LIGAND PHARMACEUTICALS INC

Ticker: LGND CUSIP: 53220K504 Class: Common Stock

ARCADIA INVESTMENT MANAGEMENT CORP/MI's Holding History (CIK: 0001016972)

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

Q1 2017

Shares 235 Value ($000) $25 Avg Close $65.79 Range $59.31 - $68.75

Q2 2016

Shares 233 Value ($000) $28 Avg Close $74.21 Range $66.08 - $82.25

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	235	$25	$65.79	$59.31 - $68.75
Q2 2016	233	$28	$74.21	$66.08 - $82.25