LIGAND PHARMACEUTICALS INC

Ticker: LGND CUSIP: 53220K504 Class: Common Stock

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

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

Q1 2020

Shares 3,230 Value ($000) $235 Avg Close $56.68 Range $35.71 - $76.16

Q4 2019

Shares 3,230 Value ($000) $337 Avg Close $66.83 Range $58.75 - $71.42

Q3 2019

Shares 3,490 Value ($000) $347 Avg Close $62.78 Range $52.68 - $75.33

Q2 2019

Shares 3,740 Value ($000) $427 Avg Close $73.65 Range $66.20 - $81.41

Q1 2019

Shares 3,740 Value ($000) $470 Avg Close $75.76 Range $61.48 - $90.42

Q4 2018

Shares 5,070 Value ($000) $688 Avg Close $106.61 Range $79.98 - $173.81

Q2 2018

Shares 6,010 Value ($000) $1,245 Avg Close $111.59 Range $93.09 - $132.56

Q1 2018

Shares 8,430 Value ($000) $1,392 Avg Close $98.89 Range $85.31 - $115.28

Q4 2017

Shares 7,920 Value ($000) $1,084 Avg Close $86.68 Range $78.91 - $93.14

Q3 2017

Shares 7,870 Value ($000) $1,072 Avg Close $79.18 Range $71.99 - $86.39

Q2 2017

Shares 4,480 Value ($000) $544 Avg Close $69.95 Range $63.98 - $77.62

Q1 2017

Shares 4,350 Value ($000) $460 Avg Close $65.79 Range $59.31 - $68.75

Q4 2016

Shares 4,310 Value ($000) $438 Avg Close $63.11 Range $54.59 - $69.14

Q3 2016

Shares 4,200 Value ($000) $429 Avg Close $73.42 Range $60.65 - $87.21

Q2 2016

Shares 4,130 Value ($000) $493 Avg Close $74.21 Range $66.08 - $82.25

Q1 2016

Shares 3,870 Value ($000) $414 Avg Close $60.78 Range $51.19 - $67.87

Q4 2015

Shares 3,670 Value ($000) $398 Avg Close $61.74 Range $50.61 - $71.12

Q3 2015

Shares 3,620 Value ($000) $310 Avg Close $60.68 Range $44.68 - $70.12

Q2 2015

Shares 3,390 Value ($000) $342 Avg Close $54.56 Range $46.51 - $63.78

Q1 2015

Shares 3,400 Value ($000) $262 Avg Close $38.31 Range $30.97 - $49.66

Q4 2014

Shares 4,820 Value ($000) $256 Avg Close $32.53 Range $26.19 - $36.48

Q3 2014

Shares 5,300 Value ($000) $249 Avg Close $33.19 Range $28.90 - $40.96

Q2 2014

Shares 5,100 Value ($000) $318 Avg Close $40.58 Range $34.87 - $44.57

Q1 2014

Shares 4,900 Value ($000) $330 Avg Close $41.68 Range $31.65 - $50.17

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	3,230	$235	$56.68	$35.71 - $76.16
Q4 2019	3,230	$337	$66.83	$58.75 - $71.42
Q3 2019	3,490	$347	$62.78	$52.68 - $75.33
Q2 2019	3,740	$427	$73.65	$66.20 - $81.41
Q1 2019	3,740	$470	$75.76	$61.48 - $90.42
Q4 2018	5,070	$688	$106.61	$79.98 - $173.81
Q2 2018	6,010	$1,245	$111.59	$93.09 - $132.56
Q1 2018	8,430	$1,392	$98.89	$85.31 - $115.28
Q4 2017	7,920	$1,084	$86.68	$78.91 - $93.14
Q3 2017	7,870	$1,072	$79.18	$71.99 - $86.39
Q2 2017	4,480	$544	$69.95	$63.98 - $77.62
Q1 2017	4,350	$460	$65.79	$59.31 - $68.75
Q4 2016	4,310	$438	$63.11	$54.59 - $69.14
Q3 2016	4,200	$429	$73.42	$60.65 - $87.21
Q2 2016	4,130	$493	$74.21	$66.08 - $82.25
Q1 2016	3,870	$414	$60.78	$51.19 - $67.87
Q4 2015	3,670	$398	$61.74	$50.61 - $71.12
Q3 2015	3,620	$310	$60.68	$44.68 - $70.12
Q2 2015	3,390	$342	$54.56	$46.51 - $63.78
Q1 2015	3,400	$262	$38.31	$30.97 - $49.66
Q4 2014	4,820	$256	$32.53	$26.19 - $36.48
Q3 2014	5,300	$249	$33.19	$28.90 - $40.96
Q2 2014	5,100	$318	$40.58	$34.87 - $44.57
Q1 2014	4,900	$330	$41.68	$31.65 - $50.17