ADVANCED EMISSIONS SOLUTS IN

Ticker: ARQ CUSIP: 00770C101 Class: COM

Swiss National Bank's Holding History (CIK: 0001582202)

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

Q4 2014

Shares 23,900 Value ($000) $545 Avg Close $15.53 Range $14.40 - $17.84

Q3 2014

Shares 23,900 Value ($000) $508 Avg Close $16.46 Range $14.59 - $18.49

Q2 2014

Shares 23,900 Value ($000) $548 Avg Close $16.83 Range $13.29 - $19.84

Q1 2014

Shares 22,800 Value ($000) $560 Avg Close $19.55 Range $16.66 - $21.56

Q4 2013

Shares 9,300 Value ($000) $504 Avg Close $17.66 Range $13.54 - $22.08

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	23,900	$545	$15.53	$14.40 - $17.84
Q3 2014	23,900	$508	$16.46	$14.59 - $18.49
Q2 2014	23,900	$548	$16.83	$13.29 - $19.84
Q1 2014	22,800	$560	$19.55	$16.66 - $21.56
Q4 2013	9,300	$504	$17.66	$13.54 - $22.08