Exhibit 99.57

Interim Preliminary Work Papers Relating to Allocation of Consideration

Delivered by the Independent Valuer

to the Supervisor on October 14, 2011

The following are interim preliminary work papers with respect to allocations of consideration submitted by the independent valuer to the supervisor for its review and verification and were not intended to, and did not, reflect the final work product or advice or conclusions of the independent valuer.

The tables that follow also include a summary of projections that were utilized by the independent valuer in calculating the exchange values reflected in these preliminary work papers. The projections included in these interim preliminary work papers were not final and were being prepared solely for the purpose of determining the relative values among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs or the private entities. The final projections used in preparing the exchange values are included as Appendix C-1 to the prospectus/consent solicitation. The projections should not be relied upon in determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties may be materially different from these projections because of changes in market conditions and many other factors.

Neither the subject LLCs nor the supervisor as a matter of course make public projections as to future performance, earnings or other results beyond the current fiscal year, and the supervisor is especially reluctant to disclose projections for extended periods due to the unpredictability of the underlying assumptions and estimates. The projections with respect to the properties were presented by the independent valuer based on the information provided by management of the supervisor and analysis performed by the independent valuer and reviewed and approved by management of the supervisor.

These projections were not prepared in accordance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial projections. This information is not fact and should not be relied upon as being necessarily indicative of future results, and readers of this prospectus/consent solicitation are cautioned not to place undue reliance on the prospective financial information. Neither the company’s independent registered public accounting firm nor any other independent accountants have examined, compiled or otherwise applied procedures to the projections presented herein or express an opinion or any other form of assurance on them. The summary of the projection is being included in this prospectus/consent solicitation solely because the projections were used by the independent valuer in calculating the illustrative exchange values using the discounted cash flow method to allocate residual value.

The projections were based on numerous assumptions that may prove to be wrong. Important factors that may affect actual results and cause the projections to not be achieved include, but are not limited to, risks and uncertainties relating to the company and other factors described under “Risk Factors” and “Forward-Looking Statements.” The projections also reflect assumptions as to certain business decisions that are subject to change. As a result, actual results may differ materially from those contained in the projections. Accordingly, there can be no assurance that the projections will be realized.

Certain of the prospective financial information set forth herein may be considered non-U.S. GAAP financial measures. The independent valuer believed this information could be useful in valuing the properties. Non-U.S. GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with U.S. GAAP, and non-U.S. GAAP financial measures may not be comparable to similarly titled amounts used by other companies.

The inclusion of the summary of the projections in this prospectus/consent solicitation should not be regarded as an indication that any of the company, the subject LLCs or the supervisor or their respective affiliates, advisors or representatives considered the projections to be predictive of actual future events, and the projections should not be relied upon as such. None of the company, the subject LLCs or the supervisor or their respective affiliates, advisors, officers, directors, partners or representatives can give you any assurance that actual results will not differ from the projections, and none of them undertakes any obligation to update or otherwise revise or reconcile the projections to reflect circumstances existing after the date the projections were generated or to reflect the occurrence of future events even in the event that any or all of the assumptions underlying the projections are shown to be in error. None of the company, the supervisor and the subject LLCs intend to make publicly available any update or other revision to the projections. None of the company, the supervisor and the subject LLCs or their respective affiliates, advisors, officers, directors, partners or representatives has made or makes any representation to any participant or other person regarding the company’s or the subject LLCs ultimate performance compared to the information contained in the projections or that forecasted results will be achieved. None of the subject LLCs, the private entities, the management companies or any of their affiliates has made any representation to the company concerning the projections.

B.B.S.F., L.L.C. Waterfall

Amount to Allocate for Capital Transaction	$	14,600,000
	ARSA Associates			PLM Family 2000 LLC
Allocation %		47.368	%		52.632	%
Allocation $	$	6,915,786		$	7,684,214
ARSA Associates:
	PLM Family 2000 LLC			Anthony E. Malikn
		73.6111	%		26.3889	%
Remaining capital	$	17,249,958		$	0
Return of capital		6,915,786			0
Priority		0			0
Remainder		0			0
Total	$	6,915,786		$	0

Consolidated Equity Value

Property	Legal Entity	Investor Class	Value			Total Value Check
112-122 West 34th Street	112 West 34th Street Company L.L.C.	50% LMH (master partner)	$	66,508,408
	112 West 34th Street Company L.L.C.	23% of PLM group not subject to override	$	30,593,868
	112 West 34th Street Company L.L.C.	27% of PLM group subject to override	$	18,497,270
	112 West 34th Street Company L.L.C.	Wien - Override	$	16,127,102
	112 West 34th Street Company L.L.C.	Override	$	1,290,168
	112 West 34th Street Company L.L.C.	Malkin Holdings LLC - Override	$	6,852,029
	112 West 34th Street Associates L.L.C.	112 West 34th Street Associates L.L.C.	$	138,943,576
	112 West 34th Street Associates L.L.C.	Malkin Holdings LLC - Override	$	14,938,175		$	293,750,597	6.5	%
1333 Broadway	1333 Broadway Associates L.L.C.	Participants	$	136,421,763		$	136,421,763	3.0	%
1350 Broadway	1350 Broadway Associates L.L.C.	Peter L. Malkin Group	$	58,055,484
	1350 Broadway Associates L.L.C.	Malkin Holdings LLC - Override	$	14,465,609
	1350 Broadway Associates L.L.C.	David M. Baldwin Group	$	72,521,092		$	145,042,184	3.2	%
1400 Broadway	1400 Broadway Associates L.L.C.	Anthony E. Malkin	$	58,300,900
	1400 Broadway Associates L.L.C.	Peter L. Malkin	$	122,528,211
	1400 Broadway Associates L.L.C.	LMH 1400 LLC	$	61,264,106
	1400 Broadway Associates L.L.C.	Malkin Holdings LLC - Override	$	12,795,075
	1400 Broadway Associates L.L.C.	Peter L. Malkin Family 5 LLC - Override	$	1,481,603
	1400 Broadway Associates L.L.C.	Override	$	1,481,603		$	257,851,497	5.7	%
501 Seventh Avenue	Seventh & 37th Building Associates L.L.C.	Participants	$	51,236,960
	Seventh & 37th Building Associates L.L.C.	Malkin Holdings LLC - Override	$	4,814,618
	501 Seventh Avenue Associates L.L.C.	Participants	$	47,443,190
	501 Seventh Avenue Associates L.L.C.	Malkin Holdings LLC - Override	$	5,163,021		$	108,657,789	2.4	%
1359 Broadway	Marlboro Building Associates L.L.C.	Participants	$	133,504,917
	Marlboro Building Associates L.L.C.	Malkin Holdings LLC - Override	$	9,344,093		$	142,849,010	3.2	%
One Grand Central Place	60 East 42nd St. Associates L.L.C.	Participants	$	258,373,070
	60 East 42nd St. Associates L.L.C.	Malkin Holdings LLC - Override	$	28,599,230
	Lincoln Building Associates L.L.C.	Participants	$	243,799,918
	Lincoln Building Associates L.L.C.	Malkin Holdings LLC - Override	$	27,044,435		$	557,816,654	12.4	%
Empire State Building, 350 Fifth Ave	Empire State Building Co L.L.C.	Master Partners	$	907,115,973
	Empire State Building Co L.L.C.	PLM 4-2-71 JV, 10% Investors	$	89,674,522
	Empire State Building Co L.L.C.	PLM 4-2-71 JV, 10% Override	$	29,291,507
	Empire State Building Co L.L.C.	PLM 4-2-71 JV, 5% Investors	$	44,837,261
	Empire State Building Co L.L.C.	PLM 4-2-71 JV, 5% Override	$	14,645,754
	Empire State Building Co L.L.C.	1273 Realty Company Investors	$	50,528,432
	Empire State Building Co L.L.C.	1273 Realty Company - Override	$	53,566,844
	Empire State Building Associates L.L.C.	Participants	$	1,098,117,352
	Empire State Building Associates L.L.C.	Malkin Holdings LLC - Override	$	111,185,689		$	2,398,963,334	53.3	%
250 West 57th Street	250 West 57th Street Associates L.L.C.	Participants	$	129,049,163
	250 West 57th Street Associates L.L.C.	Malkin Holdings LLC - Override	$	10,016,940
	Fisk Building Associates L.L.C.	Participants - 45% Group	$	26,252,491
	Fisk Building Associates L.L.C.	Participants - 55% Group	$	63,497,637
	Fisk Building Associates L.L.C.	Override	$	11,626,245
	Fisk Building Associates L.L.C.	Malkin Family - Override	$	11,626,245
	Fisk Building Associates L.L.C.	Malkin Holdings LLC - Override	$	15,264,325		$	267,333,046	5.9	%
10 Bank Street	1185 Bank L.L.C.	GP	$	200,528
	1185 Bank L.L.C.	Class 2 LP	($	0	)
	1185 Bank L.L.C.	Class 1 LPs	$	9,857,919		$	10,058,447	0.2	%
500 Mamaroneck Ave	Malkin 500 Mamaroneck Avenue L.P.	Class A LPs	$	4,440,800
	Malkin 500 Mamaroneck Avenue L.P.	Class B LP	$	0
	Malkin 500 Mamaroneck Avenue L.P.	GP	$	44,857
	Viviane Paris, LLC	Viviane Paris, LLC	$	1,371,136
	Viviane Paris, LLC	Class B LP	$	124,083		$	5,980,875	0.1	%
383 Main Ave	Fairfield Merritview SPE L.L.C.	GP	$	74,064
	Fairfield Merritview SPE L.L.C.	Class B LP	$	3,291,742
	Fairfield Merritview SPE L.L.C.	Class A LPs	$	4,040,614
	Fairfield Merritview SPE L.L.C.	Malkin Holdings LLC - Override	$	822,936		$	8,229,356	0.2	%
100, 200 & 300 First Stamford Place	First Stamford Place SPE L.L.C.	Class A & A2	$	1,312,901
	First Stamford Place SPE L.L.C.	GP	$	26,523
	First Stamford Place SPE L.L.C.	Class B	$	1,312,901
	Fairfax First Stamford SPE L.L.C.	Fairfax First Stamford SPE L.L.C.	$	2,170,704
	Fairfax First Stamford SPE L.L.C.	Malkin Holdings LLC - Override	$	241,189
	Merrifield First Stamford SPE L.L.C.	Merrifield First Stamford SPE L.L.C. - 55% Members	$	1,193,887
	Merrifield First Stamford SPE L.L.C.	Merrifield First Stamford SPE L.L.C. - 45% Members	$	488,408
	Merrifield First Stamford SPE L.L.C.	PLM - Override	$	241,189
	Merrifield First Stamford SPE L.L.C.	PLMalkin Family 9 LLC - Override	$	244,204
	Merrifield First Stamford SPE L.L.C.	Override	$	244,204		$	7,476,113	0.2	%
10 Union Square	New York Union Square Retail L.P.	GP	$	290,926
	New York Union Square Retail L.P.	Class B LP	$	14,400,813
	New York Union Square Retail L.P.	Class A LPs	$	14,400,813		$	29,092,552	0.6	%
Metro Center	One Station Place, Limited Partnership	GP	$	369,701
	One Station Place, Limited Partnership	Class A LP	$	3,327,305
	One Station Place, Limited Partnership	Class B LP	$	33,273,054		$	36,970,060	0.8	%
103-107 Main Street	Westport Main Street Retail L.L.C.	Manager	$	49,234
	Westport Main Street Retail L.L.C.	Class B Members	$	0
	Westport Main Street Retail L.L.C.	Class A Members	$	4,874,155		$	4,923,389	0.1	%
66-99 Main Street	Malkin Co-Investor Capital L.P.	GP	$	81,310
	Malkin Co-Investor Capital L.P.	Class B LPs	$	0
	Malkin Co-Investor Capital L.P.	Class A LPs	$	8,049,642
	Peter L. Malkin	Peter L. Malkin	$	3,712,548
	New Soundview Plazza Associates, Limited Partnership	LP	$	3,526,919		$	15,370,419	0.3	%
77 West 55th Street	Malkin East West Retail Portfolio L.P.	GP	$	295,772
	Malkin East West Retail Portfolio L.P.	Class B LP	$	14,640,727
	Malkin East West Retail Portfolio L.P.	Class A LPs	$	14,640,727		$	29,577,227	0.7	%
170 East 8th Street	1185 Gotham L.L.C.	GP	$	258,135
	1185 Gotham L.L.C.	Class 2 LP	($	0	)
	1185 Gotham L.L.C.	Class 1 LPs	$	12,689,821		$	12,947,955	0.3	%
B.B.S.F., L.L.C.	Allocations to Investors Pending	Allocations to Investors Pending	$	14,600,000		$	14,600,000	0.3	%
Malkin Holdings, LLC (Ex Overrides)			$	5,896,278		$	5,896,278	0.1	%
Malkin Properties			$	4,400,000		$	4,400,000	0.1	%
Malkin Construction Corp.			$	5,875,000		$	5,875,000	0.1	%
Total Value of Equity Interests			$	4,500,083,545		$	4,500,083,545	100.0	%
Overrides			$	261,547,364

