KVH INDS INC

Ticker: KVHI CUSIP: 482738101 Class: Common Stock

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

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

Q1 2017

Shares 33,150 Value ($000) $278 Avg Close $9.76 Range $7.70 - $11.90

Q4 2016

Shares 33,150 Value ($000) $391 Avg Close $9.88 Range $7.50 - $12.75

Q3 2016

Shares 26,860 Value ($000) $237 Avg Close $8.52 Range $7.31 - $9.24

Q2 2016

Shares 26,860 Value ($000) $207 Avg Close $8.69 Range $7.51 - $10.20

Q1 2016

Shares 10,460 Value ($000) $100 Avg Close $8.97 Range $8.00 - $9.88

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	33,150	$278	$9.76	$7.70 - $11.90
Q4 2016	33,150	$391	$9.88	$7.50 - $12.75
Q3 2016	26,860	$237	$8.52	$7.31 - $9.24
Q2 2016	26,860	$207	$8.69	$7.51 - $10.20
Q1 2016	10,460	$100	$8.97	$8.00 - $9.88