KUEHNE + NAGEL INTL AG

Ticker: KHNGF CUSIP: H4673L145 Class: COM

Janney Montgomery Scott LLC's Holding History (CIK: 0001329948)

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

Q1 2015

Shares 2,675 Value ($000) $396 Avg Close $140.07 Range $132.35 - $147.65

Q4 2014

Shares 2,675 Value ($000) $363,533 Avg Close $132.35 Range $132.35 - $132.35

Q3 2014

Shares 2,675 Value ($000) $335,311 Avg Close $131.04 Range $130.45 - $134.20

Q2 2014

Shares 2,675 Value ($000) $354,036 Avg Close $138.26 Range $134.20 - $140.80

Q1 2014

Shares 2,675 Value ($000) $372,895 Avg Close $134.37 Range $131.39 - $137.65

Q4 2013

Shares 2,675 Value ($000) $350,131 Avg Close $128.11 Range $121.00 - $132.50

Q3 2013

Shares 2,675 Value ($000) $352,179 Avg Close $120.91 Range $112.29 - $132.50

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	2,675	$396	$140.07	$132.35 - $147.65
Q4 2014	2,675	$363,533	$132.35	$132.35 - $132.35
Q3 2014	2,675	$335,311	$131.04	$130.45 - $134.20
Q2 2014	2,675	$354,036	$138.26	$134.20 - $140.80
Q1 2014	2,675	$372,895	$134.37	$131.39 - $137.65
Q4 2013	2,675	$350,131	$128.11	$121.00 - $132.50
Q3 2013	2,675	$352,179	$120.91	$112.29 - $132.50