MERCHANTS BANCSHARES

CUSIP: 588448100 Class: COM

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

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

Q1 2015
Shares 100 Value ($000) $3 Avg Close — Range —
Q4 2014
Shares 100 Value ($000) $3 Avg Close — Range —
Q3 2014
Shares 700 Value ($000) $20 Avg Close — Range —