Valuations

Valuations 9/30/13 EFTA01119233 JEE and Related Entities Investment Summary 9/30/13 Cash 8 Equivilants Southern Financial Lit- (see note below) 14,983.469 J.Epstein 1.917.583 HAZE Trust 28,370 FT Real Estate Southern Trust Company 20,213,902 Jaspers 39,872,567 J.Eptlein V1 Foundation 4.483.265 Total Cash 8 Equivalents 81.499.156 Less' Cash in Operating Accounts (1,328,465) Cash In Foundations (4,483,265) (5,811,730) Total Avadablo Cash 8 Equivalents 75.687.426 JP Morgan Trading Account (cash, securities. Derivitires)- SFLLC JP Morgan Trading Account (cash, securities. Derivitives)- MAZE JP Morgan Trading Account (cash, securest, Derivitnres)- SIC L Cameron Trading Account (cash, securities, Deft/ eves). sic Marketable Securities -(Inn) Investment American Yacht Harbor (per JEE) Settlements Receivable -DBZ See Note A 70,296,286 22,549401 5,615,273 4,353,428 13,285,567 1,000,000 17,128,370 Partnership Investments 106,263,138 (see attached schedule) Total • 316 179 389 Value Above Adjustments: Operating Cash Loans Reoolyable Total per attached valuation schedule 316,179,389 1,328,465 2,301,151 319,809,005 • I rrverdnient partnerships are subject to various restriction on withdrawals, and therefore, the timing of availability of funds MI be so ended. 319,809,005 NOTE A: The JPM trading account was funded with $75 Million. During ..tuty 2011 we withdrew $ $2,478,520. On 2/14/12 the account was reduced by $501,930 for the purchase of 16,535 Aced PhermacetAkale 8 2,095 Bkeen IDEC. on 5/22/12 the account was reduced by $1,330,000 for the purchase of 35,000 shares of Facetoak. In August 2012 the account received $349,402 from the toles proceeds cad 17,500 sh of Faoebook On 9/12/12 the account was reduced by $10rnin for the transfer to Mod Inc. On 11/9/12 there was a transfer to JEE of $1,000,000 EFTA01119234 J. EPSTEIN S RELATED OTTER VALUATORS CASMLIABILITESINVESTIMINTS 9130/13 ismilisrafinanraWS ACCOUNTS 06/113 %nom 001/13 VALUATION Y1D September PERFORMANCE J P MORGAN- Cash 14,972.406 14.963,460 JP Morgan Trading Account 69,615,261 70,291286 J P Morgan. Securities 10,498,582 11,747,156 FIVESTMENTS TUDOR FUTURES 12,850106 13.123.495 12,578.999 4.33% 2.10% HIGHBRIOGE CAPITAL 19,393,10 19.430955 18.624,993 4.44% 020% BEAR STEARNS Asset Backe! Sectelties (7/3109 yak 331.882 331,02 1102100/00.4910109 J P MCRGAN. Cash 19,234005 20.127,970 JP Mayan Trading Account 5.402.548 5,615.273 Ober Bank Accounts 148,163 85,932 ACM Solutions (at cost) 025.000 625.000 JPM AccouM Managed by Laurie Cameron 5,200210 4,353928 Seib/mantis JEFFERS OB ZWRN SPECIAL OPPLRTUNITES FUND 76600.00 76,030000 see footnote las partial Witter raver payment receive:I (42,518.400) (58,871,630) Deutche Bank-Cash 25.018,964 30872,567 Treeing /wad 1,526,972 1,538,411 .0•ITM Esisteln &WEST RENT Amen:an Yacht Harbor 1.600.003 1,000000 FT Reel Eatate - Investment in ptshp M coat 0508033 1,506,833 CHECKING/SAVINGS ACCOUNTS 80991 1,242,533 LOANS CUE FROM NONIDUALS 1.90505 2,201,151 CORE CLUB NOTE 100,003 103,003 BROKERAGE ACCOUNTS JPM (Bear Senn) 666995 66708 J P MORGAN 56057 Mon Inc. Alpo= (at coat bats) 10030000 10,000000 (1,260,233 dares d common. 