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POTOMAC CAPITAL MANAGEMENT LLC
> ADPT
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2008 | Steel Excel Inc. | ADPT | 0 | -299,700 | 0 | -2,275,000 | |
| 12/31/2004 | Steel Excel Inc. | ADPT | 299,700 | -35,600 | 2,275,000 | -273,000 | $7.59 |
| 09/30/2004 | Steel Excel Inc. | ADPT | 335,300 | 26,000 | 2,548,000 | -69,000 | $7.60 |
| 06/30/2004 | Steel Excel Inc. | ADPT | 309,300 | -2,500 | 2,617,000 | -114,000 | $8.46 |
| 03/31/2004 | Steel Excel Inc. | ADPT | 311,800 | 162,000 | 2,731,000 | 1,407,000 | $8.76 |
| 12/31/2003 | Steel Excel Inc. | ADPT | 149,800 | 149,800 | 1,324,000 | 1,324,000 | $8.84 |
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