EFTA01121645

Global Investment Opportunities Group J.P. Morgan Securities LLC. I0 Glob•I tovntou-ot <>noonunities Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of August 30. 2013 Current FX & Commodity rates USOM.XN 13.355 XAUUSD 1394.38 GBPUSO 13498 USCUPY 98.180 USDARS 54714 USDKRW 1110.04 FUR USO 1.3218 USDBRL 2.3837 USOCHF 94]'06 USDCAD 1.0536 USOTRY 2.040 USDNOK 6.1207 Intr via Bloomber Dividend Entry Price Current Price Trade Date Symbol Shares Company taLy Industry Yield Cost Basis (SI Market Value (local) (Local) ffila 31.lul.13 AC 4.500 Accor Sa EUR Consumer. Cyclical 2.66% ($167.286) $170.145 28.40 28.61 $2,859 12-Aug-13 AC 4,250 Accor Sa EUR Consumer. Cyclical 2.66% ($167.180) $160.693 29.53 28.61 (56.487) 9.Aug.13 ADEN 2,400 Adecco Sa-Reg CHF >resumer, Non cyclic 3.07% ($168.156) $151075 64.57 58.60 ($17.081) 12-Aug-13 ADEN 2.500 Adecco Sa-Reg CHF slimmer, Non cyclic 3.07% ($171.062) $157.370 63.24 58.60 ($13.692) 31.lul.13 AGL 10,900 Autogrill Spa ELM Consumer. Cyclical 0.00% (5164.429) $172,027 11.52 1104 $7398 12-Aug-13 AGL 10,500 Autogrill Spa ELM Consumer. Cyclical 0.00% ($166.430) 6165.714 11.90 1104 ($716) 24..lan.13 ARIA 9.000 Mad Pharmaceuticals Inc USD 'roomer, Non-cyclic 0.00% ($176.400) $167000 19.60 18.60 (59.000) 14-Feb-12 ARIA 7,535 Mad Pharmaceuticals Inc USD almoner, Non-cyclic 000% ($114.600) $140.151 15.21 18.60 $25,551 14-Feb-12 BIIB 2.095 Biogen Idec Inc USD ansumer, Non-cyclic 0.00% ($250.455) $446,277 11935 213.02 $195.822 31.lul.13 BNP 2,500 Bnp Paribas EUR Financial 3.16% ($159.274) $156.683 48.67 47.42 (52.592) 12-Aug-13 BNP 2,500 Bnp Paribas EUR Financial 3.16% ($166.844) $156.683 50.10 47.42 ($10.161) 31.lul.13 CA 5,500 Carrefour Sa EUR ansumer, Non-cyclic 2.45% ($167.338) $172.188 23.24 23.69 54.849 12-Aug-13 CA 5000 Carrefour Sa EUR 'mum«, Non.cyclic 2.45% (5158.732) $156,534 23.83 23.69 (52.197) 9.Aug-13 CCH 5050 Coca-Cola Nbc Ag.Cdi GBP 'roomer, Non-cyclic 1.62% ($167.605) $156.039 19.12 17.82 ($11.566) 12-Aug-13 CCH 5050 Coca-Cola Nbc Ag.Cdi GOP 'flamer, Non.cyclic 1.62% ($163,670) $156.039 18.71 17.82 (17.631) DAG 50.000 Pwnhs Db Agri Double Long USD Funds 000% ($352.550) $445.000 7.05 8.90 $92050 31.1u1.13 DEC 5000 lc Decaux Sa EUR Communications 1.74% (5158.500) $167,538 24.22 25.35 $9,038 12-Aug-13 DEC 5000 lc Decaux Sa EUR Communications 1.74% ($166,806) $167,538 25.05 25.35 $732 17.114ay.12 F8 17,500 Facebook Inc-A USD Communications 0.00% ($665,000) $722,645 38.00 41.29 $57,645 54~13 MA ZSOO Flaptirt Ag Frankfurt Airport EUR Industrial 256% (5162.928) $161.210 49.14 48.79 (51.718) 12.Aug-13 IRA 2.500 import Ag Frankfurt Airport EUR Industrial 256% ($164,718) $161.210 49.47 48.79 ($3.508) 23-Apr-13 GE 23.000 General Electric Co USD Industrial 329% ($495,190) $532,220 21.53 23.14 $37030 Saug-13 LLOY 148.500 Lloyds Banking Group Plc GBP Financial 0.00% ($174,914) $166,970 0.77 0.73 (17.943) Saug-13 LLOY 1,500 Lloyds Banking Group Plc GBP Financial 000% ($1.722) $1,687 0.75 0.73 ($35) 12Aug-13 LLOY 141.000 Lloyds Banking Group Plc GOP Financial 0.00% ($166,081) $158,538 0.76 0.73 (17.543) 31.lul.13 RNO 2.000 Renault Sa EL1R Consumer, Cyclical 3.18% ($155211) $142,966 59.29 54.08 ($12.245) 12Aug-13 RHO 2.000 Renault Sa EUR Consumer, Cyclical 3.18% ($159,729) 6142.966 59.96 54.08 ($16,763) 21344ay.13 SGMO 50.000 Sangamo Biosciences Inc USD ansumer, Noocyclic 0.00% ($420,214) $493300 8.40 9.87 $73236 31.lul.13 SGO 3,500 Compagnie De Saint-Gobain EUR Industrial 3.51% ($159,681) $163093 34.85 35.34 $3.812 12Aug-13 SGO 3,250 Compagnie De Saint-Gobain EUR Industrial 3.51% ($157.288) $151,815 36.33 35.34 (55.473) 31.lul.13 VOW3 700 Volkswagen Ag-Pref ELM Consumer, Cyclical 2.07% ($164,644) $159,237 179.69 172.10 (55.407) 12Aug-13 VOW3 700 Volkswagen Ag-Pref Ellft Consumer, Cyclical 2.07% ($173,269) $159,237 185.86 172.10 (914.032) Shut-bared Notes Manual Prici via .IPMor an Investment Bank as of rim de Interest Trade Date Maturity Face Amount Long Description Cost Basis (SI Market Value (5) Entry Price (5) Current Price (6) Received B.Nov.12 22-Nov-13 1.000.000 Gs Note 1127113 Lnkd To Man Vs Usd %Barrier 5% Atm Cpm22.9%Mxrtrn (51,000000) $1024,850 SO $100.00 $102.49 524,850 14-Feb-13 20-Aug-14 1063.030 MS Mrkt Plus MRK .80% EKO Barrier 3.5% Cpn,Uncapped Initial Level: 41.19 (51,000000) $1,118,050 SO $100.00 $111.81 $118.050 Saw-12 16-Apr-15 1.500.000 Mentor CLI1 6.200% CM 04/16/2015 Dtd 04/162012 (51,500.000) 51003,500 549,889 $100.00 $108.90 $173,389 24.May.13 29-Aug-14 2,000.000 NW, CBEN SXSE 80% EK0 barrier.4%cpn.17%Cap Initial Level :276429 (52,000.000) $1084,000 SO $100.00 59920 ($16.000) 25.lul.13 5-Aug-14 2,000.000 SG Market Plus WTI Crude, 78.75% barrier.10%CPN. Uncapped (52.000000) $2.018000 SO $100.00 $100.94 518,800 Structured Notes MIM (S7.500.000) 5/,749,200 569.888 5319,000 U.S. Fixed income is Bloom Total lnt. Trade Date Maturity Face Amount lIF Issuer S&P Rating Next Call Date Coupon Principal Coat. Market Value Yield to Worst Entry Price Current Price PATM Accrued 22-Oct.12 01.Apr-2019 1,000.000 Headwaters Inc B. 4/4/2015 7.625% (51,035.000) 51,060,000 545,236 5.7.3% $10330 $106.00 590,236 22-Oct-12 15 -May-2019 400,000 Earthlink Inc CCC. 5,1st:01s 8875% ($414.000) $393.920 130,372 9.22% $10330 $9848 $10,292 23-Oct.12 15 -May-2019 600,000 Earthlink Inc CCC. 5,1st:01s 8875% ($619.500) 8590,880 $45,410 9.22% $10325 $9848 516,790 1.0ct-12 01.1un.2019 1,000.000 Kindred Healthcare Inc 6.W2014 8250% ($996.250) 51,049,580 $75,396 6.72% $99.63 5104.96 $128.726 8-Nov-12 01.1un.2019 1,000.000 Kindred Healthcare Inc 6.W2014 8250% ($970.000) 51,049,580 546,917 6.72% $97.00 5104.96 $146,497 24.lan.13 154eb.2020 1300.000 Servicemaster Company CCC. 71150015 000% (51.598625) 51,438125 $72,000 8.85% 610638 $95.88 (585.500) EFTA01121645 Global Investment Opportunities Group J.P. Morgan Securities LLC. G I0 Gretna tinny meet ounonunIsies Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of August 30. 2013 Current FX & Commodity rates USOMXN 13.355 XAUUSD 1394.38 &PUN) 1.5498 USDJPY 98.180 USDARS 5.6714 USOKRW 1110.04 EURUSO 1.3218 USDBRL 2.3837 USIRCHF 0.9306 USOCAD 11636 USDTRY 2.040 USDNOK 6.1207 25-Feb-13 154eb.2020 1,000,000 Servicemaster Company CCO, 2/1512015 8.000% (51,070,000) 1958,750 541,111 8.85% $107.00 $95.88 (570.139) 3-Apr-13 10-Apr-2023 300,000 Barclays Bank Plc BB* 4110/2018 7.750% (5300.000) $307,500 /9,494 7.10% $100.00 $102.50 $16,994 15.1un.11 Perpetual 2,920.000 Jprnargan Chase & Co BBB 4/30/2018 7S00% (/2.702,425) 52,765,500 5436,146 5.29% $10&10 $110.62 $499,221 15.1un.11 Perpetua 2,500,000 Jpenargan Chase & Co BBB 4130/2018 7S00% (/2.702,425) $2,765,500 5436,146 5.29% $108.10 $110.62 $499,221 10.1an.11 Perpetua 2,000„COO Bank Of America Corp BB • 5/15/2018 8.125% (5Z081,180) $2,211,070 5428.819 5.54% $104.06 1110.55 $558,709 30-Jan.12 Perpetua 3,000„COO Southern Cal Edison 868 2/1/2022 6.250% (52,99&970) 53,154,635 5296,875 5.48% $100.00 5105.15 $451340 27.1un.12 Perpetua 2,003100 General Elec Cap Corp 44 6115/2022 7.125% (/2.122,920) $2,220,000 5167,438 5.52% 1106.1S $111.00 5264,518 29.May.13 Perpetua 1,400100 General Elec Cap Corp 611512023 5.250% (51.400000) $1,292,564 518.579 6.31% $100.00 $92.33 (188.857) 22Jul.13 Perpetua 750,000 /pen:organ Chase & Co BBB 8/1/2023 6.000% (5750.000) 5750,938 54,750 5.98% $100.00 $10&13 55,688 U.S. Fixed Income ($21. /S9,295) 122.008.542 82,194.689 52.443.935 bitemstional Fixed Income • Intraday Pricing via Bloomberg Trade Date PAShaity Face Amount Issue S&P Rating Currency Coupon Int. Entry Price Current Price Principal Cost (5) Market Value ($) Yield to Wont MTM Accrued (5) (Local) (Local) 9Oct.12 02.Nov-2017 500,000 Petrolcos De Venezuela S B USO 8.500% (5440,250) $447,500 537,896 11.76% 88.05 89.50 $45,146 11.0ct.12 02.14ov-2017 1.000000 Petsokos De Venezuela S B USO 8.500% ($897,500) 5895,000 575,319 11.76% 89.75 89.50 $72,819 10-May.12 16-flec-2021 1,500„COO Lloyds Tab Bank Pk 888- USO 9.875% (51.627.500) $1,784,070 5193,385 3.64% 108.50 118.94 53419,955 26,1an.12 15-Dec2035 7,500,000 Republic Of Argentina N/A USO 0.000% (51.038.750) 5600,000 $469,920 13.85 8.00 $31,170 13-Oct.10 15-0co2035 10,000,000 Republic Of Argentina N/A ARS 0.000% ($318,000) /164,638 $318.000 12.56 1.64 $164.638 21.May-I3 Perpetual 3,000,000 Lbg Capital No.1 Plc BB - USO 8.000% (59247.500) 53,135,000 $66,000 7.15% 108.25 104.50 (SA6.500) 12-Jun.13 02.14ov-2017 1,000,030 Petrolcos De Venezuela S B WA 8.500% ($925,000) 5895,000 $18,417 11.76% $92.50 $89.50 ($11,583) and Asset Sacked • Manual Prici via .IPMor. an Investment Bank Trade Date Maturity Original race Issue SIP Rating Next Call Date Coupon Total Princ•Int Entry Price Current Price Principal Cost (5) Market Value (5) rATM (5) (Local) (Local) 24-Jan.13 25-Aug-2029 9,551,000 11mbt 2004.1 1M1 CCC 9/25/2013 1.084% ( , ) 5584,114 533,149 56.25 60.78 $54988 6-Feb.13 20-Dec2032 5,701,000 Semt 11 91 CCC 9/20/2013 1.639% (5781.919) $767,106 541,966 73.75 74.67 $27,152 23.Aug-12 25-Aug-2033 3,325,000 Cwhl 2003.2681 9/25/2013 5.330% ($1.231.222) 5843,193 $325,152 77.00 62.59 ($42,877) 28-Nov.12 254eb.2037 8,180100 Chase 2007.41244 CCC 9/25/2022 2.719% (52.042.809) $1,741,183 $504,495 88.50 95.22 5202,868 16-Apr-13 25-Mar -2033 4,500,000 Cwhl 2003-1 BI 9/25/2013 5.750% ($1A48.803) $1,183,953 $287,764 95.50 94.04 $22,914 30 -Apr -13 25-Apr.2013 2,726,000 Sasc 2003.10 82 CCC 11/25/2013 6.000% ($1.076.783) 5874,620 $160,531 100.00 93.42 (S41.632) 10-Jul-13 25-A x.2035 10,000,000 Imm 2005-2 1M2 CC 9/25/2013 0.919% ($1.092.826) $1,279,322 525,599 69.75 82.92 5212,095 Listed Preferred: Trade Date Maturity Shares Company S&P Rati ng Par Amount Coupon principal Cost (5) Market Value (5) Dividends Entry Price Current Price Yield to Wont Received (5) (Local) (Local) 18-Nov-10 12/1/2013 8.000 General Moton Co WA $50.00 4.75% (1400,000) 5389,290 $44,450 16.48% 50.00 48.66 $37,730 9-Dec-10 12/1/2013 63,000 General Moton Co N/A $50.00 4.75% I/3,18597N 53,065,580 $372,816 16.48% 50.57 48.66 $252,423 22.Feb-12 2115/2040 80000 Gmac Capital Trust I CCCis r. $25.00 8.13% 111.882800) $2,123,192 $231,563 5.67% 23.54 26.54 $471,955 3.Feb-12 Perpetual 46.600 Ally Financial Inc CCC. r. $25.03 8.50% 111.002226) $1,254,006 5144,136 5.69% 21.51 26.91 $395,916 9.Feb-12 Perpetual 80,000 Ally Financial Inc CCC.)'