BLACKBAUD INC

Ticker: BLKB CUSIP: 09227Q100 Class: Common Stock

HBK INVESTMENTS L P's Holding History (CIK: 0001011443)

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

Q4 2014

Shares 20,000 Value ($000) $865 Avg Close $40.66 Range $35.99 - $44.15

Q1 2014

Shares 11,318 Value ($000) $354 Avg Close $32.10 Range $28.68 - $37.00

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	20,000	$865	$40.66	$35.99 - $44.15
Q1 2014	11,318	$354	$32.10	$28.68 - $37.00