LANDMARK BANCORP INC

Outlook for 2024

As we look forward to 2024, the U.S. economy continues to show improvement with low unemployment, improving inflationary pressures, and the likelihood of lower interest rates later in the year. Home sales continue to be suppressed due to low inventories and high interest rates, but overall credit trends remain very good. Landmark will remain focused on expanding our relationships with our existing customers and establishing long-term relationships with new customers in a conservative and disciplined manner. We will remain dedicated to prudently underwriting loans and investments, monitoring interest rate risk, and maintaining an organizational risk profile to prepare for unforeseen future events.

With a strong presence across Kansas, Landmark utilizes a community banking model in which our decision-makers live in the cities and towns they serve, supported by centralized systems and resources, enabling them to successfully meet clients’ needs. We are committed to continued investment in both operational and human resources to meet the growing demands of our commercial and retail banking customers. I believe Landmark’s capital strength and our risk management practices position us well for continued long-term growth. Our commitment to community banking by meeting the financial needs of families and businesses with both high touch service and convenient technology will enable us to continue to build our presence across our markets. I expect our trend of solid core earnings to continue in 2024.

On March 4, 2024, we announced the hiring of a new President and Chief Executive Officer effective March 29, 2024. Our Board of Directors took a very thoughtful approach to the succession process, involving numerous stakeholders and strongly considering the foundation of our history and the opportunity of our future. At the conclusion of the process, the decision was made to hire Abigail (Abby) Wendel. Abby has over 27 years of industry expertise including time in leadership and corporate strategic matters at a large Midwest regional bank as well as prior tenure in various roles for the Federal Reserve Bank of Kansas City. The board’s decision on Abby was unanimous. While we are well positioned for future success, Abby brings a unique skillset that blends personality and relationships, leadership, business rigor, and banking know-how that will further enhance our growth opportunities. We look forward to Abby joining Landmark with fresh new ideas that will take Landmark National Bank to the next level.

After 28 years with Landmark, the last 10 as President and Chief Executive Officer, I will take on a non-executive role with the Company leading to my planned retirement date on December 31, 2024. My decision to retire came only after careful consideration, and knowing that Landmark has a well-constructed business strategy in place, a strong board of directors, and a highly capable team of Landmarkable associates.

In conclusion, I want to thank my fellow associates. It has been an honor to be a part of their team. They are dedicated toward exceeding the expectations of Landmark customers. I also want to express my thanks to our Board of Directors, whose leadership, knowledge of our banking markets and contributions to developing Landmark’s strategic plan helped set the stage for continued success.

Thank you, also, to each of our Landmark customers and shareholders. Your support and confidence have made our team’s successes possible. It has been our pleasure to work with you and we look forward to our continued success.

Sincerely,

/s/ Michael E. Scheopner

Michael E. Scheopner

President and Chief Executive Officer