PROSHARES TR

Ticker: SJB CUSIP: 74347R131 Class: SHRT HGH YIELD

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

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

Q2 2014
Shares 10,500 Value ($000) $289 Avg Close — Range —
Q1 2014
Shares 10,500 Value ($000) $298 Avg Close — Range —
Q4 2013
Shares 10,500 Value ($000) $308 Avg Close — Range —
Q3 2013
Shares 10,000 Value ($000) $305 Avg Close — Range —
Q2 2013
Shares 5,000 Value ($000) $158 Avg Close — Range —