ALERUS FINL CORP

Ticker: ALRS CUSIP: 01446U103 Class: Common Stock

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

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

Q3 2016

Shares 109,340 Value ($000) $1,863 Avg Close $13.09 Range $12.46 - $13.34

Q2 2016

Shares 113,100 Value ($000) $1,991 Avg Close $13.77 Range $13.11 - $14.95

Q1 2016

Shares 113,100 Value ($000) $2,262 Avg Close $13.52 Range $12.37 - $14.95

Q4 2015

Shares 113,100 Value ($000) $2,138 Avg Close $14.38 Range $13.89 - $15.47

Q3 2015

Shares 113,100 Value ($000) $2,290 Avg Close $14.97 Range $14.51 - $16.13

Q2 2015

Shares 113,100 Value ($000) $2,329 Avg Close $14.27 Range $13.60 - $15.25

Q1 2015

Shares 111,600 Value ($000) $2,232 Avg Close $14.00 Range $13.38 - $14.91

Q4 2014

Shares 111,600 Value ($000) $2,204 Avg Close $14.81 Range $14.26 - $15.09

Q3 2014

Shares 111,600 Value ($000) $2,296 Avg Close $13.14 Range $12.37 - $15.49

Q2 2014

Shares 37,200 Value ($000) $1,951 Avg Close $13.02 Range $12.19 - $14.33

Q1 2014

Shares 37,200 Value ($000) $2,044 Avg Close $11.93 Range $11.64 - $13.12

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	109,340	$1,863	$13.09	$12.46 - $13.34
Q2 2016	113,100	$1,991	$13.77	$13.11 - $14.95
Q1 2016	113,100	$2,262	$13.52	$12.37 - $14.95
Q4 2015	113,100	$2,138	$14.38	$13.89 - $15.47
Q3 2015	113,100	$2,290	$14.97	$14.51 - $16.13
Q2 2015	113,100	$2,329	$14.27	$13.60 - $15.25
Q1 2015	111,600	$2,232	$14.00	$13.38 - $14.91
Q4 2014	111,600	$2,204	$14.81	$14.26 - $15.09
Q3 2014	111,600	$2,296	$13.14	$12.37 - $15.49
Q2 2014	37,200	$1,951	$13.02	$12.19 - $14.33
Q1 2014	37,200	$2,044	$11.93	$11.64 - $13.12