EFTA01121561

Global Investment Opportunities Group J.P. Morgan Securitin LLC, Account Position and MTM Summary (Open Positions) C I 0 Global l runs meat onuornmair Prepared for Southern Financial LLC as of April 23, 2013 Current EX & Commodity rates USDPIDOI 122945 XAUUSEI 1412.61 GBPUSD 1.5265 USDIPT 99.260 USDARS 5.1693 USDKRW 1120.93 EURUSD 1.3008 USDBRL 2.0218 USOCHF 0.9431 USDCAD 1.0258 USDTRT 1.804 USONOIL 5.9132 • Intrad via Illoornbe Symbol Dividend Entry Price Current Price trade Date Shares Company Currency Industry Cost Basis (S) Market Value (S) Mt M 'held (Local) (Local) 11.0ct.11 TEF (1.500) Telefonica Se-Span Adr Communications 0.00% $34080 ($21,255) 20.05 14.17 $8.825 15-Jun.12 TEF (39) Telefonica Sa-Span Mr USD Communications 0.00% $488 ($553) 12.52 14.17 ($65) 24-lan.13 ARIA 9,000 Ariad Pharmaceuticals Inc USD mourner, Non.cydx 0.00% (5176.4001 $167,940 19.60 18.66 (8.460) 14.Feb-12 ARIA 7,535 Ariad Pharmaceuticals Inc USD mourner, Non.cyclk 0.00% (5114.6001 $140,603 15.21 18.66 $26,003 24-Oct-12 Df 25,000 Dean Foods Co USD mourner, Non.cydir 0.00% (5470.4501 $477,250 18.82 19 09 Woo 12-Jul -ID DAG 50,000 Nash% Db Agi Double Long USD Funds 0.00% (5352.5501 $467,000 7.05 9.34 $114,450 17-May-12 FB 17,500 Facebook Inc-A USD Communications 0.00% (5665.000) $457,975 38.00 26.17 (5207,025) 14.Feb-12 BIIB 2,095 Biogen Idec Inc USD mourner, Non.cydk 0.00% (5250.455) $449,734 119.55 214.67 5199.278 tructured Note • Manual Prici via /PMor an InvestmeM Bank as of da Trade Date Maturity Face Amount Loner Description Interest Entry price () Cost Basis (5) Market Value (s) Current Price () MTM Received Nov-12 1, .000 Gs Note 11/22/13 Lnkd To Man Vs Usd 85%Barner. 5% Atrn Cpn-22.9%Martrn (51,000,000) $1,116,960 SO $100.00 L70 $116,960 9-Jan-13 24-lan-14 1,000,000 lisbc Ben Inked To Cnh Vs Usd SYJev. 500%Mantrn 01/09/13 Initial Strate/6.1995 ($1,000,000) $1,006,500 SO $100.00 $100.65 $6,500 14Feb-13 20-Aug-l4 1,000,000 MS Market Plus MAX 0840/1480% EKO Barrier 15% CFI{ Uncapped Initial Level - 2, ($1,000,000) $1,121,350 SO $100.00 $112.14 $121,350 5-Apr-12 16-Apr-15 1,500,000 Mentor CLN 6203% CPN 04/16/2015 Dtd 04/16/2012 ($1,500,000) $1,561,950 569,888 $100.00 $104.13 $131,838 r S. Fixed Income • Intrad via Bkaombe 22-Feb-12 154:m.2018 1,000,020 Nrg Energy Inc 88- N/A 7.625% (51,001,500) $1,146,250 $89,170 4.18% $100.15 $114.63 $233,920 22-Oct-12 01-Apr-2019 1,000,000 Headwaters Inc B. 4/112015 7.625% ($1,035,003) $1,082,500 $38,337 4.99% $103.50 $10825 $85,837 22-Oct-12 15.May.2019 400,000 Earthlmk Inc 8 /5 1512015 8.875% ($414,000) $408,000 $17,849 828% $103.50 S102.00 $11,849 23-Oct-12 15.May.2019 600,000 Earthlmk Inc 8 siiiscou 8.875% ($619,500) $612,000 $26,625 828% $103.25 5102.00 $19,125 1.Oct-12 01-Jun-2019 1,000,000 Kindred Healthcare Inc 8 6/1/2014 8250% ($996,250) $1,037,500 $46,292 7.17% $99.63 5103.7$ $87,542 8-Nov-12 01-Jun-2019 1,000000 Kindred Healthcare Inc 8 6/1/2014 8250% ($970,000) $1,037,500 $37,813 7.17% $97.00 $103.75 $105,313 24-lan.13 15-Feb-2020 1,500000 Servicemaster Company 2/15/2015 8.000% ($1,595,625) $1,598,445 $29,667 6.39% $106.38 $106.56 $32,487 25.Feb-13 15-Feb-2020 1,000000 Servicemaster Company 2/15/2015 8.000% ($1,070,000) $1,065,630 $12,889 6.39% $107.00 $106.56 58.519 3-Apr-13 10-Apr-2023 300,000 Barclays Bank Plc BBB- 4110/2018 7.750% ($300,000) $303,075 $1,292 7.50% $100.00 $101.03 $4,367 1S-Jun.11 Perpetual 2,500,000 Jpmorgan Osase I Co BBB 4/30/2018 7.900% ($2,702,425) $2,906,500 $366,472 426% $108.10 $11626 $570,547 1S-Jun.11 Perpetual 2,500,000 kamorgan Ouse 8 Co BBB 4/30/2018 7.900% ($2,702,425) $2,906,500 $366,472 426% $108.10 $11626 $570,547 10-lan.11 Perpetual 2,000,000 Bank Of America Corp 88. 5/15/2018 8.125% ($2,081,180) $2,2/35,000 $371,493 4.91% $104.06 $11425 $575,313 30-lan.12 Perpetual 3,000.000 Southern Cal Edison 888 2/1/2022 6250% ($2,999.970) $3,375,420 $230,729 4.50% $100.00 $112.51 $606,179 27-Jun.12 Perpetual 2,000,049 General Floc Cap Corp AA 6/15/2022 7.125% (52,122.920) 52,313,000 $117.167 4.97% $106.15 $115.65 $307,247 U.S. Fixed Income MTM (520.610.195) 522.077,320 $1,752,265 53.218./90 EFTA01121561 Global Investment Opportunities Group I.P. Morgan SeCueltleS LIX, Account Position and MTM Summary (Open Positions) C I 0 Caobalinvostmeall/unarlwefthm Prepared for Southern Financial EEC as of April 23. 2013 Current FIE & Commodity rates USOMXN 12.2945 XAUUSEI 1412.61 GBPUSD 1.5265 USOWY 99160 UNBARS 5.1693 USDKRW 1120.93 EURUSD 1.3008 USOORL 2.0218 USOCHF 0.9431 USDCAD 1.0258 USDTRY 1.804 USONOIC S-9132 nternationd Fixed Income • Intradrry Pricing via Bloomberg Trade Date Maturity Sate Amount Total Int- Entry Price Current Price Issue S&P Rating Currency Coupon Principal Cost (5) Market value 15) Yield to Wont MTM Accrued 15) (Local) (Local) cot • Pevoleos De Venezuela at USD 8.500% ($440,250) 1487,500 $72,903 9.19% 8805 97.50 570,153 11.Oct-12 02-Nov-2017 1,000,000 Petroleos De Venezuela B• USD 8.500% ($897.500) $975,000 145,333 9.19% 89.75 97.50 5122,833 10.May-12 16.Dec-2021 1,500,000 Lloyds Tsb Bank Plc BBB- USD 9.875% (51,627,5C0) $1,815,000 $141,130 3.60% 108.50 121.00 5328.630 26-Jan-12 15.Dec-2035 7,500,000 Republic Of Argentina WA USD 0.000% (51,038.750) $410,250 5469.920 1285 5.40 (5158.580) 13-Oct-10 15.Dec-2035 10,000,000 Republic Of Argentina WA ARS 0.000% (5318.000) 515,500 $326.746 12.56 0.80 523,746 Mortgage and Asset Backed • Manual Pricing via IF•Morgan Investment Bank Trade Date Maturity Original Face Issue S&P Rating Next Call Date Coupon Principal Cost (5) Total Princ*Int Entry Price Current Price Marital Value (5) MTM (5) (Local) (Local) 24-Jan-13 25-Aug-2029 9,551,000 Nmbt 2004-1 OM CCC 4/25/2013 1.100% ($562,273) $560,616 $4,657 5625 56.25 $, 6.Feb-13 20.Dec-2032 5,701,000 Senn 11 B1 CCC 5/20/2013 1.654% (/781.919) $798,259 $11,261 73.75 76.30 $27,601 5.Nov-12 25-Nov-2032 1,750,000 Gmsl 2004-A 83 CCC N/A 5250% (1583.601) 5538,811 $64,815 80.50 80.21 $20,025 23-Aug-12 25-Aug-2033 3,325,000 Cwhl 2003-26 (11 4/25/2013 5.336% (51231,222) $1,068,003 $180,960 7700 73.20 $17,740 14-Nov12 25-Apr-2035 10,000,000 Inn 2005.2 1M1 CCC 4/25/2013 0.845% (51,165,893) $1,144,948 $57,855 7000 71.00 $36,913 2B-Nov.12 25-Feb-2037 eciellocio Chase 2007-A1 2A4 CCC 8/25/2024 2.988% (52.042,809) $1,880,598 $172,027 88.50 88.00 $9,816 16.4pr-13 25-Mar-2033 4300,000 Cwhl 2003-1 61 4/25.0013 5.750% (51,448,803) $1,448,803 ($4,362) 95.50 95.50 (54.362) Listed Preferred Trade Date Maturity Shares Company S&P Rating Par Amount Coupon Principal coat (9) Dividends Entry Price Current Price Market Value IS) Received Yield to Wont (5) (Local) (Local) 18-Nov.10 12/1/2013 8.000 General Motors Co WA $50.00 4.75% (5400.000) $362,320 145,494 23.36% 5000 45.29 57,814 9-Dec-10 12/1/2013 63,000 General Motors Co WA $50.00 4.75% (53,185373) $2,853,270 $349,541 23.36% 5057 45.29 $16,838 15.Feb-13 2/1/2016 6,000 Cliffs Natural Resources WA $25.00 7.00% (1150.000) $109,260 $1,021 