Farmers & Merchants Bancorp

Ticker: FMCB CUSIP: 307795104 Class: Com

Vision Capital Management, Inc.'s Holding History (CIK: 0001417889)

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

Q4 2017

Shares 761 Value ($000) $514 Avg Close $571.71 Range $548.98 - $595.77

Q3 2017

Shares 761 Value ($000) $483 Avg Close $545.33 Range $523.04 - $557.62

Q2 2017

Shares 761 Value ($000) $472 Avg Close $528.32 Range $514.40 - $544.65

Q1 2017

Shares 761 Value ($000) $460 Avg Close $529.61 Range $514.40 - $553.30

Q4 2016

Shares 761 Value ($000) $484 Avg Close $545.84 Range $514.40 - $561.94

Q3 2016

Shares 761 Value ($000) $454 Avg Close $512.43 Range $492.78 - $518.72

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	761	$514	$571.71	$548.98 - $595.77
Q3 2017	761	$483	$545.33	$523.04 - $557.62
Q2 2017	761	$472	$528.32	$514.40 - $544.65
Q1 2017	761	$460	$529.61	$514.40 - $553.30
Q4 2016	761	$484	$545.84	$514.40 - $561.94
Q3 2016	761	$454	$512.43	$492.78 - $518.72