ALLIANCE DATA SYSTEMS CORP

Ticker: BFH CUSIP: 018581108 Class: Common Stock

K2 PRINCIPAL FUND, L.P.'s Holding History (CIK: 0001461790)

Note: Option positions (PUT/CALL) are excluded.

Q4 2016

Shares 24,000 Value ($000) $5,484 Avg Close $150.52 Range $136.26 - $167.02

Q3 2016

Shares 15,000 Value ($000) $3,218 Avg Close $147.03 Range $132.06 - $165.23

Q2 2016

Shares 15,000 Value ($000) $2,939 Avg Close $143.66 Range $127.53 - $156.70

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	24,000	$5,484	$150.52	$136.26 - $167.02
Q3 2016	15,000	$3,218	$147.03	$132.06 - $165.23
Q2 2016	15,000	$2,939	$143.66	$127.53 - $156.70