19.99% 2SX* 18.21 ($39.719) 22.Feb-12 2115/2040 80,000 Gmac Capital Trust I CCC, $25.00 8.13% (51,682.800) $2,168,000 $166,111 5.45% 2354 27.10 $451,311 15-lan.13 1/15/2073 25,000 Nextera Energy Capital 88B $25.00 5.00% (1625.000) $619,500 $5,122 5.05% 2SX* 24.78 ($378) 3-Feb-12 Perpetual 46,600 Aly Financial Inc CCC, $25.00 8.50% (51,002.226) $1,248,414 $117,730 6.52% 2151 26.79 $363,918 9.Feb-12 Perpetual 80,000 Aly Financial Inc CCC. $25.00 8.50% ($1,780,000) $2,143,200 $199,278 632% 2225 26.79 $562,478 17-Jan-13 Perpetual 27,000 Vomado Realty Trust BBB- $25.00 5.40% ($675.000) 5672,570 $3,443 5.46% 2500 24.91 $1,013 24-Oct-12 Perpetual 40,000 Royal Bk Scotksd Grp Ptc 88 $25.00 7.25% (1951.600) $991,600 $24,569 7.38% 23.79 24.79 $64569 7-Jan-13 Perpetual 40,000 Royal Bk Scotksd Grp Ptc 88 $25.00 7.25% (1977.600) $991,600 $9,868 7.38% 2444 24.79 f23,868 14-Jan.13 Perpetual 40,000 Royal Bk Scotlnd Grp Ptc 88 $25.00 7.25% (1995.200) $991,600 $8458 7.38% 24.98 24.79 $4,858 2-Apr-13 Perpetual 35,000 Digital Realty Trust Inc 8B. $25.00 5.88% ($875.000) 5872.900 $0 5.90% 2500 24.94 (52.1001 16.Ape-13 Perpetual 12,000 First Republic Bank/5f WA $25.00 5.50% (1303000) $297,960 $0 2500 24.83 (52.0401 EFTA01121562 Global Investment Opportunities Group LP. Morgan ~sin u.c. GI0 Global latuntraisat OnuoriunItles Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of April 23, 2013 Current FX & Commodity rates USIBMXN 12.2985 )(AU») 1412.61 GBPUSD 1.5265 LISCUPY 99.260 USDARS 5.1693 USDKRW 1120.93 EURLISD 1.3008 USUAL 2.0218 LISDOir 0.9431 USDCAD 1.0258 USDTRY 1.804 LISONOR 5.9132 Forward Contracts • Rates emoted intraday from Bloomberg Current Spot Current Albin Trade Date Value Date Bought Notional Sold Notional Fix Date Contract Spot Contract Forward MTM Rate Forward 1.Feb.13 6-May-13 CHF 6,190500 EUR 5,000,000 4-May-13 1.2391 1.2381 1.22693 1.22690 $59,377 14Mar-13 18-Jun-13 USD 5,000,000 1(4W 5,581,750,000 16-hm-13 1116.35 1116.35 1120.19000 1,122.80250 $28,734 2I3Mar-13 1-Mar13 JPY 925,220,000 CAD 10 003,000 =Ma 92.63 92.522 96.75200 96.73640 ($424,390) Forward Contracts MTM ($336.279) FX Options • MTM Modelled via Bloomberg Currency 2 Original Current Premium Trade Date Expiration Direction Currency 1 Type Strike Currency 2 Type Barrier Type MINI Notional Premium (5) (5) 8-Aug.12 OB-Oct-13 Bought IPY Put 10,000,000 80.90 CAD Call (5347.809) $1.592,358 $1,244,549 8-Aug.12 08.Oct-13 Sold JPY Call 10,000,000 76.90 CAD Put Exp KI 0 69.65 $347,809 $0 $347,809 FX Options MIM 50 $1,592.358 $1,592,3541 Commodity Options • MTM Modelled via Bloomberg Original Current Premium Trade Date Expiration Direction Commodity Type Notional (or) Strike Currency Notional Type MIM Premium ($) 19.Apr-13 11-Jul-13 Bought COM3 Call 100,000 111 11,100,000 Put 11.1u1.13 DX) 568528 19-Apr-13 11-Jul-13 Sold COM3 Put 100,000 87.5 8,750,000 Call 11-Jull 3 586,000 5Y, Commodity Options MTM s0 ($19.518)a Total Return Sw Effective Maturity Accrued Interest Entry Price ff Dividends Conant Price Trade Date Underlying Shares Rate Spread (bps) Notional MIM Date Date Paid (Local) Earned (Local) 31-Jan.13 3-Feb-13 5-Feb-14 Apple Inc 4A30 3mL 1.00% 52,017,023.30 (55,646) $455.31 SO 405.41 ($226,703) 18 -Mar-13 18-Mar-13 20-Mar14 Komi Transport Equipmt 888,972 3mL 0.70% 11,999,999.37 (51,951) 2504.92 SO 2,18380 ($270,052) Total Return Swaps MTM 54,017,023 (57,597) so _J (5496, n5) E01LO 5139,807 5207,764 $347,571 fl/SP $5,545,382 $1,063,396 $6,608,778 2012 LOY Open Milil 55.585,131 Repo $0 $0 $0 Current Open MTM 56.424.995 MF /ST $0 $0 $0 Derivative $739,806 (51,499,110) ($759.304) YID Change in Open MTM $739,8541 Alternative $0 SO $0 2013 Closed PA- ($227.950) Other I Miscellaneous $0 SO $0 otals 56A24,995 (5227.950) $6.197A45 [2013 Net Performance 5511,908 <O 20131Psbrpen Gust & Co EFTA01121563 Global Investment Opportunities Group J.P. Morgan SecurItie G I0 Glob•I ni )toir... tunic in Account Position and MTM Summary (2013 Closed Positions) Prepared for southern Financial LLC as of April 23, 2013 Equity Dividend Entry Price Closing Price Trade Date Symbol Shares Company Currency Industry Cost Basis (5) Market Value (5) Closing Date Pit Yield (Local) (Local) 8-Jan-13 CLMT 4,400 Calumet Specialty Products USD Energy 7.27% (5139.964) $137.452 8-Jan-13 31.81 31.24 (52.512) 8-Jan-13 SLRC 4,400 Solar Capital Ltd USD Financial 10.25% (5107.360) $105.688 8-Jan-13 24.40 24.02 (51.672) 8-Jan-13 Tap 3,200 Tesoro Logistics Lp USD Energy 3.63% ($133.440) $134909 9-Jan-13 41.70 42.16 51,469 15-Jan-13 USAC 6,000 Usa Compression Partners Lp USD Industrial 0.00% ($108.000) 5106.260 15..lan.13 18.00 17.71 (51.740) 16-Ian.13 ALNY 2,400 Alnylam Pharmaceuticals Inc USD snstoner. Nowt-cyclic 0.00% ($48,312) $50,040 16..lan.13 20.13 20.85 $1,728 16-Ian.13 ITMN 6,600 Intermune Inc USD snstoner. Nowt-cyclic 0.00% ($65,340) $66,125 16..lan.13 9.90 10.02 $785 17-Ian.13 AVEO 2,400 Aveo Plizamaceuticah Inc USD snstoner. Nowt-cyclic 0.00% ($18,000) 517,899 17-Jan.13 7.50 7.46 ($101) 17-Ian.13 CUM 1,800 Cyr Refining (p USD Energy 0.00% (545.000) 545,871 17-Jan.13 25.00 25.48 $871 18-Ian.13 MCP 6,000 Molycorp Inc USD Basic Materials 0.00% (S114.000) $111,358 18..lan.13 19.00 18.56 (52.643) 18-Jan-13 NCLH 1,600 Norwegian Cruise Line Holdin USD Consumer, Cyclical 0.00% ($30,400) $39,328 18..lan.13 19.00 24.58 $8.928 18-Jan-13 NTI 5,200 Northern Tier Energy Lp USD Energy 19.02% (5127,192) $126,149 18..lan.13 24.46 24.26 (51.043) 14-Feb-13 ARIA 9,000 Ariad Pharmaceuticals Inc USD 'name,. Nowt-cyclic 0.00% (S136.878) 5174,408 24..lan.13 15.21 19.38 $37,530 24-Jan-13 89L 4,000 Buckeye Partners Lp USD Energy 6.70% (S210.160) $208323 24..lan.13 52.54 52.13 (51.637) 25-Jan-13 BFAM 500 Bright Horizons Family Solut USD snstoner. Nowt-cyclic 0.00% ($11,000) $13,758 25..lan.13 22.00 27.52 52.758 25-Jan-13 MCP 2,500 Molycorp Inc USD Basic Materials 0.00% ($15,000) $17A00 25..lan.13 6.00 6.96 52.400 29-Jan-13 PNY 6,500 Piedmont Natural Gas Co USD Utilities 3.56% (5208.000) 5207.410 30..lan.13 32.00 31.91 ($590) 31 -Jan-13 KR% 1,500 Keryx Biopharmaceuticals USD snstoner. Nowt-cyclic 0.00% ($12,735) $14,190 31-Jan.13 8.49 9.46 $1,455 3I-Ian.13 VNR 3,500 Vanguard Natural Resources USD Energy 8.41% ($97,475) $96,983 31-Jan.13 27.85 27.71 (5492) 3I-Ian.13 27S 25,000 2oees Inc USD 'num.,. Nowt-cyclic 0.61% (5650.000) $786,482 1.Feb-13 26.00 31.46 5136,482 -1Feb-13 CUSP 1,500 Chesapeake Lodging Trust USD Financial 4.15% ($31.125) $31,559 1.Feb-13 20.75 21.04 $434 -1Feb-13 NMM 3,500 Navios Maritime Partners Lp USD Industrial 12.04% ($49,525) $48.859 1.Feb-13 14.15 13.96 ($666) 5-Feb-13 EPD 4,000 Enterprise Products Partners USD Energy 4.35% (5218.240) $218,072 5-Feb -13 54.56 54.52 (5169) 5-Feb-13 BCC 1,000 Eloise Cascade Co USD Industrial 0.00% ($21,000) $25,269 6-Feb -13 21.00 25.27 $4,269 7-Feb-13 BCC 3,500 Eloise Cascade Co USD Industrial 0.00% ($69,510) $69,263 7-Feb -13 19.86 19.79 ($247) 14-Feb-13 MR 29,000 Armour Residential