695,301 sham of Ser 5 PM, 285,714 oh et SNAPP) Butterfly Trust 8.044 8,044 HAfl Trust HIGHBRCGE CAPITAL 35,936,199 36,008,071 34.404.356 4.66% 0.20% KING STREET 25.108,360 25230902 23276.473 8.41% 0.50% JP Ragan - Cash 28066 26,370 P Mcegan-managed account 22,427,313 22,549,401 TOTAL 316,276,549 319800005 THESE AMOUNTS CO NOT INCLUDE HCUSES.AIRPLANE,FIXTURES 6 OTHER ASSETS EFTA01119235 JEE and Rotated Entibes Available Equity for Imeesbnents 9/33/13 Securities Long ig Fair Market Value Nitta* 9130/13 4/31113 DinDass) 70500 Ascena Rein $FLLC 1.404045 1.160460 254,505 20.000 Brimbarder SFLLC 93,203 90,614 2,386 21,753 ..P Morgan SFLLC 1,124,413 1,009,179 26234 263,157 ApOrlo Cain& Management SFLLC 7,436416 6,081.656 755.260 17,500 Facebook (purchased 5/27/12) SFLLC arepz 722.645 156,380 16435 Anad Pharmaceuticals SFLLC 304,244 307451 (3,307) 2095 BlogenIDEC SFLLC 504893 444.277 58,116 152,240 JPM Fk Rate Fund Jonors 5,328 1,536411 1,626,972 6.111 13.265567 11025454 1 254 05 investments No 9/30/13 at Fak Market Value SFLLC IUDDR FUTURES 13,123,495 SFLLC HIGHBRIDGE CAPITAL 19,431,956 SFL LC ABS Trust Oast whabon 7/31/09. FTC regains monthly dIsintutionS) 331,882 HAZE HIGIONEDGE CAPITAL 38.036.071 HAZE KING STREET 23.733.902 FT Real Estate 21 East 26th Street (at ant) 920,503 FT Real Estate Columbia HokIngs(at cost) 588,333 STC Awn solutions no 4:n51)41.142.857 sh of Sae A Pre® 4375 perch) 625.000 Mort Inc Alpe porn (cost bass) (1.260.333 sh common, 695.331 sn Sec 5 left 285.714 sh Ser A Fld ) 10,000000 TOS 243.13S INIZnalllemosat Tins Is based on the foaming assunK4mns the fund ea scorn a vAtharrni amount payable lo Jeepers totaling 570 hhihnh Jaspers remind en Merest c4G Dutions Mhos Inmost valued at emu $38 neon with a backstop payment km G Dubin equal to the excess of 55 minim p.m the agglegabI valued ell ristr bubo ns monad with respect to this invosbnent as of Sept 30. 2014.468pm will Mond Dubin the amount of any ciabibutions reamed by AnnerS after that de* until Dubin receives back any payments made to naps's. Mtn Dubin is made whole. Jensen MI have no akar' to repay Dube. JEE will pay SI million for Awns gayest m Corbin JEE wit coercion all drolneutlons up4o 52 million and the remaining dIsfnbutions ma be Owned 50/50 lastween JEE and 2vem This *grommet has not been Maltre4 he val. • of JoopertleartruirShiD intwes1 from G1Lbn sonon 631 788 759 as of 8/31/13 and S1 789104 as of 7/31113) 70,000.080 5,000.00) 1=.003 76 000000 EFTA01119236 Reconciliation of large kerns Value 8131/13 318,276,549 Partnerships 506,529 see below JPM Trading account- SFLLC (FTC) 481,025 JPM Trading account- HAZE 122,0138 JPM Trading account- STC 152,727 L Cameron