SPDR SERIES TRUST

Ticker: WIP CUSIP: 78464A490 Class: FTSE INT GVT ETF

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

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

Q4 2015
Shares 9,000 Value ($000) $453 Avg Close — Range —
Q3 2015
Shares 9,000 Value ($000) $468 Avg Close — Range —
Q2 2015
Shares 9,000 Value ($000) $494 Avg Close — Range —
Q1 2015
Shares 9,000 Value ($000) $491 Avg Close — Range —
Q4 2014
Shares 9,000 Value ($000) $513 Avg Close — Range —
Q3 2014
Shares 9,000 Value ($000) $529 Avg Close — Range —
Q2 2014
Shares 9,000 Value ($000) $558 Avg Close — Range —
Q1 2014
Shares 9,000 Value ($000) $541 Avg Close — Range —
Q4 2013
Shares 9,000 Value ($000) $526 Avg Close — Range —
Q3 2013
Shares 9,000 Value ($000) $536 Avg Close — Range —
Q2 2013
Shares 9,000 Value ($000) $518 Avg Close — Range —