Reit Inc USD Financial 13.08% (S198.360) $193.141 14.Feb-13 6.84 6.66 ($5.219) IS-Feb-13 CLF 3,000 Cliffs Natural Resources Inc USD Basic Materials 3.30% ($87,000) 589,148 15-Feb-13 29.00 29.72 52.148 15-Feb-13 NLSN 8,000 Nielsen Holdings Nv USD Communications 1.86% (S260.400) $260.654 15-Feb-13 32.55 32.58 $254 15-Feb-13 1,000 Pioneer Natural Resources Co USD Energy 0.07% (S128.000) 5130,328 15-Feb-13 128.00 130.33 52.328 21-Feb-13 KORS 20,000 Michael Kon Holdings Ltd USD Consumer, Cyclical 0.00% (51230,000) 51,201.181 21-Feb-13 61.50 60.06 328.819) 21-Feb-13 KMP 3,000 Kinder Morgan Energy Prtnn USD Energy 5.67% ($259.050) $259,377 2I.Feb-13 86.35 86.46 $327 27-Feb-13 AGNC 15,000 American Capital Agency Corp USD Financial 15.32% (5474.450) $473,839 27.Feb-13 31.63 31.59 ($611) 27-Feb-13 MPW 1,250 Medical Properties Trust Inc USD Financial 5.01% ($17,813) $17,887 27.Feb-13 14.25 14.31 $75 28-Feb-13 DCP 3,500 °pomp International Inc-A USD Nat.cyclic 0.00% (S14Z205) $143,357 I.Mar.13 40.63 40.96 $1,152 5-Mar-13 WP2 2,750 Williams Partners Lp USD Energy 6.31% (S135.135) $134362 5-Mar-13 49.14 48.86 3773) 6-Mar-13 ARI 4,000 Apollo Commercial Real Estat USD Financial 9.38% ($68.200) 568.238 -6Mar -13 17.05 17.06 $38 6-Mar-13 MHO 500 MA Homes Inc USD Consumer, Cyclical 0.00% ($11,750) $12,210 -6Mar -13 23.50 24.42 5460 6-Mar-13 O 2,000 Realty Income Corp USD Financial 4.40% ($91,800) 591,078 -6Mar -13 45.90 45.54 3722) 7-Mar-13 LUSO( 1,500 Discovery Communications-C USD Communications 0.00% ($97,125) 5100.438 7-Mar-13 64.75 66.96 $3.313 7-Mar-13 KM 1,500 Kar Auction Services Inc USD snsLener. Nowt-cyclic 3.59% (528.875) 529,234 7-Mar-13 1925 19.49 $359 7-Mar-13 BKU 500 8ankunited Inc USD Financial 3.42% ($12,625) $12255 8-Mar-13 25.25 25.51 $130 8-Mar-13 PCYC 2,500 Pharmacyclics Inc USD snsLener. Nat.cyclic 0.00% (5235.000) $235,330 8-Mar-13 94.00 94.13 $330 12-Mar-13 1.%P 2,000 Lexington Realty Trust USD Financial 4.85% ($23,400) $23,339 12-Mar -13 11.70 11.67 (5611 13-Mar-13 BNNY 1,250 Annie's Inc USD snstoner. Nowt-cyclic 0.00% ($50,000) 549,949 13-Mar -13 40.00 39.96 (551) 13-Mar-13 HTWR 600 Heartware International Inc USD snstoner. Nowt-cyclic 0.00% ($51,870) $52,055 13-Mar -13 86.45 86.76 5185 14-Mar-13 VIPS 1,000 Vipshop Holdings Ltd Ads USD Communications 0.00% ($24,000) $24,609 14-Mar -13 24.00 24.61 $609 IS-Mar-13 TRLA 1,000 Trulia Inc USD Communications 0.00% ($29,750) $31,009 15-Mar-13 29.75 31.01 $1,259 3-Apr-13 ARCC 3,500 Ares Capital Corp USD Financial 8.68% ($61,635) 561,344 3-Apr-13 17.61 17.53 ($291) 9-Apr-13 CU2 4,000 Cousins Properties Inc USD Financial 1.68% ($41,800) 542,359 9-Apr-13 10.45 10.59 5559 10-Apr-13 TMHC 1,500 Taylor Morrison Home Corp-A USD Consumer, Cyclical 0.00% ($33,000) 534,754 10-Apr-13 22.00 23.17 $1,754 11-Apr-13 RLGY 9,000 Realogy Holdings Corp USD Financial 0.00% (5396.000) $401,119 11-Apr -13 44.00 44.57 $5,119 11-Apr-13 INFI 7,500 Infinity Pharmaceuticals Inc USD snstoner. Nowt-cyclic 0.00% (5300.000) 5308.768 11-Apr -13 40.00 41.17 $8.768 12-Apr-13 EV7C 4,000 Evertor Inc USD snsLener. Nowt-cyclic 0.00% ($80,000) $85,430 12-Apr -13 20.00 21.36 55,430 12-Apr-13 CSTE 1,500 Caesarstone Sdot-Yam Ltd USD Industrial 0.00% ($34,875) S35,639 12-Apr -13 23.25 23.76 $764 18-Apr-13 APL 21,000 Atlas Pipeline Partners Lp USD Energy 6.52% (5714.000) $721644 18-Apr-13 34.00 34.46 59,644 18-Apr-13 2,000 Intelsat Sa USD Communications 0.00% ($36.000) 533,919 18-Apr -13 18.00 16.96 (52.081) 18-Apr-13 ROSE 1,000 Rosetta Resources Inc USD Energy 0.00% ($42,500) 542,459 18-Apr -13 42.50 42.46 (541) 18-Apr-13 TAM LOCO Taminco Corp USD Basic Materials 0.00% ($15,000) $14,080 18-Apr-13 15.00 14.08 3920) 11.Oct-11 TEF (,500) Telefonica Sa-Spon Adr USD Communications 0.00% $30,080 (520.700) 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 ($50) 15-lun-12 SEAS 2,000 Seaworld Entertainment Inc USD Consumer, Cyclical 0.00% (554.000) 561,419 19-Apr -13 27.00 30.71 57,419 EFTA01121564 Global Investment Opportunities Group J.P. Morgan Securities 11C. CIO Account Position and MTM Summary (2013 Closed Positions) Olobel Investment Ormortuntrles Prepared for Southern Financial LLC as of April 23. 2013 U.S. Fixed Income Total Int. Trade Date Maturity Face Amount Issuer S&P Rating Next Call Date Coupon Principal Con Market Value Closing Date Entry Price Closing Moe Accrued 24.0ct-11 15-Feb-2016 1,500,000 Hca Inc B. WA 6.500% (51.530,000) 51,650,000 1122.41, 24.lan.13 $102.00 5110.00 5242,417 8.Mar-11 01-Mar-2017 2,500,000 American Axle IS Mfg Inc B WA 7.875% (52615.625) $2.575,000 $289.8“ 1-Mar.13 $10443 5103.00 5249.219 17-Apr-13 Perpetual 3,000,000 lama/gen Chase a Co BBB 5/1/2023 5.150% ($3.000000) $3,015,000 $289.844 17-Apr-13 $100.00 510).50 $304,844 U.S. Fixed Income PIL S 796.4)9 International Fixed Income Total Int. Entry Price Closing Price Trade Date Maturity Face Amount Issue S&P Rating Currency Coupon Principal Cost (S) Market value (5) Closing Date Accrued (5) (Local) (Local) 23-lan.13 05.Dec.2022 12,00%003 America Monl Sala De C MXN 6.450% ($1,004,417) $1,041,054 $15,705 19-Apr.1 105.75 106325 552,343 EFTA01121565 Global Investment Opportunities Group J.P. Morgan Securities 1.1.C. ICI Gillil•i lnvr.unenr (34 , 001rinfligin Account Position and IVITM Summary (2013 Closed Positions) Prepared for Southern Financial LLC as of April 23, 2013 Mortgage and Asset Backed Trade Date Maturity Original Face Issue S&P Rating Next Call Date Coupon Principal Coat (5) Market Value (5) Total Int. Entry Price Closing Price Closing Date PIL Accrued (5) (Local) (Local) 11-Sep-12 25-May-203$ 8.126,960 Mh12005-2 1..11 8/25/2015 0.640% ($1,456,134) $1,565,282 $104,747 2./20/2013 70.00 79.00 $213,895 Listed Prefemeds Trade Date Maturity Share: Company S&P Rating Par Amount Coupon Principal Coat (5) Market Value (5) Dividends Entry Price Closing Price . Closing Date PIL Received (Si (Local) (Local) 9-Jan-13 1/15/2073 15,200 Duke Energy Carp 8811. $2590 5.13% (5380,000) $383,192 $0 11-Jan-13 25 00 25.21 $3,192 14-Jan-13 1/15/2073 10,803 Duke Energy Corp BBB. $2500 5.13% ($270,000) $279,282 $0 220an-13 25 00 2586 $9,282 22-lan-13 1/29/2053 32.500 General Elec Cap Corp AA. $25.00 488% ($812,500) $811,832 $0 29-Jan-13 25 00 2498 ($668) 290an-13 Perpetual 47,212 fem.:igen Chase 8 Co BBB $25.00 5.45% ($1,180,300) $1,173,664 SO 15-Mar -13 25 00 2486 (5036) 14-Mar-13 Perpetual 25,003 Interstate Power 8 Light BBB $25.00 5.10% (1625,000) $624,486 SO 15-Mar -13 25 00 2498 ($S14) 290an-13 Perpetual 12.788 Jprnoegan Chase 8 Co BBB $25.00 5.45% ($31%700) $318,237 SO 22.Mar-13 25 00 2489 (51,463) 7-Feb-13 Perpetual &570 Armour Residential Reit NIA $25.00 7.88% ($214,250) $213,553 SO 22.Mar-13 25 00 2492 (5697) 6-Feb-13 Perpetual 7.000 Gent Growth Properties Bu $25.00 6.38% (1175,000) $173,456 SO 22.Mar-13 25.00 24.78 (51,544) 7-Feb-13 Perpetual 11,430 Armour Residential Reit NIA $25.00 7.88% ($285250) $284,862 SO 25-Mar -13 25 00 24.92 (5888) 23-Jan -13 Perpetual 20,000 See Trust li BBB• $25.00 5.10% (150%000) $498,571 SO 3-444-13 25 00 24.93 (51,429) 5-Mar-13 Perpetual 15,000 Public Storage BBB. $25.00 5.20% (1375,000) $375,142 SO 5-444-13 25 00 25.01 5142 8-Apr-13 Perpetual 32.000 Mfa Financial Inc NIA $25.00 730% (5800,000) $801,902 SO 17-Apr- I) 25 00 25.06 $1,902 Listed Preferred, PA 5679 Listed Preferred, Syndicate 5679 Forward Contracts Trade Date Value Date Bought Notional Sold Notional Fix Date Contract Spot Contract Forward Closing Date Closing Rate P/L 4Dec-I2 8-Jan-13 JPY 822,800,000 CAD 10.000,000 8-Jan-13 82.416 82.28 4-Jan-13 8%17 (5783,578) 18-Dec-12 22-Jan-13 M)(11 12,900,000 USD 1,011,828 22-lan-13 12.7324 12.7492 17-lan-13 12.59 113,6.97 17-Jan-13 22-Feb-13 M)el 12,900,000 USD 1,022,438 22-Feb-13 12.5829 12.6169 23-lan-13 12.68 ($4,849) 2-Noy-12 6-Feb-13 CHF 6,025,500 EUR 5,000,000 4-Feb-13 1207 12051 30-lan-13 1.23760 (1179.0441 2-Nov-12 6-Feb-13 CHF 6,025,500 EUR 5,000,000 4-Feb-13 1207 12051 1-Feb-13 1.23910 (1187.3071 4..lan-13 8-Feb-13 JPY 890,400,000 CAD 10.000,000 6-Feb-13 89.17 89.04 7-Feb-13 93.5012 ($478.0451 7-Feb-13 12-Mar-13 JPY 933,849,000 CAD 10,000,000 10-Mar-13 93.49 933849 6-Mar-13 91.0278 1210500 6-Mar-13 8-Apr-13 JPY 909.300,000 CAD 10.000,000 6-Apr-13 91.038 90.93 28-Mar-13 9161220 (5178.777) Commodity Options Trade Date Expiration Direction Commodity Type Original Closing Premium Notional (or) Strike Currency Notional Type Closing Date PIL premium (5) (5) 10.Jul-12 08-Feb-13 Sold C0113 Put 100,000 79 7.900,000 Call 08-Feb-13 5327,000 SO 5321000.00 10.10-12 08-Feb-13 Bought C0113 Call 100,000 118.5 11,850.000 Put 08-Feb-13 (5327,000) SO (5327.000.00) Total Return Swaps Effective Maturity Accrued Interest Dividend% Closing Price Trade Date Underlying Shares Rate Spread (bps) Notional Entry Price Closing Date PS Date Date Paid Earned (Local) 1-lan-12 3-Feb-12 5.Feb-13 Apple Inc 8.860 3471. L00% 14044,412.80 ($45,959) $456.48 31-Jan-13 $46,958 455.31 ($9,367) 31-Jan-13 3-Feb-13 -5Feb-14 Apple Inc 4.430 3471. L00% $2,017,02330 ($5,646) $455.31 12.Feb-13 SO 469.58 557,591 (02013 IPMorean Ouse 8 Co. 1 EFTA01121566 Global Investment Opportunities Group I.P. Morgan Socuritios LLC Account Position and IV1TIV1Summary (2012 Closed Positions) e I (1) Globo ego wons reunopriniserp. Prepared for Soufflera Financial LLC as of April 23. 2013 «qu'eu Dividevi entry Price <latins Price Trade Date Symbol Share. Company Currency industry Pats Bas, (SI marge value (5) Cto.king Date PIL rNd (local) (Local) 15-Nov-12 41(5 135.0:0 Al Steel Holding Corp VS0 Omit Ideterieb 000% (55440031 1460.645 15-Nov-12 400 3M 1550.3551 15.614r.I2 *LUI 5A00 Allnon Treraminion Holding VS0 Consumer. CPelke 2.12% (1124.2001 1122.510 15-Msr-12 2100 22.20 (SIAM) 154W.12 ALNY 4,050 Alneam Pharmacouticalt Inc USD marre, Noncydit 0.00% (1438387 $44,352 15440.12 10.75 10.95 $314 26.041-12 ACC 7,003 smorkan Campus Commun dle USD Financial 3.10% 03042501 1368469 26.044-12 43-75 44.07 72.219 11-18-12 ACC 5.00) %motion Creus Ceernurnie VS0 firexiel 110% (1221.2501 1221.095 11.M.12 4425 4422 ($155) IBRLIl AGNC 9,00) Amorkan CaptalAgi/ou) Cor; USD Fearvial 15.32% 0306,9001 1307.710 18.10142 1410 34.19 $810 7-Mar-I2 AGNC 15,30) Amorkan Captal Agenty Cet USD Fearvial 15.32% (8149,055) $449,499 S.M44-12 2535 2938 $444 II -Dec-12 MG 20.(50 44 enen Intenetionel Group VS0 firunciel 000% (%58.1251 1487,795 II -044-12 3280 3446 $35{670 MG 21.0:0 Amoroso hoMMOOM Groupe VS0 rirai& 000% (1032.5001 1691,089 164e9-12 3280 32 91 56939 3.A40.12 MG 6,303 Antiefeet International Group USD Fearvial ODO% (1192,150) 1199,609 6.Aug-12 3150 31.68 $7,459 7.May.12 MG 5,003 MMfan latOrnational Group USD remariai ODO% (1152,5001 1152,645 7-May-12 3150 30.53 110 15.61er.12 Altl 2.50) Ameriges Portnenle VS0 Consume. Cella. 7.12% (11011251 1101,376 16.4.8-12 41.25 40.55 (51.718) 21-Mar-I2 IINNY 500 Anne, Inc USD mima. Nangal ODO% (19.50) 115,656 22.4.812 19.00 3131 04156 8041.12 MI 4,500 ApoitoCorreneeel Real Estat USD Mandai 9.38% (176,41) $75,699 3.0o.12 1686 16.82 (571» 17-Apr-12 AMTG 2250 Apego Stevdent,al Morton, WO tirai& 1281% (441.0631 144365 17-Aor-12 1825 '7.94 06923 20-546-12 MER 10.0:0 Approsch Renner«, Inc WO fnerilY 000% (005,4001 inemo 20-Sep-12 3050 29-24 15125601 17-A443.12 ARCC 3,00) Mot Capital Cap USD Fearvial 86816 (15443) 1564400 iiinue 12 1681 16.8) (530) 25844-12 ACRE 3,150 Ares Commercial Real Escale USD Mandai 539% (1562751 $54543 264.p-12 1880 17.95 (51.733) 844w-12 Avse 3.50) Arrearong %Vedel Ventrée VS0 Industriel 000% (11788001 1178,910 8-Nov-12 5100 51.12 1410 9-Nov-I2 AMY 11,0:0 Arroi IMphoono Inc VS0 verne. Non.cydir 000% (14415) 138822 9.Nov-12 3,65 3.50 ($142) 4,D44, 12 APL 3,500 Mas Apolno Partners LP USD Energy 652% (1104500) 1107,937 On-I2 31.00 30.84 ($564) »44o4-12 MP 3000 Allee Re,eurce Partners Lo VS0 fner9T 7.72% ($(4.03) 568007 21-Nov-I2 2301 22 67 ($1.023) 294404-12 AV8 1250 Avelonbe Commuons, Inc VS0 Nnanciel 3.24% (1162.5001 1166,153 (9-No4-12 13000 13292 $3.463 244812 AVG 1,800 Mg Trehnobgios USD Tethrsology cm% (1218001 $23858 244812 16,00 13.31 ($8842) TF•812 1,350 Etancedomea SA,Spons Adr USD Ftnarelai 2A8% ($851,0001 $81,7417 1.4812 6000 60.52 1707 784.12 Mal 1.600 Oloorr•re Brand, Inc VS0 Consumer. (Yelliel 000% (119.8001 121.375 8806-12 114 les S1.575 4-04612 LOUP 2.501 Bovet** Pipeline Peiner, VS0 (nergy 690% (167.4751 166975 4-Ckt-12 2699 26.79 ($540) 2849.12 EIWP 2.500 eowonalk Pipeline Partneri USD Entra,/ 890% ($6A50) $68,018 2,Aug-12 27.80 2721 (11,483) man-12 EIWP 1250 Boechvalk Pipeline Partneri USD Energy 890% (134.43) $33,899 »Tan-12 27.55 27.12 ($539) 15-Nov-12 BRO 1.700 OrtrollReid Relaateniel Pope VS0 Consumer. Celse, 000% (42428e 124286 15-Nov-12 1449 1449 50 22-6144-12 CSM 6,750 Caearstone Sdoe•Yam Ltd USD Industriel 0.00% 074,25) $74.378 22-Mat-12 11.00 11.02 1123 11.14w.I2 CLIAT 2,003 Calumet SpacianyPeccluas USD Energy 7.27% 051.001) 44168 0.4Ary-12 25.50 2425 (52.502) 3-MP-12 CG 5,00) CorMeGroupfthe VS0 financiel 1025% 011400) 1109.905 3444y-12 2100 21.98 (195) 2854012 CWST 6003 Capselle West., Systans Inca USD IndustrIal 0.00% 032.00) $33,904 issep.12 400 424 $1,904 11440.12 CPAC 27,0:0 ZementosPacatmaio 5aa. Ad USD Industriel 1.23% 031645001 $295,731 8-Feb.12 11.50 10.95 016769/ 4.4p-12 CLVS 2.475 Clovis Caccini. Inc VS0 Pourrie Non.cydii 000% (149.50) 149.978 4.Apr-12 2000 2019 1478 244148-12 CB 3.60) Cobalt International (new VS0 ner9T 000% (110280) noz•ca 244 eb-12 2800 2989 $4600 19.041.12 CPNO 260:0 Copano Energy UoUNu USD (Nagy 5.80% ($642,600) 1638578 1.0•1-12 32.13 31.78 ($7.040) 13-148I2 CFNO 2.000 Logan Energy UpUnits USD Energy 5.80% ($440601 $67878 34.03 33.83 ($392) OK 2.0(0 Caporate 011ke Properlies VS0 fiwrtiel 382% (149.50) 151.190 11.0n-12 2475 25.60 11.690 2-Mar-I2 OPM 100) DeremIdstreamParlate USD Energy 5.74% (147.42) $46,899 2mata2 47.42 46.90 ($521) 5.548.12 OCT 900) Del Industriel Trust Inc USD Financlal 3.69% (MUR $56,700 54epo 2 6.20 63) $960 27-14n-12 DUI 1.250 Digrtel Reely Trustlat WO Nrenciel 423% (1943131 19:48$0 27.1un-12 7215 7268 1538 6-1441-12 04 4.950 Dolle Generel Corp WO Consumer. <nad 000% (1231.4131 1235.303 6-Jun-12 4675 47.54 $3.891 22M44-12 DG 4,50) Dollar Central Corn USD Consumer, geai 0.00% 02038251 $203,623 28.Mar-12 45,25 45.29 1198 30M44-12 CORN 7,203 Magon' Brandi Group inc USD Consumer, geai 2.01% 0212,4001 1211,788 30-Mar-12 SASO 29,42 (012) 9.Mey-12 WAX 18.0:0 Drea. Technolowee Cons USO weerra. Nocecycle 000% (176.50) 171.910 9404y-12 425 80) ($6590) 11-54>12 ROI 2.00) (I Mo Potine Palmers LP USO nergy 5.67% (468.68) 168.478 11.5ep-12 3414 3424 ($202) 2.Aug.12 ELOQ 2,040 Ebouà USD Tochnology ODO% (=OR $25,976 2,Aug-12 11.50 1281 88976 28-14n-12 I.50) Energy neme. P4,8, 0510 VS0 (nergy 735% (866.855) 164.995 M.Arn-12 4457 43.33 ($1.840) 25-540-12 (PD 3.0(0 Emeronse Produit Parer.