COWEN GROUP INC NEW

CUSIP: 223622101 Class: CMN

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

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

Q1 2016
Shares 138,200 Value ($000) $527 Avg Close — Range —
Q4 2015
Shares 143,110 Value ($000) $548 Avg Close — Range —
Q3 2015
Shares 143,110 Value ($000) $653 Avg Close — Range —