X0305 4 2012-05-31 0 0000717538 ARROW FINANCIAL CORP AROW 0001353113 Clarke Michael B 58 CHRISTIANA COURT LAKE GEORGE NY 12845 1 0 0 0 Common Stock 2012-05-31 4 J 0 303 23.86 A 3984 D Common Stock 2012-03-29 4 G 0 50 0 D 17000 I Wife's Trust Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan. Following the reported transaction, total direct holdings also include 3,681 shares acquired under the Company's DRIP that includes 37 additional shares acquired since 3/2/12. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date of this Form 4. Amount of securities beneficially owned following reported transaction. Thomas J. Murphy, Attorney in Fact 2012-06-01