DS9 Document EFTA00599823

C I 0 Global l runs meat onuornmair Global Investment Opportunities Group Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of April 23, 2013 J.P. Morgan Securitin LLC, Current EX & Commodity rates USDPIDOI USDARS USOCHF 122945 5.1693 0.9431 XAUUSEI USDKRW USDCAD 1412.61 1120.93 1.0258 GBPUSD EURUSD USDTRT 1.5265 1.3008 1.804 USDIPT USDBRL USONOIL 99.260 2.0218 5.9132 • Intrad via Illoornbe trade Date Symbol Shares Company Currency Industry Dividend 'held Cost Basis (S) Market Value (S) Entry Price Current Price (Local) (Local) Mt M 11.0ct.11 TEF (1.500) Telefonica Se-Span Adr Communications 0.00% $34080 ($21,255) 20.05 14.17 $8.825 15-Jun.12 TEF (39) Telefonica Sa-Span Mr USD Communications 0.00% $488 ($553) 12.52 14.17 ($65) 24-lan.13 ARIA 9,000 Ariad Pharmaceuticals Inc USD mourner, Non.cydx 0.00% (5176.4001 $167,940 19.60 18.66 (8.460) 14.Feb-12 ARIA 7,535 Ariad Pharmaceuticals Inc USD mourner, Non.cyclk 0.00% (5114.6001 $140,603 15.21 18.66 $26,003 24-Oct-12 Df 25,000 Dean Foods Co USD mourner, Non.cydir 0.00% (5470.4501 $477,250 18.82 19 09 Woo 12-Jul-ID DAG 50,000 Nash% Db Agi Double Long USD Funds 0.00% (5352.5501 $467,000 7.05 9.34 $114,450 17-May-12 FB 17,500 Facebook Inc-A USD Communications 0.00% (5665.000) $457,975 38.00 26.17 (5207,025) 14.Feb-12 BIIB 2,095 Biogen Idec Inc USD mourner, Non.cydk 0.00% (5250.455) $449,734 119.55 214.67 5199.278 tructured Note Trade Date Maturity Face Amount • Manual Prici via /PMor an InvestmeM Bank as of da Loner Description Nov-12 1, .000 Gs Note 11/22/13 Lnkd To Man Vs Usd 85%Barner. 5% Atrn Cpn-22.9%Martrn 9-Jan-13 24-lan-14 1,000,000 lisbc Ben Inked To Cnh Vs Usd SYJev. 500%Mantrn 01/09/13 Initial Strate/6.1995 14Feb-13 20-Aug-l4 1,000,000 MS Market Plus MAX 0840/1480% EKO Barrier 15% CFI{ Uncapped Initial Level - 2, 5-Apr-12 16-Apr-15 1,500,000 Mentor CLN 6203% CPN 04/16/2015 Dtd 04/16/2012 r Cost Basis (5) Market Value (s) Interest Received (51,000,000) $1,116,960 SO ($1,000,000) $1,006,500 SO ($1,000,000) $1,121,350 SO ($1,500,000) $1,561,950 569,888 Entry price () Current Price () $100.00 [repeated 4 times] L70 $100.65 $112.14 $104.13 MTM $116,960 $6,500 $121,350 $131,838 S. Fixed Income • Intrad via Bkaombe 22-Feb-12 154:m.2018 1,000,020 Nrg Energy Inc 88- 22-Oct-12 01-Apr-2019 1,000,000 Headwaters Inc B. 22-Oct-12 15.May.2019 400,000 Earthlmk Inc 8 23-Oct-12 15.May.2019 600,000 Earthlmk Inc 8 1.Oct-12 01-Jun-2019 1,000,000 Kindred Healthcare Inc 8 8-Nov-12 01-Jun-2019 1,000000 Kindred Healthcare Inc 8 24-lan.13 15-Feb-2020 1,500000 Servicemaster Company 25.Feb-13 15-Feb-2020 1,000000 Servicemaster Company 3-Apr-13 10-Apr-2023 300,000 Barclays Bank Plc BBB- 1S-Jun.11 Perpetual 2,500,000 Jpmorgan Osase I Co BBB 1S-Jun.11 Perpetual 2,500,000 kamorgan Ouse 8 Co BBB 10-lan.11 Perpetual 2,000,000 Bank Of America Corp 88. 30-lan.12 Perpetual 3,000.000 Southern Cal Edison 888 27-Jun.12 Perpetual 2,000,049 General Floc Cap Corp AA N/A 7.625% 4/112015 7.625% 5/ 1512015 8.875% siiiscou 8.875% 6/1/2014 8250% 6/1/2014 8250% 2/15/2015 8.000% 2/15/2015 8.000% 4110/2018 7.750% 4/30/2018 7.900% 4/30/2018 7.900% 5/15/2018 8.125% 2/1/2022 6250% 6/15/2022 7.125% (51,001,500) ($1,035,003) ($414,000) ($619,500) ($996,250) ($970,000) ($1,595,625) ($1,070,000) ($300,000) ($2,702,425) ($2,702,425) ($2,081,180) ($2,999.970) (52,122.920) $1,146,250 $1,082,500 $408,000 $612,000 $1,037,500 $1,037,500 $1,598,445 $1,065,630 $303,075 $2,906,500 $2,906,500 $2,2/35,000 $3,375,420 52,313,000 $89,170 $38,337 $17,849 $26,625 $46,292 $37,813 $29,667 $12,889 $1,292 $366,472 $366,472 $371,493 $230,729 $117.167 4.18% $100.15 $114.63 4.99% $103.50 $10825 828% $103.50 S102.00 828% $103.25 5102.00 7.17% $99.63 5103.7$ 7.17% $97.00 $103.75 6.39% $106.38 $106.56 6.39% $107.00 $106.56 7.50% $100.00 $101.03 426% $108.10 $11626 426% $108.10 $11626 4.91% $104.06 $11425 4.50% $100.00 $112.51 4.97% $106.15 $115.65 $233,920 $85,837 $11,849 $19,125 $87,542 $105,313 $32,487 58.519 $4,367 $570,547 $570,547 $575,313 $606,179 $307,247 U.S. Fixed Income MTM (520.610.195) 522.077,320 $1,752,265 53.218./90 PROT0 C I 0 Caobalinvostmeall/unarlwefthm Current FIE & Commodity rates nternationd Fixed Income Trade Date Maturity Sate Amount 11.Oct-12 10.May-12 26-Jan-12 13-Oct-10 cot 02-Nov-2017 16.Dec-2021 15.Dec-2035 15.Dec-2035 1,000,000 1,500,000 7,500,000 10,000,000 Account Position and MTM Summary (Open Positions) Prepared for Southern Financial EEC as of April 23. 2013 USOMXN UNBARS USOCHF 12.2945 5.1693 0.9431 XAUUSEI USDKRW USDCAD 1412.61 1120.93 1.0258 GBPUSD EURUSD USDTRY 1.5265 1.3008 1.804 USOWY USOORL USONOIC 99160 2.0218 S-9132 • Intradrry Pricing via Bloomberg Issue S&P Rating Currency Coupon Principal Cost (5) Market value 15) Total Int- Accrued 15) Yield to Wont Entry Price (Local) Current Price (Local) MTM Pevoleos De Venezuela at USD 8.500% ($440,250) 1487,500 $72,903 9.19% 8805 97.50 570,153 Petroleos De Venezuela B• USD 8.500% ($897.500) $975,000 145,333 9.19% 89.75 97.50 5122,833 Lloyds Tsb Bank Plc BBB- USD 9.875% (51,627,5C0) $1,815,000 $141,130 3.60% 108.50 121.00 5328.630 Republic Of Argentina WA USD 0.000% (51,038.750) $410,250 5469.920 1285 5.40 (5158.580) Republic Of Argentina WA ARS 0.000% (5318.000) 515,500 $326.746 12.56 0.80 523,746 I.P. Morgan SeCueltleS LIX, Mortgage and Asset Backed • Manual Pricing via IF•Morgan Investment Bank Trade Date Maturity Original Face Issue S&P Rating Next Call Date Coupon Principal Cost (5) Marital Value (5) Total Princ*Int (5) Entry Price Current Price (Local) (Local) MTM 24-Jan-13 6.Feb-13 5.Nov-12 23-Aug-12 14-Nov12 2B-Nov.12 16.4pr-13 25-Aug-2029 20.Dec-2032 25-Nov-2032 25-Aug-2033 25-Apr-2035 25-Feb-2037 25-Mar-2033 9,551,000 5,701,000 1,750,000 3,325,000 10,000,000 eciellocio 4300,000 Nmbt 2004-1 OM Senn 11 B1 Gmsl 2004-A 83 Cwhl 2003-26 (11 Inn 2005.2 1M1 Chase 2007-A1 2A4 Cwhl 2003-1 61 CCC [repeated 5 times] 4/25/2013 5/20/2013 N/A 4/25/2013 4/25/2013 8/25/2024 4/25.0013 1.100% 1.654% 5250% 5.336% 0.845% 2.988% 5.750% ($562,273) (/781.919) (1583.601) (51231,222) (51,165,893) (52.042,809) (51,448,803) $560,616 $798,259 5538,811 $1,068,003 $1,144,948 $1,880,598 $1,448,803 $4,657 $11,261 $64,815 $180,960 $57,855 $172,027 ($4,362) 5625 73.75 80.50 7700 7000 88.50 95.50 56.25 76.30 80.21 73.20 71.00 88.00 95.50 $ , $27,601 $20,025 $17,740 $36,913 $9,816 (54.362) Listed Preferred Trade Date Maturity Shares Company S&P Rating Par Amount Coupon Principal coat (9) Market Value IS) Dividends Yield to Wont Entry Price Current Price Received (5) (Local) (Local) 18-Nov.10 12/1/2013 8.000 General Motors Co WA $50.00 4.75% (5400.000) $362,320 145,494 23.36% 5000 45.29 57,814 9-Dec-10 12/1/2013 63,000 General Motors Co WA $50.00 4.75% (53,185373) $2,853,270 $349,541 23.36% 5057 45.29 $16,838 15.Feb-13 2/1/2016 6,000 Cliffs Natural Resources WA $25.00 