FMFG · Farmers & Merchants Bancshares, Inc.

Reporting Persons' joint purchase of 6853 shares of Issuer's common stock on July 25, 2025 referenced in Table 1 was executed by the administrator of, and pursuant to, Issuer's dividend-reinvestment plan.

Barry J. Renbaum and his wife, Carol E. Renbaum, own the 321,472 shares of common stock referenced in Item 2 of Table 1 as joint tenants. Accordingly, each said spouse individually and directly owns an indivisible beneficial interest in the whole of the referenced shares and with it share co-equal rights to vote and dispose of said shares.

Amount includes 1.613 shares acquired with reinvested cash dividends pursuant to the Farmers and Merchants Bancshares, Inc. Dividend Reinvestment Plan since the date of the last report.

The amount represents Restricted Stock Units that are payable solely in shares of the issuer's common stock and will vest ratably over a three-year period that began on September 22, 2023 provided that the reporting person is employed with the issuer or one of its affiliates on each applicable vesting date.

Amount includes 1,459.741 shares acquired with reinvested dividends pursuant to the Farmers and Merchants Bancshares, Inc. Dividend Reinvestment Plan since the date of the last report.

Amount includes 6.186 shares acquired with reinvested cash dividends pursuant to the Farmers and Merchants Bancshares, Inc. Dividend Reinvestment Plan since the date of the last report.