| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-------------------------------------------------------------------------------------|
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|
| DELAWARE                 | 95-2962743                           |
|--------------------------|--------------------------------------|
| (State of incorporation) | (I.R.S. Employer Identification No.) |
| Yes |   | No | X |   |
|-----|--------|----|---|--------|
| Yes |   | No | X |   |
|-----|--------|----|---|--------|

----

----

----

----

|                                                           |    | 2011   |    |   |   | 2010   |    |
|----------------------------------------------------------------|---------|--------|---------|--------|--------|--------|---------|
| Operating expenses:                                            |    |   |    |   |   |   |    |
| Compensation and benefits                                      | $       | 1,410  |    |   | $      | 1,393  |    |
| Professional and outside services                              |    | 306    |    |   |   | 272    |    |
| Property operating and maintenance                             |    | 91     |    |   |   | 111    |    |
| Depreciation                                                   |    | 48     |    |   |   | 49     |    |
| Insurance                                                      |    | 33     |    |   |   | 38     |    |
| Other operating                                                |    | 97     |    |   |   | 92     |    |
| Total operating expenses                                       |    | 1,985  |    |   |   | 1,955  |    |
| Operating loss                                                 |    | (1,985 | )       |   |   | (1,955 | )       |
|                                                           |    |   |    |   |   |   |    |
| Interest income                                                |    | 9      |    |   |   | 22     |    |
| Realized gains on sales of investment securities               |    | 19     |    |   |   | 31     |    |
| Unrealized losses on trading securities                        |    | (12    | )       |   |   | -      |    |
| Other income                                                   |    | 124    |    |   |   | -      |    |
| Loss before income taxes                                       |    | (1,845 | )       |   |   | (1,902 | )       |
|                                                           |    |   |    |   |   |   |    |
| Income tax expense                                             |    | 48     |    |   |   | 58     |    |
| Net loss                                                       | $       | (1,893 | )       |   | $      | (1,960 | )       |
|                                                           |    |   |    |   |   |   |    |
| Net loss per common share - basic                              |  $ | (0.04  |  ) |   | $      | (0.04  |  ) |
| Net loss per common share - assuming dilution                  |  $ | (0.04  |  ) |   | $      | (0.04  |  ) |
|                                                           |    |   |    |   |   |   |    |
| Weighted average common shares outstanding - basic             |    | 43,075 |    |   |   | 43,075 |    |
| Weighted average common shares outstanding - assuming dilution |    | 43,075 |    |   |   | 43,075 |    |
|                                                           |    |   |    |   |   |   |    |

----

| Assets:                                                                                                               |   | 2011   |     |   | 2010   |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Cash and cash equivalents                                                                                             |   | $      | 7,615    |   |   | $      | 1,334 |   |
| Held to maturity investments (market value $- and $8,199, respectively)                                               |   |   | -        |   |   |   | 8,200 |   |
| Trading securities carried at fair value                                                                              |   |   | 212      |   |   |   | - |   |
| Total investment securities                                                                                           |   |   | 212      |   |   |   | 8,200 |   |
| Real estate owned:                                                                                                    |   |   |     |   |   |   |   |   |
|   Land                                                                                                      |   |   | 554      |   |   |   | 554 |   |
|   Buildings                                                                                                 |   |   | 1,900    |   |   |   | 1,900 |   |
| Real estate owned, gross                                                                                              |   |   | 2,454    |   |   |   | 2,454 |   |
|   Less:  accumulated depreciation                                                                      |   |   | 533      |   |   |   | 485 |   |
|                                                                                                                  |   |   |     |   |   |   |   |   |
| Real estate owned, net                                                                                                |   |   | 1,921    |   |   |   | 1,969 |   |
|                                                                                                                  |   |   |     |   |   |   |   |   |
| Other assets                                                                                                          |   |   | 246      |   |   |   | 259 |   |
| Total assets                                                                                                          |   | $      | 9,994    |   |   | $      | 11,762 |   |
|                                                                                                                  |   |   |     |   |   |   |   |   |
| Liabilities and Stockholders' Equity:                                                                                 |   |   |     |   |   |   |   |   |
| Liabilities:                                                                                                          |   |   |     |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                              |   | $      | 227      |   |   | $      | 220 |   |
| Other liabilities                                                                                                     |   |   | -        |   |   |   | 2 |   |
|                                                                                                                  |   |   |     |   |   |   |   |   |
| Total liabilities                                                                                                     |   |   | 227      |   |   |   | 222 |   |
|                                                                                                                  |   |   |     |   |   |   |   |   |
| Commitments and contingencies (Note 10)                                                                               |   |   |     |   |   |   |   |   |
|                                                                                                                  |   |   |     |   |   |   |   |   |
| Stockholders' equity:                                                                                                 |   |   |     |   |   |   |   |   |
| Common stock ($0.01 par value, 200,000,000 authorized, 46,410,007 issued and 43,075,410 outstanding in 2011 and 2010) |   |   | 464      |   |   |   | 464 |   |
| Additional paid-in capital                                                                                            |   |   | 548,164  |   |   |   | 548,044 |   |
| Accumulated deficit                                                                                                   |   |   | (536,752 | )      |   |   | (534,859 | ) |
| Treasury stock, at cost - 3,334,597 shares                                                                            |   |   | (2,109   | )      |   |   | (2,109 | ) |
| Total stockholders' equity                                                                                            |   |   | 9,767    |   |   |   | 11,540 |   |
|                                                                                                                  |   |   |     |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                                            |   | $      | 9,994    |   |   | $      | 11,762 |   |

