DS9 Document EFTA01121630

CIO Global investment Opportunities Global Investment Opportunities Group Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of June 28. 2013 J.P. Morgan Securities LLC. Current EX 8 Commodity rates 1,15DMXN 13.0140 XAUUSD 12009 GBPU50 1.5258 USID/PY 98.420 USDARS 5.3765 USDKRW 114926 EURUSD 1.3037 USDBRL 2A989 USDCHF 0.9453 USDCAD 1.0479 USOTRY 1.920 USDNOK 6.0463 Equity • Intraday PriOng via Bloomberg Dividend Entry Price Current Price Trade Date Symbol Shares Company Currency Industry Yield Cost Basis IS) market value (5) (Local) (Local) MTM 24-MA-13 AMA 9,000 Ariad Pharmaceuticals Inc USD msumer, Non-cyclic 0.00% ($176.400) $157.410 19.60 17A9 ($18,990) 14-Feb-12 ARIA 7,535 Ariad Pharmaceuticals Inc USD msumer, Non-cyclic 0.00% ($114,600) $131,787 15.21 17.49 $17.187 14-Feb-12 BNB 2,095 'Mogen Idec Inc USD msumer, Non-cyclic &CO% ($250,455) $450,844 119.55 215.20 $200,339 12-Jul-10 DAG 50,000 Perdu Db Agri Double Long 1150 Funds 0.00% ($352,550) $448,00(1 7.05 8.92 $93,450 17-May-12 FB 17,500 Facebook Inc-A U5D Communications 0.00% ($665.000) $435.400 38.00 24.88 ($229,600) 23-Apr-13 GE 23,000 General Electric Co U5D Industrial 328% ($495.190) $533,370 21.53 23.19 $38,180 28-May-13 SGMO 50,000 Sangamo Biosdences Inc U5D msumer. Non-cyclic 0.00% ($420,214) $390,500 8.40 7.81 ($29,714) Equity MTM (52,474,403) 52,545,311 570.902 Structured Notes Manual Pricin. via WM«• an Investment Bank as of Sr d Trade Date Maturity Face Amount Long Description Cost Ram (5) Market Value (5) Interest Received Entry Price (5) Current Price (5) MTM 8-Nov-12 22-Nov-13 1,000,000 Gs Note 11/22/13 Lnkd To Mut Vs Usd 85%Barder- 5% Atm Cpn-22.9%Mxrtin ($1,000,000) $1.028.950 $0 $100.00 $102.90 $28,950 14-Feb-13 20-Aug-14 1,000,000 MS Market Plus MRK 08/20/14 BO% EKO Barrier - 3.5% CPN, Uncapped Initial Level - 2/ ($1,000,000) $1.113.050 $0 $100.00 $111.31 $113,050 5-Apt-12 16-Apr-IS 1,500,0C° Medtor CLN 6.200% CPN 04/16/2015 Did 04/16/2012 ($1,502000) $1.602.600 $69,888 $100.00 $106.84 $172,488 24-May-I3 29-Aug-14 2,000,000 HSBCCBEN 8/29/14 80%efo battia-455cpn-17%cap Initial Level:2764.29 (52.000,000) $1,914,200 SO $100.00 $95.71 (585,800) U.S. Fixed Income Total Int. Trade Date Maturity Face Amount Issuer S&P Rating Next Call Date Coupon Principal Cost Market Value Accrued Yield to Worst Entry Price Current Price MTM 22-Oct-12 01-Apr-2019 1,000,000 Headwaters Inc Be 4/1/2015 7.625% ($1,035,000) $1.047.030 $52,104 819% $103.50 $104.70 $64,104 22-Oct-12 15-May-2019 400,000 Earthlink Inc MC+ 5/15/2015 8.875% ($414,000) $399,840 S24,258 888% $103.50 $99.96 $10,098 23-Oct-12 15-May-2019 600,000 Earthlink Inc MC+ 5/15/2015 8.875% ($619,500) $599,760 S36,240 888% $103.25 $99.96 $16,500 1-Oct-12 III-Jun-2019 1,000,000 Kindred Healthcare Inc 6/1/2014 8.250% ($996,250) $1.020.000 S61,188 7.65% $99.63 $102.00 $84.938 8-Nov-12 Ed-Jun-2019 1,000,003 Kindred Healthcare Inc 6/1/2014 8.250% ($970,000) $1.020.000 $52,708 7.65% $97.00 $102.00 $102,708 24-/an-13 15-Feb-2020 1,500,003 Servicemaster Company 2/15/2015 8.000% ($1,595,625) $1.560.030 S51,333 800% $106.38 $100.00 ($44.292) 25-Feb-13 15-Feb-2020 1,000,003 Servicemaster Company 2/15/2015 8.000% ($1,070,000) $1.0110,030 S27,333 8.00% $107.00 $100.00 ($42.667) 3-Apr-13 10-Apr-2023 300,000 Barclays Bank Plc BBB- 4/10/2018 7.750% ($300,000) $299,250 55,490 7.81% $100.00 $99.75 $4,740 15-Jun-II Perpetua 2,500,000 lemotgan Chase & Co BBB 4/30/2018 7.900% ($2,702,425) $2.795,000 5402,132 5.11% $108.10 5111.80 $494,707 15-Jun-II Perpetua 2,500,000 lemotgan Chase & Co BBB 4/30/2018 7.900% ($2.702,425) $2.795,000 5402,132 5.11% $108.10 5111.80 $(194,707 10-lawl 1 Perpetua 2,000,000 Bank Of America Corp BB* 5/15/2018 8.125% ($2.081.180) $2.258,000 5400,833 5.10% $104.06 5112.90 $577,653 30-3a0-12 Perpetua 3,000,003 Southern Cal Edison BBB- 2/1/2022 6.250% ($2.999,970) $3.197,355 5264,583 5.29% $100.00 5106.58 $461,968 27-Jun-12 Perpetua 2,000,000 General El« Cap Corp 6/15/2022 7.125% ($2.122,920) $2.210,000 S142,896 5.62% $106.15 $110.50 $229,976 29-May-13 Perpetua 1,100,003 General El« Cap Corp 6/15/2023 5.250% ($1,400,000) $1.338,750 55,921 5.83!, $100.00 $95.63 ($55,329) Inticiday Pming via Bloomberg U.S. Fixed Income MTM (521.009.295) 521.479.955 51,929,151 52,399.811 International Fixed Income • Intraday Pricing via Bloomberg Trade Date maturity Face Amount Issue S&P Rating Currency Coupon Principal Cost (5) Market Value (5) Total Int. yield to Worst Entry Price Current Price Accrued (5) (Local) (Local) 8.500% 8.500% 9.875% 0.000% 0.000% 8.000% 8.500% MTM 9-Oct-12 02-Nov-2017 500,000 11-Oct-I2 02-Nov-2017 1,000,000 10-May-12 16-Dec-2021 1,500,000 26-MA-12 1S-DeC-2035 7,500,000 13-Oct-I0 15-Dec-2035 10,000,000 21-May-13 Perpetual 3,000,080 12-Jun-13 02-Nov-2017 1,000,080 Parolees De Venezuela S Parolees De Venezuela S Lloyds Tsb Bank Plc Republic Of Argentina Republic Of Argentina Lbg Capital No.1 Plc Parolees De Venezuela S B B BBB. N/A N/A 85 B - USD [repeated 4 times] ARS USD N/A ($440.250) $455,000 (5897.500) S910,000 (51,627,500) $1,728,750 ($1,038,750) $419,775 ($318.000) $148,989 ($3,247,SCO) $3,067,500 (5925.000) $910,000 530,576 $60,681 $167,875 $426,000 $326,246 $24,667 $3,778 11.17% 11.17% 4.94% 7.58% 88.05 89.75 108.50 13.85 12.56 108.25 $92.50 91.00 91.00 115.25 5.60 1.49 10225 $91.00 $45.326 $73,181 $269,125 ($192,975) $157.234 ($155,333) ($11,222) PROT0 GI 0 csiobai toymemmit onneyounitivs Current FX & Commodity rates Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of June 28, 2013 1.P. Morgan Securities LLC. U5DS.04 13.0144 XAUUSD 12099 GBP1350 1.5258 135CUPY 98.420 USOARS 5.3765 USDKRW 1149.76 EURUSD 1.3037 USDBRL 2.1989 1.15XliF 0.9453 USDCAD 1.0479 USOTRY 1.920 USDNOK 6.0463 international Fixed income MTM (58,43kisom nalinit 51.039.822 5185.336 Mortgage and Asset Backed • Manual Pricing via JPMorgan Investment Bank Trade Date Maturity Original Face ISM"! S&P Rating Next Call Date Coupon Principal Cost 0) Market Value (5) Total Princrint (5) Entry Price (Local) Current Prke (Local) MTM 24-Jan-13 25-Aug-2029 9,551,003 Hmbt 2004-1 1M1 CCC 7/25/2013 1.093% (5562273) $745,078 530,612 56.25 76.54 5213,416 6-Feb-13 20 -Dec-2032 5,701,003 Sent 11 Ell CCC 7/20/2013 1.647% (5781,919) 6771,794 529,601 73.75 74.44 119,516 23-Aug-12 25-Aug-2033 3,325,003 Cwhl 2093-26BI 7/25/2013 5.330% ($1,231,222) $814,392 5252,482 77.00 57.86 (5164,349) 28-Nov-12 25-Feb-2037 6,160,000 Chose 2097-Al 2A4 CCC 9/25/2022 2.744% ($2,042,809) 51,868,522 5347,245 88.50 94.52 5172,957 16-Apr-13 25-Mar-2033 4,500,000 Cwhl 2003-I B1 7/25/2013 5.750% (51,448,803) 51,290,216 5161,373 95.50 94.02 52,786 30-Apr-13 25-Apt-2033 2.726,000 Sasc 2003.10 82 CCC 10/25/2013 6.000% ($1,076,783) 5941,412 $93,299 100.00 94.74 042.070 Mortgage and Asset Backed MTM (57.143.810) 56.431,553 51,699.598 5202,255 Listed Preferreds Dividends Entry Price Current Price Trade Date Maturity Shares Company S&P Rating Par Amount Coupon Principal Cost (5) market value (S) Received (5) Yield to worst (Local) (Local) MTM 18-Nov-1O 12/12013 8,000 General Motors Co N/A 550.00 4.75% (5400.000) $385,280 $48,450 15.44% 50.00 48.16 $33,730 9-Elm-10 122/2013 63,000 General Motors Co N/A 550.00 4.75% ($3,185,973) 53,034,080 5372,816 15.44% 50.57 48.16 5220,923 15-Feb-13 2/1/2016 6,000 Cliffs Natural Resources N/A 525.00 7.00% (S150.000) $106,440 52,392 22.89% 25.00 17.74 (541,168) 22-Feb-12 2/15.2040 80,000 Gmac Capital Dust I CCC. r. 525.00 8.13% (51,882,800) 52,084,000 5218,021 6.23% 23.54 26.05 $419,221 3-Feb-12 Perpetual 46,600 Ally Financial Inc CCC. f•• 525.00 8.50% (51,002,426) 51,205,076 5117,730 673% 21.51 25.86 $320,580 9-Feb-12 Perpetual 80,000 Ally Financial Inc CCC. f• • $25.00 8.50% ($1,780,003) 52,068,800 099,278 673% 22.25 25.86 6488,078 24-Oct-12 Perpetual 40,000 Royal Bk ScotInd Grp 9k BB $25.00 725% (5951.600) 6958,400 $42,292 7.60% 2379 23.96 549,092 7-Jan-13 Perpetual 40,000 Royal Bk ScotInd Grp 9k BB $25.00 725% (5977,600) 6958,400 527,590 7.60% 24.44 23.96 58,390 14-1an-13 Perpetual 40,000 Royal Bk ScotInd Grp 9k BB $25.00 725% (5995.200) 6958,400 $26,181 7.60% 24.88 23.96 (S10,619) Listed Preferreds MTM (511,325,399) 511,758.876 51,054,748 61.488,225 Mutual Funds and Money Market Trade Date Symbol Units Company Craw Initial Cost IS) Dividends Entry NAV Current NAV MTM Received (5) (Local) (Local) Avg JLTSX 49,504.95 Jpmorgan Latin America-Sol USD (1,000,000.00) 5882,178 So 20.200) 17.82 ($117,822) Mutual Funds and Money Market MTM (51,000,000) 5882,178 50 (5117,822) Forward Contracts • Rates sourced intrad from Bloomber Current Spot Current Alain Trade Date Value Date Bought Notional Sold Notional Fix Date Contract Spot Contract Forward Rate Forward M17,1 6-May-13 8-Aug-13 CHF 6,138,000 EUR 5,000,000 4-Aug-13 12284 12276 1.22921 1.22900 (57.391) 23-May-13 8-Aug-13 EUR 4,904,319 CHF 6,138,000 4-Aug-13 1.25185 1.25155 1.22921 1.22900 (5117,332) 23-May-13 28-Aug-13 JPY 740,325,000 CAD 7,500,000 24-Aug-13 99.08 0.71 94.40050 9425058 5338,136 10-Jun-13 28-Aug-13 CAD 2,500,000 JPY 242,025,000 24-Aug-13 97.02 96.81 94.40050 9425058 ($64,786) Forward Contracts MTM 5148,626 • MTM Modelled via Bloomberg (5347,609) I 51,375,096 51,027287 8-Aug-12 08-Oct-13 Bought JOY Put 10,000,000 80.90 CAD Call