DOUGLAS DYNAMICS INC

Ticker: PLOW CUSIP: 25960R105 Class: Common Stock

ELEMENT CAPITAL MANAGEMENT LLC's Holding History (CIK: 0001535630)

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

Q2 2018

Shares 6,893 Value ($000) $331 Avg Close $45.21 Range $40.55 - $48.90

Q1 2018

Shares 9,987 Value ($000) $433 Avg Close $41.48 Range $36.20 - $47.40

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2018	6,893	$331	$45.21	$40.55 - $48.90
Q1 2018	9,987	$433	$41.48	$36.20 - $47.40