ISHARES TR

Ticker: LQD CUSIP: 464287242 Class: IBOXX INV CP ETF

SANDLER CAPITAL MANAGEMENT's Holding History (CIK: 0001000742)

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

Q2 2016

Shares 2,850 Value ($000) $350 Avg Close — Range —

Q1 2016

Shares 2,850 Value ($000) $339 Avg Close — Range —

Q3 2013

Shares 750,000 Value ($000) $85,140 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	2,850	$350	—	—
Q1 2016	2,850	$339	—	—
Q3 2013	750,000	$85,140	—	—