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BLACK HORSE CAPITAL MANAGEMENT LLC
> ATNYD
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2012 | API Technologies Corp. | ATNYD | 172,413 | -200,000 | 495,000 | -875,000 | $2.87 |
| 06/30/2012 | API Technologies Corp. | ATNYD | 372,413 | -157,330 | 1,370,000 | -479,000 | $3.68 |
| 03/31/2012 | API Technologies Corp. | ATNYD | 529,743 | -303,591 | 1,849,000 | -1,443,000 | $3.49 |
| 12/31/2011 | API Technologies Corp. | ATNYD | 807,234 | -26,100 | 2,567,000 | -725,000 | $3.18 |
| 09/30/2011 | API Technologies Corp. | ATNYD | 833,334 | 833,334 | 3,292,000 | 3,292,000 | $3.95 |
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