JOSE ERNESTO BUCETA

PABLO JOSE BUCETA

TUCUMAN 2163 3- B
BUENOS AIRES 1050
ARGENTINA
B0079489CSF30008
Asset Al l ocat i on
Last Period This Period % Allocation
Mut ual Funds

292, 739.46 252, 564.11 100%
Equi t i es

75, 536.46 -2, 537.00 0%
Account Total $368, 275.92 $250, 027.11 100%
Your Account is 100% invested in Mutual Funds.
Account Number : HAX- 039077
Statement Per i od: 05/ 01/ 2012 - 05/ 31/ 2012
Val uat i on at a Gl ance This Period
Begi nni ng Account Val ue $368, 275.92
Cash Deposi t s 84, 244.17
Cash Wi t hdrawal s -168, 761.03
Di vi dends/ Int erest 243.95
Change i n Account Val ue -33, 975.90
Endi ng Account Val ue $250, 027.11
HERNAN SAPIA
( 787) 756-4998
Page 1 of 10
JOSE ERNESTO BUCETA
B0079489CSF30008
Account Num ber: HAX-039077
Page 2 of 10
For Your I nf or mat i on

Disclosure Regarding Securities Lending in Margin Accounts
If you have a margin account, pursuant to your Margin Agreement with Pershing LLC and as permitted by law, margin securities in your account, may be used for, among other things, settling short sales and
lending the securities for short sales. As a result, Pershing and your financial organization may receive compensation in connection therewith. Further, Pershing does not lend fully paid for securities without your
written permission. Please contact your financial organization if you have any questions.
Inscrbase para recibir estados de cuenta por medio de Paperless Statements y descubra cmo puede aprovechar al mximo el acceso por Internet. Para obtener ms informacin, favor de comunicarse con su
Asesor Financiero.
Cl i ent Ser vi ce I nf or mat i on
I denti fi cati on Number : A12 Contact I nfor mati on
HERNAN SAPIA
PO BOX 70263
SAN JUAN PR 00936-8263
Tel ephone Number : ( 787) 756-4998
Defaul t Tax Lot Di sposi ti on M ethod for M utual Funds : AVERAGE COST ( USING FIRST IN FIRST OUT)
Defaul t Tax Lot Di sposi ti on M ethod for Stocks i n a Di vi dend Rei nvestment Pl an: FIRST IN FIRST OUT
Defaul t Tax Lot Di sposi ti on M ethod for Al l Other Secur i ti es: FIRST IN FIRST OUT
Por t f ol i o Hol di ngs
Quantity Description
Market
Price
Market
Value
Estimated
Yield
Equi ti es 0.00% of Port f olio
Opti ons
- 43.000 CALL 100 PETROLEO BRASI LEI RO SA
PETROBRAS SPONSORED ADR
EXP 06-01-12@ 19.000 OPTION ROOT= PBR
0.5900 - 2, 537.00
Opt i on Ident i f i er: 99QAB37R3
Underl yi ng Securi t y Pri ce: $19.56
Underl yi ng Securi t y Ident i f i er: PBR
Total Opti ons - $2, 537.00
Total Equi ti es
- $2, 537.00
JOSE ERNESTO BUCETA
B0079489CSF30008
Statement Per i od: 05/ 01/ 2012 - 05/ 31/ 2012
Account Num ber: HAX-039077
Page 3 of 10
Por t f ol i o Hol di ngs ( conti nued)
Quantity Description
Market
Price
Market
Value
Estimated
Yield
M utual Funds 100.00% of Port f olio
M utual Funds
275.946 LEGG M ASON ROYCE U.S. SM ALL CAP
OPPORTUNITY FD CL B US$ DIST ( A)
( OFFSHORE)
Open End Fund
Di vi dend Opt i on: Rei nvest ; Capi t al Gai ns Opt i on: Rei nvest
267.2100 73, 735.53
Securi t y Ident i f i er: G54417517
3, 748.502 TEM PLETON GLOBAL BOND FUND U.S.