PROT1 CI 0] clonal Irma-nen. opportunities Current FX 8, Commodity rates Account Position and MTM Summary (Open Positions) USOMXN 13.0144 USDARS 5.3765 USDCHF 0.9453 8-Aug-12 08-Oct-13 Sold JPY Call 10,000,000 10-1un-13 10-Sep-13 Sold JPY Call 5,0-30,1300 10-Jun43 10-Sep-13 Bought JPY Put 5,000,1300 10-Jun43 10-Sep-13 Sold JPY Put 4,761,905 FX Options MTM Commodity Options • MTM Modelled via Bloomberg Trade Date Expiration Direction Commodity Type Notional (oz) 19-Apr-13 11-1uI-13 Bought 19-Apr-13 11-1uI-13 Sold Commodity Options MTM Total Return Swaps Trade Date Effective Maturity Date Date C0Q3 Call 100,000 C0Q3 Put 100,000 Underlying Shares Rate 18-Mar-13 18-Mar-13 20-Mar-14 K0Spi Transport ECtuipMt 818,972 3mL Total Return Swaps MTM 1.P. Morgan Securities LLC. XAUUSD USDKRW USDCAD 1200.9 1149.76 1.0479 GBPUSD EURUSD USDTRY 1.5258 13037 1.920 USIDWY USIDEIRL USG:NO& 98.420 2A989 6.0463 76.90 97.25 100.00 105.00 CAD USD [repeated 3 times] Put Put Call Call Exp KI O 69.65 Exp KI O94.75 5347,809 585,000 ($121.500) 536,500 SO (568.406) 5111,982 ($3Z4O4) 3347.009 $16,594 (59,518) 54.0% 50 51,386,267 51,386,267 Strike Currency Notional Type Original Current Premium Premium IS) IS) 111 87.5 11,100,000 8,750,000 Put Call 11-Jul-13 11-Jul-13 ($86,000) $86,000 $2.985 (51.481) ($83,014.94) $84.518.61 SO 51,504 51,504 Spread (bps) Notional Accrued interest Paid Entry Price (Local) Dividends Current Price Earned (Local) 030% $1,999,999.37 ($5,514) 2504.92 SO 2,472.63 (593.724) ($5,514) (593,724) MTM Snapshot EQ I LO 570,902 S194,543 5265.450 Fl /SP 54,504,314 $1,801,602 $6,305,916 Repo SO MF /ST (5117.822) SO (5117,822) Derivative 51,442,673 ($2,128,681) (5686,009) Alternative SO Other 1 Miscellaneous SO Open NOM 2013 Closed Pd. Open MTM • 2013 Closed PIL JO_ Performance Snapshot 2012 EOY Open MTM $5,685,137 Current Open MTM $5,900,067 YTD Change In Open MTM $214,930 (5132 532) 2013 Closed PIL 2013 Net Performance $82,399 (Q2013 WIN0NIen ChMe& CO. PROT2 G I 0 criobat in, ow 'swiss oor,ano II it IC, Account Position and MTM Summary (2013 Closed Positions) Prepared for Southern Financial LLC as of June 28. 2013 E szi Trade Date Symbol Shares Company Currency Industry Dividend Yield Cost Basis (5) Closing Date Entry Price (Local) Closing Price (Local) PA 8-lan-13 CLMT 4,400 Calumet Specialty Products USD Energy 7.48% ($139.964) $137,452 8-Jan-13 31.81 31.24 (52.512) Eelan-13 51-RC 4,400 Solar Capital Ltd USD Financial 10.39% (5107.360) $105,688 8-Jan-13 24.40 24.02 (51,672) Eelan-13 3,200 Tesoro Logistics Lp USD Energy 3.24% ($133.440) $134,909 9-Jan-13 41.70 42.16 $1,469 IS-Jan-13 USAC 6,000 Usa Compression Partners Lp USD Industrial 5.92% ($108.000) $106,260 15-lan-13 18.00 17.71 (51,740) I6-Jan-13 ALNY 2,400 Alnylam Pharmaceuticals Inc USD 'mower, Non-cyclic 0.00% ($48312) $50,040 lErlan-13 20.13 20.85 $1,729 I6-Jan-13 ITMN 6,600 Intermune Inc USD 0.00% ($65340) $66,125 lErlan-13 9.90 10.02 $785 17-Jan-13 AVEO 2,400 Aveo Pharmaceuticals Inc USD 0.00% ($18,000) 517.899 17-Jan-13 7.50 146 ($101) 17-Jan-13 CVRR 1,800 Cvr Refining Lp USD Energy 21.02% ($45.000) $45.871 17-Jan-13 25.00 25.48 $871 I8-Jan-13 MCP 6,000 Molycorp Inc USD Basic Materials 0.00% ($114.000) $111358 18-Jan-13 19.00 18.56 (52.643) I8-Jan-13 1.600 Norwegian Cruise Line Holdin USD Consumer, Cyclical 0.00% (530,400) $39.328 18-Jan-13 19.00 24.58 $8,928 I8-Jan-13 Nfl 5,200 Northern Ter Energy Lp USD Energy 2048% (5127.192/ $126,149 18-Jan-13 24.46 24.26 (51,043) 14-Feb-I3 ARIA 9,000 Ariad Pharmaceuticals Inc USD 0.00% ($136.878) $174408 24-Jan-13 15.21 19.38 $37,530 24-Jan-13 8PL 4,000 Buckeye Partners Lp USD Energy 5.99% ($210.160) $208,523 24-Jan-13 52.54 52.13 (51,637) 25-Jan-13 BFAM S00 Bright Horizons Family Solut USD ansurner, Non-cyclic 0.00% (SI L000) $13.758 25-lan-13 2100 27.52 $2.758 25-Jan-13 MCP 2,500 Molycorp Inc USD 0.00% (51 5,000) 517.400 25-lan-13 6.00 6.96 $2,400 29-Jan-13 PNY 6,500 Piedmont Natural Gas Co USD Utilities 3.68% ($208.0001 5207.410 30-Jan-13 3100 31.91 ($590) 31-Jan-13 KERX 1.500 Keryx Biopharmaceuticals USD 0.00% ($12,735) $14,190 31-Jan-13 8.49 9.46 $1455 31-Jan-13 VNR 3,500 Vanguard Natural Resources USD Energy 8.82% (597.475) $96.983 31-Jan-13 2185 27.71 ($492) 31-Jan-13 ITS 254100 Zoetis Inc USD answer, Non-cyclic 0.85% ($650.0001 $786482 1-Feb-13 26.00 31.46 $136,482 I -Feb-13 CHSP 1.500 Chesapeake Lodging Trust USD Financial 4.62% (531.125) $31,559 1-Feb-13 20.75 21.04 $434 I -Feb-13 NMM 3,500 Navios Maritime Partners to USD Industrial 1215% ($49325) 548.859 1-Feb-13 14.15 13.96 ($666) 5-Feb-I3 (PD 4,000 Enterprise Products Partners USD Energy 4.31% ($218.240) $218,072 5-Feb-13 54.56 54.52 ($168) 5-Feb-I3 BCC 1.000 Boise Cascade Co USD Industrial 0.00% ($21000) $25,269 6-Feb-13 21.00 25.27 $4,269 7-Feb-I3 BCC 3,500 Boise Cascade Co USD Industrial 0.00% ($69310) $69,263 7-Feb-13 19.86 19.79 ($247) 14-Feb-I3 ARR 29,000 Armour Residential Reit Inc USD Financial 17.113% ($198.360) $193,141 14-Feb-I3 6.84 6.66 ($5,219) 15-Feb-I3 CIS 3,000 Cliffs Natural Resources Inc USD 3.69% ($87.000) $89,148 15-Feb-I3 29.00 29.72 $2.148 15-Feb-I3 NUN 8,000 Nielsen Holdings Nv USD Communications 1.90% ($260.400) $260,654 15-Feb-13 3155 32.58 $254 15-Feb-I3 PXO 1,000 Pioneer Natural Resources Co USD Energy 0.05% ($128.0001 $130,328 15-Feb-13 128.00 130.33 $2,328 21-Feb-I3 KORS 20,000 Michael Kors Holdings Ltd USD 0.00% (51,230,000) $1.201,181 21-Feb-I3 61.50 60.06 (528.819) 21-Feb-13 KMP 3,000 Kinder Morgan Energy Prints USD Energy 6.09% ($259.050) $259,377 21-Feb-I3 86.35 86.46 $327 27-Feb-13 AGNC 154100 American Capital Agency Corp USD Financial 18.25% ($474.450) $473,839 27-Feb-I3 31.63 31.59 ($611) 27-Feb-13 MPW 1.250 Medical Properties Trust Inc USD Financial 5.59% (517,813) 517.887 27-Feb-I3 14.25 14.31 $75 28-Feb-13 OCP 3,500 Dyncorp International Inca USD 0.00% ($142.205) $143,357 1-Mar-13 40.63 40.96 $1,152 5-Mar-13 WP2 2,750 Williams Partners Lp USD Energy 6.57% ($135.135) $134,362 5-Mar-13 49.14 48.86 ($773) 6-Mar-13 MI 4,000 Apollo Commercial Real Estat USD Financial 10.08% ($68,200) $68,238 6-Mar-13 17.05 17.06 $38 6-Mar-13 MHO 500 ItM Homes Inc USD 0.00% ($11.750) $12,210 6-Mar-13 23.50 24.42 $460 6-Mar-13 0 2,000 Realty Income Corp USD Financial 5.20% ($91.800) $91,078 6-Mar-13 45.90 45.54 ($722) 7-Mar-13 DISCK 1,500 Discovery Communications{ USD Communications 0.00% ($97.125) $100.438 7-Mar-13 64.75 66.96 $3,313 7-Mar-13 KM 1.500 Kar Auction Services Inc USD 3.31% ($28,875) $29,234 7-Mar-13 19.25 19.49 $359 7-Mar-13 BKU S00 Bankunited Inc USD Financial 3.23% ($12,625) $12,755 8-Mar-13 25.25 25.51 $130 8-Mar-13 PCYC 2,500 Pharmacyclics Inc USD 0.00% ($23000) $235,330 8-Mar-13 94.00 94.13 $330 12-Mar-I3 LXP 2,000 Lexington Realty Trust USD Financial 5.14% ($23.400) $23,339 12-Mar-13 11.70 11.67 ($61) 13-Mar-I3 BNNY 1.250 Anniel Inc USD 0.00% ($50.000) 549.949 13-Mar-13 40.00 39.96 ($51) 13-Mar-I3 HTWR 600 Heartware International Inc USD 0.00% ($51.870) $52,055 13-Mar-13 86.45 86.76 $185 14-Mar-I3 VIPS 1.000 Vipshop Holdings Ltd Ads USD Communications 0.00% ($24,000) $24,609 14-Mar-13 24.00 24.61 $609 15-Mar-I3 TRLA 1.000 Trulia Inc USD Communications 0.00% ($29.750) $31,009 15-Mar-13 29.75 31.01 $1,259 3-Apr-I3 MCC 3,500 Ares Capital Corp USD Financial 8.84% ($61.635) $61,344 3-Apr-13 17.61 17.53 ($291) 9-Apr-I3 CU2 4,000 Cousins Properties Inc USD Financial 1.78% ($41.800) $42,359 9-Apr-13 10.45 10.59 $559 10-Apr-13 TMIIC 1,500 Taylor Morrison Home Corp-A USD 0.00% ($33.000) $34,754 10-Apr-13 2100 23.17 $1.754 I I -Apr-13 RLGY 9,000 Reategy Holdings Corp USD Financial 0.00% ($396.000) $401,119 11-Apr-13 44.00 44.57 $5,119 I I -Apr-13 INPI 7,500 Infinity Pharmaceuticals Inc USD 0.00% ($300.000) $308768 11-Apr-I 3 40.00 41.17 $8,768 12-Apr-13 EVTC 4,000 Evertec Inc USD 0.00% (580,000) $85,430 12-Apr-I 3 20.00 21.36 $5,430 12-Apr-13 GTE 1,500 Caesantone Sdot-Yam Ltd USD Industrial 0.00% ($34,875) $35,639 12-Apr-I 3 23.25 23.76 $764 113rAprr13 APL 21,000 Mat Pipeline Partner Lp USD Energy 6.10% ($714.000) $723,644 la-Apr.13 34.00 34.46 $9.644 18-Apr-13 2.000 Intelsat Sa USD Communications 0.00% (536.000) 533.919 18-Apr-I 3 18.00 16.96 (52.081) 18-Apr-13 ROSE 1.000 Rosetta Resources Inc USD Energy 0.00% ($42,500) $42.459 18-Apr-I 3 4/50 42.46 (541) 18-Apr-13 TAM 1.000 Tarn into Corp USD 0.00% (515.000) $14.080 18-Apr-13 15.00 14.08 ($920) PROT3 G I 0 ca<amt I.nosrn.c.v onnarton nit, Account Position and MTM Summary (2013 Closed Positions) Prepared for Southern Financial LLC as of June 28. 