X0306 4 2014-08-18 0 0000717538 ARROW FINANCIAL CORP AROW 0001353113 Clarke Michael B 58 CHRISTIANA COURT LAKE GEORGE NY 12845 1 0 0 0 Common Stock 2014-08-18 4 S 0 1250 26.55 D 1324 D Common Stock 2014-08-18 4 J 0 0 0 A 16460 I Wife's Trust Following the reported transaction, the total direct holdings for the insider reflects 1,324 shares acquired under the Company's DRIP that includes 13 additional shares acquired since May 29, 2014. None of the 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 2014-08-18