7.00% (1150.000) $109,260 $1,021 19.99% 2SX* 18.21 ($39.719) 22.Feb-12 2115/2040 80,000 Gmac Capital Trust I CCC, $25.00 8.13% (51,682.800) $2,168,000 $166,111 5.45% 2354 27.10 $451,311 15-lan.13 1/15/2073 25,000 Nextera Energy Capital 88B $25.00 5.00% (1625.000) $619,500 $5,122 5.05% 2SX* 24.78 ($378) 3-Feb-12 Perpetual 46,600 Aly Financial Inc CCC, $25.00 8.50% (51,002.226) $1,248,414 $117,730 6.52% 2151 26.79 $363,918 9.Feb-12 Perpetual 80,000 Aly Financial Inc CCC. $25.00 8.50% ($1,780,000) $2,143,200 $199,278 632% 2225 26.79 $562,478 17-Jan-13 Perpetual 27,000 Vomado Realty Trust BBB- $25.00 5.40% ($675.000) 5672,570 $3,443 5.46% 2500 24.91 $1,013 24-Oct-12 Perpetual 40,000 Royal Bk Scotksd Grp Ptc 88 $25.00 7.25% (1951.600) $991,600 $24,569 7.38% 23.79 24.79 $64569 7-Jan-13 Perpetual 40,000 Royal Bk Scotksd Grp Ptc 88 $25.00 7.25% (1977.600) $991,600 $9,868 7.38% 2444 24.79 f23,868 14-Jan.13 Perpetual 40,000 Royal Bk Scotlnd Grp Ptc 88 $25.00 7.25% (1995.200) $991,600 $8458 7.38% 24.98 24.79 $4,858 2-Apr-13 Perpetual 35,000 Digital Realty Trust Inc 8B. $25.00 5.88% ($875.000) 5872.900 $0 5.90% 2500 24.94 (52.1001 16.Ape-13 Perpetual 12,000 First Republic Bank/5f WA $25.00 5.50% (1303000) $297,960 $0 2500 24.83 (52.0401 PROT1 GI 0 Global latuntraisat OnuoriunItles Current FX & Commodity rates Forward Contracts Trade Date Value Date Bought 1.Feb.13 6-May-13 CHF 14Mar-13 18-Jun-13 USD 2I3Mar-13 1-Mar13 JPY Forward Contracts MTM Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of April 23, 2013 LP. Morgan ~sin u.c. USIBMXN USDARS LISDOir 12.2985 5.1693 0.9431 )(AU») USDKRW USDCAD 1412.61 1120.93 1.0258 GBPUSD EURLISD USDTRY 1.5265 1.3008 1.804 LISCUPY USUAL LISONOR 99.260 2.0218 5.9132 • Rates emoted intraday from Bloomberg Notional Sold Notional Fix Date Contract Spot Contract Forward Current Spot Rate Current Albin Forward MTM 6,190500 5,000,000 925,220,000 EUR 1(4W CAD 5,000,000 5,581,750,000 10 003,000 4-May-13 16-hm-13 =Ma 1.2391 1116.35 92.63 1.2381 1116.35 92.522 1.22693 1120.19000 96.75200 1.22690 1,122.80250 96.73640 $59,377 $28,734 ($424,390) ($336.279) FX Options • MTM Modelled via Bloomberg Trade Date Expiration Direction Currency 1 Type Currency 2 Notional Strike Currency 2 Type Barrier Type Original Current Premium Premium (5) (5) MINI 8-Aug.12 OB-Oct-13 8-Aug.12 08.Oct-13 Bought Sold IPY JPY Put Call 10,000,000 10,000,000 80.90 76.90 CAD CAD Call Put Exp KI 0 69.65 (5347.809) $347,809 $1.592,358 $0 $1,244,549 $347,809 FX Options MIM 50 $1,592.358 $1,592,3541 Commodity Options • MTM Modelled via Bloomberg Trade Date Expiration Direction Commodity Type Notional (or) Strike Currency Notional Type Original Current Premium Premium ($) MIM 19.Apr-13 11-Jul-13 19-Apr-13 11-Jul-13 Bought Sold COM3 COM3 Call Put 100,000 100,000 111 87.5 11,100,000 8,750,000 Put Call 11.1u1.13 11-Jull 3 DX) 586,000 568528 5Y, Commodity Options MTM s0 ($19.518)a Total Return Sw Trade Date Effective Date Maturity Date Underlying Shares Rate Spread (bps) Notional Accrued Interest Paid Entry Price (Local) ff Dividends Earned Conant Price (Local) MIM 31-Jan.13 3-Feb-13 18-Mar-13 18-Mar-13 5-Feb-14 20-Mar14 Apple Inc Komi Transport Equipmt 4A30 888,972 3mL 3mL 1.00% 0.70% 52,017,023.30 11,999,999.37 (55,646) (51,951) $455.31 2504.92 SO SO 405.41 2,18380 ($226,703) ($270,052) Total Return Swaps MTM 54,017,023 (57,597) so _J (5496, n5) E01 LO fl/SP 5139,807 $5,545,382 5207,764 $1,063,396 $347,571 $6,608,778 2012 LOY Open Milil 55.585,131 Repo $0 [repeated 3 times] Current Open MTM 56.424.995 MF /ST $0 Derivative $739,806 (51,499,110) ($759.304) YID Change in Open MTM $739,8541 Alternative $0 SO $0 2013 Closed PA- ($227.950) Other I Miscellaneous $0 SO $0 otals 56A24,995 (5227.950) $6.197A45 [2013 Net Performance 5511,908 <O 20131Psbrpen Gust & Co PROT2 G I 0 Glob•I ni )toir... tunic in Account Position and MTM Summary (2013 Closed Positions) Prepared for southern Financial LLC as of April 23, 2013 J.P. Morgan SecurItie Equity Trade Date Symbol Shares Company Currency Industry Dividend Yield Cost Basis (5) Market Value (5) Closing Date Entry Price (Local) Closing Price (Local) Pit 8-Jan-13 CLMT 4,400 Calumet Specialty Products USD Energy 7.27% (5139.964) $137.452 8-Jan-13 31.81 31.24 (52.512) 8-Jan-13 SLRC 4,400 Solar Capital Ltd USD Financial 10.25% (5107.360) $105.688 8-Jan-13 24.40 24.02 (51.672) 8-Jan-13 Tap 3,200 Tesoro Logistics Lp USD Energy 3.63% ($133.440) $134909 9-Jan-13 41.70 42.16 51,469 15-Jan-13 USAC 6,000 Usa Compression Partners Lp USD Industrial 0.00% ($108.000) 5106.260 15..lan.13 18.00 17.71 (51.740) 16-Ian.13 ALNY 2,400 Alnylam Pharmaceuticals Inc USD snstoner. Nowt-cyclic 0.00% ($48,312) $50,040 16..lan.13 20.13 20.85 $1,728 16-Ian.13 ITMN 6,600 Intermune Inc USD 0.00% ($65,340) $66,125 16..lan.13 9.90 10.02 $785 17-Ian.13 AVEO 2,400 Aveo Plizamaceuticah Inc USD 0.00% ($18,000) 517,899 17-Jan.13 7.50 7.46 ($101) 17-Ian.13 CUM 1,800 Cyr Refining (p USD Energy 0.00% (545.000) 545,871 17-Jan.13 25.00 25.48 $871 18-Ian.13 MCP 6,000 Molycorp Inc USD Basic Materials 0.00% (S114.000) $111,358 18..lan.13 19.00 18.56 (52.643) 18-Jan-13 NCLH 1,600 Norwegian Cruise Line Holdin USD Consumer, Cyclical 0.00% ($30,400) $39,328 18..lan.13 19.00 24.58 $8.928 18-Jan-13 NTI 5,200 Northern Tier Energy Lp USD Energy 19.02% (5127,192) $126,149 18..lan.13 24.46 24.26 (51.043) 14-Feb-13 ARIA 9,000 Ariad Pharmaceuticals Inc USD 'name,. Nowt-cyclic 0.00% (S136.878) 5174,408 24..lan.13 15.21 19.38 $37,530 24-Jan-13 89L 4,000 Buckeye Partners Lp USD Energy 6.70% (S210.160) $208323 24..lan.13 52.54 52.13 (51.637) 25-Jan-13 BFAM 500 Bright Horizons Family Solut USD 0.00% ($11,000) $13,758 25..lan.13 22.00 27.52 52.758 25-Jan-13 MCP 2,500 Molycorp Inc USD Basic Materials 0.00% ($15,000) $17A00 25..lan.13 6.00 6.96 52.400 29-Jan-13 PNY 6,500 Piedmont Natural Gas Co USD Utilities 3.56% (5208.000) 5207.410 30..lan.13 32.00 31.91 ($590) 31 -Jan-13 KR% 1,500 Keryx Biopharmaceuticals USD 0.00% ($12,735) $14,190 31-Jan.13 8.49 9.46 $1,455 3I-Ian.13 VNR 3,500 Vanguard Natural Resources USD Energy 8.41% ($97,475) $96,983 31-Jan.13 27.85 27.71 (5492) 3I-Ian.13 27S 25,000 2oees Inc USD 'num.,. Nowt-cyclic 0.61% (5650.000) $786,482 1.Feb-13 26.00 31.46 5136,482 1-Feb-13 CUSP 1,500 Chesapeake Lodging Trust USD Financial 4.15% ($31.125) $31,559 1.Feb-13 20.75 21.04 $434 1-Feb-13 NMM 3,500 Navios Maritime Partners Lp USD Industrial 12.04% ($49,525) $48.859 1.Feb-13 14.15 13.96 ($666) 5-Feb-13 EPD 4,000 Enterprise Products Partners USD Energy 4.35% (5218.240) $218,072 5-Feb-13 54.56 54.52 (5169) 5-Feb-13 BCC 1,000 Eloise Cascade Co USD Industrial 0.00% ($21,000) $25,269 6-Feb-13 21.00 25.27 $4,269 7-Feb-13 BCC 3,500 Eloise Cascade Co USD Industrial 0.00% ($69,510) $69,263 7-Feb-13 19.86 19.79 ($247) 14-Feb-13 MR 29,000 Armour Residential Reit Inc USD Financial 