FARMERS & MERCHANTS BANCORP

Ticker: FMAO CUSIP: 30779N105 Class: Common Stock

STRS OHIO's Holding History (CIK: 0000820478)

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

Q4 2017

Shares 500 Value ($000) $20 Avg Close $31.15 Range $27.30 - $34.85

Q3 2017

Shares 1,300 Value ($000) $47 Avg Close $25.60 Range $21.35 - $34.64

Q2 2017

Shares 1,300 Value ($000) $80 Avg Close $19.64 Range $16.49 - $25.45

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	500	$20	$31.15	$27.30 - $34.85
Q3 2017	1,300	$47	$25.60	$21.35 - $34.64
Q2 2017	1,300	$80	$19.64	$16.49 - $25.45