PINNACLE WEST CAP CORP

Ticker: PNW CUSIP: 723484101 Class: COM

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

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

Q1 2020

Shares 15,260 Value ($000) $1,156 Avg Close $70.35 Range $46.70 - $82.05

Q4 2019

Shares 15,260 Value ($000) $1,372 Avg Close $69.39 Range $65.00 - $74.61

Q3 2019

Shares 1,550 Value ($000) $150 Avg Close $71.87 Range $68.70 - $75.42

Q2 2019

Shares 1,550 Value ($000) $146 Avg Close $72.15 Range $69.78 - $75.74

Q1 2019

Shares 1,510 Value ($000) $144 Avg Close $67.77 Range $60.95 - $73.24

Q4 2018

Shares 3,010 Value ($000) $256 Avg Close $64.12 Range $57.80 - $69.17

Q2 2018

Shares 2,880 Value ($000) $232 Avg Close $57.22 Range $53.85 - $59.87

Q1 2018

Shares 21,480 Value ($000) $1,714 Avg Close $56.89 Range $53.69 - $61.68

Q4 2017

Shares 21,480 Value ($000) $1,829 Avg Close $63.49 Range $60.19 - $66.68

Q3 2017

Shares 2,880 Value ($000) $244 Avg Close $62.55 Range $59.60 - $65.04

Q2 2017

Shares 3,540 Value ($000) $301 Avg Close $61.03 Range $58.21 - $63.58

Q1 2017

Shares 12,380 Value ($000) $1,032 Avg Close $56.18 Range $53.40 - $59.69

Q4 2016

Shares 12,380 Value ($000) $966 Avg Close $52.24 Range $49.50 - $55.16

Q3 2016

Shares 14,260 Value ($000) $1,084 Avg Close $53.79 Range $51.20 - $56.86

Q2 2016

Shares 14,250 Value ($000) $1,155 Avg Close $51.08 Range $48.16 - $55.70

Q1 2016

Shares 3,410 Value ($000) $256 Avg Close $46.44 Range $42.15 - $51.17

Q4 2015

Shares 3,340 Value ($000) $215 Avg Close $42.78 Range $40.93 - $44.75

Q3 2015

Shares 3,290 Value ($000) $211 Avg Close $40.69 Range $37.54 - $43.56

Q2 2015

Shares 3,290 Value ($000) $187 Avg Close $39.75 Range $37.04 - $42.55

Q1 2015

Shares 3,300 Value ($000) $210 Avg Close $43.61 Range $40.31 - $47.62

Q4 2014

Shares 3,800 Value ($000) $260 Avg Close $40.25 Range $35.11 - $46.19

Q3 2014

Shares 3,800 Value ($000) $208 Avg Close $35.72 Range $33.53 - $37.13

Q2 2014

Shares 3,800 Value ($000) $220 Avg Close $35.10 Range $33.77 - $36.96

Q1 2014

Shares 3,800 Value ($000) $208 Avg Close $33.65 Range $32.14 - $35.28

Q4 2013

Shares 3,600 Value ($000) $191 Avg Close $34.02 Range $32.61 - $36.23

Q3 2013

Shares 3,600 Value ($000) $197 Avg Close $34.55 Range $32.11 - $37.02

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	15,260	$1,156	$70.35	$46.70 - $82.05
Q4 2019	15,260	$1,372	$69.39	$65.00 - $74.61
Q3 2019	1,550	$150	$71.87	$68.70 - $75.42
Q2 2019	1,550	$146	$72.15	$69.78 - $75.74
Q1 2019	1,510	$144	$67.77	$60.95 - $73.24
Q4 2018	3,010	$256	$64.12	$57.80 - $69.17
Q2 2018	2,880	$232	$57.22	$53.85 - $59.87
Q1 2018	21,480	$1,714	$56.89	$53.69 - $61.68
Q4 2017	21,480	$1,829	$63.49	$60.19 - $66.68
Q3 2017	2,880	$244	$62.55	$59.60 - $65.04
Q2 2017	3,540	$301	$61.03	$58.21 - $63.58
Q1 2017	12,380	$1,032	$56.18	$53.40 - $59.69
Q4 2016	12,380	$966	$52.24	$49.50 - $55.16
Q3 2016	14,260	$1,084	$53.79	$51.20 - $56.86
Q2 2016	14,250	$1,155	$51.08	$48.16 - $55.70
Q1 2016	3,410	$256	$46.44	$42.15 - $51.17
Q4 2015	3,340	$215	$42.78	$40.93 - $44.75
Q3 2015	3,290	$211	$40.69	$37.54 - $43.56
Q2 2015	3,290	$187	$39.75	$37.04 - $42.55
Q1 2015	3,300	$210	$43.61	$40.31 - $47.62
Q4 2014	3,800	$260	$40.25	$35.11 - $46.19
Q3 2014	3,800	$208	$35.72	$33.53 - $37.13
Q2 2014	3,800	$220	$35.10	$33.77 - $36.96
Q1 2014	3,800	$208	$33.65	$32.14 - $35.28
Q4 2013	3,600	$191	$34.02	$32.61 - $36.23
Q3 2013	3,600	$197	$34.55	$32.11 - $37.02