MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

Yakira Capital Management, Inc.'s Holding History (CIK: 0001584639)

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

Q1 2017
Shares 20,465 Value ($000) $997 Avg Close — Range —
Q4 2016
Shares 20,465 Value ($000) $1,109 Avg Close — Range —