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Stock Trading History of Erdman Zoe P

The following table details the trading activities (stock purchases, stock sales, and stock option exercises) reported to the Securities and Exchange Commission (SEC) by insider Erdman Zoe P since year 2005. The trader's CIK number is 1220452. At the time of this reporting, Erdman Zoe P is the Senior Vice President of Merchants Bancshares Inc (stock ticker symbol MBVT).

Stock purchases, sales, and option exercises reported by *Erdman Zoe P* since 2005.
Trade Date	Symbol	Company Name (Issuer)	Trade Type	Shares	Price ($)	Value ($)
2006-09-28	MBVT	Merchants Bancshares Inc	Sale	2,500	23.62	59,050
2006-09-25	MBVT	Merchants Bancshares Inc	Option Exercise	3,862	15.50	59,861

Insider trading activities including stock purchases, stock sales, and option exercises listed in the above table cannot be completely guaranteed as to their accuracy. For more information regarding the trades made by Erdman Zoe P (Senior Vice President of Merchants Bancshares Inc at the time of this reporting) see the Securities and Exchange Commission (SEC) website.