EFTA01592456.pdf

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 close 10,973,110 2/28/06 Month-end close 11,317,566 3/31/06 Month-end close 11,323,269 4/30/06 Month-end close 11,495,068 5/31/06 Month-end close 11,482,344 6/30/06 Month-end close 11,644,197 7/31/06 Month-end close 11,645,599 8/31/06 Month-end close 11,740,605 9/30/06 Month-end close 11,907,214 10,257,091 10,338,844 10,521,483 10,422,116 EFTA01592456 10,639,644 11,046,248 10,919,285 11,081,233 11,463,962 11,470,299 11,661,187 11,685,312 11,865,148 11,861,497 11,947,190 12,132,311 12,227,500 NET NAV Net Starting 10,000,000 10,000,000 10,000,000 257,091 10,231,382 81,753 10,304,960 182,639 (99,367) (126,963) 161,948 10,469,335 10,379,904 217,528 10,575,680 406,604 10,941,623 10,827,357 10,973,110 382,729 11,317,566 6,337 11,323,269 190,888 (14,138) (25,709) (8,175) (18,264) 9,937 (21,753) (40,660) 12,696 (16,195) (38,273) (634) 11,495,068 11,482,344 179,836 11,644,197 1,558 11,645,599 105,563 11,740,605 185,121 11,907,214 95,189 (19,089) 1,414 (17,984) EFTA01592457 (156) (10,556) (18,512) (9,519) 10,231,382 10,304,960 10,469,335 10,379,904 10,575,680 10,941,623 10,827,357 10,973,110 11,317,566 11,323,269 11,495,068 11,482,344 11,644,197 11,645,599 11,740,605 11,907,214 11,992,884 231,382 304,960 469,335 379,904 575,680 941,623 827,356 973,110 344,456 350,159 521,959 509,234 671,087 672,489 767,496 934,105 1,019,775 P&L Financing Incentive Fee 10% NAV After Incentive YTD Net P &L EFTA01592458