STEPAN CO

Ticker: SCL CUSIP: 858586100 Class: Common Stock

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

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

Q4 2015

Shares 29 Value ($000) $1 Avg Close $50.10 Range $40.72 - $54.87

Q3 2015

Shares 29 Value ($000) $1 Avg Close $46.57 Range $40.49 - $55.67

Q2 2015

Shares 29 Value ($000) $2 Avg Close $49.34 Range $41.34 - $55.22

Q1 2015

Shares 80 Value ($000) $3 Avg Close $39.81 Range $37.20 - $41.80

Q4 2014

Shares 64 Value ($000) $3 Avg Close $42.47 Range $36.34 - $46.85

Q3 2014

Shares 64 Value ($000) $3 Avg Close $48.97 Range $44.22 - $54.14

Q2 2014

Shares 35 Value ($000) $2 Avg Close $56.15 Range $50.98 - $66.51

Q1 2014

Shares 35 Value ($000) $2 Avg Close $62.71 Range $59.17 - $65.49

Q4 2013

Shares 35 Value ($000) $2 Avg Close $61.02 Range $56.06 - $67.20

Q3 2013

Shares 35 Value ($000) $2 Avg Close $57.91 Range $55.51 - $60.31

Q2 2013

Shares 35 Value ($000) $2 Avg Close $56.48 Range $52.34 - $63.27

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	29	$1	$50.10	$40.72 - $54.87
Q3 2015	29	$1	$46.57	$40.49 - $55.67
Q2 2015	29	$2	$49.34	$41.34 - $55.22
Q1 2015	80	$3	$39.81	$37.20 - $41.80
Q4 2014	64	$3	$42.47	$36.34 - $46.85
Q3 2014	64	$3	$48.97	$44.22 - $54.14
Q2 2014	35	$2	$56.15	$50.98 - $66.51
Q1 2014	35	$2	$62.71	$59.17 - $65.49
Q4 2013	35	$2	$61.02	$56.06 - $67.20
Q3 2013	35	$2	$57.91	$55.51 - $60.31
Q2 2013	35	$2	$56.48	$52.34 - $63.27