ADVANCED EMISSIONS SOLUTS IN

Ticker: ARQ CUSIP: 00770C101 Class: COM

Tiptree Advisors, LLC's Holding History (CIK: 0001455452)

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

Q4 2014

Shares 1,204,264 Value ($000) $27,445 Avg Close $15.53 Range $14.40 - $17.84

Q3 2014

Shares 1,109,439 Value ($000) $23,598 Avg Close $16.46 Range $14.59 - $18.49

Q2 2014

Shares 883,358 Value ($000) $20,255 Avg Close $16.83 Range $13.29 - $19.84

Q1 2014

Shares 655,472 Value ($000) $16,085 Avg Close $19.55 Range $16.66 - $21.56

Q4 2013

Shares 256,436 Value ($000) $13,907 Avg Close $17.66 Range $13.54 - $22.08

Q3 2013

Shares 221,436 Value ($000) $9,460 Avg Close $15.59 Range $12.31 - $16.89

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	1,204,264	$27,445	$15.53	$14.40 - $17.84
Q3 2014	1,109,439	$23,598	$16.46	$14.59 - $18.49
Q2 2014	883,358	$20,255	$16.83	$13.29 - $19.84
Q1 2014	655,472	$16,085	$19.55	$16.66 - $21.56
Q4 2013	256,436	$13,907	$17.66	$13.54 - $22.08
Q3 2013	221,436	$9,460	$15.59	$12.31 - $16.89