SELECT SECTOR SPDR TR

Ticker: XLB CUSIP: 81369Y100 Class: SBI MATERIALS

SANDLER CAPITAL MANAGEMENT's Holding History (CIK: 0001000742)

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

Q3 2014

Shares 186,855 Value ($000) $9,266 Avg Close — Range —

Q2 2014

Shares 390,600 Value ($000) $19,389 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	186,855	$9,266	—	—
Q2 2014	390,600	$19,389	—	—