ADVANCED EMISSIONS SOLUTS IN

Ticker: ARQ CUSIP: 00770C101 Class: COM

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM's Holding History (CIK: 0000938076)

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

Q4 2014

Shares 14,816 Value ($000) $338 Avg Close $15.53 Range $14.40 - $17.84

Q3 2014

Shares 14,816 Value ($000) $315 Avg Close $16.46 Range $14.59 - $18.49

Q2 2014

Shares 14,816 Value ($000) $340 Avg Close $16.83 Range $13.29 - $19.84

Q1 2014

Shares 13,830 Value ($000) $339 Avg Close $19.55 Range $16.66 - $21.56

Q4 2013

Shares 6,915 Value ($000) $375 Avg Close $17.66 Range $13.54 - $22.08

Q3 2013

Shares 6,915 Value ($000) $295 Avg Close $15.59 Range $12.31 - $16.89

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	14,816	$338	$15.53	$14.40 - $17.84
Q3 2014	14,816	$315	$16.46	$14.59 - $18.49
Q2 2014	14,816	$340	$16.83	$13.29 - $19.84
Q1 2014	13,830	$339	$19.55	$16.66 - $21.56
Q4 2013	6,915	$375	$17.66	$13.54 - $22.08
Q3 2013	6,915	$295	$15.59	$12.31 - $16.89