MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

BRIDGEWAY CAPITAL MANAGEMENT, LLC's Holding History (CIK: 0001107261)

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

Q2 2016
Shares 44,050 Value ($000) $1,343 Avg Close — Range —
Q1 2016
Shares 44,100 Value ($000) $1,312 Avg Close — Range —
Q4 2015
Shares 44,050 Value ($000) $1,387 Avg Close — Range —
Q3 2015
Shares 44,050 Value ($000) $1,295 Avg Close — Range —
Q2 2015
Shares 44,000 Value ($000) $1,455 Avg Close — Range —
Q1 2015
Shares 44,000 Value ($000) $1,283 Avg Close — Range —
Q4 2014
Shares 44,000 Value ($000) $1,348 Avg Close — Range —
Q3 2014
Shares 44,000 Value ($000) $1,240 Avg Close — Range —
Q2 2014
Shares 34,000 Value ($000) $1,087 Avg Close — Range —
Q1 2014
Shares 34,000 Value ($000) $1,109 Avg Close — Range —
Q4 2013
Shares 34,000 Value ($000) $1,139 Avg Close — Range —
Q3 2013
Shares 34,000 Value ($000) $984 Avg Close — Range —
Q2 2013
Shares 56,900 Value ($000) $1,683 Avg Close — Range —