MICROSTRATEGY INC

Ticker: MSTR CUSIP: 594972408 Class: EQTY

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

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

Q1 2020

Shares 2,550 Value ($000) $301 Avg Close $13.58 Range $9.00 - $16.50

Q4 2019

Shares 2,510 Value ($000) $358 Avg Close $14.89 Range $13.96 - $15.89

Q3 2019

Shares 2,470 Value ($000) $366 Avg Close $13.70 Range $12.05 - $15.35

Q2 2019

Shares 2,470 Value ($000) $354 Avg Close $14.12 Range $13.03 - $15.24

Q1 2019

Shares 2,420 Value ($000) $349 Avg Close $13.84 Range $12.54 - $15.05

Q4 2018

Shares 2,730 Value ($000) $349 Avg Close $12.66 Range $11.55 - $14.20

Q2 2018

Shares 2,650 Value ($000) $339 Avg Close $13.03 Range $12.30 - $13.70

Q1 2018

Shares 3,760 Value ($000) $485 Avg Close $13.46 Range $12.22 - $14.21

Q4 2017

Shares 3,560 Value ($000) $467 Avg Close $13.42 Range $12.80 - $14.34

Q3 2017

Shares 3,530 Value ($000) $451 Avg Close $14.54 Range $12.29 - $19.64

Q2 2017

Shares 2,220 Value ($000) $426 Avg Close $18.57 Range $17.75 - $19.46

Q1 2017

Shares 2,140 Value ($000) $402 Avg Close $19.38 Range $18.22 - $20.60

Q4 2016

Shares 2,110 Value ($000) $417 Avg Close $18.91 Range $16.27 - $20.73

Q3 2016

Shares 2,080 Value ($000) $348 Avg Close $17.21 Range $16.19 - $19.18

Q2 2016

Shares 2,050 Value ($000) $359 Avg Close $18.41 Range $16.50 - $19.60

Q1 2016

Shares 1,990 Value ($000) $358 Avg Close $16.19 Range $14.10 - $18.23

Q4 2015

Shares 1,880 Value ($000) $337 Avg Close $18.18 Range $16.42 - $20.98

Q3 2015

Shares 1,770 Value ($000) $348 Avg Close $19.82 Range $16.86 - $22.65

Q2 2015

Shares 1,720 Value ($000) $293 Avg Close $17.60 Range $16.59 - $19.79

Q1 2015

Shares 1,700 Value ($000) $288 Avg Close $16.88 Range $15.00 - $18.26

Q4 2014

Shares 2,300 Value ($000) $374 Avg Close $15.80 Range $12.75 - $17.70

Q3 2014

Shares 2,300 Value ($000) $301 Avg Close $13.91 Range $12.95 - $15.59

Q2 2014

Shares 2,200 Value ($000) $309 Avg Close $12.76 Range $9.88 - $14.61

Q1 2014

Shares 2,200 Value ($000) $254 Avg Close $12.49 Range $11.24 - $13.58

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	2,550	$301	$13.58	$9.00 - $16.50
Q4 2019	2,510	$358	$14.89	$13.96 - $15.89
Q3 2019	2,470	$366	$13.70	$12.05 - $15.35
Q2 2019	2,470	$354	$14.12	$13.03 - $15.24
Q1 2019	2,420	$349	$13.84	$12.54 - $15.05
Q4 2018	2,730	$349	$12.66	$11.55 - $14.20
Q2 2018	2,650	$339	$13.03	$12.30 - $13.70
Q1 2018	3,760	$485	$13.46	$12.22 - $14.21
Q4 2017	3,560	$467	$13.42	$12.80 - $14.34
Q3 2017	3,530	$451	$14.54	$12.29 - $19.64
Q2 2017	2,220	$426	$18.57	$17.75 - $19.46
Q1 2017	2,140	$402	$19.38	$18.22 - $20.60
Q4 2016	2,110	$417	$18.91	$16.27 - $20.73
Q3 2016	2,080	$348	$17.21	$16.19 - $19.18
Q2 2016	2,050	$359	$18.41	$16.50 - $19.60
Q1 2016	1,990	$358	$16.19	$14.10 - $18.23
Q4 2015	1,880	$337	$18.18	$16.42 - $20.98
Q3 2015	1,770	$348	$19.82	$16.86 - $22.65
Q2 2015	1,720	$293	$17.60	$16.59 - $19.79
Q1 2015	1,700	$288	$16.88	$15.00 - $18.26
Q4 2014	2,300	$374	$15.80	$12.75 - $17.70
Q3 2014	2,300	$301	$13.91	$12.95 - $15.59
Q2 2014	2,200	$309	$12.76	$9.88 - $14.61
Q1 2014	2,200	$254	$12.49	$11.24 - $13.58