, and sovereign debt. The Fund makes investments in both developed and emerging markets. The Manager allocates capital dynamically across strategies and geographies. Portfolio construction combines bottom-up analysis with top-down views. Currently, nearly half of HBK's capital is deployed outside of the US., and no single position, strategy, or individual risk taker dominates the portfolio. Key Employees: David Haley, Richard Booth, William Rose MorganStanley SmithBarney 134 EFTA00283586 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Alp: Kaiser Trading Fund SPC Ltd. MBZ 1996 Trust MBZ Crut Commodity Trading Adviser - out of Victoria, Australia and was formed in June 1991. By trading the worlds financial markets using a systematic, computer based and statistically validated approach Kaiser Trading Group Ply Ltd goal is to: To provide returns having low correlation with the worlds major bond, currency and equity indicts; To limit maximum draw downs; To provide consistent results across time Alp: Man AHL Diversified II USA MBZ 1996 Trust, MBZ Crut Managed Futures - The purpose and business of Man - AHL Diversified II (USA) LP.is to seek medium tarn capital growth, independent of the movement of the stock and bond markets, through the speculative trading, directly and indirectly, of physical commodities, futures contracts, spot and forward contracts, options on the foregoing. exchanges of futures for physical transactions and other investments on domestic and international exchanges and markets (including the interbank and over the counter ("OTC) markets). Key Employees: Tim Wong, Andrew Sinclair 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 Trust (Non Exempt) AP Investment Europe (AIE): AIE invests in mezzanine, debt and equity investmens of both public and private, companies primarily located in Europe. The fund seeks to generate current income and capital appreciation though is flexible investment strategy which is intended to capture opportunities across the capital structure. AIE 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 Crut 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 manager's revenue's. MorganStanley SmithBarney 135 EFTA00283587 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Brickman Real Estate Fund I, L.P. MBZ 1996 Trust Brickman Real Estate Fund I, LP (the 'Fund n, a Delaware limited partnership, was formed on April 9, 2002 between Brickman 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 'state 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, 200). 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 1996 Trust Brickman Real Estate Fund Ill, LP. MBZ 1996 Trust Brickman Real Estate Fund IV, L.P. MBZ 1983 Family Trust Brkkman Real Estate Fund V, LP. MBZ 1996 Trust The Fund targetscore asses which will produce a stable cash Row over the targeted hold period. It seeks asses in markets that have long term positive fundamentals and that have a history of liquidity. In summary, the Fund targets: Core + Investment, 16 office properties, 2 residential, Concentration in Beaton, DC, Metro NY, 96% leased, very strong cash flows The Fund invests in opportunistic real estate asses. Currently, the Fund is focusing on distressed debt and equity opportunities. Opportunistic Fund's Key Investments.- Raw Land in the Hampton, Mez Debt in Savanah, CA, Resort property in Bermuda (formerly Coral Beach Club), Pinnacle Multi-Family rental properties The Fund targetscore assets which will produce a stable cash flow over the targeted hold period. It seeks asses 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 estate. The Fund includes: 8 Debt Investments, 4 Properties, Sister fund to fund II, Debt Investments have been marked The Fund invests in opportunistic real estate assets. Currently, the Fund is specifically invested in 1280 Fifth Ave. CCA Absolute Return Muni Strategy, MBZ 1996 Trust (Non Exempt), USN The fund strategy is to generate an absolute return from Municipal securities via LP. College Marketing Inc MorganStanley SmithBarney 136 EFTA00283588 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description CA Absolute Return Muni Strategy, LP MBZ 1996 Trust (Non Exempt), USN A long/short Municipal Bond investment managed by Craig Henick at Citi. The fund seeks to generate an absolute return from municipal College Marketing Inc. 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 Firm Investors, LLC MBZ MBZ 1996 Trust, MBZ 1983 Family Trust Cerberus FIM Investors, LW (the 'Company) was organized as a limited liability company in March 2005 pursuant to the provisions of the laws of the Delaware Limited Liability Company Act and commenced operations on March 9, 2006. Cerberus AM, 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 AM Holdings, LLC (11M 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. Court Square Capital Partners, LP. MBZ Court Square Capital Partners, Inc. ("Court Square" or the "Form") has one of the most experienced 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 passim attractive growth prospects. Court Square Capital Partners II, LP. (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 I") to invest primarily in U.S.-based middle-market companies. Fund L a 42.6 billion partnership 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 5150 million to Fund II. Fund is 100% called, 100% committed, currently in distribution mode. 01 vintage and can expect to see the 2 - 1 year extensions utilized. 