ALERUS FINL CORP

Ticker: ALRS CUSIP: 01446U103 Class: Common Stock

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

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

Q4 2019

Shares 5,130 Value ($000) $117 Avg Close $17.93 Range $17.26 - $19.24

Q3 2019

Shares 4,548 Value ($000) $99 Avg Close $16.34 Range $15.24 - $19.46

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2019	5,130	$117	$17.93	$17.26 - $19.24
Q3 2019	4,548	$99	$16.34	$15.24 - $19.46