. $25.00 &SO% 151.780,000) 52,152,300 $244,611 5.69% 22.25 26.91 5617,411 24Oct.12 Perpetual 40.000 Royal Bk Scotlnd Grp Plc BB $25.00 725% ($951,600) $917,600 $60,011 8.04% 23.79 22.94 126,014 7-Jan -13 Perpetual 40.000 Royal Bk Scotlnd Grp Plc BB $25.00 725% (5977.600) 5917,600 545,313 8.04% 24.44 22.94 (514.688) 14.Jan.13 Perpetual 40.000 Royal Bk Scotlnd Grp Plc BB $25.00 7.25% (5996200) 5917,600 543,903 8.04% 24.83 22.94 (533.697) magazar Mutual Funds and Mont Market Trade Date Symbol Units Company Dividends Entry NAV Current NAV ONstergy Initial Cost (5) Market Value (5) Received1S) (LOCO)) (Local) 25•Apr-13 JLTSX 49,504.95 lon:organ Latin America Sc: USD (51,009000 00) 5827,723 SO 20.2000 16.72 ($172,277) EFTA01121646 Global Investment Opportunities Group 1.P. Morgan Securities LLC. G I0 Gleans] tux esculent 0.1.1.0 I . ' unities Account Position and MTM Summary (Open Positions) Prepared for Southern Financial LLC as of August 30. 2013 Current FX 8 Commodity rates USDIMN 13.355 XAUUSD 1394.38 GBPUSD 1.5498 USOIPY 98.120 USDARS 5.6714 USDKRW 1110.04 EURUSO 13218 USDBRL 2.3837 USOCNF 0.9306 USDCAD 10536 USDTRY 2.040 USDNOK 6.1207 9-1W-13 NAIX 78,709.17 lemorgan Value Advantage-Ins USD (52,000,000.01) 51,972,452 SD 25.4100 25.06 (127.548) FerWard Contracts • Rates sourced intraday from Bloomberg Trade Date Value Date Sought Notional Sold Notional Fix Date Current Spot Current All-in Contract Spot Contract Forward MTM Rate Forward 23.409.13 100ct-13 WY 468,650,000 CAD 5,000,000 6.0ct.13 9388 93.73 93.17600 I 93.09012 532,589 Forward Contracts MTM 532.589 FX Options • MTM Modelled via Bloomberg Currency 2 original Current Premium Trade Date Expiration Direction Currency 1 Type Notional Strike Currency 2 Type Barrier Type Premium (5) (5) trithig-12 08-Oct -13 Bought JPY Put 10000,000 80.90 CAD Call (1347.809) 11,257,189 SSV9.381 8-Aug-12 08-Oct-13 Sold WY Call 10000,000 76.90 CAD Put Exp KI*69.65 $347,809 SO 5341.809 10-1un.13 10-Sep-13 Sold WY Call 5.000,0120 97.25 USD Put Exp KI*94.75 sosAoo (15.430) 579,570 10-1un.13 10-Sep-13 Bought WY Put 5.000,0120 100.00 USD Call (5121.500) $13,831 (5107,669) 1O1un-13 10-Sep-13 Sold WY Put 4.761,905 105.00 USD Call 136500 (SO) 536.500 2-Aug-13 14.Feb-14 Bought USD Call 250,000 110.00 UNIT BARREL Put (5562,500) 5691,424 $128,924 2-Aug-13 14.Feb-14 Sold USD Put 250,000 93.50 UNIT BARREL Call Exp Kb* 83.5 $562,500 (5500,600) 561,900 FX Options MTM 50 51.456.413 51.455.413 Total Return Swaps Effective Accrued Interest Entry Price Dividends Current Price Trade Date Maturity Date Underlying Shares Rate Speed (bps) Notional MTM Date Paid (Local) Earned (Local) 18-Mar -13 18-Mar.13 20-Mar-14 Kasai Transport Egutomt 888.972 3mL 0708 11,999,999.37 (58.795) 2504.92 SO 2.699.35 1152,971 EQILO 1354,879 1225,016 5579,895 FI/SP SS,537,241 11,708085 57,245,326 2012 EDT Open MTM 15,685,137 Repo SO SO SO Current Open MTM 17.334,268 MP/ ST (5199,825) SO ($199.825) Derivative 51,641,973 (51,959.450) (1317,4 77) 1fTD Change in Open MTM 11,609,131 Alternative $0 SO 10 2013 Closed M. (126,341) Other l Miseellanenn $0 SO 10 Totals 57.334,268 (126,348) 57.307,919 2013 Nat Perforation 11.622,702 (Q 2013 PMergan Chase 6 Co EFTA01121647 Global Investment Opportunities Group I.P. Morgan Securnitm tic Account Position and NITNI Summary (2013 Closed Positions) CI awe un.« Nmas cummmiimpir. Prepared for Southern Financial LLC as of August 30. 2013 Dividend EntryPrice Closing price Trade Dato Symbol Snit. Company Currency Industry Cott Bas, (SI Market value (S) Closing Wile Yield (Loca) (Lord) (Wan. 3 CIMT 4.400 Celvnel Specialty Product 150 Energy 196% <S139.9641 1137,412 8.1an- 3181 31.24 1 2.5 » (igtin.13 SLR( 4.400 Solar Cooed Ltd VS0 financial )29% (1107.3601 1146.689 8./an-13 2440 24.02 151.6727 8.1an-13 TU) 3.»3 Teton) Logistics Lp uN) Energy 181% <1133,4401 1134909 9.14n.13 41.70 42.16 11.469 IS-lan-13 USA' 6,0» Usa Compression Partnon Lp uN) Industrial 7.10% <$1040001 1101260 IS-Jan-13 18.00 17.71 01740) 16.1an.13 ALM! 240 Alnylam Phormaceutecals Inc VS0 unseen. lion-cyclic 000% 048.3121 154040 16./91.13 2013 2086 51.728 16.1an.13 (MN 6400 imermune Inc VS0 unsure. Non-cyclic 400% (4%30) 114125 16./91.13 990 10.02 5785 17-lan-13 AVEO 2ACO Auto PherrnateutiCalt Ina uN) 0nSuenteMOn Cytlif 0.00% (118.0001 117,899 17.1an.13 730 7.45 01011 17.1tin-13 CVRR 1,800 Cur Ittifinng Lp VS0 energy 1985% (14/0001 41871 $4 17.14n-13 25.00 25» 5871 lielenr13 MO 6.0:0 Mobeorp Inc VS0 Basic Materrals 000% (1114.0001 1111358 18.1441-13 1940 18.56 112.64» 18-1an-13 NC W IA» Norwegian WIN Um, molar uN) Consumer, Cyckal 0.00% ($34400 $396328 18-Jan.13 1900 24.58 54926 18-1an-13 NTI 5,200 Northern Tier Energy Lp uN) Energy 1106% (1127.192) 1134149 18-Jan.13 24.46 24.26 (S1013) hefe013 AMA 9.03) Ariad Pharnmeutecels Inc VS0 °mom. Ho -cyclic 400% (11303781 1)74.408 24.1en-13 15.21 1938 137.530 24.1an-13 BP( 4.0:0 Buck-gee Wows Lp VS0 Energy 107% (1214160) 5201523 14 /441.13 52.54 52,13 151.6371 25-1an.13 EliM1 500 Bright HoreonS Pernik; Solist uSI) onsumm Non cyclic 0.00% (1115001 113,758 25-Jan.13 ZLIMI 27.52 12,758 25-1an.13 MCP 2500 Mols<orp Inc uSI) Basic Materials 0.00% (1110001 111400 25-1n.13 6» 6.95 $2.4C0 29.1tin-13 VEIY 49:0 Piedmont Naturel Gm Co VS0 (*Mies 344% (1201000) 1207.410 30.M1.13 32.00 31.91 0592) Iblan.13 KEM 1,9» Koryx Brophatmaoauticals uSI) onsumr, Non cyclic 0.00% (1120331 114190 31.1n.13 8.49 9.46 11.455 Iblan.13 VMS 3.5C0 Vanguard NaCural Resources ;AO Energy 907% (197.4731 $96,983 31.1n.13 27.85 27.71 04921 /1.1an.13 25,000 lcieto Inc VS0 unsure. Non-cyclic 019% 66540001 $786.482 1.feb-13 2400 31» 1136.482 I.Feb.13 CHO 1.9» Chmagmake Lodging Inn VS0 financial 4.73% (131.122 131.559 1.feb-13 2475 21.04 5434 I-Feb.13 3,5C0 Nay.os Maritime Pantos Lp sno Industrial 1254% (149.5251 $44859 1.Feb.13 14.15 13.96 06661 S.Feb.13 BCC 4,0» Emmons* Product Partners VSo Energy 438% 0218,2401 1218,072 5-0b13 5456 5452 0160 546.13 BCC to:o Boise Cascade Co VS0 indupriel 400% (121.0001 121269 44e;13 21,00 2527 54.249 Feb.13 BCC 3.9:0 Bo« Cascade Co VS0 indystrml 0.00% 069.5101 569,263 ).feb-13 1946 19.79 (5247) 14Feb-13 MR 2P» Armour Residential Rea inc uS0 Financial B)50% <11943601 1191141 14.40-13 6.84 6.66 05.219/ 154eb-I3 Clf 10 3.000 Chffs Natural Resources Inc VS0 Mk Materiels 247% 087.0001 189.148 15.Feb-13 29,00 29.71 52.148 NUN I. :0 Nielsen Holdrngs Ply VS0 Commune/urn 232% (12444001 $240,654 15.Feb-13 3155 32.91 5234 I S.Feb-I3 px0 1030 Pioneer Natural R44OHNOT Co sno Energy 0.05% 01285001 1134328 15.40-13 12800 130.33 12318 21-Feb-I3 KORS 20/300 Michael Kors Holdings Ltd uS0 Consumer. Cyclal MO% 01,230.000 $1.201181 21440-13 6150 6006 028,819) 2110;43 KM0 3.0:0 Kinder Morgan energy Prtnrs VSO Energy 6.47% (1259.0501 1259,377 21.Feb-13 843$ 8646 5327 27-Feb-I3 AGNC IMCO Amnion Capital Agency Con ;AO Financial 18.45% 04744501 971839 27440-13 31.63 31.59 06111 27-Feb-I3 MPW 1,250 Medical Propanies Trist Inc USO Financial 653% (117.8131 117,887 27.40-13 1425 14.31 $75 28.ftb-13 OCP 3.9» Oyincep international Inc-A VS0 0niline. Non-cyclic 000% (1142.2051 1143.357 144«.13 0043 40.96 51,152 $.Mar-13 WIR 2.718 Williams Partners Lp VSO (new 699% (1131135) 1134.362 5-1.M.13 49.14 488 (5773) 6 Mar.13 MI O» Apollo Commercial Real Etta USO Financial 10.65% ($612001 $68,238 6.Mae-13 17.05 17.06 $38 6 Mar.13 msha 9» 1M Homes Mc ;AO Consumer, cyclical 0.00% (111,7501 112,210 6iMaeit3 2330 2442 $460 6.41er-13 0 2.0:0 Realty Income Cola VS0 financial 5,52% (191.8001 191.078 44.M.13 4190 45.54 (572» 7.MarrI3 Ono: CAR 1.9» Discovery CommunKatiore, C VS0 Communications 400% (197.1251 110).438 744.-13 647$ 66.96 53,313 7-Mat.13 KAP 1,5C0 Kar Auction Senticas Inc uS0 onsurrice, Nm.cyclic 2.85% (1218751 129.234 7.1.4ae-13 19.25 19.49 1359 7.MarrI3 9:0 lierkunited Inc VS0 financial 2.4% (112.02 112.755 8.1.40-13 252$ 25.51 514 /Mer-13 2.9» Phormacydm VSO omen. Ho -cyclic 400% (03%000) 1235.330 8-Mar-13 9400 94.13 $3» I2-Mar.13 2.0:0 Lexington Realty True( sno Financial 512% (123.4001 123339 12.Man13 11.70 11.67 <1611 13 Marla PINY I,250 Annws Inc USO onsumm Nm.cyclic 0.00% (1%0001 149349 13-Man13 •200 39.96 <551) 13.Mar.I3 HAVE 000 Heartware international Inc VS0 angry. Hon-cyclic 000% (151.870 152.055 13.1M-13 8145 86.76 1185 ia.Mar.13 VIPS 1.0:0 V0shop HOldrngs Ltd Ads VSO CommerKetiOnli 000% (124.000) 124.609 14-149-13 2400 24.61 5609 IS Mar-13 TRW 3,530 Trulia Mc sno CovernurSHIOnt MO% ($29.7501 131,009 15-Mar-13 29.75 31.01 $1.259 3-Apr-13 AMC 3,5» Ares Capital Corp USO Financial 4(65% ($61.6351 161344 3-Apr.13 17.61 17.53 (5199 9-Apr.13 CU2 4.0:0 Cousins PrOpertie MC VSO Financial 181% (141.800 $42.359 gApr.13 1445 10.59 5559 10-Apr-13 »ANC 1,5C0 Taylor Morrison Home Corp4 ;AO Canumer, Cyckail MO% (53343001 $34.754 10.49413 22.00 23.17 $1,764 thApr-13 RLGY 9.0» Maio* Holdings Corp ;AO Financial 0.00% 0394003) 1401,119 1141W-13 4400 44.57 11119 11.4pr.13 7.500 Infinity Phatmecetnicals Inc VS0 unsure. Ho -cyclic 000% 0~000) 19:4768 IrApr-I3 400 41.17 58293 12.4pr.13 (VT( ao:o (vatic PK VSO °mire. Nonrcyclic 10% (00.000) 385,430 12-Apr-13 2400 21.36 55.438 I2,Apc-13 csTE 1.5C0 CaesairstoneSdocgam Ltd Uno Industrial 0.00% (534.8751 135,639 12-Apr-I3 23.25 23.76 5764 18-Apr.13 APL 210» Atlas Pipeline Partnern Lp VSo Energy 639% 0714,0031 1721644 IllAph13 3400 3446 (9µi 18.Apr.13 2.0:0 imehat la VS0 Commune/eons 400% (111000) 333.919 18-40-13 1100 16.96 151011/ 18.Apr.13 ROSE to:o Routh Resources Inc VSO energy 400% (542.5001 $42,459 18-40-13 41.50 4246 041) Ill-Apr-13 TAM I. TeMinO3 Corp USO Bait Materials MO% (5110001 114540 18-AphI 3 1530 14.08 09201 11.0<o11 TIP Telefonke Segpon Ad, VS0 Comm/HT/WO 000% 530.0» (520.700) 18-40-13 2005 13» St») 15.1unrI2 TIP 09) Telefeeke Segpori Am VSO CommtirsailiCel 000% $488 (15381 18-Apr-I3 11.52 13» 050 le-Apr.13 SEAS ZOCO Seeworld Entonainnwmt Inc USO Consurnoc,Cyckail 2.67% (040001 