DUOLINGO INC

Ticker: DUOL CUSIP: 26603R106 Class: EQTY

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

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

Q4 2025

Shares 560,500 Value ($000) $98,368 Avg Close $235.64 Range $166.27 - $353.00

Q3 2025

Shares 9,500 Value ($000) $3,057 Avg Close $334.45 Range $256.63 - $468.00

Q2 2025

Shares 9,400 Value ($000) $3,854 Avg Close $438.78 Range $274.97 - $544.93

Q1 2025

Shares 9,100 Value ($000) $2,826 Avg Close $342.01 Range $263.68 - $441.76

Q4 2024

Shares 9,000 Value ($000) $2,918 Avg Close $318.27 Range $273.06 - $378.48

Q3 2024

Shares 8,900 Value ($000) $2,510 Avg Close $205.07 Range $145.05 - $297.56

Q2 2024

Shares 8,900 Value ($000) $1,857 Avg Close $204.75 Range $171.93 - $251.30

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	560,500	$98,368	$235.64	$166.27 - $353.00
Q3 2025	9,500	$3,057	$334.45	$256.63 - $468.00
Q2 2025	9,400	$3,854	$438.78	$274.97 - $544.93
Q1 2025	9,100	$2,826	$342.01	$263.68 - $441.76
Q4 2024	9,000	$2,918	$318.27	$273.06 - $378.48
Q3 2024	8,900	$2,510	$205.07	$145.05 - $297.56
Q2 2024	8,900	$1,857	$204.75	$171.93 - $251.30