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C I 0 ralebal two ewe- Owewerwak Global Investment Opportunities Group Account Position and MTM Summary (Open Positions) Pr paled for Southern Trutt as of Cktober 31. 2013 I.P. PAoespan Sekuribets SAC Curtail El 11ComenodIty USDMC(N USDAAS USMZO 12102 USW* 130231 51113 05048 1tAtkl$D USCSAR U5DCAD 13238/ 100411 10121 WV; c (Mk b ac's. ' 11037 '3511 I TA USD1PY LISDIeb. WIMP( 50.350 22303 5.951 I Rad likroine • let P110 la Blew* Trade Date Maturtty Pare Amour', Issue SAP Robing Cunene), COupon PrinCipal Cost CS) elkorket Yak* al To 01 Yield to Worst Entry Prke 811040 Currant Prica (aka) 53119 !ATM 04410104 '545 017 III l39epO 13002015 1000.000 5 402% IS'T.OQVXi 51,115,110 12.101 92.03 imentatianal Reed maw/. 160161 (S1.O00000) 51,711.740 Forward Centrals Trade Dote yaw. Doe Rough, Iceptional sold reptionsel Om Date Contract Spot Contract Forward Covent Spot Ride Current Ain In Forward !ATM 230•113 Viee•13 USD 29-00•13 0140el 3 USD 3300.13 letAkel I USD A012.500 9002(00 2602002 0BP PC PP 293347.0M 1563/11.00) 1.Nor.13 3Nov12 3•Allor.13 • 6•0111 91049 93.30 1617 91.749 93.329 1,50335 90.35500 98.35S00 110311 50 15110 1615110 532121 07101 Forward Contacts &MI FX • WM Model*, la Ilbornber Trade nate peretnn Mention Currency 1 Currency] national Wk. Cvrmeyl Inn Daffier linel Original Premium1S/ Current Prewar., (1) 6'4101.13 06.F0211 $414 nD Put 2.102.020 010 Cell AO 02F $15.2.0 014.3141 043.0311 lbaaa).11 244an.11 Sold 100 Call 1.500.000 020 Ale VANDOWAXit576unt1 van 513.655 SO $12665 9644.13 11.1•2.14 Sold CAD CNI 1.500.000 L02 USO SS$300 (512 9101 MSn0 3.21121 1 Ofek121,1 5410 USD Put 092 AND Call 5011004/0 O 913 w'119113113 50.010 ($5)3111) O18.90l) 11•Swel3 0A1M14 Sad Or Put s,M200 10200 USO Call 00 106 503.500 (52•1026) WON 2354,13 081!011 5414 USD Put 035 AND Cell POO 96 • K0 O902 535.957 1515.375) $5342 2354,13 06 hO11 5414 USD Call 1.50 GOP M 13 • 1.63 • 50 O1.35 533.615 1574.61. $1.00 rll Opleoris %WPM 5)91.227 1$2141301 $17.397 !ATM Snapshot Open 30,3 Closed Pt Open VIM • 2n 15 Crowd PI P1001111611025004whot HI /30 Fl / SP 50 041.016) 5•11119 031,2031 S1A29 (562220 2011107 Opure 14114 SO Ropy 50 50 50 CIOPY•f•t Opm PAM $54040 Mi IST 50 S91,066 SO SO Owlwithe 'SOS 09) (5016611 YID Owng• in Oxon 111111 35.0110 50 lUttreuillvet SO SO 2013 Closed Pit. 11500151) Other/ MISOMOSINCS1 SO SO SO 2012 Net 040O0731 1O 200.104,0m Chew 4 Co EFTA01121686 C " C—) ~hat tawermena thwronowitha Global Investment Opportunities Group Account Position and MTM Summary (2013 Closed Positions) Prepared for Southern Trust as of October 31. 