POPE ASSET MANAGEMENT, LLC Historic Quarter Change: USA Stocks, Reduced

Each consecutive pair of Form 13F-HR filings compared (SEC CIK 1166134), 12 quarters: Q3 2016 (2016-03-31 to 2016-09-30, filed 2016-11-18); Q1 2016 (2015-12-31 to 2016-03-31, filed 2016-05-17); Q4 2015 (2015-09-30 to 2015-12-31, filed 2016-02-17); Q3 2015 (2015-06-30 to 2015-09-30, filed 2015-11-17); Q2 2015 (2015-03-31 to 2015-06-30, filed 2015-08-17); Q1 2015 (2014-12-31 to 2015-03-31, filed 2015-05-15); Q4 2014 (2014-09-30 to 2014-12-31, filed 2015-01-28); Q3 2014 (2014-06-30 to 2014-09-30, filed 2014-11-04); Q2 2014 (2014-03-31 to 2014-06-30, filed 2014-08-14); Q1 2014 (2013-12-31 to 2014-03-31, filed 2014-05-09); Q4 2013 (2013-09-30 to 2013-12-31, filed 2014-02-05); Q3 2013 (2013-06-30 to 2013-09-30, filed 2013-10-30). Rows for the same security, class and put/call are added together. Value change is the filed value at each quarter end, so it includes the price move. Only the filings held here are compared; the firm's 13F-HR filings go back to the quarter ended 2001-12-31.