DOW INC

Ticker: DOW CUSIP: 260557103 Class: COM

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

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

Q4 2025

Shares 186,111 Value ($000) $4,351 Avg Close $22.78 Range $20.35 - $25.67

Q3 2025

Shares 205,911 Value ($000) $4,722 Avg Close $24.31 Range $19.82 - $30.04

Q2 2025

Shares 206,411 Value ($000) $5,466 Avg Close $27.80 Range $23.75 - $33.33

Q1 2025

Shares 205,611 Value ($000) $7,180 Avg Close $35.96 Range $32.16 - $39.24

Q4 2024

Shares 204,711 Value ($000) $8,215 Avg Close $42.94 Range $36.15 - $50.94

Q3 2024

Shares 202,811 Value ($000) $11,080 Avg Close $47.92 Range $45.35 - $50.99

Q2 2024

Shares 204,511 Value ($000) $10,849 Avg Close $51.21 Range $47.23 - $54.19

Q1 2024

Shares 204,211 Value ($000) $11,830 Avg Close $48.96 Range $45.89 - $52.45

Q4 2023

Shares 203,811 Value ($000) $11,177 Avg Close $44.66 Range $41.11 - $49.29

Q3 2023

Shares 205,811 Value ($000) $10,612 Avg Close $46.31 Range $43.56 - $48.52

Q2 2023

Shares 210,011 Value ($000) $11,185 Avg Close $45.25 Range $41.52 - $48.90

Q1 2023

Shares 193,611 Value ($000) $10,614 Avg Close $47.30 Range $41.67 - $50.93

Q4 2022

Shares 191,311 Value ($000) $9,640 Avg Close $40.52 Range $35.40 - $44.20

Q3 2022

Shares 194,411 Value ($000) $8,540 Avg Close $41.46 Range $35.51 - $45.94

Q2 2022

Shares 196,411 Value ($000) $10,137 Avg Close $51.79 Range $41.05 - $57.91

Q1 2022

Shares 185,611 Value ($000) $11,827 Avg Close $48.26 Range $43.47 - $52.33

Q4 2021

Shares 186,191 Value ($000) $10,561 Avg Close $45.04 Range $41.46 - $48.11

Q3 2021

Shares 187,291 Value ($000) $10,780 Avg Close $47.81 Range $43.42 - $51.38

Q2 2021

Shares 187,791 Value ($000) $11,883 Avg Close $51.06 Range $46.56 - $55.35

Q1 2021

Shares 186,991 Value ($000) $11,956 Avg Close $45.81 Range $39.10 - $51.82

Q4 2020

Shares 186,491 Value ($000) $10,350 Avg Close $39.03 Range $33.35 - $43.77

Q3 2020

Shares 189,091 Value ($000) $8,897 Avg Close $33.48 Range $29.02 - $38.79

Q2 2020

Shares 189,191 Value ($000) $7,711 Avg Close $26.85 Range $19.60 - $34.03

Q1 2020

Shares 169,978 Value ($000) $4,970 Avg Close $30.58 Range $15.98 - $39.77

Q4 2019

Shares 179,378 Value ($000) $9,817 Avg Close $36.70 Range $30.99 - $39.78

Q3 2019

Shares 178,678 Value ($000) $8,514 Avg Close $32.74 Range $28.12 - $36.85

Q2 2019

Shares 179,278 Value ($000) $8,840 Avg Close $36.37 Range $32.51 - $41.48

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	186,111	$4,351	$22.78	$20.35 - $25.67
Q3 2025	205,911	$4,722	$24.31	$19.82 - $30.04
Q2 2025	206,411	$5,466	$27.80	$23.75 - $33.33
Q1 2025	205,611	$7,180	$35.96	$32.16 - $39.24
Q4 2024	204,711	$8,215	$42.94	$36.15 - $50.94
Q3 2024	202,811	$11,080	$47.92	$45.35 - $50.99
Q2 2024	204,511	$10,849	$51.21	$47.23 - $54.19
Q1 2024	204,211	$11,830	$48.96	$45.89 - $52.45
Q4 2023	203,811	$11,177	$44.66	$41.11 - $49.29
Q3 2023	205,811	$10,612	$46.31	$43.56 - $48.52
Q2 2023	210,011	$11,185	$45.25	$41.52 - $48.90
Q1 2023	193,611	$10,614	$47.30	$41.67 - $50.93
Q4 2022	191,311	$9,640	$40.52	$35.40 - $44.20
Q3 2022	194,411	$8,540	$41.46	$35.51 - $45.94
Q2 2022	196,411	$10,137	$51.79	$41.05 - $57.91
Q1 2022	185,611	$11,827	$48.26	$43.47 - $52.33
Q4 2021	186,191	$10,561	$45.04	$41.46 - $48.11
Q3 2021	187,291	$10,780	$47.81	$43.42 - $51.38
Q2 2021	187,791	$11,883	$51.06	$46.56 - $55.35
Q1 2021	186,991	$11,956	$45.81	$39.10 - $51.82
Q4 2020	186,491	$10,350	$39.03	$33.35 - $43.77
Q3 2020	189,091	$8,897	$33.48	$29.02 - $38.79
Q2 2020	189,191	$7,711	$26.85	$19.60 - $34.03
Q1 2020	169,978	$4,970	$30.58	$15.98 - $39.77
Q4 2019	179,378	$9,817	$36.70	$30.99 - $39.78
Q3 2019	178,678	$8,514	$32.74	$28.12 - $36.85
Q2 2019	179,278	$8,840	$36.37	$32.51 - $41.48