2013 J.P. Morgan Securities LLC Trade Oate Symbol Shares Company Currency Industry Dividend D Pink( Cost Oasis (S) Market Value II) C Entry Price Closing Price Am al) (Local, PIL .000 Holly Energy Partners Lp NV Energy 6.19% IS163.2trH 5160.101 19-Mee-13 4080 40.03 (53.099) 20-1.1a..13 MOON 900 Model ri Inc 050 Technology 000% ($13.950) 518.234 20-14N-13 1£50 20.26 54.204 20-Mar•13 NE 4.000 Hawasan Electric Inch 050 Utilities 4.67% (510).0001 5107,398 204.14/.13 26.75 26,95 $396 214~13 ENTA 400 Enanta Pharmaceuticals Inc ND msumer. Non Deli. 0.00% (55.600) 56,324 214.14/.13 14.03 I5-91 $724 224.1ar,13 GP% 3.000 5rephic Ped<eging 1101180 11Cr 050 Industrial 000% (521.00)) 521.210 22-14N-13 7.00 7.07 5210 264.1ar,13 CLMT 3.000 Calumet Spec" Products 1.150 Energy 9.19% 15112.501 5111.178 26-14N-13 37.50 37.06 (51.322) 28.14 13 TUM 2.000 Turn, Holdings Inc ND msumer. Non-cyclii 0.0)14 (542.200) 541,899 284.14n13 21.10 20.95 ($301) 3 Apr-13 ARCC 3.500 At Capital Corp 050 Rnancial 11.75% (561.635) $61.214 3.4pn13 17-61 17.49 ($421) I gully PA 5471 Egutty Syndicate eL $471 steel Expiration Trade Date Symbol Contracts Type Date Strike Cost Oasis (S) Market Value (S) Closing Date Initial Premium Closing Premium PLL 244413 GLL US <I) Put 1/19/2014 90 ITM 5991 159255) Sams 59.91 59.26 565 24-4443 GU. US (9) Put I/18/2014 91 NM S9Á23 ($0.871) $87.05 510.47 59.86 5549 24-lul-I3 GU. US (10) Put I/18/2014 91 iTM 510.470 (580401 $87.05 510 47 $11 06 52.410 27-Sep.13 VI% 10 Call 1006/2013 16 0114 (5955) 52.290 $13.78 50,96 52 29 51,335 Lifted Options PO 54.358 Shuttered Notes 'bade Ont. Maturity Faor Amount long Desetiption Cost Basis (5) Market Value (5) Interest Received CIOfing DAte Entry Peke IS) <losing Price (1) 134Aar,13 27-Mar-14 1.000.000 HMG BRL Step Up 859. Barn« 5 Apr.13 21.4p44 1,000,000 1.15BC BBL Step Up • 85% Dania Cpn • 28.5% Mxnm, Initial Strike 2.0035 (51.000.0301 Cpn -28.5% Mxnm, Initwl Stn e 1.9619 (51,000.000) NA NA 50 510000 $100.00 TRANSFERRED OUT TRANSFERRED OUT PIA PIA International Fixed "NOON Trade Date Maturity Fate Amount Issue S&P Rating Currency Coupon Pnnopal Cost (S) Madwt Valve (SI fetal int. ~rued (S) Closing Date Entry Price Closing Price 0.0441) (1.0441) 2844b.13 02.Nov.2017 1.000.000 8 Mar 13 02 Nov 2017 1,000,000 ~oleos De Venezuela Petroleos De Venezuela 5 B B USD 1.1513 0.500% 8.50)% 151.000.0031 (5985.0001 5932.500 5932,500 545.097 $45,097 11.11% 11,71% 100 CO 98,50 593.25 593.25 (122.15 )I (57.403) Plied Income Pt 1529,806) Listed Pieterreds Trade Date Maturity Shares Company SAP Rating Par Amount COupon Principal Cost ES) market value (S) Dividends Received (S) Closing Date Entry Price ~inn Prier (loan (tool) 1544e,13 Perpetual 45.000 Wells Fargo 8 Ganwern, BBB.- $25.00 5.25% 151.125.0031 51,121,825 28-Mo-13 2£00 24.93 ($9.175) 194tar•13 Perpetual 40,000 Citigroup Inc BB $25.00 5.80% (51,000.0001 $996,779 3.4pnI3 25.00 24.92 (53.2221 II -Jun-13 Perpetual 57,000 Ally Financial Inc CCC4P• $25.00 11.50% (51,4899801 NA 4.97% 26.14 TRANSFERRED OUT PIA lifted Preferred, OIS, (56.398) Listed Preferred' Syndicate PI. (56.398) Forward Contracts Trade Date Value Date Bought NO t ion a I Sold Notional 5. Date Contract SAM. Conti.