ASPEN AEROGELS INC

Ticker: ASPN CUSIP: 04523Y105 Class: Common Stock

Pine River Capital Management L.P.'s Holding History (CIK: 0001288136)

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

Q1 2016

Shares 356,688 Value ($000) $1,605 Avg Close $4.54 Range $3.38 - $6.58

Q4 2015

Shares 1,055,738 Value ($000) $6,408 Avg Close $6.92 Range $5.24 - $8.87

Q3 2015

Shares 1,069,661 Value ($000) $8,023 Avg Close $7.28 Range $6.27 - $9.03

Q2 2015

Shares 1,076,700 Value ($000) $7,127 Avg Close $6.84 Range $6.21 - $7.94

Q1 2015

Shares 1,040,405 Value ($000) $7,574 Avg Close $7.57 Range $6.50 - $8.58

Q4 2014

Shares 1,040,405 Value ($000) $8,302 Avg Close $8.49 Range $6.46 - $10.50

Q3 2014

Shares 865,405 Value ($000) $8,723 Avg Close $10.13 Range $8.04 - $11.56

Q2 2014

Shares 684,988 Value ($000) $7,569 Avg Close $10.85 Range $10.25 - $11.74

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	356,688	$1,605	$4.54	$3.38 - $6.58
Q4 2015	1,055,738	$6,408	$6.92	$5.24 - $8.87
Q3 2015	1,069,661	$8,023	$7.28	$6.27 - $9.03
Q2 2015	1,076,700	$7,127	$6.84	$6.21 - $7.94
Q1 2015	1,040,405	$7,574	$7.57	$6.50 - $8.58
Q4 2014	1,040,405	$8,302	$8.49	$6.46 - $10.50
Q3 2014	865,405	$8,723	$10.13	$8.04 - $11.56
Q2 2014	684,988	$7,569	$10.85	$10.25 - $11.74