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