Can't get "svn log --use-merge-history" to list all

I will try to describe the "scenery", but I have also attached a Windows
batch file that creates a repository ("repos") and a work folder ("work"),
as well as the log file ("log.txt") described below. I have also attached
my copy of "log.txt".

This is in short was the batch file does:

A branch is created from trunk, and changes are made in the branch (but NO
CHANGE is made in the trunk). This branch is then merge into trunk.

A second branch is then created, but now there are changes made in both
trunk and branch. This branch is also merged into trunk. Now there are of
cause conflicts, but all changes are saved (trunk first, then branch)

So now to the actual problem.

Showing the log on the file, with:
"svn log --use-merge-history --verbose trunk\example.txt

It shows (as expected) each change made in the second branch,
but NOT each change made in the first branch !?!?!

...and the file does include all the changes, but why isn't it listed in
the log?

I am expecting to see r3, r4 and r5, (just like r9, r10 and r12 for the
second branch)
but they are NOT listed in the log, see attached file "log.txt"

BTW, I'm using svn, version 1.9.3 (r1718519)

Is this a bug or am I doing it wrong?

/Stefan