161,419 19-Apr-I3 27.00 30.71 $7.419 .0.4pr.13 PH) 15.0:0 PrMoanInc VSO financial 3.18% ($444.000) 1624.136 25-44b13 4140 41.61 1136 26-Apr-I3 RESI 40:0 Ahlourn Residential Corp 'no Financial 0.00% (5710001 171238 26-49413 18.75 19.56 13.238 26-Apr-I3 SMC 630 Spartranotim Corp Uno 0nSient" HaVeyelit 0.00% (1148001 111.220 26.49413 18.00 18.70 1420 1.1.4«.13 SKI 4.000 Sinclair enTetkint Group -A VSO Crnmuraurtions 2.51% 0109.0001 1101.878 2-Mm-I) 27.25 27.22 01421 2.1.44y.13 VOYA 2.o:o Mg Us Inc VSO financial 414% (139.000) 534439 2-Mm-1) 1950 1912 0561) 3.1.14y.I3 GPM 2.o:o avi rec.SpoomoredAdr VW Communard," 107% (134.000 134.139 3-May-I3 17.00 17.07 5139 3-May-13 CETV 00» Central European Medla Ent., IA0 Communications 0.00% (5342501 134469 3.May-I3 175 2.77 1219 64.4ay-13 FITE 40:0 Hetta Global Holdings Inc uSI) onsumor, Non cyclic 000% (599.0001 $98.318 7.May-I3 24.75 24.58 <16621 41.44y.13 VMTV 3.000 Vanhe Inc CIA VSO oniesser. Hanifytlif OHO% ($71.250) 171.218 il-May-I3 2175 23.74 03» 8.1.44y.I3 WIG 2.000 Webster inenkel Cap VS0 financial 227% (41600) 145,519 2210 22.76 (4O) 24.0<b12 OF 25,0:0 Dean foods Co VSO oniesser. Hanifytlif 000% (470.450) 1449.409 1182 18.78 ($14.1, EFTA01121648 Global Investment Opportunities Group J.P. Morgan Securthes LLC. Account Position and NITAel Summary (2013 Closed Positions) C I 0 mare nammara caoweniiiidom Prepared for Southern Financial UC as of August 30, 2013 9-May.i3 CYNI LOCO Cyanid 1/50 Communftatiam 000% (511.0001 $10.010 1May-13 11.00 10.01 (1912) 9 May-13 EMES 3,500 Emerge Energy Saviors La 050 onsumm Non.cyclic 5.14% (159,5001 $59,009 gMay-13 17.00 1616 ($491) 9 May-13 HOT 1,003 Health Care Rae Inc 050 Financial 498% (1735001 573,558 gMay-13 7150 73.56 158 9-May.i3 ISIS 4.(K0 his Pharmaceutkab Inc 1250 °mond. Non-cyclic 000% ($740001 $75.878 14.1403 19.00 10.97 ($122) 9-May.13 Q 1100 Quintiles Transnational lice 1)50 onward. Non.cyclic 000% 0401001 $41719 9.4lay-13 000 43.72 $3.719 1May-13 PFSI 2® Ponnymac Financial kev6.4 050 Financial 100% (13.6001 13,642 94.1ap13 18.00 1821 $42 104.1ay-I3 APO 40103 >polo Global Management - ) USD Financial 20.78% ($1.000100) 5997,103 104Aap13 25.00 24.93 152.9007 10-May.13 TRIM 1.9:0 Tornier Nv 1/50 onsima. Hon-cyclic 000% (124.2251 124.809 Malay-13 14 IS 16.51 5544 134Aay-I3 ARE 2,003 Alexandria Real Estate Equit 050 Financial 422% (1147.0001 1149,917 13-May13 73.50 74.96 52.917 13May-13 NUN 20103 Niafton Hee:linos No 050 Communications 232% (5703,2001 $695,652 13.1.1ap13 3501 3478 154548) 13-Maft13 PP 2.500 Suburban Propane Panne., I.; 1)50 Energy 764% ($120.4001 5118.397 13.May-0 416 47.36 32.001) 13-Maft13 WES 2.500 Western Goa Patna, 1p 1/50 Energy 379% 0I5159501 5152.397 0 4.1ay-13 61.18 60.% (55511 15May-13 AiNV 4,000 *Polio Investment Cora 050 Financial 10.14% (134,4001 133.839 15-May13 880 846 (1561) 15-May-13 CVRR 6103 Cvr Reining La WEI Energy 19.85% (1184,5001 5182,996 15-May.13 3075 30.50 151.504) 164.1ftr-13 Pm( 9010) Pike Electric Corp V50 Vtftties 000% (5)150001 1351.733 16-May-13 11.50 11.72 56.733 164.1ftft13 DOR 4.(K0 Dck Corp 1/50 Financial 348% ($75.6001 511.797 16-May-15 1810 19.45 $2197 164.1ay-13 MN 750 Wiliam Lyon Hommo A 1350 Consumer, Cycical 100% (518.7501 519,782 16-May-13 25.00 26.38 51,032 164.1ftft13 CUB 500 Cubic Corp V5D Industrial 048% 021.8751 523.424 16-May -13 45 75 46/5 5519 s74.1arl 3 TCP 2.(K0 Yc Pipelines le 1)50 Energy 670% (117.700) 589.248 17.May-15 43.85 44.6Z $1.548 22May-13 VAN 4,003 Cw Partners ip 050 Basic Materials 1255% (5100,6001 598,838 224.1ar13 25.15 24.71 151.762) 22May-13 IIPSP 500 Nos Pharmaceuticals Mc 050 05w/ix., llon.cyclic 100% (17.2651 $7,520 224.1ar13 14.53 1501 $255 22May13 IRWO 2.9:0 Ironwood Pharnuftemicals Inc 1250 °mond. Hon -cyclic 000% (132.500) 133.574 22May13 13.00 13.43 51.074 23May13 134.61,1 2.0:0 9loomire Brands Int 1/50 Consumer. Cychal 000% 043.0001 $41019 23-May-13 21.50 21.51 $19 23May-13 EL/CMT 2,500 Blackstone Mortgage Tru-0 A 050 05w/ix., Non.cyclic 100% (1617501 $65,775 23.May.13 25.50 26.31 52.025 23-May-13 CTM 6103 Conttellium Ph, Clan A 050 Basic Material 100% (110,0001 $83.758 23.May.13 15.00 1316 156142) 2)..larl 3 L4 5.(K0 Lack* Group InaThe 1/50 litanies 382% ($221.5001 $211795 23-May-13 4450 43.9$ 152.705) 21-May.13 OAK I. Osktree Capital Group Uc 1/50 Financial 11.66% (153.500) 1525159 23-May-13 53.50 52.% (5541) 23May-13 PGEM 2,003 P1/ Gem Headings Inc USD industrial 100% (142,0001 $45119 23-May13 21.00 2216 53119 21-May.13 WAIR 2.(K0 Wexo Aircraft ileldngs Inc 1250 Consumer. Cycbcal 000% (132.000) 131.919 23-May-13 1400 15.91 ($81) 304.1fte.13 MVP 600 Bowe/waft Pipeline Pennon VSO Energy 7O8% ($1447201 $179.457 304.1403 3012 29.91 151.267) 30-May-13 MIR 6.003 Vanguard Natural Resources 050 Energy 107% 01741001 $169,257 30-Map13 2835 2821 ($143) 6-Jun-13 CG 13100 Carlyle Group/To 050 Financial 244% (1351.0001 $341,593 64un.13 2900 2618 01407) 6-Ain-13 KAR 2.540 Kr Auction Sp./Resin( OD onsiona. Noretyclic 285% (5511251 551577 4-Am-13 21.25 21.43 1452 7-Jun-13 11.40 35,“0 Thermo Asher Scientific Int 050 industrial 144% (52,992500) $2180.987 7-Jun-13 8550 85.17 1111.513) II -Jun-13 ARP 2.503 Atlas Rescuer* Pannonia USD Energy 10.41% (1543751 $54399 11-Ain-13 21.75 21.76 $24 12.1en-13 POR 3000 Portland General Electric Co 1)50 Vitae' 382% (144500) 591.151 12.4m-13 29.50 30.36 52451 13.Am-13 COTT 6.000 Cory Inc-CIA 1250 °mond. Hon -cyclic 000% ($1051001 $103.288 13.1an-13 17.50 17.21 $1312) 13.Jun-13 EPA 5003 First Solar Inc 050 Technology 100% (12301031 5229121 13-Jun-13 46.00 45.98 ($79) 13.Jun-13 IMAM 2003 Bright Horizons FarMy Sold 050 onsummllon.cyclic 100% ($66,1001 $64,641 13-Ain-13 3105 33.32 $541 7.1en13 IMO 2500 Thermo Toiler kientific Inc 1)50 Industrial 068% (52117501 5215.521 115.4m-13 8550 86.21 51.771 19.Jun-13 WY 2.103 Weyerhaeuser Co 050 Financial 322% (1555001 556,069 19-Ain-13 27.75 28.03 $569 19.Jun-13 BLUE 1,003 Bluebird Bio inc 050 onsummllon.cyclic 100% (117,0001 526,008 19-Ain-13 1900 26.01 59):03 20.Jun-13 PICT I. Pit Therapeutics Inc 1250 °mond. Hon -cyclic 000% 015.0001 $15710 20./un-13 1500 15.71 5710 21.Jun-I3 ACRE 5(00 AresCommercial Real Emote 1/50 Financial 74% 047.5001 544.874 21.4m-13 13.50 12.97 32626) 21-Jun-13 GOGO 2503 Gogo Inc 050 Communications OM% (142.5001 139,899 21-Jun-13 1900 1516 152,601) 2I-Jun-13 TASS 2003 Homo loan Stinking Solution 050 Financial 989% (1‘6,0001 P4819 21-Jun-13 noo 2241 151.181) 26.Jun-13 COT 50) LvTolt Nelda, Int VSO Ted-nal®, 000% 045001 59.255 26.4m-13 17.00 18.51 5155 26.Jun-13 MEG 6(0 Renown" Technologes Inc 1250 °mind. Non-cyclic 000% 0440001 154,764 ftftlan-13 10.00 9-46 151214) 7-Jun-13 WO 2.500 Thermo Asher kientdic Int VSO Industrial 168% 0213,7501 $213,896 27-Ain-13 8550 85.56 $146 27.Jun-13 HOS l4.0:0 Hakim* 'biding/ Inc 1250 Consumer. Cycbcal 000% (5252.0001 5251.436 27./un-13 11300 17.9$ (1561) 27.Jun-13 COW 3.(K0 <Ow Corp/De 1250 Communftatiam 000% (151.000) 152.799 27./un-13 17.00 17.60 $1.799 9-Jul-13 MO 1,250 Atmagas Pannatip 050 Consumer, Cycical 990% (159.5001 554574 9-Jul-13 4960 4616 ($926) 9-Jul-13 mkIE 1,000 Home Properties inc 050 Financial 485% (10.0001 $63.459 9-Jul-13 6300 6346 459 9.A4.13 APO 2.9:0 Americus Partnas.Lp 1250 Consumer. Cycled 790% (5119.0001 5117.108 10-A4-13 47.60 462* 151.852) 12.1003 MACK 2(03 Merrimack Menuneuticals 15 1250 °mond. Non-cyclic 000% ($10000) 59.940 It -Jul-13 500 4.97 ($60) 16-Jul-13 PELT 4,003 Pennantsaark Floating Pace Ca USD Financial 992% (1548001 555139 16-1u1.13 1420 1316 (5961) 16-Jul-13 TR 2,000 Healthcare Realty Trust Int USD Financial 533% (152.8001 551419 16-1u1.13 26.40 26.71 $619 i 7.10.13 (04.1 IXKO Eqt Melweem Pennon la 1250 Energy 334% (543500) 544.459 17.1e1-13 4150 4144 5959 11-00.13 RLGY IMOD Realm Nelda", Corp 1250 Financial 000% ($48.500) 151.119 17.1e1-13 450 51.12 $2619 18-A4-13 WWAV 4003 WM/maw Foods Co -OA VSO onsumer, Non.cyclic 100% (1106,5001 $111,516 1S-Jul-13 17.75 1859 $5,016 19-Jul.13 SHY 2710) Synovm faancial Corp 1250 Financial 125% 010.4301 $86398 17-Jul-13 309 3.20 52.968 19-Jul.13 ORS 90) Diamond Resorts Maranon. 1250 Connmer. Cycled 000% (511.600) $13.254 19-Jul-13 1400 14.73 165$ 23Jul-13 PUP 500 Philips 66 Partners ip 051) Energy 100% (511.500) 514,470 23-Jul-13 noo 28.91 52,970 241ul-13 AGO 1,000 43:44Pharmacouticals Inc 050 ammo,. Noncyclic 100% (514000) 124960 24-Jul-13 18.00 28.96 $14960 24-Jul.13 GRAM 7,000 :oar. Y 1.6antwo Se .5pon Ad 1250 Diwnified 000% (5117.9101 5150.512 24-Jul-13 21.13 21.50 52,02 24-Jul.13 IONS 7.000 lanes Energy Inc - A 1)50 Energy 000% (5105.0001 599.561 24-Jul-13 1500 14.22 35.419) 25..M.13 BCC 2000 Boise Cascade Co VSO Industrial 0.00% (154.000) 153.719 25-Jul-13 27.00 26® ($281) 2540.13 TOWR 1.500 lower international Inc 1)50 Consumer. Cycbcal 000% (131.8751 13049 25-Jul-13 21.2$ 20.66 (5815) 25..M.13 lal 1.250 Cellular Dinsiftio Marini, 1250 °mond. Hon-cyclic 000% (515.000) $13075 25-Jul-13 12.00 10.44. 31.9155 25.1u1.13 WCK 1,000 Wei Communthos inc 050 Conamer,Cycical 100% (1151001 515.082 25-Jul-13 15.00 15.08 $82 31.A4.13 CUL IOW/ Comm Propatin Inc 1)50 Financial 181% ($10).0001 5103.451 31-Jul-13 10.00 10.35 $3.451 -1Aug-13 AIM 15.0® Amnon aromas 4 Rent- A V50 financial 000% ($240.0001 5232.009 i . Aug-13 1410 15.52 157.191) 2-Aug-13 LAY 7.500 Liberty Pigpen" Trust 1/50 Financial 549% ($270.0001 5249.695 2.Aug-13 3600 35.96 (5305) 2-Aug-13 MTV 6103 Vann. Int - CIA 050 onsummllon.cyclic 100% (11545001 5157,821 2-Aug-13 25.75 26.30 $3.321 2-Aug-13 BYD 4,003 Boyd Gaming Corp 050 Conamer,Cycical 100% (148,0001 $49,839 2-Aug-13 12.00 1221 $839 7.40,13 AL5N 2(03 Allison Transmiwon Nelda" VSO Connmer.Cyckal 2.13% (544.000) 544119 1.100.13 22.00 22.65 $919 EFTA01121649 Global Investment Opportunities Group 1.P. Morgan Securrties tLC. Account Position and MINI Summary (2013 Closed Positions) CI 01~8 gala • ran. cenentetwartri Prepared for Southern Financial 1.1.0 as of August 30. 