INDEPENDENT BK CORP MICH

Ticker: IBCP CUSIP: 453838609 Class: Common Stock

Arbiter Partners Capital Management LLC's Holding History (CIK: 0001513193)

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

Q3 2014

Shares 51,000 Value ($000) $608 Avg Close $8.50 Range $8.10 - $9.23

Q2 2014

Shares 51,000 Value ($000) $656 Avg Close $8.83 Range $8.53 - $9.51

Q1 2014

Shares 51,000 Value ($000) $662 Avg Close $8.84 Range $8.03 - $9.71

Q4 2013

Shares 51,000 Value ($000) $612 Avg Close $7.31 Range $5.90 - $8.49

Q3 2013

Shares 51,000 Value ($000) $510 Avg Close $5.76 Range $3.76 - $6.97

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	51,000	$608	$8.50	$8.10 - $9.23
Q2 2014	51,000	$656	$8.83	$8.53 - $9.51
Q1 2014	51,000	$662	$8.84	$8.03 - $9.71
Q4 2013	51,000	$612	$7.31	$5.90 - $8.49
Q3 2013	51,000	$510	$5.76	$3.76 - $6.97