Kingstown Capital Management’s Babcock & Wilcox BW Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q2	–	Sell	-77,500	Closed	-$16.6M	–	24
2016 Q1	$16.6M	Sell	77,500 -122,500	-61%	-$26.2M	1.79%	19
2015 Q4	$41.7M	Sell	200,000 -60,000	-23%	-$12.5M	4.5%	12
2015 Q3	$43.7M	Buy	+260,000	New	+$43.7M	4.91%	10