MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

CAPSTONE INVESTMENT ADVISORS, LLC's Holding History (CIK: 0001426196)

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

Q1 2017
Shares 22,815 Value ($000) $1,111 Avg Close — Range —
Q4 2016
Shares 23,292 Value ($000) $1,262 Avg Close — Range —