Nine Chapters Capital Management’s BRF SA BRFS Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q1	–	Sell	-30,500	Closed	-$712K	–	967
2014 Q4	$712K	Buy	+30,500	New	+$712K	0.06%	433
2013 Q4	–	Sell	-9,100	Closed	-$223K	–	794
2013 Q3	$223K	Sell	9,100 -7,400	-45%	-$181K	0.03%	609
2013 Q2	$358K	Buy	+16,500	New	+$358K	0.06%	416