Blenheim Capital Management, L.L.C. Activity Q4 2006-Q3 2014

Q3 2014

			Value		Shares		↓ Weighting
TECK	Buy	TECK RESOURCES LTD-CL B	$9,445,000	-13.8%	500,000	+4.1%	11.78%	-15.7%
IREBY	Buy	BANK OF IRELAND-SPONS ADRadr	$8,073,000	+89.2%	510,000	+66.1%	10.06%	+85.1%
SWC	Sell	STILLWATER MINING CO	$3,758,000	-41.0%	250,000	-31.1%	4.68%	-42.3%
XME	Sell	SPDR S&P METALS & MINING ETFetf	$3,679,000	-18.6%	100,000	-6.5%	4.59%	-20.4%
DSX	Buy	DIANA SHIPPING INC	$3,665,000	-10.3%	410,000	+9.3%	4.57%	-12.2%
ING	New	ING GROEP NV-CVAadr	$2,957,000	–	207,000	–	3.69%	–
SAN	Buy	BANCO SANTANDER SA-SPON ADRadr	$1,663,000	+479.4%	175,000	+535.6%	2.07%	+466.4%
1338PS	New	UBS AG-REG	$1,476,000	–	85,000	–	1.84%	–
BHP	Buy	BHP BILLITON LTD-SPON ADRadr	$1,354,000	+560.5%	23,000	+666.7%	1.69%	+546.7%
DRYS	Buy	DRYSHIPS INC	$1,309,000	+8.4%	530,000	+41.3%	1.63%	+6.0%
CCJ	Buy	CAMECO CORP	$1,007,000	+22.2%	57,000	+35.7%	1.26%	+19.5%
DCIX	Buy	DIANA CONTAINERSHIPS INC	$608,000	+6.9%	270,000	+20.0%	0.76%	+4.6%
JPM	Buy	JPMORGAN CHASE & CO	$482,000	+109.6%	8,000	+100.0%	0.60%	+105.1%
VWO	Sell	VANGUARD FTSE EMERGING MARKEetf	$394,000	-27.4%	9,444	-25.0%	0.49%	-29.0%
MTB	New	M & T BANK CORP	$370,000	–	3,000	–	0.46%	–
RF	New	REGIONS FINANCIAL CORP	$351,000	–	35,000	–	0.44%	–
BBT	New	BB&T CORP	$335,000	–	9,000	–	0.42%	–
C	Buy	CITIGROUP INC	$311,000	+65.4%	6,000	+50.0%	0.39%	+61.7%
EWZ	Buy	ISHARES MSCI BRAZIL CAPPED Eetf	$261,000	+36.6%	6,000	+50.0%	0.32%	+33.7%
SB	New	SAFE BULKERS INC	$200,000	–	30,000	–	0.25%	–
BAC	New	BANK OF AMERICA CORP	$171,000	–	10,000	–	0.21%	–
	New	SPDR S&P 500 ETF TRput	$48,000	–	1,150	–	0.06%	–
	New	GOODRICH PETE CORPcall	$35,000	–	200	–	0.04%	–
	Buy	SPDR S&P 500 ETF TRcall	$13,000	-45.8%	2,000	+66.7%	0.02%	-48.4%
	Exit	SELECT SECTOR SPDR TRput	$0	–	-500	–	-0.00%	–
VALE	Exit	VALE SA-SP ADRadr	$0	–	-10,000	–	-0.17%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-24,000	–	-0.22%	–
EWW	Exit	ISHARES MSCI MEXICO CAPPEDetf	$0	–	-4,500	–	-0.39%	–
EMB	Exit	ISHARES JP MORGAN USD EMERGIetf	$0	–	-3,500	–	-0.51%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-220,000	–	-0.87%	–

