Dividend Reinvestment

Dividend Reinvestment Plan

Stock Ledger Index
Circa 1890

Arrow Financial Corporation, the parent Company of Glens Falls National and Saratoga National, provides a Dividend Reinvestment Plan offering a convenient and economical way to acquire common stock of Arrow Financial Corporation ("AROW") without payment of any brokerage commission or service charge.

Through Arrow’s Dividend Reinvestment Plan, you may make an initial purchase of Arrow stock. (Minimum initial cash contribution is $300; subsequent cash contributions may be in amounts of $100 or greater.) Participation in the plan is entirely voluntary, and you may join at any time and terminate whenever you wish.

THE BENEFITS

NO SERVICE CHARGE OR COMMISSION
ON SHARES PURCHASED
Arrow pays all service charges associated with the Plan as well as all brokerage commissions on shares purchased by you.

FULL INVESTMENT OF FUNDS
The plan permits fractional as well as full shares to be credited to your account.

ADDED INCOME
Fractional shares, like full shares, earn dividends.

SIMPLIFIED RECORD KEEPING
All paperwork is done for you, and you receive a detailed quarterly statement.

This is to provide information only. This is not a solicitation.

Dividend Reinvestment Plan Prospectus
Adobe Acrobat PDF, 20 pages, 64K

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