DOUGLAS DYNAMICS INC

Ticker: PLOW CUSIP: 25960R105 Class: Common Stock

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

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

Q3 2014

Shares 39,436 Value ($000) $769 Avg Close $18.78 Range $16.43 - $21.21

Q2 2014

Shares 95,744 Value ($000) $1,687 Avg Close $17.36 Range $16.45 - $18.28

Q1 2014

Shares 97,664 Value ($000) $1,701 Avg Close $16.20 Range $14.12 - $18.55

Q4 2013

Shares 80,571 Value ($000) $1,355 Avg Close $15.61 Range $14.41 - $17.45

Q3 2013

Shares 76,517 Value ($000) $1,127 Avg Close $14.57 Range $13.14 - $15.30

Q2 2013

Shares 75,039 Value ($000) $974 Avg Close $13.71 Range $12.72 - $14.55

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	39,436	$769	$18.78	$16.43 - $21.21
Q2 2014	95,744	$1,687	$17.36	$16.45 - $18.28
Q1 2014	97,664	$1,701	$16.20	$14.12 - $18.55
Q4 2013	80,571	$1,355	$15.61	$14.41 - $17.45
Q3 2013	76,517	$1,127	$14.57	$13.14 - $15.30
Q2 2013	75,039	$974	$13.71	$12.72 - $14.55