Established in 1985 by firm owner Norman Arthur Pappas, the Enterprise Investment Company (“EIC”), primarily recommends and refers clients to unaffiliated advisers (i.e. “sub-advisers”) or provides discretionary and non-discretionary portfolio management. EIC is currently registered with the SEC as registered investment adviser and conducted business under the d.b.a. Pappas Financial. Our principal office is located in Farmington Hills, Michigan. EIC also refers appropriately qualified clients to one or more limited partnerships (i.e. hedge funds) and provides financial planning services to some clients. Certain investment offerings may be offered to advisory clients through EIC’s FINRA registered broker- dealer affiliate; The Enterprise Securities Company (CRD# 26598). Selection of Other Advisers: EIC recommends and refers clients to unaffiliated sub-advisers for professional investment management services. Through this arrangement, the client enters into an advisory agreement with the selected sub-adviser wherein the sub-adviser will then assist and advise the client in establishing investment objectives and implementing a proper investment strategy to meet those objectives. This process is facilitated by identifying appropriate investments and monitoring such investments on an ongoing basis. In consideration for the sub-adviser’s services, said sub- adviser will receive a management fee (“fee”), which is billed quarterly in arrears or in Form ADV Part 2A/2B: Investment Adviser Brochure and Brochure Supplements Page 4 advance depending on the selected adviser’s fee arrangements. Such fees are typically based on the value of assets under management as of the last day of the calendar quarter. The client, prior to entering into an agreement with a sub-adviser selected by EIC, will be provided with that sub-advisers Form ADV Part 2A disclosure brochure. In addition, EIC and the client will agree in writing that the client’s account will be managed by that selected sub-adviser. Discretionary and Non-Discretionary Portfolio Management: EIC offer certain clients either discretionary or non-discretionary portfolio management using different investment strategies depending on the client’s age, financial circumstances, risk tolerance, and investment objectives. After an initial meeting, during which a client provides general suitability information, EIC will select an appropriate investment strategy for discretionary accounts. For non-discretionary accounts, the client will generally select the strategy of a third-party money manager introduced by EIC. Accounts may be maintained in custody at either SEI Private Trust Company or Fidelity Investments. However, a third-party adviser or the client may choose to maintain the account at an alternative custodian which must be listed in the Advisory Agreement. EIC manages several different dynamic portfolio strategies on a discretionary basis with varying asset allocations. For example, each strategy stance (whether enhanced, conservative, or moderate) has both a defensive and growth-oriented structure that is intended to be more flexible than traditional buy and hold strategies. The asset allocation will generally differ in percentages of stock, bonds, cash and other investments for each strategy stance. The asset class structures, and portfolio components of the strategies will typically have periodic changes over time. During periods of economic prosperity investors can expect each strategy to be positioned for more growth. On the other hand, during periods of economic contraction investors can expect each strategy to be positioned for less volatility and better principal protection. Referral to Limited Partnership/Hedge Funds: EIC may refer appropriately qualified clients to one or more

limited partnership and/or similar structured investment offerings (hedge funds, private equity, oil & gas/petroleum, etc.). Prior to the referral or recommendation, EIC will perform an initial client review in order to ensure that the client meets the appropriate investment guidelines for such an investment. Certain offerings may be provided in tandem with EIC’s broker-dealer affiliate. Please see Item 11 of this brochure for further discussion related to this issue. Financial Planning: In addition to the aforementioned services, EIC provides financial planning services to some of its clients. The firm’s financial planning services may include recommendations Form ADV Part 2A/2B: Investment Adviser Brochure and Brochure Supplements Page 5 for portfolio customization based on the client’s investment objectives, goals, and financial situation. Financial planning services may also include recommending investment strategies as well as tailoring investment advice provided by others. EIC will also help clients evaluate their financial objectives by taking into consideration their current position, financial independence, retirement needs, disability income, and life expectancy. EIC will then assist clients in formulating a personalized investment strategy. The personalized investment strategy includes:
• Financial goals: accumulation, net income equity, safety, and potential for appreciation.
• Types of investments: mutual funds or limited partnerships (i.e. “hedge funds”)
• Investment strategies: measure the ability of continuous cash flow, risk reward ratios, liquidity, diversification, potential for appreciation and maturity. Form ADV Part 2A/2B: Investment Adviser Brochure and Brochure Supplements Page 6 PENSION CONSULTING SERVICES We also provide several advisory services separately or in combination. While the primary clients for these services will be pension, profit sharing and 401(k) plans, we offer these services, where appropriate, to individuals and trusts, estates and charitable organizations. Pension Consulting Services are comprised of four distinct services. Clients may choose to use any or all these services. Investment Policy Statement Preparation (hereinafter referred to as ''IPS''): We will meet with the client (in person or over the telephone) to determine an appropriate investment strategy that reflects the plan sponsor's stated investment objectives for management of the overall plan. Our firm then prepares a written IPS detailing those needs and goals, including an encompassing policy under which these goals are to be achieved. The IPS also lists the criteria for selection of investment vehicles as well as the procedures and timing interval for monitoring of investment performance. Selection of Investment Vehicles: We assist plan sponsors in constructing appropriate asset allocation models. We will then review various mutual funds (both index and managed) to determine which investments are appropriate to implement the client's IPS. The number of investments to be recommended will be determined by the client, based on the IPS. Monitoring of Investment Performance: We monitor client investments continually, based on the procedures and timing intervals delineated in the Investment Policy Statement. Although our firm is not involved in any way in the purchase or sale of these investments, we supervise the client's portfolio and will make recommendations to the client as market factors and the client's needs dictate. Assets Under Management: As of January 1, 2024, EIC managed $ 316,341,285 on a discretionary basis across 314 accounts. In addition, EIC managed $ 116,370,542 on a non-discretionary basis across 99 accounts. This totals out to $ 432,711,827 under management by EIC across 413 accounts.