PANGAEA LOGISTICS SOLUTION L

Ticker: PANL CUSIP: G6891L105 Class: Foreign Stock

AQR Arbitrage LLC's Holding History (CIK: 0001167456)

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

Q3 2016

Shares 38,472 Value ($000) $96 Avg Close $1.82 Range $1.69 - $2.32

Q2 2016

Shares 46,772 Value ($000) $113 Avg Close $1.89 Range $1.66 - $2.80

Q1 2016

Shares 54,972 Value ($000) $126 Avg Close $1.76 Range $1.42 - $2.13

Q4 2015

Shares 67,272 Value ($000) $179 Avg Close $2.24 Range $1.93 - $2.74

Q3 2015

Shares 78,900 Value ($000) $251 Avg Close $2.44 Range $2.04 - $2.76

Q2 2015

Shares 84,400 Value ($000) $273 Avg Close $2.23 Range $1.58 - $2.92

Q1 2015

Shares 96,200 Value ($000) $256 Avg Close $2.46 Range $1.80 - $3.58

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	38,472	$96	$1.82	$1.69 - $2.32
Q2 2016	46,772	$113	$1.89	$1.66 - $2.80
Q1 2016	54,972	$126	$1.76	$1.42 - $2.13
Q4 2015	67,272	$179	$2.24	$1.93 - $2.74
Q3 2015	78,900	$251	$2.44	$2.04 - $2.76
Q2 2015	84,400	$273	$2.23	$1.58 - $2.92
Q1 2015	96,200	$256	$2.46	$1.80 - $3.58