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Stock Trading History of Clarke Michael B

The following table details the trading activities (stock purchases, stock sales, and stock option exercises) reported to the Securities and Exchange Commission (SEC) by insider Clarke Michael B since year 2005. The trader's CIK number is 1353113. At the time of this reporting, Clarke Michael B is the Director of Arrow Financial Corp (stock ticker symbol AROW).

Stock purchases, sales, and option exercises reported by *Clarke Michael B* since 2005.
Trade Date	Symbol	Company Name (Issuer)	Trade Type	Shares	Price ($)	Value ($)
2007-12-05	AROW	Arrow Financial Corp	Sale	1,000	21.76	21,760
2007-01-31	AROW	Arrow Financial Corp	Sale	3,100	24.04	74,524

Insider trading activities including stock purchases, stock sales, and option exercises listed in the above table cannot be completely guaranteed as to their accuracy. For more information regarding the trades made by Clarke Michael B (Director of Arrow Financial Corp at the time of this reporting) see the Securities and Exchange Commission (SEC) website.