ALERUS FINL CORP

Ticker: ALRS CUSIP: 01446U103 Class: Common Stock

DENALI ADVISORS LLC's Holding History (CIK: 0001142941)

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

Q2 2020

Shares 3,500 Value ($000) $69 Avg Close $14.95 Range $12.55 - $18.00

Q1 2020

Shares 3,500 Value ($000) $58 Avg Close $16.44 Range $12.36 - $18.89

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2020	3,500	$69	$14.95	$12.55 - $18.00
Q1 2020	3,500	$58	$16.44	$12.36 - $18.89