PROSHARES TR

Ticker: TBX CUSIP: 74348A608 Class: SHT 7-10 YR TR

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

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

Q2 2014

Shares 13,000 Value ($000) $413 Avg Close — Range —

Q1 2014

Shares 13,000 Value ($000) $425 Avg Close — Range —

Q4 2013

Shares 7,000 Value ($000) $237 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	13,000	$413	—	—
Q1 2014	13,000	$425	—	—
Q4 2013	7,000	$237	—	—