DOLLAR CLASS B OFFSHORE
Open End Fund
Di vi dend Opt i on: Rei nvest ; Capi t al Gai ns Opt i on: Rei nvest
19.6600 73, 695.55
Securi t y Ident i f i er: L4058R704
Est i m at ed Pri ce as of Dat e: 05/ 30/ 12
3, 744.206 TEM PLETON GLOBAL TOTAL RETURN FUND
CLASS B ( DIS) ( OFFSHORE)
Open End Fund
Di vi dend Opt i on: Rei nvest ; Capi t al Gai ns Opt i on: Rei nvest
16.0400 60, 057.06
Securi t y Ident i f i er: L4058W554
Est i m at ed Pri ce as of Dat e: 05/ 30/ 12
1, 294.118 M FS EM ERGI NG M ARKETS DEBT FUND CLASS B2
( OFFSHORE)
Open End Fund
Di vi dend Opt i on: Cash; Capi t al Gai ns Opt i on: Rei nvest
17.5400 22, 698.83
Securi t y Ident i f i er: L63653304
Est i m at ed Pri ce as of Dat e: 05/ 30/ 12
482.370 FRANKLI N M UTUAL BEACON FUND CLASS A
( ACC) ( OFFSHORE) ISIN LU0070302665
Open End Fund
Di vi dend Opt i on: Rei nvest ; Capi t al Gai ns Opt i on: Rei nvest
46.3900 22, 377.14
Securi t y Ident i f i er: L90262236
Total M utual Funds $252, 564.11
Total M utual Funds
$252, 564.11
JOSE ERNESTO BUCETA
B0079489CSF30008
Account Num ber: HAX-039077
Page 4 of 10
Por t f ol i o Hol di ngs ( conti nued)
Description
Market
Value
Accrued
I nterest
Total Por tfol i o Hol di ngs $250, 027.11 $0.00
Disclosures and Other Information
Pricing - This section includes the net market value of the securities in your account on a settlement date basis, including short positions, at the close of the statement period. The market prices have been
obtained from quotation services, which we believe to be reliable; however, we cannot guarantee their accuracy. Securities for which a price is not available are marked "N/A" and are omitted from the Total.
The estimated annual income (EAI) and estimated current yield (ECY) figures are estimates and for informational purposes only. These figures are not considered to be a forecast or guarantee of future results.
These figures are computed using information from providers believed to be reliable; however, no assurance can be made as to the accuracy. Since interest and dividend rates are subject to change at any time,
and may be affected by current and future economic, political, and business conditions, they should not be relied on for making investment, trading, or tax decisions. These figures assume that the position
quantities, interest and dividend rates, and prices remain constant. A capital gain or return of principal may be included in the figures for certain securities, thereby overstating them. Refer to
www.pershing.com/business_continuity.html for specific details as to formulas used to calculate the figures. Accrued interest represents interest earned but not yet received.
The Estimated Price as of Date only appears when the price date does not equal the statement date and the price indicated is estimated since it is not reflective of a last trade price on a recognized exchange.
Reinvestment - The dollar amount of Mutual Fund distributions, Money Market Fund dividend income, Bank Deposit interest income, or dividends for other securities shown on your Statement may have been
reinvested. You will not receive confirmation of these reinvestments. However, information pertaining to these transactions which would otherwise appear on confirmations, including the time of execution and the
name of the person from whom your security was purchased, will be furnished to you upon written request to your introducing firm. In dividend reinvestment transactions, Pershing acts as your agent and receives
payment for order flow, the source and nature of which payment will be furnished to you upon written request to your introducing firm.
Option Disclosure - Information with respect to commissions and other charges incurred in connection with the execution of option transactions has been included in confirmations previously furnished to you. A
summary of this information is available to you promptly upon your written request directed to your introducing firm. In order to assist your introducing firm in maintaining current background and financial
information concerning your option accounts, please promptly advise them in writing of any material change in your investment objectives or financial situation. Expiring options which are valuable are exercised
automatically pursuant to the exercise by exception procedure of the Options Clearing Corporation. Additional information regarding this procedure is available upon written request to your introducing firm.
