UNITED BANKSHARES INC WEST V

Ticker: UBSI CUSIP: 909907107 Class: COM

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

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

Q1 2020

Shares 18,900 Value ($000) $436 Avg Close $31.40 Range $19.67 - $39.07

Q4 2019

Shares 18,900 Value ($000) $731 Avg Close $38.56 Range $36.09 - $40.70

Q3 2019

Shares 18,690 Value ($000) $708 Avg Close $37.04 Range $34.77 - $39.98

Q2 2019

Shares 18,810 Value ($000) $698 Avg Close $37.56 Range $35.42 - $39.88

Q1 2019

Shares 18,810 Value ($000) $682 Avg Close $36.07 Range $30.67 - $39.14

Q4 2018

Shares 24,950 Value ($000) $776 Avg Close $33.75 Range $29.13 - $36.84

Q2 2018

Shares 24,640 Value ($000) $897 Avg Close $35.81 Range $33.40 - $38.80

Q1 2018

Shares 32,640 Value ($000) $1,151 Avg Close $36.19 Range $33.60 - $38.55

Q4 2017

Shares 31,750 Value ($000) $1,103 Avg Close $36.07 Range $33.60 - $38.45

Q3 2017

Shares 31,750 Value ($000) $1,180 Avg Close $35.19 Range $31.70 - $40.45

Q2 2017

Shares 40,470 Value ($000) $1,586 Avg Close $39.69 Range $37.45 - $42.60

Q1 2017

Shares 18,410 Value ($000) $778 Avg Close $44.05 Range $39.45 - $47.30

Q4 2016

Shares 15,270 Value ($000) $706 Avg Close $42.45 Range $36.53 - $49.35

Q3 2016

Shares 14,390 Value ($000) $542 Avg Close $38.28 Range $35.91 - $39.71

Q2 2016

Shares 14,160 Value ($000) $536 Avg Close $37.72 Range $34.50 - $40.18

Q1 2016

Shares 13,800 Value ($000) $511 Avg Close $35.10 Range $32.22 - $37.85

Q4 2015

Shares 13,120 Value ($000) $490 Avg Close $39.54 Range $35.78 - $43.13

Q3 2015

Shares 12,580 Value ($000) $482 Avg Close $39.25 Range $35.60 - $43.43

Q2 2015

Shares 12,160 Value ($000) $489 Avg Close $38.23 Range $36.58 - $40.70

Q1 2015

Shares 12,000 Value ($000) $456 Avg Close $36.54 Range $33.25 - $38.88

Q4 2014

Shares 16,100 Value ($000) $608 Avg Close $34.37 Range $30.39 - $38.00

Q3 2014

Shares 16,100 Value ($000) $503 Avg Close $32.23 Range $30.89 - $33.60

Q2 2014

Shares 15,500 Value ($000) $506 Avg Close $30.44 Range $28.19 - $32.50

Q1 2014

Shares 15,100 Value ($000) $462 Avg Close $30.00 Range $28.23 - $32.08

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	18,900	$436	$31.40	$19.67 - $39.07
Q4 2019	18,900	$731	$38.56	$36.09 - $40.70
Q3 2019	18,690	$708	$37.04	$34.77 - $39.98
Q2 2019	18,810	$698	$37.56	$35.42 - $39.88
Q1 2019	18,810	$682	$36.07	$30.67 - $39.14
Q4 2018	24,950	$776	$33.75	$29.13 - $36.84
Q2 2018	24,640	$897	$35.81	$33.40 - $38.80
Q1 2018	32,640	$1,151	$36.19	$33.60 - $38.55
Q4 2017	31,750	$1,103	$36.07	$33.60 - $38.45
Q3 2017	31,750	$1,180	$35.19	$31.70 - $40.45
Q2 2017	40,470	$1,586	$39.69	$37.45 - $42.60
Q1 2017	18,410	$778	$44.05	$39.45 - $47.30
Q4 2016	15,270	$706	$42.45	$36.53 - $49.35
Q3 2016	14,390	$542	$38.28	$35.91 - $39.71
Q2 2016	14,160	$536	$37.72	$34.50 - $40.18
Q1 2016	13,800	$511	$35.10	$32.22 - $37.85
Q4 2015	13,120	$490	$39.54	$35.78 - $43.13
Q3 2015	12,580	$482	$39.25	$35.60 - $43.43
Q2 2015	12,160	$489	$38.23	$36.58 - $40.70
Q1 2015	12,000	$456	$36.54	$33.25 - $38.88
Q4 2014	16,100	$608	$34.37	$30.39 - $38.00
Q3 2014	16,100	$503	$32.23	$30.89 - $33.60
Q2 2014	15,500	$506	$30.44	$28.19 - $32.50
Q1 2014	15,100	$462	$30.00	$28.23 - $32.08