> VS0 fnergy 435% (1159.2101 1161.097 158e6-12 53,07 53.70 $1.817 27-lun-12 EQM 2,003 Lit IdidstioarnPartners Lp USD (Nagy L00% ($42,0001 $45,764 27-Am.12 21.00 2210 83.784 111Nov.12 EOR 2,000 Equity Recidevial USD Arundel 2.77% (1105,50) 1111,258 29-Nov-12 54-75 55.63 si-ns 10.P<412 (VU, 1900 (s (nergy Partners lp VS0 Emin 6.41% (1122.3101 1122.783 104e6-12 67.95 6821 $473 12-548-12 (T 2,000 f Pensive Pt VS0 Communütkes 000% (145.00) 146.446 12.5e812 2250 2322 11-446 EFTA01121567 Global Investment Opportunities Group J.P. Morgan Securities 1.1.0 Account Position and MTM Summary (2012 Closed Positions) CIO cambm arneur Sara Drette deira Prepared for Southern Financial LK as of April 23. 2013 §§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§ 2-Mar-12 ET 750 txontarget hi Commonicahons 0.00% 014.2501 $17.276 22.1.4w-12 19,00 23.04 53.026 29.Fds.12 MLP 2,250 Enerran Fanners Lp Energy 728% 054,113) $53.168 29-f00.12 2405 23.63 ($915) 17.1.40/32 Fl 17,5® Facetook Inc.4 CommunKahons 0.00% (1665,000) $349,405 3-Aug.12 38.00 19.97 15315.595/ 11.54,42 IS< 7.000 fifth Street linlue Corp financial 1062% (5755301 $74.753 11-Sep-12 10.79 10.68 (5777) 29.Pelp12 MC 3.37$ lint Republic SantKa 6~41 1.28% ($101.2501 5101.675 294e8.12 3000 30.13 5425 12,49612 in 1413 Forum Enogy Technologies in Energy 0.00% 024297) 522.220 12-Apr-12 20.00 21.94 $1,960 -Apr-12 18 FRAN 1,507 Francesco). Ibldings Corp Consume. Cydial 0.00% (541.4001 $42,105 IB-Ap-12 27.60 20.12 5715 27-Jan-12 FRAN 3150 Iranians Ibldings Corp Consume. Cydial 0.00% (572.4501 $72.765 27-7441-12 2300 23.10 5315 30.610612 CLOG MOD Gaslog Ltd Industrial 3.67% 075.6001 564872 301.44612 14.00 12.75 (6.728) 14-54,9.12 GYR 2,000 Genesee 8,Wnseing Inc.0 A Industrial 0.00% 0129.500) $132,192 14-509.12 64.75 66.09 52682 21-Jun-12 GHMK 9.000 Genmen Crognintio Inc irsumer. Non-LIAR. 000% (537.13001 537.899 21.Pun.12 420 421 599 84Iov-12 GNC 6.000 Gnc Holdings Inc-CI A Consume. <SWF 1.44% ($211.2001 $211.284 lisHov-12 3520 3521 584 M434612 GNC 5,400 Gnc Headings Inc -Cl A Consumer, Cyclical 144% 0192900) 1180.517 14144612 33.50 3343 (5383) 134)“.12 GPK 1,003 GrapNc Packaging »coding cc industrial 0.00% ($6.100) $4100 13.04<.12 6.10 6.10 $0 2409.12 GWAY IA® Lreenway Medical Technolog. Technology 0.00% ($110001 5.21.672 24e6-12 *00 12.04 53.672 26, 5/9.12 BSMX 4,000 Grupo Fin Santancke.AcIr B Financial 0.00% 0447401 $54440 26-509.12 12.19 12.61 51,700 19.49612 GWRE 1,50) Guklewire Software inc Technology 0.00% 0423751 144.075 19.49/.12 2325 29.19 $1.700 25-Jan-12 ONRE 1325 Guidewire Software inn Technology 0.00% 014,6251 $11744 25-1/41.12 13.00 16.66 $4.119 19-58,12 HOI 5,007 Skuilds Care Rail Mn firuncial 4.17% 02020001 52%350 194e9- I2 5400 5727 54350 7.4,412 HOI 2,750 Hand+ Care Rail Inc Financial 437% 0161.5631 1162.269 7,4u9.12 5825 59.01 $707 22~42 HOI 4,950 Hoar, Care Rail Mc Friancial 4.17% 02646251 1244.701 22.100.12 5150 5348 ($124) 25.5e9-12 HR 4,00) Healthier, Realty Dust Inc fin niel 4.06% ($91.4001 $92.852 25-5e9.12 22.85 2321 $1.452 11-Dec-12 HT2 6,000 Harts Global Holdings Inc risunsr. Nce.,cydh 0.00% 094.8001 593.708 II-Dm•12 1580 15.62 ($1,092) 549612 HOV 29,250 Honsanian Emorpnses4 Consumer, Cyclical 0.00% 0445001 $39,994 sapr-12 zoo 1.18 (5506) 2.4,4).12 tOc Ism Wrist PharmaceuticalsInc revne, Non,Nlii 0.00% ($1240001 $125.465 2. 409-12 600 7.97 (5536) 13-Dec-12 INfi IS® infinity isharmoceutica Inc nun.. Non,Nlii 000% (526.3301 527.932 13-04<-12 2433 27.93 $1.602 9.409.12 INFi 2,250 infinity Phansucauticals Inc nusnr, Non.cyclie 0.00% 0324251 $33525 9.4u9-12 1450 14.90 *CO 10.Fe0.12 IRWO 1,900 Ironwood Marmacoutkakim mum«, Noncyclie 000% (24671) $29,767 10400.12 15.09 15.67 $1.096 6.Dec-12 KM 1.50) Kr Auction Services Inc Ø. Norennlii 359% 0242501 $21580 6.0®12 17.50 17.72 5330 8.Aug.12 ICE 2.000 Kilroy Reeky Corp Financial 256% 092.2001 $92.740 84sieg-12 46.10 4637 $540 8.Aug.12 KMR 2,70) 'rider Morgan Managamm L Energy 000% 01944501 $197.702 Saug-12 73.50 7322 0740 11.0‘612 KTTH 1,20) Kylhem Diophormaceinicals I insunde. Noncyclii 000% 019.2001 $23,383 II -00-12 1600 1949 $4.183 12-041-12 IPI 2,475 Laredo Peeroleum Holdings in Energy 000% ($921191 $52.421 12-061-12 2.725 21.18 52302 111.0<612 LXRX 20.0:0 Lemon Pharmaceuticals mc instance, Non cyclic 000% 045.0001 $44,000 1110ct.12 225 2.20 ($l40ø 12.0a.12 LOCO 1,203 Unn Co 1k Energy 6.78% 0434001 $45,299 12.0ct.12 36.50 37.75 $1,499 12-Jan-12 LINE 4.000 Linn Energy lk-Units Energy 7.45% ($143.8031 $143.220 13-3/41.12 3595 3511 ($572) I.may.12 LPIA 3,603 t91Fnanclal Holdings Inc Financial 158% 0124.2001 6124,700 2-May-12 34.50 3464 5500 1444(.12 LUFK 1,025 LOW, hclustries Inc Energy 056% 081.2311 582.104 1.Mar.12 7925 60.10 5872 6.5 -12 ttllO 4.00) MA Homes Inc Consume. Cydkd 000% 07%5201 $73.116 6-Sep-12 17.63 1028 52596 10-Aug-/2 MANY 2.92$ Manchester UnitedPk-0 A Consume. Cydkd 000% 0449501 54403 HI-Aug-12 1400 13.* (767) 23400.12 Mie( 2,250 Marl/4m~ Holdags Mc Financial 130% 060.6251 $71,697 23f06.12 30.50 31.86 53.062 1.900.12 MPW 145C° 909.601ProPerties Trust Mc Financial 5,01% 0219.3751 $220.275 2401612 975 9.79 1900 29-Mar-12 MAO( 3.00) Merrimack Phormaceuticeb in inure. Non-cyclir 000% ($221.0001 $18.600 291.44P12 100 620 02.400 23.610(.12 ICCRS 9,00) Michael Kors Headings Ltd Consumer, Cyclical 0.00% 0423.0001 $422.991 2.3.144p12 47.00 47.00 (59) 25.0<612 MILK 2,50) Mph Lp Energy 1.97% 055.0001 564,910 26-09.12 22.00 26.00 51.968 74Aar-12 ISM 2FM Masons'« Mortgage HoltIng! firuncial 000% ($249301 5.27.040 6-Mar-12 1400 13.52 (5960 3-May-12 NMM 3.00) Hems Mer time Perin., to Industrial 1104% 047.0401 $44593 3.4169-12 156$ 15.53 MVP 25.0c612 NAV 2,000 Navistar Intonational Corp Consumer, Cyclical 0.00% 037.500 $34903 Ø•S2 1175 lg.