« Forward Closing Date Closing Rate Prt 23-lul-13 254413 USD 1.510,670 1120 1.900800 24-Jul-13 0.7993 0.7993 24•Ail. I 3 080015 (51.615) 24./ul.13 25.lul.13 USD 1,521,900 NW In 24.1u113 0.901 0.901 24•Jul 13 020015 51,615 2Aug-13 26 Aug-13 USD 395,950 HID 504000 25.Aug.13 0.793 0.7917 22.Aug,I3 0.7934500 54,125 21-Aug-13 26~2-13 USD 1,573,186 HID 2.0)0.000 25-Aug-13 0.786593 0.786593 22-Aug-13 0.7834500 56.286 21-Aug-13 26-Aug-I3 USD 1,799,236 AUD 2.0)0.000 25-Aug-13 0899618 0.1199618 22-Aug-13 0.9015000 (53.764) 29•Aug•I3 30 Aug.13 USD 1,554,600 NW 2,000,000 216Aug.13 0.7773 0.7773 213.Aug-13 0.7772000 6200 28•AueI3 30 Aug•13 USD 994,303 AUD 1,000,000 216Aug.13 0.9943 0.8943 29.Aug-13 02942000 $100 28-Atig-13 3-Sep-I3 USD 777,095 HZD 1.000.000 29-Aug-13 0.7773 0.777095 28-Aug-13 0.77809 (5995) 22-Aug-13 3,Sep-I3 USD 1,802,000 AUD 2.0)0.000 30 -Aug-13 0.901 0.901 29-Aug-13 0.8943700 511260 22-Aug'13 3, 5ep,I3 USD 1,559,213 GBP 1,000,000 30.Aug.13 1.5595 1.559213 29Aue13 1.5492800 54933 21•Aug43 23-549-13 GBP 1,030,030 1/51) 1,563,633 19.5ep-13 1.564 1.563633 294.u943 1.5490100 ($15,1501 22-Aug-13 3,Sep-I3 USD 1,957,503 2.500.000 29-Aug-13 0.783 0.713 29-Aug-13 0.7780900 512.275 29-Aug-13 9,Sep-I3 USD 1,780,000 AUD 2.0)0.000 5-Sep,13 029437 0.891 4-Sep.13 0.9171400 (546.280) EFTA01121687 GIO Gasbag ansunnauee csneartnantn. Global Investment Opportunities Group Account Position and MTM Summary (2013 Closed Positions) Prepared for Southern Trust as of October 31. 2013 Marpan Securities LLC. 29-Aug-13 11-502-I3 USD 1,834.00) AUD 2,000.000 7.1e2-13 0.91714 0.917 10-5e9-13 0.9310250 028.0501 10.5ep.13 27-540-13 USD 930,000 AUD 1030000 23-Sep -13 0.931025 0.93 13 Sep-I3 0.9219000 $4100 29.Aug.13 23-540-13 USD 2.719,503 NW 3,30(1000 19.Sep-13 0.77909 0.777 18 Sep-I3 0.8308300 (8182.475) 10-Sep-13 27-502-13 USD 930.000 AUD 1,000.000 23,102-13 0.931025 0.93 18-Sep.13 0.9442900 014.2901 18-Sep-13 25-502-13 NW 500.000 USD 415.373 20,102-13 0130746 0.830746 20-Sep.13 08363000 12,744 111.5ep.13 25-540-13 NZD 500,000 USD 412.392 20.502-13 0.836796 0.236796 20 Sep-13 021363000 (5245) 18.5ep.13 25.540-13 GBP 2.000,000 USD 3,210220 21.502-13 1.60514 1.60514 19 Sep-I3 1.6071000 53,912 18-Sep-13 27-502-13 AUD 1,000.000 USD 944.290 23-Sep-13 0.94429 0.94429 19-Sep.13 09492000 54892 19-Sep-13 23-Sep -13 USD 839.000 NW 1.000.000 18.1e2-13 0.839 0.839 19-Sep.13 0.8376000 51,400 IS.Sep.13 23-540-13 USD 839,003 NW 1,030,000 16%2.13 0.239 0.839 19 Sep-13 0-9370:00 11,200 IS -Sep-13 25-540.13 USD 835,503 NW 995,235 20%2.13 0,8396 011395 20 Sep-13 0-9366C00 32,856 IS -Sep-13 23-540-13 USD 3,206,003 GBP 2,030,000 19-Sep-13 1.603 1.603 20 Sep-13 1.6006000 $4.100 20-Sep-13 25-Sep -13 USD 3.200.800 