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Message From Our CEO

May 17, 2023

Recently, Arrow Financial Corporation announced a leadership change for our family of companies. As the newly appointed President and CEO of Arrow and Glens Falls National Bank and Trust Company, in addition to my continuing role as President and CEO of Saratoga National Bank and Trust Company, I’d like to reinforce our commitment to community banking, assure you that our Company remains financially strong and thank you for your relationship with us.

We recognize this leadership change is significant news for our team, our customers and many in our communities. Please know that the Arrow Family of Companies, which includes Glens Falls National Bank, Saratoga National Bank and Upstate Agency, LLC., is as focused as ever on our mission to strengthen financial lives. We’ve experienced many changes in our 170-plus years, and we have always adapted and stayed true to our core values.

Dedicated to Community Banking

Some of you may know me as the Saratoga National Bank President and CEO, a role I assumed in 2012 and am honored to keep. But I first joined this Company in 1987 as a commercial lender and spent my first two decades here helping to grow our Glens Falls National Bank and insurance businesses.

During my 35 years with the Company, I’ve experienced community banking at its best – helping our neighbors buy their first homes, manage daily finances, grow their savings and leave a legacy. We help local businesses grow and we support local non-profits through giving and volunteering, which in turn, strengthens financial lives.

Moving Forward Together

While I am humbled to take on these new leadership roles, we are a team of 500+ professionals and together we will continue to provide full service and support to our customers and our communities.

I look forward to further conversations on how we can deliver value for you. Again, thank you for your support and for choosing Saratoga National Bank and Trust Company.

Dave Signature

Dave DeMarco
President and CEO

Arrow Financial Corporation (NasdaqGS® - AROW) is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc., and Upstate Agency, LLC, specializing in property and casualty insurance and group health and employee benefits.

The information contained in this communication may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. This communication may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. Factors that could cause or contribute to such differences include, but are not limited to, factors set forth in the Company's other filings with the Securities and Exchange Commission and factors related to the continuity, timing and effectiveness of the transition in executive management as described in this communication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This communication should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and our other filings with the Securities and Exchange Commission.

© 2023 Saratoga National Bank and Trust Company