2013 J.P. Morgan Securities LLC 11.Oc411 TEF (1,500) Telefonica Sa-Spon Adr USD Communications 0.00% 530,080 ($20.700) 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 (550) 19.4pr-13 SEAS 2200 Seaworld Entertainment Inc USD 2.28% ($54,000) 561,419 19-Apr-13 27.00 30.71 57,419 25.Apr-13 MD 15,000 Prolog is Inc USD financial 2.97% (5624.000) $624,136 25-Apr-13 41.60 41.61 $136 26-Apr-13 RESI 4,000 Altisource Residential Corp USD financial 0.00% (575.000) $78,238 26-Apr-13 18.75 19.56 53,238 26-Apr-13 SPNC 600 Spectranetics Corp USD 'muffler, Non-cyclic 0.00% ($10800) $11,220 26-Apr-13 18.00 18.70 $420 1-May-13 SEIGI 4000 Sinclair Broadcast Group -A USD Communications 2.04% ($109.000) 5108,878 2.May-13 2725 27.22 ($122) 2-May-13 VOVA 2,000 Ing Us Inc USD Financial 0.00% (539.000) 538.439 2.May-13 19.50 19.22 ($561) 3-May-13 QIWI 2,000 Dive' Plc-Sponsored Adr USD Communications 0.00% (534.000) 534.139 3.May-13 17.00 17.07 $139 3-May.13 CETV 11,000 Central European Media Ent-A USD Communications 0.00% (530250) 530.469 3.May-13 2.75 2.77 $219 6-May.I3 HT2 4.000 Hertz Global Holdings Inc USD ',Hunter, Non-cyclic 0.00% (599.000) 598.318 7.May-13 24.75 24.58 ($682) 8-May-I3 VNTV 3.000 Vantiv Inc C A USD 0.00% (571.250) $71,218 8.May-13 23.75 23.74 ($32) 8-May-I3 WBS 2000 Webster Financial Corp USD financial 2.34% ($45.600) 545.519 8.May-13 2220 22.76 ($81) 24-Oct-12 DF 25,000 Dean Foods Co USD 0.00% (5470,450) $469,489 8.May-13 1822 18.78 (5961) 9-May.13 CYNI 1,000 Cyan Inc USD Communications 0.00% ($11.000) $10.010 9-May-13 11.00 10.01 ($990) 9-May.13 EMES 3.500 Emerge Energy Services Lp USD 0.00% (559.500) 559.009 9-May-13 17.00 16.86 ($491) 9-May.13 IIC14 1.000 Health Care Reit Inc USD financial 4.56% (573300) $73,558 9-May-13 73.50 73.56 558 9-May.13 ISIS 4,000 Isis Pharmaceuticals Inc USD 0.00% ($76.000) $75,878 9-May-13 19.00 18.97 ($122) 9-May.13 Q 1.000 Quintiles Transnational Hold USD 0.00% (540.000) $43.719 9-May-13 40.00 43.72 53,719 9-May.13 PFSI 200 Pennymac Financial Service-A USD financial 0.00% (53.600) $3.642 9-May-13 18.00 18.21 542 I0-May-13 APO 40,000 Apollo Global Management -A USD financial 9.47% (51,000,000) $997.100 10-May.13 25.00 24.93 (52,900) I0-May-13 TRNX 1.500 Tornier Nv USD 'muffler, Non-cyclic 0.00% (524,225) $24,809 10-May.13 16.15 1654 $584 13.May-13 ARE 2200 Alexandria Real Estate Equit USD financial 3.96% ($147.000) $149,917 13-May.13 73.50 74.96 $2,917 13.May-13 NUN 20200 Nielsen Holdings Nv USD Communications 1.90% (5700,200) $695,652 13-May.13 35.01 34.78 (54548) 13.May-13 SPIT 2,500 Suburban Propane Partners Lp USD Energy 7.53% (5120,400) 5118,297 13-May.13 413.16 47.36 (52.003) 13.May-13 WES 2500 Western Gas Partners Lp USD Energy 3.33% ($152,950) 5152,397 13-May.13 61.18 60.96 (5553) 15.May-13 AINV 4,000 Apollo Investment Corp USD Financial 1034% (534,400) $33,839 15-May.13 8.60 8.46 (5561) 15.May-13 CVRR 6,000 Cvr Refining tp USD Energy 21.02% ($184.500) $182,996 IS-May.13 30.75 30.50 (51,504) 16.May-13 PIKE 30,000 Pike Electric Corp USD Utilities 0.00% (5345200) 5351.733 16-May.13 11.50 11.72 $6,733 16.May-13 DDR 4.000 Ddr Corp USD Financial 3.24% (575.600) 577.797 16-May.13 18.90 19.45 $2.197 16.May-13 WLII 750 William Lyon Homes-CI A USD 0.00% (518,750) 519.782 16-May.13 25.00 26.38 $1,032 16.May-13 CUB S00 Cubic Corp USD Industrial 0.50% (522,875) $23.424 16-May.13 45.75 46.85 $549 17-May-13 TCP 2,000 Tc Pipelines Lp USD Energy 6.46% (587.700) 589.248 17-May.13 43.85 44.62 51,548 22-May-13 UAN 4,000 Cvr Partners Lp USD 11.07% ($100600) $98238 22-May.13 25.15 24.71 (51,762) 22-May-13 NPSP S00 Nps Pharmaceuticals Inc USD 'mune., Non-cyclic 0.00% ($7,265) $7.520 22-May.13 14.53 15.04 $255 22-May-13 IRWD 2,500 Iromvood Pharmaceuticals Inc USD 'mune., Non-cyclic 0.00% (532.500) 533.574 22-May.13 13.00 13.43 $1.074 23.May-13 BLMN 2,000 Bloomin* Brands Inc USD 0.00% ($43,000) 543.019 23-May.13 21.50 21.51 519 23.May-13 BXMT 2,500 Blackstone Mortgage Tru-CI A USD 0.00% ($63,750) 565.775 23-May.13 25.50 26.31 52,025 23.May-13 CSTM 6,000 Constellium Nv- Can A USD 0.00% (590.000) 583.758 23-May.13 15.00 13.96 (56,242) 23.May-13 LG 5,000 Laclede Group Inc/The USD Utilities 3.72% (5222.500) $219,795 23-May.13 44.50 43.96 (52,705) 23.May-13 OAK 1.000 Oaktree Capital Group Uc USD financial 10.76% (553.500) $52,959 23-May.13 53.50 52.96 ($541) 23.May-13 PGEM 2.000 Ply Gem Holdings Inc USD Industrial 0.00% ($42,000) $45.919 23-May.13 21.00 22.96 53,919 23.May-13 WAIR 2.000 Wesco Aircraft Holdings Inc USD 0.00% (532,000) 531.919 23-May.13 16.00 15.96 (581) 30-May-13 BWP 6,000 Boardwalk Pipeline Partners USD Energy 7.05% ($180.720) $179,457 30-May.13 30.12 29.91 ($1,263) 30-May-13 VNR 6,000 Vanguard Natural Resources USD Energy 8.82% ($170.100) $169,257 30-May.13 2835 28.21 (5843) 6-1un-13 CG 13,000 Carlyle Group/The USD financial 2.50% (5351.000) $341593 6.Jun-13 27.00 26.28 (59,407) 6-1un-13 KAR 2,500 Kar Auction Services Inc USD 3.31% (553,125) 553.577 6.Jun-13 21.25 21.43 $452 7-lun-13 TMO 35,000 Thermo Fisher Scientific Inc USD Industrial 0.71% (52,992.500) 52.980,987 7-Jun-13 85.50 85.17 (511.513) 11-lun-13 ARP 2,500 Atlas Resource Partners Lp USD Energy 9.30% (554,375) 554.399 11-1un-13 21.75 21.76 524 12-lun-13 POR 3,000 Portland General Electric Co USD Utilities 3.60% ($88,500) 591.151 12-lun-13 29.50 30.38 $2,651 13-lun-13 COT! 6,000 Coty Inc.CI A USD ansumer, Non-cyclic 0.00% ($10000) $103,288 13-lun-13 17.50 17.21 (51,712) 13-lun-13 FSLR 5,000 lint Solar Inc USD Technology 0.00% (5230.000) $229,921 13-lun-13 46.00 45.98 ($79) 13-lun-13 BFAM 2,000 Bright Horizons Family Solut USD 0.00% (566.100) $66441 13-1un-13 33.05 33.32 $541 7-lun-13 TMO 2,500 Thermo Fisher Scientific Inc USD Industrial 0.71% (5213.750) $215,521 18-1un-13 85.50 86.21 $1,771 19-lun-13 WY 2.000 Weyerhaeuser Co USD financial 3.09% (555,500) 556.069 19-1un-13 27.75 28.03 $569 19-lun-13 BLUE 1.000 Bluebird Bio Inc USD 'mune., Non-cyclic 0.00% (517.000) 526.008 19-1un-13 17.00 26.01 59,008 20-lun-13 PTCT 1.000 Ptc Therapeutics Inc USD 0.00% (515.000) 515.710 20-lun-13 15.00 15.71 $710 21-lun-13 ACRE 5,000 Ares Commercial Real Estate USD financial 7.80% (567.500) $64274 21-1un-13 13.50 12.97 (52.626) 21-lun-13 GOGO 2,500 Gogo Inc USD Communications 0.00% ($42,500) $39,899 21-1un-13 17.00 15.96 ($2,601) 21-lun-13 HLSS 2,000 Home loan Servicing Solution USD financial 7.01% (546.000) $44,819 21-1un-13 23.00 22.41 ($1,181) PROT4 GI CO Global Fewest smog ctimortunittes Account Position and MTM Summary (2013 Closed Positions) LP. Morgan Securttits LLC 26-Jun-13 LXFT 26-Jun-13 NSTG 7-Jun-13 TMO 27-Jun-13 HDS 27-Jun-13 CDW 500 6,000 2,500 14,000 3,000 Luxoft Holding Inc USD Technology 0.00% (58.500) $9,255 26-Jun-13 17.00 18.51 $755 Nanostring Technologies Inc USD Demmer, Non-cyclic 0.00% ($60.000) $56,764 26-Jun-13 10.00 946 ($3,236) Thermo Fisher Scientific Inc USD Indultrial 0.71% ($2133501 $213,896 27-Jun-13 85.50 85.56 $146 ltd Supply Holdings Inc USD ConwmeE Cyclical 0.00% ($252.000) $251,436 27-Jun-13 18.00 17.96 ($564) CAW Corp/De USD Communications 0.00% ($51.000) $52,799 27-Jun-13 17.00 17.60 $1.799 Equity PA. Equity Syndicate PA. 5194.548 5186.179 Structured Notes Trade Date Maturity Face Amount Long Description Cost Basis (S) Interest Received Closing Date Entry Price (5) Closing Price (5) Pit 9-lan-13 24-Jan-14 1,000,000 Mk Ren tasked To Cnh Vs 13W SRIev- 500%Mautm 01/09/13 Initial Strike:6.199S (51,000,1200) $1,000,000 SO 6/21/2013 1100.00 5100.00 so Structured Note> Pa so U.S. Fixed Income Trade Date Maturity Face Amount Issuer S&P Rating Next Call Date Coupon Principal Cost Market Value Total Int. Accrued Closing Date Entry Price Closing Price pit 24-Oct-11 15-Feb-2016 8-Mar-11 01-Mar-2017 17-Apr-13 Perpetual 13-May-13 20-May-2023 22-Feb-12 15-Jan-2018 17-May-13 Perpetual 1,500,000 2,500,000 3,000,000 800,000 1,000,000 1,509000 Hca Inc American Axle & Mfg Inc Jpmorgan Chase & Co Petrobras Global Finance Nrg Energy Inc lions Bancorporation B- B BBB BBB 88- Be WA WA 5/1/2023 WA WA 6/15/2023 6.500% 7.875% 5.150% 4.375% 7.625% 5.800% (51,530,000) ($2,615,625) ($3,000,000) ($790.624) ($1,001,500) ($1,500,000) $1.650,000 $2.575,000 $3,015,000 $797.600 11,150,000 11,513,125 $122,417 $289,844 $289,844 $289.844 $102,938 $9,908 24-Jan-13 I -Mar-13 17-Apr-13 ll-Apr-I3 16-May.13 23-May.13 $102.00 $104.63 $100.00 $98.83 $100.15 $100.00 $110.00 $103.00 $100.50 $99.70 $115.00 $100.88 $242,417 $249,219 $304,844 $296,820 5251,438 $23,033 U.S. Fixed Income Pt 1,367,770 International Fixed Income Trade Date Maturity Face Amount Issue S&P Rating Currency Coupon Principal cost (5) Market Value (St Total IM. Accrued (S) Closing Date Entry Price (Local) Closing Price (Local) PL 23-Jan-13 OS-Dec-2022 15-Mar-13 22-May-2023 22-May-13 10-Jun-2028 IS-Jan-13 1/15/2073 12,000,000 200,000 11,650,000 25,000 America Movil Salo De Cv BA Sa Red [suttees Decide Nucleus Energy Capital A- BBB- BBB BBB MXN USD MXN $25.00 6450% 3.950% 9.000% 5.00% ($1,004,417) ($196.9941 ($944.632) ($625.0001 $1,041,054 5197,500 $150.611,416 $564,500 $15.705 52.260 SO $13.802 19 Api-13 16 May.13 29 May.13 3iluni13 10175 98.50 100.00 25.00 106325 98.75 10010 22.58 $52,343 12,766 $4.528 ($46,698) International Fixed Income P/L 512,939 Mortgage and Asset Backed Trade Date Maturity Original Face Issue S&P Rating Next Call Date Coupon Principal Cost (5) Accrued (5) Closing Date Entry Price (Local) Closing Price (Local) Pit 11-Sep-12 2S-May-2035 8,126,960 tilhl 2005.2 IM1 BB* 8/25/2015 0.633% (51,456,130 $1,565,282 $100.747 2/20/2013 70.00 79.00 $213,895 5-Nov-12 25-Nov-2032 1,750,000 Gm>l 2004-A 83 CCC WA 5.250% ($583,601) $558.780 $83.650 5/1442013 80.50 85.00 $58,829 14-Nov-12 25-Apr-2035 10,000,000 Imm 2005-21h11 CCC 7/25/2013 0.838% (51,165,890) $1,250,164 $66.345 5/23/2013 70.00 78.13 $154,619 Mortgage and Asset Backed PA. $427,343 Listed Prefeereds Trade Date Maturity Shares Company S&P Rating Par Amount Coupon Principal COO (S) Dividends Received (5) Closing