Artal Group’s State Street SPDR S&P 500 ETF Trust SPY Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q2	–	Sell	-500,000	Closed	-$132M	–	117
2018 Q1	$132M	Buy	+500,000	New	+$136M	1.65%	4
2016 Q1	–	Sell	-250,000	Closed	-$51M	–	78
2015 Q4	$51M	Buy	+250,000	New	+$51.3M	0.96%	13
2015 Q2	–	Sell	-500,000	Closed	-$103M	–	86
2015 Q1	$103M	Sell	500,000 -900,000	-64%	-$186M	4.77%	3
2014 Q4	$288M	Buy	1,400,000 +200,000	+17%	+$40.2M	10.1%	3
2014 Q3	$236M	Buy	1,200,000 +200,000	+20%	+$39.5M	8.7%	3
2014 Q2	$196M	Buy	1,000,000 +300,000	+43%	+$57M	7.91%	3
2014 Q1	$131M	Hold	700,000	–	–	4.74%	3
2013 Q4	$129M	Sell	700,000 -800,000	-53%	-$142M	4.64%	3
2013 Q3	$252M	Buy	1,500,000 +900,000	+150%	+$151M	8.2%	3
2013 Q2	$96.3M	Buy	+600,000	New	+$96.6M	3.03%	3