MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

AXA S.A.'s Holding History (CIK: 0000898427)

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

Q4 2013
Shares 3,191 Value ($000) $107 Avg Close — Range —
Q3 2013
Shares 6,300 Value ($000) $182 Avg Close — Range —
Q2 2013
Shares 10,400 Value ($000) $308 Avg Close — Range —