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NATIXIS
<br />DISTRIBUTION PLAN
<br />FOR THE FOLLOWING MUNICIPAL DERIVATIVE SETTLEMENTS:
<br />UBS AG ("UBS")
<br />SOCIETE GENERALE, S.A. ("SOC GEN")
<br />ING 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 9A(1)(i) (defining Class) & IAM(y) (defining Municipal Derivatives Transaction); Natixis Settlement Agreement
<br />1A(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) &,A(1)(x) (defining Municipal Derivatives).
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