MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

WEDGE CAPITAL MANAGEMENT L L P/NC's Holding History (CIK: 0001015308)

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

Q4 2016
Shares 8,000 Value ($000) $434 Avg Close — Range —
Q3 2016
Shares 9,100 Value ($000) $295 Avg Close — Range —
Q2 2016
Shares 9,100 Value ($000) $277 Avg Close — Range —
Q1 2016
Shares 9,100 Value ($000) $271 Avg Close — Range —
Q4 2015
Shares 10,100 Value ($000) $318 Avg Close — Range —
Q3 2015
Shares 10,900 Value ($000) $320 Avg Close — Range —
Q2 2015
Shares 10,900 Value ($000) $360 Avg Close — Range —