Valuations

Valuations 5/31/13 EFTA01119066 JEE and Rattled EMIlies Investment Summary 5/31/13 Cash 8 Equivilants Southern Financial LLC- (see note below) 14,523,345 J.Epstein 1,960,912 HAZE Trust 28,359 FT Reel Estate - Southern Trust Company 24,875.389 Jaspers 4,853,437 J.Epstein VI Foundation 4,629,195 Total Cash 8 Equivalents 50,870537 Less: Cash in Operating Accounts (1,359,997) Cash in Foundations (4,629,1951 (5.989,192) Total AvaLble Cash & Equivalents 44.881.445 JP Morgan Trading Account (cash. scarifies, Derivitime)- SFLLC P Morgan Trading Account (cash, securities, Derivitivea).. HAZE P Morgan Trading Account (cash, securities, Derivithes)- STC Marketable Securities -rinw) Investment American Yacht Harbor (per LE) Settlements Receivable -138Z See Note A 70,392.543 23542,998 6,005,241 11,787,561 1000,030 59,646.770 Partnership Investments 105,433,741 (see attached schedule) Toth • 322 490 299 Value Above Adjustments: Operating Cash Loans Receivable Total por attached valuation schedule 322,490,299 1,359,997 1,965.415 325,815,711 • Investment partnerships are subject to various restrictions on withdrawals, and therefore, the timing of availability of funds wa be so suited. 325,915,711 NOTE A: The JPM trading account was funded with $75 Mahon. During July 2011 we withdrew $ 82,478520. On 2/14/12 the account was reduced by $501,930 for the purchase of 16535 Arisd Pharmaceuticals & 2,095 Biogen 'DEC. on 5/22/12 the account was reduced by $1,330,000 for the purchase of 35,000 shares of Facebook. In August 2012 the account received $349,402 from the sales proceeds od 17,500 eh of Passbook On 9/12/12 the account was reduced by $10rnin for the transfer to Mon Inc. On 119/12 there was a transfer to JEE of $1,000,000 EFTA01119067 J. EPSTEIN 8 RELATED ENTRIES VALUATIONS CASH,LIABILMESJNVESTMENT3 5/31/13 tkilth160 Florglallyg ACCOUNTS 04/30/13 0501/13 01401113 VALUATION YTD May PERFORMANCE .1 P MORGAN- Cash 14,360.678 14523,345 JP Morgan Trading Account 70,478.903 70,392,543 J P Morgan- Samoan 10,774.199 10267.555 IWESTMENTS TUDOR FUTURES 13,151.7% 13,395,064 12,578.999 6.49% • o5., HIGHBRIOGE CAPITAL 18.910.050 19,136,971 18624,993 100% ' .:•34: BEAR STEARNS Asset Backed Securities (7/310; yak 331.882 331.882 5outhem That Cerro:any J P MORGAN- Cash JP Morgan Tradirg Account Other Bank Accounts Aden Solutions (at cost) Settlemels 106 ZWRN SPECIAL OPPURTUNIT ES FUND less partial wfthdrayral payment received J P MORGAN• Cash JP Morgan Tao .ng Acoourt 'WEST M ENT Amencan Yacht Harbor FT Real Estate Immanent in ptshp at cog 8032 702 24 544.495 6.136.918 6005.241 151,853 130,894 500.000 500.000 Jenne' 76,000,003 (16.353,230) 11,853A38 1,520329 78,000,000 see footnote (16,353,230) Jaffrey Epstein 4,853,437 1,520008 1 OCO 000 1.000.000 1.508.833 1,508,833 CHECKING/SAV1NGS ACCOUNTS 1 080 255 1,229,103 LOANS WE FROM INDIVIDUALS 1,765 415 1,865,415 CORE CLUB NOTE 100,000 103,000 BROKERAGE ACCOUNTS JPM (Bear Seams) 668.913 SMOG J P MORGAN 56,820 56,829 Motet Altptcorn (at cost basis) 10,000,000 10,004000 (1,260.233 shares of common, and %5,301 shares of Se/ 5 Pfd) Butterfly Trug 8.044 8044 HAZE Lust HIGHBRIOGE CAPITAL 35.045.328 35,485,872 34,404356 3.09% 1 20% KING STREET (estimate) 24,617,539 25095.119 23,276.473 7.81% 194% JP Ragan -Cash 28,355 28,359 JP Morgan-managed account 23.301,756 23,542.998 TOTAL 315.088.758 325,815,711 THESE AMOUNTS CO NOT INCLUDE HOUSES. APPIAN E.F IXTURES 8 OTHER ASSETS EFTA01119068 JEE and Related Entrees Cash Summary 5,31/13 SaLC JPM 14.573,345 14623345 Bank ac ours 1,229103 JPM (Beat Reams) 666936 JPM 56.829 Butterfly Ts-List (Bear Stearns) 8,044 1,960,912 JEEPERS JP Morgan 4653437 HAZE Trust 4 853_437 PM 28,359 28 359 Southern that CanPanY JPM 24 544 495 Bonk accounts 130,894 24 675389 Enhanced Education 4629195 4 629 195 Total Cash 50 670637 50.670 637 this does nc4 include ash in JP Morgan trading account 1.359.997 EFTA01119069 Reconciliation of large items Value 4/30/13 Partnerships 315,080759 1,368,350 see below JPM Trading account- SFLLC (FTC) (86,366) JPM Trading account- HAZE 241,242 JPM Trading account- STC (131,677) Securities (512,670) DNidendsAnterest 7,763 Apollo Distribution 149,999 Change In loan account cash spent : 100,000 JEE (912,865) STC (70,959) Deposit on GIV aircraft (5,938,300) L Black Fee 16,500,000 cash received BSABS miscellaneous total 12,436 325,815,711 Value 4130.113 325,815,711 Partnerships SFLLC TUDOR FUTURES SFLLC HIGHBRIDGE CAPITAL Haze HIGHBRIDGE CAPITAL Haze KING STREET 243,305 226,921 420,544 477,580 1 368 350 EFTA01119070 LE and Raided Entlbes Asa:age Eourtv tor beessereenes 5/31113 S•curItles Loma a Falr Market Value Pashas. 5131113 410113 ~0014 70600 Astons Rob SFLLC 1,43*205 1,304.250 129,015 20,000 Sartre ea SFLLC 902)49 79.536 11914 21753 JP ~pan SFLLC 5167998 1,050.115 121,301 263.151 APorlo Gam! Mennernent SFLLC 8.3213.920 7.034186 T755 29* 17,500 Facetook (o...chased 53:312) SFLLC 426125 465075 (59.830) 15535 Anad PharrnmartxaS SFLLC 303,252 295,480 7,772 2.095 (Loan IOEC SFLLC 197,542 450,058 38,881 150845 JPM Fh Rate 4 2411 tapers 5,703 1,520.006 1.520,329 (6,028) 11 787 911 12 291528 (512 570) InVialltailleite WO 5131(13* Fair Markel Value SFLLC TUDOR FUTURES SFLLC HIGHBRIDGE CAPITAL SfLIC ABS Trust But valuation mute. FTC apses =nay cientiaorea) HAM HI01413R1DGE CAPITAL HAZE KIN3 STREET FT Real Eat* 21 Ent 2021 Seat tert map FT Reel Babe C.:ant* Homottaket mop STC Aden Soluans (at coo8(1.142,857 ah of Sew A Fed 0 4375 at eh) Atd Inc Alphcan (cost bars) (I,260,333 oh common. 696.301 a Se 5Ø DB2- geetletreent Tha. Is basedon the adenine nsumpbons the rund sva recoontre a ***real atom* edyibe te tearattluan9 570 alizei Japers reweeed in bonn ell:30u~ Map lama raked et appear $3.8 naps vent a Locket* meant Irons G Dub* equal is the as of 55 neon cat the afloat, aim et all dottons nealva with mare to Oils 0w'eeNMKee of Sept 30 2014 Jaspersmilli rotund Oubn the amount et any OlabibutIons mead by Jean after *at date P.M Dubin remno back any payttenta mode to Jeepen. Mee Dubin e made Mgt togas al have no ode:anon to repay Duran JEE tNl goy 31 trawl lot Zarns interest in Cotten JEE will rercrera all dabibutons spat 12 alai and m0 renaming Oantabons an be dh.4.4 5060 Pavan LE and Zarn t ha amement has not been finalized rlvr • d ~Pe parØMip Irgernt (t Cal G Ch/bn POrt.'nn $1 796 693 1 d 4/30,13 and 11 55/812 as ct 361113) 70.033003 5.003.000 1,CO3.0X) 70 003033 13,395,864 19,136,971 331,882 35.465.872 25105,119 921,507 565333 500,000 10 003 030 106.433 741 EFTA01119071 ENHANCED EDUCATION 6/30/13 TOTAL PARTNERSHIPSS CASH SECURITIES JP Morgan (Forrrwty BOW Steams) 4.518,639 4,518.639 BANK 110.556 110,556 TOTAL 4,829,195 4.629.195 EFTA01119072 beat Storm Asset SEW Sweden% Cobblbotlom Revoked FTC Total Partennip it Trust Partnership Trot 113ÁM 1,047,291.00 1.017,BIA0 3/12/08 431.015.00 431,029C0 4/14/08 147,707.00 147,707.0) 5/14/08 147,707.00 147,70200 6/16/08 135,377.00 135,377.0D 7/16/08 110,711.00 110,711.00 8/21/08 110.615.00 110,615.40 9/25/06 110,578.00 110378.00 10/23/06 92,127.00 92127.00 11/25/06 0,95900 0,933.00 12/22/06 73,67030 73,67003 1/23/79 73,670.00 73.67440 2/20/04 73,61430 73,61400 3/12/09 67,434.00 67,43400 400/09 