Alerus Financial Corporation Watch

from S-3 53 pages Alerus Financial Corporation, as Issuer and , as Trustee Indenture Dated as of , 20__ Cross Reference Sheet*

from 8-K 4 pages Subordinated Note

from S-3 53 pages Alerus Financial Corporation, as Issuer and , as Trustee Indenture Dated as of , 20__ Cross Reference Sheet*

from 10-K 4 pages Description of the Company’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

from S-1 2 pages Financial Corporati on 13282 Incorporated Under the Laws of the State of Delaware Cusip 01446u 10 3 Authorized: 30,000,000 Common Shares, $1.00 Par Value Per Share See Reverse for Certain Definitions This Certifies That Is the Owner of Fully Paid and Non-Assessable Common Stock, $1.00 Par Value of Alerus Financial Corporation Transferable on the Books of This Corporation in Person or by Attomey U Pon Surrend Er of This Certificate Duly Endorsed or Assig Ned. This Certificat E and the Shares Represent Ed Hereby Are Subject to the Laws of the Stat E of Delaware, and T O the Articles of Incorporation and the Bylaws of the Corporation , as Now or H Ereafter Amended. This Certificat E Is Not Valid Until Countersigned by the Transfer Agent. in Witness Whereof, the Corporation Ha S Caused This Certificate T O Be Signed by the Facsimile Sig Natures of Its Dul Y Authorized Officers and to Be Sealed With the Facsimile Seal of the Corporation. Dated: :::F< "Cb M.) . '-"Opresident

from DRS/A 2 pages Financial Corporati on 13282 Incorporated Under the Laws of the State of Delaware Cusip 01446u 10 3 Authorized: 30,000,000 Common Shares, $1.00 Par Value Per Share See Reverse for Certain Definitions This Certifies That Is the Owner of Fully Paid and Non-Assessable Common Stock, $1.00 Par Value of Alerus Financial Corporation Transferable on the Books of This Corporation in Person or by Attomey U Pon Surrend Er of This Certificate Duly Endorsed or Assig Ned. This Certificat E and the Shares Represent Ed Hereby Are Subject to the Laws of the Stat E of Delaware, and T O the Articles of Incorporation and the Bylaws of the Corporation , as Now or H Ereafter Amended. This Certificat E Is Not Valid Until Countersigned by the Transfer Agent. in Witness Whereof, the Corporation Ha S Caused This Certificate T O Be Signed by the Facsimile Sig Natures of Its Dul Y Authorized Officers and to Be Sealed With the Facsimile Seal of the Corporation. Dated: :::F< "Cb M.) . '-"Opresident