HIGHBRIDGE - FINANCIAL TRUST NAV Gross NAV Gross P&L Ending NAV 920/05 Cash Contnbution 5/31/05 Month-end close 6/30/05 Month-end close 7131/05 Month-end close 8/31/05 Month-end close 9/30/05 Month-end close 10,000,000 10,257,091 10,338,844 10,521.483 10,422,116 10,000,000 257,091 81,753 182,639 (99.367) 217,528 10,000,000 10,257,091 10,338,844 10,521.483 10,422,116 10,639,644 10/31/05 Month-end close 10,639,644 406,604 11,046,248 11/30/05 Month-end close 11,046,248 (126.963) 10,919,285 12/31/05 Month-end close 10,919,285 161.948 11.081,233 1/31/06 Month-end close 11,081,233 382,729 11,463,962 2/28/06 Month-end close 11,463,962 6,337 11,470,299 3/31)06 Month-end close 11,470,299 190,888 11,661,187 4130/06 Month-end close 11,661.187 24.125 11,685.312 5/31/06 Month-end close 11.685.312 179,836 11,665,148 6130/06 Month-end close 11,865,148 (3,651) 11,861,497 7131/06 Month-end close 11,861,497 85,693 11,947,190 8131106 Month-end close 11,947,190 185,121 12,132,311 9130/06 Month-end close 12,132.311 95.189 12,227,500 NET NAV Contributions Net Financing 10% NAV After Incentive YID Net (Withdrawals) Starting P&L Incentive Fee P 8L 5120/05 Cash Contnbution 10,000.000 10,000,000 5/31/05 Month-end close 10,000.000 10,000,000 257,091 (25.709) 10.231.382 231.382 6/30/05 Month-end close 10,231,382 10,231,382 81.753 (8.175) 10,304.960 304.960 7131)05 Month-end close 10,304,960 10,304,960 182,639 (18,264) 10,469,335 469,335 8131/05 Month-end close 10,469,335 10,469,335 (99,367) 9,937 10,379,904 379,904 9130105 Month-end close 10.379,904 10,379,904 217,528 (21.753) 10.575.680 575.680 10/31/05 Month-end close 10,575,680 10,575,680 406,604 (40,660) 10.941,623 941.623 11/30/05 Month-end close 10,941,623 10,941,623 (126.963) 12,696 10,827,357 827,356 12/31/05 Month-end close 10,827,357 10,827,357 161,948 (16,195) 10.973,110 973,110 1/31106 M