* (56OO) 20464r.12 HUH 2650 Ideen Holdngs Ny Communkabsns 1.116% 0231.4131 6233,976 21./.4at.12 3025 30.57 $2.463 28-Jul-12 Hyl 5,50) Northern Tier Energy LP Energy 1902% 077.0001 $78377 26-Jul-12 1400 1421 $1.177 2400.12 NG 11.250 Horagolcl Pompton Inc Bask Materials 020% (6106,875) $105,188 2.F40-12 ASO 9.35 *Lisa) Lsep.12 II5 4,000 fluster Energy Lp Energy SØ 0195,7601 1194,832 5-509.12 4194 48.71 0920 11419r-12 OM 1,00) Oektree Capital Group Lk Finnitil 622% 043.0001 542.329 12-49r-12 4300 42.33 0671) 213446.12 OM 1,350 Oneok Pannenlo Energy 508% 0*20151 $79.549 184eb-12 59.27 50.93 0460 3May12 ROTT IMO) Pack Coast Oil Trust Financial 9.72% ($9,20001 5896,290 3,May.12 20.00 19.96 ($1,710) 2S.S4p.12 EMIT 3,00) Pennantoork inumment Carp Financial 10.02% 032.4601 $32390 25509.12 1082 10.73 <5270) 5-Mar.12 *OM 4.950 Puy Holdings Inc Utililics 495% ($952881 $94023 6-1.4ar-12 19.25 19.01 5743 840.12 1511 ISO) Peregrine Senskorductor Con Technology 000% ($14,0001 $14.534 baug-12 1400 14.53 5534 15.May.12 PEED 1,000 104 Energy Inc Energy 000% 026500 $26.450 144Anp12 2450 26.45 050) 6-Mar.12 PAA IMO Plains All Amer Peen, Lp Energy 403% (5840301 $79,091 6-1.4ar-12 6003 7909 (59)9) 94406-12 014% 5,00) an Partners 1.9 Energy 900% 0115,5501 $113.415 9.Nov-12 23.11 22.03 (52.135) 7.Doc.12 ;IRE 2,50) Or Energy LP Energy 1083% 0446001 $394650 7.04°12 16.24 1186 0950) 11,49612 ORE 2,70) Or Energy L9 Energy 1083% 051.790 551,624 12,49/.12 1419 19.12 ($162) II-Mar.12 OLTY 1250 Ositgeytimiststion lix inikntial 000% ($142501 $11650 8-Mor-12 1300 13.32 5400 26549-12 001 1.007 CMOs, Inc r cahnology 000% (512,0001 511.950 28-Sep-12 12.00 11.9$ 050 17.May.12 RFT 2,50) Rama-Cannons® Proponin Financial 407% 0342501 $29,750 17-May -12 12.10 11.9) 0503) 15.Fds.12 MF 3,150 Raymond lames Financial PK Financial 125% 0107.1001 $109.529 15409.12 34.00 3477 52,429 11.0it.12 RLGY 720) Ruby/ Holdings Corp fir-uncial 000% ($194.4001 $238.183 II -Ott-12 27.00 33.* 143.783 14Mar.12 RE 25,<C0 Regions f Inancul Corp Financial 149% (1147.500) $149,900 14-Ma -12 6.90 519 52300 5.494, 12 RPM 7450 RenalProperties Of Arne - A Snancial 4.44% 061.2001 64190 5Ap•12 500 ass 54900 EFTA01121568 Global Investment Opportunities Group .P. Morgan Securities U.C. Account Position and IVITIVI Summary (2012 Closed Positions) CIO seew rower usumunnorte. Prepared for Southern Financial LK as of Aped 23. 2013 §§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§ 3-Oct-12 NW. 2,030 Rigel Plunmeteetkoh mc mourner. Non.cyclii 000% 019.0001 111936 3-0c1-12 950 9.47 (461) ISRO.I2 RNDY 22.500 Roundyl Inc Consumer, C)<Ircal 7.07% 0191,2501 1196098 850 8.35 15.648 IlMar.12 SBAC 1,500 gu CommuncatIonsCorpC11 Communkabons 0.00% 071,2501 $71,957 8~42 47.50 47.97 1707 14-044-12 SOY 130) Silver Boy Realty Ton“OrP firaial 020% (127.7501 SAMS 1050 18.71 $315 -9Mer -I 2 SPG 2.29) Simon Progeny Group Inc financial 261% (1))62$01 1103,023 94,60-12 137.00 136.90 (5227) 114)04.12 SE 4,003 Spectra Energy Corp Energy 3.99% 0107,0001 1101.756 12414442 7:6.75 27.19 11,756 194u1-12 SOU( 2.00) Solunk Inc Communketnen 0.00% (136.5001 157.542 20-M-12 2025 28.77 51.042 18 -Apr-12 SOU( SOO Solunk Inc Communketnen 0.00% (18.5001 113,650 194111442 17.00 31.30 57.150 S.Aug.12 5PM 2,000 Suburban Propane Partners Lp Energy 7.25% 075,2201 $73.854 9Aug.12 37.61 3603 ($1.366) 15462v.12 NGLS 4,000 Targa Resources Partners Lp Energy 5,73% 0144.0001 1141,116 1606t42 36.00 3529 (4213414) Ill-lan-12 NGLS 1250 Tinge Resources Pennenip Energy 573% (147,8753 /*OM 19-lan-12 3030 3841 1136 5.5442.12 TGP 2.00) Tee5.49 Imo Panne, Lp Ind./Wild la% 076.0601 $73,796 5-Sep-1 2 36.43 37.90 ($1.062) 20.5442.12 TRLA 800 Oulu ins Communkations 000% 0126001 111981 2~6.12 17.00 23.73 15381 94,1ov.12 Tull' 1,500 Tumi Holdings ox ensum, Non.cyclh 0.00% 031,6501 $31,596 9.Nov.12 21.10 21.06 GM) 19 -Apr-12 TUMI 700 Tume Holdags Inc Browner. Non-cyclir 0.00% (112.6001 117.991 19-Apr-12 1600 25.70 16.391 13.1u112 TWO 11,250 Two Harbors invest/Rom Cap Financial 10.87% 0117,4501 1119,025 13.3421.12 10.04 10.58 11.575 22.F40.12 TWO 9,000 Two Harbors smog/Rent Cap Fmancial 10.87% 089.1001 $89,460 2214812 9.90 904 1360 11.1en-12 TWO 13,725 Two Herbert invemmeM Cap financial 19037% 0120581 1125,721 11-54n.12 9.17 9.16 ($137) 10-544942 ULTA 2,70) Uke Solon Cosmetics 4 Tug, Consumer. Cyclical 0.00% 02268001 1231,725 104M9.12 MOO 8542 14925 10.442v.12 MWE 3,000 Madmen Erwgy Fanners Lp Energy 5,20% 0139,5001 1142,131 14-Nou.12 46.50 4725 12,631 14,042912 MWE 1,100 Madmen Erwgy Partners Lp Energy 520% 055,7921 $55,629 IGAug.12 50.72 50.57 ($163) 12-5, 04 2 VHR 250) Vengverd Natural Resources Energy 841% 0667751 $41498 12-Sep-12 27.51 27.44 02762 7.13,24.12 WITV 5,000 Vanta Inc -CIA muse. Nencyclie OM% 00365001 1104,360 7.04c.12 2010 20.87 13.860 3./4412 WITV 2,503 Vann Inc -CIA wane. Nencyclie OM% 054.7501 $55,033 3.Aug.12 21.90 22.01 1283 22-Mar.12 VNTV 4,50) Vent*. Inc -CIA nevne. Non.tythe 0.00% (170001 183.127 22-Mr-12 17.00 16.92 51627 14.1ar.12 VVUS 720) Unman( Browner. Non.cyclir 0.00% (1162.0001 $164.707 1.14r-12 22.50 2206 12707 7.5442.12 VCR 2,750 Voccoa Cornmunkatims Mc Technology 010% 079.0631 $84938 7.4.012 28.75 2943 11,876 28Mar-12 VCR 750 Vain Cornmunkatimax Technology 0.00% 012.0001 117,392 2.1.434.12 16.00 23.18 15,382 114.44942 WMrbW 3.003 Web.Ccen Group Inc Communications 000% 043,7501 143,204 I.Msy.12 15,25 ISO) 0546) 205ep-12 WMC 3503 Western Anet Monger CaPir financial 17.11% (177.7001 $70012 213-Sep-12 2220 2229 $312 10.May.12 WMC 2,250 Western Asset Mortgage Caps Rnanclal 17.11% 0450001 $41,765 IO.May.12 20.00 18.56 (93236) 5.044-12 Wilt 5.125 Whitehorse Sinence Inc financial 909% 077.6251 171,736 15,00 13611 05.7500 26-Oct-12 ~V 2503 White/awe foods Co- A 'rarer. Non-cyclir 000% 042.5031 $43,170 26.044-12 17.00 17.27 1670 23Mar-12 WIC 2,250 Whiting Ute That II Energy 1938% 045,0001 $496518 23-Mar-12 2000 22.01 $4518 134)4,4.12 VILIO 1,000 Wilkams Cos Inc Energy 337% 031.0001 131,349 13.61.4.12 31.00 31.35 1349 -8Aug -12 WO2 TOW Welkarts Ruben Lp (new 631% 031.4301 192769 -8Aug-12 51.43 50.77 (9661) A.Ape.12 WPZ 1,000 Wiliam, Partners Lp Energy 631% 0545601 MAIM 4Apr.12 54.58 54.15 (411) 25-lan-I2 WPZ 3,000 Wiliam, Partners Lp Energy 631% 0188,4301 1187,581 25-lan.12 62.81 62.53 (1849) 12.0d.12 WOAY 900 Workday IneCLess A Technology 000% (3S.2001 $41.766 12-0«.12 2000 4641 114566 2044n-12 210P 6.79) boobos, OncoUllym1 mourner. Non.cyclii 000% 030.1001 134.452 204441.12 520 5.10 0616$ 28-Mar.12 ZNGA 3,600 Zynga Ine - a A Communicatnns 000% 043,200) MA784 2940.12 12.00 12.44 11.584 22.1un.12 CHOW 7,500 Cerucrsucl sa.MonsonadAde ensumr, Nancycle 000% 0117,0961 1116,768 22.Am.12 15.61 15.57 <sum Eo ty (5172.079) U.S.lived Imam Total lot. Trade Date Maturt v race Amount Issuer 580 Rating Next Call Date Coupon Pn.nripal Cost Ma:Yet Yalu* <101.ing Date Entry Pn,ce Closing Pri“ Aterued 741oWIl 31~2013 In AtTiOntaa Capital Ltd NR A 7.960% (11.011.030) 51000.000 $63,017 22.4mg.12 1101.10 0:100 $2.017 12-14n-12 310w-2013 In Amencon Capital Ltd NR WA 7960% <51.070.0:531 $1.000.000 $48.644 22-Aug-12 $1020) 1100.00 $28.604 23.Apr.10 9Q-May-2016 1.123.093 Co Group Inc 89. WA 7000% (11061.039) $1.123.608 $181766 17-Se0-12 $94,50 1100.00 $230.565 Ylapr.10 