13.08% (S198.360) $193.141 14.Feb-13 6.84 6.66 ($5.219) IS-Feb-13 CLF 3,000 Cliffs Natural Resources Inc USD Basic Materials 3.30% ($87,000) 589,148 15-Feb-13 29.00 29.72 52.148 15-Feb-13 NLSN 8,000 Nielsen Holdings Nv USD Communications 1.86% (S260.400) $260.654 15-Feb-13 32.55 32.58 $254 15-Feb-13 1,000 Pioneer Natural Resources Co USD Energy 0.07% (S128.000) 5130,328 15-Feb-13 128.00 130.33 52.328 21-Feb-13 KORS 20,000 Michael Kon Holdings Ltd USD 0.00% (51230,000) 51,201.181 21-Feb-13 61.50 60.06 328.819) 21-Feb-13 KMP 3,000 Kinder Morgan Energy Prtnn USD Energy 5.67% ($259.050) $259,377 2I.Feb-13 86.35 86.46 $327 27-Feb-13 AGNC 15,000 American Capital Agency Corp USD Financial 15.32% (5474.450) $473,839 27.Feb-13 31.63 31.59 ($611) 27-Feb-13 MPW 1,250 Medical Properties Trust Inc USD Financial 5.01% ($17,813) $17,887 27.Feb-13 14.25 14.31 $75 28-Feb-13 DCP 3,500 °pomp International Inc-A USD Nat.cyclic 0.00% (S14Z205) $143,357 I.Mar.13 40.63 40.96 $1,152 5-Mar-13 WP2 2,750 Williams Partners Lp USD Energy 6.31% (S135.135) $134362 5-Mar-13 49.14 48.86 3773) 6-Mar-13 ARI 4,000 Apollo Commercial Real Estat USD Financial 9.38% ($68.200) 568.238 6-Mar-13 17.05 17.06 $38 6-Mar-13 MHO 500 MA Homes Inc USD 0.00% ($11,750) $12,210 6-Mar-13 23.50 24.42 5460 6-Mar-13 O 2,000 Realty Income Corp USD Financial 4.40% ($91,800) 591,078 6-Mar-13 45.90 45.54 3722) 7-Mar-13 LUSO( 1,500 Discovery Communications-C USD Communications 0.00% ($97,125) 5100.438 7-Mar-13 64.75 66.96 $3.313 7-Mar-13 KM 1,500 Kar Auction Services Inc USD snsLener. Nowt-cyclic 3.59% (528.875) 529,234 7-Mar-13 1925 19.49 $359 7-Mar-13 BKU 500 8ankunited Inc USD Financial 3.42% ($12,625) $12255 8-Mar-13 25.25 25.51 $130 8-Mar-13 PCYC 2,500 Pharmacyclics Inc USD snsLener. Nat.cyclic 0.00% (5235.000) $235,330 8-Mar-13 94.00 94.13 $330 12-Mar-13 1.%P 2,000 Lexington Realty Trust USD Financial 4.85% ($23,400) $23,339 12-Mar-13 11.70 11.67 (5611 13-Mar-13 BNNY 1,250 Annie's Inc USD 0.00% ($50,000) 549,949 13-Mar-13 40.00 39.96 (551) 13-Mar-13 HTWR 600 Heartware International Inc USD 0.00% ($51,870) $52,055 13-Mar-13 86.45 86.76 5185 14-Mar-13 VIPS 1,000 Vipshop Holdings Ltd Ads USD Communications 0.00% ($24,000) $24,609 14-Mar-13 24.00 24.61 $609 IS-Mar-13 TRLA 1,000 Trulia Inc USD Communications 0.00% ($29,750) $31,009 15-Mar-13 29.75 31.01 $1,259 3-Apr-13 ARCC 3,500 Ares Capital Corp USD Financial 8.68% ($61,635) 561,344 3-Apr-13 17.61 17.53 ($291) 9-Apr-13 CU2 4,000 Cousins Properties Inc USD Financial 1.68% ($41,800) 542,359 9-Apr-13 10.45 10.59 5559 10-Apr-13 TMHC 1,500 Taylor Morrison Home Corp-A USD 0.00% ($33,000) 534,754 10-Apr-13 22.00 23.17 $1,754 11-Apr-13 RLGY 9,000 Realogy Holdings Corp USD Financial 0.00% (5396.000) $401,119 11 -Apr-13 44.00 44.57 $5,119 11-Apr-13 INFI 7,500 Infinity Pharmaceuticals Inc USD 0.00% (5300.000) 5308.768 11 -Apr-13 40.00 41.17 $8.768 12-Apr-13 EV7C 4,000 Evertor Inc USD snsLener. Nowt-cyclic 0.00% ($80,000) $85,430 12-Apr-13 20.00 21.36 55,430 12-Apr-13 CSTE 1,500 Caesarstone Sdot-Yam Ltd USD Industrial 0.00% ($34,875) S35,639 12-Apr-13 23.25 23.76 $764 18-Apr-13 APL 21,000 Atlas Pipeline Partners Lp USD Energy 6.52% (5714.000) $721644 18-Apr-13 34.00 34.46 59,644 18-Apr-13 2,000 Intelsat Sa USD Communications 0.00% ($36.000) 533,919 18-Apr-13 18.00 16.96 (52.081) 18-Apr-13 ROSE 1,000 Rosetta Resources Inc USD Energy 0.00% ($42,500) 542,459 18-Apr-13 42.50 42.46 (541) 18-Apr-13 TAM LOCO Taminco Corp USD Basic Materials 0.00% ($15,000) $14,080 18-Apr-13 15.00 14.08 3920) 11.Oct-11 TEF (,500) Telefonica Sa-Spon Adr USD Communications 0.00% $30,080 (520.700) 18-Apr-13 20.05 13.80 59,380 15-lun-12 TEF (39) Telefonica Sa-Spon Adr USD Communications 0.00% $488 ($538) 18-Apr-13 12.52 13.80 ($50) 15-lun-12 SEAS 2,000 Seaworld Entertainment Inc USD 0.00% (554.000) 561,419 19-Apr-13 27.00 30.71 57,419 PROT3 CIO Olobel Investment Ormortuntrles U.S. Fixed Income Trade Date Maturity Face Amount 24.0ct-11 8.Mar-11 17-Apr-13 15-Feb-2016 1,500,000 01-Mar-2017 2,500,000 Perpetual 3,000,000 U.S. Fixed Income PIL International Fixed Income Trade Date Maturity Face Amount 23-lan.13 05.Dec.2022 12,00%003 Account Position and MTM Summary (2013 Closed Positions) Prepared for Southern Financial LLC as of April 23. 2013 J.P. Morgan Securities 11C. Issuer S&P Rating Next Call Date Coupon Principal Con Market Value Total Int. Accrued Closing Date Entry Price Closing Moe Hca Inc American Axle IS Mfg Inc lama/gen Chase a Co B. B BBB WA WA 5/1/2023 6.500% 7.875% 5.150% (51.530,000) (52615.625) ($3.000000) 51,650,000 $2.575,000 $3,015,000 1122.41, $289.8" $289.844 24.lan.13 1-Mar.13 17-Apr-13 $102.00 $10443 $100.00 5110.00 5103.00 510).50 5242,417 5249.219 $304,844 S 796.4)9 Issue S&P Rating Currency Coupon Principal Cost (S) Market value (5) Total Int. Accrued (5) Closing Date Entry Price Closing Price (Local) (Local) America Monl Sala De C MXN 6.450% ($1,004,417) $1,041,054 $15,705 19-Apr .1 105.75 106325 552,343 PROT4 I CI Gillil•i lnvr.unenr (34 , 001rinfligin Mortgage and Asset Backed Trade Date Maturity Original Face Issue S&P Rating Next Call Date Coupon Principal Coat (5) Market Value (5) Total Int. Closing Date Entry Price Closing Price PIL Accrued (5) (Local) (Local) 11-Sep-12 25-May-203$ 8.126,960 Mh12005-2 1..11 8/25/2015 0.640% ($1,456,134) $1,565,282 $104,747 2./20/2013 70.00 79.00 $213,895 Listed Prefemeds Trade Date Maturity Share: Company S&P Rating Par Amount Coupon Principal Coat (5) Market Value (5) Dividends Received (Si Closing Date Entry Price Closing Price (Local) (Local) PIL 9-Jan-13 1/15/2073 15,200 Duke Energy Carp 8811. $2590 5.13% (5380,000) $383,192 $0 11-Jan-13 25 00 25.21 $3,192 14-Jan-13 1/15/2073 10,803 Duke Energy Corp BBB. $2500 5.13% ($270,000) $279,282 $0 220an-13 25 00 2586 $9,282 22-lan-13 1/29/2053 32.500 General Elec Cap Corp AA. $25.00 488% ($812,500) $811,832 $0 29-Jan-13 25 00 2498 ($668) 290an-13 Perpetual 47,212 fem.:igen Chase 8 Co BBB $25.00 5.45% ($1,180,300) $1,173,664 SO 15-Mar-13 25 00 2486 (5036) 14-Mar-13 Perpetual 25,003 Interstate Power 8 Light BBB $25.00 5.10% (1625,000) $624,486 SO 15-Mar-13 25 00 2498 ($S14) 290an-13 Perpetual 12.788 Jprnoegan Chase 8 Co BBB $25.00 5.45% ($31%700) $318,237 SO 22.Mar-13 25 00 2489 (51,463) 7-Feb-13 Perpetual &570 Armour Residential Reit NIA $25.00 7.88% ($214,250) $213,553 SO 22.Mar-13 25 00 2492 (5697) 6-Feb-13 Perpetual 7.000 Gent Growth Properties Bu $25.00 6.38% (1175,000) $173,456 SO 22.Mar-13 25.00 24.78 (51,544) 7-Feb-13 Perpetual 11,430 Armour Residential Reit NIA $25.00 7.88% ($285250) $284,862 SO 25-Mar-13 25 00 24.92 (5888) 23-Jan -13 Perpetual 20,000 See Trust li BBB• $25.00 5.10% (150%000) $498,571 SO 3-444-13 25 00 24.93 (51,429) 5-Mar-13 Perpetual 15,000 Public Storage BBB. $25.00 5.20% (1375,000) $375,142 SO 5-444-13 25 00 25.01 5142 8-Apr-13 Perpetual 32.000 Mfa