BADGER METER INC

Ticker: BMI CUSIP: 056525108 Class: EQTY

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

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

Q1 2020

Shares 9,020 Value ($000) $483 Avg Close $58.14 Range $39.68 - $67.55

Q4 2019

Shares 8,910 Value ($000) $579 Avg Close $56.49 Range $48.19 - $63.55

Q3 2019

Shares 8,770 Value ($000) $471 Avg Close $51.19 Range $47.07 - $57.37

Q2 2019

Shares 8,710 Value ($000) $520 Avg Close $52.44 Range $48.74 - $57.18

Q1 2019

Shares 8,530 Value ($000) $475 Avg Close $52.46 Range $44.87 - $58.05

Q4 2018

Shares 8,420 Value ($000) $414 Avg Close $48.19 Range $44.03 - $53.86

Q2 2018

Shares 8,210 Value ($000) $367 Avg Close $41.42 Range $38.33 - $44.31

Q1 2018

Shares 11,630 Value ($000) $548 Avg Close $45.15 Range $42.38 - $47.60

Q4 2017

Shares 11,020 Value ($000) $527 Avg Close $43.15 Range $39.05 - $48.44

Q3 2017

Shares 10,920 Value ($000) $535 Avg Close $41.26 Range $36.25 - $45.98

Q2 2017

Shares 6,870 Value ($000) $274 Avg Close $35.90 Range $32.59 - $38.55

Q1 2017

Shares 6,630 Value ($000) $244 Avg Close $33.94 Range $31.79 - $36.72

Q4 2016

Shares 6,630 Value ($000) $245 Avg Close $32.11 Range $26.91 - $36.08

Q3 2016

Shares 6,440 Value ($000) $216 Avg Close $31.66 Range $29.30 - $34.60

Q2 2016

Shares 3,170 Value ($000) $232 Avg Close $32.67 Range $28.96 - $35.93

Q1 2016

Shares 3,100 Value ($000) $206 Avg Close $28.14 Range $24.03 - $31.71

Q4 2015

Shares 2,930 Value ($000) $172 Avg Close $27.06 Range $25.07 - $28.21

Q3 2015

Shares 2,810 Value ($000) $163 Avg Close $26.82 Range $23.34 - $29.11

Q2 2015

Shares 2,750 Value ($000) $175 Avg Close $28.46 Range $26.44 - $29.77

Q1 2015

Shares 2,700 Value ($000) $162 Avg Close $26.24 Range $24.58 - $27.59

Q4 2014

Shares 3,700 Value ($000) $220 Avg Close $24.57 Range $21.25 - $27.36

Q3 2014

Shares 3,700 Value ($000) $187 Avg Close $22.93 Range $21.11 - $24.24

Q2 2014

Shares 3,500 Value ($000) $184 Avg Close $22.79 Range $20.66 - $25.32

Q1 2014

Shares 3,500 Value ($000) $193 Avg Close $23.48 Range $21.22 - $24.91

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	9,020	$483	$58.14	$39.68 - $67.55
Q4 2019	8,910	$579	$56.49	$48.19 - $63.55
Q3 2019	8,770	$471	$51.19	$47.07 - $57.37
Q2 2019	8,710	$520	$52.44	$48.74 - $57.18
Q1 2019	8,530	$475	$52.46	$44.87 - $58.05
Q4 2018	8,420	$414	$48.19	$44.03 - $53.86
Q2 2018	8,210	$367	$41.42	$38.33 - $44.31
Q1 2018	11,630	$548	$45.15	$42.38 - $47.60
Q4 2017	11,020	$527	$43.15	$39.05 - $48.44
Q3 2017	10,920	$535	$41.26	$36.25 - $45.98
Q2 2017	6,870	$274	$35.90	$32.59 - $38.55
Q1 2017	6,630	$244	$33.94	$31.79 - $36.72
Q4 2016	6,630	$245	$32.11	$26.91 - $36.08
Q3 2016	6,440	$216	$31.66	$29.30 - $34.60
Q2 2016	3,170	$232	$32.67	$28.96 - $35.93
Q1 2016	3,100	$206	$28.14	$24.03 - $31.71
Q4 2015	2,930	$172	$27.06	$25.07 - $28.21
Q3 2015	2,810	$163	$26.82	$23.34 - $29.11
Q2 2015	2,750	$175	$28.46	$26.44 - $29.77
Q1 2015	2,700	$162	$26.24	$24.58 - $27.59
Q4 2014	3,700	$220	$24.57	$21.25 - $27.36
Q3 2014	3,700	$187	$22.93	$21.11 - $24.24
Q2 2014	3,500	$184	$22.79	$20.66 - $25.32
Q1 2014	3,500	$193	$23.48	$21.22 - $24.91