TRANSOCEAN LTD

Ticker: RIG CUSIP: H8817H100 Class: Common Stock

Cutler Capital Management, LLC's Holding History (CIK: 0001353098)

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

Q1 2015

Shares 15,480 Value ($000) $227 Avg Close $16.21 Range $13.28 - $20.65

Q4 2014

Shares 49,670 Value ($000) $910 Avg Close $24.98 Range $15.97 - $32.41

Q3 2014

Shares 173,630 Value ($000) $5,551 Avg Close $39.12 Range $31.76 - $45.21

Q2 2014

Shares 170,620 Value ($000) $7,683 Avg Close $42.54 Range $39.41 - $46.12

Q1 2014

Shares 160,040 Value ($000) $6,616 Avg Close $43.48 Range $38.47 - $49.58

Q4 2013

Shares 95,255 Value ($000) $4,707 Avg Close $48.94 Range $44.19 - $55.74

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	15,480	$227	$16.21	$13.28 - $20.65
Q4 2014	49,670	$910	$24.98	$15.97 - $32.41
Q3 2014	173,630	$5,551	$39.12	$31.76 - $45.21
Q2 2014	170,620	$7,683	$42.54	$39.41 - $46.12
Q1 2014	160,040	$6,616	$43.48	$38.47 - $49.58
Q4 2013	95,255	$4,707	$48.94	$44.19 - $55.74