Financial Inc NIA $25.00 730% (5800,000) $801,902 SO 17-Apr- I) 25 00 25.06 $1,902 Listed Preferred, PA 5679 Listed Preferred, Syndicate 5679 Forward Contracts Trade Date Value Date Bought Notional Sold Notional Fix Date Contract Spot Contract Forward Closing Date Closing Rate P/L 4Dec-I2 8-Jan-13 JPY 822,800,000 CAD 10.000,000 8-Jan-13 82.416 82.28 4-Jan-13 8%17 (5783,578) 18-Dec-12 22-Jan-13 M)(11 12,900,000 USD 1,011,828 22-lan-13 12.7324 12.7492 17-lan-13 12.59 113,6.97 17-Jan-13 22-Feb-13 M)el 12,900,000 USD 1,022,438 22-Feb-13 12.5829 12.6169 23-lan-13 12.68 ($4,849) 2-Noy-12 6-Feb-13 CHF 6,025,500 EUR 5,000,000 4-Feb-13 1207 12051 30-lan-13 1.23760 (1179.0441 2-Nov-12 6-Feb-13 CHF 6,025,500 EUR 5,000,000 4-Feb-13 1207 12051 1-Feb-13 1.23910 (1187.3071 4..lan-13 8-Feb-13 JPY 890,400,000 CAD 10.000,000 6-Feb-13 89.17 89.04 7-Feb-13 93.5012 ($478.0451 7-Feb-13 12-Mar-13 JPY 933,849,000 CAD 10,000,000 10-Mar-13 93.49 933849 6-Mar-13 91.0278 1210500 6-Mar-13 8-Apr-13 JPY 909.300,000 CAD 10.000,000 6-Apr-13 91.038 90.93 28-Mar-13 9161220 (5178.777) Commodity Options Trade Date Expiration Direction Commodity Type Notional (or) Strike Currency Notional Type Closing Date Original Closing Premium premium (5) (5) PIL 10.Jul-12 08-Feb-13 Sold C0113 Put 100,000 79 7.900,000 Call 08-Feb-13 5327,000 SO 5321000.00 10.10-12 08-Feb-13 Bought C0113 Call 100,000 118.5 11,850.000 Put 08-Feb-13 (5327,000) SO (5327.000.00) Account Position and IVITM Summary (2013 Closed Positions) Prepared for Southern Financial LLC as of April 23, 2013 J.P. Morgan Securities 1.1.C. Total Return Swaps Trade Date Effective Date Maturity Date Underlying Shares Rate Spread (bps) Notional Accrued Interest Paid Entry Price Closing Date Dividend% Earned Closing Price (Local) PS 1-lan-12 3-Feb-12 5.Feb-13 Apple Inc 8.860 3471. L00% 14044,412.80 ($45,959) $456.48 31-Jan-13 $46,958 455.31 ($9,367) 31-Jan-13 3-Feb-13 5-Feb-14 Apple Inc 4.430 3471. L00% $2,017,02330 ($5,646) $455.31 12.Feb-13 SO 469.58 557,591 (02013 IPMorean Ouse 8 Co. 1 PROT5 e I (1) Globo ego wons reunopriniserp. I.P. Morgan Socuritios LLC Account Position and IV1TIV1Summary (2012 Closed Positions) Prepared for Soufflera Financial LLC as of April 23. 2013 «qu'eu Trade Date Symbol Share. Company Currency industry Dividevi Pats Bas, (SI rNd marge value (5) Cto.king Date entry Price (local) <latins Price (Local) PIL 15-Nov-12 41(5 135.0:0 Al Steel Holding Corp VS0 Omit Ideterieb 000% (55440031 1460.645 15-Nov-12 400 3M 1550.3551 15.614r.I2 *LUI 5A00 Allnon Treraminion Holding VS0 Consumer. CPelke 2.12% (1124.2001 1122.510 15-Msr-12 2100 22.20 (SIAM) 154W.12 ALNY 4,050 Alneam Pharmacouticalt Inc USD marre, Noncydit 0.00% (1438387 $44,352 15440.12 10.75 10.95 $314 26.041-12 ACC 7,003 smorkan Campus Commun dle USD Financial 3.10% 03042501 1368469 26.044-12 43-75 44.07 72.219 11-18-12 ACC 5.00) %motion Creus Ceernurnie VS0 firexiel 110% (1221.2501 1221.095 11.M.12 4425 4422 ($155) IBRLIl AGNC 9,00) Amorkan CaptalAgi/ou) Cor; USD Fearvial 15.32% 0306,9001 1307.710 18.10142 1410 34.19 $810 7-Mar-I2 AGNC 15,30) Amorkan Captal Agenty Cet USD Fearvial 15.32% (8149,055) $449,499 S.M44-12 2535 2938 $444 II -Dec-12 MG 20.(50 44 enen Intenetionel Group VS0 firunciel 000% (%58.1251 1487,795 II -044-12 3280 3446 $35{670 MG 21.0:0 Amoroso hoMMOOM Groupe VS0 rirai& 000% (1032.5001 1691,089 164e9-12 3280 32 91 56939 3.A40.12 MG 6,303 Antiefeet International Group USD Fearvial ODO% (1192,150) 1199,609 6.Aug-12 3150 31.68 $7,459 7.May.12 MG 5,003 MM fan latOrnational Group USD remariai ODO% (1152,5001 1152,645 7-May-12 3150 30.53 110 15.61er.12 Altl 2.50) Ameriges Portnenle VS0 Consume. Cella. 7.12% (11011251 1101,376 16.4.8-12 41.25 40.55 (51.718) 21-Mar-I2 IINNY 500 Anne, Inc USD mima. Nangal ODO% (19.50) 115,656 22.4.812 19.00 3131 04156 8041.12 MI 4,500 ApoitoCorreneeel Real Estat USD Mandai 9.38% (176,41) $75,699 3.0o.12 1686 16.82 (571» 17-Apr-12 AMTG 2250 Apego Stevdent,al Morton, WO tirai& 1281% (441.0631 144365 17-Aor-12 1825 '7.94 06923 20-546-12 MER 10.0:0 Approsch Renner«, Inc WO fnerilY 000% (005,4001 inemo 20-Sep-12 3050 29-24 15125601 17-A443.12 ARCC 3,00) Mot Capital Cap USD Fearvial 86816 (15443) 1564400 iiinue 12 1681 16.8) (530) 25844-12 ACRE 3,150 Ares Commercial Real Escale USD Mandai 539% (1562751 $54543 264.p-12 1880 17.95 (51.733) 844w-12 Avse 3.50) Arrearong %Vedel Ventrée VS0 Industriel 000% (11788001 1178,910 8-Nov-12 5100 51.12 1410 9-Nov-I2 AMY 11,0:0 Arroi IMphoono Inc VS0 verne. Non.cydir 000% (14415) 138822 9.Nov-12 3,65 3.50 ($142) 4,D44,12 APL 3,500 Mas Apolno Partners LP USD Energy 652% (1104500) 1107,937 On-I2 31.00 30.84 ($564) »44o4-12 MP 3000 Allee Re,eurce Partners Lo VS0 fner9T 7.72% ($(4.03) 568007 21-Nov-I2 2301 22 67 ($1.023) 294404-12 AV8 1250 Avelonbe Commuons, Inc VS0 Nnanciel 3.24% (1162.5001 1166,153 (9-No4-12 13000 13292 $3.463 244812 AVG 1,800 Mg Trehnobgios USD Tethrsology cm% (1218001 $23858 244812 16,00 13.31 ($8842) TF•812 1,350 Etancedomea SA,Spons Adr USD Ftnare lai 2A8% ($851,0001 $81,7417 1.4812 6000 60.52 1707 784.12 Mal 1.600 Oloorr•re Brand, Inc VS0 Consumer. (Yelliel 000% (119.8001 121.375 8806-12 114 les S1.575 4-04612 LOUP 2.501 Bovet** Pipeline Peiner, VS0 (nergy 690% (167.4751 166975 4-Ckt-12 2699 26.79 ($540) 2849.12 EIWP 2.500 eowonalk Pipeline Partneri USD Entra,/ 890% ($6A50) $68,018 2,Aug-12 27.80 2721 (11,483) man-12 EIWP 1250 Boechvalk Pipeline Partneri USD Energy 890% (134.43) $33,899 »Tan-12 27.55 27.12 ($539) 15-Nov-12 BRO 1.700 Ortroll Reid Relaateniel Pope VS0 Consumer. Celse, 000% (42428e 124286 15-Nov-12 1449 1449 50 22-6144-12 CSM 6,750 Caearstone Sdoe•Yam Ltd USD Industriel 0.00% 074,25) $74.378 22-Mat-12 11.00 11.02 1123 11.14w.I2 CLIAT 2,003 Calumet SpacianyPeccluas USD Energy 7.27% 051.001) 44168 0.4Ary-12 25.50 2425 (52.502) 3-MP-12 CG 5,00) CorMeGroupfthe VS0 financiel 1025% 011400) 1109.905 3444y-12 2100 21.98 (195) 2854012 CWST 6003 Capselle West., Systans Inca USD IndustrIal 0.00% 032.00) $33,904 issep.12 400 424 $1,904 11440.12 CPAC 27,0:0 ZementosPacatmaio 5aa. Ad USD Industriel 1.23% 031645001 $295,731 8-Feb.12 11.50 10.95 016769/ 4.4p-12 CLVS 2.475 Clovis Caccini. Inc VS0 Pourrie Non.cydii 000% (149.50) 149.978 4.Apr-12 2000 2019 1478 244148-12 CB 3.60) Cobalt International (new VS0 ner9T 000% (110280) noz•ca 244 eb-12 2800 2989 $4600 19.041.12 CPNO 260:0 Copano Energy UoUNu USD (Nagy 5.80% ($642,600) 1638578 1.0•1-12 32.13 31.78 ($7.040) 13-148I2 CFNO 2.000 Logan Energy UpUnits USD Energy 5.80% ($440601 $67878 34.03 33.83 ($392) OK 2.0(0 Caporate 011ke Proper lies VS0 fiwrtiel 382% (149.50) 151.190 11.0n-12 2475 25.60 11.690 2-Mar-I2 OPM 100) DeremIdstreamParlate USD Energy 5.74% (147.42) $46,899 2mata2 47.42 46.90 ($521) 5.548.12 OCT 900) Del Industriel Trust Inc USD Financlal 3.69% (MUR $56,700 54epo 2 6.20 63) $960 27-14n-12 DUI 1.250 Digrtel Reely Trustlat WO Nrenciel 423% (1943131 19:48$0 27.1un-12 7215 7268 1538 6-1441-12 04 4.950 Dolle Generel Corp WO Consumer. <nad 000% (1231.4131 1235.303 6-Jun-12 4675 47.54 $3.891 22M44-12 DG 4,50) Dollar Central Corn USD Consumer, geai 0.00% 02038251 $203,623 28.Mar-12 45,25 45.29 1198 30M44-12 CORN 7,203 Magon' Brandi Group inc USD Consumer, geai 2.01% 0212,4001 1211,788 30-Mar-12 SASO 29,42 (012) 9.Mey-12 WAX 18.0:0 Drea. Technolowee Cons USO weerra. Nocecycle 000% (176.50) 171.910 9404y-12 425 80) ($6590) 11-54>12 ROI 2.00) (I Mo Potine Palmers LP USO nergy 5.67% (468.68) 168.478 11.5ep-12 3414 3424 ($202) 2.Aug.12 ELOQ 2,040 Ebouà USD Tochnology ODO% (=OR $25,976 2,Aug-12 11.50 1281 88976 28-14n-12 I.50) Energy neme. P4,8,0510 VS0 (nergy 735% (866.855) 164.995 M.Arn-12 4457 43.33 ($1.840) 25-540-12 (PD 3.0(0 Emeronse Produit Parer.