9companies left in portfolio, 700mm 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 invmtment in Japan, Creates 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 Ill. Key professionals have on average over 11 years of private equity experience. MorganStanley SmithBarney 137 EFTA00283589 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund CC European Equity Partners IV (Europe Enterprise 11)1 CVC European Equity Partners V (Europe Enterprise Ill) Doubkline Total Return Bond Fund Evercore Venture Partners, LP. Entity Description MBZ 1996 Trust (Non Exempt), MBZ Specializing in European Buyouts and Investment, Realized and Unrealized portfolio currently valued at 1.Dc cost. CVC Europe has a 1983 Family Trust global network of 18 offices and 72 buyout professionals, including 27 partners with an average tenure of 12 years. 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 professionals, including 27 partners with an average tenure of 12 years. MBZ MBZ 1996 Trust, MBZ 1996 Trust (Non Exempt), MBZ 1983 Family Trust MBZ Crut, USN Out MBZ The investment seeks to maximize total return. The fund invests at least 80% of net assets in debt securities. It intends to invest more than 50% of net assets in mortgage-backed securities of any maturity or type guaranteed by, or secured by collateral that is guaranteed by, the United States government, its agencies, instrumentalities or sponsored corporations, or in privately issued mortgagebacked securities rated at time of investment Aa3 or higher by Moody's or AA- or higher by or the equivalent by any other nationally recognized statistical rating organization. Evercore 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 October 16, 2000 and commenced operations on October 23, 2000. The Partnership changed its name from eCompanies - Even-ore Venture Partners II L.P. 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 Agnsement. The General Partner may extend the term of the Partnership for up to hvo 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 LLC 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. ("EVP Mr), 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. MorganStanley SmithBarney 138 EFTA00283590 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Francisco Partners LP. MBZ. The enclosed financial statements include the amounts of Francisco Partners, L.P. and its parallel fund Francisco Partners Fund A, LP. (collectively the "Partnership"). The Partnership was organized as a Delaware limited partnership on May 8, 2001 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 invmtments, restructurings and growth equity investments. Francisco Partners Fund A, LP, which has total commitments of $12.3 million, was established to facilitate non-qualifk‘d 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, LLC (the "General Partner"), a Delaware limited liability company. Freescale Co-Investment XVL LLC MBZ, talf1.2 1996Trust (Non Exempt), Direct Co-Investment alongside Gtigroup; Restructuring one of the leading semi-conductor deign companies MBZ 1993 Family Trust Generation Capital Partners It LP. MBZ 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 II LLC (the 'General Partner"). The Partnership will operate until March ZS, 2010, unless terminated earlier or extended in accordance with the provisions of the Partnership Agreement. The Partnership was organized to achieve long-trim capital appreciation by investing in equity and equity-oriented securities of privately help companies in Healthcare Sm•ices & Technology, Education, Media & Communications. Glilot Capital Partners I L.P. MBZ An Israeli venture capital fund investing in seed and early state software companies. Glilot Capital Partners I, LP. MBZ The primary objective of the Fund is to generate favorable returns for the Investors through capital appreciation, principally by making. holding and disposing of equity and equity-related investments in Israeli and Israeli-related high-tech companies Gluskin Shelf and Associates MBZ Crut Canadian dollar denominated corporate bond portfolio investing in High Grade and High Yield Canadian credit. Target allocation is S0% high grade, and 50% high yield. William Webb is the Chief Investment Officer and David Rosenberg is the Chief Economist te Strategist MorganStanley SmithBarney 139 EFTA00283591 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities I Mid Entity Description uotinun Sachs MLP MBZ 1996 Trust (Non Exempt) The Central MLP team at Goldman Sachs creates and manages customized portfolios invested in energy MLP and MLP-related public equity securities on a discretionary basis. Each portfolio is held in a separate account and is managed with the objective of total return as a result of stable cash flow distributions that grow over time. The team will also take instructions as articulated by each particular client based on tax considerations related to that client Greycroft Partners II, LP. MBZ A venture capital fund led by Alan Patricoff. 