ARROW FINL CORP

Ticker: AROW CUSIP: 042744102 Class: Common Stock

Spark Investment Management LLC's Holding History (CIK: 0001554871)

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

Q2 2017

Shares 10,500 Value ($000) $332 Avg Close $21.41 Range $20.20 - $23.24

Q1 2017

Shares 10,500 Value ($000) $355 Avg Close $22.95 Range $21.15 - $26.25

Q4 2016

Shares 10,500 Value ($000) $425 Avg Close $23.03 Range $19.47 - $26.73

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2017	10,500	$332	$21.41	$20.20 - $23.24
Q1 2017	10,500	$355	$22.95	$21.15 - $26.25
Q4 2016	10,500	$425	$23.03	$19.47 - $26.73