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ARBITER PARTNERS LP
> ARO
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2012 | AEROPOSTALE INC | ARO | 0 | -115,477 | 0 | -1,248,000 | |
| 06/30/2012 | AEROPOSTALE INC | ARO | 0 | -115,477 | 0 | -1,248,000 | |
| 03/31/2012 | AEROPOSTALE INC | ARO | 0 | -115,477 | 0 | -1,248,000 | |
| 12/31/2011 | AEROPOSTALE INC | ARO | 0 | -115,477 | 0 | -1,248,000 | |
| 09/30/2011 | AEROPOSTALE INC | ARO | 115,477 | 115,477 | 1,248,000 | 1,248,000 | $10.81 |
| 06/30/2011 | AEROPOSTALE INC | ARO | 4,819 | 4,819 | 85,000 | 85,000 | $17.64 |
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