Foreign Currency Transactions - Pershing may execute foreign currency transactions as principal for your account. Pershing may automatically convert foreign currency to or from U.S. dollars for dividends and
similar corporate action transactions unless you instruct your financial organization otherwise. Pershing's currency conversion rate will not exceed the highest interbank conversion rate identified from customary
banking sources on the conversion date or the prior business day, increased by up to 1%, unless a particular rate is required by applicable law. Your financial organization may also increase the currency
conversion rate. This conversion rate may differ from rates in effect on the date you executed a transaction, incurred a charge, or received a credit. Transactions converted by agents (such as depositories) will
be billed at the rates such agents use.
Proxy Vote - Securities held by you on margin (securities not fully paid for by you) may be lent by Pershing to itself or others in accordance with the terms outlined in the Margin Agreement. The right to vote your
shares held on margin will be reduced by the amount of shares on loan. The Proxy Voting Instruction Form sent to you may reflect a smaller number of shares entitled to vote than the number of shares in your
margin account.
Act i vi t y Summar y (All amounts shown are in base currency: USD)
Credits This Period Year- to- Date Debits This Period Year- to- Date
Secur i ti es Secur i ti es
Securi t i es Sol d 175, 581.99 455, 070.68 Securi t i es Bought -91, 309.08 -373, 914.47
Total Secur i ti es $175, 581.99 $455, 070.68 Total Secur i ti es - $91, 309.08 - $373, 914.47
Cash Cash
Deposi t s 84, 244.17 365, 830.65 Wi t hdrawal s -168, 761.03 -452, 763.61
Total Cash $84, 244.17 $365, 830.65 Total Cash - $168, 761.03 - $452, 763.61
JOSE ERNESTO BUCETA
B0079489CSF30008
Statement Per i od: 05/ 01/ 2012 - 05/ 31/ 2012
Account Num ber: HAX-039077
Page 5 of 10
Act i vi t y Summar y ( conti nued)
Credits This Period Year- to- Date Debits This Period Year- to- Date
Addi ti onal Tr ansacti ons Addi ti onal Tr ansacti ons
Di vi dends and Int erest 243.95 7, 557.43 Di vi dends and Int erest 0.00 0.00
Taxes Wi t hhel d 0.00 0.00 Taxes Wi t hhel d 0.00 -1, 780.68
Total Addi ti onal Tr ansacti ons $243.95 $7, 557.43 Total Addi ti onal Tr ansacti ons $0.00 - $1, 780.68
Total Cr edi ts $260, 070.11 $828, 458.76 Total Debi ts - $260, 070.11 - $828, 458.76
Tr ansact i ons i n Dat e Sequence
Process/
Settlement
Date
Trade/
Transaction
Date Activity Type Description Quantity Price Accrued I nterest Amount CCY
05/ 02/ 12 05/ 01/ 12 SOLD
99QABXMUB
CALL 100 PETROLEO BRASILEIRO SPON ADR EXP
05-19-12@ 24.000 OPENING TRANSACTION UNSOLICITED
ORDER ALLOCATED ORDER YOUR BROKER ACTED AS AGENT
-30.000 0.4400 1, 294.18 USD
05/ 02/ 12 FOREIGN SECURITY DIVIDEND
RECEIVED
L63653304
MFS EMERGING MARKETS DEBT FUND CLASS B2
( OFFSHORE) 1294.1180 SHRS RD 04/ 27 PD 04/ 30/ 12
75.67 USD
05/ 02/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -1, 294.18 USD
05/ 03/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -75.67 USD
05/ 08/ 12 CUSIP CHANGE
L4058T148
TEMPLETON GLOBAL TOTAL RETURN FUND CLASS B ( DIS)
