POWERSHARES ETF TRUST

CUSIP: 73935X500 Class: WNDRHLL CLN EN

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

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

Q4 2014
Shares 3,950 Value ($000) $21 Avg Close — Range —
Q3 2014
Shares 3,950 Value ($000) $25 Avg Close — Range —
Q2 2014
Shares 3,950 Value ($000) $27 Avg Close — Range —
Q1 2014
Shares 3,950 Value ($000) $28 Avg Close — Range —
Q4 2013
Shares 3,950 Value ($000) $25 Avg Close — Range —
Q3 2013
Shares 3,950 Value ($000) $25 Avg Close — Range —
Q2 2013
Shares 3,950 Value ($000) $21 Avg Close — Range —