|  | (i) | The      compensation committee of Emclaire Financial Corp. (the Corporation) has      discussed, reviewed, and evaluated with senior risk officers at least      every six months during any part of the most recently completed fiscal      year that was a TARP period, senior executive officer (SEO) compensation      plans and employee compensation plans and the risks these plans pose to      the Corporation; |
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|  | (ii) | The      compensation committee of the Corporation has identified and limited      during any part of the most recently completed fiscal year that was a TARP      period any features of the SEO compensation plans that could lead SEOs to      take unnecessary and excessive risks that could threaten the value of the      Corporation and has identified any features of the employee compensation      plans that pose risks to the Corporation and has limited those features to      ensure that the Corporation is not unnecessarily exposed to      risks; |
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|  | (iii) | The      compensation committee has reviewed, at least every six months during any      part of the most recently completed fiscal year that was a TARP period,      the terms of each employee compensation plan and identified any features      of the plan that could encourage the manipulation of reported earnings of      the Corporation to enhance the compensation of an employee. and has      limited any such features; |
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|  | (iv) | The      compensation committee of the Corporation will certify to the reviews of      the SEO compensation plans and employee compensation plans required under      (i) and (iii) above; |
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|  | (v) | The      compensation committee of the Corporation will provide a narrative      description of how it limited during any part of the most recently      completed fiscal year that was a TARP period the features    in: |
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|  | (A) | SEO      compensation plans that could lead SEOs to take unnecessary and excessive      risks that could threaten the value of the  Corporation; |
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|  | (B) | Employee      compensation plans that unnecessarily expose the Corporation to risks;      and |
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|  | (C) | Employee      compensation plans that could encourage the manipulation of reported      earnings of the Corporation to enhance the compensation of an      employee; |
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|  | (vi) | The      Corporation has required that bonus payments to SEOs or any of the next      twenty most highly compensated employees, as defined in the regulations      and guidance established under section 111 of the Emergency Economic      Stabilization Act of 2008 (“EESA”) (bonus payments), be subject to a      recovery or “clawback” provision during any part of the most recently      completed fiscal year that was a TARP period if the bonus payments were      based on materially inaccurate financial statements or any other      materially inaccurate performance metric  criteria; |
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|  | (vii) | The      Corporation has prohibited any golden parachute payment, as defined in the      regulations and guidance established under section 111 of EESA, to a SEO      or any of the next five most highly compensated employees during any part      of the most recently completed fiscal year that was a TARP      period; |
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|  | (viii) |  The      Corporation has limited bonus payments to its applicable employees in      accordance with section 111 of EESA and the regulations and guidance      established thereunder during any part of the most recently completed      fiscal year that was a TARP period; |
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|  | (ix) | The      Corporation and its employees have complied with the excessive or luxury      expenditures policy, as defined in the regulations and guidance      established under section 111 of EESA, during any part of the most      recently completed fiscal year that was a TARP period; and any expenses      that, pursuant to the policy, required approval of the board of directors      a committee of the board of directors, an SEO or an executive officer with      a similar level of responsibility were properly  approved; |
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|  | (x) | The      Corporation will permit a non-binding shareholder resolution in compliance      with any applicable federal securities rules and regulations on the      disclosures provided under the federal securities laws related to SEO      compensation paid or accrued during any part of the most recently      completed fiscal year that was a TARPperiod; |
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|  | (xi) | The      Corporation will disclose the amount, nature, and justification for the      offering, during any part of the most recently completed fiscal year that      was a TARP period, of any perquisites, as defined in the regulations and      guidance established under section 111 of EESA, whose total value exceeds      $25,000 for any employee who is subject to the bonus payment limitations      identified in paragraph (viii); |
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|  | (xii) |  The      Corporation will disclose whether the Corporation, the board of directors      of the Corporation, or the compensation committee of the Corporation has      engaged during any part of the most recently completed fiscal year that      was a TARP period a compensation consultant; and the services the      compensation consultant or any affiliate of the compensation consultant      provided during this period; |
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|  | (xiii) |  The      Corporation has prohibited the payment of any gross-ups, as defined in the      regulations and guidance established under section 111 of EESA, to the      SEOs and the next twenty most highly compensated employees during any part      of the most recently completed fiscal year that was a TARP      period; |
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|  | (xiv) |  The      Corporation has substantially complied with all other requirements related      to employee compensation that are provided in the agreement between the      Corporation and Treasury, including any  amendments; |
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|  | (xv) |  The      Corporation has submitted to Treasury a complete and accurate list of the      SEOs and the twenty next most highly compensated employees for the current      fiscal year, with the non-SEOs ranked in descending order of level of      annual compensation, and with the name, title, and employer of each SEO      and most highly compensated employee identified;  and |
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|  | (xvi) |  I      understand that a knowing and willful false or fraudulent statement made      in connection with this certification may be punished by fine,      imprisonment, or both. |
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| By:                                  | /s/ William C. Marsh |
|-------------------------------------------|----------------------|
| William      C. Marsh                     |
| Chief      Executive Officer andPresident |

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