MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

Estabrook Capital Management's Holding History (CIK: 0001344717)

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

Q1 2014
Shares 2,000 Value ($000) $65,220 Avg Close — Range —
Q4 2013
Shares 2,000 Value ($000) $67,000 Avg Close — Range —
Q3 2013
Shares 2,000 Value ($000) $57,880 Avg Close — Range —
Q2 2013
Shares 2,000 Value ($000) $59,140 Avg Close — Range —