ARROW FINANCIAL CORP — Director's Dealing 2013

May 31, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-05-30

Reporting Person: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-30	Common Stock	J	290	$24.96	Acquired	7139	Direct

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: The information provided reflects 28 shares acquired under the Company's ESPP since March 25, 2013. This transaction was not required to be reported on a Form 4 and is being furnished to disclose the holdings of the insider as of the date of this Form 4.