POWERSHARES ETF TRUST II

CUSIP: 73936Q769 Class: EXCHANGE TRADED

Cutler Capital Management, LLC's Holding History (CIK: 0001353098)

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

Q2 2014
Shares 15,000 Value ($000) $373 Avg Close — Range —
Q1 2014
Shares 17,000 Value ($000) $422 Avg Close — Range —
Q4 2013
Shares 17,000 Value ($000) $423 Avg Close — Range —
Q3 2013
Shares 10,040 Value ($000) $248 Avg Close — Range —