GOP 2.000.000 2019D-13 1.6001 1.6004 23-Sep -13 1.6059000 (511.000) 20-Sep-13 23402-13 AVD 1,000.000 VSO 941.300 20,102-13 0.9413 0.9413 23-Sep -13 01430000 11,700 20.5ep.13 25-502-13 USD 941,000 AUD 1,030,000 20 Sep-13 0.9413 0.941 23 Sep.13 0.9431300 (52,130) 27,5ep.13 B.Oct,13 PAID 2.000,000 USD 1,264750 4.0ct.13 0.93230 0.931175 1410.13 0.93310 52,423 30-Sep-13 8-04t-13 NW 2000.000 VSO 1,650,150 330-13 0,82540 0.825075 1.00-13 0.83120 112,178 30-Sep-13 8-04t-13 GBP Z000.000 VSO 3,239.043 4-00-13 1.61960 1.6195214 1.00-13 1.62040 11.739 30.5ep.13 B.Oct,I3 NZD 1.000,000 USD 1132,075 3-Oct-13 093240 0.232075 3.00.13 0.83410 52,006 30162,43 21,00-I3 NZD 1.000,000 USD 1132,075 3-Oct-13 0.23240 0.232075 3.00.13 0.83030 (51.766) 30-Sep-13 8-04t-13 GBP 3.000.000 USD 3,229,643 4-00-13 1.61490 1.6148214 3-Oct-13 1.61970 19,661 4-00-13 22-Oct-13 GBP 2000.000 VSO 3,225,460 18-Oct-13 1.61273 1.61273 4-Oct-13 1.60130 (22.860) 4-0043 22.0403 AUD 2.000,000 USD 1086,260 12,00-13 0.94313 0.94313 2-04t.13 0.94670 57,140 7430.13 11.00,13 USD 3.212,920 GBP 2,030,000 7-00.13 1.60650 1.60646 2-04t.13 1.60290 57.120 4-00-13 22-00-13 GBP 2000.000 1./SO 3.209.500 113-0O-13 1.60475 1.60475 9-Oct-13 1.60934 59.180 10-00-13 15-00-13 AUD 1.250.00) 1./SO 1,176.875 11-Oct-13 0.9415 0.9415 0-Oct-13 0.94590 15,500 10.00-13 15,0403 NZD 1,000,000 USD 227.300 10-Oct-13 0.8273 0.2273 0.00-13 022930 52.000 4430.13 22.0403 NZD 2.000,000 USD 1,664.300 17.00.13 023215 0.23215 1.00-13 0.83207 ($160) 9-00-13 11-Oct-13 USD 1,275.440 GOP axon 9-04813 1.5943 1.5943 10013 1.59700 02.1601 1-00.13 16-Oct-13 AUD 3.000.030 USD 2.838.480 12-Oct-13 0.94616 0.94616 0-Oct-13 0.94150 (513.980) 5-0ct-13 17.00.13 USD 4959.400 ADD 3,000,000 13.00.13 0.9521 0.9523 6.0ct-I3 0.95120 MAO 6-00-13 18-00-13 USD 1,679.200 NW 2,0)0,000 13-Oct-13 0,8396 0.8396 600-13 014380 458.4001 4-00-13 22-Oct-13 AUD 3.000.000 VS0 2.823.450 18-Oct-13 0.9415 0.94115 8-00-13 0.96640 175,750 4.00-13 22.0403 AUD 3,000,000 USD 2,223.450 12,04t-13 0.9415 0.94115 2.00.13 0.96640 175,750 2-00.13 22.0ct.13 AUD 2.000,000 USD 1,933.400 12,0ct-13 0.9667 0.9667 2.00.13 0.96690 $400 4-00-13 22-00-13 NW 2000.000 VSO 1,657,780 17-Oct-13 0,82889 0.82039 8-00-13 0,84900 140.220 4-00-13 22,00,13 GBP 1,000.001) V50 1,602.000 18-00-13 1.602 1.602 8-00-13 1.59900 (53.009) 600-13 22,00-13 GBP 1,500.000 1)50 2,425.500 18-00-13 1.617 1.617 8-00-13 1.59900 (127.0791 .00-13 24,04t.13 USD 848,900 NW 1,000000 19-Oct,I3 08489 0.2499 3.04t-13 0.85030 ($1,400) 24hL13 24,04t.13 USD 1133,030 AUD 2,000000 20-Oct-13 0.9669 0.9669 3.04t-13 0.961190 (14.003) 8-00-13 29-00-13 AVD 2000.000 VSO 1,932.000 25-00-13 0.9664 0.966 5.00-13 0.95814 (515,518) 600-13 29-00-13 AVD 2000.000 USD 1,932.000 25-00-13 0.9664 0.966 4.00-13 0.96163 08,5961 2-Oct-I3 29-04413 AUD 1.000,003 USD 966,000 25.00.13 0.9664 0.966 5.04t-13 