MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

MORGAN STANLEY's Holding History (CIK: 0000895421)

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

Q1 2017
Shares 10,197 Value ($000) $497 Avg Close — Range —
Q4 2016
Shares 20,128 Value ($000) $1,091 Avg Close — Range —
Q3 2016
Shares 7,561 Value ($000) $245 Avg Close — Range —
Q2 2016
Shares 6,943 Value ($000) $212 Avg Close — Range —
Q1 2016
Shares 6,447 Value ($000) $192 Avg Close — Range —
Q4 2015
Shares 8,789 Value ($000) $277 Avg Close — Range —
Q3 2015
Shares 8,294 Value ($000) $244 Avg Close — Range —
Q2 2015
Shares 3,461 Value ($000) $114 Avg Close — Range —
Q1 2015
Shares 5,364 Value ($000) $156 Avg Close — Range —
Q4 2014
Shares 6,842 Value ($000) $209 Avg Close — Range —
Q3 2014
Shares 5,879 Value ($000) $166 Avg Close — Range —
Q2 2014
Shares 5,933 Value ($000) $190 Avg Close — Range —
Q1 2014
Shares 8,817 Value ($000) $288 Avg Close — Range —
Q4 2013
Shares 13,782 Value ($000) $462 Avg Close — Range —