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MORGAN STANLEY
> AROW
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 06/30/2023 | ARROW FINANCIAL CORP | AROW | 117,872 | 2,628 | 2,373,969,000 | -1,532,810,000 | $20,140.23 |
| 12/31/2022 | ARROW FINANCIAL CORP | AROW | 115,244 | 44,969 | 3,906,779,000 | 3,904,754,000 | $33,900.06 |
| 09/30/2022 | ARROW FINANCIAL CORP | AROW | 70,275 | -1,010 | 2,025,000 | -242,000 | $28.82 |
| 06/30/2022 | ARROW FINANCIAL CORP | AROW | 71,285 | 64,184 | 2,267,000 | 2,037,000 | $31.80 |
| 03/31/2022 | ARROW FINANCIAL CORP | AROW | 7,101 | -2,696 | 230,000 | -115,000 | $32.39 |
| 12/31/2021 | ARROW FINANCIAL CORP | AROW | 9,797 | 1,951 | 345,000 | 75,000 | $35.21 |
| 09/30/2021 | ARROW FINANCIAL CORP | AROW | 7,846 | -276 | 270,000 | -22,000 | $34.41 |
| 06/30/2021 | ARROW FINANCIAL CORP | AROW | 8,122 | -13,916 | 292,000 | -442,000 | $35.95 |
| 03/31/2021 | ARROW FINANCIAL CORP | AROW | 22,038 | -18,707 | 734,000 | -485,000 | $33.31 |
| 12/31/2020 | ARROW FINANCIAL CORP | AROW | 40,745 | 14,759 | 1,219,000 | 567,000 | $29.92 |
| 09/30/2020 | ARROW FINANCIAL CORP | AROW | 25,986 | -3,655 | 652,000 | -230,000 | $25.09 |
| 06/30/2020 | ARROW FINANCIAL CORP | AROW | 29,641 | 10,082 | 882,000 | 338,000 | $29.76 |
| 03/31/2020 | ARROW FINANCIAL CORP | AROW | 19,559 | -11,855 | 544,000 | -643,000 | $27.81 |
| 12/31/2019 | ARROW FINANCIAL CORP | AROW | 31,414 | 12,398 | 1,187,000 | 552,000 | $37.79 |
| 09/30/2019 | ARROW FINANCIAL CORP | AROW | 19,016 | 12,718 | 635,000 | 417,000 | $33.39 |
| 06/30/2019 | ARROW FINANCIAL CORP | AROW | 6,298 | -10,955 | 218,000 | -349,000 | $34.61 |
| 03/31/2019 | ARROW FINANCIAL CORP | AROW | 17,253 | -25,132 | 567,000 | -790,000 | $32.86 |
| 12/31/2018 | ARROW FINANCIAL CORP | AROW | 42,385 | -4,316 | 1,357,000 | -370,000 | $32.02 |
| 09/30/2018 | ARROW FINANCIAL CORP | AROW | 46,701 | -62 | 1,727,000 | 25,000 | $36.98 |
| 06/30/2018 | ARROW FINANCIAL CORP | AROW | 46,763 | 6,020 | 1,702,000 | 320,000 | $36.40 |
| 03/31/2018 | ARROW FINANCIAL CORP | AROW | 40,743 | 11,462 | 1,382,000 | 389,000 | $33.92 |
| 12/31/2017 | ARROW FINANCIAL CORP | AROW | 29,281 | 8,265 | 993,000 | 271,000 | $33.91 |
| 09/30/2017 | ARROW FINANCIAL CORP | AROW | 21,016 | 5,035 | 722,000 | 216,000 | $34.35 |
| 06/30/2017 | ARROW FINANCIAL CORP | AROW | 15,981 | -5,649 | 506,000 | 505,266 | $31.66 |
| 03/31/2017 | ARROW FINANCIAL CORP | AROW | 21,630 | -17,007 | 734 | -1,564,266 | $0.03 |
| 12/31/2016 | ARROW FINANCIAL CORP | AROW | 38,637 | 30,651 | 1,565,000 | 1,303,000 | $40.51 |
| 09/30/2016 | ARROW FINANCIAL CORP | AROW | 7,986 | 7,986 | 262,000 | 262,000 | $32.81 |
| 06/30/2016 | ARROW FINANCIAL CORP | AROW | 4,649 | 4,649 | 140,000 | 140,000 | $30.11 |
| 03/31/2016 | ARROW FINANCIAL CORP | AROW | 4,320 | 4,320 | 114,000 | 114,000 | $26.39 |
| 12/31/2015 | ARROW FINANCIAL CORP | AROW | 2,656 | 2,656 | 72,000 | 72,000 | $27.11 |
| 09/30/2015 | ARROW FINANCIAL CORP | AROW | 2,655 | 2,655 | 70,000 | 70,000 | $26.37 |
| 06/30/2015 | ARROW FINANCIAL CORP | AROW | 2,910 | 2,910 | 79,000 | 79,000 | $27.15 |
| 03/31/2015 | ARROW FINANCIAL CORP | AROW | 5,668 | 5,668 | 154,000 | 154,000 | $27.17 |
| 12/31/2014 | ARROW FINANCIAL CORP | AROW | 11,625 | 11,625 | 319,000 | 319,000 | $27.44 |
| 09/30/2014 | ARROW FINANCIAL CORP | AROW | 5,386 | 5,386 | 135,000 | 135,000 | $25.06 |
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