2013 *Awl) ADV$ 1.000 Advent Selene Inc VSD Tethnol031 000% 1527.000) 528060 84u9-13 27.00 20.05 $1.060 Ilaug.13 OCT 4,0:0 Oct inclustnal Trust Inc 1/30 Financial 4.19% (523.800) 528,919 8-Au9-13 7.20 723 $119 8.Aug.13 OPM 3,0:0 Dcp Illelsmurn Partners Lp 1350 Energy 5,93% <5150.120) 5149,9% Saug.I3 50.04 50.0) 0122) 8405.13 KAR 1.000 Kw Auction Services ex 1/50 onn. Nom<ytlic 2135% 1415.000) 521820 teAug-13 2500 2582 5820 8405.13 ICON 1,250 ~von Corp V50 omen, . Nom<ytlic 000% 1$10.000) 527.405 teAug-13 1600 21.93 57.445 9.Aug.13 NCH I,WO Norwegian Cruise tine Hain 1150 Ccosurnor, cyclical 0.00% (529.750) 534402 9.Aug.13 29.75 3040 5652 9.Aug.13 PEPIA 5,000 Opp Midstream Partners to 1950 Energy 000% <$105.000) 5113,2% 9.Aug.13 21.00 2166 $8.2911 9-Aup.I3 OLTY 500 Ocielny Dattribution Inc LSD Industrial 000% 04.300) 54.465 9.Aug-13 860 093 5165 13Aug.13 181 9,0:0 Laredo Petroleum Holaings in 1350 Energy 000% <$213750) $212,225 13,Aug.13 23.75 23.58 01,525) 14•Aug.13 GM1.1K I,CCO Denmark Diagnostics inc 1350 onsumer, Non cyclic 000% (59.840) 114192 14,Aug.13 984 10.19 $352 14-Aup.I3 MOCO I. Mediums Company VSD onn. Non-cytlic 000% 1530250) 530874 14.48013 »25 30.67 5424 14-Aug.I3 NTi 4.090 Northern lien Energy al p 1950 Ennui 1106% ($91.400) 589.030 14.48013 2285 2226 02342) 14Aug.13 MAT 40:0 ennymat Mortgage inveumer 1350 Financial 1083% (1893601 58423B 14,Aug.13 22.34 22.06 01,122) 15-Aug.13 TPRE 6.090 Thad Point Reinsuramo Ltd 150 Financial 0.00% (575.0001 573,259 15.Aug.13 1280 1221 151,741) 15-Aug-1) liARV 5.0:0 MedeelPrOPerties Trent Inc 1950 Financial 493% (543.750) 543099 15-AtilP13 12.75 12.62 0451) Equity Pl. 5225 016 e purity Syndicate PI 1./1, .1/ Structured Note* Interest Enid.) Date Maturity Fe« Amount Long Description Cost Oasis IS) IAin6et Wilt. (5) Closing Date M ntry Price (5) Closing Price IS) Received 9./en. 3 241an1e 1.000.000 1fibc Ron UAW ToCnh VI VW 5xler500%Ma,nnn 0 109t 3 Initial Sto ed 1995 0 .000) .0:0.000 $0 412 /10 3 1100 00 5 0000 5. Fixed Income Trade Crete Maturity Face gia S&P Rating Pleat Call Oat* MIEWEN Ponopa I Co« Market Value CIO,ny Date Entry Mc° Closing Price A‘crti•cl 24.0c1.11 15409.2016 1.(n 0. N/A 6WO% <51.530.0001 51.650.000 5122,417 24-91-13 510200 $11000 524241/ 8 Mar 11 01.1Aat-2017 2.508000 tonnean Ad* & MI9 mc WA 7.875% 02.615,625) 12.575.000 5.289,014 1.1Aar.13 5104.63 $10100 $249,219 Perpetual 17.1lear.13 3,000.000 1polgigen Chaff& CO 1188 5/10023 5.150% 01000,0001 13.015800 5289,814 17.APP13 5100.00 $100.50 $304844 134Aay.13 »Alay-2023 000.000 Petri:obi« Global Unmet BB* N/A 375% 07946241 5797.600 R(19.844 17-Ap'13 59803 $99.70 1296320 2248,12 15.14n.2018 1,002000 lug Energy lox BS. WA 7.625% 01.001~ 51,154000 526438 164day.13 5100.15 $11500 $178188 17Alay.13 Perpetual 1,502000 Pions Bancorporation 88 4450023 1800% 01,9:0900) 51.513,125 $0 23.May.13 5100.00 510088 $B.125 15.1an.13 1115/2073 25A3) NesittreifnallY Capitol 11811 1/192010 500% (1625.000) 5594,606 17.552 3dun.13 25.00 23.79 022.763) 8-Aug-I) Perpetual 50.000 bona Bercorporation 118 9/192023 7/00% 0$0.0001 554025 $60 14A.0813 5100.00 510410 516 8 Aug.I3 Perpetual 250800 bons Bancorporation 88 9192523 7200% 152108001 $250,250 $1.000 291-Aug-13 5100.00 $100.10 SIACO 8Aug13 Perpetual 450800 bons Bancorporation 88 9192523 7200% 0450.0001 5452,250 $1,10) 30-Aug-13 5100.00 $10050 $4.140 5.1 end Income Pl. 1.21.4.0), International Fixed Incase total Int. Entry Price Closing Price trade gate /Amur rty le« Amount 'nun %RP Rating Curr.nty Coupon Prinopal Colt (5) Markel Valut (5) Closing Date Pit AiLCI~ (5) (LOCal) CLOCJI,I) 23 Jan 13 05•Dec 2022 12.000800 ~Wu MOvilSib De Cv AU» 6.450% (51.004.4171 51.041,054 515.705 19.4.pr• 13 105.75 106.325 S52.343 15ManU 224day-2023 204000 Brf Se B118- VSO 3950% <5196.9941 5197.503 50 i6-May.13 9850 98.75 5506 22-May.13 10.1un.2020 11.650000 Red (strewn Ocode AUDI 9500% <$414.632) 5154611.418 50 29-Mey-13 100.00 10050 54525 ter gone Fixed 57,377 and Aunt Sacked Total lilt. ntry Price closing Price Trade Date maiunty Original Face Issue 51CP Rating Neat Call Date Coupon Principal Cost (5) Market Vague (5) Closing Date Accrued 11) (Local) (local) -Sep. 2 25 ey-2035 8124960 MH120052IMI 315/2015 0624% <51. 55. 38 51.565.282 5104.34) 2/203013 0.00 3900 5211895 5.No‘, 12 25-Nov.2032 1.150.000 Drinl 2C04-4 B3 CCC N/A 5250% <5583.601) 5558.700 583.69> 5/144013 80.50 8S0> $51829 iamoe.12 25~2035 108 08 000 Wm 2005.2 IMI CCC 925/2013 0529% 151,165.0%) 51254.164 fifi34t 5023/2013 70.00 75 I t 1154619 Listed Preferred; Dividends Entry Price Closing Puce Trade wite winunty Wires ~pan f 1' I r Amount • Prow tau 11.) imuket value ($) Closing new Pit Received (0 (Loral) (Loral) 9 10,43 1/15/31173 15200 Cuko Envoi COP 525.03 3•, <53808031 5,353,192 SO I blan.13 25.00 2521 $3,192 fa Jan 13 1/15/2073 In» Duke End,/ Corp Eeb 595.00 13, , <$270.003) 5279,282 SO 28.1an.13 25.00 25.86 59223 22./00.13 1/292053 32,510 General (lee Cop Corp 525.00 488% <1812.500) 5811.032 SO 29-1en-13 25.00 24.98 <WO) 29.00.13 PCI pC,Val 47.212 1penowen Chase 6 Co 088 525.00 545% <51.108%40 51,173.664 SO 15.14sr-13 25.00 2485 156.6367 14 Mat.13 Pt( petifill 25500 Intemate Pow« 11 Light 8B8 52580 5,10% <$625.0001 $524,485 15•Mar.13 25.00 24.98 (5514) 204...3 Perpetual 12,718 1proorgan Char& Co 008 525.00 5.45% 15314700) $318,237 10 224~13 25.00 24.40 151.468 ?deb.' 3 Perpetual 0.570 Attain 8~010418dt WA 525.00 388% 15214.2501 5213.553 SO 22.14er-13 25.00 24.92 <$699) 6Feb.I 3 Perpetual 7.0:0 Geal Growth Properties NC 525.03 630% 15175.0001 5173.456 % 22.14er-13 25.00 24.7* 01.5441 7 Feb 13 Perpetual 11,430 Amcor Poodential Rah WA 525.13) 788% (5255.7501 $254,882 se 25.1.4ar.13 25.00 24.92 (WSW 23 Jan 13 Perpetual 20,CCO See Trust • 886 525.13) 5.10% <55020001 5498871 se 3,Apr.I3 2500 24.93 IS!sic EFTA01121650 Global Investment Opportunities Group J.P. Morgan Securities LLC. Account Position and MTM Summary (2013 Closed Positions) C I 0 Omar@ IM —Meal owns/ie. Prepared for Southern Financial MC as of August 30. 2013 5.Mar-13 Perpetual IS. Public Storage 666. 525.00 920% (4375900) 1375.141 SO 5-Appl3 25.00 25.01 5142 trApt.13 Perpetual 320:0 Mee financial Inc WA 525.00 7.50% ($4.02000) SWIM? SO 17-4411-) 25.00 2506 51,0)2 Z.Apt.13 Perpetual 35960 Digital Realty Trust Inc 118s 525.00 588% (5875,900) 073.500 SO 7-May.I3 25.00 2096 (KANO le-Apr.13 Perpetual 120)0 First Repulak Bank61 BBB 525.00 5.50% (5302000) $299.273 SO 7.May.13 25.00 24.94 <$727) tWan.13 Perpetual 2600 Varna* Realty Trust 668- 525.00 5,40% (5452.500) 1652.527 $0 9-May-I3 25.00 250) 127 10-May-13 5110053 20,000 General (let Cap Corp AA. 525.00 4.70% ($502.000) 1508189 $0 104lawl3 25.00 25.01 51/9 17.1an.13 Fwpetual 9:0 %tornado Realty Trutt BBB. 525.00 5.40% (522500) $22,491 SO 10.May.13 25.00 2499 <110) 15.Jan.13 11154073 25.0:0 *Mere energy Capital BM 525.00 500% (5615.000) 1593.676 $0 301.13 25.00 23.35 031324) 15.1u1.13 Perpetual 35.02) Wells Jingo 8 Company 666* 525.00 585% <1875.003) 073.935 SO 16411143 25.00 24.97 051.065) 22-6.4.13 Perpetual 20.000 Synorus Financial Corp e. 525.00 788% (5500.000) 1503,591 SO 23.Jul.13 25.03 2543 $8591 ISFeb-I3 2)1/2016 6.000 Cliffs Natural Resources WA 525.00 7.00% l5150.000) 1131958 12392 12,439.13 25.03 21.99 ;MeV! Listed Prelerrerh PA 1540,709) Listed PreferrWs Syndicate Pn. 1540,709) Forward Contracts Trade Date value Date Sought Notional Sold Notional F. Date Contract Spot Contract Forward Closing Date Closing Rate 4.Dee•I2 Mon.° JI0 822.800.02) CAD 1090090) 8-Jan-13 8.416 82 28 4.2sn•13 89.17 6383.5161 III-Oa-12 fl aan-13 Ml(ll 12,900,02) USD 1,011,928 22.12013 12.7324 127492 17-Jan.13 12.58 $12600 17-Jan.13 22.Feb-13 MXN 12,900,02) USD 1422436 22.Fais.I3 12.5829 12_6169 234.1.13 12.68 154.463) 2-Nowl2 64e413 Ott 402250) RA 5.00.00) Melp13 1.207 12051 30.14•1-13 123760 15139044) 2•Nor.12 ExFol413 Ott 4022503 FOR 5.000,00) 4F44.13 1207 12051 1.Fe0.13 123910 15187.307) 4Jan.13 13.Feb-13 WY swam CAD 10.000900 4F44.13 89.17 8904 7.Fe0.13 93.5012 15478.0451 Pfels.13 12.Mar-13 WY 93284990 CM) 14070.00) 04lar.13 93.49 933849 6-Mer-13 91.02713 $250.580 6410-13 IMW.13 WY 909.300.000 CM) 14000.00) 440..13 91 030 9:193 28-Me-13 92.61220 6178.777) 28 /Aar.13 1.May.13 py 925.220903 CAD 10100,003 27.43413 92.63 92522 23.40r.13 %AMMO 154397191 1.4/13.13 6 May.13 04F 4.190,503 FOR 5000,000 2.May.13 12391 12381 23.4w.13 1.22840 851278 1346..13 20-Ma)13 JPY 967.400960 CAD 14070.00) 24-May.13 9474 OS 74 23490, 13 99.020:0 ($225.007) 1424ar.13 184•913 USD 5.000.0:0 l(RW 5.931.750.02) I4-Jun-l3 1116.35 111035 14.2.413 2120.20:00 $52517 n-May.13 IlAug.13 04F 6,1316070 FOR 5.800,003 6444923 12289 12276 23482)03 1.25155 15127.974) 23.May.13 28-Aug.13 SPY 493550403 CAD 5.000,00) 2.4.44-13 99.06 9671 23aug.13 93.85 124559 13-May.13 20-Aug-13 JPY 24497590 CAD 2500.003 24Aug.13 9900 %31 100n.13 %Al 540.668 Forward Contracts P.1. (51.934.993) Co- Options riginal Closing PlPremium Trade Dale expiration Direction Commodity SYP. Notional loci Strike Currency Notional Type Closing pal! M. Premium (SI 10.10.12 08 Fob• 13 Sold COml Put 102000 79 7.903,003 Call 034.13.13 5327,003 se 5327900.00 10.6.4.12 06 Fob-13 Bought C0143 Cal 102000 118.5 11.850,02) Put C440.13 (5322000) se (5327,00100) 19.Apr.13 1301513 Sought <003 Cal 104000 III 11.100.0:0 Put 13011.23 (SK00131 SO ($86.00)001 19.4pr.i3 1301513 Sold <003 Put 102003 07.5 0.750.00) CA 11.2413 586.000 SO $0400000 Commodity Options PA So Total Return Swaps Trade Date Effective Maturity Attn. al Int St Dividends Closing Price Underlying Shares Rate Spread (b%1 notional lniry Price Closing DAN Pit Date Date famed (Local/ 31-lan•12 3 Fob-12 54.71,2 3 Apple Inc 8,860 lot 1_0054 S4.044,4120) (546.959) 545648 314aril3 516.90 455.3)00 159.361) 31-lan•13 3 Fob-13 5-Fela29 Apple Inc 4430 344 140% 72012023.30 0 4.1621 5455.31 129.9.13 518.995 469.5847 $72570 31..4413 3Beb-13 5.1e414 Apple Inc 4430 314 100% 12,017.023.30 (54162) $455.11 16-meti) $18495 431.1513 1592659) Total Return Swaps Pa 1524,456) Total 2013 Pt ISA, PUP 1C1)0131PMorges Oases Co, EFTA01121651 Global Investment Opportunities Group J.P. Morgan Securities Lit GI0 lollal !flys...town. 0 llllllflunkies Account Position and NITIVI Summary (2012 Closed Positions) Prepared for Southern Financial LLC as of August 30. 