----

| (in thousands)           |   | Common stock |   |   | Additional paid-in capital |   |    | Accumulated deficit |   |   | Treasury stock |   |   | Total  |   |
|--------------------------|--------|--------------|--------|--------|----------------------------|--------|---------|---------------------|--------|--------|----------------|--------|--------|--------|--------|
| December 31, 2009        |   | $            | 464    |   |                       | $      | 548,044 |                |   | $      | (532,899       | )      |   | $      | (2,109 | ) |   | $ | 13,500 |   |
|                     |   |         |   |   |                       |   |    |                |   |   |           |   |   |   |   |   |   |   |   |   |
| Net loss                 |   |         | -      |   |                       |   | -       |                |   |   | (1,960         | )      |   |   | -      |   |   |   | (1,960 | ) |
| December 31, 2010        |   |         | 464    |   |                       |   | 548,044 |                |   |   | (534,859       | )      |   |   | (2,109 | ) |   |   | 11,540 |   |
|                     |   |         |   |   |                       |   |    |                |   |   |           |   |   |   |   |   |   |   |   |   |
| Net loss                 |   |         | -      |   |                       |   | -       |                |   |   | (1,893         | )      |   |   | -      |   |   |   | (1,893 | ) |
| Stock-based compensation |   |         | -      |   |                       |   | 120     |                |   |   | -              |   |   |   | -      |   |   |   | 120 |   |
| December 31, 2011        |   | $            | 464    |   |                       | $      | 548,164 |                |   | $      | (536,752       | )      |   | $      | (2,109 | ) |   | $ | 9,767 |   |

----

| (in thousands)                                                             |   | 2011   |    |   | 2010   |   |
|----------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                       |   |        |    |   |        |   |
| Cash flows from operating activities:                                      |   |        |    |   |        |   |
| Net loss                                                                   |   | $      | (1,893  | )      |   | $      | (1,960 | ) |
| Adjustments to reconcile net loss to net cash used by operating activities |   |   |    |   |   |   |   |   |
| Depreciation                                                               |   |   | 48      |   |   |   | 49 |   |
| Realized gains on sales of investment securities                           |   |   | (19     | )      |   |   | (31 | ) |
| Unrealized losses on trading securities                                    |   |   | 12      |   |   |   | - |   |
| Stock-based compensation expense                                           |   |   | 120     |   |   |   | - |   |
| Changes in other assets and liabilities:                                   |   |   |    |   |   |   |   |   |
| Accrued interest receivable in investment securities                       |   |   | -       |   |   |   | 9 |   |
| Other assets                                                               |   |   | (8      | )      |   |   | 113 |   |
| Accounts payable and accrued liabilities                                   |   |   | 7       |   |   |   | (69 | ) |
| Other liabilities                                                          |   |   | (2      | )      |   |   | (10 | ) |
| Net cash used by operating activities                                      |   |   | (1,735  | )      |   |   | (1,899 | ) |
| Cash flows from investing activities:                                      |   |   |    |   |   |   |   |   |
| Maturities of investment securities - held to maturity                     |   |   | 44,295  |   |   |   | 45,376 |   |
| Purchases of investment securities - held to maturity                      |   |   | (36,095 | )      |   |   | (43,589 | ) |
| Sales of investment securities                                             |   |   | 556     |   |   |   | 977 |   |
| Purchases of investment securities                                         |   |   | (761    | )      |   |   | (946 | ) |
| Proceeds from (investment in) real estate limited partnership              |   |   | 21      |   |   |   | (300 | ) |
| Net cash provided by investing activities                                  |   |   | 8,016   |   |   |   | 1,518 |   |
|                                                                       |   |   |    |   |   |   |   |   |
| Net change in cash and cash equivalents                                    |   |   | 6,281   |   |   |   | (381 | ) |
| Cash and cash equivalents at beginning of year                             |   |   | 1,334   |   |   |   | 1,715 |   |
| Cash and cash equivalents at end of year                                   |   | $      | 7,615   |   |   | $      | 1,334 |   |
| Supplemental cash flow disclosure:                                         |   |   |    |   |   |   |   |   |
| Income taxes paid                                                          |   | $      | 35      |   |   | $      | 110 |   |
|                                                                       |   |   |    |   |   |   |   |   |

