MONARCH FINANCIAL HOLDINGS I

CUSIP: 60907Q100 Class: COM

DENALI ADVISORS LLC's Holding History (CIK: 0001142941)

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

Q4 2015
Shares 154 Value ($000) $3 Avg Close — Range —
Q3 2015
Shares 140 Value ($000) $2 Avg Close — Range —
Q2 2015
Shares 140 Value ($000) $2 Avg Close — Range —