* C/ C* L4058W554 EFF 05/ 08/ 12
-3, 736.883 0.00 USD
05/ 08/ 12 CUSIP CHANGE
L4058W554
TEMPLETON GLOBAL TOTAL RETURN FUND CLASS B ( DIS)
( OFFSHORE)
3, 736.883 0.00 USD
05/ 09/ 12 05/ 04/ 12 PURCHASED
PBR
PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR
UNSOLICITED ORDER PERSHING LLC MAKES A MKT IN THIS
SEC & ACTED AS PRINCIPAL
300.000 22.2800 -6, 713.95 USD
05/ 09/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT TO TRANSACTION ACCOUNT 6, 713.95 USD
05/ 10/ 12 05/ 09/ 12 PURCHASED
99QABXMUB
CALL 100 PETROLEO BRASILEIRO SPON ADR EXP
05-19-12@ 24.000 CLOSING TRANSACTION UNSOLICITED
ORDER
30.000 0.0500 -174.15 USD
JOSE ERNESTO BUCETA
B0079489CSF30008
Account Num ber: HAX-039077
Page 6 of 10
Tr ansact i ons i n Dat e Sequence ( conti nued)
Process/
Settlement
Date
Trade/
Transaction
Date Activity Type Description Quantity Price Accrued I nterest Amount CCY
05/ 10/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT TO TRANSACTION ACCOUNT 174.15 USD
05/ 15/ 12 05/ 14/ 12 SOLD
99QABXMT8
CALL 100 PETROLEO BRASILEIRO SPON ADR EXP
05-19-12@ 21.000 OPENING TRANSACTION UNSOLICITED
ORDER ALLOCATED ORDER YOUR BROKER ACTED AS AGENT
-35.000 0.1900 638.59 USD
05/ 15/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -638.59 USD
05/ 16/ 12 05/ 15/ 12 PURCHASED
99QABXMT8
CALL 100 PETROLEO BRASILEIRO SPON ADR EXP
05-19-12@ 21.000 CLOSING TRANSACTION UNSOLICITED
ORDER ALLOCATED ORDER YOUR BROKER ACTED AS AGENT
35.000 0.0700 -270.80 USD
05/ 16/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT TO TRANSACTION ACCOUNT 270.80 USD
05/ 17/ 12 05/ 14/ 12 PURCHASED
PBR
PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR
UNSOLICITED ORDER PERSHING LLC MAKES A MKT IN THIS
SEC & ACTED AS PRINCIPAL
200.000 20.0691 -4, 043.77 USD
05/ 17/ 12 05/ 14/ 12 SOLD
RDS B
ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG B SHS
ISIN# US7802591070 UNSOLICITED ORDER
-67.000 66.9501 4, 455.60 USD
05/ 17/ 12 05/ 16/ 12 SOLD
99QAB0K86
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 06-16-12@ 22.000 OPTION ROOT=
PBR OPENING TRANSACTION UNSOLICITED ORDER
-35.000 0.3000 1, 023.04 USD
05/ 17/ 12 FOREIGN SECURITY DIVIDEND
RECEIVED
L4058R704
TEMPLETON GLOBAL BOND FUND U.S. DOLLAR CLASS B
OFFSHORE 3746.3100 SHRS RD 05/ 08 PD 05/ 16/ 12
44.96 USD
05/ 17/ 12 REINVEST CASH INCOME
L4058R704
TEMPLETON GLOBAL BOND FUND U.S. DOLLAR CLASS B
OFFSHORE 3746.3100 SHRS SHRS PURCH. AT $20.51000 RD
05/ 08 PD 05/ 16/ 12
2.192 -44.96 USD
05/ 17/ 12 FOREIGN SECURITY DIVIDEND
RECEIVED
L4058W554
TEMPLETON GLOBAL TOTAL RETURN FUND CLASS B ( DIS)
( OFFSHORE) 3736.8830 SHRS RD 05/ 08 PD 05/ 16/ 12
123.32 USD
05/ 17/ 12 REINVEST CASH INCOME
L4058W554
TEMPLETON GLOBAL TOTAL RETURN FUND CLASS B ( DIS)
( OFFSHORE) 3736.8830 SHRS SHRS PURCH. AT $16.84000
RD 05/ 08 PD 05/ 16/ 12
7.323 -123.32 USD
05/ 17/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -1, 434.87 USD
05/ 18/ 12 05/ 17/ 12 PURCHASED
99QAB0K91
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 06-16-12@ 18.000 OPTION ROOT= PBR OPENING
TRANSACTION UNSOLICITED ORDER
10.000 0.3900 -408.40 USD
05/ 18/ 12 05/ 17/ 12 PURCHASED
99QAB0K92
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 06-16-12@ 19.000 OPTION ROOT= PBR OPENING