Malkin Holdings LLC Equity Waterfall

Property / Entity	Legal Entity	Capital Override ($)		Class A			Class B (1)
112-122 West 34th Street	112 West 34th Street Company L.L.C.	$	6,852,029	$	6,420,352		$	431,678
112-122 West 34th Street	112 West 34th Street Associates L.L.C.		14,938,175		14,085,837			852,338
1350 Broadway	1350 Broadway Associates L.L.C.		14,465,609		13,554,275			911,333
1400 Broadway	1400 Broadway Associates L.L.C.		12,795,075		11,988,985			806,090
501 Seventh Avenue	Seventh & 37th Building Associates L.L.C.		4,814,618		4,511,297			303,321
501 Seventh Avenue	501 Seventh Avenue Associates L.L.C.		5,163,021		4,837,751			325,270
1359 Broadway	Marlboro Building Associates L.L.C.		9,344,093		8,755,415			588,678
One Grand Central Place	60 East 42nd St. Associates L.L.C.		28,599,230		27,315,215			1,284,016
One Grand Central Place	Lincoln Building Associates L.L.C.		27,044,435		27,044,435			0
Empire State Building, 350 Fifth Ave	Empire State Building Associates L.L.C.		111,185,689		109,901,674			1,284,016
250 West 57th Street	250 West 57th Street Associates L.L.C.		10,016,940		9,385,873			631,067
250 West 57th Street	Fisk Building Associates L.L.C.		15,264,325		14,611,377			652,948
383 Main Ave	Fairfield Merritview SPE L.L.C.		822,936		771,091			51,845
100, 200 & 300 First Stamford Place	Fairfax First Stamford SPE L.L.C.		241,189		225,994			15,195
	Total Override Value	$	261,547,364	$	253,409,570		$	8,137,794
	Malkin Holdings LLC (Ex-Overrides)		5,896,278		5,524,812			371,466
	Equity Value of Malkin Holdings LLC			$	258,934,383		$	8,509,260
	% Ownership in REIT				5.754	%		0.189	%
	Total Equity Value of Malkin Holdings LLC						$	267,443,642
	% Ownership in REIT							5.943	%

(1) The lesser of 6.3% of override and CPI adjusted cap of $1,150,000 ($1,284,016 as of September 30, 2011).

112 West 34th Street Equity Value

		112 West 34th Street Associates L.L.C. (112-120 Ground Lessee) (122 Fee Owner & Sublessee)			112 West 34th Street Company L.L.C. (Operating Sublessee)			Midpoint Consolidated			Low Consolidated				High Consolidated
Property Value								$	384,100,000		$	365,000,000		-	$	403,000,000
Less: Shared Debt Obligations									(85,394,903	)		(85,394,903	)	-		(85,394,903	)
Less: PV of Base Rent									(10,100,000	)		(10,100,000	)	-		(10,100,000	)
Total Allocable Value		$	144,302,549		$	144,302,549		$	288,605,097		$	269,505,097		-	$	307,505,097
Less: After-Tax PV of Supervisory Fees			(520,797	)		(655,606	)		(1,176,403	)		(1,176,403	)	-		(1,176,403	)
Less: Unshared Debt Obligations			0			(3,778,097	)		(3,778,097	)		(3,778,097	)	-		(3,778,097	)
Plus: PV of Base Rent			10,100,000			0			10,100,000			10,100,000		-		10,100,000
Amount to Allocate for Capital Transaction		$	153,881,751		$	139,868,846		$	293,750,597		$	274,650,597		-	$	312,650,597
Allocation Detail:
112 West 34th Street Company L.L.C.	50% LMH (master partner)				$	66,508,408		$	66,508,408		$	61,972,158		-	$	70,997,158
112 West 34th Street Company L.L.C.	23% of PLM group not subject to override					30,593,868			30,593,868			28,507,193		-		32,658,693
112 West 34th Street Company L.L.C.	27% of PLM group subject to override					18,497,270			18,497,270			17,272,483		-		19,709,233
112 West 34th Street Company L.L.C.	Wien - Override					16,127,102			16,127,102			14,993,040		-		17,249,290
112 West 34th Street Company L.L.C.	Override					1,290,168			1,290,168			1,199,443		-		1,379,943
112 West 34th Street Company L.L.C.	Malkin Holdings LLC - Override					6,852,029			6,852,029			6,374,529		-		7,324,529
112 West 34th Street Associates L.L.C.	112 West 34th Street Associates L.L.C.	$	138,943,576						138,943,576			130,348,576		-		147,448,576
112 West 34th Street Associates L.L.C.	Malkin Holdings LLC - Override		14,938,175						14,938,175			13,983,175		-		15,883,175
Total		$	153,881,751		$	139,868,846		$	293,750,597		$	274,650,597		-	$	312,650,597

112 West 34 St. Waterfall

Amount to allocate for capital transaction	$	293,750,597
	112 West 34th Street Company L.L.C.		112 West 34th Street Associates L.L.C.
		139,868,846		153,881,751
112 West 34th Street Company L.L.C.		139,868,846
Breakpoint		2,828,258
Net for override		137,040,588
Override to MH		6,852,029
Net to Investors	$	133,016,817
	50% LMH (master partner)		23% of PLM group not subject to override		27% of PLM group subject to override
Allocation		66,508,408		30,593,868		35,914,540
Cumulative priority						0
Return of capital						1,080,000
Net for override						34,834,540
Override to Wien						16,127,102
Wiessmann						1,290,168
To investors		66,508,408		30,593,868		18,497,270
112 West 34th Street Associates L.L.C.				153,881,751
Return of capital				4,500,000
Net for override				149,381,751
Override to MH				14,938,175
Net to Investors			$	138,943,576

* Does not include 2nd tier override override to MH from 6.3% of investors.

1333 Broadway Associates L.L.C. Equity Value

	Midpoint			Low				High
Property Value	$	189,000,000		$	180,000,000		-	$	198,000,000
Less: Shared Debt Obligations		(71,200,000	)		(71,200,000	)	-		(71,200,000	)
Plus: Excess Cash		19,000,348			19,000,348		-		19,000,348
Less: After-Tax PV of Supervisory Fees		(378,585	)		(378,585	)	-		(378,585	)
Amount to Allocate for Capital Transaction	$	136,421,763		$	127,421,763		-	$	145,421,763

1350 Broadway Associates L.L.C. Equity Value

		Midpoint			Low				High
Property Value		$	186,000,000		$	177,000,000		-	$	195,000,000
Less: Shared Debt Obligations			(40,427,335	)		(40,427,335	)	-		(40,427,335	)
Less: After-Tax PV of Supervisory Fees			(530,481	)		(530,481	)	-		(530,481	)
Amount to Allocate for Capital Transaction		$	145,042,184		$	136,042,184		-	$	154,042,184
Allocation Detail:
1350 Broadway Associates L.L.C.	Peter L. Malkin Group	$	58,055,484		$	54,455,484		-	$	61,655,484
1350 Broadway Associates L.L.C.	Malkin Holdings LLC - Override		14,465,609			13,565,609		-		15,365,609
1350 Broadway Associates L.L.C.	David M. Baldwin Group		72,521,092			68,021,092		-		77,021,092
Total		$	145,042,184		$	136,042,184		-	$	154,042,184

1350 Broadway Associates L.L.C. Waterfall

Amount to Allocate for Capital Transaction	$	145,042,184
	DMB Group		PLM Group
Allocation to group	$	72,521,092	$	72,521,092
Return of capital				193,049
Net for override				72,328,043
Malkin Holdings override (20.0%)				14,465,609
Net to Investors	$	72,521,092	$	58,055,484

