AMERICAN RAILCAR INDS INC

CUSIP: 02916P103 Class: COMMON STOCK

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

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

Q3 2014
Shares 14,000 Value ($000) $1,035 Avg Close — Range —
Q2 2014
Shares 14,000 Value ($000) $954 Avg Close — Range —
Q1 2014
Shares 14,000 Value ($000) $980 Avg Close — Range —