TRANSACTION UNSOLICITED ORDER
10.000 0.6940 -712.82 USD
JOSE ERNESTO BUCETA
B0079489CSF30008
Statement Per i od: 05/ 01/ 2012 - 05/ 31/ 2012
Account Num ber: HAX-039077
Page 7 of 10
Tr ansact i ons i n Dat e Sequence ( conti nued)
Process/
Settlement
Date
Trade/
Transaction
Date Activity Type Description Quantity Price Accrued I nterest Amount CCY
05/ 18/ 12 05/ 17/ 12 PURCHASED
99QAB2FIP
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 05-25-12@ 18.000 OPTION ROOT= PBR OPENING
TRANSACTION UNSOLICITED ORDER
10.000 0.2000 -218.13 USD
05/ 18/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT TO TRANSACTION ACCOUNT 1, 339.35 USD
05/ 21/ 12 05/ 18/ 12 SOLD
99QAB0K91
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 06-16-12@ 18.000 OPTION ROOT= PBR CLOSING
TRANSACTION UNSOLICITED ORDER
-10.000 0.4500 431.50 USD
05/ 21/ 12 05/ 18/ 12 PURCHASED
99QAB0K92
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 06-16-12@ 19.000 OPTION ROOT= PBR OPENING
TRANSACTION UNSOLICITED ORDER
10.000 0.7100 -721.45 USD
05/ 21/ 12 05/ 18/ 12 PURCHASED
99QAB0K92
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 06-16-12@ 19.000 OPTION ROOT= PBR OPENING
TRANSACTION UNSOLICITED ORDER
10.000 0.7400 -751.47 USD
05/ 21/ 12 05/ 18/ 12 SOLD
99QAB0K92
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 06-16-12@ 19.000 OPTION ROOT= PBR CLOSING
TRANSACTION UNSOLICITED ORDER
-10.000 0.7600 741.07 USD
05/ 21/ 12 05/ 18/ 12 PURCHASED
99QAB2FIQ
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 05-25-12@ 19.000 OPTION ROOT= PBR EXC ON
BOX EXCH OPENING TRANSACTION
10.000 0.3400 -358.33 USD
05/ 21/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT TO TRANSACTION ACCOUNT 658.68 USD
05/ 22/ 12 05/ 21/ 12 SOLD
99QAB0K85
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 06-16-12@ 21.000 OPTION ROOT=
PBR OPENING TRANSACTION UNSOLICITED ORDER
-2.000 0.5700 98.42 USD
05/ 22/ 12 05/ 21/ 12 SOLD
99QAB0K92
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 06-16-12@ 19.000 OPTION ROOT= PBR CLOSING
TRANSACTION UNSOLICITED ORDER
-10.000 0.4300 411.54 USD
05/ 22/ 12 05/ 21/ 12 SOLD
99QAB2FIQ
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 05-25-12@ 19.000 OPTION ROOT= PBR CLOSING
TRANSACTION UNSOLICITED ORDER
-10.000 0.1000 82.00 USD
05/ 22/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -591.96 USD
JOSE ERNESTO BUCETA
B0079489CSF30008
Account Num ber: HAX-039077
Page 8 of 10
Tr ansact i ons i n Dat e Sequence ( conti nued)
Process/
Settlement
Date
Trade/
Transaction
Date Activity Type Description Quantity Price Accrued I nterest Amount CCY
05/ 23/ 12 05/ 18/ 12 SOLD
L4058R274
FRANKLIN MUTUAL EUROPEAN FUND CLASS A ( ACC)
( OFFSHORE) 508091 SOLICITED ORDER
-1, 021.099 19.7000 20, 115.65 USD
05/ 23/ 12 05/ 22/ 12 PURCHASED
99QAB0K85
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 06-16-12@ 21.000 OPTION ROOT=
PBR CLOSING TRANSACTION UNSOLICITED ORDER
2.000 0.4800 -111.54 USD
05/ 23/ 12 05/ 22/ 12 PURCHASED
99QAB0K86
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 06-16-12@ 22.000 OPTION ROOT=
PBR CLOSING TRANSACTION UNSOLICITED ORDER
35.000 0.3300 -1, 182.08 USD
05/ 23/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -18, 822.03 USD
