NATURAL GROCERS BY VITAMIN C

Ticker: NGVC CUSIP: 63888U108 Class: Common Stock

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

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

Q1 2016

Shares 22,000 Value ($000) $468 Avg Close $14.39 Range $11.86 - $16.03

Q4 2015

Shares 22,000 Value ($000) $448 Avg Close $15.86 Range $13.94 - $18.48

Q3 2015

Shares 35,000 Value ($000) $794 Avg Close $17.16 Range $14.17 - $20.49

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	22,000	$468	$14.39	$11.86 - $16.03
Q4 2015	22,000	$448	$15.86	$13.94 - $18.48
Q3 2015	35,000	$794	$17.16	$14.17 - $20.49