0.95814 (57.759) 2-04t-13 29-04413 AUD 1,000,003 USD 966,000 25.00.13 0.9664 0.966 4.04t-13 0.96443 (51,540) 4-Oct-13 29-00,13 USD 1,621.880 GOP 1.0)0.000 25-04t-13 1.62188 1.62188 5.00-13 1.617/8 16.700 600-13 29-00-13 USD 2425.350 GBP 1.500.000 25-0O-13 1.617 1.6169 5.00-13 1.61718 (5420) -00-13 31.0ct.13 NZD 2.000,003 USD 1,697,300 26-Oct-I3 0.2.49 0414265 5.04t-13 0.82860 ($42.1931 5410.13 11-N3413 NZD 1.000,000 USD 1428,000 3-Nov-13 09265 0.823 8.00.13 022950 51,500 5-00.13 8-nov-13 NW 1,000.000 USD 828.000 3-nov-13 01285 0.828 900-13 0,82406 (53.940) -00-13 844ov-13 AVD 1,000.000 USD 957.540 4-Nov-13 0.95814 0,95754 8.00-13 0.95950 11,960 5-00.13 11Nor.13 AUD 1.000,000 USD 957.540 4443413 0.958)4 0.95754 9.00-13 0.94957 (57.970) Trade Date Expiration Dircction Crewe I bite Currency 2 Notional Strike Currency 2 Closing Date Original Premium (5) Closing Premium IS) P11. 25-9A-13 24-0O-13 Sole Call 2.000.000 0,80 NW Put KO 084 V1/2013 28.880 055.4401 (526.540) 26./ul-13 26-Aug-13 Sour 1.60 NA 2.000,000 0.78 NW 812/2013 (512.246) 117,160 14,914 24./0.13 2A.lan.14 Sold CAD Call 10,000,007 1.02 USD Put ICI 01005 KO 01.055 9.07/2013 391,000 ($.49,000) S-12.000 26-/ul-13 26-Aug-13 Bought USD Put 3.000.000 0.78 NW Call 8/23/2013 (514369) 110.413 (57.9541 6-Aug-I3 06-Feb-14 Sold Call 3.000.000 95.00 USD Put 140099.35 9/2/2013 24200 50 128,200 2540.13 24,04413 Sold USD Call 3,000,000 0.20 NZD Put K00.24 9/90013 543,320 036.6C01 56.720 1016043 23-lan,14 Sold USD Call 5,000,000 0.79 NZD Put KI 0 .75 9/19/2013 524144 (145.0301 Salle 3-Sep-13 06-Feb-14 Sold V50 Put 2.000.000 0.92 AVD Call vie4DOw Ki 011/13 9/23/2013 57.360 (167.4091 (560.019) 7-Aug-I3 06-Feb-14 Sold 1/50 Put 2.000.000 1.57 GBP Call KNOCKED IN • 1.506 ft KO 04.63 9/26/2013 519.939 (594.385) (574.446) 2.3.562,43 OS-fob-14 Bought USD Put 2.000,000 1.57 GBP Call 9176/2013 (594766) 199.716 (349) 2.3.562,43 0640014 Sold USD Put 3,000,000 1.60 GBP Call K101.6450 KO 0.1.575 104/2013 $54354 ($63840) OS.2961 1016013 2A-lan,14 Sold USD Call 5,000.000 0.89 AUD Put KI .414 107/2013 $51,100 ($33,598) 117,903 7-Aug-I3 0644014 Sold VS0 Put 3.000.000 1.57 GBP Call 0100CED IN 0 1.585 8 KO 0 1.53 10/9/2013 129.909 0119.163) 089,255) EFTA01121688 CI 0 aloha) hone on« thonsnost•Ses Global Investment Opportunities Group Account Position and MTM Summary (2013 Closed Positions) Prepared for Southern trust as of October 31. 2013 Nierean Securities LLC 29-/u1.13 29.1en.14 Sold 1PY Cell 5.000.000 95.00 U51) Put KI 0 946 K044101 1092013 571.250 (567.001 54.250 24.1u1.13 23.1an 14 Sold UM Put 5,000.000 0.82 NZD Call KI.4.845 & K04/.768 109/2013 541.000 (SIO8dISSI (167.8551 24.1u1.13 2,1.1an 14 Sold USD Put 5,000.000 0.94 AUD Call KI 0.96 & K04/241 109/2013 SCOTS (192.1101 (SA3.9451 244u1.13 23-144.14 Sold U50 Put 5.000.000 0.02 1120 Cell KI07745 &KO* 768 10/1012013 