Arbiter Partners Capital Management’s iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 VXX Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q4	–	Sell	-30,000	Closed	-$1.18M	–	90
2017 Q3	$1.18M	Buy	30,000 +2,225	+8%	+$103K	0.13%	50
2017 Q2	$1.42M	Hold	27,775	–	–	0.17%	46
2017 Q1	$1.75M	Sell	27,775 -81,700	-75%	-$6.05M	0.23%	35
2016 Q4	$11.2M	Sell	109,475 -154,125	-58%	-$18.5M	1.87%	13
2016 Q3	$35.9M	Buy	263,600 +197,456	+299%	+$31.6M	4.27%	8
2016 Q2	$14.6M	Hold	66,144	–	–	1.89%	11
2016 Q1	$18.6M	Hold	66,144	–	–	3.49%	5
2015 Q4	$21.3M	Buy	66,144 +15,563	+31%	+$4.95M	2.73%	7
2015 Q3	$20.7M	Buy	50,581 +14,512	+40%	+$4.83M	2.03%	7
2015 Q2	$11.6M	Buy	36,069 +7,969	+28%	+$2.59M	1.03%	24
2015 Q1	$11.5M	Buy	28,100 +4,506	+19%	+$2.19M	1%	22
2014 Q4	$11.9M	Buy	23,594 +5,469	+30%	+$2.69M	1.1%	23
2014 Q3	$9.04M	Buy	18,125 +16,350	+921%	+$7.56M	0.89%	31
2014 Q2	$812K	Buy	1,775 +944	+114%	+$550K	0.08%	74
2014 Q1	$561K	Buy	+831	New	+$585K	0.06%	79