On November 8, 2023, John L. Pierschbacher, who currently serves as the principal financial and accounting officer of Ames National Corporation (the ?Company?), notified the Company of his intent to retire as Chief Financial Officer of the Company effective July 5, 2024. On November 8, 2023, Justin C. Clausen (age 36), who currently serves as Chief Accounting Officer of the Company, was appointed to the role of Chief Financial Officer effective July 5, 2024 and, in that capacity, to serve as the principal financial and accounting officer of the Company. Mr. Clausen has been employed by the Company since March, 2020, serving as Chief Accounting Officer since May 2023 and previously as Controller.

Prior to joining the Company, Mr. Clausen served as a Senior Accounting Analyst with Principal Financial Group since September 2017 and prior to that in various financial positions with First National Bank of Omaha and a public accounting firm. On November 8, 2023, Michael A. Wilson (age 59), who currently serves as Executive Vice President of Innovation & Corporate Services of the Company, was appointed as Executive Vice President and Chief Lending Officer effective November 9, 2023. Mr. Wilson has been employed by the Company since September, 2022.

Prior to joining the Company, Mr. Wilson served as the Chief Lending Officer of Bankers Trust Company of Des Moines, Iowa from April, 2017 to February, 2022, managed a commercial agribusiness team for Metropolitan Life Insurance Company from April 2007 to April, 2017, and began his banking career as a commercial lender in Nebraska and Iowa. Mr. Clausen and Mr. Wilson do not have a direct or material interest in any transaction with the Company or its banking subsidiaries requiring disclosure pursuant to Item 404(a) of Regulation S-K. There is also no arrangements or understandings between them and any other person pursuant to which they were selected for their newly appointed positions, nor are they related to any member of the Board of Directors or any executive officers of the Company, or its banking subsidiaries.