024.1ay.2016 2,886,675 Cn Group Inc 88. WA 7.600% ($2,727.908) $2.886,675 $478.226 5.5ep.12 $94.50 1103.60 $636,993 23.Apr-10 02-M4y-2016 909,717 Co Group Inc WA MO% (19332031 1930717 $161.269 21.Atio-12 $94,50 1100.00 $215.703 17.614e10 02-M4y-2017 959.777 Co Group Inc WA 7000% (1863,3941 1939.777 1165.722 5.Sep-I2 $9225 1100.00 $202104 174/lar.10 02Alay.2017 1.236.549 C4 Group Inc 88. WA 7.600% (11,140,717) 11.236,5*9 1191,171 Gin-12 $9225 1103.60 $287,704 174/lar.10 02Alay.2017 303,674 C4 Group Inc 88. WA 7.600% ($221:41391 5300,674 $45,231 3 May-12 $9225 1103.60 561765 15-101-11 07-M9-2012 In Omroche Sank Ag London WA WA 0.000% (11.0:0000) 1617.830 $0 7.Aug-I2 $1000) 161.78 03821701 25.1on-10 (11.0c1.2014 1.547.333 Nan, Lodong to B. WA 10000% ($1.621L568) 11.734.947 358599 22-Feb-12 11052$ 1112,13 1362.979 28.1un-I 01.0a.2014 773,667 felta Loogeg Lp 154 WA 10.000% (18142841 $867,474 1127,655 22-Feb-12 5105E 111L13 119),M5 15.5442.10 15,4pr-2015 1,2000:0 Ford Motor croo: Co LIc 88, WA 7.600% ($1,278,0001 11.36%000 1129,967 2 Apr.12 1106.50 1109.60 1159,967 20.1on-12 094u1-2013 3.000.0:0 GoMman Seto Group Inc WA WA 0.000% ($3.0:0.00(0 13.162.000 $0 24-Sep-12 11000) 110540 1162.000 260C411 99,Nov2012 1,0000:0 Hsbc Ute Inc WA WA 0000% (MA:00001 11.097500 $0 9-Nov.12 1100.4:0 110975 $97,500 14R42.12 17Alay.2013 5.0000:0 Hsbc Ute 4x WA WA 0000% (la 15.315.000 SO 241op.12 1100.4:0 110630 $315,000 21-101-10 224u1.2013 2.500.0:0 bowman (lase 6 Co WA WA 0.000% ($2.512.5003 14.469.250 $0 213.1un-12 1100.99 1118 77 $1.954750 9.040-10 lb/on-2012 3.000.0:0 Morgan Stanley WA WA 0.000% ($3.0:00001 14.091.970 $0 18.704.12 11000) 113$ 11051970 13.1an.11 26.101.2012 2.0000:0 Morgan Stanley WA WA 0000% (12.0:0.000) 11,019,780 SO 1100.4:0 151199 153802201 144,12v.12 15./un2043 600,0:0 Prudential FinanIL Inc 888, 6,15i2023 5055% ($599,964) $601,500 12.063 6-0.20.12 599.99 110325 13.599 7-Feb-12 06.1m.2015 In Royel Bk Scalnd Grp Plc 1194 WA SOSO% (19660901 11.030.000 136.051 24-044-12 196.60 110300 1102051 3.Atag.11 07.64.2013 2.0000:0 Sg Structured Products WA WA 0000% (12.0:0.0001 12.211,600 $0 23,Aug.12 1100.00 1110.58 1211,600 16Mar.11 20.1un-2012 5.0000:0 Sg Structured Mika, WA WA 43.000% (la 15.277,500 $0 14-4/0-12 1100.00 1105,55 1277,500 30-lon.12 Perpetual 2.000.000 Southern Cal Edison 2/1/2022 6250% ($1.9113.3201 /2035.000 $10.01/4 294eb-12 199.17 1101.75 161.749 114en.I2 Ps-roamed 025.0:0 Southern Cal Edson 2/1/2022 6250% ($324.6041 1326.625 1451 194441.12 199MI 110950 $2,473 EFTA01121569 Global Investment Opportunities Group LP. Morgan Smithies LLC Account Position and MTM Summary (2012 Closed Positions) G I 0 <war lassos mew tImoottaktea Prepared for Southern Financial LI.0 as of April 23. 2013 ensenatIonal Fixed Moo Total int. it ...try Price Closing Price Trade Date Maturity Face Amount Issue 58P Rating Currency Coupon Principal Cost (5) Market Value (5) Closing Data PA. mewed (51 (local) (Local) 9. eb. 2 Perpetual 300.00 &astern Finance Ltd B88. VSO 5% (S:o3t,tI51 S32t. 5).626 0058 )8 5S... Bonds Non Taxable (5) Closing ntry Price Closing Price Trade Date Maturity Face Amount Issue 58P Rating Next Call Date Coupon Principal Cost IS) Market Valuer Total II"' Date PA Accrued (9 Boca» (Loral) 201...2-12 15-Ani.2034 1,000.0:0 Oh Mon Wty6sw.lf AM WIY2022 1750% 2$923.1701 5164.503 so 11.Am.12 98.82 98.15 (52670) BM/02 8-Mee-12 1.000,000 888. 7P1/2022 5125% (59625031 $995.111) so 21.2.m.12 98 25 9865 %COO 16 Fat..12 8-Mat.12 1,0040:43 Pr Mmoducta St Lim tia• 250% (59742401 ssc2.7ao SD 16 teh 12 9742 9827 57,260 Meelgage and Asset Backed Entry Rice Closing Price grade Date Maturity Original Fro IIN6 S&P Rating Next Call Date Coupon Principal Cost IS) Market Value. (5) T°Ial Closing Date Accrued (5) Moral) 13.90.12 2S-06C-2834 4275,000 Whits 2004 Ee B I CCC 025/2016 2750% (51.493.1271 51,629,095 528.900 Mhos-12 72.75 BOLO $164,168 12.140612 20642036 6.000,CCO Bale 20064 245 CCC 72202020 0.479% (S1.647.559) $1,736477 5161,166 29-Nov.12 65.00 7300 $250,004 16/erel 2 2546n-2037 2.001.519 Born 20021 2Al2 CCC 3/2522010 5.000% (9.165.000 $1,199,332 99.684 400.12 57.00 6000 $114010 15.14402 25.Nov-Z034 10.000.00 Bub> 2C04.Ao$ MI CCC WA 0670% ($1.052.316) 51,175,593 584429 Shov-12 47.00 5450 $205.707 31.May.I2 25-Feb.2035 3.3640:0 Cmu 2C05.1 B2 ensnom 6417% (11.719.980 51.678,198 $201,537 teNov.12 83.00 9750 $160,419 13Aug.12 25.1urt.2033 3,02.0:0 Malt 20)34113 CCC 12R5/2014 5845% ($1.033A74) $1,153,365 $115,797 Bliov.12 61.00 1200 $235.688 24m.12 ZO-Apr.2033 4000070 Semi 2033-1Si 8- 51202013 1.519% (51,074159 S1.204,376 550.10 13,829-12 6000 6900 $166.405 Listed Prelims& Dividends I ntry Price Closing MCP Trade Date Maturity Shares Company SaP Rating Pa, Amount Coupon Principal Cost IS) Market Value 15) ,, erved (s) Closing Date <local) Rocs!) 2 /an. 2/15/2042 20.0:0 Amen 988 525.00 800% ($502000) 5499.000 60 eb- 2 25.00 95 (s1,000 BAIN-12 Perpetual 37,0:0 Alexandria Real Estate E 68 $25.00 6.45% ($925.0001 59)2,060 $0 29.1.4ar.12 25410 2438 15249401 29.Ma612 Perpetual 240:0 Amencan Capital Agency WA $25.00 IMO% (57020001 5701,2118 50 16.Ap612 25410 25.05 51.288 7.1un.I2 6/12/2042 10,02) American Financial COOJI3 Met $2500 638% (52540001 5250.880 SO itate-I2 25.00 2509 6.5w.12 Perpetual 27.0:0 Ann* Capital Montt WA $2500 750% (5675.000) 5671,733 SO 18-SuP12 25.00 2136 ((3.267) 6.5ep.12 Perpetual 25,0:0 Minty Capital Mont WA $25.00 750% (56240001 5621,225 SO ieseptz 25410 24.8S ((3.775) 9-Mby.12 Perpetual 11,291 Annals Capital Mont WA $25.00 7.63% (5262,2751 5279,170 52.690 14-Arn.12 25410 7973 (ISIS) 9.Mey-12 Perpetual 44712 Annty Capital Mann WA $2500 763% ($1.167.000) 51,153.03 $11,131 13.)un.12 25.00 24.70 (52.790) 9,14.1".12 Perpetual 34,997 Ann* Capital Mont WA $25.00 7.63% (5876929 $863,376 58,139 12.Arn•12 25410 24.67 ((3.210) 9-/Aay.12 Perpetual 35,890 Ann* Capital UAW WA $25.00 7.63% (5897.2501 $886,591 $8,552 11.Arn•12 25410 24.70 ($2.107) 91Airy-12 Perpetual 0,110 Am$A. Capital MORO WA $2500 763% (51,027.750 51,016.609 59.796 7.1un.12 25.00 24.73 ((045) 13.5ep-12 Perpetual 15.020 Apollo Residential Mtge WA $2500 600% (53750001 5375.570 SO 25-59P12 25.00 25.04 5570 13.90.12 Perpetual 140:0 Apollo Residential Mtge WA $25.00 600% (52540001 5250,390 SO 25-septs 25410 25.04 $390 12.5.212 Perpetual SLO:0 Bank 01Paw. Yoh Mellon 888 $25.00 520% ($1,279,000) 51,260,173 SO 25-septs 25410 XR 1514127/ Perpetual 39250 Bodo, Bent Pk 080 52500 613% ($12222.569 51.013.749 $139.521 19.0u-12 25.56 258 5154701) 13Aug.12 Perpetual 440:0 Capital One Finanwl Co $25.00 6.00% (51,000.0003 5996,720 SO tesepts 25410 24.89 (91,280) 28.562.12 Perpetual ISO:0 ml it &seesaws Prop WA $25.00 6.63% ($375.0001 2374635 SO 80a.12 25410 25.11 $1,635 EFTA01121570 Global Investment Opportunities Group I.P. Morgan Securities LLC Account Position and MTM Summary (2012 Closed Positions) Prepared for Southern Financial LLC as of April 23, 2013 101,4-12 Perpetual 16.833 Chesapeake 0, 4 