Deltec Asset Management’s Sanofi Contingent Value Rights GCVRZ Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2016 Q4	–	Sell	-500,000	Closed	-$135K	–	201
2016 Q3	$135K	Sell	500,000 -250,000	-33%	-$67.5K	0.03%	145
2016 Q2	$180K	Sell	750,000 -248,000	-25%	-$59.5K	0.05%	133
2016 Q1	$114K	Hold	998,000	–	–	0.03%	131
2015 Q4	$112K	Sell	998,000 -979,454	-50%	-$110K	0.03%	138
2015 Q3	$376K	Buy	1,977,454 +866,782	+78%	+$165K	0.09%	130
2015 Q2	$777K	Buy	1,110,672 +865,056	+352%	+$605K	0.17%	82
2015 Q1	$167K	Sell	245,616 -1,000	-0.4%	-$680	0.04%	134
2014 Q4	$195K	Sell	246,616 -53,384	-18%	-$42.2K	0.04%	127
2014 Q3	$140K	Hold	300,000	–	–	0.03%	136
2014 Q2	$150K	Hold	300,000	–	–	0.03%	140
2014 Q1	$93K	Sell	300,000 -150,000	-33%	-$46.5K	0.02%	144
2013 Q4	$153K	Buy	450,000 +390,975	+662%	+$133K	0.04%	134
2013 Q3	$119K	Hold	59,025	–	–	0.03%	133
2013 Q2	$112K	Buy	+59,025	New	+$112K	0.03%	137