APOLLO COML REAL EST FIN INC

Ticker: ARI CUSIP: 03762U105 Class: REIT

Arbiter Partners Capital Management LLC's Holding History (CIK: 0001513193)

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

Q1 2014
Shares 10,000 Value ($000) $166 Avg Close — Range —
Q4 2013
Shares 10,000 Value ($000) $163 Avg Close — Range —
Q3 2013
Shares 10,000 Value ($000) $153 Avg Close — Range —
Q2 2013
Shares 10,000 Value ($000) $159 Avg Close — Range —