Managed Account (852,282) Securities DividendsAnterest Apollo Distribution 1,254,685 11,081 Change in loan account 202.646 cash spent : JEE STC (1,186,317) (170,729) Steven Sinofsky Fee 1,000,000 cash received BSABS 11,003 miscellaneous total 319,809,005 Value 8/31/13 319,809,005 Partnerships SFLLC TUDOR FUTURES SFLLC HIGHBRIDGE CAPITAL Haze HIGHBRIDGE CAPITAL Haze KING STREET 270,329 38,786 71,872 125.542 508529 EFTA01119237 SFLLO aM Related Enters Cosh Sunny 930713 JPM 14,983,469 14963,469 JEE Bank a unts 1,242,533 JPM (Bear Steams) 667.006 Bulterry Trust (Bear Stearns) 8,044 1,917583 LEPERS JP Morgan *872,567 HAZE TnS Deteche Bank 28.370 872 587 26 370 Southern Trust Company JPM 20 127 970 Bank accounts 85,932 20 213,902 Enhanced Education TOW QM to does nest include oath in JP Morgan Thing ac r4 4.483.265 4.463 265 81 499 156 81 499 1% 1,328,465 EFTA01119238 ENHANCED EDUCATION 9/30/13 TOTAL PARTNERSHIPS & CASH SECURITIES JP Morgan (Formerly Bear Stearns) 4,297,719 4,297,719 BANK 165,546 185,546 TOTAL 4,483,265 A483,265 EFTA01119239 Southern financial LI.0 Anelyfis of Inmetrownts investment FYV unree bed 9/30113 Gair(bss) it_ Heitz 12/1505 5,100000 ofinbutions 8/11/06 R.160.021) distintertons 12/11/06 (560.0081 OstnbUtOnS 7/1807 2.440408) Ontnbutons 4/20/11 (1,297.352) 0,StnbutikonS 12/12112 (1.3080781 (2.007 2811 3 673 688 6,340 949 Mal chIntasta:0 BS PBS 11/29108 1000000 drdrtizions C3.937001) a032999 331 882 /5 701 1171 leighbndge Capital Cord 1/11/01 25.000.(00 dint. tons 22t06 000000) 19.431 035 19 431055 This nimbi the total of Kembridge Cereal Corp and >18 Fluiti-Stretestr takings Ltd Tudor 1/3001 5.003 000 1/14/13 ditrbAbn (4 193 300) DB brim 800700 13 123 495 12316 /PS 442802 resalesd 10000.000 8/3002 invested 10000030 12/202 Mined 33000030 6/203 evesteid 10000030 1/305 invwded 20.00).030 12/21/12 dstribiztion (3441,292) 4/12/13 desetutiOn (9411.938) 8/25113 (20165.16g) W23/13 deditution 08853 ni 21.128.370 amigos* nwetrable from Fortress 111 1 370 milentent Then based ont n me fund WI recognize a vetklraval amount getable b Jeanie. totaling 170 neon 70000.000 beliefs Sed en Merest of G Dutins otshp interest ward et sopox $3.8 mason wth • bachilOP Preen' from G. Dubin equal to the excess al $5 mdion owe the aggregat ware a/ au ManbtalOall moanedwith respect to this Pant as of Sept 30. 2014 Jeerers will refund Cubn Me amount of any clistitutons mewl by Jeerers after that deb un Dubin receives tech any payments metro ha Jaeger. After Dunn IS mede Wm*. Jeerers xi have no obligation to rerey Dubin. 