66,443.03 66,443.40 5/23/09 57,986.00 57,96600 7/24/09 Note A 84,387.00 84,38730 8/26/09 47311.03 47313.00 9/21/09 35.711.00 39711.00 12/2/09 67395.0 67105.02 1/6/30 25,073.30 2907330 2/8/10 31,07334 31,07134 3/840 33,60643 33.605.83 4/1/10 22,613.71 22.613.71 5/10/10 26315.19 24315.18 6/8/10 73,24331 25,243.91 7/8/10 19,361.45 19.961.45 8,00/10 22.012.03 22,012.06 9/4/10 24,98931 24,989.61 10/13/10 20,52791 20.527.91 11/8/10 23,33635 23,33635 11/6/10 23,23.4.17 25,23417 1/10/11 24,62191 24,623.91 3131/11 Nola I 0,793.17 2,793.17 2/8/11 26,966.92 2636633 3/8/11 26,313.03 26,3a03 4/8/11 21.113.26 2211223 5/1/11 21,557.96 21.55736 6/9/11 19,672.74 16.678.74 7/1/11 16,690.33 16,690.33 8/9/11 19,596.19 13.396.19 9/8/11 16,00.22 1631022 10/12/11 15319.76 031926 11/6/11 17,377.92 17,37732 12/8/11 17,832.49 1733149 1/9/12 18,046173 18.08373 2/1 /12 18,61136 16.611.56 3/9/12 19,767.40 19,767.40 4/9/12 17,62.123 17.62223 5/6/12 16.80279 16,800.79 6/8/12 17,40130 17,401.50 7/9/12 16365.50 16,16530 8/9/12 16,602.96 16,60296 9/0/11 14872.40 14.87140 10/9/13 15345.81 15,645.31 11/8/12 15,038.04 15,038.04 12/10/12 14,308.21 14.208.21 1/9/13 14,594.00 1094.60 2/8/13 13.897.23 13307.23 3/8/13 13.251.21 0,251.21 4/15/13 12,221.65 12.22965 5/4/13 1943406 12336A6 Total 3.920.16910 3,113 595.17 806 593.93 FTC Sated 5/00320W ki Our Weems Assn Wain Securities on 11/29/06 DetrIbutions are tenon maturIng assets NOTE A: (represents 2 months per Dorothy OrbnIcyj NOTE Eh DSO adAntment In partnenhIp) EFTA01119073 Southern Financial LAC Anratsb of Imei:talirib Investment FMV unrealized 5/31/13 Gain(bes) ML Hertz 12/1595 5.103003 distrbutars 8/1105 (2360021) OistntutiCriS 12/114)6 (560.006) disbibutces 7/2607 (2.440.506) distntutoces 4/20/1i (1.297.352) astnbutrons 12/12/12 (1 306976) (2.067 261) 3 673 688 6 340949 final distibubon BS ABS 11/2906 10,003,000 4:141/10.-tars (3.820.1991 6079811 331.882 (5.747.929) Huntadge Capra Cap 1/114)1 25.003.000 ast-tutOnS 2/2805 (25 000 COO) 19136971 19136971 Thrs represents the total of Hotting* Capt.,/ COM. arszlHB Multi-Strategy Holdings Ltd Tudor 1/30,01 5.000000 1/14/13 clist110001 (4 193 3001 BM 700 13395.064 12.588.364 JEEPERS Ce Zwlm 4,29,02 invested 10.01:KCO 69092 irwesteJ 1(kC00,030 12/202 melted 33.030.031) 6/2/03 invested 10,030,030 1/105 invested 20,003,003 12/21/12 OretrIbutiOn (6.541,292) 4/12/13 drshithAron (9.811 938) 63 646 770 Balance resolvable from Fortress $53.646.770 OYL seglarnent 7/as IS based on the fund will recognae a wthdraveal arrant payable to Jeepers Mating $70 mean 70030000 reapers received an Wittiest of G Outins ptshp Interest valued at approx $3 8 million wth a bee/ aap payment from G. Cubin equal to the twess of 55 ninon over the aggregate value at all dst•.wtors received oath respect to this investment as d Sept 30. 2014 Jeepers will refund Cube die amount d any dembutions received by Jeepers after that date Line! Culan recekes back any payments made to Jeepers Met Cut:misguide whop, Jeerers will have no ()blot& to repay Cube JEE will pay 51 ninon for &Ann interest in Corbin JEE wi native ail distntubons upto S2 million and the renaming distributions will be divided 50/50 between JEE and 2vAm This agreement has not been finalized 5.000.000 1.000.000 7 000000 The value d Jet rtnershi• interest ran G n rs $1 796 693 as of 49013 aid 551 612 as d3/31/13 EFTA01119074 Hare Trust Analysis of Investments Investment FAA/ unrealized 931/13 Gain(loss) Highbridge Capital 4/20/99 10,041,666 35,466,872 25424,208 This represents the total of Hrghbhdge Capital Corp. and HO Mt:In-Strategy Holdings Ltd. King Street 