2023 Natural Grocers Environmental, Social, and Governance Report

Letter from Our Co-Presidents We are pleased to present the Natural Grocers by Vitamin Cottage, Inc. Environmental, Social, and Governance (“ESG”) Report for the fiscal year 2023 reporting period.

Supporting the Environment and Human Health Our company’s greatest opportunity to positively impact environmental sustainability and human health is offering over 20,000 high-quality natural and organic products at affordable prices, and free nutrition education. We prioritize products sourced from vendors that embrace regenerative and sustainable agricultural practices, which support the quality of soil, water, air, biodiversity, and carbon capture. We are committed to meat and animal standards that nurture the welfare of animals and farming communities. We offer pricing that makes regenerative, sustainable, healthful choices more affordable for our communities and Crew. We were founded on the conviction that nutrition is the foundation of good health. Like our product standards, our approach to nutrition education is evidence-based and research-backed. In fiscal year 2023, we invested more than $6 million to provide free nutrition education to our customers, Crew, and communities. New Product Standards Implemented in Fiscal Year 2023

We believe that we are the first national retailer to offer private label eggs from regenerative certified farms. The Regeneratively Grown TM certification uses a scientifically rigorous process to measure soil health, the effectiveness of regenerative farm practices, and impact over time. In addition to regenerative and organic certifications, our Natural Grocers ® Brand eggs are American Humane Certified TM . In 2018, we were the first national grocery chain to offer 100% organic and Fair Trade Certified™ private-label coffee. In support of organic farming practices and transparency, in fiscal year 2023 we extended the certified organic requirement to the entire coffee category. Fiscal year 2023 was a record-setting year in terms of revenue and profit for Natural Grocers. Our success demonstrates that a business model dedicated to offering high-quality, affordable natural and organic products can help deliver positive social and environmental impact, while creating value for stakeholders. We hope to inspire other companies to follow our lead.

We are the only national grocery retailer in the United States committed to delivering: 100% certified organic produce 100% non-GMO bulk products 100% pasture-raised dairy 100% free-range eggs 100% humanely raised and sustainably sourced meats Products may not contain artificial colors, flavors, preservatives or sweeteners, or partially hydrogenated or hydrogenated oils

Kemper Isely, Co-President

Zephyr Isely, Co-President

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FISCAL YEAR | 2023