> VS0 fnergy 435% (1159.2101 1161.097 158e6-12 53,07 53.70 $1.817 27-lun-12 111Nov.12 EQM EOR 2,003 2,000 Lit IdidstioarnPartners Lp Equity Recidevial USD USD (Nagy Arundel L00% 2.77% ($42,0001 (1105,50) $45,764 1111,258 27-Am.12 29-Nov-12 21.00 54-75 2210 55.63 83.784 si-ns 10.P<412 (VU, 1900 (s (nergy Partners lp VS0 Emin 6.41% (1122.3101 1122.783 104e6-12 67.95 6821 $473 12-548-12 (T 2,000 f Pensive Pt VS0 Communütkes 000% (145.00) 146.446 12.5e812 2250 2322 11-446 PROT6 CIO cambm arneur Sara Drette deira Account Position and MTM Summary (2012 Closed Positions) Prepared for Southern Financial LK as of April 23. 2013 2-Mar-12 ET 750 txontarget hi 29.Fds.12 MLP 2,250 Enerran Fanners Lp 17.1.40/32 Fl 17,5® Facetook Inc.4 11.54,42 IS< 7.000 fifth Street linlue Corp 29.Pelp12 MC 3.37$ lint Republic SantKa 12,49612 in 1413 Forum Enogy Technologies in 18-Apr-12 FRAN 1,507 Francesco). Ibldings Corp 27-Jan-12 FRAN 3150 Iranians Ibldings Corp 30.610612 CLOG MOD Gaslog Ltd 14-54,9.12 GYR 2,000 Genesee 8,Wnseing Inc.0 A 21-Jun-12 GHMK 9.000 Genmen Crognintio Inc 84Iov-12 GNC 6.000 Gnc Holdings Inc-CI A M434612 GNC 5,400 Gnc Headings Inc-Cl A 134)".12 GPK 1,003 GrapNc Packaging »coding cc 2409.12 GWAY IA® Lreenway Medical Technolog. 26,5/9.12 BSMX 4,000 Grupo Fin Santancke.AcIr B 19.49612 GWRE 1,50) Guklewire Software inc 25-Jan-12 ONRE 1325 Guidewire Software inn 19-58,12 HOI 5,007 Skuilds Care Rail Mn 7.4,412 HOI 2,750 Hand+ Care Rail Inc 22~42 HOI 4,950 Hoar, Care Rail Mc 25.5e9-12 HR 4,00) Healthier, Realty Dust Inc 11-Dec-12 HT2 6,000 Harts Global Holdings Inc 549612 HOV 29,250 Honsanian Emorpnses4 2.4,4).12 tOc Ism Wrist PharmaceuticalsInc 13-Dec-12 INfi IS® infinity isharmoceutica Inc 9.409.12 INFi 2,250 infinity Phansucauticals Inc 10.Fe0.12 IRWO 1,900 Ironwood Marmacoutkakim 6.Dec-12 KM 1.50) Kr Auction Services Inc 8.Aug.12 ICE 2.000 Kilroy Reeky Corp 8.Aug.12 KMR 2,70) 'rider Morgan Managamm L 11.0'612 KTTH 1,20) Kylhem Diophormaceinicals I 12-041-12 IPI 2,475 Laredo Peeroleum Holdings in 111.0<612 LXRX 20.0:0 Lemon Pharmaceuticals mc 12.0a.12 LOCO 1,203 Unn Co 1k 12-Jan-12 LINE 4.000 Linn Energy lk-Units I.may.12 LPIA 3,603 t91Fnanclal Holdings Inc 1444(.12 LUFK 1,025 LOW, hclustries Inc 6.5 -12 ttllO 4.00) MA Homes Inc 10-Aug-/2 MANY 2.92$ Manchester UnitedPk-0 A 23400.12 Mie( 2,250 Marl/4m~ Holdags Mc 1.900.12 MPW 145C° 909.601ProPerties Trust Mc 29-Mar-12 MAO( 3.00) Merrimack Phormaceuticeb in 23.610(.12 ICCRS 9,00) Michael Kors Headings Ltd 25.0<612 MILK 2,50) Mph Lp 74Aar-12 ISM 2FM Masons'« Mortgage HoltIng! 3-May-12 NMM 3.00) Hems Mer time Perin., to 25.0c612 NAV 2,000 Navistar Intonational Corp 20464r.12 HUH 2650 Ideen Holdngs Ny 28-Jul-12 Hyl 5,50) Northern Tier Energy LP 2400.12 NG 11.250 Horagolcl Pompton Inc Lsep.12 II5 4,000 fluster Energy Lp 11419r-12 OM 1,00) Oektree Capital Group Lk 213446.12 OM 1,350 Oneok Pannenlo 3May12 ROTT IMO) Pack Coast Oil Trust 2S.S4p.12 EMIT 3,00) Pennantoork inumment Carp 5-Mar.12 *OM 4.950 Puy Holdings Inc 840.12 1511 ISO) Peregrine Senskorductor Con 15.May.12 PEED 1,000 104 Energy Inc 6-Mar.12 PAA IMO Plains All Amer Peen, Lp 94406-12 014% 5,00) an Partners 1.9 7.Doc.12 ;IRE 2,50) Or Energy LP 11,49612 ORE 2,70) Or Energy L9 II-Mar.12 OLTY 1250 Ositgeytimiststion lix 26549-12 001 1.007 CMOs, Inc 17.May.12 RFT 2,50) Rama-Cannons® Proponin 15.Fds.12 MF 3,150 Raymond lames Financial PK 11.0it.12 RLGY 720) Ruby/ Holdings Corp 14Mar.12 RE 25,<C0 Regions f Inancul Corp 5.494, 12 RPM 7450 RenalProperties Of Arne - A Commonicahons 0.00% 014.2501 $17.276 Energy 728% 054,113) $53.168 CommunKahons 0.00% (1665,000) $349,405 financial 1062% (5755301 $74.753 6~41 1.28% ($101.2501 5101.675 Energy 0.00% 024297) 522.220 Consume. Cydial 0.00% (541.4001 $42,105 Consume. Cydial 0.00% (572.4501 $72.765 Industrial 3.67% 075.6001 564872 Industrial 0.00% 0129.500) $132,192 irsumer. Non-LIAR. 000% (537.13001 537.899 Consume. <SWF 1.44% ($211.2001 $211.284 144% 0192900) 1180.517 industrial 0.00% ($6.100) $4100 Technology 0.00% ($110001 5.21.672 Financial 0.00% 0447401 $54440 Technology 0.00% 0423751 144.075 Technology 0.00% 014,6251 $11744 firuncial 4.17% 02020001 52%350 Financial 437% 0161.5631 1162.269 Friancial 4.17% 02646251 1244.701 fin niel 4.06% ($91.4001 $92.852 risunsr. Nce.,cydh 0.00% 094.8001 593.708 0.00% 0445001 $39,994 revne, Non,Nlii 0.00% ($1240001 $125.465 nun.. Non,Nlii 000% (526.3301 527.932 nusnr, Non.cyclie 0.00% 0324251 $33525 mum«, Noncyclie 000% (24671) $29,767 Norennlii 359% 0242501 $21580 Financial 256% 092.2001 $92.740 Energy 000% 01944501 $197.702 insunde. Noncyclii 000% 019.2001 $23,383 Energy 000% ($921191 $52.421 instance, Non cyclic 000% 045.0001 $44,000 Energy 6.78% 0434001 $45,299 Energy 7.45% ($143.8031 $143.220 Financial 158% 0124.2001 6124,700 Energy 056% 081.2311 582.104 Consume. Cydkd 000% 07%5201 $73.116 Consume. Cydkd 000% 0449501 54403 Financial 130% 060.6251 $71,697 Financial 5,01% 0219.3751 $220.275 inure. Non-cyclir 000% ($221.0001 $18.600 0.00% 0423.0001 $422.991 Energy 1.97% 055.0001 564,910 firuncial 000% ($249301 5.27.040 Industrial 1104% 047.0401 $44593 0.00% 037.500 $34903 Communkabsns 1.116% 0231.4131 6233,976 Energy 1902% 077.0001 $78377 Bask Materials 020% (6106,875) $105,188 Energy SØ 0195,7601 1194,832 Finnitil 622% 043.0001 542.329 Energy 508% 0*20151 $79.549 Financial 9.72% ($9,20001 5896,290 Financial 10.02% 032.4601 $332390 Utililics 495% ($952881 $94023 Technology 000% ($14,0001 $14.534 Energy 000% 026500 $26.450 Energy 403% (5840301 $79,091 Energy 900% 0115,5501 $113.415 Energy 1083% 0446001 $394650 Energy 1083% 051.790 551,624 inikntial 000% ($142501 $11650 r cahnology 000% (512,0001 511.950 Financial 407% 0342501 $29,750 Financial 125% 0107.1001 $109.529 fir-uncial 000% ($194.4001 $238.183 Financial 149% (1147.500) $149,900 Snancial 4.44% 061.2001 64190 J.P. Morgan Securities 1.1.0 22.1.4w-12 19,00 23.04 53.026 29-f00.12 2405 23.63 ($915) 3-Aug.12 38.00 19.97 15315.595/ 11-Sep-12 10.79 10.68 (5777) 294e8.12 3000 30.13 5425 12-Apr-12 20.00 21.94 $1,960 IB-Ap-12 27.60 20.12 5715 27-7441-12 2300 23.10 5315 301.44612 14.00 12.75 (6.728) 14-509.12 64.75 66.09 52682 21.Pun.12 420 421 599 lisHov-12 3520 3521 584 14144612 33.50 3343 (5383) 13.04<.12 6.10 6.10 $0 24e6-12 *00 12.04 53.672 26-509.12 12.19 12.61 51,700 19.49/.12 2325 29.19 $1.700 25-1/41.12 13.00 16.66 $4.119 194e9-I2 5400 5727 54350 7,4u9.12 5825 59.01 $707 22.100.12 5150 5348 ($124) 25-5e9.12 22.85 2321 $1.452 II-Dm•12 1580 15.62 ($1,092) sapr-12 zoo 1.18 (5506) 2.409-12 600 7.97 (5536) 13-04<-12 2433 27.93 $1.602 9.4u9-12 1450 14.90 *CO 10400.12 15.09 15.67 $1.096 6.0®12 17.50 17.72 5330 84sieg-12 46.10 4637 $540 Saug-12 73.50 7322 0740 II -00-12 1600 1949 $4.183 12-061-12 2.725 21.18 52302 1110ct.12 225 2.20 (440ø 12.0ct.12 36.50 37.75 $1,499 13-3/41.12 3595 3511 ($572) 2-May-12 34.50 3464 5500 1.Mar.12 7925 60.10 5872 6-Sep-12 17.63 1028 52596 HI-Aug-12 1400 13.