VANGUARD INDEX FDS

Ticker: VNQ CUSIP: 922908553 Class: REAL ESTATE ETF

Bellecapital International Ltd.'s Holding History (CIK: 0001600152)

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

Q4 2014

Shares 2,500 Value ($000) $203 Avg Close — Range —

Q2 2014

Shares 4,000 Value ($000) $299 Avg Close — Range —

Q1 2014

Shares 10,500 Value ($000) $742 Avg Close — Range —

Q4 2013

Shares 10,500 Value ($000) $678 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	2,500	$203	—	—
Q2 2014	4,000	$299	—	—
Q1 2014	10,500	$742	—	—
Q4 2013	10,500	$678	—	—