GRAHAM HLDGS CO

Ticker: GHC CUSIP: 384637104 Class: Common Stock

Employees Retirement System of Texas's Holding History (CIK: 0001398739)

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

Q1 2015

Shares 400 Value ($000) $420 Avg Close $528.21 Range $450.57 - $595.27

Q4 2014

Shares 400 Value ($000) $345 Avg Close $438.71 Range $361.50 - $511.73

Q3 2014

Shares 400 Value ($000) $280 Avg Close $381.66 Range $366.57 - $398.94

Q2 2014

Shares 400 Value ($000) $287 Avg Close $368.14 Range $345.36 - $392.61

Q1 2014

Shares 500 Value ($000) $352 Avg Close $359.32 Range $325.70 - $396.88

Q4 2013

Shares 600 Value ($000) $398 Avg Close $339.79 Range $315.53 - $360.20

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	400	$420	$528.21	$450.57 - $595.27
Q4 2014	400	$345	$438.71	$361.50 - $511.73
Q3 2014	400	$280	$381.66	$366.57 - $398.94
Q2 2014	400	$287	$368.14	$345.36 - $392.61
Q1 2014	500	$352	$359.32	$325.70 - $396.88
Q4 2013	600	$398	$339.79	$315.53 - $360.20