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ARBITER PARTNERS LP
> UBOH
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2017 | UNITED BANCSHARES INC/OH | UBOH | 0 | -22,327 | 0 | -202,000 | |
| 06/30/2017 | UNITED BANCSHARES INC/OH | UBOH | 0 | -22,327 | 0 | -202,000 | |
| 03/31/2017 | UNITED BANCSHARES INC/OH | UBOH | 0 | -22,327 | 0 | -202,000 | |
| 12/31/2016 | UNITED BANCSHARES INC/OH | UBOH | 0 | -22,327 | 0 | -202,000 | |
| 09/30/2016 | UNITED BANCSHARES INC/OH | UBOH | 0 | -22,327 | 0 | -202,000 | |
| 06/30/2016 | UNITED BANCSHARES INC/OH | UBOH | 0 | -22,327 | 0 | -202,000 | |
| 03/31/2016 | UNITED BANCSHARES INC/OH | UBOH | 0 | -22,327 | 0 | -202,000 | |
| 12/31/2015 | UNITED BANCSHARES INC/OH | UBOH | 0 | -22,327 | 0 | -202,000 | |
| 09/30/2012 | UNITED BANCSHARES INC/OH | UBOH | 22,327 | 22,327 | 202,000 | 202,000 | $9.05 |
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