Highlighted Transactions

Consumer Investment Banking

This Web page was prepared by Piper Jaffray & Co. and is intended to be provided with the Natural Grocers by Vitamin Cottage, Inc. prospectus at www.sec.gov/Archives/edgar/data/1547459/000104746912007416/a2210362z424b4.htm. This shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of any such State. These securities having been sold, this Web page appears as a matter of record only.