ARDMORE SHIPPING CORP

Ticker: ASC CUSIP: Y0207T100 Class: Common Stock

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

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

Q1 2017

Shares 52,390 Value ($000) $422 Avg Close $6.21 Range $5.57 - $6.88

Q4 2016

Shares 52,390 Value ($000) $388 Avg Close $5.65 Range $4.22 - $6.40

Q3 2016

Shares 31,300 Value ($000) $220 Avg Close $6.13 Range $5.42 - $6.96

Q2 2016

Shares 31,300 Value ($000) $212 Avg Close $7.21 Range $5.37 - $8.26

Q1 2016

Shares 8,000 Value ($000) $68 Avg Close $7.24 Range $5.74 - $10.19

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	52,390	$422	$6.21	$5.57 - $6.88
Q4 2016	52,390	$388	$5.65	$4.22 - $6.40
Q3 2016	31,300	$220	$6.13	$5.42 - $6.96
Q2 2016	31,300	$212	$7.21	$5.37 - $8.26
Q1 2016	8,000	$68	$7.24	$5.74 - $10.19