Q2 2014

			Value		Shares		↓ Weighting
MY	New	CHINA MING YANG WIND POW-ADSadr	$21,108,000	–	6,153,907	–	26.90%	–
HBM	New	HUDBAY MINERALS INC	$17,120,000	–	1,850,000	–	21.82%	–
TECK	New	TECK RESOURCES LTD-CL B	$10,961,000	–	480,132	–	13.97%	–
SWC	New	STILLWATER MINING CO	$6,371,000	–	363,000	–	8.12%	–
XME	New	SPDR S&P METALS & MINING ETFetf	$4,521,000	–	107,000	–	5.76%	–
IREBY	New	BANK OF IRELAND-SPONS ADRadr	$4,267,000	–	307,000	–	5.44%	–
DSX	New	DIANA SHIPPING INC	$4,084,000	–	375,000	–	5.20%	–
NMM	New	NAVIOS MARITIME PARTNERS LP	$1,944,000	–	100,000	–	2.48%	–
DRYS	New	DRYSHIPS INC	$1,208,000	–	375,000	–	1.54%	–
PBR	New	PETROLEO BRASILEIRO S.A.-ADRadr	$951,000	–	65,000	–	1.21%	–
CCJ	New	CAMECO CORP	$824,000	–	42,000	–	1.05%	–
EGLE	New	EAGLE BULK SHIPPING INC	$680,000	–	220,000	–	0.87%	–
GREK	New	GLOBAL X FTSE GREECE 20 ETFetf	$585,000	–	26,000	–	0.74%	–
DCIX	New	DIANA CONTAINERSHIPS INC	$569,000	–	225,000	–	0.72%	–
VWO	New	VANGUARD FTSE EMERGING MARKEetf	$543,000	–	12,593	–	0.69%	–
EMB	New	ISHARES JP MORGAN USD EMERGIetf	$403,000	–	3,500	–	0.51%	–
EWW	New	ISHARES MSCI MEXICO CAPPEDetf	$305,000	–	4,500	–	0.39%	–
SAN	New	BANCO SANTANDER SA-SPON ADRadr	$287,000	–	27,531	–	0.37%	–
TSL	New	TRINA SOLAR LTD-SPON ADRadr	$269,000	–	21,000	–	0.34%	–
JPM	New	JPMORGAN CHASE & CO	$230,000	–	4,000	–	0.29%	–
BHP	New	BHP BILLITON LTD-SPON ADRadr	$205,000	–	3,000	–	0.26%	–
EWZ	New	ISHARES MSCI BRAZIL CAPPED Eetf	$191,000	–	4,000	–	0.24%	–
C	New	CITIGROUP INC	$188,000	–	4,000	–	0.24%	–
APA	New	APACHE CORP	$181,000	–	1,800	–	0.23%	–
DHT	New	DHT HOLDINGS INC	$173,000	–	24,000	–	0.22%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$146,000	–	4,000	–	0.19%	–
VALE	New	VALE SA-SP ADRadr	$132,000	–	10,000	–	0.17%	–
	New	SPDR S&P 500 ETF TRcall	$24,000	–	1,200	–	0.03%	–
	New	SELECT SECTOR SPDR TRput	$1,000	–	500	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
IREBY	Exit	BANK OF IRELAND-SPONS ADRadr	$0	–	-20,000	–	-0.37%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-10,000	–	-0.43%	–
PBR	Exit	PETROLEO BRASILEIRO S.A.-ADRadr	$0	–	-30,000	–	-0.77%	–
GREK	Exit	GLOBAL X FTSE GREECE 20 ETFetf	$0	–	-26,000	–	-0.83%	–
VWO	Exit	VANGUARD FTSE EMERGING MARKEetf	$0	–	-15,105	–	-1.00%	–
VALE	Exit	VALE SA-SP ADRadr	$0	–	-45,000	–	-1.16%	–
SWC	Exit	STILLWATER MINING CO	$0	–	-70,000	–	-1.28%	–
TCPTF	Exit	THOMPSON CREEK METALS CO INC	$0	–	-1,100,000	–	-6.55%	–
EWZ	Exit	ISHARES MSCI BRAZIL CAPPED Eetf	$0	–	-210,000	–	-16.69%	–
TECK	Exit	TECK RESOURCES LTD-CL B	$0	–	-480,132	–	-21.38%	–
MY	Exit	CHINA MING YANG WIND POW-ADSadr	$0	–	-6,153,907	–	-24.40%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-1,850,000	–	-25.11%	–

Q3 2013

			Value		Shares		↓ Weighting
EWZ	New	ISHARES MSCI BRAZIL CAPPED Eetf	$10,061,000	–	210,000	–	16.69%	–
SWC	Buy	STILLWATER MINING CO	$771,000	+38.2%	70,000	+34.6%	1.28%	-12.8%
VALE	Buy	VALE SA-SP ADRadr	$702,000	+205.2%	45,000	+157.1%	1.16%	+92.6%
VWO	New	VANGUARD FTSE EMERGING MARKEetf	$606,000	–	15,105	–	1.00%	–
PBR	New	PETROLEO BRASILEIRO S.A.-ADRadr	$465,000	–	30,000	–	0.77%	–
CHK	Sell	CHESAPEAKE ENERGY CORP	$259,000	-60.9%	10,000	-69.2%	0.43%	-75.3%
IREBY	New	BANK OF IRELAND-SPONS ADRadr	$225,000	–	20,000	–	0.37%	–

Q2 2013

			Value		Shares		↓ Weighting
HBM	New	HUDBAY MINERALS INC	$12,259,000	–	1,850,000	–	32.22%	–
MY	New	CHINA MING YANG WIND POW-ADSadr	$10,339,000	–	6,153,907	–	27.18%	–
TECK	New	TECK COMINCO LTD-CL B	$10,260,000	–	480,132	–	26.97%	–
TCPTF	New	THOMPSON CREEK METALS CO INC	$3,333,000	–	1,100,000	–	8.76%	–
CHK	New	CHESAPEAKE ENERGY CORP	$662,000	–	32,500	–	1.74%	–
SWC	New	STILLWATER MINING CO	$558,000	–	52,000	–	1.47%	–
GREK	New	GLOBAL X FTSE GREECE 20 ETFetf	$403,000	–	26,000	–	1.06%	–
VALE	New	VALE SA-SP ADRadr	$230,000	–	17,500	–	0.60%	–

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