5003000 JEE will pry SI minon for Zserris intenest InCorbin. JEE WI enres* ae distnbubons uplo 82 million 1,000.000 and the stye Ming dantubons will be divided 50i50 between JEE end bem This agreement has rot been finalized 16 OM 000 val40 of -Les, s (Marsh interelt al• G D Moo a 176914 or 8/31/i3 and 1 789 104 as of 7/3 3 EFTA01119240 Haze Trust Analysis of Investments unrealized Investmert FMV 903/13 Gain(loss) Highbndge Caprial 4/20'99 10,041,666 36,008,071 25966,405 This represents the total of Highbfidge Capital Corp. and HB Multi-Strategy Holdings Lid. King Street 11/1/99 10,000,003 7/28/10 50% redempbon (20.090.787) (10,090,787) 25,233,502 35,324,889 EFTA01119241 Wiltaolito ui itootiorpo iroil :i Wo WtpiO iwom toi twa t ootoodo.) mw« krytemu wumm ss faafeceisIO 90/601 la nppron papee tfttY 4.0113$ On Ul COV000'01$ POEM( 214 itsonst tesectrt reif Me --et031 t e655r trAtil [CKM :MCII Fee Sf [Trel want ten treten Welt tee 9011Vel 9010.21 ttA/5 ML= firtZCZI tein men zetien Weit triiert trenn ten 00'165.11 071651OEI 41/4/T teren warn Waltz beiheft leitet tern Mini trent rui4ot orust Ortatl Wie Siegen ileOet t[/in Of SIVIlt Cellel Lee 07tOtea ortont tin/9 uwal stopni WM 1221:921 Wara We WSI! Wate Mi , Sert fet Selen We t18011 Ullel We (Intel inna niuni !runi inletz Wint steten 9eIrSt ZeI/Ot MMIII Ltetr9I te/6 Ernest 611615I nah Storni Steer9I We Went Welt WM 9OELSS'Zi %Uff"' t ten ;CUM WISTU tee Otalte 0011r« Wilt LISINeet itgett We Lt f6LSZ MOESeSt I OMI nile Wasi telleet tee Ltlhtet LIOEteSE Oent Isnetz Winu ahnt [SUMM ZSUW« °Met UnIllrebt Welle« ot/s/s 11011072 'ele% 01/01/1 11.196.81 Wune OINI teuren woest conto entaz erntet oziolts tarni Winni nie ASOM tr9Zet 0/t/t Winni reuen ot/s/[ octan ortten ot/in orient ocresta pitni OTIUSt comen «eia centra cetan Wata Online orane V *PN 40/1,2/L 07OEKLS COeleS 4016e 021W99 owen ioiłoth Certila cenne ionlit maci erbtet 60/1>Z/Z Matt WWAL Kent 020aU fl et tercet ansgsl orne. term ontrzs orani onNot neon CCILVOtt WS[/6 005t1rOtt CCfinit teza aman anzeon Kath oniem entent W91/9 00WeLit COLOnIrt tein OtaCiain CCLOnti tOMA, Witene WSIOID bet/1 O4716rLle CeSCLIVI 110/6/I ZINS ONIMUIJIIA iin uyedi fe/ nOs Jlł PONW•11 aKenWITKI ce1Pnarif PaPell Mw iineMS tose EFTA01119242 I it9 ga;am_gdBad Bazt d ;$6 7.Ed20 !!!!!!111:1:15221!!!!”11!;;!! M 355.54:A14,111:125:51131V! Leer isf difiegill! ggg ifAgfiggf# 1111 111--r1111 iii!„..‘ M 111„4 kkki k111101 1111 • • I !II8:12Itqfls!II411411gIII/1§!!!! 11011 S }111131ellirrIffillIff isAll ss II off ifflimmIglig!!!!!:!!!!!!!ff yliffifttiss§;Iigeglellt1111;1[ qle f62e tl g( San 22 !iii ili ngs gee f;!ii!!!!!I!!!! kalkkiiiigis 221I5gIalijagg addtld.og5agglii!g!ggg Iii111;91;g:!! mimmim iiiiiiiiiiiIII/ nig.Aggigtitl/g I iiiiiiii!Ill Ifillittillit gAll!,!1! 0!!!!!!E EFTA01119243 !Mil WW1 EFTA01119244 r-em 0.44•4 MA C_... t, robs VS Axed 61103•It• ludo Dale Mao. 06 •ae •enoovil 10 May 11 017 •2016 1,20.000 2-(k1•12 15-may 2018 5(0,003 2500,12 01,;o5 2019 1.000,000 113May11 Prrpegol 3,00.00 10-Mey 11 Perpetal 3.000.010 US fried lettoonytAIM Mort and Aa t lodged Tea& Daly Mow./ try Ortgenal lace 10 May712 25 Mar 2037 1.030.000 I0-May 13 25 ;o5-2035 1,500000 MOrtgage and Asset 1. 