| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PENNANT OFFSHORE PARTNERS, LTD | 425,409 | 425,409 | 1,072,336 |
| PENNANT WINDWARD FUND, LTD | 98,566 | 98,566 | 161,226 |
| PENNANT INVESTORS LP | 10,175,946 | 9,323,158 | 14,852,853 |
| PENNANT WINDWARD FUND, LTD- LIQUIDATING ACCOUNT AF | 1,772,590 | 1,865,353 |