UNITED ONLINE INC

CUSIP: 911268209 Class: COM

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

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

Q2 2016
Shares 22,150 Value ($000) $244 Avg Close — Range —
Q1 2016
Shares 32,150 Value ($000) $371 Avg Close — Range —
Q4 2015
Shares 32,740 Value ($000) $386 Avg Close — Range —
Q3 2015
Shares 32,740 Value ($000) $327 Avg Close — Range —