4544 MIAs hignuol Funds and P• Merlon Trade Oate SyrrdWd Global Investment Opportunities Group Account Position and MTM Summary (Open Positions) Prepared for Nam Trust as of September I) 201) 1)2111 10.0311 1.0314 GIROS!) flAUSO USOlitY 1.4115 13524 2.011 USOMOI 13.0$0 MAAS 5.3115 USOCMF 0.4044 XAUUSO USOZAR USOCAO USOWY US00111. USDNOK 311260 2.217 41043 • IMr Pr • Iloombe /,µet SAP Rating Nod Cad Daly (Cope. v. .rul Coll Medici Value Atoa 1°E4 tel Ink" Price CurtynttncO MIM Peabody Energy Corp BB /OA 7 US% 118.363.500) 51,352.448 $211417 111163 111870 5200,365 114•1non1 Inc CCC• 5.71511015 107250% (2443,000) 1140,750 550,%5 189.00 56/ IS (553.1855 Kadted Heahhcsre Inc 6/1/2914 4250% (S996.2301 17065.000 162.042 399.6) 110610 11507792 Armor's/I Close 1. CO 888 4.730,018 7.900% ($133),958) 171. 262.500 6546 i67 1111.27 II 007S 5490.717 lank Of Americo Cary Be. 5,0172018 8115% 50,388610) 13,292500 $542,292 $11299 5109.75 $465.122 04.53).1101 S9.311.11111 51,492443 S 1.17).7)0 • Moved P /Moe nInvertment ear: SAP Raring tent (all dale (cuing, ritnratel Cad CS; Poloal • it volute / total Pi eat •int fogey Currrnt Price Ml IS; Metall 11.m..11 Chem 2007.A1 1243 1/250020 4659% 11721,57i 621 11.36,91)8 1241461 78.50 77 03 153,376 4.47 200S-SF 81 8. 2225/2021 5762% (51213,326 11) 511;09431 631,511 97.764 6144 ISU 1.985) 1$1.431,900) 11.586.81/3 3223.472 S 111114091 a Morro Secret U.C. 1.111.1% 0.013.1,41 V Avg PAW 203.93453 Ipnorgan float Rate Inc-S81 Avg OffYIX )26,170:73 liono•gan Nig4 Yidd7Sel USO a • . 11 Ili Malty! wag...7141 de N . .. '11 IS) fah y NAV Current NAV 11.00.11 %moll fella (2.057,60149) 100851 0 C3 (312.0910 42.7$36502) 31.617.64> Dose 62736 807 (166.5%1) EFTA01119245 (7; EFTA01119246 Chat es. Ginb:11,tilmest awntOppor tante es (notify Account Position and MINI Summary (Open Positions) Wirpoind fin ~Ire en hp* nl Ppli~r 111. S. •••.....nadfis• Opal II • Capps/0 rpm. t0 \le WOO* .O2Pin PPP!) MlA (MVO lPiP/p1/ • DIM • re tit do 41 ai PP rinir twain •Idie alt.') la ••• 104P ~PI ~LIM. u• • aim Ilan. JP On • ass Purrn• WISP% in (Kumar:, IepW o I • Mel Inworn • Piro• wp P• ~eh» Orpseil Wnie..i .we II 07 l•••3017 00•4411 ~PO Pri ~pate I • vim dot •••.•••• iáblbigiiá,k •••••e..0 <pep / C ~in £glt2ggti£‹ 29.1) SNIP illowne VW. PO IPA*. ••••pidelia Mn Ctp it, WWI II SID WIPIP MP APO Mamie elm v1O 1~ ma) Lea ilial 4,1~ CM sa. &Mtn a a. Xenia , en sa sen/0 el *a Winn Was MO S.M.— MS Id» IMAM IN che ~me la ado 3222?2t?ggi£ 10 is ), PoPerPinn• PPP wow 1 C4 01.400. Is ,xvo v.na» Itiallidi••••A• 41.911•ICOILS CID • SO WM 031M OWW/I••••••• tune in MOO* MO Wig ial• WO I. an IL Ir I 0 MO 10.W \OAP pOiti •➢0 0. 4.01) PPP i n » i• ill pron., ~74 MP. an 'AM wan.. Win 111.00 Cara WAS Meng xi emu ~In In I itA4 in en (Men Cann. (Wan bane Mai nas CM SS Kona 151 r% .0 O• inn natal 071.010 fin Lan CI Inn *PLOWS. 103P 11111.10 In 41 ili.141 UM/ mays, *kw ii. ,..in so N N is is N OM on 11.004 PAlirll 90 P P N N 0 Su ere lowoo ecru c.w.o.* e.g. Ism no Own. In COS ono WO Ord In OlaaO Olen" EFTA01119247