X0201 5 2003-12-31 0 0 0 0000726517 MERCHANTS BANCSHARES INC MBVT 0001220443 PECOR RAYMOND C JR 275 KENNEDY DRIVE SOUTH BURLINGTON VT 05403 1 0 0 0 Common Stock 2003-01-10 5 A 0 291 22.740 A 45243.738 I Rabbi Trust Common Stock 2003-04-10 5 A 0 226 25.310 A 45469.738 I Rabbi Trust Common Stock 2003-07-10 5 A 0 270 26.700 A 45739.738 I Rabbi Trust Common Stock 2003-10-10 5 A 0 214 28.920 A 45953.738 I Rabbi Trust Common Stock 190507.193 D Common Stock 15000.000 I By Family Foundation Common Stock 19500.000 I By Spouse Shares acquired through Merchants Bank and Merchants Bancshares, Inc. Director's Restricted Stock Plans. By: Rosemary Walker POA 2003-12-31