* (767) 23f06.12 30.50 31.86 53.062 2401612 975 9.79 1900 291.44P12 100 620 02.400 2.3.144p12 47.00 47.00 (59) 26-09.12 22.00 26.00 51.968 6-Mar-12 1400 13.52 (5960 3.4169-12 156$ 15.53 MVP Ø•S2 1175 lg.* (56OO) 21./.4at.12 3025 30.57 $2.463 26-Jul-12 1400 1421 $1.177 2.F40-12 ASO 9.35 *Lisa) 5-509.12 4194 48.71 0920 12-49r-12 4300 42.33 0671) 184eb-12 59.27 50.93 0460 3,May.12 20.00 19.96 ($1,710) 25509.12 1082 10.73 <5270) 6-1.4ar-12 19.25 19.01 5743 baug-12 1400 14.53 5534 144Anp12 2450 26.45 050) 6-1.4ar-12 6003 7909 (59)9) 9.Nov-12 23.11 22.03 (52.135) 7.04°12 16.24 1186 0950) 12,49/.12 1419 19.12 ($162) 8-Mor-12 1300 13.32 5400 28-Sep-12 12.00 11.9$ 050 17-May-12 12.10 11.9) 0503) 15409.12 34.00 3477 52,429 II -Ott-12 27.00 33.* 143.783 14-Ma -12 6.90 519 52300 5Ap•12 500 ass 54900 PROT7 CIO seew rower usumunnorte. Account Position and IVITIVI Summary (2012 Closed Positions) Prepared for Southern Financial LK as of Aped 23. 2013 .P. Morgan Securities U.C. 3-Oct-12 NW. 2,030 Rigel Plunmeteetkoh mc ISRO.I2 RNDY 22.500 Roundyl Inc IlMar.12 SBAC 1,500 gu CommuncatIonsCorpC11 14-044-12 SOY 130) Silver Boy Realty Ton"OrP 9-Mer-I 2 SPG 2.29) Simon Progeny Group Inc 114)04.12 SE 4,003 Spectra Energy Corp 194u1-12 SOU( 2.00) Solunk Inc 18-Apr-12 SOU( SOO Solunk Inc S.Aug.12 5PM 2,000 Suburban Propane Partners Lp 15462v.12 NGLS 4,000 Targa Resources Partners Lp Ill-lan-12 NGLS 1250 Tinge Resources Pennenip 5.5442.12 TGP 2.00) Tee5.49 Imo Panne, Lp 20.5442.12 TRLA 800 Oulu ins 94,1ov.12 Tull' 1,500 Tumi Holdings ox 19-Apr-12 TUMI 700 Tume Holdags Inc 13.1u112 TWO 11,250 Two Harbors invest/Rom Cap 22.F40.12 TWO 9,000 Two Harbors smog/Rent Cap 11.1en-12 TWO 13,725 Two Herbert invemmeM Cap 10-544942 ULTA 2,70) Uke Solon Cosmetics 4 Tug, 10.442v.12 MWE 3,000 Madmen Erwgy Fanners Lp 14,042912 MWE 1,100 Madmen Erwgy Partners Lp 12-5, 04 2 VHR 250) Vengverd Natural Resources 7.13,24.12 WITV 5,000 Vanta Inc -CIA 3./4412 WITV 2,503 Vann Inc -CIA 22-Mar.12 VNTV 4,50) Vent*. Inc -CIA 14.1ar.12 VVUS 720) Unman( 7.5442.12 VCR 2,750 Voccoa Cornmunkatims Mc 28Mar-12 VCR 750 Vain Cornmunkatimax 114.44942 WMrbW 3.003 Web.Ccen Group Inc 205ep-12 WMC 3503 Western Anet Monger CaPir 10.May.12 WMC 2,250 Western Asset Mortgage Caps 5.044-12 Wilt 5.125 Whitehorse Sinence Inc 26-Oct-12 ~V 2503 White/awe foods Co- A 23Mar-12 WIC 2,250 Whiting Ute That II 134)4,4.12 VILIO 1,000 Wilkams Cos Inc 8-Aug -12 WO2 TOW Welkarts Ruben Lp A.Ape.12 WPZ 1,000 Wiliam, Partners Lp 25-lan-I2 WPZ 3,000 Wiliam, Partners Lp 12.0d.12 WOAY 900 Workday IneCLess A 2044n-12 210P 6.79) boobos, OncoUllym1 28-Mar.12 ZNGA 3,600 Zynga Ine - a A 22.1un.12 CHOW 7,500 Cerucrsucl sa.MonsonadAde mourner. Non.cyclii 000% 019.0001 111936 3-0c1-12 950 9.47 (461) Consumer, C)<Ircal 7.07% 0191,2501 1196098 850 8.35 15.648 Communkabons 0.00% 071,2501 $71,957 8~42 47.50 47.97 1707 firaial 020% (127.7501 SAMS 1050 18.71 $315 financial 261% (1))62$01 1103,023 94,60-12 137.00 136.90 (5227) Energy 3.99% 0107,0001 1101.756 12414442 7:6.75 27.19 11,756 Communketnen 0.00% (136.5001 157.542 20-M-12 2025 28.77 51.042 Communketnen 0.00% (18.5001 113,650 194111442 17.00 31.30 57.150 Energy 7.25% 075,2201 $73.854 9Aug.12 37.61 3603 ($1.366) Energy 5,73% 0144.0001 1141,116 1606t42 36.00 3529 (4213414) Energy 573% (147,8753 /*OM 19-lan-12 3030 3841 1136 Ind./Wild la% 076.0601 $73,796 5-Sep-1 2 36.43 37.90 ($1.062) Communkations 000% 0126001 111981 2~6.12 17.00 23.73 15381 ensum, Non.cyclh 0.00% 031,6501 $31,596 9.Nov.12 21.10 21.06 GM) Browner. Non-cyclir 0.00% (112.6001 117.991 19-Apr-12 1600 25.70 16.391 Financial 10.87% 0117,4501 1119,025 13.3421.12 10.04 10.58 11.575 Fmancial 10.87% 089.1001 $89,460 2214812 9.90 904 1360 financial 19037% 0120581 1125,721 11-54n.12 9.17 9.16 ($137) Consumer. Cyclical 0.00% 02268001 1231,725 104M9.12 MOO 8542 14925 Energy 5,20% 0139,5001 1142,131 14-Nou.12 46.50 4725 12,631 Energy 520% 055,7921 $55,629 IGAug.12 50.72 50.57 ($163) Energy 841% 0667751 $41498 12-Sep-12 27.51 27.44 02762 muse. Nencyclie OM% 00365001 1104,360 7.04c.12 2010 20.87 13.860 wane. Nencyclie OM% 054.7501 $55,033 3.Aug.12 21.90 22.01 1283 nevne. Non.tythe 0.00% (170001 183.127 22-Mr-12 17.00 16.92 51627 Browner. Non.cyclir 0.00% (1162.0001 $164.707 1.14r-12 22.50 2206 12707 Technology 010% 079.0631 $84938 7.4.012 28.75 2943 11,876 Technology 0.00% 012.0001 117,392 2.1.434.12 16.00 23.18 15,382 Communications 000% 043,7501 143,204 I.Msy.12 15,25 ISO) 0546) financial 17.11% (177.7001 $70012 213-Sep-12 2220 2229 $312 Rnanclal 17.11% 0450001 $41,765 IO.May.12 20.00 18.56 (93236) financial 909% 077.6251 171,736 15,00 13611 05.7500 'rarer. Non-cyclir 000% 042.5031 $43,170 26.044-12 17.00 17.27 1670 Energy 1938% 045,0001 $496518 23-Mar-12 2000 22.01 $4518 Energy 337% 031.0001 131,349 13.61.4.12 31.00 31.35 1349 (new 631% 031.4301 192769 8-Aug-12 51.43 50.77 (9661) Energy 631% 0545601 MAIM 4Apr.12 54.58 54.15 (411) Energy 631% 0188,4301 1187,581 25-lan.12 62.81 62.53 (1849) Technology 000% (3S.2001 $41.766 12-0«.12 2000 4641 114566 mourner. Non.cyclii 000% 030.1001 134.452 204441.12 520 5.10 0616$ Communicatnns 000% 043,200) MA784 2940.12 12.00 12.44 11.584 ensumr, Nan cycle 000% 0117,0961 1116,768 22.Am.12 15.61 15.57 <sum Eo ty (5172.079) U.S.lived Imam Trade Date Maturt v race Amount Issuer 580 Rating Next Call Date Coupon Pn.nripal Cost Ma:Yet Yalu* Total lot. Aterued $63,017 $48.644 $181766 $478.226 $161.269 1165.722 1191,171 $45,231 $0 358599 1127,655 1129,967 $0 $0 SO $0 $0 SO 12.063 136.051 $0 $0 $10.01/4 1451 <101.ing Date Entry Pn,ce Closing Pri" 741oWIl 12-14n-12 23.Apr.10 Ylapr.10 23.Apr-10 17.614e10 174/lar.10 174/lar.10 15-101-11 25.1on-10 28.1un-I 15.5442.10 20.1on-12 260C411 14R42.12 21-101-10 9.040-10 13.1an.11 144,12v.12 7-Feb-12 3.Atag.11 16Mar.11 30-lon.12 114en.I2 31~2013 310w-2013 9Q-May-2016 024.1ay.2016 02-M4y-2016 02-M4y-2017 02Alay.2017 02Alay.2017 07-M9-2012 (11.0c1.2014 01.0a.2014 15,4pr-2015 094u1-2013 99,Nov2012 17Alay.2013 224u1.2013 lb/on-2012 26.101.2012 15./un2043 06.1m.2015 07.64.2013 20.1un-2012 Perpetual Ps-roamed In In 1.123.093 2,886,675 909,717 959.777 1.236.549 303,674 In 1.547.333 773,667 1,2000:0 3.000.0:0 1,0000:0 5.0000:0 2.500.0:0 3.000.0:0 2.0000:0 600,0:0 In 2.0000:0 5.0000:0 2.000.000 025.0:0 AtTiOntaa Capital Ltd Amencon Capital Ltd Co Group Inc Cn Group Inc Co Group Inc Co Group Inc C4 Group Inc C4 Group Inc Omroche Sank Ag London Nan, Lodong to felta Loogeg Lp Ford Motor croo: Co LIc GoMman Seto Group Inc Hsbc Ute Inc Hsbc Ute 4x bowman (lase 6 Co Morgan Stanley Morgan Stanley Prudential FinanIL Inc Royel Bk Scalnd Grp Plc Sg Structured Products Sg Structured Mika, Southern Cal Edison Southern Cal Edson NR NR 89. 