X0306 5 2021-09-30 0 0 0001547459 Natural Grocers by Vitamin Cottage, Inc. NGVC 0001552659 Isely Kemper 12612 W. ALAMEDA PARKWAY LAKEWOOD CO 80228 1 1 1 1 Chairman & Co-President 13D Group Member Common Stock 2020-11-25 5 J 0 10 0 A 3118312 D Common Stock 2020-11-25 5 J 0 6716 0 D 0 I By KIVC 3, LLC Common Stock 2020-12-31 5 J 0 616254 0 D 0 I By ZIVC, LLC Common Stock 2020-12-31 5 J 0 201856 0 D 0 I By HIVC 1, LLC Common Stock 2020-12-31 5 J 0 478788 0 D 0 I By HIVC 2, LLC Common Stock 2021-04-01 5 G 0 500 0 D 3117812 D Common Stock 104745 I By son Common Stock 571850 I By FTVC, LLC Exempt pro rata distribution of shares previously held by KIVC 3, LLC to the reporting person upon its dissolution for estate planning purposes. Exempt pro rata distribution of shares previously held by KIVC 3, LLC to its members upon its dissolution for estate planning purposes. The reporting person was a member of KIVC 3, LLC but no longer has any pecuniary interest in these shares following this transaction, except as disclosed above. Exempt pro rata distribution of shares previously held by ZIVC, LLC to its members upon its dissolution for estate planning purposes. The reporting person was not a member of ZIVC LLC and no longer has any pecuniary interest in these shares following the dissolution. Exempt pro rata distribution of shares previously held by HIVC 1, LLC to its members upon its dissolution for estate planning purposes. The reporting person was not a member of HIVC 1, LLC and no longer has any pecuniary interest in these shares following the dissolution. Exempt pro rata distribution of shares previously held by HIVC 2, LLC to its members upon its dissolution for estate planning purposes. The reporting person was not a member of HIVC 2, LLC and no longer has any pecuniary interest in these shares following the dissolution. Gift transfer of shares to reporting person's son-in-law. Represents shares held by the reporting person's son, who shares his primary residence. The reporting person is a beneficiary through a member trust and disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. /s/ Kemper Isely 2021-11-12