Date Entry Price Closing Price (Local) (Local) Pit 9-lan-13 1/15/2073 15,200 Duke Energy Corp BBB- S25.00 5.13% ($380.000) $383,192 SO 11-1an-13 25.00 25.21 $3,192 14-Jos-13 1/15/2073 10,800 Duke Energy Corp BBB- S25.00 5.13% ($270,000) $279.282 SO 22-1an-13 25.00 25.86 $9,282 22-Jos-13 1/29/2053 32,500 General Eke Cap Corp AA* S25.00 4.88% ($812,500) $811.832 SO 29-Jan-13 25.00 2498 ($668) 29-Jos-13 Perpetual 47,212 Jpmorgan Chase & Co BBB S25.00 5.45% ($1,180,300) $1,173,664 SO 15-Mr-13 25.00 2486 (56,636) 14-Mat-13 Perpetual 25,000 Interstate Power & Light 889 $25.00 5.10% (5625,0001 5624.486 SO IS-Mae-13 25.00 24.98 Mu» 29-Jos-13 Perpetual 12,788 Jpmorgan Chase & Co BBB S25.00 5.45% ($319.7001 $318.237 SO 22-Mar-13 25.00 24.89 (51,463) 7-Feb-13 Perpetual 8.570 Armour Residential Reit WA S25.00 7.88% ($214.2501 $213.553 SO 22-Mar-13 25.00 24.92 ($697) 6-Feb-13 Perpetual 7,000 Genl Growth Properties NR S25.00 6.38% ($175,0001 $173.456 50 22-Mar-13 25.00 24.78 (51,544) PROT5 CI 0 2 0 Global investment onnortunittev Account Position and MTM Summary (2013 Closed Positions) I.P. Morgan Securities LLC 7-Feb-13 Perpetua 11,430 Armour Residential Reit N/A 525.00 7.88% ($285.750) 5284,862 50 25-Mar.13 25.00 24.92 ($888) 23-Jan-13 Perpetua 20,000 Sc. Trust li BBB- 525.00 5.10% ($500.000) 5498,571 50 3.Apr.I3 25.00 24.93 ($1,429) 5-Mar-13 Perpetua 15,000 Public Storage BBB. 525.00 5.20% ($375.000) 5375,142 50 5 Apr.I3 25.00 25.01 5142 8-Apr-13 Perpetua 32,000 Mfa Financial Inc WA 525.00 7.50% ($800.000) $801,902 50 17-Apr-13 25.00 25.06 11,902 2-Apr-13 Perpetua 35,000 Digital Realty Trustloc BB* 525.00 5.88% ($875.000) $873,580 50 7-May-13 25.00 24.96 ($1,420) 16-Apr-13 Perpetua 12.000 Fint Republk Bank/51 BBB 525.00 5.50% ($300.000) $299,273 50 7-May-13 25.00 24.94 ($727) 17-Jan-13 Perpetua 26,100 Vormdo Realty Trust BBB- 525.00 5.40% ($652.500) 5652,527 512.332 9-Mrry-13 25.00 25.00 512,360 10-May-13 5/16/2053 20,000 General Eicc Cap Corp Akt 525.00 430% ($500.000) 5500,189 50 10-Mery-13 25.00 25.01 5189 17-Jan-13 Perpetua 900 Vormdo Realty Trust BBB- 525.00 5.40% ($22.500) $22.491 50 10-May-13 25.00 24 99 ($10) 15-Jan-13 1,/15/2073 25,000 Nestera Energy Capital BBB 525.00 5.00% ($625.000) 5593,676 513,802 3-Jun-13 25.00 23.75 (517.522) Listed Preferred> PIL (56,450) Listed Preferred' Syndicate Pt (56,450) Forward Contracts Trade Date Value Date Bought Notional Sold Notional Fix Date Contract Spot Contract Forward Closing Date Closing Rate Pil 4-Dec-12 8-Jan-13 JPy 822,800,000 CAD 10,000,000 8-Jan-13 82.016 82.28 4-Jan-13 89.17 ($783.578) 18-Dec-12 22-Jan-13 MXN 12,900000 USD 1,011,828 22-Jan-13 12.7324 127492 17-Jan-13 12.58 512.975 17-Jan-13 22-Feb-13 MXN 12,900,000 USD 1,022.438 22-Feb-13 123829 126169 23-Jan-13 12.68 (54396) 2-Nov-12 6-Feb-13 CIF 6,025,500 EUR 5,000,000 4-Feb-13 1207 1.2051 30-Jan-13 123760 (5179.044) 2-Nov-12 6-Feb-13 CHF 6,025,500 EUR 5,000,000 4-Feb-13 1207 1.2051 1-Feb-13 123910 ($187.307) 4-Jan-13 8-Feb-13 WY 890,400,000 CAD 10,000,000 4-Feb-13 89.17 89.04 7-Feb-13 93.5012 (5478045) 7-Feb-I3 12-Mar-13 MY 933,849,000 CAD 10,000,000 8-Mar-13 93,49 93.3849 6-Mar-13 91.0278 5250,580 6-Mar-13 8-Apr-13 MY 909,300,000 CAD 10,000,000 4-Apr-13 91.038 90.93 28-Mar-13 92.61220 ($178.777) 28-Mar-13 1-May-13 MY 92&220,000 CAD 10,000,000 27-Apr-13 92.63 92.522 23-Apr-13 96.85000 (5435,719) 1-Feb-13 6-May-13 CHF 6,190.503 EUR 5,000,000 2-May-13 1.2391 1.2381 23-Apr-13 122840 551,776 23-Apr-13 28-May-13 MY 967,400,030 CAD 10,000,000 24-May-13 96.74 96.74 23-May-13 99.02000 ($225,007) 14-Mar-13 18-Jun-13 USD 5,000,000 KRW 5,581,750,000 14-Jun-13 111635 111635 14-Jun-13 1,128.20000 $52,517 Forward Contracts P/I. (S2,104.225) Commodity tions Original Closing Premium Trade Date Expiration Direction Commodity Type Notional (or) Strike Currency Notional Type Closing Date Premium (s) (S) Pil 10-Jul-12 08-Feb-13 Sold COH3 Put 10100 79 7.500,000 Call 08-Feb-13 $327,000 50 5323000.00 10-Jul-12 08-Feb-13 Bought COH3 Call 10100 118.5 11.850000 Put 08-Feb-13 (5327.030) 50 ($327,000.00) Commodity Options MI SO otal Return Swaps Effective Trade Date Date Maturity Date Underlying Shares Rate Spread (bps) Notional Accrued Interest Paid Entry Price Closing Date Dividends Closing Price Earned (Local) 31-Jan-12 3-Feb-12 31-Jan-13 3-Feb-13 31-Jan-13 3-Feb-13 5-Feb-13 5-Feb-14 5-Feb-14 Apple Inc 8,860 4,430 4,430 3mL 1.00% S4,044,412.80 52,017,023.30 52,017,023.30 ($45.959) (54,162) (54,162) $456.48 $455.31 $455.31 31-Jan-13 12-Feb-13 16-May-13 546,958 $18,495 $18,495 455.3100 469.5847 431.1583 (19367) 577.570 (192,659) Total Return Swaps Pil. (524.456) Total 2013 P/L (5132.532) (C)20121PMornan Chase & Co. PROT6 GI 0 Global Invenenent Opportunities Account Position and NITIVI Summary (2012 Closed Positions) Trade Date Symbol Shares Company Currency Dividend Industry Yield Cost Basis (5) Market value (5) Closing Date Entry Price (Local) Closing Price (Local) PR_ 15-Nov-12 AKS 135,000 Ak Steel Holding Corp USD 0.00% ($540,000) $489,645 15-Nov-12 4.00 3.63 ($50,355) 15-Mar-12 ALs'i 5,400 Allison Transmission Holding USD 2.08% ($124,200) $122,580 15-Mar-12 23.00 22.70 ($1,620) 15-Feb-12 ALNY 4,050 Alnylam Pharmaceuticals Inc USD insurner, Non-cyclic 0.00% ($43,538) $44,352 15-Feb-12 10.75 10.95 $814 26-Oct-12 ACC 7,000 imerican Campus Communitie USD ?Month 3.54% ($306,250) $308,469 26-Oct-12 43.75 44.07 $2,219 11-Jul-12 ACC 5.000 unerican Campus Communitie USD ?Month 3.54% ($221,250) $221,095 11-Jul-12 44.25 44.22 ($155) 18-Jul-12 AGNC 9.000 American Capital Agency Corr USD ?Month 18.25% ($306,900) $307,710 18-Jul-12 34.10 34.19 $810 7-Mar-12 AGNC 15,300 American Capital Agency Corr USD ?Month 18.25% ($449,055) $449,499 8-Mar-12 29.35 29.38 $444 11-Dec-12 MG 20,250 American International Sour USD ?Month 0.00% ($658,125) $697,795 11-Dec-12 32.50 34.46 $39,670 11-Sep-12 MG 21,000 American International Group USD FMancia 0.00% ($682,500) $691,089 11-Sep-12 32.50 32.91 58,589 3-Aug-12 MG 6.300 American International Group USD FMancia 0.00% ($192,150) $199,609 6-Aug-12 30.50 31.68 $7,459 7-May-12 MG 5.000 American International Group USD FMancia 0.00% ($152,500) $152,645 7-May-12 30.50 30.53 5145 15-Mar-12 APO 2.500 Amerigas Partners-Lp USD 6.80% ($103,125) $101,378 16-Mar-12 41.25 40.55 ($1,748) 28-Mar-12 BNNY SOO Annie'S Inc USD msumer. Non-cyclic 0.00% ($9,500) $15,656 28-Mar-12 19.00 31.31 $6,156 3-Oct-12 ARI 4.500 Apollo Commercial Real Estat USD Financial 10.08% ($76,410) $75,699 3-Oct-12 16.98 16.82 ($711) 17-Apr-12 AMTG 2.250 Apollo Residential Mortgage USD Financial 16.99% ($41,063) $40,365 17-Apr-12 18.25 17.94 ($698) 20-Sep-12 ARE% 10,000 Approach Resources Inc USD Energy 0.00% ($305,000) $292,440 20-Sep-12 30.50 29.24 ($12.560) 17-Aug-12 ARCC 3,000 Ares Capital Corp USD Financial 8.84% ($50,430) $50,400 17-Aug-12 16.81 16.80 ($30) 25-Apr-12 ACRE 3,150 Ares Commercial Real Estate USD Financial 7.80% ($58,275) 556,543 26-Apr-12 18.50 17.95 ($1,733) 8-Nov-12 AWI 3,500 Armstrong World Industries USD Industrial 0.00% ($178,500) $178,910 8-Nov-12 51.00 51.12 $410 9-Nov-12 ARRY 11,000 Array Biopharma Inc USD msumer, Non-cyclic 0.00% ($40,150) $38,522 9-Nov-12 3.65 3.50 ($1,628) 4-Dec-12 API. 3,500 Atlas Pipeline Partners Lp USD Energy 6.10% ($108,500) $107,937 5-Dec-12 31.00 30.84 ($564) 20-Nov-12 ARP 3,000 Atlas Resource Partners Lp USD Energy 930% ($69,030) $68,007 21-Nov-12 23.01 22.67 ($1,023) 29-Nov-12 AVB 1,250 Avalonbay Communities Inc USD Financial 3.17% ($162,500) $166,153 29-Nov-12 130.60 132.92 $3,653 2-Feb-12 AVG 1,800 Avg Technologies USD Technology 0.00% ($28,800) $23,958 2-Feb-12 16.00 13.31 ($4,842) 1-Feb-12 OR 1,350 8ancolombia S.A.-Spons Mr USD Financial 2.92% ($81,000) $81,707 1-Feb-12 60.00 60.52 $707 7-Aug-12 BLMN 1,800 Bloomin' Brands Inc USD 0.00% ($19,800) $21,375 8-Aug-12 11.00 11.88 $1,575 0-Oct-12 BWP 2.500 Boardwalk Pipeline Partners USD Energy 7.05% ($67,475) $66,975 4-Oct-12 26.99 26.79 ($500) 2-Aug-12 BWP 2.500 Boardwalk Pipeline Partners USD Energy 7.05% ($69,500) $68,018 2-Aug-12 27.80 27.21 ($1,483) 20-Jan-12 BWP 1,250 Boardwalk Pipeline Partners USD Energy 7.05% ($34,438) $33,899 20-Jan-12 27.55 27.12 ($539) IS-Nov-12 BRP 1,400 Brookfield Residential Prope USD 0.00% ($20,286) $20,286 15-Nov-12 14.49 14.49 $0 22-Mar-12 C3TE 6,750 Caesarstone Sdot-Yam Ltd USD Industrial 0.00% ($74,250) $74,378 22-Mar-12 11.00 11.02 $128 8-May-12 CLMT 2,000 Calumet Specialty Products USD Energy 748% ($51,000) $48,498 8-May-12 25.50 24.25 ($2,502) 3-May-12 CG 5,000 Carlyle Group/The USD Financial 2.50% ($110,000) $109,905 3-May-12 22.00 21.98 ($95) 28-Sep-12 CWST 8,000 Casella Waste Systems Inc-A USD Industrial 0.00% ($32,000) $33,904 28-Sep-12 4.00 414 $1,904 8-Feb-12 CPAC 27,000 :ementos Pacasmayo Saa - Ad USD Industrial 135% ($310,500) $295,731 8-Feb-12 11.50 10.95 (514,769) 4-Apr-12 DNS 2.475 Clovis Oncology Inc USD insumer, NOn-tytIlt 0.00% ($49,500) $49,978 4-Apr-12 20.00 20.19 $478 24-Feb-12 CIE 3,600 Cobalt International Energy USD Energy 0.00% ($100,800) $107,600 24-Feb-12 28.00 29.89 $6,800 19-Oct-12 CPNO 20,000 Copano Energy Lk-Units USD Energy 5.72% ($642,600) $635,560 19-Oct-12 32.13 31.78 ($7,040) 13-Jan-12 CPNO 2,000 Copano Energy Lk-Units USD Energy 5.72% ($68,060) $67,668 13-Jan-12 34.03 