X0306 4 2013-01-30 0 0000717538 ARROW FINANCIAL CORP AROW 0001397809 Carpenter Herbert O 256 SMITH DRIVE PLATTSBURGH NY 12901 1 0 0 0 Common Stock 2013-01-30 4 J 0 0 0 A 14806 D Director Stock Option (Right to Buy) 24.28 2013-01-30 4 A 0 1000 0 A 2013-01-30 Common Stock 1000 1000 D The information provided reflects 3,983 shares acquired under the Company's DRIP that includes 41 additional shares acquired since November 29, 2012; and 10,823 shares acquired under the Company's ESPP that includes 275 additional shares acquired since November 29, 2012. 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. The option vests in four equal installments beginning January 30, 2014. Thomas J. Murphy, Attorney in Fact 2013-01-31