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 busintsses. Greycroft banns between $500,000 and $5 million at inception, and will increase on a staged basis to double that amount over time. They inns 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 oonnections to help their investees gain visibility, build strategic relationships, and successfully bring their products to market. GS Capital Partners II, L.P. MBZ, MBZ 1996 Trust, MBZ 1996 Trust (Non Exempt) GS Capital Partners II, LP. (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 April 15, 1995 and sold its last investment in 2009. GS Advisors, L.L.C. (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 April 15, 1995 (the "Partnership Agnoemenr). At that time, the General Partner initiated the winding up of the Partnership's business in accordance with the Partnership Agmement. GS Capital Partners Ill. LP. MBZ GS Capital Partners Ill, LP. (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 transaction* 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 ill, L.LC. (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 140 EFTA00283592 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description CS Investment Partners (Off Shore) MBZ 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, LP. (the "Aggregating Vehicle"), a Cayman Islands limited partnership. The Aggregating Vehicle in turn invests a significant portion of its assets 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 Pannef) 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 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, 2038, 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 1996 Trust Goldman Sachs Investment Partners, LP. (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 turn 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. CS Investment Strategies, LW 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 terns 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 141 EFTA00283593 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description GS Private Equity Partners 11, LP. KIBZ. M82 1996 Trust, MBZ 1996 Trust (Non Exempt) CS Private Equity Partners II, LP. (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 beset with certain other co-investment partnerships ("Co- Inestment Partnerships"). The Partnership may receive distributions-in-kind from the Partnership Investments representing securities of the Partnership Investments' underlying portfoliocompanies ("Security Investments" 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 Investments, swaps, options, and lanyard 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 24,199E 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 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"). GS Vintage Fund, LP. MBZ 1983 Family Trust GS 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 purchased 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 (Ili) 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 Investments' underlying portfolio companies ("Security Investments" and together with Partnership Investments, Secondary Investments and Direct 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 81998 and will continue in exist rice 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 Vintage 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 8 1998 (the "Partnership Agreement"). MorganStanley SmithBarney 142 EFTA00283594 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description heartland Industrial Partners, L.P. MBZ Heartland Industrial Partners, LP. (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 US in MO. 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 5253mm valuation. Life of fund terminates in May 10, 2 -1year extensions will likely be used. The Partnership term 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% 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 Israel Infrastructure Fund (hereinafter - 'the Fund') represents three parallel partnerships: 1. Israel Infrastructure Fund I-A, L.P. (hereinafter - 'the Partnership"); 2. Israel Infrastructure Fund I-B, LP.; 3. Israel Infrastructure Fund IC L.P. The Fund intends to initiate and invest in infrastructure projects, entities and asses mainly in Israel. The Partnership was established on August 31, 2006, under the laws of the State of Israel pursuant to an agreement between the General Partner and the Initial Limited Partner. The term of the Fund is ten years from the initial closing. subject to up to two consecutive additional one-year extensions, as decided by the General Partner in its sole and absolute distretion. The Fund intends to initiate and invest in infrastructure projects, entities and asses mainly in Israel, which offer investment opportunities with the potential to generate significant interest and dividend income and capital appreciation. JPM Chase - Money Mkt MBZ Cash account, benchmarked against the Citlgroup 90 day Legacy Capital, LP. MBZ 1996 Trust (Non Exempt) The fund will construct a diversified portfolio of private equity fund investments and direct co-investments, primarily focused on the People's Republic of China, Macau, Hong Kong, and/or Taiwan McDonnell MBZ, MBZ 1996 Trust (Non Exempt), The portfolio taken as whole will be structured over the long term first with an objective to seek to preserve principal and second to seek to MBZ 1983 Family Trust, USN College enhance capital value. Investment include: (1) Short term tax-five money market instruments, (2) Municipal obligation and (3) US treasuries Marketing Inc., MBZ Crut 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. MorganStanley SmithBarney 143 EFTA00283595 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Morgan Stanley - Money Mkt MBZ MBZ 19% Trust, MBZ 1996 Trust (Non Exempt), MBZ 1983 Family Ins, USN College Marketing Inc., MBZ Crut, USN Crut Morgan Stanley Credit Partners Fund, MBZ, MBZ 19% Trust (Non Exempt), LP. USN College Marketing Inc, MBZ Crut Morgan Stanley Credit Partners Onshore MBZ MBZ 19% Trust (Non Exempt), USN College Marketing Inc., MBZ Crut Morgan Stanley-Muni Bonds - IT Morgan Stanley-Muni Bonds - LT Morgan Stanley-Muni Bonds -ST Cash account, benchmarked against the Citlgroup 90 day T-Bill