11/1/99 10,003800 7/28/10 50% redemption (20090,787) (10,090,787) 25,095,119 35,185,906 EFTA01119075 GI GicAnd ienoerneeor Oestre Prepared for 5outhcrn irrtantrat LLC as ol Mn 31, 2013 Account Position and MTM Summary (Open Positions) ncc Jr. arfnAllitaleh &.u.. Grant FX • CosnmodIty retes USCIMXN 12.7995 XAUUSD USDARS 5264.5 USDICRW USDCHF 09547 USOCAD 1384.09 1129.64 1.0361 GMVSL. EURUSD USDTRY 1.5195 12994 1.874 USDWY USDINtt USDNOK 100340 2.1322 5.8716 • Intrede Ihro eloomber• 04te Symbol Sharek Dividend Comp.kny Cutreney Induttry Yreld Coat Bass 15) !Ilarket Value (5) tntry voce Current Prire (total) (t (na') MTM 24-14913 ARIA 9.000 Anad Pharmaceuticals lAc USD snumet Nonsycls 0.00% 176.400) 165.060 14-Feb-12 ARIA 7335 Aded Pharnaceutkals uso insurnet Nonayrix 0.00% (1114,600) $138.192 15.21 1434 $21592 144eb-12 alle 1095 Nopen Sec lux USD rnsurnet Non-tYclh 0.00% (1250,455) 1497.542 119.55 237.49 $247.046 12.A4-10 DAG 50.000 dynIts Ob Ami Double Lang USD Funds 0.00% ($352.550) 1494.003 7.05 9.441 $141.450 17.May-12 ie 17,540 Fa(book Insat USD Communkabore 0.00% (1665.030) $426.090 38.00 24.35 (1238.910) 23-Apr-13 GE 23.000 General Elend( Co USD indunstet 3.26% ($495.190) $536.360 21.53 2332 141,170 28-May.13 SGMO 50,000 Sengemo elosciences USD Non-cycli 0.00% (1420.211) $400.000 140 8.00 320.214) tquily MIM (52.474.409) 52.657..743 5182.034 StnacturedlYetes • manual Pon via JPMor an Investment Bank es o rd Trade Dato Mancity Face Arnouni tont/ Destoption Coer. frans (5) Market Value .5) Interest Receiver' kntry Prcee IS) Current PIK(' (5) MTM cw.1 22)Nov.1 1,000,000 Gs Note 11/22/13 Lnkd To shm Vs Uld 85%Ilarner. 5% Abn Cpb22.9%Mymn 111.000.0.») 11.078,960 $0 $100.00 $107.90 $78.960 9-lan.13 24-mn-14 1001000 Hsbc Ren lyrked To CAh Vs Usd 5Xlev. 500%Magron 01/09/13 Initial Strikt:6.1995 (51.000.000) 11.022.600 $0 1100.00 $10226 $22.600 14-Feb13 20-Aug-14 t000me, MS Market Plus MRX 04/20/141)% (1(0 Barder - 3.5% CPN. Unapped Initial Edel 31.000.00W 11.101.450 $0 $100.00 5110.19 $101.450 5.44..12 16-Apr-15 1.500.000 Maler 41.116200% CPN 04/16/2015 DM 04/16/2012 (11.500.030) $1.612.500 $69.888 $103.00 1107.50 1142.384 24-May-13 29.444-14 umo.aao IISBC ClIEN 4/25/14 80%410 banier-41933n-17%Cap loklel Lebe-2764A ($2.000.000) $2.000,000 $0 $100.00 $100.00 $0 5tmgmed Nolu MT 5389,791 US. FIxed Income • Intrad Prior /la Illoorn aride Date Maturity rare Amount lauer Rating (,.1I1) Coupon Pcnopal Cost 'Aarket Value total Int Arcrued Y.e/r1 to Worst tntry Pf«• Corrent Pr“e MTM 22-0012 Of-Apr.2019 1.000.000 Heulwaten Inc Ile 4/1 IS 7. 5 5. ) 1416.385 1103.50 1108.48 22-0a-12 15-May-2019 400.000 EarthlInk Inc CCC4 5/15/2015 8.875% . ($414.000) .041100 tatco $21.596 .74% 8.27% 5103.50 1102.00 $96,145 $15.596 23-00.12 15414y-2019 600.000 Earthilnk Inc CCC4. 5/15/2015 8.875% ($419.500) $612.03) 132.246 827% $10325 1102.00 $24.746 1-00.12 01-Jun-2019 1.000.000 Kindrest HeaMxare Inc 6/1/2014 1250% ($996.250) .067.500 $55.000 631% $99.63 $10175 $126.250 4-Nov-12 01-lun-2019 1000E« Kindrad Healthcant In( 6/1/2014 625014 ($970.000) 1067.500 $46.521 6.31% $97.00 1106.75 SI44.021 24-lan-13 1S-Feb-2020 1.500.000 Servkenaster Company 1- 2/15/2015 1000% ($1595.6251 1,545.000 $42433 7.23% 11063. $103.00 ($1.292) 25-Feb-13 15-Fel>2020 1.001000 Senkernstes Company 2/15/2015 8000% ($1.070.000) 1,030.000 $21.333 7.23% 1107.00 1103.00 (118.667) >Apr-13 10-41P1-2023 15.1und 1 Parpetu41 300.000 2.500.000 1440%1 tank Pk IMF eiozon 7.750% /morgen Duft ä Co en 4/302014 7.930% ($300.000) 142702,42e $305,625 2.925.150 13.746 $347319 721% 4.04% 1100.00 $104.10 $101.18 $117.01 $9,371 $610.044 15.1un.11 Perpetual 2.500.000 Imnorgan Chose II Co 808 4/30/2018 7.900% ($2.707.425) 2.925.150 $387,319 4.04% 110110 $11701 $610,044 10-lan.I1 Perpetual 2.000.000 Bank OtArnerka G/rP ell. 5/15/2018 8125% (12.081.18(f) 2.290,560 $388.646 4.79% 1104.06 1114.53 1590,026 30.lan.12 Per paukt 3.000.000 Southern Cal Edlem 1188. 