ARROW FINANCIAL CORP — Director's Dealing 2016

May 27, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-05-26

Reporting Person: Read Colin L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-26	Common Stock	J	268	$28.89	Acquired	6249	Direct

Footnotes

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

F2: The information provided reflects 76 shares acquired under the Company's DRIP since March 07, 2016 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.