----

----

----

|                            |   | December 31, 2011 |   |   | December 31, 2010      |   |
|---------------------------------|--------|-------------------|--------|--------|------------------------|--------|
| (in thousands)                  |   | Carrying Value    |   |   | Cost or Amortized Cost |   |   | Fair Value |   |   | Carrying Value |   |   | Cost or Amortized Cost |   |   | Fair Value |   |
| Held to Maturity:               |   |                   |   |   |                        |   |   |  |   |   |  |   |   |  |   |   |  |   |
|   U.S. Treasury Bills |   | $                 | -      |   |                   | $      | - |   |   | $ | - |   |   | $ | 8,200 |   |   | $ | 8,200 |   |   | $ | 8,199 |   |
| Trading:                        |   |              |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity Securities               |   |              | 212    |   |                   |   | 224 |   |   |   | 212 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                            |   | $                 | 212    |   |                   | $      | 224 |   |   | $ | 212 |   |   | $ | 8,200 |   |   | $ | 8,200 |   |   | $ | 8,199 |   |
| Held to Maturity:            |   | December 31,2011 |   |   | December 31,2010 |   |
|------------------------------|--------|------------------|--------|--------|------------------|--------|
| Gross unrealized (loss) gain |   | $                | -      |   |             | $      | (1 | ) |
|              |   | Full Year 2011 |   |   | Full Year 2010 |   |
|-------------------|--------|----------------|--------|--------|----------------|--------|
| Net sale proceeds |   | $              | 556    |   |           | $      | 977 |   |
| Cost basis        |   |           | (537   | )      |           |   | (946 | ) |
| Realized gain     |   | $              | 19     |   |           | $      | 31 |   |

----

|              |   | December 31,2011 |   |   | December 31,2010 |   |
|-------------------|--------|------------------|--------|--------|------------------|--------|
| Cost basis        |   | $                | 224    |   |             | $      | - |   |
| Current value     |   |             | 212    |   |             |   | - |   |
| Unrealized losses |   | $                | (12    | )      |             | $      | - |   |
|                                                         |   | Year Ended December 31, 2011 |   |   | Year Ended December 31, 2010 |   |
|--------------------------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|
| Net loss                                                     |   | $                            | (1,893 | )      |                         | $      | (1,960 | ) |
| Weighted average common shares outstanding                   |   |                         | 43,075 |   |                         |   | 43,075 |   |
| Effect of Dilutive Securities:                               |   |                         |   |   |                         |   |   |   |
| Assumed stock option exercise                                |   |                         | -      |   |                         |   | - |   |
| Weighted average common shares outstanding assuming dilution |   |                         | 43,075 |   |                         |   | 43,075 |   |
| Net loss per common share - basic                            |   | $                            | (0.04  | )      |                         | $      | (0.04 | ) |
| Net loss per common share - assuming dilution                |   |                         | (0.04  | )      |                         |   | (0.04 | ) |
|          |   | December 31, 2011 |   |   | December 31, 2010 |   |
|---------------|--------|-------------------|--------|--------|-------------------|--------|
| Option shares |   | 816,000           |   |   | 836,000           |   |
|          |   |              |   |   |              |   |