1400 Broadway Associates L.L.C. Equity Value

	Midpoint			Low				High
Property Value	$	331,000,000		$	314,000,000		-	$	348,000,000
Less: Shared Debt Obligations		(71,300,000	)		(71,300,000	)	-		(71,300,000	)
Less: After-Tax PV of Supervisory Fees		(1,848,503	)		(1,848,503	)	-		(1,848,503	)
Amount to Allocate for Capital Transaction	$	257,851,497		$	240,851,497		-	$	274,851,497
Allocation Detail:
Anthony E. Malkin	$	58,300,900		$	54,465,275		-	$	62,136,525
Peter L. Malkin		122,528,211			114,453,211		-		130,603,211
LMH 1400 LLC		61,264,106			57,226,606		-		65,301,606
Malkin Holdings LLC - Override		12,795,075			11,945,075		-		13,645,075
Peter L. Malkin Family 5 LLC - Override		1,481,603			1,380,665		-		1,582,540
Override		1,481,603			1,380,665		-		1,582,540
Total	$	257,851,497		$	240,851,497		-	$	274,851,497

1400 Broadway Associates L.L.C. Waterfall

Amount to allocate for capital transaction			$	257,851,497
Split among groups	Total		AEM as agent for  2 groups 25%		PLM as agent 50%		LMH 1400 LLC 25%
Allocation to group	$	1,000,000	$	175,000	$	650,000	$	175,000
		300,000		150,000		0		150,000
		650,000		162,500		325,000		162,500
Net subject to override		255,901,497
MH override		12,795,075
Balance allocated to investors		243,106,422		60,776,606		121,553,211		60,776,606
Total to investors			$	61,264,106	$	122,528,211	$	61,264,106
2nd override
20% of AEM 25% group			$	12,252,821
Threshold				400,000
Net for 2nd override				11,852,821
PLM Family 5 LLC				1,481,603
Override				1,481,603
Net to investors of 20% group				9,289,616
80% of 25% group				49,011,284
Net to investors			$	58,300,900	$	122,528,211	$	61,264,106

501 Seventh Avenue Equity Value

		Seventh & 37th Building Associates L.L.C. (Fee Owner)			501 Seventh Avenue Associates L.L.C. (Operating Lessee)			Midpoint Consolidated			Low Consolidated				High Consolidated
Property Value								$	159,000,000		$	151,000,000		-	$	167,000,000
Less: Shared Debt Obligations									(48,414,235	)		(48,414,235	)	-		(48,414,235	)
Less: PV of Base Rent									(4,000,000	)		(4,000,000	)	-		(4,000,000	)
Total Allocable Value			53,292,882			53,292,882			106,585,765			98,585,765		-		114,585,765
Less: After-Tax PV of Supervisory Fees			(421,428	)		(686,671	)		(1,108,100	)		(1,108,100	)	-		(1,108,100	)
Less: Unshared Debt Obligations			(819,876	)		0			(819,876	)		(819,876	)	-		(819,876	)
Plus: PV of Base Rent			4,000,000			0			4,000,000			4,000,000		-		4,000,000
Amount to Allocate for Capital Transaction		$	56,051,578		$	52,606,211		$	108,657,789		$	100,657,789		-	$	116,657,789
Allocation Detail:
Seventh & 37th Building Associates L.L.C.	Participants	$	51,236,960					$	51,236,960		$	47,604,127		-	$	54,869,793
Seventh & 37th Building Associates L.L.C.	Malkin Holdings LLC - Override		4,814,618						4,814,618			4,447,451		-		5,181,784
501 Seventh Avenue Associates L.L.C.	Participants				$	47,443,190			47,443,190			43,843,190		-		51,043,190
501 Seventh Avenue Associates L.L.C.	Malkin Holdings LLC - Override					5,163,021			5,163,021			4,763,021		-		5,563,021
Total		$	56,051,578		$	52,606,211		$	108,657,789		$	100,657,789		-	$	116,657,789

501 Seventh Avenue Waterfall

Amount to Allocate for Capital Transaction	$	108,657,789
	501 Seventh Avenue Associates L.L.C.			Seventh & 37th Building Associates L.L.C.
	$	52,606,211		$	56,051,578
501 Seventh Avenue Associates LLC	$	52,606,211
Total NPV of Malkin Holdings override		5,163,021
Net to Investors	$	47,443,190
Seventh & 37th Building Associates	$	56,051,578
Return of capital for VC		(3,600,000	)
Net for override		52,451,578
Malkin Holdings override		4,814,618
Net to Investors	$	51,236,960

Marlboro Building Associates L.L.C. Equity Value

	Midpoint			Low				High
Property Value	$	192,000,000		$	182,000,000		-	$	202,000,000
Less: Shared Debt Obligations		(48,398,090	)		(48,398,090	)	-		(48,398,090	)
Less: After-Tax PV of Supervisory Fees		(752,901	)		(752,901	)	-		(752,901	)
Amount to Allocate for Capital Transaction	$	142,849,010		$	132,849,010		-	$	152,849,010
Allocation Detail:
Participants	$	133,504,917		$	124,175,905		-	$	142,833,929
Malkin Holdings LLC - Override		9,344,093			8,673,105		-		10,015,080
Total	$	142,849,010		$	132,849,010		-	$	152,849,010

Marlboro Building Associates L.L.C. Waterfall

Amount to Allocate for Capital Transaction	$	142,849,010
Marlboro Building Associates LLC		142,849,010
Return of capital		3,590,222
Net for Override		139,258,788
MH Override (VC)		9,344,093
Net to Investors	$	133,504,917

60 East 42nd St. Associates L.L.C. Equity Value

		60 East 42nd St. Associates L.L.C. (Fee Owner)			Lincoln Building Associates L.L.C. (Operating Lessee)			Midpoint Consolidated			Low Consolidated				High Consolidated
Property Value								$	655,000,000		$	622,000,000		-	$	688,000,000
Less: Shared Debt Obligations									(92,614,558	)		(92,614,558	)	-		(92,614,558	)
Less: PV of Base Rent									(14,000,000	)		(14,000,000	)	-		(14,000,000	)
Total Allocable Value			274,192,721			274,192,721			548,385,442			515,385,442		-		581,385,442
Less: After-Tax PV of Supervisory Fees			(1,220,421	)		(2,739,533	)		(3,959,954	)		(3,959,954	)	-		(3,959,954	)
Less: Unpaid Cash Override			0			(608,835	)		(608,835	)		(608,835	)	-		(608,835	)
Plus: PV of Base Rent			14,000,000			0			14,000,000			14,000,000		-		14,000,000
Amount to Allocate for Capital Transaction		$	286,972,300		$	270,844,353		$	557,816,654		$	524,816,654		-	$	590,816,654
Allocation Detail:
60 East 42nd St. Associates L.L.C.	Participants	$	258,373,070					$	258,373,070		$	243,523,070		-	$	273,223,070
60 East 42nd St. Associates L.L.C.	Malkin Holdings LLC - Override		28,599,230						28,599,230			26,949,230		-		30,249,230
Lincoln Building Associates L.L.C.	Participants				$	243,799,918			243,799,918			228,949,918		-		258,649,918
Lincoln Building Associates L.L.C.	Malkin Holdings LLC - Override					27,044,435			27,044,435			25,394,435				28,694,435
Total		$	286,972,300		$	270,844,353		$	557,816,654		$	524,816,654		-	$	590,816,654

60 East 42nd St. Associates L.L.C. Waterfall

Amount to Allocate for Capital Transaction	$	557,816,654
	Lincoln Building Associates L.L.C.		60 East 42nd St. Associates L.L.C.
Total Allocation	$	270,844,353	$	286,972,300
Lincoln Building Associates L.L.C.	$	270,844,353
MH Override		27,044,435
Net to Investors	$	243,799,918
60 East 42nd Street Associates L.L.C.			$	286,972,300
Threshold				980,000
Net for Override				285,992,300
MH Override				28,599,230
Net to Investors			$	258,373,070

Empire State Building Equity Value

		Empire State Land Associates L.L.C. (Fee Owner)			Empire State Building Company L.L.C. (Operating Lessee)			Midpoint Consolidated			Low Consolidated				High Consolidated
Property Value								$	2,520,000,000		$	2,394,000,000		-	$	2,646,000,000
Less: Shared Debt Obligations									(98,500,000	)		(98,500,000	)	-		(98,500,000	)
Less: PV of Base Rent									(81,000,000	)		(81,000,000	)	-		(81,000,000	)
Plus: Excess Cash									47,026,456			47,026,456		-		47,026,456
Total Allocable Value			1,193,763,228			1,193,763,228			2,387,526,456			2,261,526,456		-		2,513,526,456
Less: After-Tax PV of Supervisory Fees			(4,960,186	)		(4,102,936	)		(9,063,122	)		(9,063,122	)	-		(9,063,122	)
Less: Unshared Debt Obligations			(60,500,000	)		0			(60,500,000	)		(60,500,000	)	-		(60,500,000	)
Plus: PV of Base Rent			81,000,000			0			81,000,000			81,000,000		-		81,000,000
Amount to Allocate for Capital Transaction		$	1,209,303,042		$	1,189,660,292		$	2,398,963,334		$	2,272,963,334		-	$	2,524,963,334
Allocation Detail:
Empire State Building Co L.L.C.	Master Partners				$	907,115,973		$	907,115,973		$	859,078,473		-	$	955,153,473
Empire State Building Co L.L.C.	PLM 4-2-71 JV, 10% Investors					89,674,522			89,674,522			84,949,522		-		94,399,522
Empire State Building Co L.L.C.	PLM 4-2-71 JV, 10% Override					29,291,507			29,291,507			27,716,507		-		30,866,507
Empire State Building Co L.L.C.	PLM 4-2-71 JV, 5% Investors					44,837,261			44,837,261			42,474,761		-		47,199,761
Empire State Building Co L.L.C.	PLM 4-2-71 JV, 5% Override					14,645,754			14,645,754			13,858,254		-		15,433,254
Empire State Building Co L.L.C.	1273 Realty Company Investors					50,528,432			50,528,432			47,896,213		-		53,160,650
Empire State Building Co L.L.C.	1273 Realty Company - Override					53,566,844			53,566,844			50,686,563		-		56,447,125
Empire State Building Associates L.L.C.	Participants	$	1,098,117,352						1,098,117,352			1,041,072,194		-		1,155,162,511
Empire State Building Associates L.L.C.	Malkin Holdings LLC - Override		111,185,689						111,185,689			105,230,848		-		117,140,531
Total		$	1,209,303,042		$	1,189,660,292		$	2,398,963,334		$	2,272,963,334		-	$	2,524,963,334