33.83 ($392) 11-Oct-12 OFC 2,000 Corporate Office Properties USD Financial 431% ($49,500) $51,190 11-Oct-12 24.75 25.60 $1,690 2-Mar-12 DPM 1,000 Dcp Midstream Partners Lp USD Energy 5.18% ($47,420) $46,899 2-Mar-12 47A2 46.90 ($521) 5-Sep-12 DCT 9,000 Oct Industrial Trust Inc USD Financial 3.91% ($55,800) $56,700 5-Sep-12 6.20 630 $900 27-Jun-12 DLR 1,250 Digital Realty Trust Inc USD Financial 5.11% ($90,313) $90,850 27-Jun-12 72.25 72.68 $538 6-Jun-12 DG 4,950 Dollar General Corp USD 0.00% ($231,413) $235,303 6-Jun-12 46.75 47.54 $3,891 28-Mar-12 DG 4,500 Dollar General Corp USD 0.00% ($203,625) $203,823 28-Mar-12 45.25 45.29 $198 30-Mar-12 ONKN 7,200 Dunkin' Brands Group Inc USD 1.77% ($212,400) $211,788 30-Mar-12 29.50 29.42 ($612) 9-May-12 DVAX 18,000 Dynavax Technologies Corp USD msumer. Non-cyclic 0.00% ($76,500) $71,910 9-May-12 4.25 4.00 ($4,590) 11-Sep-12 EPS 2,000 El Paso Pipeline Partners Lp USD Energy 5.68% ($68,680) $68,478 11-Sep-12 34.30 34.24 ($202) 2-Aug-12 ELOQ 2,000 Eloqua Inc USD Technology 0.00% ($23,000) $25,976 2-Aug-12 11.50 12.99 $2,976 28-Jun-12 ETP 1,500 Energy Transfer Partners Lp USD Energy 7.07% ($66.855) $60,995 28-Jun-12 44.57 43.33 (51.860) 25-Sep-12 EPD 3,000 Enterprise Products Partners USD Energy 431% ($159,210) $161,097 25-Sep-12 53.07 53.70 51.887 27-Jun-12 EQM 2,000 Eqt Midstream Partners Lp USD Energy 3.02% ($42,000) $45,784 27-Jun-12 21.00 22.89 53.784 28-Nov-12 FOR 2,000 Equity Residential USD Financial 2.75% ($109,500) 5111,258 29-Nov-12 54.75 55.63 $1.758 PROT7 CI Global Inve.tmeret Ovvoorcuollin Account Position and MTM Summary (2012 Closed Positions) Prepared for Southern Financial LLC as of June 28. 2013 10-Feb-12 EVEP 1,800 Ev Energy Partners Lp USD Energy 822% ($122,310) $122,783 10-Feb-12 67.95 68.21 $473 12-Sep-12 ET 2,000 Exacttarget Inc USD Communications 0.00% ($45,000) $46,446 12-Sep-12 22.50 23.22 $1,446 22-Mar-12 ET 750 Exacttarget Inc USD Communications 0.00% ($14,250) $17,276 22-Mar-12 19.00 23.04 $3,026 29-Feb-12 EXLP 2.250 &tartan Partners Lp USD Energy 6.86% ($54,113) $53,168 29-Feb-12 24.05 23.63 (5945) 17-May-12 FE 17,500 facebook Inc-A USD Communications 0.00% ($665,000) $349,405 3-Aug-12 38.00 19.97 ($315,595) 11-Sep-12 FSC 7,000 Fifth Street Finance Corp USD Financial 11.00% ($75,530) $74,753 11-Sep-12 10.79 10.68 ($777) 29-Feb-12 FRC 3,375 First Republic Bank/Ca USD Financial 1.25% ($101,250) $101,675 29-Feb-12 30.00 30.13 5425 12-Apr-12 FET 1,013 Forum Energy Technologies Ir USD Energy 0.00% ($20,260) $22,220 12-Apr-12 20.00 21.94 $1,960 18-Apr-12 FRAN 1,500 Francescas Holdings Corp USD 0.00% ($41,400) 542,185 18-Apr-12 27.60 28.12 5785 27-Jan-12 FRAN 3,150 Francescas Holdings Corp USD 0.00% ($72,450) $72,765 27-Jan-12 23.00 23.10 5315 30-Mar-12 GLOG 5,400 Gaslog Ltd USD Industrial 3.44% ($75,600) $68.872 30-Mar-12 14.00 12.75 (56...+ 14-Sep-12 GWR 2.000 Genesee 8 Wyoming Inc-CI A USD Industrial 0.00% ($129,500) $132,182 14-Sep-12 64.75 66.09 $2,682 21-Jun-12 GNMK 9,000 Genmark Diagnostics Inc USD mwmer. Non-cyclic 0.00% ($37,800) $37,899 21-Jun-12 4.20 4.21 199 8-Nov-12 GNC 6,000 Gnc Holdings Inc-CI A USD 1.36% ($211,200) $211,284 8-Nov-12 35.20 35.21 184 14-Mar-12 GNC 5,400 Gnc Holdings Inc-CI A USD 1.36% ($180,900) $180,517 14-Mar-12 3330 33.43 5r6" , 13-Dec-12 GPK 1,000 3raphic Packaging Holding Cc USD Industrial 0.00% ($6,100) $6,100 13-Dec-12 6.10 6.10 SO 2-Feb-12 GWAY 1,800 ireenway Medical Technologi USD Technology 0.00% ($18,000) $21,672 2-Feb-12 10.00 12.04 $3,672 26-Sep-12 BSMX 4,000 Grupo Fin Santander-Adr B USD Financial 0.00% ($48,740) $50,440 26-Sep 12 12.19 12.61 $1,700 19-Apr-12 GWRE 1,500 Guidewire Software Inc USD Technology 0.00% ($42,375) $44,075 19-Apr-12 28.25 29.38 $1,700 25-Jan-12 GWRE 1,125 Guidewire Software Inc USD Technology 0.00% ($14,625) $18,744 25-Jan-12 13.00 16.66 $4,119 19-Sep-12 HCN 5,000 Health Care Reit Inc USD Financial 4.56% ($280,000) $286,350 19-Sep-12 56.00 57.27 $6,350 7-Aug-12 HCN 2.750 Health Care Reit Inc USD Financial 4.56% ($161,563) $162,269 7-Aug-12 58.75 59.01 $707 22-Feb-12 HCN 4,950 Health Care Reit Inc USD Financial 4.56% ($264,825) $264,701 22-Feb-12 53.50 53.48 ($124) 25-Sep-12 till 4,000 Healthcare Realty Trutt Inc USD Financial 4.71% (391.400) $92,852 25-Sep-12 22.85 23.21 $1,452 11-Dec-12 HTZ 6,000 Hertz Global Holdings Inc USD mnumer, Non-cycl 0.00% ($94,800) $93,708 11-Dec-12 15.80 15.62 ($1,092) 5-Apr-12 HOV 20,250 Hovnanian Enterprises-A USD 0.00% ($40,500) $39,994 5-Apr-12 2.00 1.98 (5506) 2-Aug-12 IDIX 15,750 Idenix Pharmaceuticals Inc USD rnsumer, Non-rycl 0.00% ($126,000) $125,465 2-Aug-12 8.00 7.97 ($536) 13-Dec-12 INFI 1,000 Infinity Pharmaceuticals Inc USD insumer, Non-cyd 0.00% ($26,330) $27,932 13-Dec-12 26.33 27.93 $1,602 9-Aug-12 INFI 2.250 Infinity Pharmaceuticals Inc USD insumer, Non-cyd 0.00% ($32,625) $33,525 9-Aug-12 14.50 14.90 $900 10-Feb-12 IRWD 1,900 Ironwood Pharmaceuticals Inc USD msumer, Non-cyd 0.00% ($28.671) $29,767 10-Feb-12 15.09 15.67 $1,096 6-Dec-12 KML 1,500 Kar Auction Services Inc USD msumer. Non-cyd 331% ($26,250) $26880 6-Dec-12 17.50 17.72 $330 8-Aug-12 KRC 2.000 Kilroy Realty Corp USD Financial 2.64% ($92,200) $92740 8-Aug-12 46.10 46.37 $540 8-Aug-12 KMR 2.700 Inder Morgan Management L USD Energy 0.00% ($198,450) $197,702 8-Aug-12 73.50 73.22 ($748) 11-Oct-12 KYTH 1,200 Kythera Biopharmaceuticals I USD msurner. Non-cyclic 0.00% ($19,200) $23,383 11.0ct-12 16.00 19.49 $4,183 12-Oct-12 IPI 2.475 Laredo Petroleum Holdings In USD Energy 0.00% ($50,119) $52,421 12.0ct-12 20.25 21.18 $2,302 18-Oct-12 LXRX 20,000 Lexicon Pharmaceuticals Inc USD msumer. Non-cyclic 0.00% ($45,000) $44,000 18-Oct-12 2.25 220 ($1,000) 12-Oct-12 LNCO 1,200 Linn Co tic USD Energy 7.78% ($43,800) $45,299 12.0ct-12 36.50 37.75 $1,499 12-Jan-12 LINE 4,000 Unn Energy Lic-units USD Energy 8.75% ($143,800) $143,228 13-Jan-12 35.95 35.81 ($572) 1-May-12 LPLA 3,600 Lpi Financial Holdings Inc USD Financial 143% ($124,200) $124,700 2-May-12 34.50 34.64 $500 1-Mar-12 LUFK 1,025 Lufkin Industries Inc USD Energy 0.57% ($81,231) $82,104 1-Mar-12 79.25 80.10 $872 6-Sep-12 MHO 4.000 Ma Homes Inc USD 0.00% ($70,520) $73,116 6-Sep-12 1783 18.28 $2.596 10-Aug-12 MANU 2.925 Manchester United Plc-CI A USD 0.00% ($40,950) $40,883 10-Aug-12 14.00 13.98 ($67) 23-Feb-12 MKTX 2.250 Marketaxess Holdings Inc USD Financial 1.11% ($68,625) $71887 23-Feb-12 30.50 31.86 $3,062 1-Feb-12 MPW 22,500 Medical Properties Trust Inc USD Financial 5.59% ($219,375) $220,275 2-Feb-12 9.75 9.79 $900 29-Mar-12 MACK 3,000 Merrimack Pharmaceuticals Ir USD %Korner, Non-Cyclic 0.00% ($21,000) $18,600 29-Mar-12 7.00 620 (52,400) 23-Mar-12 KORS 9,000 Michael Kors Holdings Ltd USD 0.00% ($423,000) $422.991 23-Mar-12 47.00 47.00 ($9) 25.Oct-12 MPIX 2.500 Mplx Lp USD Energy 2.97% ($55,000) $64,988 26.0ct-12 22.00 26.00 $9,988 7-Mar-12 NSM 2.000 Vationstar Mortgage Holding USD Financial 0.00% ($28,000) $27,040 8-Mar-12 14.00 13.52 ($960) 3-May-12 NMM 3,000 Nadia. Maritime Partners Lp USD Industrial 12.25% ($47,040) $46,590 3-May-12 15.68 15.53 (5450) 25.Oct-12 NAV 2000 Navistar International Corp USD 0.00% ($37,500) $36,900 25.0ct-12 18.75 18.45 ($600) 20-Mar-12 NEW 7,650 Nielsen Holdings Nv USD Communications 1.90% ($231,413) $233,876 21-Mar-12 30.25 30.57 52.463 26-Jul-12 Nil 5,500 Northern Tier Energy Lp USD Energy 20.48% ($77,000) $78,177 26-Jul-12 14.00 14.21 $1,177 2-Feb-12 NG 11,250 Novagold Resources Inc USD 0.00% ($106,875) $105,188 2-Feb-12 9.50 935 (51.688) 5-Sep-12 NS 4,000 guitar Energy Lp USD Energy 9.60% ($195,760) $194,832 5-Sep-12 48.94 48.71 ($928) 11-Apr-12 OAK 1,000 Oaktree Capital Group Lic USD Financial 10.76% ($43,000) $42,329 12-Apr-12 43.00 42.33 ($671) 28-Feb-12 OKS 1,350 Oneok Partners Lp USD Energy 5.76% ($80,015) $79849 28-Feb-12 59.27 58.93 ($466) PROT8 GI 0 Global Inseranseni 0130011,10100114.14 Account Position and PATIO Summary (2012 Closed Positions) 3-May-12 ROYT 45,000 Pacific Coast Oil Trust USD Energy 10.46% (5900,000) 5898290 3-May-12 20.00 19.96 (11.710) 25-Sep-12 PUNT 3.000 Pennantpark Investment Corp USD Financial 10.14% (532.460) 532,190 25-Sep-12 10.82 10.73 (1270) 5-Mar-12 POM 4,950 Pepco Holdings Inc USD Utilities 5.36% (595.288) 596,030 6-Mar-12 19.25 19.40 $743 8-Aug-12 PSMI 1.000 'eregrine Semiconductor Con USD Technology 0.00% (514.000) $14,534 8-Aug-12 14.00 14.53 $534 15-May-12 PETD 1.000 Pdc Energy Inc USD Energy 0.00% (526.500) 526,450 16-May-12 26.50 26.45 ($50) 6-Mar-12 PAA 1.000 Plains All Amer Pipeline Lp USD Energy 4.13% (580.030) 579,091 6-Mar-12 80.03 79.09 (5939) 9-Nov-12 PVR 5.000 Pvr Partners Lp USD Energy 8.07% (5115,550) 5113,415 9-Nov-12 23.11 22.68 (52.135) 7-Dec-12 ORE 2.500 Or Energy Lp USD Energy 11.09% (540.600) 539,650 7-Dec-12 16.24 15.86 (1950) 11-Apr-12 ORE 2.700 Or Energy Lp USD Energy 11.09% (551.786) $51824 12-Apr-12 19.18 19.12 (1162) 8-Mar-12 QLTY 1,250 Quality Distribution Inc USD Industrie 0.00% (516.250) $16,650 8-Mar-12 13.00 13.32 $400 28-Sep-12 QLYS 1,000 Qualys Inc USD Technology 0.00% (512.000) $11,950 28-Sep-12 12.00 11.95 (550) 17-May-12 RPT 2.500 Ramco.Gershenson Properties USD ?blonde 4.33% (530.250) 529,750 17-May-12 12.10 11.90 (1500) 15-Feb-12 RIF 3.150 Raymond James Financial Inc USD Financia 130% (5107.100) $109,529 