MERCANTILE BANK CORP

Ticker: MBWM CUSIP: 587376104 Class: Common Stock

FJ Capital Management LLC's Holding History (CIK: 0001599170)

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

Q4 2014

Shares 33,476 Value ($000) $704 Avg Close $13.18 Range $12.41 - $14.87

Q3 2014

Shares 33,476 Value ($000) $638 Avg Close $13.06 Range $12.14 - $15.56

Q2 2014

Shares 31,476 Value ($000) $720 Avg Close $13.00 Range $10.96 - $15.18

Q1 2014

Shares 23,600 Value ($000) $486 Avg Close $12.36 Range $11.23 - $13.27

Q4 2013

Shares 18,600 Value ($000) $401 Avg Close $12.77 Range $11.84 - $13.37

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	33,476	$704	$13.18	$12.41 - $14.87
Q3 2014	33,476	$638	$13.06	$12.14 - $15.56
Q2 2014	31,476	$720	$13.00	$10.96 - $15.18
Q1 2014	23,600	$486	$12.36	$11.23 - $13.27
Q4 2013	18,600	$401	$12.77	$11.84 - $13.37