PALO ALTO NETWORKS INC

Ticker: PANW CUSIP: 697435105 Class: COM

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

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

Q1 2017

Shares 55,264 Value ($000) $6,227 Avg Close $22.36 Range $18.34 - $26.27

Q4 2016

Shares 36,700 Value ($000) $4,589 Avg Close $23.96 Range $20.59 - $27.61

Q3 2016

Shares 25,000 Value ($000) $3,983 Avg Close $22.79 Range $19.50 - $26.67

Q2 2016

Shares 8,000 Value ($000) $981 Avg Close $23.16 Range $19.11 - $27.29

Q2 2015

Shares 2,501 Value ($000) $437 Avg Close $26.69 Range $23.26 - $30.83

Q1 2015

Shares 38,065 Value ($000) $5,561 Avg Close $22.39 Range $19.60 - $25.07

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	55,264	$6,227	$22.36	$18.34 - $26.27
Q4 2016	36,700	$4,589	$23.96	$20.59 - $27.61
Q3 2016	25,000	$3,983	$22.79	$19.50 - $26.67
Q2 2016	8,000	$981	$23.16	$19.11 - $27.29
Q2 2015	2,501	$437	$26.69	$23.26 - $30.83
Q1 2015	38,065	$5,561	$22.39	$19.60 - $25.07