DONEGAL GROUP INC

Ticker: DGICA CUSIP: 257701201 Class: Common Stock

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

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

Q1 2017

Shares 87,520 Value ($000) $1,542 Avg Close $11.54 Range $11.10 - $12.43

Q4 2016

Shares 87,520 Value ($000) $1,530 Avg Close $10.94 Range $9.81 - $12.56

Q3 2016

Shares 87,520 Value ($000) $1,410 Avg Close $10.90 Range $10.39 - $11.22

Q2 2016

Shares 87,520 Value ($000) $1,443 Avg Close $10.24 Range $8.78 - $10.98

Q1 2016

Shares 109,720 Value ($000) $1,578 Avg Close $9.37 Range $8.29 - $9.90

Q4 2015

Shares 54,960 Value ($000) $774 Avg Close $9.12 Range $8.52 - $9.71

Q3 2015

Shares 54,960 Value ($000) $773 Avg Close $9.32 Range $8.70 - $9.93

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	87,520	$1,542	$11.54	$11.10 - $12.43
Q4 2016	87,520	$1,530	$10.94	$9.81 - $12.56
Q3 2016	87,520	$1,410	$10.90	$10.39 - $11.22
Q2 2016	87,520	$1,443	$10.24	$8.78 - $10.98
Q1 2016	109,720	$1,578	$9.37	$8.29 - $9.90
Q4 2015	54,960	$774	$9.12	$8.52 - $9.71
Q3 2015	54,960	$773	$9.32	$8.70 - $9.93