Empire State Building Waterfall

Amount to allocate for capital transaction	$	2,398,963,334
	Empire State Building Co L.L.C.			Empire State Building Associates L.L.C.
Split Between ESBC and ESBA	$	1,189,660,292		$	1,209,303,042
	Master Partners (not subject to any override)			PLM Joint Venture Ltd 4-2-71			PLM Joint Venture  Ltd 7-2-71			1273 Realty Company (portion subject to override)			1273 Realty Company (portion not subject to override)
Empire State Building Co L.L.C.
Ownership %		76.25	%		10.00	%		5.00	%		8.3125	%		0.4375	%
Allocation		907,115,973			118,966,029			59,483,015			98,890,512			5,204,764
Return of capital					1,800,000			900,000			1,496,250
Priority					0			0			0
Subject to override					117,166,029			58,583,015			97,394,262
Override					29,291,507			14,645,754
Override											53,566,844
Net to Investors	$	907,115,973		$	89,674,522		$	44,837,261		$	45,323,668		$	5,204,764
Empire State Building Associates L.L.C.
					1,209,303,042
Return of Capital					33,000,000
Net for Override					1,176,303,042
MH Override (VC)					111,185,689
Net to Investors				$	1,098,117,352

250 West 57th Equity Value

		250 West 57th  St. Associates L.L.C. (Fee Owner)			Fisk Building Associates L.L.C. (Operating Lessee)			Midpoint Consolidated			Low Consolidated				High Consolidated
Property Value								$	310,000,000		$	295,000,000		-	$	326,000,000
Less: Shared Debt Obligations									(40,432,051	)		(40,432,051	)	-		(40,432,051	)
Less: PV of Base Rent									(10,000,000	)		(10,000,000	)	-		(10,000,000	)
Total Allocable Value			129,783,974			129,783,974			259,567,949			244,567,949		-		275,567,949
Less: After-Tax PV of Supervisory Fees			(717,872	)		(729,588	)		(1,447,460	)		(1,447,460	)	-		(1,447,460	)
Less: Unpaid Cash Override			0			(787,443	)		(787,443	)		(787,443	)	-		(787,443	)
Plus: PV of Base Rent			10,000,000			0			10,000,000			10,000,000		-		10,000,000
Amount to Allocate for Capital Transaction		$	139,066,102		$	128,266,943		$	267,333,046		$	252,333,046		-	$	283,333,046
Allocation Detail:
250 West 57th Street Associates L.L.C.	Participants	$	129,049,163					$	0		$	0		-	$	0
250 West 57th Street Associates L.L.C.	Malkin Holdings LLC - Override		10,016,940						0			0		-		0
Fisk Building Associates L.L.C.	Participants - 45% Group				$	26,252,491			26,252,491			24,809,678		-		27,791,491
Fisk Building Associates L.L.C.	Participants - 55% Group					63,497,637			63,497,637			59,785,137		-		67,457,637
Fisk Building Associates L.L.C.	Override					11,626,245			11,626,245			10,904,839		-		12,395,745
Fisk Building Associates L.L.C.	Malkin Family - Override					11,626,245			11,626,245			10,904,839		-		12,395,745
Fisk Building Associates L.L.C.	Malkin Holdings LLC - Override					15,264,325			15,264,325			14,362,450		-		16,226,325
Total		$	139,066,102		$	128,266,943		$	128,266,943		$	120,766,943		-	$	136,266,943

250 West 57th Waterfall

Amount to allocate for capital transaction	$	267,333,046
	Fisk Building Associates L.L.C.		250 West 57th  Street Associates L.L.C.
	$	128,266,943	$	139,066,102
Fisk Building Associates L.L.C.:	$	128,266,943
MH Override		12,816,694
Net to investors	$	115,450,249
	55% Group		45% Group
	$	63,497,637	$	51,952,612
Unpaid priority				0
Return of capital				3,000,000
Net for override				48,952,612
MH override				2,447,631
Malkin Family				11,626,245
Override				11,626,245
Net to Investors	$	63,497,637	$	26,252,491
250 West 57th Street Associates L.L.C.:
	$	139,066,102
Return of capital		7,200,000
Net for override (VC)		131,866,102
MH override (VC)		10,016,940
Net to Investors	$	129,049,163

1185 Gotham L.L.C. Equity Value

	Gotham Midpoint			Gotham Low				Gotham High
Property Value	$	33,000,000		$	31,000,000		-	$	35,000,000
Less: Shared Debt Obligations		(19,866,346	)		(19,866,346	)	-		(19,866,346	)
Less: After-Tax PV of Supervisory Fees		(185,699	)		(185,699	)	-		(185,699	)
Amount to Allocate for Capital Transaction	$	12,947,955		$	10,947,955		-	$	14,947,955
Allocation Detail:
GP	$	258,135		$	218,262		-	$	295,386
Class 1 LPs		12,689,821			10,729,693		-		14,587,942
Total	$	12,947,955		$	10,947,955		-	$	14,947,955

1185 Bank L.L.C. Equity Value

	Bank Street Midpoint			Bank Street Low				Bank Street High
Property Value	$	45,000,000		$	43,000,000		-	$	47,000,000
Less: Shared Debt Obligations		(34,755,853	)		(34,755,853	)	-		(34,755,853	)
Less: After-Tax PV of Supervisory Fees		(185,700	)		(185,700	)	-		(185,700	)
Amount to Allocate for Capital Transaction	$	10,058,447		$	8,058,447		-	$	12,058,447
Allocation Detail:
GP	$	200,528		$	160,656		-	$	238,287
Class 1 LPs		9,857,919			7,897,792		-		11,768,026
Total	$	10,058,447		$	8,058,447		-	$	12,058,447

1185 Gotham L.L.C. and 1185 Bank L.L.C. Waterfall

Gotham Equity Value	$	12,947,955
Bank Street Equity Value		10,058,447
Amount to Allocate for Capital Transaction	$	23,006,402
	Class 1 LPs			GP			Class 2 LPs
		98.006	%		1.994	%		0.000	%
Remaining capital	$	24,882,698		$	506,160		$	0
Priority		1,118,218			22,747			0
Return of capital		21,429,521			435,916			0
Remainder		(0	)		(0	)		(0	)
Net to Investors	$	22,547,739		$	458,663		($	0	)
		Pool Share of Class 2 (20.0%)						(0	)
		Allocated Pool					($	0	)

500 Mamaroneck Avenue L.P. Equity Value

		Midpoint			Low				High
Property Value		$	44,000,000		$	42,000,000		-	$	46,000,000
Less: Shared Debt Obligations			(37,831,646	)		(37,831,646	)	-		(37,831,646	)
Less: After-Tax PV of Supervisory Fees			(187,479	)		(187,479	)	-		(187,479	)
Amount to Allocate for Capital Transaction		$	5,980,875		$	3,980,875		-	$	7,980,875
Allocation Detail:
Malkin 500 Mamaroneck Avenue L.P.	Class A LPs	$	4,440,800		$	2,955,800		-	$	5,925,800
Malkin 500 Mamaroneck Avenue L.P.	Class B LP		0			0		-		0
Malkin 500 Mamaroneck Avenue L.P.	GP		44,857			29,857		-		59,857
Viviane Paris, LLC	Viviane Paris, LLC		1,371,136			871,136		-		1,871,136
Viviane Paris, LLC	Class B LP		124,083			124,083		-		124,083
Total		$	5,980,875		$	3,980,875		-	$	7,980,875

500 Mamaroneck Avenue L.P. Waterfall

Amount to Allocate for Capital Transaction	$	5,980,875
	500 Mamaroneck Avenue L.P.			Viviane Paris, LLC
Allocation %		75.0	%		25.0	%
Allocation $	$	4,485,657		$	1,495,219
500 Mamaroneck Avenue L.P.:
	Class A			GP			Class B
Remaining capital		13,500,000			136,364
Return of capital		4,440,800			44,857			0
Priority		0			0			0
Remainder		0			0			0
Total	$	4,440,800		$	44,857		$	0
Viviane Paris, LLC:
	Viviane Paris, LLC						Class B
Remaining capital		4,388,121						0
Return of capital		1,495,219						0
Priority		0						0
Priority		(744,500	)					(496,333	)
Remainder		620,417						620,417
Total	$	1,371,136					$	124,083
		Pool Share of Class B (20.0%)						24,817
		Allocated Class B Pool					$	14,270

Fairfield Merritview SPE L.L.C. Equity Value

	Midpoint			Low				High
Property Value	$	40,000,000		$	38,000,000		-	$	42,000,000
Less: Shared Debt Obligations		(31,652,980	)		(31,652,980	)	-		(31,652,980	)
Less: After-Tax PV of Supervisory Fees		(117,664	)		(117,664	)	-		(117,664	)
Amount to Allocate for Capital Transaction	$	8,229,356		$	6,229,356		-	$	10,229,356
Allocation Detail:
GP	$	74,064		$	56,064		-	$	92,064
Class B LP		3,291,742			2,491,742		-		4,091,742
Class A LPs		4,040,614			3,058,614		-		5,022,614
Malkin Holdings LLC - Override		822,936			622,936		-		1,022,936
Total	$	8,229,356		$	6,229,356		-	$	10,229,356

Fairfield Merritview SPE L.L.C. Waterfall

Amount to Allocate for Capital Transaction	$	8,229,356
	Class A		GP		Class B		Override
Original Capital		8,800,000		89,000
Remaining Capital		0		0
Return of Capital		0		0
Priority @ 8.0%		0		0		0
Priority @ 12.0%		0		0		0		0
Remainder		4,040,614		74,064		3,291,742		822,936
Net to Investors	$	4,040,614	$	74,064	$	3,291,742	$	822,936
		Pool Share of Class B (20.0%)				658,348
		Allocated Pool			$	378,550

