ALERUS FINL CORP

Ticker: ALRS CUSIP: 01446U103 Class: Common Stock

ADAGE CAPITAL PARTNERS GP, L.L.C.'s Holding History (CIK: 0001165408)

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

Q4 2019

Shares 170,000 Value ($000) $3,885 Avg Close $17.93 Range $17.26 - $19.24

Q3 2019

Shares 180,000 Value ($000) $3,924 Avg Close $16.34 Range $15.24 - $19.46

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2019	170,000	$3,885	$17.93	$17.26 - $19.24
Q3 2019	180,000	$3,924	$16.34	$15.24 - $19.46