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DISTRIBUTION PLAN
<br /> FOR THE FOLLOWING MUNICIPAL DERIVATIVE SETTLEMENTS:
<br /> UBS AG ("UBS")
<br /> SOCIETE GENERALE,S.A. ("SOC GEN")
<br /> NATIXIS FUNDING CORP.,F/K/A IXIS FUNDING CORP.,AND BEFORE THAT,F/K/A CDC FUNDING
<br /> CORP. ("NATIXIS")
<br /> PIPER JAFFRAY& CO. ("PIPER")
<br /> NATIONAL WESTMINSTER BANK PLC ("NATWEST")
<br /> GEORGE K. BAUM & COMPANY ("GK BAUM")
<br /> 1. Allocation Funds.The Allocation Funds shall be: $32,000,000 for the UBS Settlement ("UBS Fund"); $28,452,500
<br /> for the Natixis Setilement ("Natixis Fund"); $25,412,500 for the Soc Gen Settlement ("Soc Gen Fund"); $9,750;000
<br /> for the Piper Settlement ("Piper Fund"); $3,500,000 for the NatWest Settlement ("NatWest Fund"); and $1,400,000 for
<br /> the GK Baum Settlement ("GK Baum Fund"). The Settlement Agreements describing these settlements can be found at
<br /> www MunicipalDenvativesSettlement.com
<br /> 2. Net Allocation Funds.The Allocation Funds,less all taxes,expenses of the Notice and administration of the Settlement,
<br /> court-approved costs, attorneys' fees, class representative enhancement awards, and expenses (the "Net Allocation Funds,"
<br /> and individually the "Net UBS Fund," the "Net Natixis Fund," the "Net Soc Gen Fund," the "Net Piper Fund," the "Net
<br /> NatWest Fund,"and the"Net GK Baum Fund")shall be distributed to members of the Class who timely submit valid Proofs
<br /> of Claim ("Authorized Claimants") as described below and in the attached Proof of Claim form. In the opinion of Lead
<br /> Counsel,this repress nts the most appropriate way of allocating the Net Allocation Funds under the circumstances of this case.
<br /> 3. State AG Settlements.The State AG Settlements refer, collectively, to the following settlements involving municipal
<br /> transactions: an out-of-court settlement, dated December 23, 2011, between GE Funding Capital Market Services, Inc.
<br /> and 28 States Attorneys General ("State AG Settlement with GE"); an out-of-court settlement dated December 7, 2010
<br /> between Bank of America Corporation and 28 States Attorneys General ("State AG Settlement with Bank of America");
<br /> an out-of-court settlement dated December 8, 2011 between Wachovia Bank,N.A. and 26 State Attorneys General ("State
<br /> AG Settlement witfi Wacbovia"); an out-of-court settlement dated May 4, 2011 between UBS AG and 25 State Attorneys
<br /> General ("State AGI Settlement with UBS"); an out-of-court settlement dated July 7,2011 between JP Morgan Chase&Co.
<br /> and 25 States Attorneys General ("State AG Settlement with JPMorgan"). These settlements, and related information, can
<br /> be found at www aQ ny gov/antitrust/lepal-documents/municipal-bond-derivatives-investigation
<br /> 4. QualifyingM Inicipal Transactions For purposes of this Distribution Plan,a"qualifying Municipal Transaction"is a
<br /> Municipal Derivative Transaction that qualifies its holder to be a member of at least one of the Settlement Classes,subject to
<br /> the parameters and exclusions set forth in the definitions of a Class and of a Municipal Derivatives Transaction in the various
<br /> Settlement Agreements.'A notable exception applies to transactions for which claimants accepted payments from the State
<br /> AG Settlements: if a transaction is between an Authorized Claimant and provider Defendant Bank of America, JPMorgan,
<br /> GE,UBS or Wachovia,and the claimant accepted a State AG payment for that transaction from the corresponding State AG
<br /> Settlement with Bank of America, JPMorgan, GE,UBS or Wachovia,respectively, then that transaction is not a qualifying
<br /> Municipal Transaction.
<br /> 5. Proof of Claim. In order to qualify a transaction as a qualifying Municipal Transaction, and to earn benefits from the
<br /> Allocation Funds,alClass Member must submit a timely Proof of Claim that is accepted in whole or in part by the Settlement
<br /> Administrator. Counsel for Class Plaintiffs have attempted to collect transactional data from Defendants showing which
<br /> qualifying Municipal Transactions exist.While some transactional data has been collected, some is missing, and claimants
<br /> should submit the+ own information to the extent available. The Settlement Administrator may in its discretion request
<br /> documentation during auditing to confirm transactions submitted by Authorized Claimants. The Settlement Administrator
<br /> will try to assist potential claimants to the best of its ability.
<br /> ' See UBS Settlement Agreement JA(1)(i) (defining Class)&JA(1)(y)(defining Municipal Derivatives Transaction);Natixis Settlement Agreement
<br /> JA(1)(i) (defining Class) & 1A(1)(x) (defining Municipal Derivatives Transaction); Soc Gen Agreement JA(1)(i) (defining Class) & JA(1)(x)
<br /> (defining Municipal Derivatives Transaction);Piper Agreement 9A(1)(i)(defining Class) &JA(1)(y) (defining Municipal Derivatives Transaction);
<br /> NatWest Settlement Aireement JA(1)(i)(defining Class)&JA(1)(x)(defining Municipal Derivatives);and GK Baum Settlement Agreement TA(1)
<br /> (i)(defining Class)&JA(1)(x)(defining Municipal Derivatives).
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