100, 200 & 300 First Stamford Place Equity Value

		Fairfax First Stamford SPE L.L.C. (62.36% Co-Tenant)			Merrifield First Stamford SPE L.L.C. (Operating Lessee of  62.36% Co-Tenant)			First Stamford Place SPE L.L.C. (37.64% Co-Tenant)			Midpoint Consolidated			Low Consolidated				High Consolidated
Property Value											$	257,990,000		$	244,000,000		-	$	270,000,000
Less: Shared Debt Obligations												(250,000,000	)		(250,000,000	)	-		(250,000,000	)
Total Allocable Value			2,491,282			2,491,282			3,007,436			7,990,000			(6,000,000	)	-		20,000,000
Less: After-Tax PV of Supervisory Fees			(79,388	)		(79,388	)		(355,110	)		(513,887	)		(513,887	)	-		(513,887	)
Amount to Allocate for Capital Transaction		$	2,411,894		$	2,411,894		$	2,652,326		$	7,476,113		$	0		-	$	19,486,113
Allocation Detail:
First Stamford Place SPE L.L.C.	Class A & A2							$	1,312,901		$	1,312,901		$	0		-	$	3,550,580
	GP								26,523			26,523			0		-		71,729
	Class B								1,312,901			1,312,901			0		-		3,550,580
Fairfax First Stamford SPE L.L.C.	Fairfax First Stamford SPE L.L.C.	$	2,170,704									2,170,704			0		-		5,540,951
	Malkin Holdings LLC - Override		241,189									241,189			0		-		615,661
Merrifield First Stamford SPE L.L.C.	Merrifield First Stamford SPE L.L.C. - 55% Members				$	1,193,887						1,193,887			0		-		3,047,523
	Merrifield First Stamford SPE L.L.C. - 45% Members					488,408						488,408			0		-		1,246,714
	PLM - Override					241,189						241,189			0		-		615,661
	PLMalkin Family 9 LLC - Override					244,204						244,204			0		-		623,357
	Override					244,204						244,204			0		-		623,357
Total		$	2,411,894		$	2,411,894		$	2,652,326		$	7,476,113		$	0		-	$	19,486,113

100, 200 & 300 First Stamford Place Waterfall

Amount to allocate for capital transaction	$	7,476,113
	First Stamford Place SPE L.L.C.		Fairfax First Stamford SPE L.L.C. / Merrifield First Stamford SPE L.L.C.		Fairfax First Stamford SPE L.L.C.		Merrifield First Stamford SPE L.L.C.
Allocation	37.64%		62.36%		31.18%		31.18%
	$	2,652,326	$	4,823,787	$	2,411,894	$	2,411,894
First Stamford Place SPE L.L.C.:
	Class A		GP		Class B
Original capital	$	22,800,000	$	230,303	$	0
Remaining capital		0		0		0
Return of capital		0		0		0
Priority		0		0		0
Remainder		1,312,901		26,523		1,312,901
Total	$	1,312,901	$	26,523	$	1,312,901
		Pool Share of Class B (20.0%)				262,580
Fairfax First Stamford SPE L.L.C.:
	$	2,411,894
Return of capital		0
Net for override		2,411,894
MH override		241,189
Net to Investors		2,170,704
Merrifield First Stamford SPE L.L.C.:
	$	2,411,894
	45%		55%
Allocation	$	1,085,352.2	$	1,326,541.5
Return of capital		0		0
Net		1,085,352		1,326,542
10% to MP (PLM)		108,535		132,654
22.5% to PLMalkin Family 9 LLC		244,204		0
Override		244,204		0
Net to Investors	$	488,408	$	1,193,887

New York Union Square Retail L.P. Equity Value

	Midpoint			Low				High
Property Value	$	51,000,000		$	48,000,000		-	$	54,000,000
Less: Shared Debt Obligations		(21,712,399	)		(21,712,399	)	-		(21,712,399	)
Less: After-Tax PV of Supervisory Fees		(195,049	)		(195,049	)	-		(195,049	)
Amount to Allocate for Capital Transaction	$	29,092,552		$	26,092,552		-	$	32,092,552
Allocation Detail:
GP	$	290,926		$	260,926		-	$	320,926
Class B LP		14,400,813			12,915,813		-		15,885,813
Class A LPs		14,400,813			12,915,813		-		15,885,813
Total	$	29,092,552		$	26,092,552		-	$	32,092,552

New York Union Square Retail L.P. Waterfall

Amount to Allocate for Capital Transaction	$	29,092,552
	Class A		GP		Class B
Original capital	$	7,500,000	$	75,758	$	0
Remaining capital		0		0		0
Return of capital		0		0		0
Priority		0		0		0
Remainder		14,400,813		290,926		14,400,813
Net to Investors	$	14,400,813	$	290,926	$	14,400,813
		Pool Share of Class B (20.0%)				2,880,163
		Allocated Pool			$	1,944,110

One Station Place Equity Value

	Midpoint			Low				High
Property Value	$	138,000,000		$	131,000,000		-	$	145,000,000
Less: Shared Debt Obligations		(101,029,940	)		(101,029,940	)	-		(101,029,940	)
Amount to Allocate for Capital Transaction	$	36,970,060		$	29,970,060		-	$	43,970,060
Allocation Detail:
GP	$	369,701		$	299,701		-	$	439,701
Class A LP		3,327,305			2,697,305		-		3,957,305
Class B LP		33,273,054			26,973,054		-		39,573,054
Total	$	36,970,060		$	29,970,060		-	$	43,970,060

One Station Place Waterfall

Amount to Allocate for Capital Transaction	$	36,970,060
	GP			Class A LP			Class BL P
		1.000	%		9.000	%		90.000	%
Net to Investors	$	369,701		$	3,327,305		$	33,273,054

Westport Main Street Retail L.L.C. Equity Value

	Midpoint			Low				High
Property Value	$	5,000,000		$	4,800,000		-	$	5,300,000
Less: After-Tax PV of Supervisory Fees		(76,611	)		(76,611	)	-		(76,611	)
Amount to Allocate for Capital Transaction	$	4,923,389		$	4,723,389		-	$	5,223,389
Allocation Detail:
Manager	$	49,234		$	47,234		-	$	52,234
Class B Members		0			0		-		0
Class A Members		4,874,155			4,676,155		-		5,171,155
Total	$	4,923,389		$	4,723,389		-	$	5,223,389

Westport Main Street Retail L.L.C. Waterfall

Amount to Allocate for Capital Transaction	$	4,923,389
	Class A		GP		Class B
Original Capital	$	9,119,000	$	92,111	$	0
Remaining Capital		9,119,000		92,111		0
Priority 1		805,485		8,136		0
Return of Capital		4,068,670		41,098		0
Remainder		0		0		0
Net to Investors	$	4,874,155	$	49,234	$	0
		Pool Share of Class B (20.0%)				0
		Allocated Pool			$	0

Westport Retail Co-Investors L.L.C. Equity Value

		Midpoint			Low				High
Property Value		$	25,000,000		$	24,000,000		-	$	26,000,000
Less: Shared Debt Obligations			(9,452,274	)		(9,452,274	)	-		(9,452,274	)
Less: After-Tax PV of Supervisory Fees			(177,307	)		(177,307	)	-		(177,307	)
Amount to Allocate for Capital Transaction		$	15,370,419		$	14,370,419		-	$	16,370,419
Allocation Detail:
Malkin Co-Investor Capital L.P.	GP	$	81,310		$	76,020		-	$	86,600
Malkin Co-Investor Capital L.P.	Class B LPs		0			0		-		0
Malkin Co-Investor Capital L.P.	Class A LPs		8,049,642			7,525,932		-		8,573,352
Peter L. Malkin	Peter L. Malkin		3,712,548			3,471,009		-		3,954,086
New Soundview Plazza Associates, Limited Partnership	LP		3,526,919			3,297,458		-		3,756,381
Total		$	15,370,419		$	14,370,419		-	$	16,370,419

Westport Retail Co-Investors L.L.C. Waterfall

Amount to Allocate for Capital Transaction	$	15,370,419
	Malkin Co-Investor Capital L.P.			Peter L. Malkin			New Soundview Plaza Associates, Limited Partnership
Ownership % Split		52.900	%		24.154	%		22.946	%
Ownership $ Split		8,130,952			3,712,548			3,526,919
Malkin Co-Investor Capital L.P.:	Class A			GP			Class B
Original capital	$	13,850,000		$	139,899		$	0
Remaining capital		13,850,000			139,899			0
Priority 1		2,575,057			26,011			0
Return of capital		5,474,585			55,299			0
Priority 2		0			0			0
Remainder		0			0			0
Net to Investors	$	8,049,642		$	81,310		$	0
		Pool Share of Class B (20.0%)						0
		Allocated Pool					$	0

East West Manhattan Retail Portfolio SPE L.L.C. Equity Value

	Midpoint			Low				High
Property Value	$	59,000,000		$	56,000,000		-	$	62,000,000
Less: Shared Debt Obligations		(29,232,062	)		(29,232,062	)	-		(29,232,062	)
Less: After-Tax PV of Supervisory Fees		(190,711	)		(190,711	)	-		(190,711	)
Amount to Allocate for Capital Transaction	$	29,577,227		$	26,577,227		-	$	32,577,227
Allocation Detail:
GP	$	295,772		$	265,772		-	$	325,772
Class B LP		14,640,727			13,155,727		-		16,125,727
Class A LPs		14,640,727			13,155,727		-		16,125,727
Total	$	29,577,227		$	26,577,227		-	$	32,577,227

East West Manhattan Retail Portfolio SPE L.L.C. Waterfall

Amount to Allocate for Capital Transaction	$	29,577,227
	Class A		GP		Class B
Original Capital	$	9,900,000	$	100,000	$	0
Remaining Capital		0		0		0
Return of Capital		0		0		0
Priority		0		0		0
Remainder		14,640,727		295,772		14,640,727
Net to Investors	$	14,640,727	$	295,772	$	14,640,727
		Pool Share of Class B (20.0%)				2,928,145
		Allocated Pool			$	1,976,498

B.B.S.F., L.L.C. Equity Value

		Midpoint		Low			High
Property Value		$	14,600,000	$	14,000,000	-	$	15,000,000
Amount to Allocate for Capital Transaction		$	14,600,000	$	14,000,000	-	$	15,000,000
Allocation Detail:
ARSA Associates	PLM Family 2000 LLC	$	6,915,786	$	6,631,576	-	$	7,105,260
ARSA Associates	Anthoney E. Malkin		0		0	-		0
PLM Family 2000 LLC	PLM Family 2000 LLC		7,684,214		7,368,424	-		7,894,740
Total		$	14,600,000	$	14,000,000	-	$	15,000,000

Business Enterprise Valuation	October 14, 2011
Malkin Construction Corp.

Confidential DRAFT – For Discussion Purposes Only

The information contained herein is of a confidential nature and is intended for the exclusive use of the persons or firm to whom it is furnished by us.

Reproduction, publication, or dissemination of portions hereof may not be made without prior approval of Duff & Phelps, LLC.

Equity Value Conclusion Malkin Construction Corp.

