POWERSHARES ETF TRUST II

CUSIP: 73936Q603 Class: MENA FRNTR ETF

Baldwin Investment Management, LLC's Holding History (CIK: 0001346378)

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

Q4 2013
Shares 35,468 Value ($000) $434 Avg Close — Range —
Q3 2013
Shares 35,468 Value ($000) $405 Avg Close — Range —
Q2 2013
Shares 35,468 Value ($000) $391 Avg Close — Range —