FARMERS & MERCHANTS BANCORP

Ticker: FMAO CUSIP: 30779N105 Class: Common Stock

RAMSEY QUANTITATIVE SYSTEMS's Holding History (CIK: 0001132897)

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

Q2 2018

Shares 275 Value ($000) $11 Avg Close $33.65 Range $30.96 - $39.84

Q1 2018

Shares 595 Value ($000) $24 Avg Close $31.01 Range $27.50 - $34.16

Q4 2017

Shares 595 Value ($000) $24 Avg Close $31.15 Range $27.30 - $34.85

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2018	275	$11	$33.65	$30.96 - $39.84
Q1 2018	595	$24	$31.01	$27.50 - $34.16
Q4 2017	595	$24	$31.15	$27.30 - $34.85