2/1/2012 6250% (12,999.970) 3.371540 $250.000 447% tioece 1112.62 $628.570 27.1un 12 Per petual 2.000.000 ($2.122.920) 1347.500 1132.208 4.74% 1106.15 $11731 $356.7118 General El« Cap Corp ha. 6/15/2022 7.125% 29-May.13 Per petual 1,400,000 General Fles Cap Corp 6/1512023 5250% 01.404.000) 1.400.154 $408 5.22% tioo.00 $100.0% 1562 EFTA01119076 GI® crtnac•I Inanatmeat m000rom4444e Current FX 8 ComenodIty rotes rice_ Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of May 31, 2013 enstriparis reiligie eYa USOMXN 12.7995 XA1/1/50 1388.09 GIIPUSD 1.5195 L7501PY 100.380 USDARS 5.2846 USDKRW 112964 EURUSO 1.2994 USDBRI. 2.1322 USOCH/ 0.9547 USIDCAD 10368 USOTRY 1.874 USO 5.8716 ilftelPIffirtill Fixed Income • Inuada Elvin vM Oloornber 9.0ct 12 02-Nov 2017 500,000 retroleos Oe Venezuela 5 8+ USD a 1/30:53 $471,500 327.389 10.07% 65.05 94.50 159.639 11.0ct I? 02.Nov.2017 1.000,000 revokes De Venezuela 5 Be uSD 8.500% (3897.5001 1945.000 $54.306 10.07% 89.75 94.50 3101,806 10-may.12 16-Dec.2021 1,500.000 Uoyds Tsb Bank Pk 866- USD 9875% (31.627.500) 11.843.650 3156.766 2.94% 106.50 122.91 3372.916 26-/an.12 15-0er-2035 7.500.000 Republic 01 Argentina N/A USD 0.000% 31.038750) 1426.075 1426.000 13.85 5.69 (3186.675) 13-Oct-10 IS-Dec-2035 10,030.000 Republic Of Argentina N/A AM 0.000% (3319000) 114,492 3316,246 12.56 0.14 322,738 21-May-13 Perpetual 3.030.000 lin Capital No.1 Plc SS. USD 5.000% (13,247.500) 33,166,500 $6,667 699% 10325 105.55 (S14.333) • • .• and Asset Sacked • Manual Man. via iPMor• an Irreesthent Bank Trade Oate Maturity Original rare lcsun SEW Rating Newt CON Dahl Coupon Principal Cent (5) Market Value (5) Total Princ+Int (S) Entry Price Current Price (local) (local) rdIM 43an-13 25.Au0•2029 9 551 ODD 11m• C .., r ri, I ( . 3) 7, . S27.00 56.25 78.25 1228.533 6-Feb-13 200m-2032 5.701,000 Semi 11 81 CCC 6/20/2013 1.653% ($781,919) 3745.632 323,503 73.75 71.59 ($12T84) 23.Aus-12 25.Aug-2033 3,325,000 Cwhl 2003-26 81 6/25/2013 5.338% ($1.231.227) $983.139 $225.460 77.00 68.84 (322.623) 28-14cry-12 25-Feb.2037 9180000 Chase 2007-Al 2A4 CCC 8/292024 2.889% ($2.042.809) 11,961,177 $273,970 8850 95.88 $192,338 16-Apr-13 25-Mar-2033 4,500.000 Cwhl 2003.1 et 6/25/2013 5.750% 31.446803) 13325.453 1127.347 95.50 94.70 13.996 30.Apr-13 25-Aph2013 2,726.000 Sac 2003,10 12 CCC 10/2500/3 6.000% (S1 0,6 /811 1984.300 tss.no 100,00 9600 ($36.022) Listed Prefsmsds Trivia Date Maturity Shares Company SAP Rating Par Amount Coupon Principal Cost (S) Market Value (5) Dividends Yield to worn entry Price Current Price MTM Received (al (Local) (local) 18-Nov-10 12/1/20' LOGO General Motors Co N/A 1),2 00 4.75% 1390.480 145494 9.64% 50 00 48,81 35.974 9-Dec'10 12/1/201 63000 General Motors Co N/A 150.00 4.75% ($3.185.913) 13075.030 $349.541 9.64% 50.57 48.81 $238598 15./e013 2/1/201 6.020 Cliffs Natural Resources N/A 325.00 7.00% (3150,000) $115,140 $2.392 18.54% 25.00 19.19 ($12.468) 22-Ftb-12 27152040 80.000 6m44 Capital Trust I GEC. /•• $2500 1.13% (31.882.800) 12.129.600 $166363 5.62% 23.54 26.62 $413363 13.1sn-13 1/15/207 25.000 Nesteta Energy Capital Bee $25.00 500% (5625.000) 1603.750 25,122 5.21% 25.00 24.15 (116.128) 3-Feb-12 Perpetua 46,600 Arty financial Inc CCC4 /•4. $25.00 6.50% ($1,002,226) 11251676 $117,730 5.89% 2131 2656 $367,1110 9-Fab 1T Perpetua 80.000 fl y financial Inc CCC• Pe 12500 8.50% ($1,780.000) $2.1411.803 $199,278 5.89% 22.25 2656 $568078 17.3an.13 /toroth,. 