X0306 4 2012-11-29 0 0000717538 ARROW FINANCIAL CORP AROW 0001353113 Clarke Michael B 58 CHRISTIANA COURT LAKE GEORGE NY 12845 1 0 0 0 Common Stock 2012-11-29 4 J 0 294 24.59 A 4442 D Common Stock 2012-11-29 4 G 0 440 0 D 16900 I Wife's Trust Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan. The information provided reflects 4,148 shares acquired under the Company's DRIP that includes 82 additional shares acquired since June 15, 2012 and 81 shares resulting from the Company's 2 percent stock dividend distributed on September 27, 2012. None of these transactions were required to be reported on a Form 4 and this inforamtion is being furnished to disclosure the total holdings of the insider as of the date of this Form 4. The information provided reflects 16,900 shares held in wife's trust that includes 340 additional shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2012. This transaction was not 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. Thomas J. Murphy, Attorney in Fact 2012-11-30