The Morgan Stanley Credit Partners Fund LP has been organized to make investments in the corporate credit markets. The Fund intends to invest on a global basis in order to assemble an investment portfolio of up to 20 to 25 primary market investments. The Funds 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 retinacturings, 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 these 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. A Mezzanine Debt Fund organized to make investments in the corporate credit markets. The Fund intends to invest on a global basis in order to assemble an investment portfolio of up to 20 to 25 primary market investments. The Funds 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 aa-ms the high yield or leveraged loan markets or where those markets cannot provide the certainty, speed, flexibility or confidentiality that such issuers may require. MBZ, MBZ 1996 Trust (Non Exempt), Investment objectives of the Muni bond& (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income MBZ 1996 Trust. MBZ Crut MBZ, MBZ 1996 Trust (Non Exempt) Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income MBZ, MBZ 1996 Trust (Non Exempt), MBZ 1996 Trust, MBZ 1993 Family Trust MBZ Out, USN College Marketing Inc. Investment objectives of the Muni bonds: (a) Purchasing the highest credit quality bonds, (2) Capital Preservation, (3) Tax Free Income MorganStanley SmithBarney 144 EFTA00283596 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity Description Patricof Private Investment Club II, LP. MBZ Patricof Private Investment Club III, LP. MBZ Patricof Private Investment Club, LP. MBZ Paulson Advantage Plus, LP. MBZ 1993 Family Trust MBZ 1996 Trust (Non Exempt) Patricof Private Investment Club II, LP. is a limited partnership organized on May 1, 1998 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 APA Excelsior V partnerships ("companion funds") with the objective of realizing long term capital appreciation. Patricof Private Investment Club III, LP. Is a limited partnership organized under the laws of Delaware. The purpose of the partnership is to invest in equity 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, 2000. Patrice/ Private Investment Club, LP. 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 realizing long term capital appreciation. Paulson Advantage Plus L.P. 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, Events Arbitrage, Restnacturings, Proxy Contexts, Post Bankruptcy Equities. Distressed: Liquidations, High Yield Long/Short, Capital Structure Arbitrage, Bankruptcy/Reorganizations. Paulson Advantage, LP. MBZ 1993 Family Trust MBZ 1996 Paulson Advantage LP. is a market neutral fund that seeks to achieve above average returns with low volatility and low market correlation. Trust (Non Exempt) 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: Spinoffs, Litigations, Events Arbitrage, Restructurings, Proxy Contexts, Post Bankruptcy Equities. Distressed: Liquidations, High Yield Long/Shott, Capital Structure Arbitrage, Bankruptcy/Reorganizations. MorganStanley SmithBarney 145 EFTA00283597 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Pequot / FMVP II, L.P. Entity Description MBZ FMVP II, LP. (formerly Pequot Venture Partners II, LP.) (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, L.P. to FMVP II, LP. Quadrangle Capital Partner, L.P. MBZ 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 A 2005. Quellos Co-Investment Fund II, L.P. MBZ, USN College Marketing Inc., QBCo-Invintment Fund II, LP. ('QCF II" or the 'Fund') is being established as a successor fund to Q11 Co-Investment Fund, L.P. ('QCP V). MBZ 1996 Trust (Non Exempt), MBZ Similar to QCF I, the Fund will be structured to make select co-investments primarily with the general partners and investment managers 1996 Trust MBZ 1983 Family Trust underlying our Alsolute Return Strategies CARS" and Private Capital Strategies (RO) funds of funds. MBZ Crut Quellos Co-Investment Fund III, L.P. MBZ, MBZ 1996 Trust, MBZ 1996 Trust Investments are expected to be made on a global basis with a focus on intermediate-term opportunities sourced by underlying hedge fund (Non Exempt), MBZ 1983 Family managers. Since 2006, BAA has sourced over 250 transactions from Co-Investment GPs wrom80 different partners and has invested more Trust, USN College Marketing Inc, than 5750 million in aggregate across 45 such deals. MBZ Out Quellos Co-Investment Fund, L.P. MBZ, USN College Marketing Inc., Quellos Co-Investment Fund, LP. ("QCF" or the "Fund") is organized as a Delaware series limited partnership. The Fund's objective is to MBZ 1996 Trust (Non Exempt), MBZ generate returns for investors through concentrated exposure to co -investments and special purpose fund investments primarily with the 1996 Trust, MBZ 1983 Family Trust, general partners and investment managers underlying Quellos absolute return and private capital funds of funds. MBZ Crut MorganStanley SmithBarney 146 EFTA00283598 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Entity DeseripHon Quellos Financial Ventures II, (CRT), L.P. MBZ MBZ Crut Quellos Financial Ventures II, LP. ('QP, II" or the *Fund') is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in the first gustier 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 Croups. Taking operating interest, participating in mgmt fees and performance fees. Only 3 funds left in portfolio: Blueharbor, Rosegrove, Stylous Quellos Private Capital 2002, LP. (US MHZ MBZ 19967nrit, MBZ 1983 Quellos Private Capital 2002, L.P.is a multi-manager investment fund