----

|                         |   | 2011       |   |   |  2010 |   |
|------------------------------|--------|------------|--------|--------|------------|--------|
| Balance at beginning of year |   | 43,075,410 |   |   | 43,075,410 |   |
|                         |   |       |   |   |       |   |
| Common shares repurchased    |   | -          |   |   | -          |   |
|                         |   |       |   |   |       |   |
| Balance at end of year       |   | 43,075,410 |   |   | 43,075,410 |   |
|                                      |   | December 31, 2011 |      |   | December 31, 2010 |   |
|-------------------------------------------|--------|-------------------|-----------|--------|-------------------|--------|
| Treasury shares                           |   |              | 3,334,597 |   |              |   | 3,334,597 |   |
|                                      |   |              |      |   |              |   |   |   |
| Aggregate dollar value of treasury shares |   | $                 | 2,109,000 |   |              | $      | 2,109,000 |   |
|                                      |   |              |      |   |              |   |   |   |
| Average cost per treasury share           |   | $                 | 0.63      |   |              | $      | 0.63 |   |
|                                |   | December 31, 2011 |   |
|-------------------------------------|--------|-------------------|--------|
| Common shares reserved for issuance |   | 5,110,000         |   |

----

|                           |   | December 31, 2011 |   |   | December 31, 2010 |   |
|--------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Company matching contributions |   | $                 | 26,000 |   |              | $      | 43,000 |   |
| Employer match %               |   |              | 33     | %      |              |   | 33 | % |

----

----

| (shares in thousands)            |   |                              |   |   |                                 |   |   |                |   |
|----------------------------------|--------|------------------------------|--------|--------|---------------------------------|--------|--------|----------------|--------|
|                             |   | Number ofShares Under Option |   |   | Weighted Average Exercise Price |   |   | IntrinsicValue |   |
|                             |   |                              |   |   |                                 |   |   |                |   |
| Outstanding at December 31, 2009 |   |                         | 851    |   |                            | $      | 0.87   |           |   |  |   |
| Expired                          |   |                         | (15    | )      |                            |   | 0.95   |           |   |  |   |
|                             |   |                         |   |   |                            |   |   |           |   |  |   |
| Outstanding at December 31, 2010 |   |                         | 836    |   |                            |   | 0.87   |           |   |  |   |
| Expired                          |   |                         | (20    | )      |                            |   | 0.95   |           |   |  |   |
|                             |   |                         |   |   |                            |   |   |           |   |  |   |
| Outstanding at December 31, 2011 |   |                         | 816    |   |                            |   | 0.88   |           |   | $ | 188,000 |   |
|                             |   |                         |   |   |                            |   |   |           |   |   |   |   |
| Options exercisable at:          |   |                         |   |   |                            |   |   |           |   |   |   |   |
| December 31, 2011                |   |                         | 816    |   |                            | $      | 0.88   |           |   | $ | 188,000 |   |
| December 31, 2010                |   |                         | 836    |   |                            |   | 0.87   |           |   |   |   |   |
| December 31, 2009                |   |                         | 851    |   |                            |   | 0.87   |           |   |   |   |   |

----

|        |   | (shares in thousands)   |   | Option Outstanding | Options Exercisable                                   |
|--------|--------|-------------------------|--------|--------------------|-------------------------------------------------------|
|        |   | Range ofExercise Prices |   | Shares             | WeightedAverage Remaining Contractual Life (in years) |   | WeightedAverageExercise Price | Shares |   | WeightedAverageExercise Price | Weighted Average Remaining Contractual Life (in years) |
| From   |   |                    |   |  To           |                                                  |
| $      |   |                    | 0.64   |               | $                                                     | 0.81 |   | 480 | 2.52 | $ | 0.72 | 480 | $ | 0.72 | 2.52 |
|   |   |                    | 1.09   |               |                                                       | 1.11 |   | 336 | 1.20 |   | 1.10 | 336 |   | 1.10 | 1.20 |
|   |   |                    | Total  |               |                                                       |   |   | 816 | 1.97 |   |   | 816 |   | 0.88 | 1.97 |
|                                                                                                                                                                                             |   | December 31,2011 |      |   | December 31,2010 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|-----------|--------|------------------|--------|
| Unamortized compensation cost from non-vested stock options                                                                                                                                      |   | $                | -         |   |             | $      | - |   |
| Stock based compensation expense recorded for the year ended                                                                                                                                     |   | $                | 120,000   |   |             | $      | - |   |
| Options to purchase shares of common stock which were excluded from computation of diluted earnings per share due to the effect of being anti-dilutive in the computation of earnings per share. |   |             | 816,000   |   |             |   | 836,000 |   |
|                                                                                                                                                                                             |   |             |      |   |             |   |   |   |
| Shares available for future stock option grants                                                                                                                                                  |   |             | 4,184,000 |   |             |   |   |   |
|                                      |   | 2011   |   |
|-------------------------------------------|--------|--------|--------|
| Weighted average fair value at grant date |   | $      | 0.60   |   |
| Estimated dividend yield                  |   |   | 0      | % |
| Risk free interest rate                   |   |   | 0.25   | % |
| Estimated volatility                      |   |   | 1.039  |   |
| Expected life in years                    |   |   | 2      |   |