15-Feb-12 34.00 34.77 52.429 11-Oct-12 RLGY 7,200 Realogy Holdings Corp USD Financia 0.00% (5194.400) $238,183 11-Oct-12 27.00 33.08 143.783 14-Mar-12 RF 25.000 Regions Financial Corp USD ?blonde 1.26% (5147.500) 5149,800 14-Mar-12 5.90 5.99 52.300 5-Apr-12 RPAI 7,650 Retail Properties Of Ame - A USD ?blonde 4.63% (561.200) 566,180 5-Apr-12 8.00 8.65 54,980 3-Oct-12 RIGL 2.000 Rigel Pharmaceuticals Inc USD msurner, NOMCyClit 0.00% (519.000) 518,936 3-0d-12 9.50 947 (164) 8-Feb-12 RNDY 22.500 RoundyS Inc USD 5.76% (5191,250) 5196,898 8-Feb-12 8.50 8.75 $5.648 8-Mar-12 S8AC 1,500 ibe Communications Corp-Cl I USD Communications 0.00% (571.250) 571,957 8-Mar-12 47.50 47.97 $707 14-Dec-12 SttY 1.500 Silver My Realty Trust Corp USD Financial 024% (127.750) 528,065 14-Dec-12 18.50 18.71 $315 9-Mar-12 SPG 2.250 Simon Property Group Inc USD Financial 2.91% (5308.250) 5308,023 9-Mar-12 137.00 136.90 ($227) 11-Dec-12 SE 4,000 Spectra Energy Corp USD Energy 3.54% (5107.000) 5108,756 12-Dec-12 26.75 27.19 51,756 19-Jul-12 SPUR 2.000 Splunk Inc USD Communications 0.00% (556.500) 557,542 20-Jul-12 28.25 28.77 51,042 18-Apr-12 SPLIC 500 Splunk Inc USD Communications 0.00% (58.500) 515.650 19-Apr- I 2 17.00 31.30 S7,150 8-Aug-12 SPH 2.000 iuburban Propane Partners Lc USD Energy 7.53% (575.220) $73.854 9-Aug-12 37.61 36.93 (11.366) 15-Nov-12 NGLS 4,000 Targa Resources Partners Lp USD Energy 5.53% ($144,000) 5141,116 16-Nov-12 36.00 35.28 (12.884) 18-Jan-12 NGLS 1,250 Targa Resources Partners Lp USD Energy 5.53% (547.875) 548,011 18-Jan-12 38.30 38.41 $136 5-Sep-12 TGP 2.000 Teekay Lng Partners Lp USD Industrial 6.18% ($76,860) 575.798 5-Sep-12 38.43 37.90 (11,062) 20-Sep-12 TRW 800 Trulia Inc USD Communications 0.00% ($13.6013 $18,981 20-Sep-12 17.00 23.73 $5.381 9-Nov-12 TUMI 1.500 Tumi Holdings Inc USD msumer, NOMCyClit 0.00% (531.650) $31,596 9-Nov-12 21.10 21.06 (154) 19-Apr-12 TUMI 700 Tumi Holdings Inc USD msumer, NOMCyClit 0.00% (512.600) $17,991 19-Apr-12 18.00 25.70 55,391 13-Jul-12 TWO 11.250 Two Harbors Investment Corr USD Financial 12.05% (5117,450) 5119,025 13-Jul-12 10.44 10.58 51,575 22-Feb-12 7WO 9,000 Two Harbors Investment Corr USD Financial 12.05% (189.100) $89,460 22-Feb-12 9.90 9.94 5360 11-Jan-12 TWO 13.725 Two Harbors Investment Corr USD Financial 12.05% (5125,858) 5125,721 11-Jan-12 9.17 S16 (5137) 10-May-12 ULTA 2.700 Ulta Salon Cosmetics 8 Fragr USD 0.00% ($226,800) $231,725 10-May-12 84.00 85.82 54,925 14-Nov-12 MWE 3.000 Markwest Energy Partners Lp USD Energy 4.91% (5139.500) 5142.131 14-Nov-12 46.50 47.38 52.631 14-Aug-12 MWE 1.100 Markwest Energy Partners Lp USD Energy 4.91% (555.792) 555.629 14-Aug-12 50.72 50.57 (1163) 12-Sep-12 VNR 2.500 Vanguard Natural Resources USD Energy 8.82% (168.775) $68.498 12-Sep-12 27.51 27.40 (5278) 7-Dec-12 VNTV 5.000 Vantiv Inc CI A USD 'intoner, NO:Hyde 0.00% (5100.500) 5104,360 7-Dec-12 20.10 20.87 $3,860 3-Aug-12 VNTV 2.500 Vantiv Inc - CI A USD rnsumer, Non-cyclic 0.00% (554.750) 555,033 3-Aug-12 21.90 22.01 5283 22-Mar-12 VNTV 4.500 Vantiv Inc - CI A USD rnsumer, Non-cyclic 0.00% (576.500) $85,127 22-Mar-12 17.00 18.92 58,627 1-Mar-12 VVUS 7,200 Vivus Inc USD insumer., Non-cyclic 0.00% (5162.000) 5164,707 1-Mar-12 22.50 22.88 $2.707 7-Sep-12 VCRA 2.750 Vocera Communications Inc USD Technology 0.00% (579.063) $80,938 7-Sep-12 28.75 29.43 51,876 28-Mar-12 VCRA 750 Vocera Communication Inc USD Technology 0.00% (512.000) $17382 28-Mar-12 16.00 23.18 55,382 11-May-12 WWWW 3.000 Web.Com Group Inc USD Communications 0.00% (145.750) $45,204 11-May-12 15.25 15.07 (5546) 28-Sep-12 WMC 3.500 Nestem Asset Mortgage GO USD Financial 20.61% (577.700) $78,012 28-Sep-12 22.20 22.29 $312 10-May-12 WMC 2.250 Nestern Asset Mortgage Capi USD Financial 20.61% (145.000) $41,765 10-May-12 20.00 18.56 ($3.236) 5-Dec-12 WHF 5.175 Whitehorse Finance Inc USD Financial 9.02% (577.625) $71,736 5-Dec-12 15.00 13.86 ($5.889) 26-Oct-12 WWAV 2.500 Whitewave Foods Co - CI A USD muumer, Non-cyclic 0.00% (142.500) 543,170 26-Oct-12 17.00 17.27 1670 23-Mar-12 WHZ 2.250 Whiting Usa Trust II USD Energy 19.64% (145.000) 549,518 23-Mar-12 20.00 22.01 14.518 13-Dec-12 WMB 1,000 Williams Cos Inc USD Energy 4.34% (531.000) $31,349 13-Dec-12 31.00 31.35 1349 8-Aug-12 WPL 1,000 Williams Partners Lp USD Energy 6.57% (551.430) $50,769 8-Aug-12 51.43 50.77 (1661) 4-Apr-12 WV/ 1,000 Williams Partners Lp USD Energy 6.57% (554.560) 554,149 4-Apr-12 5436 54.15 (1411) 25-Jan-12 WV/ 3.000 Williams Partners Lp USD Energy 6.57% (5188.430) 5187,581 25-Jan-12 62.81 62.53 (1849) 12-Oct-12 WDAY 900 Workday Inc-Class A USD Technology 0.00% (525.200) $41,766 12-Oct-12 28.00 46.41 116,566 20-Jan-12 ZIOP 6,750 Ziopharm Oncology Inc USD %sumer, Non-cyclic 0.00% (535.100) 534,452 20-Jan-12 5.20 5.10 (1648) PROT9 [ Global Invearmeni 0 ,,,,,, rootlet.. GI 0 Account Position and MTM Summary (2012 Closed Positions) 28-Mar-12 ZNGA 3.600 Zynga Inc - CI A 22-Jun-12 CNCO/T 7,500 Cencosud Sa-Sponsored Mr U5t) ,nsumer, Non-cyclic 0.00% ($117.098) U5D Communications 0.00% ($43.20D) U Fixed Income Total Int. Trade Date Maturity Face Amount Issuer S&P Rating Next Call Date Coupon Principal Cost Market value Closing Date Entry Price Closing Price Accrued 7-Nov-11 31-Dec-2013 1,000,000 American Capital Ltd NR WA 7.960% ($1,011,000) $1,000,000 $63,017 22-Aug-12 $101.10 $100.00 $52,017 12-Jan-12 31-Dec-2013 1,000,000 American Capital Ltd NR N/A 7.960% ($1,020,000) $1,000,000 $48,644 22-Aug-12 $102.00 $100.00 $28,644 23-Apr-10 02-May-2016 1,123.608 Cit Group Inc BB. N/A 7.000% ($1,061,809) $1,123,608 $188,766 17-Sep-12 $94.50 $100.00 $250,565 23-Apr-10 02-May-2016 2,886.675 Cit Group Inc BB. N/A 7.000% ($2,727,908) $2,886,675 $478,226 5-Sep-12 $94.50 $100.00 $636,993 23-Apr-10 02-May-2016 989,717 Cit Group Inc BB. N/A 7.000% ($935,283) $989,717 $161,269 21-Aug-12 $94.50 $100.00 $215,703 17-Mar-10 02-May-2017 959.777 Cit Group Inc BB. N/A 7.000% ($885,394) $959,777 $165,722 5-Sep-12 $92.25 $100.00 $240,104 17-Mar-10 02-May-2017 1,236.549 Cit Group Inc BB. N/A 7.000% ($1,140,717) $1,236,549 $191,871 5-Jun-12 $92.25 $100.00 $287,704 17-Mar-IC 02-May-2017 303.674 Cit Group Inc BB. N/A 7.000% ($280,139) $303,674 $45,231 3-May-12 $92.25 $100.00 $68,765 15-Jul-11 07-Aug-2012 1,000,000 Deutsche Bank Ag London N/A N/A 0.000% ($1,000,000) $617,830 $0 7-Aug-12 $100.00 $61.78 ($382,170) 25-Jun-10 01-Oct-2014 1,547.333 Felcor Lodging Lp 8+ N/A 10.000% ($1,628,568) $1,734,947 $256,599 22-Feb-12 $105.25 $112.13 $362,979 28-Jun-10 01-Oct-2014 773,667 Felcor Lodging Lp 8+ N/A 10.000% ($814,284) $867,474 $127,655 22-Feb-12 $105.25 $112.13 $180,845 15-Sep-10 15-Apr-2015 1,200,000 Ford Motor Credit Co Lk 88+ N/A 7.000% ($1,278,000) $1,308,000 $129,967 2-Apr-12 $106.50 $109.00 $159,967 20-Jun-12 09-Jul-2013 3,000,000 Goldman Sadu Group Inc N/A N/A 0.000% ($3,000,000) $3,162,000 $0 24-Sep-12 $100.00 $105.40 $162,000 26-Oct-11 09-Nov-2012 1,000,000 Hsbc Usa Inc N/A N/A 0.000% ($1,000,000) $1,097,500 SO 9-Nov-12 $100.00 $109.75 $97,500 14-Feb-12 17-May-2013 5,000,000 Hsbc Usa Inc N/A N/A 0.000% ($5,000,000) $5,315,000 SO 24-Sep-12 $100.00 $10630 $315,000 21-Jul-10 22-Jul-2013 2,500,000 Jpmorgan Chase 8 Co N/A N/A 0.000% ($2,512,500) $4,469,250 SO 28-Jun-12 $100.50 $178.77 $1,956,750 9-Dec-10 16-Jun-2012 3,000,000 Morgan Stanley N/A N/A 0.000% ($3,000,000) $4,058,970 SO 18-Jun-12 $100.00 $135.30 $1,058,970 13-Jan-11 26-Jul-2012 2,000,000 Morgan Stanley N/A N/A 0.000% ($2,000,000) $1,019,780 SO 26-Jul-12 $100.00 $50.99 ($980,220) 14-Nov-12 15-Jun-2043 600,000 Prudential financial Inc 888+ 6/15/2023 5.625% ($599,964) $601,500 $2,063 6-Dec-12 $99.99 $10015 $3,599 7-Feb-12 08-Jan-2015 1,000,000 Royal 8k Scotlnd Grp Plc 88+ N/A 5.050% ($966,000) $1,030,000 $36,051 24-Oct-12 $96.60 $10100 $100,051 3-Aug-11 07-Feb-2013 2,000,000 Sg Structured Products N/A N/A 0.000% ($2,000,000) $2,211,600 SO 23-Aug-12 $100.00 $11038 $211,600 16-Mar-11 20-Jun-2012 5,000,000 Sg Structured Products N/A N/A 0.000% ($5,000,000) $5,277,500 SO 14-Feb-12 $100.00 $105.55 $277,500 30-Jan-12 Perpetual 2,000,000 Southern Cal Edison B88- 2/112022 6.250% ($1,983,320) $2,035,000 $10,069 29-Feb-12 $99.17 $101.75 $61,749 11-Jan-12 Perpetual 325,000 Southern Cal Edison B88- 2/112022 6.250% ($324,604) $326,625 $451 19-Jan-12 $9928 $100.50 $2,473 U.S. Fixed Income Pd. SS.369.087 nternatIonal Fixed Income Trade Date Maturity Face Amount Issue S&P Rating Currency Coupon Principal Cost (5) Total Int. Accrued (5) Closing Date Entry Price Closing Price (Local) (Local) P/L 9-Feb-12 Perpetual 300,000 Braskem Finance Ltd B88- USD 7.375% ($301,125) $301,140 $3,626 10-Apr-12 100.38 100.38 $3,641 International Fixed Income PA. 53,641 Munld Bonds Non Taxable $44,784 $116,768 29-M 2 _2-La 12.00 15.61 12.44 15.57 $1,584 ($328) Total Int. ntry 58P Rating Next Call Date Coupon Principal Cost (5) Market Value (S) mimed (s) Closing Date E (1.0cal Price ) 20-Jun-12 15-Jun-2O34 1,000,000 Nyc Mun Wtr/Swr-Ff AA. 6/15/2022 3.750% (S986,170) $984,500 So 21-Jun-12 98.82 98.45 ($3.670) 8-Mar-12 8-Mar-12 1,000.000 Pr-Ref-A BBB- 7/1/2022 5.125% ($962,500) $986,500 so 21-Jun-12 98.25 98.65 $4,000 16-Feb-12 8-Mar-12 1.000.000 Pr Aqueduct-A-5r Lien 88+ 7/1/2022 5.250% (S974.740) $982,700 So 16-Feb-12 97.47 9827 $7.960 