MASTERCARD INCORPORATED

Ticker: MA CUSIP: 57636Q104 Class: Common Stock

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

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

Q2 2020

Shares 11,350 Value ($000) $3,356 Avg Close $273.34 Range $219.87 - $306.47

Q1 2020

Shares 25,800 Value ($000) $6,233 Avg Close $287.82 Range $193.62 - $336.19

Q4 2019

Shares 25,760 Value ($000) $7,692 Avg Close $272.58 Range $249.95 - $291.54

Q3 2019

Shares 26,630 Value ($000) $7,232 Avg Close $266.10 Range $245.19 - $283.62

Q2 2019

Shares 26,510 Value ($000) $7,013 Avg Close $241.35 Range $224.85 - $260.28

Q1 2019

Shares 27,910 Value ($000) $6,571 Avg Close $207.20 Range $174.02 - $228.35

Q4 2018

Shares 40,110 Value ($000) $7,567 Avg Close $190.92 Range $165.28 - $216.43

Q2 2018

Shares 42,070 Value ($000) $8,267 Avg Close $180.31 Range $160.86 - $195.68

Q1 2018

Shares 44,660 Value ($000) $7,823 Avg Close $163.70 Range $144.52 - $175.98

Q4 2017

Shares 44,660 Value ($000) $6,760 Avg Close $142.19 Range $134.47 - $147.90

Q3 2017

Shares 48,740 Value ($000) $6,882 Avg Close $126.35 Range $115.06 - $137.11

Q2 2017

Shares 55,320 Value ($000) $6,719 Avg Close $113.06 Range $105.80 - $120.27

Q1 2017

Shares 55,450 Value ($000) $6,237 Avg Close $104.26 Range $98.83 - $107.97

Q4 2016

Shares 55,450 Value ($000) $5,725 Avg Close $98.27 Range $94.46 - $103.40

Q3 2016

Shares 56,140 Value ($000) $5,713 Avg Close $90.84 Range $82.10 - $96.94

Q2 2016

Shares 56,080 Value ($000) $4,938 Avg Close $90.26 Range $82.81 - $94.54

Q1 2016

Shares 40,510 Value ($000) $3,828 Avg Close $83.42 Range $74.09 - $90.24

Q4 2015

Shares 40,500 Value ($000) $3,943 Avg Close $92.19 Range $83.59 - $95.82

Q3 2015

Shares 40,230 Value ($000) $3,626 Avg Close $88.30 Range $70.14 - $93.23

Q2 2015

Shares 40,430 Value ($000) $3,779 Avg Close $86.11 Range $79.97 - $90.38

Q1 2015

Shares 29,000 Value ($000) $2,505 Avg Close $81.25 Range $74.77 - $87.12

Q4 2014

Shares 34,800 Value ($000) $2,998 Avg Close $76.31 Range $65.11 - $84.02

Q3 2014

Shares 34,800 Value ($000) $2,572 Avg Close $71.09 Range $68.75 - $73.96

Q2 2014

Shares 35,300 Value ($000) $2,593 Avg Close $69.24 Range $64.02 - $72.61

Q1 2014

Shares 35,300 Value ($000) $2,637 Avg Close $72.72 Range $66.78 - $78.88

Q4 2013

Shares 3,500 Value ($000) $2,924 Avg Close $69.03 Range $60.18 - $78.03

Q3 2013

Shares 3,500 Value ($000) $2,355 Avg Close $58.30 Range $52.66 - $64.55

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2020	11,350	$3,356	$273.34	$219.87 - $306.47
Q1 2020	25,800	$6,233	$287.82	$193.62 - $336.19
Q4 2019	25,760	$7,692	$272.58	$249.95 - $291.54
Q3 2019	26,630	$7,232	$266.10	$245.19 - $283.62
Q2 2019	26,510	$7,013	$241.35	$224.85 - $260.28
Q1 2019	27,910	$6,571	$207.20	$174.02 - $228.35
Q4 2018	40,110	$7,567	$190.92	$165.28 - $216.43
Q2 2018	42,070	$8,267	$180.31	$160.86 - $195.68
Q1 2018	44,660	$7,823	$163.70	$144.52 - $175.98
Q4 2017	44,660	$6,760	$142.19	$134.47 - $147.90
Q3 2017	48,740	$6,882	$126.35	$115.06 - $137.11
Q2 2017	55,320	$6,719	$113.06	$105.80 - $120.27
Q1 2017	55,450	$6,237	$104.26	$98.83 - $107.97
Q4 2016	55,450	$5,725	$98.27	$94.46 - $103.40
Q3 2016	56,140	$5,713	$90.84	$82.10 - $96.94
Q2 2016	56,080	$4,938	$90.26	$82.81 - $94.54
Q1 2016	40,510	$3,828	$83.42	$74.09 - $90.24
Q4 2015	40,500	$3,943	$92.19	$83.59 - $95.82
Q3 2015	40,230	$3,626	$88.30	$70.14 - $93.23
Q2 2015	40,430	$3,779	$86.11	$79.97 - $90.38
Q1 2015	29,000	$2,505	$81.25	$74.77 - $87.12
Q4 2014	34,800	$2,998	$76.31	$65.11 - $84.02
Q3 2014	34,800	$2,572	$71.09	$68.75 - $73.96
Q2 2014	35,300	$2,593	$69.24	$64.02 - $72.61
Q1 2014	35,300	$2,637	$72.72	$66.78 - $78.88
Q4 2013	3,500	$2,924	$69.03	$60.18 - $78.03
Q3 2013	3,500	$2,355	$58.30	$52.66 - $64.55