EVOLVING SYS INC

Ticker: EVOL CUSIP: 30049R209 Class: COM

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

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

Q2 2015

Shares 24,900 Value ($000) $223 Avg Close $8.36 Range $7.76 - $9.36

Q1 2015

Shares 24,900 Value ($000) $217 Avg Close $7.94 Range $7.13 - $8.57

Q4 2014

Shares 24,900 Value ($000) $233 Avg Close $8.94 Range $7.93 - $10.15

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2015	24,900	$223	$8.36	$7.76 - $9.36
Q1 2015	24,900	$217	$7.94	$7.13 - $8.57
Q4 2014	24,900	$233	$8.94	$7.93 - $10.15