	Low		Mid		High
Discounted Cash Flow Analysis	$	5,850,000	$	6,250,000	$	6,700,000
Selected Public Company Analysis		5,000,000		5,500,000		6,000,000
Enterprise Value Conclusion	$	5,425,000	$	5,875,000	$	6,350,000
Plus: Cash and Equivalents (1)		0		0		0
Less: Debt (1)		0		0		0
Equity Value	$	5,425,000	$	5,875,000	$	6,350,000

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 1 of 6

Discounted Cash Flow Analysis Malkin Construction Corp.

			2011E			2012P			2013P			2014P			2015P			2016P			2017P			2018P			2019P			2020P			10-Yr CAGR
Revenue			$	53,566,220		$	55,173,207		$	56,828,403		$	58,533,255		$	60,289,253		$	62,097,930		$	63,960,868		$	65,879,694		$	67,856,085		$	69,891,767			6.2	%
Growth				40.4	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
EBITDA				1,278,879			1,317,245			1,356,762			1,397,465			1,439,389			1,482,571			1,527,048			1,572,859			1,620,045			1,668,646			10-Yr. Avg
EBITDA Margin				2.4	%		2.4	%		2.4	%		2.4	%		2.4	%		2.4	%		2.4	%		2.4	%		2.4	%		2.4	%		2.4	%
EBITDA Growth				78.4	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
			7/31-12/31
Earnings Before Interest and Taxes			$	767,109		$	1,251,785		$	1,286,219		$	1,324,588		$	1,364,311		$	1,405,239		$	1,447,396		$	1,490,818		$	1,535,542		$	1,581,609
Pro Forma Taxes @ 39.6%				(303,890	)		(495,895	)		(509,536	)		(524,736	)		(540,472	)		(556,685	)		(573,386	)		(590,588	)		(608,305	)		(626,554	)
Net Operating Profit After Tax				463,219			755,890			776,684			799,853			823,839			848,554			874,010			900,230			927,237			955,054
Depreciation				184			65,460			70,543			72,877			75,078			77,332			79,652			82,041			84,503			87,038
Capital Expenditures				(58,300	)		(70,924	)		(73,052	)		(75,244	)		(77,501	)		(79,826	)		(82,221	)		(84,687	)		(87,228	)		(89,845	)
(Increase) Decrease in Working Capital				31,202			6,428			6,621			6,819			7,024			7,235			7,452			7,675			7,906			8,143
Free Cash Flow			$	436,305		$	756,854		$	780,795		$	804,305		$	828,440		$	853,294		$	878,893		$	905,260		$	932,418		$	960,390
Terminal Growth Rate				3.00	%		3.00	%		3.00	%
Weighted Average Cost of Capital				17.50	%		16.50	%		15.50	%
Terminal Value			$	6,822,081		$	7,327,420		$	7,913,614
Present Value of Terminal Value				1,660,762			1,922,482			2,239,170
Present Value of Discrete Cash Flow				4,207,666			4,336,575			4,472,931
Concluded Enterprise Value Range (Rounded)			$	5,850,000		$	6,250,000		$	6,700,000
Implied Enterprise Value Multiples
2011 EBITDA	$	1,278,879		4.6x			4.9x			5.2x
2012 EBITDA	$	1,317,245		4.4x			4.7x			5.1x
2011 Revenue	$	53,566,220		0.11x			0.12x			0.13x

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 2 of 6

Capital Expense Reclass

	2008A			2009A			2010A			YTD 6/30/2010			YTD 6/30/2011			LTM 6/30/2011			2011E
Computer Equipment PC/Laptop		13,628			3,578			13,816			4,738			8,824			17,902		$	31,500
Computer Network/Server		22,391			13,144			12,456			3,227			3,493			12,722			48,510
Furniture & Fixtures		4,794			0			0			0			105			105			1,000
Total Capital Expenses	$	40,813		$	16,722		$	26,272		$	7,965		$	12,422		$	30,729		$	81,010
Expense Reclass @ 0.0%		(34,691	)		(14,214	)		(22,331	)		(6,770	)		(10,559	)		(26,120	)		(68,859	)
Capital Expenditures		34,691			14,214			22,331			6,770			10,559			26,120			68,859
Growth					(59.0	%)		57.1	%					56.0	%
as % of Total Fees		0.1	%		0.1	%		0.1	%		0.0	%		0.0	%		0.1	%		0.1	%

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 3 of 6

Weighted Average Cost of Capital Analysis - Malkin Construction Corp.

Levered Beta	Discount Rate Range					Sources and Considerations
Unlevered Beta		1.20		1.40		Selected Public Companies and Cost of Capital Yearbook
Debt % of Capital		10.0	%	5.0	%	Selected Public Companies; Cost of Capital Yearbook; Historical Levels
Equity % of Capital		90.0	%	95.0	%	Selected Public Companies; Cost of Capital Yearbook; Historical Levels
Tax Rate		39.6	%	39.6	%	Blended Federal & State Corporate Income Tax Rate
Levered Beta		1.28		1.44
Levered Cost of Equity
Risk-free Rate		4.0	%	4.0	%	Expected Long-Term Risk Free Rate
Levered Beta		1.28		1.44		See Above
Market Risk Premium		5.5	%	5.5	%	Duff & Phelps Study
Small Stock Premium		6.0	%	6.0	%	Duff & Phelps Cost of Capital Study; SBBI Valuation Edition 2011 Yearbook
Levered Cost of Equity		17.0	%	17.9	%
Cost of Debt
Cost of Long-term Debt		5.0	%	5.0	%	BBB Bond Rate
Tax Rate		39.6	%	39.6	%	Blended Federal & State Corporate Income Tax Rate
After-tax Cost of Debt		3.0	%	3.0	%
Weighted Average Cost of Capital (WACC)
Debt % of Capital		10.0	%	5.0	%
Equity % of Capital		90.0	%	95.0	%
Calculated WACC		15.6	%	17.2	%
Selected WACC Range				16.50	%

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 4 of 6

Selected Public Company Analysis Malkin Construction Corp.

Enterprise Valuation Multiples			Valuation Summary
Metric	Public Company Range	Public Company Median	Selected Multiple Range	Company Performance		Enterprise Value Range
2011 EBITDA	3.3x - 5.5x	3.8x	3.5x - 4.5x	$	1,278,879	$4,476,075 - $5,754,953
2012 EBITDA	2.7x - 3.9x	3.7x	3.5x - 4.5x	$	1,317,245	$4,610,357 - $5,927,602
2011 Revenue	0.14x - 0.32x	0.19x	0.10x - 0.12x	$	53,566,220	$5,356,622 - $6,427,946
			Concluded Enterprise Value Range			$5,000,000 - $6,000,000

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 5 of 6

Selected Public Company Analysis

($ in millions, except per share data)

COMPANY INFORMATION	MARKET DATA							REVENUE GROWTH												EBITDA GROWTH												EBITDA MARGIN												ENTERPRISE VALUE AS MULTIPLE OF
Company Name	Stock Price		% of 52- Wk High			Enterprise Value		3-YR CAGR			LTM			2011			2012			3-YR CAGR			LTM			2011			2012			3-YR AVG			LTM			2011			2012			LTM EBITDA		2011 EBITDA		2012 EBITDA		LTM Revenue		2011 Revenue
Bird Construction Inc. (1)	$	9.89		77.9	%	$	289		3.8	%		0.7	%		7.4	%		NM			4.6	%		-54.4	%		-36.0	%		NM			8.1	%		4.1	%		4.2	%		6.9	%		NM		NM		3.7x		0.36x		0.32x
Balfour Beatty plc		4.07		72.7			2,100		12.6			-0.3			6.0			2.1			46.5			-6.0			-9.8			3.4			3.6			4.1			3.8			3.8			3.6		3.6		3.5		0.15		0.14
Churchill Corp.		13.52		65.3			425		21.0			62.7			10.2			11.3			43.2			45.1			-15.0			40.6			7.5			6.8			5.5			6.9			4.5		5.5		3.9		0.31		0.30
Kier Group plc		19.96		89.8			490		-3.1			3.3			3.3			3.9			-8.5			24.6			24.6			7.7			3.5			3.7			3.7			3.8			4.0		4.0		3.7		0.15		0.15
Tutor Perini Corporation		12.31		46.2			711		-11.6			-29.2			17.2			22.6			9.9			-19.2			7.7			20.0			5.0			5.9			5.8			5.7			4.2		3.3		2.7		0.25		0.19
Mean				70.4	%		803		4.5	%		7.4	%		8.8	%		10.0	%		19.1	%		-2.0	%		-5.7	%		18.0	%		5.5	%		4.9	%		4.6	%		5.4	%		4.1x		4.1x		3.5x		0.24x		0.22x
Median				72.7	%		490		3.8	%		0.7	%		7.4	%		7.6	%		9.9	%		-6.0	%		-9.8	%		13.9	%		5.0	%		4.1	%		4.2	%		5.7	%		4.1x		3.8x		3.7x		0.25x		0.19x
Malkin Construction									NA			NA			40.3	%		3.0	%		NA			NA			58.7	%		3.0	%		(0.9	%)		2.0	%		2.3	%		2.3	%

(1) Acquired H.J. O’Connell Ltd. on 8/31/11, proforma LTM information not available for acquisition

LTM = Latest Twelve Months

CAGR = Compounded Annual Growth Rate

Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Interest) - (Cash & Equivalents)

EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization

Source: Bloomberg, Capital IQ, SEC filings

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 6 of 6

Business Enterprise Valuation	October 14, 2011
Malkin Holdings LLC

Confidential DRAFT – For Discussion Purposes Only

The information contained herein is of a confidential nature and is intended for the exclusive use of the persons or firm to whom it is furnished by us.

Reproduction, publication, or dissemination of portions hereof may not be made without prior approval of Duff & Phelps, LLC.