69 Tont WA 525.00 7 75% (39248251 396.171 SO 2)-44.12 25.00 25 12 51346 10.1•4-12 Perpetual 6.140 Chesapeake Lodging Trust N/A 525.00 715% ($153,5001 5154,765 $0 26401.12 2500 2521 11.265 10.1•4-12 Perpetual 12,027 Chesapeake Lodging Trust N/A 525.00 7.75% ($30366751 $30.699 $0 24401.12 2500 25-00 624 305e6.10 10/304040 340:0 (ologroup Capital /di, se 56 00 388% ($7540001 3852300 $107.443 191:kt-12 25.00 2841 5209.761 546932 Perpetual 20.000 (Ay National Corp WA 525.00 550% (35010001 $467300 $0 1233.12 25.00 2433 1510001 1.03-12 Perpetual 140:0 Cohan& Ads $100.00 625% ($1,000600) 1039,600 $0 25,06.12 100.00 10396 $39.600 161042 Perpetual 440:0 Odr Corp B. 525.00 650% (51060.090 390360 $0 6499-12 25.00 2431 311.6401 9-6:10.12 Perpetual 25.000 Discover inential Svs se 525.00 650% ($66.0001 5630.100 50 2403-12 25.00 25 20 55.100 602612 12/1/2052 25,000 Entorgy Aikantat Inc 525.00 4_90% ($625,0001 1,621,603 $0 20 Dec.12 2500 2426 33.400/ 26.1un.12 7/1/2052 25.000 Entngy Lcoisuna Lk 525.00 525% ($625,0001 1649,025 $0 16-lul.12 2500 2596 521025 1).1an-11 Perpetual 30.509 Forst Reoub44 Banthf BOO 525.00 630% (5762.5001 3763.171 $0 31-Jan.12 25.00 2502 5671 203.12 10/192052 8.179 General floc Cap Coro AM 525.00 488% (5201.4751 3203.65) $0 25-03-12 25.00 2490 (58160 2.0n-12 1015/2052 21,821 General floc Cap Corp PA. 525.00 AU% (5545,5251 $543,561 $0 25-06.12 25.00 2491 (51.964) 2.44.12 4/156042 37.003 Hanford Finl Wes Grp BB, 525.00 738% 39256001 5975638 $0 2414.12 25.00 26_37 554838 20/66612 Perpetual 40.00) .6morgsn (hese & Co BOO $15.00 550% (51000.090 5996.800 SO )406-12 25.00 2492 (51200) 20-Aug.12 Pensecual 45,003 lonorgan Chase & Co BBB 525.00 5.50% ($1.125.006) $1,121,850 $0 -6Sep-12 25.00 2493 ($3.150) 9-Mar-12 Pensecual 54003 Kyrxe Realty Corp Bob 525.00 600% ($1.250.000) $1,224100 $0 294444-12 25.00 2456 15216001 164042 Perpetual 6.574 Ki.co Reeky Corp 880. 56 00 550% (5164.3501 3161.08) 50 7, 4%632 25.00 24 50 (53267) 16-1,2512 Perpetual 6.426 Ki.co Reeky Corp 880. 56 00 550% (31646501 315).829 $0 6.4602 25.00 24 54 (52./521) 3.146-12 4/156042 9.905 Mta Finanoal Int N/A 525.00 &DO% (524),6251 5226,139 $0 27-441.12 2500 2485 (SIAM) 3-40-12 4/156042 11,095 Mb Flnanoal Int N/A 525.00 &DO% (5277,375) 5275699 $0 26.40612 2500 2.487 (51.476) 204,16-12 3/1/2072 18.609 Nextere (n030(4046 BOO 56 00 5)0% (3465.0001 S1)).20 $0 i6.4or•12 25.00 2544 58.240 144(0.12 Perpetual 440:0 Pnc Mama, Smoke BBB 525.00 5313% (51,000600) 5996.480 $0 4434912 2500 2491 33520/ 1940-12 Perpetual 27,0® Pnc Mama, Savires BBB 525.00 6.13% ($6)5,0001 $673.159 $0 94.1ay.12 25.00 2512 53.159 29.63/.12 3/15/2042 040:0 11469nond lames Finnic.' BOO 56 00 690% (54,254093) 54301.090 SO -Ma-12 25.00 25 30 551.000 31-/an-12 Perpetual 20.000 Realty Income Cons 00. 525.00 663% (35010001 3499.600 $0 84.612 25.00 2498 (MOO) 14Aug.12 Perpetual 240® Regency Centers Coop BB, 525.00 6_00% ($6240001 $624,003 50 2840612 25.00 2496 (51)300) 25 Ort-12 Perpetual 240® Regions Flnancol Corp B8 525.00 638% ($6240001 $617,475 $0 11.33.12 25.00 24_70 (17.525) )'40042 Perpetual 340:0 516reen Reilly Corp B. 525.00 650% (3)540001 3743.010 $0 16.4491 2 25.00 24 77 (56.990) 1144,6.12 5/156015 4.000 Thompson Creek Metals Co WA 525.00 650% (39:40001 184.524 $0 294Aey-12 25.00 21.13 1515.4761 1-16112 Perpetual 140® Vornado Realty Trust Bob 525.00 570% (52540001 5247,250 50 24401.12 25.00 24_73 ($2750) 926,0 12 Perpetual WACO Welb Fatro 8 Company 111386 5X.00 520% (3640001 5249.793 SO 13, 4402 25.00 24% (5210) 626,0 12 Perpetual 31.)09 !Orgy Reilly Corp WA 5001 638% (5792.501) 5777.0)3 $0 213.4v0.12 25.00 24 51 315.4701 6 Aug.12 Pensecual 300 Kilroy Really Corp N/A 5001 638% (57.51301 $7,295 $0 17,409.12 2500 2432 ($205) EFTA01121571 Global Investment Opportunities Group LP. PAoripan Socupidos LLC Account Position and MTM Summary (2012 Closed Positions) GI() (Netee3loaW erst opopetraroffir. Propared for Satthorn Firiancial 1.1.0 as of April 23. 2013 forveard Contracts ',rode Date Yolue Date Bouglet National Sold National 1 I Da e Tontrott Opot <pp trau 1 orword clos.ng Date 124344.11 &Fob-12 SGO 3.249250 (350 2.500.000 6.Rti•12 13005 12997 2543402 Ir 5594472 2.Nov.11 640042 SGO 3.181000 USD 2.500.000 6Feb.12 12734 12732 2440.12 ISS 353.755 24.442-12 64.44412 SGO 7.115.000 MD 2300.000 6.Mter.12 12460 1246 9-Feb-12 ($7202) 21441.10 25141.13 Olubs Comt.F3 2500000 1646118 284u0•12 12034 51,956.738 19149.12 23441.12 bOIN 11990.000 USD 939,904 23.10112 116898 117248 194u1.12 13.24 $34.659 1940-12 21.4.49-12 14)114 12.904000 USO 972.213 23444942 112362 112687 1740.0-12 13.18 $6.424 74002 21-Sep-12 1.4814 12.904000 WO 976,356 21.5.912 131816 112120 219509.12 12 93 $21.406 XiSop.12 2490.12 1.041 12,904000 USD 996768 24.041.12 119289$ 1196785 2343a.12 12.94 51,972 3144.9.12 5410942 CHF 11.994000 EUR 10.000,900 9.4b4.12 1201 1.199 2419r 12 121 158/8121 234402 2641ov-12 12.994000 L 50 594.049 24467v-12 12 9422 12 9767 2i Hop 12 1304 ($4.689) 21.4694.12 194384.12 LOM u.eoocoo L. lo ee,,17' 19144-12 13 0382 I3 'Er C« 12 271 $25.686 SLOS UM/ nt• -bro urr eMy Original ranIng Premium !rede Otte I kmrer.ton arettion CIIITIMCY1 TyPe tanke urrency 2 CleaMig Oste (,$) Netonal Premlun (51 25-146-12 24,12•1-13 fiouglx Put 195.0:0.030 42.50 150 $125.134 SO $125,734 20418(.12 22..lay.12 8ougM JPY Pm 40:4000 8303 050 ($26500, so 15263001 20418(.12 22..lay.12 Soll 1068 011 40:4000 81.00 050 826,503 so S26.500 1641110r.12 1940n-12 flought 1.00. <oll 1.0:4003 12.57 (350 19.4in-12 ($17.290) 50 I517.2001 16613(.12 19400.12 Soll M3µ PIA I,0:4000 12.93 050 19404.12 117200 1558-391) 541.1941 1 Au; 11 13,449.12 sought JPY PM 100.033.000 83.25 CAD Ca IlAuo.12 ($413.613) SO IS413.613) 1.40641 13,4402 Sold JPY <all 100.0)1000 7603 CAD Put 19.4.99-12 5411613 SO $411.613 FA OplIons PO. 567.310 Commodit • • I41µ Origmel lening Premmen Trade Date ExplratIon Dironion Oreer Type National (ex) Strike Curremy National Type (Co./ Date Premmm 11.) 11.) so Z£Z2t412Z£ 27-Jun-12 12-Nov -12 Sold USD Pol 125093 96.5 12.062.500 124494-12 51,017.500 56087.50400 27-194-12 124408412 Ioughi uw Call 124000 126.$ 15,9129» 12444412 ($75.0001 so (575ocoom 1046142 12410...12 Sold USO PrA 104000 80 8.003002 12440.02 S184,003 so $184.00100 10-101-12 12419.412 Boughi 1150 <all 101000 119.5 11.950060 12444412 ($184.0001 so ($181000.001 1.M09-12 13.Aug-12 Sold USO Pu< 291000 100 25,000.0:0 12444412 5136250 (stolzsof» 13876.2SO 001 I.May•12 13449.12 Sold USO PIA 254000 100 25.000,0:0 12440.02 S136,250 so 5136,250.00 I.May.12 13aug.12 8ought USO C011 254000 140 35.000,(0) 12440.02 ($200,0007 so ($200,00000) 10401-12 11-044-12 Sold USD Put 101000 79.5 7.950,00) 12444412 $233,000 so 5233.020.03 1040112 11-044-12 flought USD <all 101000 119 14904020 12444412 ($233.00to so 1$233.000.001 Coram:44y Options Pn. 572.500 Total 2012 Pn. 59106374 102013 PMepenCnwe • Co EFTA01121572 Global Investment Opportunities Group J.P. 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