141.000 (597.1701 (556.1701 244u1.13 24.144.14 Sold U50 Put 5.000.000 0.94 AUD Cell 100 96 SK04488 IC/1012013 $48.175 (582.7201 (134.5451 23.Sep 13 06 Feb-14 Sold USD Pia 2,000.000 0.95 AUD Call KI 0 .988(014.902 101122013 523.905 (532.4901 (53.585) 10 701319140%in Om* & Co. EFTA01121689 GIO 0~ son--on Own —In Global Investment Opportunities Group Account Position and P/L Summary (Disclaimer) Prepared for Southern Trust as of October 31, 2013 .P. Merged Meeeitin LLC. MPORTANT INFORMATION lie Ursula. nil lJeCIOVJe. Lemagan lnale ..0 4€1.• andilate. do not prov a/MeeAccordingly, any Ma:donof U.S. usmattes contained heron (including any attadvnenul is not intended or written to be used, andatom hewed inconnectionwith the promotion. market:root tecommonclationk anemon unaffiliated with in./Megan Chase & Co. of any of the manors ~nod heroin or for the woos° of avoiding US. tax.rolated penalties. Each redpor of this ~tack" and each agent thereof, may diktat* to any poison without levitation. the US. income and franchko tax treatment ard tax structure of the transactions &Herbed herein and may Saks. all materials ea any kind (including opnbm or other tax enables) provided to each radpeni insofar as the mimosa's relate toa U.S. income or franchise tax strategy prodded to such redpirs by LP.Morgan Chase & Co. and es subsidiaries. Bonk mode«, ord sennees are offered by /*Morgan Chose Bavk, NA and itsaffixes Seowitiesprodetts end services are offered brae. Morgan Spymies LLC member NYSE. (WM oed SIPC JP Morgan Seogitits LLC is on affiliate of JPMorgan Chose Bank. NA. nne other affiliates global& 03 bed koslotion permits. RIK inwronte end domestic deposit preference ore not opMicable to deposits er other obligations el our bank branches or Winking sighed outside the Unned Stites in the United Kingdom. this ~tend is wormed by lP. blOrgIn intanetiontel Bank linked OMNI with the registered Ofia located at 12S London Waal COY SN. registered in angledSki 0301746 ond is wthorned ond reguloted by the finordol Senues Authority. In addition. this mated try be disubuted by. JP Morgan (hose Bank. el A OPMCB) Paris branch. vann is regulated by the trend, banking a/dentin Auegite de Cottle Prudentka and AMMO dos Martha Humid; lP. Morgan Maud LA regulated by the Seles financial Market SuperMory Aighonry. IPMCB Dubai brands, «prated by the Dubai finardal Services Authority; PMCB Bahrain branch. Ikons.] at a conuemional wholesale bank by the Central Bank of Bahrain Ike protettional clines only), IPMCB Hong Kong branch regulated by the Hong Kong Monetary Authority and /PMCB Singapore bran" regulated by the Monetary Authority of Singapore. This material snot intended at an otter or scildtatico fee the purchase or tale of any financial inerumone. LP Morgan Securities LtC or Its brokerage abatesmay hold a position or act as market maker in the Manna' Pennoms of any issuer dingedheroin or act as an underwater, 01.1C0010AC agent ars.isor or lender to ea bluer. TM Vows and strategies described herein may not be eatable for all imestors. The distusupsol loans or other «tendons of credit in this material it for austativo purposes oast Ma commitment to lend thould be construed or implied. This material 4 distributed with the understanding that wo are not rendering accounting, legal or tax acMCO. Wit* planning requires legal assistance. You should consult with your independent adrbois concerning such matters. We believe the information winoined in this materiel to be reliable but do not warrant its «cwscy or compkteness. Opinions. estimates. ond investment scoters and Yea, NOT AN OFFICIAL CONFIALIATICN no maximal kneed not w reproach« M. OICII Or Le. Magarv in report_ venens *Needed MINI, may differ from the ofaracris expressed by other areas of LP. Morgan. ~Mg redart. The innattnstrit strategiesandWend staled here may dinar from those orproted tor other praxises or in OthOt comer« by other I.P. Morgan market strategists. LPMorgan Securities et may an asa market maker tolerant to engulfed productsor option products and my engage in hedging or other operations in such markets relevant to itt structured products or options expastem. Structured redacts and options are not insured by the Federal Deposit insurance Corporation (FDIC, the Federal Ream. Board. or any othw goommontal agony. In cIscuttion of options and oms strategies, results and rids are bated coke, on hypothetical examples cited, actual resign enfenk i Nay depending enSpann< cironnumes. initstod ore urged to consider carefully vitet option or opeomrehted products in generol. os well as Pe product, or strategies deussed herein ore wiuble to their needs Inactual kons of the dienescounewasny for OTC *teethes opplatiore is J.P.Mongon Chase Bark. NA. Lydon Mond, For e copy of the 'Oswootenstks end Ithks of Standen:heed Captive' booklet please contact yours P. Maw Advisor. Real estote. hedge funds. and other private investments may not be amiable for alls ndividual hors. may proem significent risks. ond maybe sold or redeemed tit Mere Or tics thin ig nvy ted Pi te - Omen, off red ly by offering memoranda. which more fully doubt the possible mks. There are no 03SUNIntel that the edged iniestment objected. of any investment product will be met. Hedge fwd.) (or fords of hedge runrik often engage ri levered." and other spetulothe investment provteer that may humane the re* of investment low ton be higgy Aloud me not required to provideperiod< dicing or ~on information to investors; may 'mob° complex tax structures and detail in distributing important tax information arearenth tugen 10 the same regulatory requirevant asMAUL funds; and oftencharge high foot. twin«. any number