FARMERS & MERCHANTS BANCORP

Ticker: FMAO CUSIP: 30779N105 Class: Common Stock

Elizabeth Park Capital Advisors, Ltd.'s Holding History (CIK: 0001600583)

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

Q1 2015

Shares 8,887 Value ($000) $231 Avg Close $9.54 Range $9.34 - $10.07

Q4 2014

Shares 28,887 Value ($000) $772 Avg Close $9.45 Range $9.17 - $9.91

Q3 2014

Shares 28,887 Value ($000) $737 Avg Close $9.20 Range $8.91 - $9.55

Q2 2014

Shares 14,992 Value ($000) $367 Avg Close $8.87 Range $8.36 - $9.37

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	8,887	$231	$9.54	$9.34 - $10.07
Q4 2014	28,887	$772	$9.45	$9.17 - $9.91
Q3 2014	28,887	$737	$9.20	$8.91 - $9.55
Q2 2014	14,992	$367	$8.87	$8.36 - $9.37