SELECT SECTOR SPDR TR

Ticker: XLP CUSIP: 81369Y308 Class: Exchange Traded Fund

Bell Bank's Holding History (CIK: 0001002672)

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

Q4 2016

Shares 462,131 Value ($000) $23,897 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	462,131	$23,897	—	—