Equity Value Summary Malkin Holdings LLC (Formerly Wien & Malkin LLC)

	Low		Mid		High
Enterprise Value Conclusion	$	4,250,000	$	4,500,000	$	5,000,000
Plus: Cash and Equivalents (1)		0		0		0
Plus: Unpaid Cash Overrides		1,396,278		1,396,278		1,396,278
Less: Debt (1)		0		0		0
Equity Value	$	5,646,278	$	5,896,278	$	6,396,278

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 1 of 4

Discounted Cash Flow Analysis Malkin Holdings LLC (Formerly Wien & Malkin LLC)

	LTM			2011E			2012P			2013P			2014P			2015P			2016P			2017P			2018P			2019P			2020P			10-Yr CAGR
Revenue	$	7,819,662		$	9,250,925		$	8,462,634		$	9,009,344		$	9,131,748		$	9,698,554		$	9,581,727		$	10,493,723		$	10,612,224		$	10,638,720		$	11,056,716			8.1	%
Growth		NA			82.0	%		(8.5	%)		6.5	%		1.4	%		6.2	%		(1.2	%)		9.5	%		1.1	%		0.2	%		3.9	%
EBITDA		(965,707	)		956,046			819,098			1,159,654			1,069,720			1,417,817			1,177,106			1,368,343			1,238,334			1,009,207			1,164,254			NM
EBITDA Margin		(12.3	%)		10.3	%		9.7	%		12.9	%		11.7	%		14.6	%		12.3	%		13.0	%		11.7	%		9.5	%		10.5	%
				7/31-12/31
Earnings Before Interest and Taxes				$	92,432		$	585,984		$	919,152		$	821,726		$	1,162,190		$	913,675		$	1,096,914		$	958,697		$	721,134		$	867,506
Pro Forma Taxes @ 39.6%					(36,617	)		(232,137	)		(364,122	)		(325,527	)		(460,402	)		(361,953	)		(434,543	)		(379,788	)		(285,677	)		(343,662	)
Net Operating Profit After Tax					55,815			353,846			555,030			496,199			701,789			551,723			662,372			578,909			435,457			523,843
Depreciation					112,888			233,114			240,502			247,993			255,627			263,431			271,428			279,638			288,073			296,748
Capital Expenditures					(173,246	)		(257,741	)		(265,473	)		(273,437	)		(281,640	)		(290,090	)		(298,792	)		(307,756	)		(316,989	)		(326,498	)
(Increase) Decrease in Working Capital					(31,813	)		7,883			(5,467	)		(1,224	)		(5,668	)		1,168			(9,120	)		(1,185	)		(265	)		(4,180	)
Free Cash Flow				($	36,355	)	$	337,102		$	524,592		$	469,531		$	670,107		$	526,232		$	625,888		$	549,606		$	406,276		$	489,913
Terminal Growth Rate					3.0	%		3.0	%		3.0	%
Weighted Average Cost of Capital					13.5	%		12.5	%		11.5	%
Terminal Value				$	4,805,812		$	5,311,687		$	5,936,591
Present Value of Terminal Value					1,586,354			1,894,549			2,289,553
Present Value of Discrete Cash Flow					2,576,224			2,673,467			2,776,495
Concluded Enterprise Value Range				$	4,250,000		$	4,500,000		$	5,000,000
Implied Enterprise Value Multiples
2011 EBITDA	$	956,046			4.4x			4.7x			5.2x
2012 EBITDA	$	819,098			5.2x			5.5x			6.1x
2011 Revenue	$	9,250,925			0.46x			0.49x			0.54x

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 2 of 4

Capital Expense Reclass

	2008A			2009A			2010A			YTD 6/30/2010			YTD 6/30/2011			LTM 6/30/2011			2011E			2012P
Total Revenue	$	7,674,236		$	5,806,650		$	5,084,138		$	2,357,469		$	5,092,993		$	7,819,662		$	9,250,925		$	8,462,634
Expensed Capital Expenditures
Repairs & Maintenance	$	118,912		$	12,220		$	71,661		$	42,052		$	41,275		$	70,884		$	85,842		$	88,417
Purchase Software and Supplies		22,555			40,468			11,065			20,638			27,150			17,577			69,064			71,136
Purchase Hardware		0			25,062			(0	)		2,061			2,953			892			92,534			95,310
Maintenance / Services		83,890			68,839			45,586			23,484			19,197			41,298			46,953			48,362
Total Capital Expenses	$	225,357		$	146,589		$	128,312		$	88,234		$	90,574		$	130,652		$	294,393		$	303,225
Expense Reclass @ 85.0%		(191,554	)		(124,601	)		(109,065	)		(74,999	)		(76,988	)		(111,054	)		(250,234	)		(257,741	)
Capital Expenditures		191,554			124,601			109,065			74,999			76,988			111,054			250,234			257,741
Growth					(35.0	%)		(12.5	%)					2.7	%					129.4	%		3.0	%
as % of Total Revenue		2.5	%		2.1	%		2.1	%		3.2	%		1.5	%		1.4	%		2.7	%		3.0	%

	2013P			2014P			2015P			2016P			2017P			2018P			2019P			2020P
Total Revenue	$	9,009,344		$	9,131,748		$	9,698,554		$	9,581,727		$	10,493,723		$	10,612,224		$	10,638,720		$	11,056,716
Expensed Capital Expenditures
Repairs & Maintenance	$	91,069		$	93,801		$	96,616		$	99,514		$	102,499		$	105,574		$	108,742		$	112,004
Purchase Software and Supplies		73,270			75,468			77,732			80,064			82,466			84,940			87,488			90,113
Purchase Hardware		98,169			101,114			104,148			107,272			110,490			113,805			117,219			120,736
Maintenance / Services		49,813			51,307			52,846			54,432			56,065			57,746			59,479			61,263
Total Capital Expenses	$	312,321		$	321,691		$	331,342		$	341,282		$	351,520		$	362,066		$	372,928		$	384,116
Expense Reclass @ 85.0%		(265,473	)		(273,437	)		(281,640	)		(290,090	)		(298,792	)		(307,756	)		(316,989	)		(326,498	)
Capital Expenditures		265,473			273,437			281,640			290,090			298,792			307,756			316,989			326,498
Growth		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
as % of Total Revenue		2.9	%		3.0	%		2.9	%		3.0	%		2.8	%		2.9	%		3.0	%		3.0	%

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 3 of 4

Weighted Average Cost of Capital Analysis - Malkin Holdings LLC (Formerly Wien & Malkin LLC)

Levered Beta	Discount Rate Range					Sources and Considerations
Unlevered Beta		0.65		0.75		Selected Public Companies and Cost of Capital Yearbook
Debt % of Capital		20.0	%	10.0	%	Selected Public Companies; Cost of Capital Yearbook; Historical Levels
Equity % of Capital		80.0	%	90.0	%	Selected Public Companies; Cost of Capital Yearbook; Historical Levels
Tax Rate		39.6	%	39.6	%	Blended Federal & State Corporate Income Tax Rate
Levered Beta		0.75		0.80
Levered Cost of Equity
Risk-free Rate		4.0	%	4.0	%	Expected Long-Term Risk Free Rate
Levered Beta		0.75		0.80		See Above
Market Risk Premium		5.5	%	5.5	%	Duff & Phelps Study
Small Stock Premium		6.0	%	6.0	%	Duff & Phelps Cost of Capital Study; SBBI Valuation Edition 2011 Yearbook
Levered Cost of Equity		14.1	%	14.4	%
Cost of Debt
Cost of Long-term Debt		5.0	%	5.0	%	BBB Bond Rate
Tax Rate		39.6	%	39.6	%	Blended Federal & State Corporate Income Tax Rate
After-tax Cost of Debt		3.0	%	3.0	%
Weighted Average Cost of Capital (WACC)
Debt % of Capital		20.0	%	10.0	%
Equity % of Capital		80.0	%	90.0	%
Calculated WACC		11.9	%	13.3	%
Selected WACC Range				12.50	%

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 4 of 4

Business Enterprise Valuation	October 14, 2011
Malkin Properties, L.L.C.
Malkin Properties of New York, L.L.C.
Malkin Properties of Connecticut, L.L.C.

Confidential DRAFT — For Discussion Purposes Only

The information contained herein is of a confidential nature and is intended for the exclusive use of the persons or firm to whom it is furnished by us.

Reproduction, publication, or dissemination of portions hereof may not be made without prior approval of Duff & Phelps, LLC.

Equity Value Conclusion Malkin Properties - MP, MCT, MNY

	Low		Mid		High
Enterprise Value Conclusion	$	4,150,000	$	4,400,000	$	4,650,000
Plus: Cash and Equivalents (1)		0		0		0
Less: Debt (1)		0		0		0
Equity Value	$	4,150,000	$	4,400,000	$	4,650,000

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 1 of 6

Discounted Cash Flow Analysis Malkin Properties - MP, MCT, MNY

			2011E			2012P			2013P			2014P			2015P			2016P			2017P			2018P			2019P			2020P			10-Yr CAGR
Revenue			$	6,046,805		$	5,932,825		$	6,356,710		$	6,265,711		$	5,657,604		$	6,507,218		$	10,353,011		$	5,810,629		$	6,043,934		$	7,023,038			2.9	%
Growth				NA			(1.9	%)		7.1	%		(1.4	%)		(9.7	%)		15.0	%		59.1	%		(43.9	%)		4.0	%		16.2	%
EBITDA				1,378,192			894,148			1,175,725			938,148			179,065			944,046			4,407,881			(302,750	)		(243,522	)		556,448			10-Yr Avg
EBITDA Margin				22.8	%		15.1	%		18.5	%		15.0	%		3.2	%		14.5	%		42.6	%		(5.2	%)		(4.0	%)		7.9	%		13.0	%
EBITDA Growth				NA			(35.1	%)		31.5	%		(20.2	%)		(80.9	%)		427.2	%		366.9	%		(106.9	%)		(19.6	%)		(328.5	%)
			7/31-12/31																														Terminal
Earnings Before Interest and Taxes			$	1,813,644		$	859,629		$	1,125,908		$	876,140		$	107,174		$	863,982		$	4,320,902		($	395,722	)	($	341,822	)	$	453,296		$	981,581
Pro Forma Taxes @ 39.6%				(718,475	)		(340,542	)		(446,028	)		(347,083	)		(42,457	)		(342,267	)		(1,711,725	)		156,765			135,413			(179,573	)		(388,853	)
Net Operating Profit After Tax				1,095,169			519,087			679,880			529,057			64,717			521,716			2,609,177			(238,957	)		(206,409	)		273,723			592,728
Depreciation				7,526			34,519			49,817			62,008			71,891			80,064			86,979			92,972			98,300			103,153			(109,762	)
Capital Expenditures				(85,721	)		(95,710	)		(98,581	)		(101,538	)		(104,585	)		(107,722	)		(110,954	)		(114,282	)		(117,711	)		(121,242	)		(115,539	)
(Increase) Decrease in Working Capital				(15,908	)		22,221			(87,385	)		(97,764	)		(86,737	)		(55,240	)		(86,961	)		(84,457	)		(37,610	)		(111,328	)		(85,290	)
Free Cash Flow			$	1,001,066		$	480,118		$	543,731		$	391,762		($	54,714	)	$	438,818		$	2,498,240		($	344,724	)	($	263,430	)	$	144,305		$	282,135
Terminal Growth Rate				3.00	%		3.00	%		3.00	%
Weighted Average Cost of Capital				13.50	%		12.50	%		11.50	%
Terminal Value			$	2,687,003		$	2,969,846		$	3,319,239
Present Value of Terminal Value				780,634			940,651			1,147,053
Present Value of Discrete Cash Flow				3,360,401			3,437,068			3,517,715
Concluded Enterprise Value Range (Rounded)			$	4,150,000		$	4,400,000		$	4,650,000
Implied Enterprise Value Multiples
2011 EBITDA	$	1,378,192		3.0x			3.2x			3.4x
2012 EBITDA	$	894,148		4.6x			4.9x			5.2x
2011 Revenue	$	6,046,805		0.69x			0.73x			0.77x

