From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Highbridge Capital Corp Date: Mon, 09 Jun 2014 17:51:59 +0000 Attachments: SHBRK_Scann14060913190.pdf Currently, as of May 31 2014, you have two separate investments in Highbridge Capital Corp with the following balances: Southern Financial: 20,472,425 Haze Trust: 37 903 950 Total Invested in Highbridge: 58,376,375 Upon reviewing page 1 of attached PDF (monthly & annual investment returns) I was concerned that the past 4 years have not been their typical strong performance. 2014 2.92% ytd thru May 31st 2013 7.08% 2012 9.77% 2011 (5.12%) 2010 3.99% Upon further review of quarterly verification summaries (pages 2-5 of attached) i was concerned that the withdrawals payable as a % of total assets from the master fund has been increasing for the past 4 quarters: 3/31/2014 10.9% 12/31/2013 8.5% 9/30/2013 6.6% 6/30/2013 4.5% Jeanne and I called our contact at Highbridge (Barbara Donahue) who said that the withdrawals are higher than normal and may be a result of new PM's hired. I also verified that redemption process which is as follows: Feb, May, Aug & November of each year with 45 days written notice. Note: I) FTC invested $25,044,521 on 1/11/2001 and pulled out $25,000,000 in 2/28/2006 2) Haze invested $10,041,666 on 4/20/1999 and no money has been pulled out Please advise Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 EFTA01185744