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: 2013-05-31

Reporting Person: MOYNEHAN DAVID L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-30	Common Stock	J	290	$24.96	Acquired	25087	Direct

Footnotes

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

F2: The information provided reflects 146 shares acquired under the Company's DRIP and 168 shares acquired under the Company's ESPP since March 4, 2013. These transactions were not required to be reported on a Form 4 and are being furnished to disclose the holdings of the insider as of the date of this Form 4.