ARDELYX INC

Ticker: ARDX CUSIP: 039697107 Class: Common Stock

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

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

Q4 2014

Shares 39,954 Value ($000) $755 Avg Close $23.16 Range $15.10 - $35.48

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	39,954	$755	$23.16	$15.10 - $35.48