0% 0.0% Cumulative Return 1 Western Standard 155.6% 30.8% Russell 2000 ■ Cumulative 59.7% 14.3% MS00 55.9% 13.5% Annualized April 2012 Focus of Western Standard The most significant investments of the partnership in April were: • Increased exposure to common equities —The partnership added 4 new positions

O 17 Common Equities ■ 41 Short Sales ■2 Bonds ■ 19 Short Sales 200% O24 Common Equities 0.00% -2.00% .400% -6.00% EFTA00307547 June 2012 Focus of Western Standard The most significant investments of the partnership in June were: • Increased exposure to common equities —The partnership added 3 new positions a