of contacts of interest may exist in theconed of Pe management indier operation of any hedge fund. in the thänmorgan Mutual funds are distributed by LP.MorganObebution onions. which is an affiliate of LeMorgan Chase & Co. Alf Pates of 1.P.M:organChao> Co recoho tam for asniding vakna »tykes to the fundt.CM J.P.morgan Distribution Services at I-00048). tut or suet www.i.P.Morgantundscom for the protportus. Investors shouldartfully cook», the neonpondogoakos, Asks, charges and memo« of thee mual funds before investing. The protpoctus contains thisandother information aba..1 the mutual fund and should be read carefully before Omaha. As applkable, portions of mutual fund performance informationmay be proldedb, Upper, a Reuters company, seteract to the following 0 2012 Routed.All rights vetonod. Any marg. republication or rodstribnion of Lipper contest including by Cleland framing or sheiks mean( it expressly plOhltilteg without the Pratt written consent of tipper. Lipper poi not to gable for any errors or delfts in the content or for any edens token in rearon thereon. Post ordormen isminas* in:tuner of compost* f uture Mums od eneS0X3 my get For Wormolonolpwpases .ny. The repel den res represts in cloth amount of Pre Inking,. batman. or liensadons made en yelp smart and is axing provided* sour request Please refer se your meetly aomuM tiloltmenl ler the off oalreasre of al of yew emote ~leis. Fetadelns. Pleat. COT sour! P. Mogan repremetalrre. The »floor'« berg dreaded ler ricrmloml 'SNOOD Only ~or in retoonse lo yew request Inkrmarson contained in we meesage and any accomoorsing 6:arrertalen roludro Kit not limited bony research. market valuator«. 510/gtenle. ornrmalons.oakilobra er intimates. is Peeved to be ref abO. be vo da rot ~am as cornpletenads cr accuracy. Cgleiged and minutes corotria our Marne« end a durbad. dung. ilitheng n011e0. Poe parldrnance is not indloallso Or MUM muds. This margeolo not imoniXd as an Okra maktacion fots edema**, sib 01 any !Nitta' nsnierent The bekordaalars ander eh* MIMS aid ensoblat may hold a posilisn or ad as ma.rxel maker in the tnandal insouments al any bluer discussed »Non of act m urger/dim placornmi egsre. echisof or lender lo such Meg«. Vebisons pf0M00 retad Vie remakes on theCale g:Oghtd Malaga, adarmenon in bege6:cnrls has Men obtained km twines televed » be relate'. JPAlegan ChoseS Co ord As &Nunes do nal posirese as empeeya correlekrees and amp no Insky for any died or COMICKOM011OSOOS anon senils we Thb Worm/Penis for Me solo use of to arson lo *hem t is addromed. and may bopnWegod andconfidential. Ant !do. derbuticn. or duptcallon by anyCnO OM« Tan MO addffif.tee s grObbeled. II you ~no this in error. Moose notry the sender IMII.1110ly and resin by mal R1201) »Morgan Chase S Co EFTA01121690

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