PANGAEA LOGISTICS SOLUTION L

Ticker: PANL CUSIP: G6891L105 Class: Foreign Stock

Bulldog Investors, LLP's Holding History (CIK: 0001504304)

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

Q4 2015

Shares 20,191 Value ($000) $53 Avg Close $2.24 Range $1.93 - $2.74

Q3 2015

Shares 54,345 Value ($000) $168 Avg Close $2.44 Range $2.04 - $2.76

Q2 2015

Shares 67,894 Value ($000) $219 Avg Close $2.23 Range $1.58 - $2.92

Q1 2015

Shares 69,996 Value ($000) $192 Avg Close $2.46 Range $1.80 - $3.58

Q4 2014

Shares 69,996 Value ($000) $332 Avg Close $4.37 Range $3.37 - $7.57

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	20,191	$53	$2.24	$1.93 - $2.74
Q3 2015	54,345	$168	$2.44	$2.04 - $2.76
Q2 2015	67,894	$219	$2.23	$1.58 - $2.92
Q1 2015	69,996	$192	$2.46	$1.80 - $3.58
Q4 2014	69,996	$332	$4.37	$3.37 - $7.57