REPUBLIC FIRST BANCORP INC

Ticker: FRBKQ CUSIP: 760416107 Class: Common Stock

SPRUCE HOUSE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001543170)

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

Q4 2017

Shares 1,869,159 Value ($000) $15,794 Avg Close $9.16 Range $8.40 - $9.75

Q3 2017

Shares 1,869,159 Value ($000) $17,290 Avg Close $8.91 Range $8.13 - $9.80

Q2 2017

Shares 1,869,159 Value ($000) $17,290 Avg Close $8.90 Range $7.90 - $9.90

Q1 2017

Shares 1,869,159 Value ($000) $15,514 Avg Close $7.92 Range $7.40 - $8.55

Q4 2016

Shares 1,869,159 Value ($000) $15,607 Avg Close $5.53 Range $3.70 - $9.15

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	1,869,159	$15,794	$9.16	$8.40 - $9.75
Q3 2017	1,869,159	$17,290	$8.91	$8.13 - $9.80
Q2 2017	1,869,159	$17,290	$8.90	$7.90 - $9.90
Q1 2017	1,869,159	$15,514	$7.92	$7.40 - $8.55
Q4 2016	1,869,159	$15,607	$5.53	$3.70 - $9.15