MERCHANTS BANCORP IND

Ticker: MBIN CUSIP: 58844R108 Class: Common Stock

DELPHI MANAGEMENT INC /MA/'s Holding History (CIK: 0000767684)

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

Q4 2018

Shares 10,214 Value ($000) $204 Avg Close $13.78 Range $11.56 - $15.84

Q3 2018

Shares 10,881 Value ($000) $277 Avg Close $16.40 Range $13.60 - $17.65

Q2 2018

Shares 11,881 Value ($000) $291 Avg Close $14.85 Range $12.16 - $17.75

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2018	10,214	$204	$13.78	$11.56 - $15.84
Q3 2018	10,881	$277	$16.40	$13.60 - $17.65
Q2 2018	11,881	$291	$14.85	$12.16 - $17.75