EFTA Document EFTA01344304

00 zz m m 5 5 mm zz 5> 5. C z H O m C a - a ? Z 0 SOUTHERN FINANCIAL. [.LC ACCT. For the Period 7/1/13 to 7131/13 Alternative Assets Summary Asset Categories Hard Assets Beginning Endng Change Current Estimated Value Estimated Value In Value Allocation 4.401 97 1,987,600.00 1,983,198.03 3% Note: P indicates position adjusted for Pending Trade Actwity. Alternative Assets Detail Quantity/Original CoaVNet Capital Cased Net Distributions Estimated Eat. Annual Inc. Commitment Amount Since Inception Since Inception Value ACCIU(KI Dn. Yield Real Estate & Infrastructure P COUSINS PROPERTIES INC 0.00 1.76% Amounts shown above under °Estimated Value' for private equity funds am estimates based on the latest hind values received from each underlying hind, which value may be as of a date (axitalying fund value date) orior to the period covered by this statement. The values provided by the underlying fund have been adjusted for any dish flows between your account and such fund that have occurred subsequent to the underlying fund value date to derive the 'Estimated Value'. Therefore, such 'Estimated Value' may not reflect the value of your interest shown on any hind's actual books and records as of the date of this statement For additional intonation. please corned your J.P. Morgan representative. For private equity funds, Estimated Values are based on estimates provided by the underlying funds that are generally desented on a US GAAP basis. which records invesanents at fair value, or 'marked-to-market". Most of these underlying funds also present their audited financial statements on a US GAAP basis (i.e., 'marked-to-marker). However, some of these underlying funds present their audited financial statements using the Income Tax Basis of Accounting, which records investments 'at cost based on the accrual basis of accounting for Federal Income taxes. Where the underlying hind provides periodic estimates on a 'marked-to-market' basks but reflects investments 'at cost' in its audited financial statements, the marked-to-market Estimated Value shown herein for a private equity fund may be materially different from the value reflected on such funds audited financial statements (which aro also based on the audited financial statements of the underlying fund). J.P.Morgan Account Page 10 of 33 Consolidated Statement Page 13 EFTA01344304