05/ 24/ 12 05/ 21/ 12 PURCHASED
PBR
PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR
UNSOLICITED ORDER PERSHING LLC MAKES A MKT IN THIS
SEC & ACTED AS PRINCIPAL
200.000 20.2791 -4, 085.77 USD
05/ 24/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT TO TRANSACTION ACCOUNT 4, 085.77 USD
05/ 25/ 12 05/ 24/ 12 SOLD
99QAB0K92
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR EXP 06-16-12@ 19.000 OPTION ROOT= PBR CLOSING
TRANSACTION UNSOLICITED ORDER
-10.000 0.8900 870.88 USD
05/ 25/ 12 05/ 24/ 12 SOLD
99QAB2FH9
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 05-25-12@ 19.000 OPTION ROOT=
PBR OPENING TRANSACTION UNSOLICITED ORDER
-37.000 0.3186 1, 151.25 USD
05/ 25/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -2, 022.13 USD
05/ 29/ 12 05/ 23/ 12 SOLD
PBR
PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR
UNSOLICITED ORDER PERSHING LLC MAKES A MKT IN THIS
SEC & ACTED AS PRINCIPAL AVERAGE UNIT PRICE
TRANSACTION YOUR BROKER ACTED AS AGENT
-3, 700.000 19.3804 71, 562.77 USD
05/ 29/ 12 05/ 26/ 12 YOUR OPTION EXPIRED
99QAB2FIP
PUT 100 PETROLEO BRASILEIRO SA PETROBRAS SPONSORED
ADR CREDIT ACCOUNT
-10.000 0.00 USD
05/ 29/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -71, 562.77 USD
05/ 29/ 12 YOUR OPTION ASSIGNED
99QAB2FH9
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 05-25-12@ 19.000 OPTION ROOT=
PBR PBR-H9 CLOSING TRANSACTION
37.000 0.00 USD
05/ 30/ 12 05/ 24/ 12 PURCHASED
PBR
PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR
UNSOLICITED ORDER PERSHING LLC MAKES A MKT IN THIS
SEC & ACTED AS PRINCIPAL AVERAGE UNIT PRICE
TRANSACTION YOUR BROKER ACTED AS AGENT
3, 700.000 19.2289 -71, 289.49 USD
05/ 30/ 12 05/ 29/ 12 SOLD
99QAB37R4
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 06-01-12@ 20.000 OPTION ROOT=
PBR OPENING TRANSACTION UNSOLICITED ORDER
-9.000 0.3400 288.02 USD
JOSE ERNESTO BUCETA
B0079489CSF30008
Statement Per i od: 05/ 01/ 2012 - 05/ 31/ 2012
Account Num ber: HAX-039077
Page 9 of 10
Tr ansact i ons i n Dat e Sequence ( conti nued)
Process/
Settlement
Date
Trade/
Transaction
Date Activity Type Description Quantity Price Accrued I nterest Amount CCY
05/ 30/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT TO TRANSACTION ACCOUNT 71, 001.47 USD
05/ 31/ 12 05/ 25/ 12 SOLD
PBR
PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR
ACCT OPT ASSIGNED
-3, 700.000 19.0000 70, 273.47 USD
05/ 31/ 12 05/ 30/ 12 SOLD
99QAB37R3
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 06-01-12@ 19.000 OPTION ROOT=
PBR OPENING TRANSACTION UNSOLICITED ORDER
-9.000 0.4900 434.53 USD
05/ 31/ 12 05/ 30/ 12 SOLD
99QAB37R3
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 06-01-12@ 19.000 OPTION ROOT=
PBR OPENING TRANSACTION UNSOLICITED ORDER
-34.000 0.5100 1, 709.48 USD
05/ 31/ 12 05/ 30/ 12 PURCHASED
99QAB37R4
CALL 100 PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR EXP 06-01-12@ 20.000 OPTION ROOT=
PBR CLOSING TRANSACTION UNSOLICITED ORDER
9.000 0.0900 -98.65 USD
05/ 31/ 12 BANK SETTLEMENT ACTIVITY
USD999997
PAYMENT FR TRANSACTION ACCOUNT -72, 318.83 USD
Total Val ue of al l Tr ansacti ons $0.00 $0.00
The price and quantity displayed may have been rounded.
