HIGHER ONE HLDGS INC

CUSIP: 42983D104 Class: COM

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

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

Q3 2015
Shares 161,820 Value ($000) $319 Avg Close — Range —
Q2 2015
Shares 85,700 Value ($000) $256 Avg Close — Range —
Q1 2015
Shares 85,700 Value ($000) $207 Avg Close — Range —
Q4 2014
Shares 85,700 Value ($000) $361 Avg Close — Range —
Q2 2014
Shares 7,900 Value ($000) $30 Avg Close — Range —
Q1 2014
Shares 7,900 Value ($000) $57 Avg Close — Range —