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 2 of 6

Free Breakdown

	2008E			2009E			2010E			YTD 6/30/2010			YTD 6/30/2011			LTM 6/30/2011			2011E			2012P
Management Fees	$	2,974,288		$	3,172,130		$	3,015,111		$	1,516,469		$	1,570,801		$	3,069,443		$	3,091,619		$	3,060,642
Leasing Fees		996,245			681,135			1,232,404			371,901			108,076			968,579			1,201,583			1,239,343
Financing Fees		0			76,700			650,000			650,000			0			0			0			75,288
Other Fees		735,696			339,519			358,714			106,297			215,123			467,540			955,281			735,281
Total Fees	$	4,706,229		$	4,269,484		$	5,256,229		$	2,644,667		$	1,894,000		$	4,505,562		$	5,248,483		$	5,110,553
Management Fee Growth					6.7	%		(4.9	%)					3.6	%					2.5	%		(1.0	%)
Leasing Fee Growth					(31.6	%)		80.9	%					(70.9	%)					(2.5	%)		3.1	%
Financing Fee Growth					NA			747.5	%					(100.0	%)					(100.0	%)		NA
Other Fee Growth					(53.9	%)		5.7	%					102.4	%					166.3	%		(23.0	%)
Total Fee Growth					(9.3	%)		23.1	%					(28.4	%)					NA			(2.6	%)
Leasing Fees as % of Management Fees		33.5	%		21.5	%		40.9	%		24.5	%		6.9	%		31.6	%		38.9	%		40.5	%
Financing Fees as % of Management Fees		0.0	%		2.4	%		21.6	%		42.9	%		0.0	%		0.0	%		0.0	%		2.5	%
Other Fees as % of Management Fees		24.7	%		10.7	%		11.9	%		7.0	%		13.7	%		15.2	%		30.9	%		24.0	%
Fee Proportion
Management Fees		63.2	%		74.3	%		57.4	%		57.3	%		82.9	%		68.1	%		58.9	%		59.9	%
Leasing Fees		21.2	%		16.0	%		23.4	%		14.1	%		5.7	%		21.5	%		22.9	%		24.3	%
Financing Fees		0.0	%		1.8	%		12.4	%		24.6	%		0.0	%		0.0	%		0.0	%		1.5	%
Other Fees		15.6	%		8.0	%		6.8	%		4.0	%		11.4	%		10.4	%		18.2	%		14.4	%
Total Fees		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

	2013P			2014P			2015P			2016P			2017P			2018P			2019P			2020P
Management Fees	$	3,182,459		$	3,318,746		$	3,439,660		$	3,516,666		$	3,637,892		$	3,755,628		$	3,808,057		$	3,963,251
Leasing Fees		1,429,324			860,586			254,496			327,996			569,074			367,885			334,231			727,241
Financing Fees		102,707			136,250			359,649			1,031,801			4,190,500			0			85,075			161,879
Other Fees		795,281			1,077,781			705,281			705,281			1,002,306			705,281			805,281			1,129,038
Total Fees	$	5,509,771		$	5,393,363		$	4,759,085		$	5,581,744		$	9,399,772		$	4,828,794		$	5,032,643		$	5,981,409
Management Fee Growth		4.0	%		4.3	%		3.6	%		2.2	%		3.4	%		3.2	%		1.4	%		4.1	%
Leasing Fee Growth		15.3	%		(39.8	%)		(70.4	%)		28.9	%		73.5	%		(35.4	%)		(9.1	%)		117.6	%
Financing Fee Growth		36.4	%		32.7	%		164.0	%		186.9	%		306.1	%		(100.0	%)		NA			90.3	%
Other Fee Growth		8.2	%		35.5	%		(34.6	%)		0.0	%		42.1	%		(29.6	%)		14.2	%		40.2	%
Total Fee Growth		7.8	%		(2.1	%)		(11.8	%)		17.3	%		68.4	%		(48.6	%)		4.2	%		18.9	%
Leasing Fees as % of Management Fees		44.9	%		25.9	%		7.4	%		9.3	%		15.6	%		9.8	%		8.8	%		18.3	%
Financing Fees as % of Management Fees		3.2	%		4.1	%		10.5	%		29.3	%		115.2	%		0.0	%		2.2	%		4.1	%
Other Fees as % of Management Fees		25.0	%		32.5	%		20.5	%		20.1	%		27.6	%		18.8	%		21.1	%		28.5	%
Fee Proportion
Management Fees		57.8	%		61.5	%		72.3	%		63.0	%		38.7	%		77.8	%		75.7	%		66.3	%
Leasing Fees		25.9	%		16.0	%		5.3	%		5.9	%		6.1	%		7.6	%		6.6	%		12.2	%
Financing Fees		1.9	%		2.5	%		7.6	%		18.5	%		44.6	%		0.0	%		1.7	%		2.7	%
Other Fees		14.4	%		20.0	%		14.8	%		12.6	%		10.7	%		14.6	%		16.0	%		18.9	%
Total Fees		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 3 of 6

Normalized Terminal Free Cash Flow

Management Fees	$	4,082,149
Leasing Fees (1)		896,004
Financing Fees (2)		698,447
Other Fees (3)		1,016,101
Total Revenue		6,692,700
Expenses (4)		(5,820,882	)
EBITDA		871,818
Depreciation		109,762
EBIT		981,581
Taxes		(388,853	)
NOPAT		592,728
Depreciation		(109,762	)
Capital Expenditures		(115,539	)
Change in New Working Capital		(85,290	)
Free Cash Flow	$	282,135

(1) Normalized based on the 10-yr average leasing fees as a % of management fees (21.9%).

(2) Normalized based on the 10-yr average financing fees as a % of management fees (17.1%

(3) Normalized based on the 10-yr average other fees as a % of management fees (24.9%).

(4) Normalized based on the 10-yr average expenses as % of total revenue (85.9%).

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 4 of 6

Capital Expense Reclass

	2008A			2009A			2010A			YTD 6/30/2010			YTD 6/30/2011			LTM 6/30/2011			2011E			2012P
Computer Equipment PC/Laptop	$	2,440		$	1,396		$	3,552		$	2,516		$	184		$	1,220		$	46,183		$	47,568
Computer Network/Server		157			472			550			3,318			3,662			894			14,866			15,312
Furniture & Fixtures		795			0			2,194			653			4,626			6,167			48,271			49,719
Total Capital Expenses	$	3,392		$	1,868		$	6,296		$	6,487		$	8,472		$	8,281		$	109,320		$	112,600
Expense Reclass @ 85.0%		(2,883	)		(1,588	)		(5,352	)		(5,514	)		(7,201	)		(7,039	)		(92,922	)		(95,710	)
Capital Expenditures		2,883			1,588			5,352			5,514			7,201			7,039			92,922			95,710
Growth					(44.9	%)		237.0	%					30.6	%					1,636.3	%		3.0	%
as % of Total Fees		0.1	%		0.0	%		0.1	%		0.2	%		0.4	%		0.2	%		1.8	%		1.9	%

	2013P			2014P			2015P			2016P			2017P			2018P			2019P			2020P
Computer Equipment PC/Laptop	$	48,996		$	50,465		$	51,979		$	53,539		$	55,145		$	56,799		$	58,503		$	60,258
Computer Network/Server		15,771			16,244			16,732			17,234			17,751			18,283			18,832			19,397
Furniture & Fixtures		51,211			52,747			54,329			55,959			57,638			59,367			61,148			62,983
Total Capital Expenses	$	115,978		$	119,457		$	123,041		$	126,732		$	130,534		$	134,450		$	138,483		$	142,638
Expense Reclass @ 85.0%		(98,581	)		(101,538	)		(104,585	)		(107,722	)		(110,954	)		(114,282	)		(117,711	)		(121,242	)
Capital Expenditures		98,581			101,538			104,585			107,722			110,954			114,282			117,711			121,242
Growth		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
as % of Total Fees		1.8	%		1.9	%		2.2	%		1.9	%		1.2	%		2.4	%		2.3	%		2.0	%

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 5 of 6

Weighted Average Cost of Capital Analysis - Malkin Properties - MP, MCT, MNY

Levered Beta	Discount Rate Range					Sources and Considerations
Unlevered Beta		0.65		0.75		Selected Public Companies and Cost of Capital Yearbook
Debt % of Capital		20.0	%	10.0	%	Selected Public Companies; Cost of Capital Yearbook; Historical Levels
Equity % of Capital		80.0	%	90.0	%	Selected Public Companies; Cost of Capital Yearbook; Historical Levels
Tax Rate		39.6	%	39.6	%	Blended Federal & State Corporate Income Tax Rate
Levered Beta		0.75		0.80
Levered Cost of Equity
Risk-free Rate		4.0	%	4.0	%	Expected Long-Term Risk Free Rate
Levered Beta		0.75		0.80		See Above
Market Risk Premium		5.5	%	5.5	%	Duff & Phelps Study
Small Stock Premium		6.0	%	6.0	%	Duff & Phelps Cost of Capital Study; SBBI Valuation Edition 2011 Yearbook
Levered Cost of Equity		14.1	%	14.4	%
Cost of Debt
Cost of Long-term Debt		5.0	%	5.0	%	BBB Bond Rate
Tax Rate		39.6	%	39.6	%	Blended Federal & State Corporate Income Tax Rate
After-tax Cost of Debt		3.0	%	3.0	%
Weighted Average Cost of Capital (WACC)
Debt % of Capital		20.0	%	10.0	%
Equity % of Capital		80.0	%	90.0	%
Calculated WACC		11.9	%	13.3	%
Selected WACC Range				12.50	%

CONFIDENTIAL DRAFT - For Discussion Purposes Only Page 6 of 6