NOVARTIS AG

Ticker: NVS CUSIP: 66987V109 Class: SPONSORED ADR

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

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

Q4 2016
Shares 22,000 Value ($000) $1,602 Avg Close — Range —
Q3 2016
Shares 22,000 Value ($000) $1,737 Avg Close — Range —
Q2 2016
Shares 22,000 Value ($000) $1,815 Avg Close — Range —
Q1 2016
Shares 14,500 Value ($000) $1,050 Avg Close — Range —
Q3 2015
Shares 14,800 Value ($000) $1,360 Avg Close — Range —
Q2 2015
Shares 83,800 Value ($000) $8,241 Avg Close — Range —
Q1 2015
Shares 83,800 Value ($000) $8,264 Avg Close — Range —
Q4 2014
Shares 115,800 Value ($000) $10,730 Avg Close — Range —
Q3 2014
Shares 115,800 Value ($000) $10,900 Avg Close — Range —
Q2 2014
Shares 115,800 Value ($000) $10,483 Avg Close — Range —
Q1 2014
Shares 115,800 Value ($000) $9,845 Avg Close — Range —
Q4 2013
Shares 102,800 Value ($000) $8,263 Avg Close — Range —
Q3 2013
Shares 52,000 Value ($000) $3,989 Avg Close — Range —
Q2 2013
Shares 52,000 Value ($000) $3,677 Avg Close — Range —