----

| (in thousands)                         |   | 2011 |   |   | 2010   |   |
|----------------------------------------|--------|------|--------|--------|--------|--------|
|                                   |   |      |   |   |        |   |
| Income tax expense (benefit) - current |   | $    | 48     |   |   | $      | 58 |   |
| Total                                  |   | $    | 48     |   |   | $      | 58 |   |
| (in thousands)                                  |   | 2011   |   |   | 2010   |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                            |   |        |   |   |        |   |
| Loss before income taxes                        |   | $      | (1,893 | )      |   | $      | (1,902 | ) |
|                                            |   |   |   |   |   |   |   |   |
| Tax expense (benefit) :                         |   |   |   |   |   |   |   |   |
| Tax at statutory federal rate                   |   | $      | 663    |   |   | $      | 666 |   |
| Accounting loss benefit not recognized          |   |   | (663   | )      |   |   | (666 | ) |
| State income taxes                              |   |   | 48     |   |   |   | 58 |   |
| Adjustment to prior year estimated tax accruals |   |   | -      |   |   |   | - |   |
|                                            |   |   |   |   |   |   |   |   |
| Income tax expense (benefit)                    |   | $      | 48     |   |   | $      | 58 |   |

----

----

----

| TaxYearOriginating | TaxYear Expiring |   | Amount |       |
|--------------------|------------------|--------|--------|------------|
| 1997               | 2012             |   | $      | 1,100,000  |   |
| 1998               | 2018             |   |   | 5,400,000  |   |
| 1999               | 2019             |   |   | 4,000,000  |   |
| 2000               | 2020             |   |   | 2,600,000  |   |
| 2001               | 2021             |   |   | 4,000,000  |   |
| 2002               | 2022             |   |   | 3,200,000  |   |
| 2003               | 2023             |   |   | 1,800,000  |   |
| 2004               | 2024             |   |   | 700,000    |   |
| 2006               | 2026             |   |   | 2,800,000  |   |
| 2007               | 2027             |   |   | 12,700,000 |   |
| 2008               | 2028             |   |   | 4,600,000  |   |
| 2009               | 2029             |   |   | 2,400,000  |   |
| 2010               | 2030             |   |   | 1,900,000  |   |
|               |        |   | $      | 47,200,000 |   |

----

| Tax Year Originating |  Tax Year Expiring |   | Amount |      |
|----------------------|-------------------------|--------|--------|-----------|
| 1994                 | 2009                    |        | $      | 2,200,000 |   |
| 1995                 | 2010                    |   | $      | 5,300,000 |   |
|                 |               |   | $      | 7,500,000 |   |
|                 |                    |   |   |      |   |
|                              |   | December 31, 2011 |        |   | December 31, 2010 |   |
|-----------------------------------|--------|-------------------|-------------|--------|-------------------|--------|
| Net deferred tax asset            |   | $                 | 38,000,000  |   |              | $      | 40,000,000 |   |
| Valuation allowance               |   |              | (38,000,000 | )      |              |   | (40,000,000 | ) |
| Net deferred tax asset recognized |   | $                 | -           |   |              | $      | - |   |

----

----

----

----

----

| Level 1 – | Quoted prices in active markets are available for identical assets and liabilities.                                                                                                        |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Level 2 – | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data.  |
| Level 3 – | Unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability.                                |

----

|   |
|--------|
|   | Exhibit # | Exhibit Title |
|   | 23. | Consent of Marcum LLP, Independent Registered Public Accounting Firm.  |
|   | 31.1 | Rule 13a-14(a) Certification of Chief Executive Officer Pursuant to Rule 13a-14.  |
|   | 31.2 | Rule 13a-14(a) Certification of Chief Financial Officer Pursuant to Rule 13a-14.  |
|   | 32.1 | Section 1350 Certification of Chief Executive Officer pursuant to Rule 18 U.S.C. Section 1350.  |
|   | 32.2 | Section 1350 Certification of Chief Financial Officer pursuant to Rule 18 U.S.C. Section 1350.  |

