REGENERON PHARMACEUTICALS

Ticker: REGN CUSIP: 75886F107 Class: COM

America First Investment Advisors, LLC's Holding History (CIK: 0001308778)

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

Q4 2014

Shares 60 Value ($000) $25 Avg Close $391.09 Range $318.29 - $435.23

Q3 2014

Shares 60 Value ($000) $22 Avg Close $333.32 Range $283.49 - $367.27

Q2 2014

Shares 60 Value ($000) $17 Avg Close $294.74 Range $268.01 - $318.24

Q1 2014

Shares 75 Value ($000) $23 Avg Close $306.39 Range $261.52 - $350.55

Q4 2013

Shares 75 Value ($000) $21 Avg Close $286.03 Range $256.27 - $317.74

Q3 2013

Shares 75 Value ($000) $23 Avg Close $261.58 Range $224.53 - $318.07

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	60	$25	$391.09	$318.29 - $435.23
Q3 2014	60	$22	$333.32	$283.49 - $367.27
Q2 2014	60	$17	$294.74	$268.01 - $318.24
Q1 2014	75	$23	$306.39	$261.52 - $350.55
Q4 2013	75	$21	$286.03	$256.27 - $317.74
Q3 2013	75	$23	$261.58	$224.53 - $318.07