organized as a Delaware limited partnership, which began operations Mature) Family Trust 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). PE FOF Investing in mature company and venture interests only. 38% LBO, 9% Distressed, 3% Mez, 3% SS, 46% Venture Capital. QueEos Private Capital II, LP. Seix MBZ MBZ 1996 Trust, MBZ 1996 Trust Quellos Private Capital II, LP. is a multi-manager investment fund organized as a Delaware limited partnership, which began operations in (Non Exempt) 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). PE FOF Investing in mature company and venture interests only. 40% LBO, 8% Distressed, 6% SS, 44% Venture Capital. MBZ, tilB2 1996 Trust, MBZ 1996 Trust The Investment Advisor will actively manage the portfolio with the goal of achieving favorable long term, consistent performance at (Non Exempt), MBZ 1983 Family acceptable risk levels by investing in a divetsified portfolio of Investment Grade and High Yield Bonds. The portfolio will not invest in: (1) Trust, USN College Marketing Inc., Common Stock, (2) Derivatives, (CM, Futures, Options, etc.) and (3) Convertibles. In addition, with the exception of the US. Government, MBZ Crut, USN Out Federal Agencies, and Government-Sponsored Enterprise, the portfolio will not (1) Invest more than 5% 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 Akekslute Return Templeton Global Bond Fund MHZ 1996 Trust (Non Exempt) 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 analysts 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 imbalances leading to value oppottunities in currencies, interest rates (duration) and sovereign credit. MorganStanley SmithBarney 147 EFTA00283599 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Templeton Global Bond Fund US Trust (BOA) • Money Mkt Valor Equity Partners IL LP. VSSComunications Partners IV, L.P. Entity MBZ, MBZ 19% Trust, MBZ 1996 Trust (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut, USN Crut MBZ USN College Marketing Inc. MBZ MBZ 1996 Trust, MBZ 1996 Trust (Non Exempt) Description The Fund seekscurrent income, with capital appreciation and growth of income, by investing at least 80% of its net assets in bonds of governments and government agencies located anywhere in the world. Quantitative and qualitative analysis is supplemented with on-the- ground research, leveraging the resources of local analysts around the world to identify investment opportunities and risks that a solely US.- based manager might miss. Research efforts focus on rigorous country analysts to identify eoonomic imbalances leading to value opportunities in currencies, interest rates 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 was organized for the principal purpose of (a) investing in securities of the kind and nature described in the parinershipsconfidentad 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. VSS Communications Partners IV'scombined financial statements include the financial statements of VSS Communications Partners IV, LP. ca. VSSCorrununications Parallel Partners IV LP. (the "Parallel Fund"), and VSS Communications Parallel II Partners IV, LP. (the "Parallel H Fund," and together with CP IV and the Parallel Fund, collectively referred to as "V% IV" or the "Partnership"). Then) 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 Agnzement (the "CP IV Agreement") dated as of September 27, 2004 (the date of initial closing and inception of CT 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, 2031 (the date of initial closing 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 CP IV Agreement and the Parallel Fund Agreement, the "Partnership Agreement") dated as alpine 30, 2005 (the date of initial dosing 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 objective of VSS IV is to achieve long-term appreciation of capital contributed by the Limited Partners and the General Partner (together, the "Partners") of CP 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, LLC. (the "General Partner"). The managing members of the General Partner are John J. Veronis, John S. Sadder, Jeffrey T. Stevenson, Maroc, Sodi and Scott J. Troeller. The statement of changes in partners' capital presents separately the interest of the General Partner and VSS Waiver Entity LW. 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. MorganStanley SmithBarney 148 EFTA00283600 Mortimer B. Zuckerman and Related Entities Descriptions Of Investments For MBZ And Related Entities Fund Z CAP -Money Mkt Z CAP -Money Mkt Entity Description MBZ MBZ 1996 Trust, MBZ 1996 Trust (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut MBZ MBZ 1996 Trust, MBZ 1996 Trust (Non Exempt), MBZ 1983 Family Trust, USN College Marketing Inc., MBZ Crut Cash account, kenthmarked against the Citignmp 90 day Cash account, kenchmarked against the Citigroup 90 day T-Bill MorganStanley SmithBarney 149 EFTA00283601 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 indude 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 flows. These elements and/or their rate of change may not be present in the future and thus firture 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 fairly reflects your net asset position at all ti»ws. 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 of red through Morgan Stanley Smith Barney LLC, member SIPC. In some awes, 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 account(s) and »my 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 all of your accounts at all limes during the reporting period. MorganStanley SmithBarney 150 EFTA00283602