MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

Elizabeth Park Capital Advisors, Ltd.'s Holding History (CIK: 0001600583)

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

Q2 2015

Shares 89,831 Value ($000) $2,970 Avg Close — Range —

Q1 2015

Shares 89,831 Value ($000) $2,620 Avg Close — Range —

Q4 2014

Shares 89,831 Value ($000) $2,751 Avg Close — Range —

Q3 2014

Shares 89,631 Value ($000) $2,526 Avg Close — Range —

Q2 2014

Shares 79,267 Value ($000) $2,534 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2015	89,831	$2,970	—	—
Q1 2015	89,831	$2,620	—	—
Q4 2014	89,831	$2,751	—	—
Q3 2014	89,631	$2,526	—	—
Q2 2014	79,267	$2,534	—	—