AGREE REALTY CORP

Ticker: ADC CUSIP: 008492100 Class: COM

Philadelphia Financial Management of San Francisco, LLC's Holding History (CIK: 0001351407)

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

Q3 2016
Shares 196,127 Value ($000) $9,697 Avg Close — Range —
Q2 2016
Shares 191,333 Value ($000) $9,230 Avg Close — Range —