PIPER SANDLER COMPANIES

Ticker: PIPR CUSIP: 724078100 Class: EQTY

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

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

Q1 2020

Shares 4,930 Value ($000) $249 Avg Close $71.26 Range $31.95 - $87.45

Q4 2019

Shares 4,350 Value ($000) $348 Avg Close $77.47 Range $68.93 - $82.55

Q3 2019

Shares 4,260 Value ($000) $322 Avg Close $74.55 Range $69.68 - $79.31

Q2 2019

Shares 5,830 Value ($000) $433 Avg Close $75.59 Range $70.01 - $82.52

Q1 2019

Shares 4,390 Value ($000) $320 Avg Close $70.94 Range $64.66 - $75.21

Q4 2018

Shares 4,390 Value ($000) $289 Avg Close $69.76 Range $61.35 - $78.11

Q2 2018

Shares 4,030 Value ($000) $310 Avg Close $78.29 Range $67.75 - $85.80

Q1 2018

Shares 5,710 Value ($000) $474 Avg Close $88.45 Range $79.85 - $99.80

Q4 2017

Shares 5,380 Value ($000) $464 Avg Close $72.11 Range $59.20 - $87.45

Q3 2017

Shares 5,310 Value ($000) $315 Avg Close $59.02 Range $52.75 - $65.85

Q2 2017

Shares 3,370 Value ($000) $202 Avg Close $60.36 Range $56.55 - $64.10

Q1 2017

Shares 4,650 Value ($000) $297 Avg Close $70.79 Range $61.43 - $81.85

Q4 2016

Shares 4,650 Value ($000) $338 Avg Close $63.14 Range $47.72 - $77.80

Q3 2016

Shares 5,000 Value ($000) $242 Avg Close $43.55 Range $36.80 - $48.70

Q2 2016

Shares 4,950 Value ($000) $186 Avg Close $42.46 Range $35.36 - $50.15

Q1 2016

Shares 5,030 Value ($000) $249 Avg Close $40.50 Range $31.66 - $50.66

Q4 2015

Shares 3,050 Value ($000) $123 Avg Close $38.33 Range $33.17 - $42.95

Q3 2015

Shares 3,080 Value ($000) $111 Avg Close $41.08 Range $35.86 - $46.42

Q2 2015

Shares 3,190 Value ($000) $139 Avg Close $49.91 Range $43.24 - $56.57

Q1 2015

Shares 3,100 Value ($000) $163 Avg Close $54.32 Range $49.78 - $58.88

Q4 2014

Shares 4,200 Value ($000) $244 Avg Close $54.91 Range $44.73 - $59.94

Q3 2014

Shares 4,200 Value ($000) $219 Avg Close $53.33 Range $49.24 - $56.91

Q2 2014

Shares 3,900 Value ($000) $202 Avg Close $45.02 Range $39.40 - $52.00

Q1 2014

Shares 3,900 Value ($000) $179 Avg Close $40.68 Range $36.86 - $45.94

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	4,930	$249	$71.26	$31.95 - $87.45
Q4 2019	4,350	$348	$77.47	$68.93 - $82.55
Q3 2019	4,260	$322	$74.55	$69.68 - $79.31
Q2 2019	5,830	$433	$75.59	$70.01 - $82.52
Q1 2019	4,390	$320	$70.94	$64.66 - $75.21
Q4 2018	4,390	$289	$69.76	$61.35 - $78.11
Q2 2018	4,030	$310	$78.29	$67.75 - $85.80
Q1 2018	5,710	$474	$88.45	$79.85 - $99.80
Q4 2017	5,380	$464	$72.11	$59.20 - $87.45
Q3 2017	5,310	$315	$59.02	$52.75 - $65.85
Q2 2017	3,370	$202	$60.36	$56.55 - $64.10
Q1 2017	4,650	$297	$70.79	$61.43 - $81.85
Q4 2016	4,650	$338	$63.14	$47.72 - $77.80
Q3 2016	5,000	$242	$43.55	$36.80 - $48.70
Q2 2016	4,950	$186	$42.46	$35.36 - $50.15
Q1 2016	5,030	$249	$40.50	$31.66 - $50.66
Q4 2015	3,050	$123	$38.33	$33.17 - $42.95
Q3 2015	3,080	$111	$41.08	$35.86 - $46.42
Q2 2015	3,190	$139	$49.91	$43.24 - $56.57
Q1 2015	3,100	$163	$54.32	$49.78 - $58.88
Q4 2014	4,200	$244	$54.91	$44.73 - $59.94
Q3 2014	4,200	$219	$53.33	$49.24 - $56.91
Q2 2014	3,900	$202	$45.02	$39.40 - $52.00
Q1 2014	3,900	$179	$40.68	$36.86 - $45.94