MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

BANC FUNDS CO LLC's Holding History (CIK: 0001029311)

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

Q1 2017
Shares 8,212 Value ($000) $400 Avg Close — Range —
Q4 2016
Shares 47,612 Value ($000) $2,581 Avg Close — Range —
Q3 2016
Shares 54,212 Value ($000) $1,756 Avg Close — Range —
Q2 2016
Shares 41,901 Value ($000) $1,277 Avg Close — Range —
Q1 2016
Shares 41,901 Value ($000) $1,246 Avg Close — Range —
Q4 2015
Shares 41,901 Value ($000) $1,319 Avg Close — Range —
Q3 2015
Shares 41,901 Value ($000) $1,232 Avg Close — Range —
Q2 2015
Shares 5,801 Value ($000) $192 Avg Close — Range —
Q3 2013
Shares 24,217 Value ($000) $701 Avg Close — Range —
Q2 2013
Shares 30,159 Value ($000) $892 Avg Close — Range —