DOUGLAS DYNAMICS INC

Ticker: PLOW CUSIP: 25960R105 Class: Common Stock

Ground Swell Capital, LLC's Holding History (CIK: 0001534450)

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

Q3 2014

Shares 520 Value ($000) $10 Avg Close $18.78 Range $16.43 - $21.21

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	520	$10	$18.78	$16.43 - $21.21