2013 Dividend Entry Price Closing Price Trade Date Symbol Shares Company Currency Industry Cost Basis (5) Market Value (5) Closing Date PIL Yield (Local) (Local) 15-Nov-12 AKS 135,000 Ak Steel Holding Corp USD Basic Materials 0.00% ($540,000) $489,645 15-Nov-12 4.00 3.63 ($50,355) 15-Mar-12 ALSN 5,400 Allison Transmission Holding usu Consumer, Cyclical 2.13% ($124,200) $122,580 15-Mar-12 23.00 22.70 ($1,620) 15-Feb-12 AMY 4.050 Alnylam Pharmaceuticals Inc USD msurner, 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 Financia 4.32% ($306,250) $308,469 26-Oct-12 43.75 44.07 32.219 11-Jul-12 ACC 5,000 imerican Campus Communitie USD Financia 4.32% ($221,250) $221,095 11-Jul-12 44.25 44.22 ($155) 18-Jul-12 AGNC 9,000 American Capital Agency Coq USD Financia 18.45% ($306,900) $307,710 18-Jul-12 34.10 34.19 $810 7-Mar-12 AGNC 15,300 American Capital Agency Coq USD Financia 18.45% ($449,055) $449,499 8-Mar-12 29.35 29.38 $444 11-Dec-12 MG 20,250 American International Sour USD Financia 0.86% ($65B.125) $697,795 11-Dec-12 32.50 34.46 $39.670 11-Sep-12 AJG 21,000 American International Sour USD Financia 0.86% ($682,500) $691,089 11-Sep-12 32.50 32.91 $8,589 3-Aug-12 AJG 6.300 American International Sour USD Financia 0.86% ($192,150) $199,609 6-Aug-12 30.50 31.68 $7,459 7-May-12 AJG 5.000 American International Sour USD Financia 0.86% ($152,500) $152,645 7-May-12 30.50 30.53 $145 15-Mar-12 2,500 Amerigas Partners-Lp USD Consumer, Cyclical 7.90% ($103,125) $101,378 16-Mar-12 41.25 40.55 ($1.748) 28-Mar-12 BNNY 500 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 4500 Apollo Commercial Real Estat USD Financial 10.65% ($76.410) $75,699 3-Oct-12 16.98 16.82 ($711) 17-Apr-12 AMTG 2.250 Apollo Residential Mortgage USD Financial 18.41% ($41,063) $40,365 17-Apr-12 18.25 17.94 ($698) 20-Sep-12 AFtEX 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 8.65% ($50,430) $50,400 17-Aug-12 16.81 16.80 ($30) 25-Apr-12 ACRE 3,150 Ares Commercial Real Estate USD Financial 7.84% ($58,275) $56,543 26-Apr-12 18.50 17.95 ($1,733) 8-Nov-12 AW1 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 639% ($108,500) $107,937 5-Dec-12 31.00 30.84 ($564) 20-Nov-12 ARP 3,000 Atlas Resource Partners Lp USD Energy 10.41% ($69,030) $68,007 21-Nov-12 23.01 22.67 ($1,023) 29-Nov-12 AV8 1,250 Avalonbay Communities Inc USD Financial 3.45% ($162,500) $166,153 29-Nov-12 130.00 132.92 $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 Bancolombia S.A.-Spons Adr 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 Consumer, Cyclical 0.00% ($19,800) $21,375 8-Aug-12 11.00 11.88 $1,575 4-Oct-12 BWP 2.500 Boardwalk Pipeline Partners USD Energy 7.08% ($67,475) $66,975 4-Oct-12 26.99 26.79 ($500) 2-Aug-12 BWP 2.500 Boardwalk Pipeline Partners USD Energy 7.08% ($69,500) $68,018 2-Aug-12 27.80 27.21 ($1,483) 20-Jan-12 BWP 1,250 Boardwalk Pipeline Partners USD Energy 7.08% ($34,438) $33,899 20-Jan-12 27.55 27.12 ($539) IS-Nov-12 BRP 1,400 Brookfield Residential Prope USD Consumer, Cyclical 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 8.96% ($51,000) $48,498 8-May-12 25.50 24.25 ($2,502) 3-May-12 CG 5,000 Carlyle Group/The USD Financial 2.44% ($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 4.24 $1,904 8-Feb-12 CPAC 27,000 :ementos Pacasmayo Saa - Ad USD Industrial 139% ($310,500) $295,731 8-Feb-12 11.50 10.95 (S14,769) 4-Apr-12 CLVS 2.475 Clovis Oncology Inc USD insurner, Non-Cyclic 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 LIc-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 LIc-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 4.83% ($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 5.93% ($47,420) $46,899 2-Mar-12 47.42 46.90 ($521) 5-Sep -12 Da 9,000 Oct Industrial Trust Inc USD Financial 4.19% ($55,800) $56,700 5-Sep-12 6.20 630 $900 27-Jun-12 DLR 1,250 Digital Realty Trust Inc USD Financial 5.61% ($90,313) $90,850 27-Jun-12 72.25 72.68 $S38 6-Jun-12 DG 4,950 Dollar General Corp USD Consumer, Cyclical 0.00% ($231,413) $235,303 6-Jun-12 46.75 47.54 $3,891 28-Mar-12 IDG 4,500 Dollar General Corp USD Consumer, Cyclical 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 Consumer, Cyclical 1.76% ($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 Eft 2.000 El Paso Pipeline Partners Lp USD Energy 6.04% ($68,680) $68,478 11-Sep-12 34.34 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 32.976 28-Jun-12 ETP 1,500 Energy Transfer Partners Lp USD Energy 6.97% ($66,855) $64,995 28-Jun-12 44.57 43.33 ($1.860) 25-Sep-12 EPD 3,000 Enterprise Products Partners USD Energy 4.58% ($159,210) $161,097 25-Sep-12 53.07 53.70 $1,687 27-Jun-12 EQM 2.000 Eqt Midstream Partners Lp USD Energy 3.34% ($42,000) $45,784 27-Jun-12 21.00 22.89 $3,784 28-Nov-12 EQR 2.000 Equity Residential USD Financial 3.08% ($109,500) $111,258 29-Nov-12 54.75 55.63 $1.758 EFTA01121652 Global Investment Opportunities Group J.P. Morgan Securities LLC. Account Position and MTM Summary (2012 Closed Positions) CI Global iovemmeal Onoonualllea Prepared for Southern financial LLC as of August 30. 2013 10-Feb-12 EVEP 1,800 Ev Energy Partners Lp USD Energy 8A3% ($122,310) $122,783 10-Feb-12 67.95 68.21 5473 12-Sep-12 ET 2,000 Exacttarget Inc USD Communications 0.00% (545.000) 546,446 12-Sep-12 22.50 23.22 51,446 22-Mar-12 ET 750 Exacttarget Inc USD Communications 0.00% (514.250) 517.276 22-Mar-12 19.00 23.04 53,026 29-Feb-12 EXLP 2.250 Extenan Partners Lp USD Energy 7.48% (554.113) 553.168 29-Feb-12 24.05 23.63 (5945) 17-May-12 FE 17.500 Facebook Inc-A USD Communications 0.00% (5665.000) 5349,405 3-Aug-12 38.00 19.97 (5315.595) 11-Sep-12 FSC 7,000 Fifth Street Finance Corp USD Financial 11.10% (575.530) 574.753 11-Sep-12 10.79 10.68 (5777) 29-Feb-12 FRC 3,375 First Republic Bank/Ca USD Financial 1.08% (5101,250) 5101,675 29-Feb-12 30.00 30.13 5425 12-Apr-12 FET 1,013 Forum Energy Technologies Ir USD Energy 0.00% (520.260) 522.220 12-Apr-12 20.00 21.94 51.960 18-Apr-12 FRAN 1,500 Francescas Holdings Corp USD Consumer, Cyclical 0.00% (541.400) 542.185 18-Apr-12 27.60 28.12 5785 27-Jan-12 FRAN 3.150 Francescas Holdings Corp USD Consumer, Cyclical 0.00% (572.450) 572.765 27-Jan-12 23.00 23.10 5315 30-Mar-12 GLOG 5,400 Gaslog Ltd USD Industrial 3.20% (575.600) 568872 30-Mar-12 14.00 12.75 (54 .r5 14-Sep-12 GWR 2.000 Genesee 8 Wyoming Inc-CI A USD Industrial 0.00% (5129.500) 5132.182 14-Sep-12 64.75 66.09 52.682 21-Jun-12 GNMK 9,000 Genmark Diagnostics Inc USD msumer, Non-cyclic 0.00% (537.800) 537.899 21-Jun-12 4.20 411 $99 8-Nov-12 GNC 6.000 Gnc Holdings Inc-CI A USD Consumer, Cyclical 1.18% (5211.200) $211,284 8-Nov-12 35.20 35.21 $84 14-Mar-12 GNC 5.400 Gnc Holdings Inc-CI A USD Consumer, Cyclical 1.18% (5180.900) $180,517 14-Mar-12 33.50 33.43 (5383) 13-Dec-12 GPK 1,000 3raphic Packaging Holding Cc USD Industrial 0.00% (56,100) $6,100 13-Dec-12 6.10 6.10 50 2-Feb-12 GWAY 1.800 ireenway Medical Technologi USD Technology 0.00% (518.000) 521.672 2-Feb-12 10.00 12.04 53,672 26-Sep-12 BSMX 4.000 Grupo Fin Santander-Adr USD Financial 1.60% (548.740) 550,440 26-Sep-12 12.19 12.61 51,700 19-Apr-12 GWRE 1,500 Guidewire Software Inc USD Technology 0.00% (542.375) 544,075 19-Apr-12 28.25 29.38 51.700 25-Jan-12 GWRE 1,125 Guidewire Software Inc USD Technology 0.00% (514.625) 518,744 25-Jan-12 13.00 16.66 54119 19-Sep-12 HCN 5,000 Health Care Reit Inc USD Financial 4.98% (5280,000) 5286,350 19-Sep-12 56.00 57.27 56,350 7-Aug-12 HCN 2.750 Health Care Reit Inc USD Financial 4.98% (5161,563) 5162,269 7-Aug-12 58.75 59.01 5707 22-Feb-12 HCN 4,950 Health Care Reit Inc USD Financial 4.98% (5264,825) $264,701 22-Feb-12 53.50 53.48 (5124) 25-Sep-12 HR 4,000 Healthcare Realty Trutt Inc USD Financial 533% (591.400) 592,852 25-Sep-12 22.85 23.21 51.452 11-Dec-12 HTZ 6.000 Hertz Global Holdings Inc USD msumer, Non-cyclic 0.00% (594.800) 593.708 11-Dec-12 15.80 15.62 (51.092) 5-Apr-12 HOV 20.250 Hovnanian Enterprises-A USD Consumer, Cyclical 0.00% (540.500) 539.994 5-Apr-12 2.00 1.98 (5506) 2-Aug-12 IDIX 15.750 Idenix Pharmaceuticals Inc USD msumer, Non-cyclic 0.00% (5126,000) 5125,465 2-Aug-12 8.00 7.97 (5536) 13-Dec-12 INFI 1,000 Infinity Pharmaceuticals Inc USD msumer, Non-cyclic 0.00% (526,330) 527.932 13-Dec-12 26.33 27.93 51.602 9-Aug-12 INFI 2.250 Infinity Pharmaceuticals Inc USD msumer, Non-cyclic 0.00% (532.625) 531525 9-Aug-12 14.50 14.90 5900 10-Feb-12 IRVVD 1,900 Ironwood Pharmaceuticals Inc USD msumer, Non-cyclic 0.00% (528.671) 529.767 10-Feb-12 15.09 15.67 $1.096 6-Dec-12 KM 1,500 Kar Auction Services Inc USD msumer, Non-Cyclic 2.85% (526.250) 526.580 6-Dec-12 17.50 17.72 5330 8-Aug-12 KRC 2.000 Kilroy Realty Corp USD Financial 2.87% (592.200) 592.740 8-Aug-12 46.10 46.37 5540 8-Aug-12 KMR 2.700 inder Morgan Management L USD Energy 0.00% (5198.450) 5197,702 8-Aug-12 73.50 73.22 ($748) 11-Oct-12 KYTH 1,200 Kythera Biopharmaceuticals I USD msumer, NOO-O/Cla 0.00% (519.200) 521383 11-Oct-12 16.00 19.49 54183 12-Oct-12 LPI 2.075 Laredo Petroleum Holdings In USD Energy 0.00% (550.119) 552,421 12-Oct-12 20.25 21.18 52.302 18-Oct-12 LXRX 20.000 Lexicon Pharmaceuticals Inc USD msumer, Non-cyclic 0.00% (545.000) 544800 18-Oct-12 2.25 2.20 (51.00D) 12-Oct-12 LNCO 1,200 Linn Co tic USD Energy 10.48% (143.800) 545.299 12-Oct-12 36.50 37.75 51,499 12-Jan-12 LINE 4,000 Linn Energy Lic-units USD Energy 12.02% (5143.800) 5143,228 13-Jan-12 35.95 35.81 (5572) 1-May-12 LPLA 3.600 Lpl Financial Holdings Inc USD Financial 2.07% (5124.200) 5124,700 2-May-12 34.50 34.64 $500 1-Mar-12 LUFK 1,025 Lufkin Industries Inc USD Energy 0.57% (181.231) 582,104 1-Mar-12 79.25 80.10 $872 6-Sep-12 MHO 4000 Mil Homes Inc USD Consumer, Cyclical 0.00% (570.520) 573.116 6-Sep-12 17.63 18.28 52.596 10-Aug-12 MANU 2.925 Manchester United Pic-CI A USD Consumer, Cyclical 0.00% (540.950) 540.883 10-Aug-12 14.00 13.98 (567) 23-Feb-12 MKTX 2.250 Marketaxess Holdings Inc USD Financial 1.02% (168.625) 571.687 23-Feb-12 30.50 31.86 53.062 1-Feb-12 MPW 22,500 Medical Properties Trust Inc USD Financial 6.93% (5219,375) $220,275 2-Feb-12 9.75 9.79 5900 29-Mar-12 MACK 3,000 Merrimack Pharmaceuticals