SPDR S&P 500 ETF TR

Ticker: SPY CUSIP: 78462F103 Class: TR UNIT

Covalent Partners LLC's Holding History (CIK: 0001531611)

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

Q1 2014
Shares 15,639 Value ($000) $2,925 Avg Close — Range —
Q4 2013
Shares 26,200 Value ($000) $4,839 Avg Close — Range —
Q3 2013
Shares 12,700 Value ($000) $2,134 Avg Close — Range —
Q2 2013
Shares 12,700 Value ($000) $2,037 Avg Close — Range —