PAR Capital Management’s FIRST MARBLEHEAD CORP COM STK NEW (DE) FMD Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q3	–	Sell	-60,000	Closed	-$292K	–	91
2016 Q2	$292K	Hold	60,000	–	–	﹤0.01%	80
2016 Q1	$228K	Buy	+60,000	New	+$228K	﹤0.01%	79
2015 Q4	–	Sell	-60,000	Closed	-$206K	–	83
2015 Q3	$206K	Hold	60,000	–	–	﹤0.01%	80
2015 Q2	$346K	Hold	60,000	–	–	0.01%	73
2015 Q1	$374K	Buy	+60,000	New	+$374K	0.01%	69
2014 Q4	–	Sell	-60,000	Closed	-$170K	–	79
2014 Q3	$170K	Hold	60,000	–	–	﹤0.01%	68
2014 Q2	$315K	Hold	60,000	–	–	0.01%	64
2014 Q1	$362K	Buy	+60,000	New	+$362K	0.01%	64
2013 Q4	–	Sell	-60,000	Closed	-$492K	–	64
2013 Q3	$492K	Hold	60,000	–	–	0.02%	60
2013 Q2	$714K	Buy	+60,000	New	+$714K	0.02%	61