ARROW FINL CORP

Ticker: AROW CUSIP: 042744102 Class: Common Stock

Ativo Capital Management LLC's Holding History (CIK: 0001423065)

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

Q4 2016

Shares 30,907 Value ($000) $1,252 Avg Close $23.03 Range $19.47 - $26.73

Q3 2016

Shares 30,907 Value ($000) $1,015 Avg Close $20.22 Range $18.63 - $21.71

Q2 2016

Shares 28,307 Value ($000) $857 Avg Close $17.85 Range $16.24 - $19.22

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	30,907	$1,252	$23.03	$19.47 - $26.73
Q3 2016	30,907	$1,015	$20.22	$18.63 - $21.71
Q2 2016	28,307	$857	$17.85	$16.24 - $19.22