MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

FIRST MANHATTAN CO. LLC.'s Holding History (CIK: 0000728083)

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

Q3 2016
Shares 6,000 Value ($000) $194 Avg Close — Range —
Q2 2016
Shares 6,000 Value ($000) $182 Avg Close — Range —
Q1 2016
Shares 6,000 Value ($000) $178 Avg Close — Range —
Q4 2015
Shares 6,000 Value ($000) $188 Avg Close — Range —
Q3 2015
Shares 6,000 Value ($000) $176 Avg Close — Range —
Q2 2015
Shares 6,000 Value ($000) $198 Avg Close — Range —
Q1 2015
Shares 6,000 Value ($000) $175 Avg Close — Range —
Q4 2014
Shares 6,000 Value ($000) $183 Avg Close — Range —
Q3 2014
Shares 6,000 Value ($000) $169 Avg Close — Range —
Q2 2014
Shares 6,000 Value ($000) $191 Avg Close — Range —
Q1 2014
Shares 6,000 Value ($000) $195 Avg Close — Range —
Q4 2013
Shares 6,000 Value ($000) $201 Avg Close — Range —
Q3 2013
Shares 6,000 Value ($000) $173 Avg Close — Range —
Q2 2013
Shares 6,000 Value ($000) $190 Avg Close — Range —