GROUPON INC

CUSIP: 399473107 Class: COMMON STOCK

Arrow Financial Corp's Holding History (CIK: 0000717538)

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

Q2 2016

Shares 4,000 Value ($000) $13 Avg Close — Range —

Q1 2016

Shares 4,000 Value ($000) $16 Avg Close — Range —

Q4 2015

Shares 4,000 Value ($000) $12 Avg Close — Range —

Q3 2015

Shares 4,000 Value ($000) $13 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	4,000	$13	—	—
Q1 2016	4,000	$16	—	—
Q4 2015	4,000	$12	—	—
Q3 2015	4,000	$13	—	—