----

| Signatures                                                                                                                                                                                                       |   |                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                             |   |                                                                                                                                                |
| Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
| AMBASE CORPORATION                                                                                                                                                                                               |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
| /s/RICHARD A. BIANCOChairman, President and Chief ExecutiveOfficer (Principal Executive Officer)Date:  January 4, 2013                                                                                      |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
| Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities on the dates indicated.        |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
| /s/RICHARD A. BIANCOChairman, President,Chief Executive Officer and DirectorDate:  January 4, 2013                                                                                                     |   | /s/JOHN P. FERRARAVice President, Chief Financial Officerand Controller(Principal Financial and Accounting Officer)Date:  January 4, 2013 |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |
|                                                                                                                                                                                                             |   |                                                                                                                                                |

----

|  COLUMN A   |   | COLUMN B     |   |   | COLUMN C               |   |   | COLUMN D                                  |   |   | COLUMN E                                                |   |
|------------------|--------|--------------|--------|--------|------------------------|--------|--------|-------------------------------------------|--------|--------|---------------------------------------------------------|--------|
|             |   |              |   |   | Initial Costto Company |   |   | Cost Capitalized Subsequent toAcquisition |   |   | Gross Amount at which Carriedat the Close of the Period |   |
| Description      |   | Encumbrances |   |   | Land                   |   |   | Building & Improvements               |   |   | Improvements                                            |   |   | Land |   |   | Building & Improvements |   |   | Total |   |
| Office Building: |   |              |   |   |                        |   |   |                                           |   |   |                                                         |   |   |  |   |   |  |   |   |  |   |
| Greenwich, CT    |   | $            | -      |   |                   | $      | 554    |                                      |   | $      | 1,880                                                   |   |   | $ | 20 |   |   | $ | 554 |   |   | $ | 1,900 |   |   | $ | 2,454 |   |
|             |   |         |   |   |                   |   |   |                                      |   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total            |   | $            | -      |   |                   | $      | 554    |                                      |   | $      | 1,880                                                   |   |   | $ | 20 |   |   | $ | 554 |   |   | $ | 1,900 |   |   | $ | 2,454 |   |
|  COLUMN A   |   | COLUMN F                 |   |   | COLUMN G        |   |  COLUMN H |  COLUMN I                                    |
|------------------|--------|--------------------------|--------|--------|-----------------|--------|----------------|---------------------------------------------------|
| Description      |   | Accumulated Depreciation |   |   | DateConstructed |   | DateAcquired   | Life on Which Depreciated Latest Income Statement |
| Office Building: |   |                          |   |   |                 |   |           |                          |
| Greenwich, CT    |   | $                        | 533    |   |            |   | 1970           |                                              | Apr.-01 | 39 years |
|             |   |                     |   |   |            |   |           |                                              |   |        |
| Total            |   | $                        | 533    |   |            |   |           |                                              |   |     |
|             |   |                     |   |   |            |   |           |                                              |   |        |
|                                                    |   | Year Ended December 31, 2011 |   |   | Year Ended December 31, 2010 |   |
|---------------------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|
|                                                    |   |                              |   |   |                              |   |
| Balance at beginning of year                            |   | $                            | 2,454  |   |                         | $      | 2,454 |   |
| Improvements                                            |   |                         | -      |   |                         |   | - |   |
| Acquisitions                                            |   |                         | -      |   |                         |   | - |   |
| Disposition                                             |   |                         | -      |   |                         |   | - |   |
| Balance at end of year                                  |   | $                            | 2,454  |   |                         | $      | 2,454 |   |
|                                                    |   |                         |   |   |                         |   |   |   |
| Total cost for federal tax purposes at end of each year |   | $                            | 2,454  |   |                         | $      | 2,454 |   |
|                                                    |   |                         |   |   |                         |   |   |   |
| Balance at beginning of year |   | $      | 485    |   |   | $      | 436    |   |
|------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|
| Depreciation expense         |   |   | 48     |   |   |   | 49     |   |
| Dispositions                 |   |   | -      |   |   |   | -      |   |
| Balance at end of year       |   | $      | 533    |   |   | $      | 485    |   |
|                         |   |   |   |   |   |   |   |   |