PAIN THERAPEUTICS INC

CUSIP: 69562K100 Class: CMN

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

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

Q2 2015
Shares 81,400 Value ($000) $141 Avg Close — Range —
Q1 2015
Shares 424,900 Value ($000) $803 Avg Close — Range —
Q4 2014
Shares 424,900 Value ($000) $863 Avg Close — Range —
Q3 2014
Shares 102,580 Value ($000) $401 Avg Close — Range —
Q2 2014
Shares 102,580 Value ($000) $590 Avg Close — Range —
Q1 2014
Shares 102,580 Value ($000) $564 Avg Close — Range —