Ir USD msumer, Non-Cyclic 0.00% (521.000) 518800 29-Mar-12 7.00 610 (52.40D) 23-Mar-12 KORS 9,000 Michael Kors Holdings Ltd USD Consumer, Cyclical 0.00% (5423.000) 5422.991 23-Mar-12 47.00 47.00 (59) 25.00-12 MPLX 2.500 Mplx Lp USD Energy 119% (555.000) 564.988 26-Oct-12 22.00 26.00 59,988 7-Mar-12 NSM 2.000 Vationstar Mortgage Holding USD Financial 0.00% (528.000) 527.040 8-Mar-12 14.00 13.52 (5960) 3-May-12 NMM 3,000 Navies Maritime Partners Lp USD Industrial 12.54% (147.040) 546.590 3-May-12 15.68 15.53 (5450) 25.00-12 NAV 2.000 Navistar International Corp USD Consumer, Cyclical 0.00% (537.500) 536.900 25-Oct-12 18.75 18.45 (5600) 20-Mar-12 NLSN 7.650 Nielsen Holdings Nv USD Communications 232% (5231.413) $233,876 21-Mar-12 30.25 30.57 52.463 26-Jul-12 NT 5,500 Northern Tier Energy Lp USD Energy 13.06% (577.000) 578.177 26-Jul-12 14.00 14.21 51.177 2-Feb-12 NG 11.250 Novagold Resources Inc USD Basic Materials 0.00% (5106.875) 5105,188 2-Feb-12 9.50 935 (51.688) 5-Sep-12 NS 4,000 Nustar Energy Lp USD Energy 10.50% (5195.760) $194,832 5-Sep-12 48.94 48.71 (5928) 11-Apr-12 OAK LOCO Oaktree Capital Group Lic USD Financial 11.66% (143.000) 502,329 12-Apr-12 43.00 42.33 (5671) 28-Feb-12 OICS 1,350 Oneok Partners Lp USD Energy 5.81% (580.015) 579.549 28-Feb-12 59.27 58.93 (5466) EFTA01121653 Global Investment Opportunities Group J.P. Morgan Securities LLC. GI0 Global Inveuttneni 0 °Mlle% Account Position and NITIVI Summary (2012 Closed Positions) Prepared for Southern Financial LLC as of August 30. 2013 3-May-12 ROYT 45,000 Pacific Coast Oil Trust USD Energy 11.22% (5900,000) $898,290 3-May-12 20.00 19.96 (51.710) 25-Sep-12 PUNT 3.000 Pennantpark Investment Corp USD Financial 10.10% (532.460) $32,190 25-Sep-12 10.82 10.73 ($270) 5-Mar-12 POM 4,950 Pepco Holdings Inc USD Utilities 5.70% (595.288) 596,030 6-Mar-12 19.25 19.40 $743 8-Aug-12 PSMI 1.000 'mirk* Semiconductor Coq USD Technology 0.00% (114.000) $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 PA4 1.000 Mains All Amer Pipeline Lp USD Energy 4.65% (580.030) $79,091 6-Mar-12 80.03 79.09 ($939) 9-Nov-12 PVR 5.000 Mx Partners Lp USD Energy 9.48% (1115,550) 5113,415 9-Nov-12 23.11 22.68 (12,135) 7-Dec-12 QRE 2.500 Or Energy Lp USD Energy 11.85% (540.600) $39,650 7-Dec-12 1610 15.86 (1950) 11-Apr-12 QRE 2,700 Or Energy Lp USD Energy 11.85% (551.786) $51124 12-Apr-12 19.18 19.12 (1162) 8-Mar-12 QLTY 1,250 Quality Distribution Inc USD Inds/stria 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 ($50) 17-May-12 RPT 2.500 Ramco-Gershenson Properties USD Financia 4.65% (130.250) $29,750 17-May-12 12.10 11.90 ($500) 15-Feb-12 RIF 3.150 Raymond James Financial Inc USD Financia 134% (1107.100) 5109,529 15-Feb-12 34.00 34.77 $2,429 11-Oct-12 RLGY 7,200 Realogy Holdings Corp USD Financia 0.00% (5194.400) 1238,183 11-Oct-12 27.00 33.08 543,783 14-Mar-12 RF 25,000 Regions Financial Corp USD Financia 1.28% (5147.500) 1149,800 14-Mar-12 5.90 5.99 $2,300 5-Apr-12 RPAI 7,650 Retail Properties Of Ame - A USD Financia 4.97% (561.200) $66,180 5-Apr-12 8.00 8.65 $4,980 3-Oct-12 RIGL 2.000 Rigel Pharmaceuticals Inc USD resumer, Non-cyclic 0.00% ($19,000) $18,936 3-Oct-12 9.50 947 (164) 8-Feb-12 RNDY 22,500 Roundy'S Inc USD Consumer, Cyclical 5.69% ($191,250) S196,898 8-Feb-12 8.50 8.75 55,648 8-Mar-12 S8AC 1,500 iba Communications Corp-Cl r USD Communications 0.00% (571.250) $71,957 8-Mar-12 4730 47.97 $707 14-Dec-12 SEST 1.500 Silver My Realty Trust Corp USD Financial 015% ($27,750) $28,065 14-Dec-12 1830 18.71 $315 9-Mar-12 SPG 2.250 Simon Property Group Inc USD Financial 3.16% (5308.250) 5308,023 9-Mar-12 137.00 136.90 ($227) 11-Dec-12 SE 4.000 Spectra Energy Corp USD Energy 3.69% (1107.000) 5108,756 12-Dec-12 26.75 27.19 $1,756 19-Jul-12 SPUC 2.000 Spiunk Inc USD Communications 0.00% ($56,500) 557,542 20-Jul-12 28.25 28.77 51,042 18-Apr-12 SPLK 500 Spiunk Inc USD Communications 0.00% (18.500) $15,650 19-Apr-12 17.00 31.30 S7,110 8-Aug-12 SPH 2.000 iuburban Propane Partners L.r USD Energy 714% (575.220) 573,854 9-Aug-12 3787 36.93 (11.366) 15-Nov-12 NGLS 4,000 Targa Resources Partners Lp USD Energy 5.85% (5144.000) 5141,116 16-Nov-12 36.00 35.28 (52.884) 18-Jan-12 NGLS 1150 Targa Resources Partners Lp USD Energy 5.85% (147.875) $48,0m 18-Jan-12 3830 38.41 $136 5-Sep-12 TGP 2.000 Teekay Lng Partners Lp USD Industrial 642% (576.860) $75,798 5-Sep-12 38.43 37.90 (11.062) 20-Sep-12 TRLA 800 Trulia Inc USD Communications 0.00% ($13,600) $18,981 20-Sep-12 17.00 23.73 $5.381 9-Nov-12 TUMI 1,500 Tumi Holdings Inc USD resumer, NOA-Cyde 0.00% ($31,650) $31,596 9-Nov-12 21.10 21.06 (554) 19-Apr-12 TUMI 700 Tumi Holdings Inc USD insurner, Non-cyclic 0.00% (512.600) $17,991 19-Apr-12 18.00 25.70 55,391 13-Jul-12 TWO 11,250 Two Harbors Investment Corp USD Financial 13.03% (5177,450) 1119,025 13-Jul-12 1044 10.58 51,575 22-Feb-12 TWO 9,000 Two Harbors Investment Corp USD Financial 13.03% (189.100) 589,460 22-Feb-12 9.90 9.94 $360 11-Jan-12 TWO 13,725 Two Harbors Investment Corp USD Financial 13.03% ($125,858) $125,721 11-Jan-12 9.17 9.16 ($137) 10-May-12 ULTA 2.700 Una Salon Cosmetics 8 Fragr USD Consumer, Cyclical 0.00% (5226.800) $231,725 10-May-12 8400 85.82 54,925 14-Nov-12 MWE 3.000 Markwest Energy Partners Lp USD Energy 5.03% (5139.500) $142,131 10-Nov-12 46.50 47.38 $2,631 14-Aug-12 MWE MOO Markwest Energy Partners Lp USD Energy 5.03% (555.792) 555,629 14-Aug-12 50.72 50.57 ($163) 12-Sep-12 VNR 2.500 Vanguard Natural Resources USD Energy 9.07% (568.775) $68,498 12-Sep-12 27.51 27.40 ($278) 7-Dec-12 VNTV 5,000 Vantiv Inc CI A USD resumer, Non-cyclic 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 insumer, Non-cyclic 0.00% (554.750) $55,033 3-Aug-12 21.90 22.01 5283 22-Mar-12 VNTV 4500 Vann,/ Inc - CI A USD insumer, Non-cyclic 0.00% ($76,500) $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) $164,707 1-Mar-12 22.50 22.88 52.707 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) $17,382 28-Mar-12 16.00 23.18 $5,382 11-May-12 WWVVW 3.000 Web.Com Group Inc USD Communications 0.00% (545.750) $45,204 11-May-12 15.25 15.07 (5546) 28-Sep-12 WMC 3.500 Nestem Asset Mortgage Capi USD Financial 23.06% (577.700) $78,012 28-Sep-12 22.20 22.29 $312 10-May-12 WMC 2.250 Nestern Asset Mortgage GO USD Financial 23.06% (545.000) $41,765 10-May-12 20.00 18.56 ($3.236) 5-Dec-12 WHF 5.175 Whitehorse Finance Inc USD Financial 9.40% (577.625) $71,736 5-Dec-12 15.00 13.86 (55.889) 26-Oct-12 WWAV 2.500 Whitewave Foods Co - CI A USD insumer, Non-cyclic 0.00% (542.500) $43,170 26-Oct-12 17.00 17.27 1670 23-Mar-12 WHZ 2.250 Whiting Usa Trust II USD Energy 22.98% (145.000) $49,518 23-Mar-12 20.00 22.01 54,518 13-Dec-12 WMB 1,000 Williams Cos Inc USD Energy 4.04% ($31,000) $31,349 13-Dec-12 31.00 31.35 $349 8-Aug-12 WPZ 1,000 Williams Partners Lp USD Energy 6.99% ($51,430) $50,769 8-Aug-12 51.03 50.77 (1661) 4-Apr-12 WPZ 1,000 Williams Partners Lp USD Energy 6.99% (554.560) $54,149 4-Apr-12 5436 54.15 (5411) 25-Jan-12 WPZ 3.000 Williams Partners Lp USD Energy 6.99% (1188.430) $187,581 25-Jan-12 62.81 62.53 (5849) 12-Oct-12 WDAY 900 Workday Inc-Class A USD Technology 0.00% ($25,200) $41,766 12-Oct-12 28.00 46.41 516,566 20-Jan-12 ZIOP 6,750 Ilopharm Oncology Inc USD resumer, Non-cyclic 0.00% (535.100) $34,452 20-Jan-12 5.20 5.10 (5648) EFTA01121654 Global Investment Opportunities Group G I0 Clobel inneament 0 llllll Account Position and MTM Summary (2012 Closed Positions) Prepared for Southern Financial LLC as of August 30, 2013 28-Mar-12 ZNGA 3,600 Zynga Inc - CI A U5D Communications 0.00% ($43.20D) $44,784 29 SA 2 12.00 12.44 51.584 22-Jun-12 CNCO/T 7.500 Cencosud Sa-Sponsored Mr USD ,nsurner, Non-cyclic 0.00% (5117.096) $116,768 _2-Ida 15.61 15.57 ($328) U.S,Fixed Income Total Int. Trade Date Maturity Face Amount Issuer S&P Rating Next Call Date Coupon Punctual Cost Market Value Closing Date Entry Price Closing Price Pik Accrued 7-Nov-11 31-Dec-2013 1,000,000 American Capital Ltd NR N/A 7.960% ($1.011,000) $1,000,000 163,017 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-10 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 (5384170) 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% ($614,284) $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 tic 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 Sachs Group Inc WA N/A 0.000% ($3,000,000) $3,162,000 SO 24-Sep-12 $100.00 $105.40 $162,000 26-Oct-11 09-Nov-2012 1,000,000 Hsbc Usa Inc WA 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 WA N/A 0.000% ($5,000,000) $5,315,000 SO 24-Sep-12 $100.00 $106.30 $315,000 21-Jul-10 25-Jul-2013 2,500,000 Jpmorgan Chase & Co WA N/A 0.000% ($2.512,500) $4,469,250 $0 28-Jun-12 $100.50 $178.77 51,956,750 9-Dec-10 16-Jun-2012 3,000,000 Morgan Stanley WA N/A 0.000% ($3,000,000) 14,058,970 SO 18-Jun-12 $100.00 $135.30 $1,058,970 13-Jan-11 26-Jul-2012 2,000,000 Morgan Stanley WA N/A 0.000% ($2,000,000) $1,019,780 SO 26-Jul-12 $100.00 $50.99 (5980,220) 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-12 199.99 $10015 $3,599 7-Feb-12 CB-Jan-2015 1,000,000 Royal Bk Scotlnd Grp Mc 88+ N/A 5.050% (5966,000) $1,030,000 $36,051 24-Oct-12 $96.60 $103.00 $100,051 3-Aug-11 07-Feb-2013 2,000,000 Sg Structured Products WA N/A 0.000% ($2,000,000) $2,211,600 SO 23-Aug-12 $100.00 $110.58 $211,600 16-Mar-11 20-Jun-2012 5,000,000 Sg Structured Products WA 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 BBB- 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 BBB- 2/112022 6.250% ($324,604) $326,625 $451 19-Jan-12 $99.88 $100.50 $2,473 U.S. Fixed Income Pit 55.369.087 International Fixed Income Total Int. Entry Price Closing Price Trade Date Maturity Face Amount Issue S&P Rating Currency Coupon Principal Cost (5) Market Value (5) Closing Date P/L Accrued (5) (Local) (Local) 9-Feb-12 Perpetual 300,000 8raskem Finance Ltd 888- USD 7.375% ($301,125) $301,140 $3,626 10-Apr-12 100.38 100.38 $3,641 International Fixed Income P/I. 53,641 Munid Bonds Non Taxable Total int. Entry Price S&P Rating Next Call Date Coupon Principal Cost (5) Market value (Sr mimed (s) Closing Date (Local) 20-Jun-12 15-Jun-2034 1.000.000 Nyc MunWlii5.9,-H AAT 6/15/2022 3.750% ($988,170) 5984.500 SO 21-Jun-12 98.82 98.45 (53.6/0) 8-Mar-12 8-Mar-12 1.000.000 Pr-Ref-A BBB- 7/112022 5.125% ($982,500) 5986.500 SO 21-Jun-12 98.25 98.65 54.000 I6-Feb-12 8-Mar-12 1.000.000 Pr Aqueduct-A-Sr Lien 88+ 7/112022 5.250% ($974,740) 5982./00 SO 16-Feb-12 97.47 98.27 57.960 Municipal Bonds Non Taxable PA. $8,290 Mort • a • e and Asset Backed Total Int. Entry Price Closing Price Trade Date Maturity Original Face S&P Rating Next Call Date Couple Principal Cost (5) Market Value (5) Closing Date PA. Accrued (5) (Local) (Local) EFTA01121655 Global Investment Opportunities Group J.P. Morgan Securities LLC. GI0 Global investment Capone-tunMee Account Position and NITM Summary (2012 Closed Positions) Prepared for Southern Financial LLC as of August 30. 