MERCANTILE BANK CORP

Ticker: MBWM CUSIP: 587376104 Class: Common Stock

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

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

Q1 2018

Shares 87,881 Value ($000) $2,922 Avg Close $25.60 Range $23.81 - $27.39

Q4 2017

Shares 87,881 Value ($000) $3,108 Avg Close $26.15 Range $24.52 - $27.67

Q3 2017

Shares 87,881 Value ($000) $3,067 Avg Close $22.92 Range $21.01 - $26.06

Q2 2017

Shares 87,881 Value ($000) $2,766 Avg Close $23.48 Range $21.84 - $25.88

Q1 2017

Shares 87,881 Value ($000) $3,023 Avg Close $24.07 Range $21.88 - $27.11

Q4 2016

Shares 87,881 Value ($000) $3,313 Avg Close $22.21 Range $18.55 - $27.62

Q3 2016

Shares 87,881 Value ($000) $2,360 Avg Close $18.07 Range $16.30 - $19.60

Q2 2016

Shares 87,881 Value ($000) $2,097 Avg Close $16.40 Range $14.56 - $17.56

Q1 2016

Shares 87,881 Value ($000) $1,970 Avg Close $15.54 Range $14.31 - $16.73

Q4 2015

Shares 87,881 Value ($000) $2,157 Avg Close $16.07 Range $13.15 - $17.93

Q3 2015

Shares 44,781 Value ($000) $931 Avg Close $13.89 Range $12.48 - $14.88

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2018	87,881	$2,922	$25.60	$23.81 - $27.39
Q4 2017	87,881	$3,108	$26.15	$24.52 - $27.67
Q3 2017	87,881	$3,067	$22.92	$21.01 - $26.06
Q2 2017	87,881	$2,766	$23.48	$21.84 - $25.88
Q1 2017	87,881	$3,023	$24.07	$21.88 - $27.11
Q4 2016	87,881	$3,313	$22.21	$18.55 - $27.62
Q3 2016	87,881	$2,360	$18.07	$16.30 - $19.60
Q2 2016	87,881	$2,097	$16.40	$14.56 - $17.56
Q1 2016	87,881	$1,970	$15.54	$14.31 - $16.73
Q4 2015	87,881	$2,157	$16.07	$13.15 - $17.93
Q3 2015	44,781	$931	$13.89	$12.48 - $14.88