ADCARE HEALTH SYSTEMS INC

CUSIP: 00650W300 Class: COM NEW

Kerrisdale Advisers, LLC's Holding History (CIK: 0001569688)

Note: Option positions (PUT/CALL) are excluded.

Q2 2014
Shares 256,171 Value ($000) $1,096 Avg Close — Range —
Q1 2014
Shares 243,671 Value ($000) $1,014 Avg Close — Range —
Q4 2013
Shares 243,671 Value ($000) $1,048 Avg Close — Range —
Q3 2013
Shares 179,144 Value ($000) $726 Avg Close — Range —