RE: important

it would be helpful, to have a more detailed presentation that details what you said was at least 100 million in firm commitments that mort has obligated these trusts to invest either now or in the future

each trust should not only have its legal restrictions but its corpus, realized and unrealized tax positions liabilities INCLUDING commitments to invest .. Thank you for organizing what you have so far, and i await the calculation of how much in fees commissions and overrides have been paid out, as well as a comparison to benchmark returns for each trust and investment category,

Hi Jeffrey,

Please see the attached schedule from BlackRock. The commitment for each of the three funds is $100mm across all entities. The agreement reached for Fund III's commitment was to add a cap on the net drawdowns (contributions less distributions for all funds combined) of $115MM.

Fund I — Exit Stage, no further calls for capital

Fund II — Exit Stage, although there may be one or two funds where a small amount of capital will be called, to be funded with distributions

Fund III — Investment Stage, approximately 50% called

Morgan Stanley is working to generate the schedule you have requested.

Best,

Kris

Kristofer Knutson
Managing Director | Executive Management - Office of the Chairman US News & World Report | New York Daily News
599 Lexington Avenue, Suite 1800
New York, NY, 10022
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