SELECT SECTOR SPDR TR

Ticker: XLRE CUSIP: 81369Y860 Class: Exchange Traded Fund

K2 PRINCIPAL FUND, L.P.'s Holding History (CIK: 0001461790)

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

Q4 2016
Shares 10,825 Value ($000) $333 Avg Close — Range —
Q3 2016
Shares 20,800 Value ($000) $682 Avg Close — Range —