7.14 100.00% $557.14 Account activity this month Date Activity Description Amount (S) Dividend and interest income Taxable dividends Nov 1 Dividend GENL MILLS INC PAID ON 1882 903.36 Nov 15 Dividend COLGATE PALMOUVE CO PAID ON 1508 588.12 Nov 15 Dividend PROCTER & GAMBLE CO PAID ON 1134

Shares, 30-Dec-2008 0.0000 NAV per share, 30-Dec-2008 0.00 Total value of shares at 30-Dec-2008 0.00 USD Transactions: 31-Dec-2008 Receipt of Dividend 382.6661 Shares, 31-Dec-2008 382.6661 NAV per share, 31-Dec-2008 42,351.61 Total value of shares at 31-Dec-2008 16,206,525.43i USD Confidenti

1.3150. If the Euro is back above 1.3150 the dividend trade will be much higher. Let me know. A good data point on the iTraxx Europe index vs the Dividend index: Friday close Tuesday open % chancre 2012 Dividends 94.50 90.50 4% iTraxx Europe 120 127 5.8% The iTraxx acted as a good hedge for

k above $1225. The index I mentioned this morning - iTraxx Europe - consists of 125 large European corporates. We should buy this as a hedge to the Dividend position. It costs 1.2% a year. If Europe blows up it will trade higher to offset a fall in the Dividends. If Europe ends up ok and the iTraxx Europ

points as Europe failed to provide clarity on a rescue plan. Attached is the spread sheet that we sent to Harry with all of the open positions. The Dividend futures positions are marked down $3MM. Dealer quotes have widened out so we are marking it conservatively. We still like the trade. Based on JPM's

posits, including investments transferred in 0.00 31,000.00 Withdrawals and fees, including investments transferred cut -2,152.99 -61,151.87 Dividend and interest income 2,072.03 6,063.31 Change in market value 45,941.81 33,180.45 Closing account value $807,099.30 $807,099.30 Account name: