MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

DEUTSCHE BANK AG\'s Holding History (CIK: 0000948046)

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

Q1 2017
Shares 47,673 Value ($000) $2,319 Avg Close — Range —
Q4 2016
Shares 49,851 Value ($000) $2,700 Avg Close — Range —
Q3 2016
Shares 26,572 Value ($000) $859 Avg Close — Range —
Q2 2016
Shares 22,226 Value ($000) $675 Avg Close — Range —
Q1 2016
Shares 8,451 Value ($000) $250 Avg Close — Range —
Q4 2015
Shares 8,714 Value ($000) $272 Avg Close — Range —
Q3 2015
Shares 8,179 Value ($000) $238 Avg Close — Range —
Q2 2015
Shares 6,963 Value ($000) $229 Avg Close — Range —
Q1 2015
Shares 8,014 Value ($000) $232 Avg Close — Range —
Q4 2014
Shares 11,983 Value ($000) $366 Avg Close — Range —
Q3 2014
Shares 9,466 Value ($000) $266 Avg Close — Range —
Q2 2014
Shares 13,551 Value ($000) $432 Avg Close — Range —
Q1 2014
Shares 14,422 Value ($000) $469 Avg Close — Range —
Q4 2013
Shares 14,460 Value ($000) $484 Avg Close — Range —
Q3 2013
Shares 12,046 Value ($000) $347 Avg Close — Range —