2013 13-Sep-12 25.Dec-2034 3.275.000 Wfmbs 2004-Ee BI CCC 4/25/2015 2.692% (51,493,827) 11,629,095 128.900 29.Nov-12 72.75 80.00 5164,168 12-Apr-12 20-Jul-2036 6,000,000 Bafc 200642A5 CCC 2/20/2020 0.464% (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 lioams 2007-1 2Al2 CCC 8/25/2017 6.000% (11,165,006) $1,199,332 $81,684 4-Oct-12 57.00 60.00 $116,010 15-Aug-12 25-Nov-2034 10,000,000 8sabs 2004-Ac6 MI CCC 9/25/2013 1.189% (11,051,316) $1,175,593 584,429 -8Nov-12 47.00 54.50 $208,707 31-May-12 25-Feb-2035 3,364000 Onsi 2005-1 82 9/25/2014 5.417% (11,719,986) $1,678,898 $201,537 -8Nov-12 83.00 87.50 5160,449 13-Aug-12 25-Jun-2033 3,412,000 Malt 2003-483 CCC 10/252014 5.848% (11,033,074) $1,153,365 $115,797 -8Nov-12 61.00 72.00 $235,688 2-Apr-12 20-Apr-2033 8,000,000 Semt 2003-I 81 B- 920/2013 1.504% (11,076,153) $1,204,376 $58,183 13-Aug-12 60.00 69.00 5186,405 Mortgage and Asset Backed P/L 51,321,511 Listed Preferreds Dividends Entry Price 5&P Rating Par Amount Coupon Principal Cost (5) Market Value (5) Closing Date Received (Loc (5) al) 24-Jan-12 2/15/2042 20,000 Aegon Nv 888 $25.00 8.00% (5500,000) 5499,000 50 7-Feb-12 25.00 24.95 ($1,000) 8-Mar-12 Perpetua 37,000 Alexandria Real Estate E 88 125.00 6AS% (5925.000) 5902,060 SO 29-Mar-12 25.00 24.38 (522,940) 29-Mar-12 Perpetua 28,000 American Capital Agency N/A 125.00 8.00% (5700.000) 5701,288 SO 16-Apr-12 25.00 25.05 $1,288 7-Jun-12 6/12/2042 10,000 American Financial Group 888+ $25.00 638% (5250.000) 5250,880 SO 19-Jun-12 25.00 25.09 $880 6-Sep-12 Perpetua 27,000 Annaly Capital Mgmt N/A $25.00 7.50% (5675.000) 5671,733 SO 18-Sep-12 25.00 24.88 (53.267) 6-Sep-12 Perpetua 25,000 Annaly Capital Mgmt N/A $25.00 7.50% (5625.000) $621,225 SO 14-Sep -12 25.00 24.85 ($3,775) 9-May-12 Perpetua 11,291 Annaly Capital Mgmt N/A $25.00 7.63% (5282.275) 5279,170 52,690 14-Jun-12 25.00 24.73 ($415) 9-May-12 Perpetua 46,712 Annaly Capital Mgmt N/A $25.00 7.63% (11,167,800) 11,153,880 511.131 13-Jun-12 25.00 24.70 ($2,790) 9-May-12 Perpetua 30,997 Annaly Capital Mgmt N/A $25.00 7.63% (5874.925) 5863,376 $8,339 12-Jun-12 25.00 24.67 ($3,210) 9-May-12 Perpetua 35,890 Annaly Capital Mgmt N/A $25.00 7.63% (5897.250) 5886,591 $8,552 11-Jun-12 25.00 24.70 ($2,107) 9-May-12 Perpetua 41,110 Annaly Capital Mgmt N/A $25.00 7.63% (11,027,750) 11,016,609 $9,796 7-Jun-12 25.00 24.73 ($1,345) 13-Sep-12 Perpetua 15,000 Apollo Residential Mtge N/A $25.00 8.00% (5375.000) $375,570 So 25-Sep-12 25.00 2504 5570 13-Sep-12 Perpetua 10,000 Apollo Residential Mtge N/A $25.00 8.00% (5250.000) 5250,390 So 25-Sep-12 25.00 2504 $390 12-Sep-12 Perpetua 51,000 Bank Of New York Mellon 888 $25.00 510% ($1,275,000) 51,260,873 SO 25-Sep-12 25.00 24.72 ($14,127) 13-Jan-I1 Perpetua 39,250 Barclays Bank Plc 888- $25.00 8.13% (11.002,563) 51,013,749 5139,521 19-Oct-12 25.54 25.23 $150,708 13-Aug-12 Perpetua 40,000 Capital One Financial Co 88+ $25.00 6.00% (11,000,000) 5995,720 So 14-Sep-12 25.00 24.89 ($4,280) 28-Sep-12 Perpetua 15,000 Cbl & Associates Prop N/A $25.00 6.63% (5375.000) $376,635 So 8-Oct-12 25.00 25.11 $1,635 10-Jul-12 Perpetua 36,833 Chesapeake Lodging Trust N/A $25.00 7.75% (5920.825) 5925,171 So 27-Jul-12 25.00 25.12 50,346 10-Jul-12 Perpetua 6.100 Chesapeake Lodging Trust N/A $25.00 7.75% (5153.500) $154,765 SO 26-Jul-12 25.00 25.21 $1,265 10-Jul-12 Perpetua 12,027 Chesapeake Lodging Trust N/A $25.00 7.75% ($300,675) 5300,699 So 24-Jul-12 25.00 25.00 $20 30-Sep-10 10/30/2040 30,000 Citigroup Capital Kill 88 $25.00 7.88% (5750.000) 5852,300 $107,461 19-Oct-I2 25.00 28.41 5209,761 5-Nov-12 Perpetua 20,000 City National Corp N/A $25.00 5.50% (5500.000) 5487,300 So 12-Dec-12 25.00 24.37 (512,700) 1-Oct-I2 Perpetua 10,000 Cobank Acb A- 5100.00 615% (51.000,000) 51,039,600 So 25-Oct-12 100.00 103.96 $39,600 18-Jul-12 Perpetua 40,000 Ddr Corp 8+ $25.00 6.50% (51.000,000) 5988,360 So 6-Aug-12 25.00 24.71 (511,640) 9-Oct-I2 Perpetua 25,000 Discover Financial Svs 88 $25.00 6.50% (5625.000) 5630,100 So 26-Oct-12 25.00 2510 $5,100 6-Dec-12 12/1/2052 25,000 Energy Arkansas Inc A- $25.00 4.90% (5625,000) $621,600 So 20-Dec-12 25.00 24.86 ($3,400) 26-Jun-12 7/1/2052 25,000 Entergy Louisiana tic A- $25.00 515% (5625,000) 5649,025 SO 16-Jul-12 25.00 25.96 $24,025 17-Jan-12 Perpetual 30,500 First Republic Bank/Sf BBB $25.00 6.70% (5762,500) 5763,171 SO 31-Jan-12 25.00 25.02 $671 2-Oct-12 10/15/2052 8,179 General Elec Cap Corp AA+ $25.00 4.88% (5204,475) 5203,657 50 26-Oct-12 25.00 20.50 ($818) 2-Oct-12 10/15/2052 21,821 General Elec Cap Corp AA+ $25.00 4.88% (5545,525) 5543,561 SO 25-Oct-12 25.00 20.91 ($1,964) 2-Apr-12 4/15/2042 37,000 Hanford Finl Svcs Grp BB+ 525.00 7.88% (5925,000) 5975,838 50 2-May-I2 25.00 26.37 550,838 20-Aug-12 Perpetual 40,000 Jpmorgan Chase & Co BBB 525.00 5.50% (11,000,000) 5996,800 50 7-Sep-12 25.00 20.92 ($3,200) 20-Aug-12 Perpetual 45,000 Jpmorgan Chase & Co BBB 525.00 5.50% (11,125,000) $1,121,850 SO 6-Sep-12 25.00 24.93 ($3,150) 9-Mar-12 Perpetual 50,000 Kimco Realty Corp BBB- 525.00 6.00% (51,250,000) 51,228,100 50 29-Mar-12 25.00 24.56 ($21,900) 16-Jul-12 Perpetual 6,574 Kimco Realty Corp BBB- 525.00 5.50% (5164.350) $161,083 So 7-Aug-12 25.00 24.50 ($3,267) 16-Jul-12 Perpetual 6,426 Kimco Realty Corp BBB- 525.00 5.50% (5160.650) 5157,829 So 6-Aug-12 25.00 24.56 ($2,821) 3-Apr-12 4/15/2042 9,905 Mfa Financial Inc N/A 525.00 8.00% (5247,625) 5246,139 So 27-Apr-12 25.00 24.85 ($1,486) 3-Apr-12 4/15/2042 11,095 Mfa Financial Inc N/A 525.00 8.00% (5277,375) 5275,899 So 26-Am-12 25.00 24.87 ($1,476) 20-Mar-12 3/1/2072 18,600 Nextera Energy Capital BBB $25.00 670% (5465,000) 5473,240 So 16-Am-12 25.00 25.44 $8,240 14-Sep-12 Perpetual 40,000 Pnc Financial Services BBB $25.00 5.38% (51,000,000) 5996,480 So 4-Oct-12 25.00 24.91 ($3,520) 19-Apr-12 Perpetual 27,000 Pnc Financial Services BBB 525.00 6.13% (5675,000) 5678,159 SO 9-May-I2 25.00 25.12 53,159 29-Feb-12 1/15/2042 170,000 Raymond James Financial BBB 525.00 6.90% (54,250,000) 54,301,000 SO 1-Mar-12 25.00 25.30 $51,000 31-Jan-12 Perpetual 20,000 Realty Income Corp BBB- $25.00 6.63% (5500,000) 5499,600 SO 8-Feb-12 25.00 24.98 ($400) EFTA01121656 Global Investment Opportunities Group J.P. Morgan Securities LLC. GI0 Global Inswatnarot 0 DDDDDDnook law Account Position and MTM Summary (2012 Closed Positions) Prepared for Southern Financial LLC as of August 30. 2013 5555 5500 14-Aug-12 Perpetual 25,000 Regency Centers Corp 8B+ $25.00 6.00% ($625.000) 5624,000 28.Aug-12 25.00 24.96 ($1AW) 25.Oct-12 Perpetual 25,000 Regions Financial Corp BIS $25.00 6.38% ($625.000) $617,475 11-Dec-12 25.00 24.70 ($7,525) 7-Aug-12 Perpetual 30,000 SI Green Realty Corp 8+ $25.00 6.50% ($150.000) $743,010 16-Aug-12 25.00 24.77 ($6,990) 8-May-12 5/15/2015 4,000 Thompson Creek Metals Co N/A $25.00 6.50% ($100,000) 584,524 29-May-12 25.00 21.13 ($15,476) 11-Jul-12 Perpetual 10,000 Vornado Realty Trust BBB- $25.00 5.70% ($250.000) $247,250 24-Jul-12 25.00 24.73 ($2,750) 9-Aug-12 Perpetual 10,000 Wells Fargo 8 Company 881S+ $25.00 520% ($250,000) $249,790 13-Aug-12 25.00 24.98 ($210) 6-Aug-12 Perpetual 31,700 Kilroy Realty Corp WA $0.01 638% ($792,500) $777,030 28-Aug-12 25.00 24.51 (515.470) 6-Aug-12 Perpetual 300 Kilroy Realty Corp WA $0.01 6.38% ($7,500) $7,295 17-Aug-12 25.00 24.32 ($205) Listed Preferreds Pit 8372,877 Forward Contracts Trade Date Value Date Bought Notional Sold Notional Fix Date Contract Spot Contract Forward Closing Date Closing Rate PL 12-Dec-11 6-Feb-12 SW 3,249,250 USD 2,500,000 6-Feb-12 1.3005 1.2997 25-Jan-12 127 559,472 2-Nov-11 6-Feb-12 SW 3,183,000 USD 2,500,000 6-Feb-12 1.2734 1.2732 2-Feb-12 1.25 553,755 2-Feb-12 6-Mar-12 SW 3,115,000 USD 2,500,000 6-Mar-12 1.2464 1.246 9-Feb-12 1.25 ($7,202) 21-Jul-10 25-Jul-13 Ojubs Corm-F3 2500000 16-Jul-18 28-Jun-12 120.94 $1,956,738 19-Jun-12 23-Jul-12 MXN 12,900,000 USD 939,904 23-Jul-12 116898 13.7248 19-Jul-12 13.24 534,659 19-Jul-12 23-Aug-12 MXN 12,900,000 USD 972,213 23-Aug-12 112367 13.2687 17-Aug-12 13.18 $6,424 17-Aug-12 21-Sep-12 MXN 12,900,000 USD 976,356 21-Sep-12 111816 13.2124 20-Sep-12 12.93 $21,405 20-Sep-12 24-Oct-12 MXN 12,900,000 USD 994,768 24-0a-12 12.92895 12.967/15 23-Oct-12 12.94 51,972 31-Aug-12 5-Nov-12 CHF 11,990,000 EUR 10,000,000 5-Nov-12 1.201 1.199 2-Nov-12 1.21 ($84,812) 23-Oct-12 26-Nov-12 MXN 12,900,000 USD 994,089 26-Nov-12 12.9422 12.9767 21-Nov-12 13.04 ($4,689) 21-Nov-12 19-Dec-12 MXN 12,900,000 USD 987,477 19-Dec-12 110382 13.063594 18-Dec-12 12.73 $25,686 Forward Contracts PR. 52,063,407 MC 0 or Currency 2 Original Closing Premium Trade Date Expiration Direction Currency 1 Type Strike Currency 2 Type Closing Date Premium (53 PR_ Notional (5) 25-Jan-I2 24-Jan-13 Bought BRL Put 195,000,000 42.50 SPY Call 21-Feb-12 $125,734 SO 5125,734 20-Apr-12 22-May-12 Bought JPy Put 5.000.000 83.00 USD Call ($26,500) SO ($26.500) 20-Apr-12 22-May-12 Sold JPy Call 5.000.000 81.00 USD Put $26,500 SO $26,500 16-Mar-12 19-Jun-12 Bought MXN Call 1,000,000 12.57 USD Put 19-Jun-12 ($17,200) SO (517.200) 16-Mar-12 19-Jun-12 Sold MXN Put 1.000.000 12.90 USD Call 19-Jun-12 $17,200 ($58,394) ($41,194) 1-Aug-11 13-Aug-12 Bought JrY Put 100.000.000 83.25 CAD Call 8-Aug-12 (5413.613) SO (S413,613) 1-Aug-II 13 Aug-12 Sold IPv Call 100.000.000 76.00 CAD Put 8-Aug-12 