ARROW FINL CORP

Ticker: AROW CUSIP: 042744102 Class: Common Stock

MACKAY SHIELDS LLC's Holding History (CIK: 0000061227)

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

Q1 2021

Shares 6,280 Value ($000) $210 Avg Close $25.56 Range $22.71 - $29.15

Q3 2020

Shares 9,270 Value ($000) $233 Avg Close $21.71 Range $19.31 - $23.36

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2021	6,280	$210	$25.56	$22.71 - $29.15
Q3 2020	9,270	$233	$21.71	$19.31 - $23.36