88. WA B. 154 88, WA [repeated 6 times] 888, 1194 WA WA A WA [repeated 17 times] 6,15i2023 WA 2/1/2022 2/1/2022 7.960% 7960% 7000% 7.600% MO% 7000% 7.600% 7.600% 0.000% 10000% 10.000% 7.600% 0.000% 0000% 0000% 0.000% 0.000% 0000% 5055% SOSO% 0000% 43.000% 6250% 6250% (11.011.030) <51.070.0:5311 (11061.039) ($2,727.908) (19332031 (1863,3941 (11,140,717) ($221:41391 (11.0:0000) ($1.621L568) (18142841 ($1,278,0001 ($3.0:0.00(0 (MA:00001 (la ($2.512.5003 ($3.0:00001 (12.0:0.000) ($599,964) (19660901 (12.0:0.0001 (la ($1.9113.3201 ($324.6041 51000.000 $1.000.000 $1.123.608 $2.886,675 1930717 1939.777 11.236,5*9 5300,674 1617.830 11.734.947 $867,474 11.36%000 13.162.000 11.097500 15.315.000 14.469.250 14.091.970 11,019,780 $601,500 11.030.000 12.211,600 15.277,500 /2035.000 1326.625 22.4mg.12 22-Aug-12 17-Se0-12 5.5ep.12 21.Atio-12 5.Sep-I2 Gin-12 3 May-12 7.Aug-I2 22-Feb-12 22-Feb-12 2 Apr.12 24-Sep-12 9-Nov.12 241op.12 213.1un-12 18.704.12 6-0.20.12 24-044-12 23,Aug.12 14-4/0-12 294eb-12 194441.12 1101.10 $1020) $94,50 $94.50 $94,50 $9225 $1000) 11052$ 5105E 1106.50 11000) 1100.4:0 1100.4:0 1100.99 11000) 1100.4:0 599.99 196.60 1100.00 1100.00 199.17 199 MI 0:100 1100.00 1100.00 1103.60 1100.00 1100.00 1103.60 1103.60 161.78 1112,13 111L13 1109.60 110540 110975 110630 1118 77 113$ 151199 110325 110300 1110.58 1105,55 1101.75 110950 $2.017 $28.604 $230.565 $636,993 $215.703 $202104 $287,704 561765 03821701 1362.979 119),M5 1159,967 1162.000 $97,500 $315,000 $1.954750 11051970 153802201 13.599 1102051 1211,600 1277,500 161.749 $2,473 PROT8 G I 0 <war lassos mew tImoottaktea LP. Morgan Smithies LLC Account Position and MTM Summary (2012 Closed Positions) Prepared for Southern Financial LI.0 as of April 23. 2013 ensenatIonal Fixed Moo Trade Date Maturity Face Amount Issue 58P Rating Currency Coupon Principal Cost (5) Market Value (5) Total int. mewed (51 Closing Data it ...try Price Closing Price (local) (Local) PA. 9. eb. 2 Perpetual 300.00 &astern Finance Ltd B88. VSO 5% (S:o3t,tI51 S32 t. 5).626 0058 )8 5S... Bonds Non Taxable Trade Date Maturity Face Amount Issue 58P Rating Next Call Date Coupon Principal Cost IS) Market Valuer (5) Total II"' Closing Date ntry Price Closing Price PA Accrued (9 Boca» (Loral) 201...2-12 15-Ani.2034 1,000.0:0 Oh Mon Wty6sw.lf AM WIY2022 1750% 2$923.1701 5164.503 so 11.Am.12 98.82 98.15 (52670) BM/02 8-Mee-12 1.000,000 888. 7P1/2022 5125% (59625031 $995.111) so 21.2.m.12 98 25 9865 %COO 16 Fat..12 8-Mat.12 1,0040:43 Pr Mmoducta St Lim tia• 250% (59742401 ssc2.7ao SD 16 teh 12 9742 9827 57,260 Meelgage and Asset Backed T°Ial Entry Rice Closing Price grade Date Maturity Original Fro IIN6 S&P Rating Next Call Date Coupon Principal Cost IS) Market Value. (5) Accrued (5) Closing Date Moral) 13.90.12 2S-06C-2834 4275,000 Whits 2004 Ee B I CCC 025/2016 2750% (51.493.1271 51,629,095 528.900 Mhos-12 72.75 BOLO $164,168 12.140612 20642036 6.000,CCO Bale 20064 245 CCC 72202020 0.479% (S1.647.559) $1,736477 5161,166 29-Nov.12 65.00 7300 $250,004 16/erel 2 2546n-2037 2.001.519 Born 20021 2Al2 CCC 3/2522010 5.000% (9.165.000 $1,199,332 99.684 400.12 57.00 6000 $114010 15.14402 25.Nov-Z034 10.000.00 Bub> 2C04.Ao$ MI CCC WA 0670% ($1.052.316) 51,175,593 584429 Shov-12 47.00 5450 $205.707 31.May.I2 25-Feb.2035 3.3640:0 Cmu 2C05.1 B2 ensnom 6417% (11.719.980 51.678,198 $201,537 teNov.12 83.00 9750 $160,419 13Aug.12 25.1urt.2033 3,02.0:0 Malt 20)34113 CCC 12R5/2014 5845% ($1.033A74) $1,153,365 $115,797 Bliov.12 61.00 1200 $235.688 24m.12 ZO-Apr.2033 4000070 Semi 2033-1Si 8- 51202013 1.519% (51,074159 S1.204,376 550.10 13,829-12 6000 6900 $166.405 Listed Prelims& Trade Date Maturity Shares Company SaP Rating Pa, Amount Coupon Principal Cost IS) Market Value 15) Dividends Closing Date I ntry Price Closing MCP erved (s) <local) Rocs!) 2 /an. 2/15/2042 20.0:0 Amen 988 525.00 800% ($502000) 5499.000 60 eb- 2 25.00 95 (s1,000 BAIN-12 Perpetual 37,0:0 Alexandria Real Estate E 68 $25.00 6.45% ($925.0001 59)2,060 $0 29.1.4ar.12 25410 2438 15249401 29.Ma612 Perpetual 240:0 Amencan Capital Agency WA $25.00 IMO% (57020001 5701,2118 50 16.Ap612 25410 25.05 51.288 7.1un.I2 6/12/2042 10,02) American Financial COOJI3 Met $2500 638% (52540001 5250.880 SO itate-I2 25.00 2509 6.5w.12 Perpetual 27.0:0 Ann* Capital Montt WA $2500 750% (5675.000) 5671,733 SO 18-SuP12 25.00 2136 ((3.267) 6.5ep.12 Perpetual 25,0:0 Minty Capital Mont WA $25.00 750% (56240001 5621,225 SO ieseptz 25410 24.8S ((3.775) 9-Mby.12 Perpetual 11,291 Annals Capital Mont WA $25.00 7.63% (5262,2751 5279,170 52.690 14-Arn.12 25410 7973 (ISIS) 9.Mey-12 Perpetual 44712 Annty Capital Mann WA $2500 763% ($1.167.000) 51,153.03 $11,131 13.)un.12 25.00 24.70 (52.790) 9,14.1".12 Perpetual 34,997 Ann* Capital Mont WA $25.00 7.63% (5876929 $863,376 58,139 12.Arn•12 25410 24.67 ((3.210) 9-/Aay.12 Perpetual 35,890 Ann* Capital UAW WA $25.00 7.63% (5897.2501 $886,591 $8,552 11.Arn•12 25410 24.70 ($2.107) 91Airy-12 Perpetual 0,110 Am$A. Capital MORO WA $2500 763% (51,027.750 51,016.609 59.796 7.1un.12 25.00 24.73 ((045) 13.5ep-12 Perpetual 15.020 Apollo Residential Mtge WA $2500 600% (53750001 5375.570 SO 25-59P12 25.00 25.04 5570 13.90.12 Perpetual 140:0 Apollo Residential Mtge WA $25.00 600% (52540001 5250,390 SO 25-septs 25410 25.04 $390 12.5.212 Perpetual SLO:0 Bank 01 Paw. Yoh Mellon 888 $25.00 520% ($1,279,000) 51,260,173 SO 25-septs 25410 XR 1514127/ Perpetual 39250 Bodo, Bent Pk 080 52500 613% ($12222.569 51.013.749 $139.521 19.0u-12 25.56 258 5154701) 13Aug.12 Perpetual 440:0 Capital One Finanwl Co $25.00 6.00% (51,000.0003 5996,720 SO tesepts 25410 24.89 (91,280) 28.562.12 Perpetual ISO:0 ml it &seesaws Prop WA $25.00 6.63% ($375.0001 2374635 SO 80a.12 25410 25.11 $1,635 PROT9 Account Position and MTM Summary (2012 Closed Positions) Prepared for Southern Financial LLC as of April 23, 2013 I.P. Morgan Securities LLC 101,4-12 Perpetual 16.833 Chesapeake 0,4 69 Tont WA 525.00 7 75% (39248251 396.171 SO 2)-44.12 25.00 25 12 51346 10.1•4-12 Perpetual 6.140 Chesapeake Lodging Trust N/A 525.00 715% ($153,5001 