Tr ades Not Set t l ed
Settlement
Date
Trade
Date
Activity
Type Description Quantity Price
Accrued
I nterest
Settlement
Amount
06/ 01/ 12 05/ 29/ 12 Buy PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR UNSOLICITED ORDER
PERSHING LLC MAKES A MKT IN THIS SEC &
ACTED AS PRINCIPAL AVERAGE UNIT PRICE
TRANSACTION
900.000 19.8793 0.00 -17, 927.15
06/ 04/ 12 05/ 30/ 12 Buy PETROLEO BRASILEIRO SA PETROBRAS
SPONSORED ADR UNSOLICITED ORDER
PERSHING LLC MAKES A MKT IN THIS SEC &
ACTED AS PRINCIPAL ALLOCATED ORDER
YOUR BROKER
3, 400.000 19.3200 0.00 -65, 819.38
Total Amount of Tr ades Not Settl ed - $83, 746.53
JOSE ERNESTO BUCETA
B0079489CSF30008
Account Num ber: HAX-039077
Page 10 of 10
I ncome and Expense Summar y
Current Period Year- to- Date
Taxable Non Taxable Taxable Non Taxable
Di vi dend I ncome
Equi t i es 243.95 0.00 7, 557.43 0.00
Total Di vi dends, I nter est, I ncome and Expenses $243.95 $0.00 $7, 557.43 $0.00
M essages

Portfolio diversification is an important element to consider when making investment decisions. Academic studies and real-world experience have shown that asset allocation is the key factor in long-term
investment performance. By choosing a diversified mix of stocks, bonds and other asset classes, investors may create the portfolios that best match their financial goals and tolerance for risk. Concentrated
positions entail greater risks than a diversified portfolio. A concentrated position may be defined as the significant presence of a single security, securities of a single issuer or a certain class of security in an
investor's portfolio. No single formula or percentage of a particular security or class of securities suits all investors. If you wish to discuss portfolio diversification in further detail, please contact your Financial
Consultant.
I mpor t ant Ar bi t r at i on Di scl osur es and I mpor t ant Ar bi t r at i on Agr eement
Important Arbitration Disclosures
All parties to this agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.
Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify an arbitration award is very limited.
The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.
The arbitrators do not have to explain the reason(s) for their award, unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to
the first scheduled hearing date.
The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.
The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court.
The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this agreement.
Important Arbitration Agreement
Any controversy between you and Pershing LLC shall be submitted to arbitration before the Financial Industry Regulatory Authority. No person shall bring a putative or certified class action to arbitration, nor seek
to enforce any predispute arbitration agreement against any person who has initiated in court a putative class action, who is a member of a putative class who has not opted out of the class with respect to any
claims encompassed by the putative class action until; (I) the class certification is denied; (II) the class is decertified; or (III) the client is excluded from the class by the court. Such forbearance to enforce an
agreement to arbitrate shall not constitute a waiver of any rights under this agreement except to the extent stated herein. The laws of the State of New York govern.
Pershing's contact information is as follows: Pershing LLC; Legal Department; One Pershing Plaza; Jersey City, New Jersey 07399; (201) 413-3330.