NICOLET BANKSHARES INC

Ticker: NIC CUSIP: 65406E102 Class: COM

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

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

Q2 2018

Shares 48,060 Value ($000) $2,649 Avg Close $54.48 Range $51.47 - $56.55

Q1 2018

Shares 48,060 Value ($000) $2,647 Avg Close $53.04 Range $50.43 - $55.44

Q4 2017

Shares 48,060 Value ($000) $2,631 Avg Close $55.83 Range $51.62 - $59.93

Q3 2017

Shares 48,060 Value ($000) $2,765 Avg Close $53.00 Range $49.59 - $60.02

Q2 2017

Shares 48,060 Value ($000) $2,629 Avg Close $48.71 Range $43.57 - $54.06

Q1 2017

Shares 48,060 Value ($000) $2,275 Avg Close $46.64 Range $44.06 - $48.17

Q4 2016

Shares 48,060 Value ($000) $2,292 Avg Close $40.56 Range $36.03 - $46.48

Q3 2016

Shares 48,060 Value ($000) $1,843 Avg Close $36.20 Range $34.50 - $38.65

Q2 2016

Shares 48,060 Value ($000) $1,830 Avg Close $37.29 Range $32.65 - $45.51

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2018	48,060	$2,649	$54.48	$51.47 - $56.55
Q1 2018	48,060	$2,647	$53.04	$50.43 - $55.44
Q4 2017	48,060	$2,631	$55.83	$51.62 - $59.93
Q3 2017	48,060	$2,765	$53.00	$49.59 - $60.02
Q2 2017	48,060	$2,629	$48.71	$43.57 - $54.06
Q1 2017	48,060	$2,275	$46.64	$44.06 - $48.17
Q4 2016	48,060	$2,292	$40.56	$36.03 - $46.48
Q3 2016	48,060	$1,843	$36.20	$34.50 - $38.65
Q2 2016	48,060	$1,830	$37.29	$32.65 - $45.51