5,113,613 SO 5413.613 Commodity Options Original Closing Premium Trade Date Expiration Direction Commodity This Maisel OW Strike Currency Notional Type Closing Date Premium (5) PL (5) 27-Jun-12 12-Nov-12 Sold USD Put 125,000 96.5 12,062,500 Call 12-Nov-12 $1,087,500 SO $1,087,500.00 27-Jun-12 12-Nov-12 Bought USD Call 125,000 126.5 15,812,500 Put 12-Nov-12 ($75,000) SO ($75,000.00) 10-Jul-12 12-Nov-12 Sold USD Put 100,000 80 8.000,000 Call 12-Nov-12 $184,000 SO $184,000.00 10-Jul-12 12-Nov-12 Bought USD Call 100,000 119.5 11,950,000 Put 12-Nov-12 ($184,000) SO ($184,000.00) 1-May-12 13-Aug-12 Sold USD Put 250,000 100 25,000,000 Call 12-Nov-12 $136,250 ($1,012,500) (5876,250.00) 1-May-12 13-Aug-12 Sold USD Put 250,000 100 25,000,000 Call 12-Nov-12 $136,250 SO $136,250.00 1-May-12 13-Aug-12 Bought USD Call 250,000 140 35,000,000 Put 12-Nov-12 ($200,000) SO ($200.000.00) 10-Jul-12 11-Dec-12 Sold USD Put 100,000 79.5 7,950,000 Call 12-Nov-12 $233,000 SO $233,000.00 10-Jul-12 11-Dec-12 Bought USD Call 100,000 119 11,900,000 Put 12-Nov-12 ($233,000) SO ($233,000.00) Commodity Options PIL 522,500 EFTA01121657 Global Investment Opportunities Group J.P. Morgan Securities LLC. Account Position and MTM Summary (2012 Closed Positions) C;tttttal Invvvisateni Onnortunit Prepared for Southern Financial LLC as of August 30, 2013 Total 2012 PIL $9,106,570 (O2013 .IPMorgan Chase & Co. EFTA01121658 Global Investment Opportunities Group JP. PAemeri Securities LLC GIO Global lavostiant OPP•VitMil1.1 Account Position and P/L Summary (Disclaimer) Prepared for Southern Financial LLC as of August 30. 2013 IMPORTANT INFORMATION IRS Circular 230 Disclascre )Alikirgan Chase & Co and its atfilets do not provide tax This material should not be regarded as research or a J.P. Morgan research report- Demons ache*. Ac0ordnofy, any discussion of U.S. tax matterscontained herein (including any expresse0 herein may differ from the opinions caressed by ether areas of l). Morgan, including attachments) is not intended or written to be used, and cannot be used, in connection with research. The Investment metopes and views stated here may differ from those expressed for the promolian marketing or recommendation by anyone unaffiliated with ).PA/organ Chase other purposes et in other context by other I P. Morgan market strategists. • Co. of any of the mattersaddressed hereinor for the purpose of avoiding US tax.felated IA Mogan Securities LLC may act as a market maker relevant to structured products of option penalties. products and rosyengage in hedging or other operation, in such markets relevant to its structured Each recipient of this presentaten, and each agent thereof, may disclose to any person. products of opens exposures. Structured products and options are not insured by the Federal without limitation. the US. income and franchise tax treatment and tax structure of the Deposit insurance Corporation (FDIC), the Federal Reserve Board or any other governmental transactions described herein and may diselose all materials of any kind (inducing opinions agency. or other tax analyses) provided to each reopient Insofar as the materials relate to a U.S. In damson of options and other strategies, results and risks are based solely on hypothetical income or franchise tax strategy provided to such recipient by ).P.Morgan Chase & Co. and examples cited: actual results and riskswill vary depending on specific &combine's. Investors its subsidiaries. are urged to consider carefully whether option or opien.related products n general as well as the Bank products and services ate offered by J.P.Morgan Chase Bank, HA. and its affiliates. products or strategies discussed harem are suitable to their needs. In actual transactions, the Securities products and services are offered Wit. Morgan Securities LLC member WISE d'ent's tounterporty for OTC derivatives applications isl.PAtoigen Chase Sank. NA. London FINRA and SIPC. I.P. Morgan Securities LLC is an affiliate of ).P.Mogan Chase Bank, NA. branch. For a cop/ of the 'Characteristks and Mks of Standardized Options' booklet, please and other afMiates globallym1pol legislation permits FOK insurance and dr:mettle deposit contact your JP. Morgan Advisor. preference are not applicable to deposits or ether obligations of our bank Munches or Real estate, hedge fund, and ether pnvate investments may not be suitable for all indhadual bankre alliiates outside the United Stoles. investors, may present s'sn'rea t nick and maybe SOW or redeemed at more er /en than the In the United Kingdom. this material is approved by J.P. Morgan International Bank Limited original amount invested Private investments are offered only by offering memoranda which man 0PMIII) with the registered office located at t25 London Wall (Cl! SAt registered in fully describe the possible nits There are no assurances that the stated investment objectives of England No. 03838766 and if authorised and regulated by the Financial Services Authority. any investment product will be met. Hedge funds for funds of hedge funds): often engage in In addition, this matenal may be attributed by: AP.Morgan Chase Bank, NA. OPMCB) leveraging and ether specuLitne investment practices that may increase the rest of investment Paris branch. which if regulated by the French banking authorities Autorito de Cobble loss can be highly illiquid: are not required to Peewit* periodic pricing or valuation information to Pnidentiel endPaton* des Mochas Financiers; JrMorgan (Suisse) SA. eg hated by the investors: may involve complex tan strum...esand delays in distributing important tax information: Swiss Financial Market Supervisory Authority; IPMte Dubai branch, regulated by the Dubai are net subject to the same regulatory requrements as mutual funds: and often charge high fees. Financial Services Authority "KO Bolvain branch. licensed ef a conventional wholesale Further, any number of conflicts el interest may exist in the context of the management analog bank by the Central Bank of Bahrain (for professional dents only): .IPMCB Hong Kong operation of any hedge fwd. brandy Awaited by the Kong Kong Monetary Authority and PPMCB Singapore branch. In the US. J.PAforgan Mutual Funds are distributed byLP-Mow Distribution Services. Inc.. regulated by the Monetary Authority of Singapore. which is an affiliate of 1.P.Morrasn Chase & Co. AfMotes of )fr.Morgan Chase & Co. receive fees The material is not intended as an offer of solicitation for the purchase or sale of any for providing various services to the funds. Call .I.P.Morgan Distributers Senna at 1.800430. financial instrument. JrMorgan Securities LLC or its brokerage affiliates may hold a 4111 or visit votew.J.P.Morganfuodocom for the prospectus Wiesen. should [irefully consider the positron or act as market maker in the financial instruments of any issuer discussed heron or investment objectives, risks, charges and expenses of the mutual fords before investing. The act as an underwriter. statement agent advisor of lender to such issuer. The views and prospectus contains this and other information about the mutual fund and should be read carefully strategies described herein may not be suitable for all investor,. The discussion of loans or before investing other extension of credk in this material is for illustrative purposes only. Nocommitment to As applicable, portions of mutual fund performance information may be provided by Upper, a lend should be construed or implied. This material is distra:Aned with the understanding that Reuterscompany. subject to the 'Wiring: 2012 Reuters. Al rights reserved. Any coming we are not rendering accounting. legal or tax advice. Estate planning requires legal republication or redistribution of tipper* content, including by caching, framing or similar mearh is assistance. You should consult with your independent radiators concerning suds matters. expressly prohibited without the prior written consent of Lipper. Lipper shag not be liable for any We believe the information contained in this material to be reliable but do not warrant its errors or delays in the content or for any actions taken in reliance thereon accuracy or completeness. Opinions, estimates, and investment strategies and views Past performances not a reliable indicator of comparable future returns and investen may get NOT AN OFFICAL CONFIRMATION For Morewthemal imposes oNy. The report does nol repreOOnta oNOil amount of the Maros. baWces. or IranweliOns math) in yaw aOcOnl and it being provided 0l your nxmost Phase refer l0 your monthly account salemere fOr the official r0001001 ell 0l your &COW. eaveas. For quinacn. pl0ase call your J.P. Morgan rapresentawo. The Mooing is being provaed for Mormatonal purposes only ender n reepOrtle he sew redueel. IrTormalion confessed n this message and any aocermanying documentation. inducing tot not United to tow research. Mania wilotions, statements. conlirmalions. oelculelions or *senates. is beloved 13 be f*labia. Woo do nol warrant Es competoness or accuracy. Comore arid charrates constitute our hidgmcal and a0 subject to change attioul nose. Past oedemata:* is not Meath. el future results. lhis maternal it not menace as an ether et schoenen for the parches. or sale of any Marcel inhume,* lhs tfokenclealers ardor Mot athletes and employees may hold a posiban or act as market matter n the 'manual iretruments of any ester discussed herein or bet as underwriter. enactment agent. advisor or lender e suds issuer. Veteran provided feted prim estimate on the &MIN spoiled. PAhough 'Norma= in these &currents has been obtained from sources believed to be rehab*. JPMorgan Chase & Co and its ablates do nal guarantee Cs accuracy or completeress and accept no Is for any duct a consequential losses arcing horn its use edpni060n is for the SON use Of the person 10 ~tile adcfreased. and maybe pdwitiled end COnlidente). My uaa. daritruliOn. Or dtellailMn by anyone ocher than the addressee is prole:Reda you receim 0ie is error. pbase not*ythe sender innedialely and resin it by real. (C) 2013 JP/Megan Chase & EFTA01121659