VALMONT INDS INC

Ticker: VMI CUSIP: 920253101 Class: Common Stock

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

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

Q1 2020

Shares 4,010 Value ($000) $425 Avg Close $129.69 Range $82.60 - $154.86

Q4 2019

Shares 4,010 Value ($000) $601 Avg Close $141.31 Range $123.80 - $151.50

Q3 2019

Shares 3,970 Value ($000) $550 Avg Close $134.20 Range $123.74 - $146.47

Q2 2019

Shares 4,030 Value ($000) $511 Avg Close $124.68 Range $112.94 - $136.75

Q1 2019

Shares 4,030 Value ($000) $524 Avg Close $128.99 Range $107.98 - $139.50

Q4 2018

Shares 5,390 Value ($000) $598 Avg Close $124.63 Range $103.01 - $141.38

Q2 2018

Shares 5,290 Value ($000) $797 Avg Close $146.19 Range $137.90 - $154.60

Q1 2018

Shares 7,050 Value ($000) $1,031 Avg Close $156.33 Range $140.10 - $171.55

Q4 2017

Shares 6,830 Value ($000) $1,133 Avg Close $162.68 Range $153.65 - $176.35

Q3 2017

Shares 6,830 Value ($000) $1,080 Avg Close $150.66 Range $140.90 - $160.35

Q2 2017

Shares 8,720 Value ($000) $1,305 Avg Close $150.31 Range $144.65 - $157.60

Q1 2017

Shares 10,360 Value ($000) $1,611 Avg Close $147.68 Range $135.95 - $165.20

Q4 2016

Shares 10,360 Value ($000) $1,460 Avg Close $138.82 Range $120.65 - $156.05

Q3 2016

Shares 10,180 Value ($000) $1,370 Avg Close $131.85 Range $125.60 - $139.62

Q2 2016

Shares 10,030 Value ($000) $1,361 Avg Close $132.23 Range $117.10 - $145.94

Q1 2016

Shares 7,590 Value ($000) $943 Avg Close $110.97 Range $96.50 - $125.69

Q4 2015

Shares 7,440 Value ($000) $792 Avg Close $108.40 Range $92.33 - $118.75

Q3 2015

Shares 7,480 Value ($000) $713 Avg Close $109.38 Range $93.83 - $121.92

Q2 2015

Shares 7,550 Value ($000) $897 Avg Close $123.29 Range $116.36 - $128.67

Q1 2015

Shares 7,500 Value ($000) $924 Avg Close $122.60 Range $116.71 - $129.14

Q4 2014

Shares 7,930 Value ($000) $1,010 Avg Close $133.49 Range $123.44 - $139.31

Q3 2014

Shares 7,600 Value ($000) $1,028 Avg Close $143.54 Range $131.68 - $155.62

Q2 2014

Shares 7,400 Value ($000) $1,127 Avg Close $153.91 Range $143.02 - $163.23

Q1 2014

Shares 7,400 Value ($000) $1,101 Avg Close $147.92 Range $141.74 - $155.64

Q4 2013

Shares 7,300 Value ($000) $1,089 Avg Close $141.23 Range $129.00 - $150.58

Q3 2013

Shares 3,900 Value ($000) $542 Avg Close $142.95 Range $133.38 - $153.16

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	4,010	$425	$129.69	$82.60 - $154.86
Q4 2019	4,010	$601	$141.31	$123.80 - $151.50
Q3 2019	3,970	$550	$134.20	$123.74 - $146.47
Q2 2019	4,030	$511	$124.68	$112.94 - $136.75
Q1 2019	4,030	$524	$128.99	$107.98 - $139.50
Q4 2018	5,390	$598	$124.63	$103.01 - $141.38
Q2 2018	5,290	$797	$146.19	$137.90 - $154.60
Q1 2018	7,050	$1,031	$156.33	$140.10 - $171.55
Q4 2017	6,830	$1,133	$162.68	$153.65 - $176.35
Q3 2017	6,830	$1,080	$150.66	$140.90 - $160.35
Q2 2017	8,720	$1,305	$150.31	$144.65 - $157.60
Q1 2017	10,360	$1,611	$147.68	$135.95 - $165.20
Q4 2016	10,360	$1,460	$138.82	$120.65 - $156.05
Q3 2016	10,180	$1,370	$131.85	$125.60 - $139.62
Q2 2016	10,030	$1,361	$132.23	$117.10 - $145.94
Q1 2016	7,590	$943	$110.97	$96.50 - $125.69
Q4 2015	7,440	$792	$108.40	$92.33 - $118.75
Q3 2015	7,480	$713	$109.38	$93.83 - $121.92
Q2 2015	7,550	$897	$123.29	$116.36 - $128.67
Q1 2015	7,500	$924	$122.60	$116.71 - $129.14
Q4 2014	7,930	$1,010	$133.49	$123.44 - $139.31
Q3 2014	7,600	$1,028	$143.54	$131.68 - $155.62
Q2 2014	7,400	$1,127	$153.91	$143.02 - $163.23
Q1 2014	7,400	$1,101	$147.92	$141.74 - $155.64
Q4 2013	7,300	$1,089	$141.23	$129.00 - $150.58
Q3 2013	3,900	$542	$142.95	$133.38 - $153.16