PANGAEA LOGISTICS SOLUTION L

Ticker: PANL CUSIP: G6891L105 Class: Foreign Stock

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

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

Q1 2018

Shares 89,725 Value ($000) $238 Avg Close $2.11 Range $1.60 - $2.76

Q4 2017

Shares 48,397 Value ($000) $178 Avg Close $2.56 Range $1.69 - $6.30

Q3 2017

Shares 91,075 Value ($000) $224 Avg Close $1.95 Range $1.60 - $2.24

Q2 2017

Shares 254,794 Value ($000) $708 Avg Close $2.37 Range $1.90 - $2.77

Q1 2017

Shares 308,414 Value ($000) $1,052 Avg Close $2.43 Range $2.14 - $2.81

Q4 2016

Shares 363,129 Value ($000) $1,235 Avg Close $2.13 Range $1.80 - $3.33

Q3 2016

Shares 460,264 Value ($000) $1,151 Avg Close $1.82 Range $1.69 - $2.32

Q2 2016

Shares 468,902 Value ($000) $949 Avg Close $1.89 Range $1.66 - $2.80

Q1 2016

Shares 492,662 Value ($000) $963 Avg Close $1.76 Range $1.42 - $2.13

Q4 2015

Shares 459,084 Value ($000) $1,030 Avg Close $2.24 Range $1.93 - $2.74

Q3 2015

Shares 314,742 Value ($000) $878 Avg Close $2.44 Range $2.04 - $2.76

Q2 2015

Shares 336,629 Value ($000) $1,087 Avg Close $2.23 Range $1.58 - $2.92

Q1 2015

Shares 328,150 Value ($000) $808 Avg Close $2.46 Range $1.80 - $3.58

Q4 2014

Shares 324,947 Value ($000) $1,543 Avg Close $4.37 Range $3.37 - $7.57

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2018	89,725	$238	$2.11	$1.60 - $2.76
Q4 2017	48,397	$178	$2.56	$1.69 - $6.30
Q3 2017	91,075	$224	$1.95	$1.60 - $2.24
Q2 2017	254,794	$708	$2.37	$1.90 - $2.77
Q1 2017	308,414	$1,052	$2.43	$2.14 - $2.81
Q4 2016	363,129	$1,235	$2.13	$1.80 - $3.33
Q3 2016	460,264	$1,151	$1.82	$1.69 - $2.32
Q2 2016	468,902	$949	$1.89	$1.66 - $2.80
Q1 2016	492,662	$963	$1.76	$1.42 - $2.13
Q4 2015	459,084	$1,030	$2.24	$1.93 - $2.74
Q3 2015	314,742	$878	$2.44	$2.04 - $2.76
Q2 2015	336,629	$1,087	$2.23	$1.58 - $2.92
Q1 2015	328,150	$808	$2.46	$1.80 - $3.58
Q4 2014	324,947	$1,543	$4.37	$3.37 - $7.57