ZAIS FINL CORP

CUSIP: 98886K108 Class: COM

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

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

Q2 2015
Shares 24,200 Value ($000) $391 Avg Close — Range —
Q1 2015
Shares 24,200 Value ($000) $441 Avg Close — Range —
Q4 2014
Shares 24,200 Value ($000) $427 Avg Close — Range —