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: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-30	Common Stock	J	290	$24.96	Acquired	2823	Direct
2013-05-30	Common Stock	J	0	—	Acquired	16800	Indirect

Footnotes

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

F2: Amount of securities beneficially owned following reported transaction.