STEPAN CO

Ticker: SCL CUSIP: 858586100 Class: Common Stock

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

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

Q1 2020

Shares 6,200 Value ($000) $548 Avg Close $95.46 Range $69.33 - $105.87

Q4 2019

Shares 6,140 Value ($000) $629 Avg Close $97.44 Range $92.96 - $102.96

Q3 2019

Shares 6,020 Value ($000) $584 Avg Close $94.89 Range $88.98 - $101.84

Q2 2019

Shares 8,390 Value ($000) $771 Avg Close $89.22 Range $82.98 - $93.79

Q1 2019

Shares 5,940 Value ($000) $520 Avg Close $86.75 Range $72.11 - $95.32

Q4 2018

Shares 5,860 Value ($000) $434 Avg Close $81.38 Range $69.17 - $88.77

Q2 2018

Shares 7,460 Value ($000) $582 Avg Close $76.34 Range $68.09 - $89.91

Q1 2018

Shares 9,850 Value ($000) $819 Avg Close $79.22 Range $68.75 - $87.44

Q4 2017

Shares 9,390 Value ($000) $742 Avg Close $82.11 Range $77.79 - $89.18

Q3 2017

Shares 8,730 Value ($000) $730 Avg Close $82.22 Range $75.36 - $92.97

Q2 2017

Shares 5,910 Value ($000) $515 Avg Close $84.09 Range $75.38 - $90.66

Q1 2017

Shares 5,740 Value ($000) $453 Avg Close $78.04 Range $68.51 - $82.93

Q4 2016

Shares 5,700 Value ($000) $464 Avg Close $77.15 Range $67.85 - $87.00

Q3 2016

Shares 6,030 Value ($000) $438 Avg Close $67.18 Range $56.89 - $73.90

Q2 2016

Shares 5,960 Value ($000) $355 Avg Close $58.72 Range $54.00 - $63.32

Q1 2016

Shares 5,850 Value ($000) $324 Avg Close $48.10 Range $41.42 - $56.50

Q4 2015

Shares 3,700 Value ($000) $184 Avg Close $50.10 Range $40.72 - $54.87

Q3 2015

Shares 3,740 Value ($000) $156 Avg Close $46.57 Range $40.49 - $55.67

Q2 2015

Shares 3,650 Value ($000) $198 Avg Close $49.34 Range $41.34 - $55.22

Q1 2015

Shares 3,600 Value ($000) $150 Avg Close $39.81 Range $37.20 - $41.80

Q4 2014

Shares 4,900 Value ($000) $196 Avg Close $42.47 Range $36.34 - $46.85

Q3 2014

Shares 4,900 Value ($000) $217 Avg Close $48.97 Range $44.22 - $54.14

Q2 2014

Shares 4,600 Value ($000) $243 Avg Close $56.15 Range $50.98 - $66.51

Q1 2014

Shares 4,600 Value ($000) $297 Avg Close $62.71 Range $59.17 - $65.49

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	6,200	$548	$95.46	$69.33 - $105.87
Q4 2019	6,140	$629	$97.44	$92.96 - $102.96
Q3 2019	6,020	$584	$94.89	$88.98 - $101.84
Q2 2019	8,390	$771	$89.22	$82.98 - $93.79
Q1 2019	5,940	$520	$86.75	$72.11 - $95.32
Q4 2018	5,860	$434	$81.38	$69.17 - $88.77
Q2 2018	7,460	$582	$76.34	$68.09 - $89.91
Q1 2018	9,850	$819	$79.22	$68.75 - $87.44
Q4 2017	9,390	$742	$82.11	$77.79 - $89.18
Q3 2017	8,730	$730	$82.22	$75.36 - $92.97
Q2 2017	5,910	$515	$84.09	$75.38 - $90.66
Q1 2017	5,740	$453	$78.04	$68.51 - $82.93
Q4 2016	5,700	$464	$77.15	$67.85 - $87.00
Q3 2016	6,030	$438	$67.18	$56.89 - $73.90
Q2 2016	5,960	$355	$58.72	$54.00 - $63.32
Q1 2016	5,850	$324	$48.10	$41.42 - $56.50
Q4 2015	3,700	$184	$50.10	$40.72 - $54.87
Q3 2015	3,740	$156	$46.57	$40.49 - $55.67
Q2 2015	3,650	$198	$49.34	$41.34 - $55.22
Q1 2015	3,600	$150	$39.81	$37.20 - $41.80
Q4 2014	4,900	$196	$42.47	$36.34 - $46.85
Q3 2014	4,900	$217	$48.97	$44.22 - $54.14
Q2 2014	4,600	$243	$56.15	$50.98 - $66.51
Q1 2014	4,600	$297	$62.71	$59.17 - $65.49