26.100 Vomado Realty That 888- $2500 5.40% (1652.500) 1639450 $12,332 5,56% 2500 24.50 (1718) 24-04x.12 Perpetua 40,000 Royal Ok Scofield Grp Pk SO $25.00 7.25% 0951300) 11.000303 $42,292 7.36% 23.79 25.02 191.492 7.14n-13 Perpetua 40,000 Royal Ok Scotlnd Grp Plc 88 12500 7.25% ($977,600) $1,000.803 $27.590 7.36% 2.4.44 25.02 150,790 14.mn-13 Perpetua 40,000 Royal Bk Scollnd GAD Pk 8$ $25.00 7.25% ($995,200) $1.000.800 $26,181 7.36% 24.11/1 2903 131.781 Listed Pre erred< /MM (112.402.899) 113,356.326 599.1 1 51.74 E910 Mutual Raids and Mona Market Trade Date Symbol Units Company Currency Avg LTSX 49.504 95 rprnorgan Latin America-54) USD Initial Cost IS) Market Value (51 0.000.000 00 $969.307 20.2003 Curr.ml NAV Locaq 19-58 MI WI (130.6931 EFTA01119077 I Cr I Chant Irmarnmat Onemernoura• anent FY & Contrivedity rotas Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LAC as of May 31. 2013 1.6DMXN VSDARS VSDCHT 12.1995 5 2846 0 9547 XXIAISO USDKRW US DCAD 118809 1. 29 64 ' 0368 GIME. WRVS° USDTRY 1.5195 1 2994 1.874 orieraters anus stew tun. LISD/PY USOIRt USONOK 100380 2.1322 5 8716 Gintracts • Rates waxed intraca I ro, Ennorcber, Bought Notional Sold Notional Fox Date Contract Spot ' Contract Forward Current Soot Rat• 124154 Current Anon Forward 1 TRIM S71 033, 23444, 13 S-Aug-13 CUR 4.904,1'9 CHF 6.'38.000 3 Aug•13 1 25185 1 15155 1.24154 24118 1.24118 353 228) 1444•E•13 TIWun-13 USO 5 000,000 KR W 5,581,750.000 14-iun•13 1. 1635 I' 16 35 1131 69000 1,132 20860 570.034 1344 y.13 2$ -Aug-13 IM 740 325.000 CAD 7,500.000 24-Aug-13 99 08 987' 9602150 96.59058 5158,146 8-Aosi-12 08 Oct.13 Bought 8-Aug'12 08, 0c1-13 Sold 100 WY Commode Dons • ACNE Modelled Yu Bloomber 10,000.000 CAD Original Current Premium Premium IS) IS) Trade Date few/Rion Direction Commodity Type Notional (or) Strike Currency Notional Type MTM 19 Apr•13 out &own. Swa • • Bought Sold Trade Date Effective Maturity Date Date la-Mir-13 1114AY-13 20'Martn Koaprtransport toe ipmt 838 972 3ml 070% 51.999999.37 (84.009) 2504 121 C003 0003 Lan Put 00.000 100,000 111 875 11,100.000 8,750.000 Underlying Shares Rate Spread Rips) Notional Put Call Accrued Interest Entry Price Paid 11 N143 11-MI-13 114.000 I (533.169) 152,831 40 486.000, , 521,688 Dividends Current Price tamed (local/ (Si:.111.74) MTM 2.439 16 (STK 508) EFTA01119078 oIo Global In. t aereeetallelee Casieselt FX • CoinegodIty rates .1. emesisensemereene tea.. Account Position and MTM Summary (Open Positions) Prepared for Southern Trust at of May 31, 2013 USOMXN USDARS USOC.10 12.7995 YAINSO 1388.09 GI1PUSD 1.5195 USDIPY 100.380 5.2.446 USOZAR 100412 EUtUS0 1.299E USOIRL 2.1322 0.9117 USOCAD 10968 USDTRY 1.1174 IlSONOK 01716 Illniclind Neter • Manuef Prlci vlit IPM n Invntrnent Bank M of • nor d Dole Maturity Face Amount long csesenertion Colt Hat, US) Madret value (5) / 3-mar./ 3 2T-warm 1.000.000 H. (. RI. tee Up . 85% Barter • 5% Can • 28.5% MartrA • Init.& Strike 1.41 i 1.000.000) 916. 