HIGHBRIDGE - FINANCIAL TRUST NAV Gross NAV Ending 5/20/05 Cash Contribution Gross P&L NAV 10,000,000 10,000,000 5/31/05 Month-end close 10,000,000 257,091 6/30/05 Month-end close 10,257,091 81,753 7/31/05 Month-end close 10,338,844 182,639 (99,367) 8/31/05 Month-end close 10,521,483 9/30/05 Month-end close 10,422,116 217,528 10/31/05 Month-end close 10,639,644 406,604 11/30/05 Month-end close 11,046,248 12/31/05 Month-end close 10,919,285 (126,963) 161,948 1/31/06 Month-end close 11,081,233 382,729 2/28/06 Month-end close 11,463,962 6,337 3/31/06 Month-end close 11,470,299 190,888 4/30/06 Month-end close 11,661,187 24,125 5/31/06 Month-end close 11,685,312 179,836 (3,651) 6/30/06 Month-end close 11,865,148 7/31/06 Month-end close 11,861,497 85,693 8/31/06 Month-end close 11,947,190 185,121 9/30/06 Month-end close 12,132,311 95,189 Contributions (Withdrawals) 5/20/05 Cash Contribution 5/31/05 Month-end close 10,000,000 6/30/05 Month-end close 10,231,382 7/31/05 Month-end close 10,304,960 8/31/05 Month-end close 10,469,335 9/30/05 Month-end close 10,379,904 10/31/05 Month-end close 10,575,680 11/30/05 Month-end close 10,941,623 12/31/05 Month-end close 10,827,357 1/31/06 Month-end 2/28/06 Month-end 3/31/06 Month-end 4/30/06 Month-end 5/31/06 Month-end 6/30/06 Month-end 7/31/06 Month-end 8/31/06 Month-end 9/30/06 Month-end 10,257,091 10,338,844 10,521,483 10,422,116 close 10,973,110 close 11,317,566 close 11,323,269 close 11,495,068 close 11,482,344 close 11,644,197 close 11,645,599 close 11,740,605 close 11,907,214 EFTA01592456