5154,765 $0 26401.12 2500 2521 11.265 10.1•4-12 Perpetual 12,027 Chesapeake Lodging Trust N/A 525.00 7.75% ($30366751 $30.699 $0 24401.12 2500 25-00 624 305e6.10 10/304040 340:0 (ologroup Capital /di, se 56 00 388% ($7540001 3852300 $107.443 191:kt-12 25.00 2841 5209.761 546932 Perpetual 20.000 (Ay National Corp WA 525.00 550% (35010001 $467300 $0 1233.12 25.00 2433 1510001 1.03-12 Perpetual 140:0 Cohan& Ads $100.00 625% ($1,000600) 1039,600 $0 25,06.12 100.00 10396 $39.600 161042 Perpetual 440:0 Odr Corp B. 525.00 650% (51060.090 390360 $0 6499-12 25.00 2431 311.6401 9-6:10.12 Perpetual 25.000 Discover inential Svs se 525.00 650% ($66.0001 5630.100 50 2403-12 25.00 25 20 55.100 602612 12/1/2052 25,000 Entorgy Aikantat Inc 525.00 4_90% ($625,0001 1,621,603 $0 20 Dec.12 2500 2426 33.400/ 26.1un.12 7/1/2052 25.000 Entngy Lcoisuna Lk 525.00 525% ($625,0001 1649,025 $0 16-lul.12 2500 2596 521025 1).1an-11 Perpetual 30.509 Forst Reoub44 Banthf BOO 525.00 630% (5762.5001 3763.171 $0 31-Jan.12 25.00 2502 5671 203.12 10/192052 8.179 General floc Cap Coro AM 525.00 488% (5201.4751 3203.65) $0 25-03-12 25.00 2490 (58160 2.0n-12 1015/2052 21,821 General floc Cap Corp PA. 525.00 AU% (5545,5251 $543,561 $0 25-06.12 25.00 2491 (51.964) 2.44.12 4/156042 37.003 Hanford Finl Wes Grp BB, 525.00 738% 39256001 5975638 $0 2414.12 25.00 26_37 554838 20/66612 Perpetual 40.00) .6morgsn (hese & Co BOO $15.00 550% (51000.090 5996.800 SO )406-12 25.00 2492 (51200) 20-Aug.12 Pensecual 45,003 lonorgan Chase & Co BBB 525.00 5.50% ($1.125.006) $1,121,850 $0 6-Sep-12 25.00 2493 ($3.150) 9-Mar-12 Pensecual 54003 Kyrxe Realty Corp Bob 525.00 600% ($1.250.000) $1,224100 $0 294444-12 25.00 2456 15216001 164042 Perpetual 6.574 Ki.co Reeky Corp 880. 56 00 550% (5164.3501 3161.08) 50 7,4%632 25.00 24 50 (53267) 16-1,2512 Perpetual 6.426 Ki.co Reeky Corp 880. 56 00 550% (31646501 315).829 $0 6.4602 25.00 24 54 (52./521) 3.146-12 4/156042 9.905 Mt a Finanoal Int N/A 525.00 &DO% (524),6251 5226,139 $0 27-441.12 2500 2485 (SIAM) 3-40-12 4/156042 11,095 Mb Flnanoal Int N/A 525.00 &DO% (5277,375) 5275699 $0 26.40612 2500 2.487 (51.476) 204,16-12 3/1/2072 18.609 Nextere (n030(4046 BOO 56 00 5)0% (3465.0001 S1)).20 $0 i6.4or•12 25.00 2544 58.240 144(0.12 Perpetual 440:0 Pnc Mama, Smoke BBB 525.00 5313% (51,000600) 5996.480 $0 4434912 2500 2491 33520/ 1940-12 Perpetual 27,0® Pnc Mama, Savires BBB 525.00 6.13% ($6)5,0001 $673.159 $0 94.1ay.12 25.00 2512 53.159 29.63/.12 3/15/2042 040:0 11469nond lames Finnic.' BOO 56 00 690% (54,254093) 54301.090 SO -Ma-12 25.00 25 30 551.000 31-/an-12 Perpetual 20.000 Realty Income Cons 00. 525.00 663% (35010001 3499.600 $0 84.612 25.00 2498 (MOO) 14Aug.12 Perpetual 240® Regency Centers Coop BB, 525.00 6_00% ($6240001 $624,003 50 2840612 25.00 2496 (51)300) 25 Ort-12 Perpetual 240® Regions Flnancol Corp B8 525.00 638% ($6240001 $617,475 $0 11.33.12 25.00 24_70 (17.525) )'40042 Perpetual 340:0 516reen Reilly Corp B. 525.00 650% (3)540001 3743.010 $0 16.4491 2 25.00 24 77 (56.990) 1144,6.12 5/156015 4.000 Thompson Creek Metals Co WA 525.00 650% (39:40001 184.524 $0 294Aey-12 25.00 21.13 1515.4761 1-16112 Perpetual 140® Vornado Realty Trust Bob 525.00 570% (52540001 5247,250 50 24401.12 25.00 24_73 ($2750) 926,0 12 Perpetual WACO Welb Fatro 8 Company 111386 5X.00 520% (3640001 5249.793 SO 13,4402 25.00 24% (5210) 626,0 12 Perpetual 31.)09 !Orgy Reilly Corp WA 5001 638% (5792.501) 5777.0)3 $0 213.4v0.12 25.00 24 51 315.4701 6 Aug.12 Pensecual 300 Kilroy Really Corp N/A 5001 638% (57.51301 $7,295 $0 17,409.12 2500 2432 ($205) PROT10 GI() (Netee3loaW erst opopetraroffir. LP. PAoripan Socupidos LLC Account Position and MTM Summary (2012 Closed Positions) Propared for Satthorn Firiancial 1.1.0 as of April 23. 2013 forveard Contracts ',rode Date Yolue Date Bouglet National Sold National 1 I Da e Tontrott Opot <pp trau 1 orword clos.ng Date 124344.11 &Fob-12 SGO 3.249250 (350 2.500.000 6.Rti•12 13005 12997 2543402 Ir 5594472 2.Nov.11 640042 SGO 3.181000 USD 2.500.000 6Feb.12 12734 12732 2440.12 ISS 353.755 24.442-12 64.44412 SGO 7.115.000 MD 2300.000 6.Mter.12 12460 1246 9-Feb-12 ($7202) 21441.10 25141.13 Olubs Comt.F3 2500000 1646118 284u0•12 12034 51,956.738 19149.12 23441.12 bOIN 11990.000 USD 939,904 23.10112 116898 117248 194u1.12 13.24 $34.659 1940-12 21.4.49-12 14)114 12.904000 USO 972.213 23444942 112362 112687 1740.0-12 13.18 $6.424 74002 21-Sep-12 1.4814 12.904000 WO 976,356 21.5.912 131816 112120 219509.12 12 93 $21.406 XiSop.12 2490.12 1.041 12,904000 USD 996768 24.041.12 119289$ 1196785 2343a.12 12.94 51,972 3144.9.12 5410942 CHF 11.994000 EUR 10.000,900 9.4b4.12 1201 1.199 2419r 12 121 158/8121 234402 2641ov-12 12.994000 L 50 594.049 24467v-12 12 9422 12 9767 2i Hop 12 1304 ($4.689) 21.4694.12 194384.12 LOM u.eoocoo L. lo ee,,17' 19144-12 13 0382 I 3 'Er C« 12 271 $25.686 SLOS UM/ nt• -bro !rede Otte I kmrer.ton arettion CIIITIMCY1 TyPe urr eMy Netonal tanke urrency 2 CleaMig Oste Original ranIng Premium Premlun (,$) (51 25-146-12 24,12•1-13 fiouglx Put 195.0:0.030 42.50 150 $125.134 SO $125,734 20418(.12 22..lay.12 8ougM JPY Pm 40:4000 8303 050 ($26500, so 15263001 20418(.12 22..lay.12 Soll 1068 011 40:4000 81.00 050 826,503 so S26.500 1641110r.12 1940n-12 flought 1.00. <oll 1.0:4003 12.57 (350 19.4in-12 ($17.290) 50 I517.2001 16613(.12 19400.12 Soll M3μ PIA I,0:4000 12.93 050 19404.12 117200 1558-391) 541.1941 1 Au; 11 13,449.12 sought JPY PM 100.033.000 83.25 CAD Ca IlAuo.12 ($413.613) SO IS413.613) 1.40641 13,4402 Sold JPY <all 100.0)1000 7603 CAD Put 19.4.99-12 5411613 SO $411.613 FA OplIons PO. 567.310 Commodit • • I41μ Trade Date ExplratIon Dironion Oreer Type National (ex) Strike Curremy National 27-Jun-12 12-Nov-12 Sold USD Pol 125093 96.5 12.062.500 27-194-12 124408412 Ioughi uw Call 124000 126.$ 15,9129» 1046142 12410...12 Sold USO PrA 104000 80 8.003002 10-101-12 12419.412 Boughi 1150 <all 101000 119.5 11.950060 1.M09-12 13.Aug-12 Sold USO Pu< 291000 100 25,000.0:0 I.May•12 13449.12 Sold USO PIA 254000 100 25.000,0:0 I.May.12 13aug.12 8ought USO C011 254000 140 35.000,(0) 10401-12 11-044-12 Sold USD Put 101000 79.5 7.950,00) 1040112 11-044-12 flought USD <all 101000 119 14904020 Type (Co./ Origmel lening Premmen Date Premmm 11.) 11.) 124494-12 51,017.500 so 56087.50400 12444412 ($75.0001 so (575ocoom 12440.02 S184,003 so $184.00100 12444412 ($184.0001 so ($181000.001 12444412 5136250 (stolzsof» 13876.2SO 001 12440.02 S136,250 so 5136,250.00 12440.02 ($200,0007 so ($200,00000) 12444412 $233,000 so 5233.020.03 12444412 ($233.00to so 1$233.000.001 Z£Z2t412Z£ Coram:44y Options Pn. 572.500 Total 2012 Pn. 59106374 102013 PMepenCnwe • Co PROT11 GIO Gamma 'flume.. ciesnoisim Account Position and P/L Summary (Disclaimer) Prepared for Southern Financial LLC as of April 23. 2013 J.P. 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