ARTS WAY MFG INC

Ticker: ARTW CUSIP: 043168103 Class: COM

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

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

Q4 2017

Shares 18,702 Value ($000) $56 Avg Close $2.65 Range $2.25 - $3.40

Q3 2017

Shares 18,702 Value ($000) $43 Avg Close $2.51 Range $2.00 - $3.13

Q2 2017

Shares 22,702 Value ($000) $67 Avg Close $3.18 Range $2.90 - $3.55

Q1 2017

Shares 28,202 Value ($000) $98 Avg Close $3.60 Range $3.05 - $4.70

Q4 2016

Shares 31,202 Value ($000) $106 Avg Close $3.01 Range $2.80 - $3.45

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	18,702	$56	$2.65	$2.25 - $3.40
Q3 2017	18,702	$43	$2.51	$2.00 - $3.13
Q2 2017	22,702	$67	$3.18	$2.90 - $3.55
Q1 2017	28,202	$98	$3.60	$3.05 - $4.70
Q4 2016	31,202	$106	$3.01	$2.80 - $3.45