EFTA00640876.pdf

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 fax cell EFTA00640876 Begin forwarded message: From: Subject: Message from KMBT_C253 Date: June 9. 2014 at 1:19:17 PM EDT To: Reply-To: EFTA00640877