MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

KEYBANK NATIONAL ASSOCIATION/OH's Holding History (CIK: 0001089877)

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

Q1 2017
Shares 18,570 Value ($000) $904 Avg Close — Range —
Q4 2016
Shares 16,667 Value ($000) $903 Avg Close — Range —
Q3 2016
Shares 16,667 Value ($000) $540 Avg Close — Range —