MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

Tower Research Capital LLC (TRC)'s Holding History (CIK: 0001533421)

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

Q4 2016
Shares 221 Value ($000) $12 Avg Close — Range —
Q2 2016
Shares 208 Value ($000) $6 Avg Close — Range —
Q1 2016
Shares 241 Value ($000) $7 Avg Close — Range —
Q4 2015
Shares 922 Value ($000) $29 Avg Close — Range —
Q3 2015
Shares 1,285 Value ($000) $38 Avg Close — Range —
Q2 2015
Shares 250 Value ($000) $8 Avg Close — Range —
Q3 2014
Shares 1,242 Value ($000) $35 Avg Close — Range —
Q2 2014
Shares 100 Value ($000) $3 Avg Close — Range —
Q1 2014
Shares 1,374 Value ($000) $45 Avg Close — Range —
Q4 2013
Shares 120 Value ($000) $4 Avg Close — Range —
Q3 2013
Shares 725 Value ($000) $21 Avg Close — Range —