Municipal Bonds Non Taxable PA. $8,290 Mort e and Asset Backed Total lnt. Entry Price Closing Price Trade Date Maturity Original Face S&P Rating Next Call Data Coupon Principal Cost (Si Market value (5) Accrued (5) Closing Date (Local) (Local) FlL PROT10 I 0 C:latinlInvflenarnit, Account Position and NITM Summary (2012 Closed Positions) J.P. Morgan Securities LLC, 13-Sep-12 25-Dec-2034 3,275,000 Wfmbs 2004-Ee BI CCC 6/25/2015 2.703% (11,493,827) 11,629,095 $28.900 29-Nov-12 72.75 80.00 1164,168 12-Apr-12 20-Jul-2036 6,000,000 Bafc 200642A5 CCC 7/20/2020 0.472% (11,647,559) 11,736,477 1161,166 29-Nov-12 65.00 73.00 $250,084 18-Jun-12 25-Jan-2037 2,081,519 Boams 2007-1 2Al2 CCC 10/25/2017 6.000% (51,165,006) 11,199,332 581,684 4-Oct-12 57.00 60.00 $116,010 15-Aug-12 25-Nov-2034 10,004000 Bsabs 2004-Ac6 MI CCC 7/25/2013 0.863% (11,051,316) 11,175,593 $84,029 8-Nov-12 47.00 54.50 $208,707 31-May-12 25-Feb-2035 3,364,000 Cmsi 2005-1 82 2/25/2014 5.418% (11,719,986) 51,678,898 $201,537 8-Nov-12 83.00 87.50 1160,449 13-Aug-12 25-Jun-2033 3,412,000 Malt 2003-483 CCC 11/25/2010 5.838% (11,033,074) 11,153,365 1115,797 8-Nov-12 61.00 72.00 $235,688 2-Apr-12 20-Apr-2033 8,000,000 Semt 2003-I BI B- 7/20/2013 1.512% (11,076,153) 11.204,376 158.183 13-Aug-12 60.00 69.00 $186,405 Mortgage and Asset Backed P/L 51.321.511 Listed Preferreds 24-Jan-12 2/15/2042 20,000 8-Mar-12 Perpetua 37,000 29-Mar-12 Perpetua 28,000 7-Jun-12 6/12/2042 10,000 6-Sep-12 Perpetua 27,000 6-Sep-12 Perpetua 25,000 9-May-12 Perpetua 11,291 9-May-12 Perpetua 46,712 9-May-12 Perpetua 34,997 9-May-12 Perpetua 35,890 9-May-12 Perpetua 41,110 13-Sep-12 Perpetua 15,000 13-Sep-12 Perpetua 10,000 12-Sep-12 Perpetua 51,000 13-Jan-I1 Perpetua 39,250 13-Aug-12 Perpetua 40,000 28-Sep-12 Perpetua 15,000 10-Jul-12 Perpetua 36,833 10-Jul-12 Perpetua 6.100 10-Jul-12 Perpetua 12,027 30-Sep-10 10/30/2040 30,000 5-Nov-12 Perpetua 20,000 1-Oct-I2 Perpetua 10,000 18-Jul-12 Perpetua 40,000 9-Oct-I2 Perpetua 25,000 6-Dec-12 12/1/2052 25,000 26-Jun-12 7/1/2052 25,000 17-Jan-12 Perpetual 30,500 2-Oct-12 10/15/2052 4179 2-Oct-12 10/15/2052 21,821 2-Apr-12 4/15/2042 37,000 20-Aug-12 Perpetual 40,000 20-Aug-12 Perpetual 45,000 9-Mar-12 Perpetual 50,000 16-Jul-12 Perpetual 6574 16-Jul-12 Perpetual 4426 3-Apr-12 4/15/2042 9,905 3-Apr-12 4/15/2042 11,095 20-Mar-12 3/1/2072 18,600 14-Sep-12 Perpetual 40,000 19-Apr-12 Perpetual 27,000 29-Feb-12 3/15/2042 170,000 31-Jan-12 Perpetual 20,000 Aegon Nv Alexandria Real Estate E American Capital Agency American Financial Group Annaly Capital Mgmt [repeated 7 times] Apollo Residential Mtge Apollo Residential Mtge Sank Of New York Mellon Barclays Bank Plc Capital One Financial Co Cbl & Associates Prop Chesapeake Lodging Trust Citigroup Capital Jill Oty National Corp Cobank Acb Ddr Corp Discover Financial Svs Energy Arkansas Inc Entergy Louisiana tic First Republic Bank/5f General Elec Cap Corp General Elec Cap Corp Hartford Finl Svcs Grp Jprnorgan Chase & Co Jpmorgan Chase & Co Kimco Realty Corp Mfa Financial Inc Mfa Financial Inc Nextera Energy Capital Pnc Financial Services Pnc Financial Services Raymond James Financial Realty Income Corp 8B8 125.00 88 525.00 N/A 525.00 888+ 525.00 N/A 525.00 N/A 525.00 N/A 525.00 N/A 525.00 N/A 525.00 N/A 525.00 N/A 525.00 N/A 525.00 N/A 525.00 8B8 525.00 8B8 525.00 8B+ 525.00 N/A 525.00 N/A 525.00 N/A 525.00 N/A 525.00 88 525.00 N/A 525.00 A- $100.00 8+ 525.00 88 525.00 A- 525.00 A- 525.00 8B8 525.00 AA+ 525.00 AA+ 525.00 8B+ 525.00 8B8 525.00 8B8 525.00 B88- 525.00 B88- 525.00 B88- 525.00 N/A 525.00 N/A 525.00 8B8 525.00 8B8 525.00 8B8 525.00 8B8 525.00 BBB- 525.00 Dividends Entry Price Closing Price Coupon Principal Cost (5) Closing Date Received (5) (Local) (Local) 8.00% (5500,000) $499,000 6.45% ($925,000) $902,060 8.00% ($700,000) $701,288 638% ($250,000) $250,880 7.50% ($675,000) $671,733 7.50% (1625,000) 1621,225 7.63% (1282,275) $279,170 7.63% (11,167,800) $1,153,880 7.63% (1874,925) $863,376 7.63% ($897,250) $886,591 7.63% (11,027,750) 11,016,609 8.00% ($375,000) $375,570 8.00% ($250,000) $250,390 5.20% (11,275,000) 11,260,873 8.13% (11.002,563) 11,013,749 6.00% (11,000,000) $995,720 6.63% ($375,000) $376,635 7.75% ($920,825) $925,171 7.75% ($153,500) $154,765 7.75% ($300,675) $300,699 7.88% ($750,000) $852,300 5.50% (1500,000) $487,300 615% (11,000,000) $1,039,600 6.50% (11,000,000) $988,360 6.50% (1625,000) 1630,100 4.90% (1625,000) 1621,600 515% (1625,000) $649,025 6.70% ($762,500) $763,171 4.88% (1204,475) 1203,657 4.88% ($545,525) $543,561 7.88% ($925,000) $975,838 5.50% (11,000,000) $996,800 5.50% (11,125,000) $1,121,850 6.00% (11,250,000) 11,228,100 5.50% (1164,350) $161,083 5.50% (1160,650) $157,829 8.00% (1247,625) $246,139 8.00% (1277,375) $274899 5.70% (1465,000) $473,240 5.38% (11,000,000) 2996,480 6.13% (1675,000) 1678,159 6.90% (14,250,000) 14,301,000 6.63% (1500,000) 1499,600 SO [repeated 6 times] $2,690 S11.131 $8,339 $8,552 59,796 SO 1139,521 SO [repeated 5 times] $107,461 SO [repeated 22 times] 7-Feb-12 29-Mar-12 16 -Apr-12 19-Jun-12 18-Sep-12 14-Sep-12 14-Jun-12 13-Jun-12 12-Jun-12 11-Jun-12 7-Jun-12 25-Sep -12 25-Sep -12 25-Sep-12 19-Oct-I2 14-Sep-12 8-Oct-12 27-Jul-12 26-Jul-12 24-Jul-12 19-Oct-I2 12-Dec-12 25-Oct-12 6-Aug-12 2604-12 20-Dec-12 16-Jul-12 31-Jan-12 2604-12 250ct-12 2-May-12 7-Sep-12 6-Sep-12 29-Mar-12 7-Aug-12 6-Aug-12 27-Apr-12 26 -Apr-12 16 -Apr-12 4-Oct-12 9-May-12 1-Mar-12 8-Feb-12 25.00 [repeated 14 times] 25.54 25.00 [repeated 7 times] 100.00 25.00 [repeated 20 times] 2425 2438 25.05 25.09 2428 2425 2473 2470 2427 2470 2473 25.04 25.04 2472 2523 2489 25.11 25.12 2421 25.0D 28.41 2437 103.96 2471 2510 2486 2526 25.02 2490 2491 2637 2492 2493 24.56 24.50 24.56 24.85 2427 2544 2491 25.12 2530 2498 (11,000) ($22,940) 11,288 $880 (13,267) (13,775) (1415) (12,790) (13,210) (12,107) (11,345) $570 $390 ($14,127) $150,708 (14280) 11,635 14,346 11,265 124 1209,761 ($12,700) 139,600 ($11,640) 15,100 (13,400) 124,025 $671 (1818) (11,964) $50,838 (13.200) (13,150) ($21,900) (33.267) (12.821) (11,486) (11,476) 18.240 (13.520) $3,159 151,000 (1400) PROT11 GI 0 Global Invroitoximi O,,.. manilla. Account Position and MTM Summary (2012 Closed Positions) 14-Aug-12 Perpetual 25,000 Regency Centers Corp 8B+ $25.00 6.00% (5625.000) 5624,000 25.00-12 Perpetual 25,000 Regions Financial Corp 88 $25.00 6.38% ($625.000) $617,475 7-Aug-12 Perpetual 30,000 SI Green Realty Corp 8+ $25.00 6.50% (3250000) 5743,010 8-May-12 5/15/2015 4,000 Thompson Creek Metals Co WA $25.00 6.50% ($100000) 584524 11-Jul-12 Perpetual 10,000 Vornado Realty Trust BBB- $25.00 5.70% (5250.000) 5247,250 9-Aug-12 Perpetual 10,000 Wells Fargo 8 Company BBB+ $25.00 5.20% ($250000) 5249,790 6-Aug-12 Perpetual 31,700 Kilroy Realty Corp WA $0.01 6.38% ($292.500) 5777,030 6-Aug-12 Perpetual 300 Kilroy Realty Corp WA $0.01 6.38% ($7.500) 57.295 Listed Preferreds PA. Forward Contracts Trade Date Value Date Bought Notional Sold Notional Fix Date Contract Spot Contract Forward 12-Dec-11 6-Feb-12 SW 3.249,250 USD 2,500,000 6-Feb-12 1.3005 L2997 2-Nov-11 6-Feb-12 SW 3.183,000 USD 2.500,000 6-Feb-12 1.2734 1.2732 2-Feb-12 6-Mar-12 SW 3.115,000 USD 2.500,000 6-Mar-12 1.2464 1.246 21-Jul-10 25-Jul-13 Ojubs Corm-F3 2500000 16-Jul-18 19-Jun-12 23-Jul-12 MXN 12,900.000 USD 939,904 23-Jul-12 13.6898 13.7248 19-Jul-12 23-Aug-12 MXN 12,900.000 USD 972,213 23-Aug-12 13.2367 13.2687 17-Aug-12 21-Sep-12 MXN 12,900.000 USD 976.356 21-Sep-12 13.1816 13.2124 20-Sep-12 24-Oct-12 MXN 12,900,000 USD 994.768 24-Oct-12 12.92895 1206785 31-Aug-12 5-Nov-12 CHF 11,990,000 EUR 10,000,000 5-Nov-12 L201 1.199 23.00-12 26-Nov-12 MXN 12,900,000 USD 994.089 26-Nov-12 12.9422 12.9767 21-Nov-12 19-Dec-12 MXN 12,900,000 USD 987,477 19-Dec-12 13.0382 13.063594 Forward Contracts P/t FR otis Trade Date Expiration Direction Currency Type Currency 2 Notional Strike Currency 2 Type 25-Jan-12 24-Jan-13 Bought BRL Put 195,000,000 42.50 JPY Call 20-Apr-12 22-May-12 Bought JPY Put 5.000.000 83.00 USD Call 20-Apr-12 22-May-12 Sold JPY Call 5.000.000 81.00 USD Put 16-Mar-12 19-Jun-12 Bought MXN Call 1,000,000 12.57 USD Put 16-Mar-12 19-Jun-12 Sold MXN Put 1000,000 12.90 USD Call 1-Aug-11 13-Aug-12 Bought 'Pt Put 100.000.030 83.25 CAD Call 1-Aug-11 13 Aug-12 Sold Call 100 C60.000 76.00 CAD Put 888888/6' Z&Aug.12 25.00 24.96 (SLOW 11-Dec-12 25.00 24.70 (57.525) 16-Aug-12 25.00 24.77 (56.990) 29-May-12 25.60 21.13 (515.476) 24-Jul-12 25.00 24.73 (52.750) 13-Aug-12 25.00 24.98 ($210) 28-Aug-12 25.00 24.51 (515.470) 17-Aug-12 25.00 24.32 ($205) S372077 Closing Date Closing Rate Pik 25-Jan-12 127 559,472 2-Feb-12 1.25 553,755 9-Feb-12 1.25 (57.202) 28-Jun-12 12054 51,956,738 19-Jul-12 13.24 534,659 17-Aug-12 13.18 $6,424 20-Sep-12 12.93 $21.405 23-Oct-12 12.94 51,972 2-Nov-12 121 ($84,812) 21-Nov-12 13.04 ($4.669) 18-Dec-12 12.73 $25.666 52,063,407 Closing Date Original Premium (5) Clos ng Premium (5) P/L 21-Feb-12 5125,734 SO 5125,734 (526,500) SO (526.500) $26,500 SO 526,500 19-Jun-12 (517,200) SO (517.200) 19-Jun-12 517,200 (558.394) (541,194) 8-Aug-12 (5413.6131 SO ($413.613) 8.Aug-12 54113,613 SO 5413.613 Commodity Options Trade Date Expiration Direction Comma, Typo Notional (or) Strike Currency Notional Type Closing Date Original Closing Premium Premium (5) (5) PR_ 27-Jun-12 12-Nov-12 Sold USD Put 125,000 96.5 12,062,500 Call 12-Nov-12 $1,087,500 $0 51,087,500.00 27-Jun-12 12-Nov-12 Bought UM Call 125,000 126.5 15,812,500 Put 12-Nov-12 (575,000) $0 (575,000.00) 10-Jul-12 12-Nov-12 Sold USD Put 100,000 so 80130,000 Call 12-Nov-12 5184,000 $0 5184,000.00 10-Jul-12 12-Nov-12 Bought USD Call 100,000 119.5 11,950,000 Put 12-Nov-12 ($184,000) $0 ($184.000.00 1-May-12 13-Aug-12 Sold USD Put 250,000 100 25,000,000 Call 12-Nov-12 $136,250 (51,012,500) (5876,25000) 1-May-12 13-Aug-12 Sold USD Put 250,000 100 25,000,000 Call 12-Nov-12 $136,250 $0 5136,25000 1-May-12 13-Aug-12 Bought USD Call 250,000 140 35,000,000 Put 12-Nov-12 ($200,000) $0 (5200,00000) 10-Jul-12 11-Dec-12 Sold USD Put 100,000 79.5 7,950,000 Call 12-Nov-12 $233,000 $0 5233,000.00 10-Jul-12 11-Dec-12 Bought USD Call 100,000 119 11,900,000 Put 12-Nov-12 ($233,000) $0 (5233,00000) Commodity Options P/L 522.500 PROT12 Caol.al tannic...al Onnonnnlrtnw Account Position and MTM Summary (2012 Closed Positions) Total 2012 PA. $9,106,570 (O 2013.IPMorgan Chase & Co. PROT13 GIO Global lavessmies OoDenualulos Account Position and P/L Summary (Disclaimer) Prepared for Southern Financial LLC as of lune 28, 2013 S.P. Morgan Securities LLC. IMPORTANT INFORMATION advice. Accordingly, any discussion of V.S. tax maven contained herein Including any atta(hments) is not intended or of glen to be used. and cannot be used. ki connection with the promotion. marketing or recommemlabon by anyone unaffiliated with /.P.Morgan Oase co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-re(ated Penalties. Lath recipient of this presentation, and each agent thereof, may disclose l0 any person, without limitation, the U.S. income and franchise tax treatment and tax structure of the transactions desaibeci herein and may disclose materials of any kind (indudng opinions or other tax analyses) provided to each recipient insofar as the materials relate toe U.S. incomes franchise tax strategy provided to such recipient by l.P.Morgan Chase & Co. and its subsidiaries. Bank products and services are offered by i.e.Morgon Chase Bank. N.A. and its affiliates. Securities products and services are offered by LP. Morgan Securities LLC, member NYSE. RNRA and SIPC. EL Morgan Securities LLC is an illicit! Of l.P.MOrgan Chase Bank. N.A. and other affiliates globally as legal permits. FDIC insurance and domestic deposit Preference are not applicable to deposits Cr other obrigations 01 our bank branches r banking affiliates outside the linked States. in the UNted Kingdo n. this material is apprOved by LP. Morgan Internatialal Bank Limited OPM0) with the registered office located at 125 London Wall COY SAL. registered in England No. 038131766 and is authorised and regulated by the Financial Services Authority. In addax% this material may be distributed by: Morgan Chase Bank, N.A. (WMCB) Paris brands, which is regulated by the French banking authorities Autorilf de Contrele Prudentiel and Autcrito des Marches Financiers; LP. Morgan (Suisse) SA, regulated by the Swiss Fnancial Market Supewhcry Authority; IRMO Dubai brands, regulated by the Dubai Finandal Services Authority; IPMCEI Bahrain brandh. licensed as a conventionalwholesale bank by the Central Bank of Bahrain (for professional dientS Only); WMCB Hong Kong brand regulated by the Hong Kong Monetary Authority and JPMCB %Vapor, branch regulated by the Monetary Authority of Singapore. This material is not intended as an Offeror solicitation for the purchase or sale of any financial instrument. l.P. Morgan Securities LLC Or its brokerage affiliates may hold a position or act as market maker in the financial instrmnents of any issuer discussed herein or Mt af an undenwiter, placement agent, adviser Cr lender tOSuCh issuer. The views and strategies described herein may not be suitable investors. The discussion of loans a extensions of credit in this material is for illustrative purposes only. No commitment to lend should be construed or implied. 'Mk material is dinnbuted with the understanding that we are not rendering accounting, legal or tax advice. Estate planning requires legal assistance. You should consult with you independent advisors concernng such matters. We believe the information contained in this material robe reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions and NOT AN OFFICIAL CONFIRMATION expressed heron maydif frown the opinions expressed by other areas of /P. Morgan, including research. The investment strategies and views Staled here may differ from those expressed for other purpose. Or in Other Contexts by Other 1 P. Morgan market strategsff J.P Morgan Securities LLC May Maf a market maker relevant to sir uctured PrOdUas or option products and (nay engage in hedging or char Operations in suds markets relevant to its structured PrOdUCIS a expOSuref. StruCtUred products and options age not insured by the Federal Deposit insurance Corporation (FDIC). the Federal Reserve Board, or any other governmental ageetY. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in general, as well as the products or strategies dimmed herein are suitable to their needs. In actual transactions, the client's coumerparty for OTC derivatives applications is l.P.Morgan Chase Bank, NA. London branch. Fora copy of the 'Characteristics and Risks of Standardized Options' booklet, please contact your J.P. Morgan Adviser. Real estate, hedge tundf. and Other private investMents may not be suitable for all individual investors, may present significant risks, and May be sold r at more or than the original amount Mvested. Private investments are offered only by off erkw memoranda. which more fully describe the posskAe risks. There are n0 assurances that the stated investment objectives of any investment product will be met. fledge funds (or funds of hedge funds): often engage in leveragng and other speculative investment practices that may ncrease the risk of investment loss; can be highly illiquid; are not required to provide periodic pricng or valuation information to investor% may involve complex tax structures and delays in distributing important tax information: are not subject to the same regulatory requirements as mutual finds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management aneVer Operation of any hedge fund. In the LI5.1.P.Morgan Mutual Funds are distributed by A.P.Morgan Distribution Strikes. inc. which is an affiliate Of 1.P.MOrgan Chafe & Co. Affiliates of A.R.Morgan Chase & Co. receive fees for providing various services t0 the funds. Call ta.Morgan Distribution Services at I-800-480- 4111 or visit wwwJ.P.A4organfundsRom for the prospeauf. Invent/0 Should (are illy Confider the investment objectives, risks, charges and expenses of the mutual before investing The prospectus contain this and other information about the Mutual fund and should be read (meta before investing. As applicable, portions of mutual fund performance nformation may be provided by Upper, a Reuters company, subject to the following: O2012 norm. rights reserved. Any copying, republication or rediswOulion of Lipper content, nduding by caching, framng or similar means, is expressly prohibited without the prior written consent of Lipper. Upper shall not be liable for any erron or delays Si the content, or for any actions taken is reliance thereon. Past performance is not a reliable indicator of comparable future returns and investors may get balk less thin the amount invested. FOrnfOrnffitiOnal purposes only The report does not reposer* an 0tlkial account of the holdings. tante*. Cr banSIMIUM MOW In you account and is bang provided al your request. Meese refer,* witmonthly account statement la the °Mote record 04 allot your account actives-5. For cpeslion. please cad your J.P. liagan representative. The foloving is being prOnOM fa infonnalkond purposes only andtr in response W your request osormation moaned In the message and any accorrwaming clommentalSon. inducing bot not limited to ant research. Merkel valuations. statements. conarma00ns. °Mai Man Or eedataleti. IS believed 10 CO reliable. but we 00 not *anent its componeness or ao(tracy. Opinions and esimates constants cur judgment and are 6.43ffell0 change without Mite. Peel performance b nol indicative ce future results. This material O nO1 intended as an olffe or Seltil000 fOr the purchase or sale of any ',sancta' immanent The brokendealers ander Ruhr aMtates and employees may hod a resign Or eel as market maker in the 'Mensal instruments or any IMO,' 060.6Sed herein Or ad as undervitter, placement agent. advisor Of W such issuer. Valiabons prowded rolled pm* est mates on the staters) spooned. Although iMormallon in these documents has been obtained tom sources believed to be Miable. JPAtorgan Ouse a Co. and cis anions do not gumtreee cisaccuracy or completeness andextol no leblity tor any drat or consequental losses arising from 115 use. The information is for the sob use of the person to whom 4 is addressed. and may be priviegeo and canlidereol. Any use. clsIntmon. or duplicate., by anyone other than the addressee is prohibited. II you receive this in error. please nobly me sender immedaey arid return il by (C) 2013 /PMergan Chase & Co. PROT14