As amended through
June 15, 2005
 
 
 
                       RESTATED ARTICLES OF INCORPORATION
 
                                       OF
 
                            AMES NATIONAL CORPORATION
 
 
TO THE SECRETARY OF STATE
OF THE STATE OF IOWA:
 
         Pursuant to the provisions of Section 1007 of the Iowa Business
Corporation Act, the undersigned corporation adopts the following Restated
Articles of Incorporation:
 
1.   The name of the corporation is Ames National Corporation.
 
2.   The text of the Restated Articles of Incorporation is as follows:
 
                                    ARTICLE I
 
         The name of the corporation is Ames National Corporation.
 
                                   ARTICLE II
 
         The corporation shall have perpetual duration.
 
                                   ARTICLE III
 
     The  corporation  shall  have  unlimited  power to engage in, and to do any
lawful act concerning, any and all lawful business for which corporations may be
organized under the Iowa Business Corporation Act.
 
                                   ARTICLE IV
 
     The aggregate number of shares of stock which the corporation is
authorized to issue is Eighteen Million (18,000,000) shares of common stock with
each share having a par value of Two Dollars ($2.00). The common stock shall
have unlimited voting rights and shall be entitled to the net assets of the
corporation upon dissolution.
 
 
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<PAGE>
                                    ARTICLE V
 
     The total  number of  directors  of the  corporation  shall be divided into
three  classes,  each  class  to be as  nearly  equal  in  number  as  possible,
determined by terms  expiring in  successive  years.  At each annual  meeting of
shareholders,  the number of  directors  equal to the number of the class  whose
term expires at the time of such  meeting  shall be elected to hold office until
the third  succeeding  annual  meeting.  No decrease in the number of  directors
shall shorten the term of any  incumbent  director.  Each  director  shall serve
until a  successor  is duly  elected and  qualified,  or until his or her death,
resignation or removal.  The total number of directors of the corporation  shall
be determined in accordance with the bylaws of the corporation.
 
                                   ARTICLE VI
 
     A director of the corporation shall not be liable to the corporation or its
shareholders  for money damages for any action taken, or any failure to take any
action, as a director, except liability for any of the following: (i) the amount
of a  financial  benefit  received  by a director  to which the  director is not
entitled;  (ii) an  intentional  infliction  of harm on the  corporation  or the
shareholders;  (iii)  a  violation  of  Section  490.833  of the  Iowa  Business
Corporation  Act; or (iv) an intentional  violation of criminal law. If the Iowa
Business   Corporation  Act  is  hereafter  amended  to  authorize  the  further
elimination or limitation of the liability of directors, then the liability of a
director of the corporation, in addition to the limitation on personal liability
provided herein, shall be eliminated or limited to the extent of such amendment,
automatically and without any further action, to the fullest extent permitted by
law.  Any repeal or  modification  of this  Article by the  shareholders  of the
corporation  shall be  prospective  only and  shall  not  adversely  affect  any
limitation  on the  personal  liability  or any other right or  protection  of a
director of the  corporation  with respect to any state of facts  existing at or
prior to the time of such repeal or modification.
 
                                   ARTICLE VII
 
     The  corporation  hereby  elects to be subject to Section  1110 of the Iowa
Business  Corporation  Act  (Iowa  Code  Section  490.1110)  entitled  "Business
Comminations  with Interested  Shareholders" as the same exists on the effective
date of the Restated Articles of Incorporation or as may hereafter be amended or
changed. No action may be taken to amend,  alter, change or repeal,  directly or
indirectly, this Article VII of the Restated Articles of Incorporation unless at
least  two-thirds  of the votes  then  entitled  to be cast at a meeting  of the
corporation's   shareholders   (exclusive  of  the  votes  of  any   "Interested
Shareholder" as defined in Section 1110 (3) (e) of the Iowa Business Corporation
Act) are voted in favor of such action.
 
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<PAGE>
                                  ARTICLE VIII
 
     The  corporation  shall  indemnify a director or officer of the corporation
for  liability  (as such  term is  defined  in  Section  490.850(5)  of the Iowa
Business  Corporation  Act) for any  action  taken,  or any  failure to take any
action, as a director or officer, except liability for any of the following: (i)
receipt of a financial benefit to which the director or officer is not entitled;
(ii) an intentional  infliction of harm on the corporation or the  shareholders;
(iii) a violation of Section  490.833 of the Iowa Business  Corporation  Act; or
(iv) an intentional  violation of criminal law.  Without limiting the foregoing,
the  corporation  shall  exercise  all of its  permissive  powers  as  often  as
necessary to indemnify and advance expenses to its directors and officers to the
fullest  extent  permitted  by law.  If the  Iowa  Business  Corporation  Act is
hereafter amended to authorize broader indemnification, then the indemnification
obligations of the corporation shall be deemed amended automatically and without
any further action to require  indemnification  and  advancement of funds to pay
for or reimburse  expenses of its directors  and officers to the fullest  extent
permitted by law. Any repeal or modification of this Article by the shareholders
of the corporation  shall be prospective only and shall not adversely affect any
indemnification  obligations  of the  corporation  with  respect to any state of
facts existing at or prior to the time of such repeal or modification.
 
3. The duly adopted Restated  Articles of  Incorporation  supersede the original
articles of incorporation and all amendments thereto.
 
4. The Restated Articles of Incorporation amend the articles of incorporation,
thus requiring shareholder approval. The Restated Articles of Incorporation were
approved by the shareholders of the corporation at a duly called and held
meeting on April 23, 2001. The designation, number of outstanding shares, number
of votes entitled to be cast by each voting group entitled to vote separately on
the Restated Articles of Incorporation and the number of votes of each voting
group indisputably represented at the meeting was as follows:
 
                                              VOTES                  VOTES
DESIGNATION             SHARES              ENTITLED TO           REPRESENTED
 OF GROUP             OUTSTANDING             BE CAST              AT MEETING
-----------           -----------           -----------           ------------
 
Common Stock           3,122,293             3,122,293             2,221,073
 
5. The total  number of  undisputed  votes  cast for the  Restated  Articles  of
Incorporation by each voting group was:
 
                  VOTING GROUP                              VOTES FOR
                  ------------                              ---------
 
                  Common Stock                              2,221,073
 
         The number of votes cast for the Restated Articles of Incorporation by
each voting group was sufficient for approval by that voting group.
 
 
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         Dated this 23rd day of April, 2001.
 
 
                                               AMES NATIONAL CORPORATION
 
 
 
                                       By: /s/ Daniel L. Krieger
                                           ----------------------------
                                           Daniel L. Krieger, President
 
 
 
                                               By: /s/ John P. Nelson
                                              -------------------------
                                             John P. Nelson, Secretary
 
 
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