5-Apr-13 21..spr./4 ¶.000.000 16LIC IRS Step Up 85% @artier 5% Con MS% moan. Initial Spike 2.003$ (11.009000) 5933.1100 Structured Notes MINI International PUS Nagle • intrad anti Na Bloom@ Interest Flermsad s0 s0 (51.000.000) 51.854500 $0 Trade Date Maturity Fare Amount Issue 5/111 Rating Currency Coupon Prrncinal Cost (Si Market Value (5) Total Int. Accrued (5) Yield to WOVII Entry Prin. ($1 Current Price IS) Mt 71 $10000 1100 00 In I 67 $93.58 Entry error Current Price (Loral/ (Loral) 28-f el, 13 02-Nov-2017 1.000.000 retroleos De Venezuela S Be USD 8300% 1.000.0001 $951.500 $21,250 9.88% 10000 8-Mar-13 02-nov.2017 1.000.000 Petroleos De Veneturta S Dr USD 8.500% ($985.000) $951,500 119.597 9.88% 9150 IQ i LO SO 34/1 $471 NI SP (SI 88653) (16.399 ($195.050) Repo SO s0 s0 NOISY SO SO SO Dastrathr• SO $0 SO AltilTiltiVill $0 Se SO Other/Miscellaneous S0 10 %la 55189,153) UMW 3100•79 (0 2011 Meat gin thaw 4 Co 2012 ECIY Open MTM $0 Cagyartt Open MIRE (-5118653) YID Change ti Open MOM (5188.653) 2011 Oared M. IS5.9211 29514Dt90eNsi1O1C (1194999) 95 • s 9$.15 563.3001 (164,200) (5147.500 00) MTh! (52 7.260) ($13,903) EFTA01119079 - • • Account Position and MTM Summary (2013 Closed Positions) • °Mutt Satest ttst-nt Cfaseweeedsies Prep, €l in, Southern Trust as of May 31. 1011 Trade Date Symbol Shares Company Currency Industry Dividend Yield Cost an market Value 15) Closing Date Entry Prise (Local) Closing Price (local) PA. 19 Mar 13 HIP 4.000 Hefty Energy Partners L. USD Energy 5-32% (5163.200) 5'60.101 19-Mar.11 40.80 40.03 05f., 20.Mar-13 MOON 900 Model. Inc USD TethnOMIN 0.00% ($13,950) 518.234 20-M4r-13 15.50 20.26 54,284 20-Mar-13 HE 4.000 Hawaiian MeV. Me USD Uttides 4.74% ($107.000) 5107.398 20Mar.13 26.75 26.5 5398 2144w-13 META 400 Plante PMrmateutkab Inc USD M1Stanef. Non-tyclk 000% (55.600) 16.24 21-Mar-13 14.00 15.1 5724 2244an13 GM( 3.000 Sraphit Packaging Heeding Cr USD Industrial 0.00% (511.000) 521.210 224.1.-13 7.00 702 5210 26-Mr -13 COAT 3.000 Calumet Specialty Products USD Energy 7.96% (5112.500) $111.178 26444r-13 37.50 37.06 (11.322) 28.Mer-13 TUMI 2.000 Tunil Holdings Int USD mourner. Non-cyclic 0.00% 142.200) 541.99 28-Mar.13 21.10 20.95 f5301) 3-Apr-13 ARCC 3500 an Capital Com use Fi^atxisl 6.67% (S61,635) 161.214 3.Avr,13 17.61 1749 11421) Equity PR. Equity Syndicate Pit Ser San Listed Preferred, trade Oat. Maturity Shares Company SAP Rating Par Amount Dividends Entry Price Closing Price Coupon Principal Cost (5) ttllatlat Value (5) Received (5) Closing Date (local) (local) 5.25% SAO% 5, ar- 3 Perpetual 4,5,003 19-Mar,' 3 Perpetual 40.000 Wells Fargo 8 Company Citlgroup Inc 8884 O 25.00 $25.00 ;S1, ($1,000.000) ,121.62 S996,778 28 M4r,13 3 Apt•13 25.00 25.00 24 92 (53.222) 1.,441.dUFitet• If. (56,398) (56.396) if 21018 ei (CI 2013 Pttlottpin thaw • Co EFTA01119080 Account Position and MTM Summary (Open Positions) C-• Okareit simowiesereCreeortimilaie. FX 8 Commodity mhos fructered Notes Trade Date Maturity face Amount hiun-12 26-lun-13 5-Apr-12 16.Apr•15 US. fluid Income 3.000,000 1,500,000 Trade Date Maturity Face Amount 10 May.11 01.1loe1016 2 Oct-I2 15.May.201$ 2 Och12 01.kn-2019 10Mayt1 Perpetual 10.Marll Perpetual and Asset Racked 500.000 1000000 3.000.000 3.000.000 trade Date Maturity Original Face 10-May-12 25-Mar.2037 1.000.000 104.10y.13 25-An-2035 1.500000 Mortgage and Asset Backed ADM Mutual funds and Moro Merkel Trade Date Symbol Units Avg IPHSX 199.558.15 Avg Olaf% 317,095.54 Prepared for Han Trust as of May 31. 2013 USDMXN tISDAAS USOCHE 12.7995 5.2846 0.9547 XMAND USDIAR USIXAD 1184.09 10.0512 1.0368 GIIPUSO 1.5195 EURU50 1.2994 tISDTRY 1874 VSD.PY VS080.7 uSDNOX 100.380 2.1322 5.8716 • Manual Pnc via OrMor. an Investment Bane at of POOL, d long Description Con Oasis (5) Market Value IS) Interest Received Entry Price IS) Current Price (5) MTM tibt Corn Buf ER AAPT.06a6/13 80% Contort garner- 18% Cpn 18% Cap (53.000 000) $100 00 $93 48 Mar Roe ON 6.200% CAN OW iSr2015 CIO 0416/2012 (11.500,000) $1.612,500 $69,887 $100.00 $107.50 $182,387 • Intraday Pnu^^ via 8k747m0 Total Int Issuer 58P Rating Newt Call Date Coupon Principal Cost Market value Entry Price Current Price MIM Accrued Praondy I no r 0y Corp KB. WA 7375% 3%363.500) 51,359.024 1182.163 $i i i $113.35 tr.687 !payment Inc CCC. 5/15/10, 5 10.250% (5445,000) 1442,500 134,024 189.00 188.50 131524 Kindred Healthcare Inc B 6e1/10. 4 8.250% (1996,250) $1.067,500 154.771 $99.63 $106.75 1126.021 1pmergan than & Co 888 4.3070'8 7.900% (13.337.950) 11,510.180 5487,825 $111.27 $117.01 1660.055 Bank Of America Corp 80+ LIS/20'8 8.125% (13,389.610) 13,435,840 1501.719 1112.99 $114.53 1547.949 • Manual Pot via IPMor n Investment Hank Issue S&P Rating Next Call Dale Cnuport Pone pal Cott IS) Market Value (SI Total Pe nnant (S) Entry Price (Local/ Current Price (fetal) MYM Clime 1007 Al 1 Gv 2005.55 Bi 8+ 1175/2024 525/1022 5.101% 5.760% (5225.5)3 62) 01.213.326.M 1611.343 $1.601,595 1177.395 1/451.789) 78.50 97.44 81 88 87.04 163.165 3134.511) 151,93E. yOG) 51 ,661 120 41.36.773 (571.356) Company 1penorgan floating Rat*Sel 1pmorgan High Yield-Sal Currency USD USD Initial Cost 151 (1.r 3,501 41) (2 614.429.14! Market Value IS) 12.011.524 11.641.405 Dividends Received (SI $0 Diat(Re Entry NAV (local) 0 0898 8 2765 Current NAV (Lmei) 10.13 8.33 MTM 18.023 116.927 EFTA01119081 HP140 GI° Global Ie. eminent Clocomeemitiee Account Position and MTM Summary (2013 Closed Positions) Prepared for Mate Trust as of May 31. 2013 J. income n )MEOWS ILL end Aeslet Bated Trade Date Maturity Original lace issue S&P Rating Wet Call Date Coupon Principal Cop (5) Marlin Value (S) Total Int. Accrued (51 Closing Date Entry Price Uncial Closing Price (Local) 1-May-12 2Silun-2034 2.592100 2.Aug-12 2SOct-2035 &200.000 Wamu 2004.4.73 B2 VVfmbis 2005-981 CCC 7/25/2020 5125/2016 2.464% 541188% i4(15.04) (11.6541.508) 51.449.147 51.705.551 575.266 3194.499 22-144-13 30-4477-13 60.50 29.66 78.31 32.50 5383,509 5203.543 5587.05.2 Mortgage and Ascot +eked PI Motel Rawls end • Merket 1 rade Date eymbiol Units Company OlffiX 11 78 48 ip ro'canNigh f_ Y; Maet _et la 2913IMoro.n then& Ce Currency D (51 Cent IS) Marko Dividends Value IS) Closing Date Entry NAV Fie<tiVed (5) (local) 51 500.000 D1vRe 22-Jan 13 Sal (toting NAN Meta)) P 13.27 (524..151) (524.953) EFTA01119082 yne rr•-rry r CIO viand tesnmonmein Otenormatet Account Position and NUM Summary (2012 Closed Positions) Prepared for Hare Trust as of May 31, 2013 at. margin% aserient structired Netos Trade Date Maturity Face Amount tong Description Cost Oasis (S) Market Value (5) Interest Received Closing Dale Entry Price (5) Closing Price (5) 13-Mey-11 31-May-12 Structured Notes Pt 3,000,000 :off Epeva OSAI/12 00% ContIn Barr or- 10.6%CP, 20% Cap I ^" Level-05/13M 3,000.000) $3.316.000 SO 31-May.12 100.00 110.60 $316,000 u.S. Find Income 5318.000 trade Date Maturity Face Amount Icsucr see Rating Next Call Date Coupon Principal Cost Market Value Total rat Accrued Closing Date Entry Price Closing Price 10-May-11 014Aey-2017 10.May.11 15-Apr-2015 10-1Arpl 15-A0r-2015 U.S. Fixed Income P1. 1,200.000 1,200.000 1,200.000 01 Group Inc Ford Motel Credit Co tic Ford Motor Credit Co tic Na 88+ 884 WA N/A N/A 7.00016 7.000% 7.000% U1327)700) ($1.223.760) 1,200.000 S1-308.000 51.188,000 $44.067 176067 $87,600 94Aar-12 3-Apr-12 26.1u712 1101.63 1110.65 1101.98 $100.00 $109.00 599.00 528,567 556,267 $51,840 What hods and Mone Mete 5136,673 trade Date Symbol Avg OHYFX Units 185,185.19 Company laroor9an High Yie Currency Initial Cost (5) 151,554,344) Market Value (5) Dividends Received IS) Diorite Closing Date 2-00•12 Entry NAV (Load 8 39 Closing NAV (Local) 8'0 (0 2013 imams Chase AC*. EFTA01119083