Linden Thomas Advisory Services, LLC (CRD # 288557) is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). LTAS is based in North Carolina and began operations in 2018. Stephen L. Thomas is the founder and managing principal of LTAS. Stephen has been working with high-net worth individuals, families, and businesses for more than 30 years. LTAS’s goal is to help clients build a long-term portfolio by working with each client individually to develop an investment plan that is customized to help meet that client’s particular needs. Once an investment plan is developed, LTAS works to build, deploy and rebalance a sound asset allocation strategy. LTAS’s philosophy is to identify opportunities for capital appreciation combined with an eye on mitigating risk. Goals include lowering portfolio fees and transactional costs of managed products while tailoring the portfolio to each individual’s tax and investment needs. LTAS provides general wealth management services to individual investors including portfolio management services, investment advisory services, and financial planning services. LTAS also provides retirement plan services to businesses and other institutional investors. LTAS has created a variety of proprietary index-enhanced portfolios designed to outperform their benchmark index. Assets under management may include brokerage assets under continuous and regular supervisory management services and advisory assets. Portfolio Management Services LTAS provides ongoing discretionary and non-discretionary portfolio management services to individuals, families, and businesses. When providing portfolio management services, LTAS not only makes recommendations related to investments and outside third-party money managers, but also implements these recommendations and provides ongoing monitoring and reporting. Clients may elect to give the Firm discretion to make decisions (discretionary management) or may prefer to approve decisions before implementation (non-discretionary management). Investment management services are generally provided in one of three programs: a) Separately Managed Account Platform – Under this program, LTAS manages accounts by delegating individual investment selection responsibilities to outside third-party money managers while retaining responsibility for overall asset allocation, manager review, and client relationship management. The delegation of responsibility to LTAS is non-discretionary in nature in that LTAS does not have the authority to delegate to outside third-party money managers without the Client’s approval. b) LTAS Managed Index Program – Under this program, LTAS manages accounts using its proprietary enhanced-index investment management process. Such engagements are not discretionary in nature. LTAS only has the authority to manage the individual security selection or individual trades within

the index investment product and not necessarily to the client’s allocation and selection of the various index portfolios. c) Passive Index Program – Under this program, LTAS manages accounts using outside Vanguard and DFA index funds. Such engagements are discretionary in nature in that LTAS has the authority to manage the Client’s account without approval for individual security selection or individual trades. Investment Advisory Services LTAS provides in-house (not utilizing an outside third-party money manager) investment advisory services to individuals, families, and businesses. LTAS makes ongoing investment recommendations on a non-discretionary basis, which then requires the client to accept and implement such recommendations. Financial Planning Services LTAS provides project oriented and ongoing financial planning services to individuals and families where the Firm offers advice or other strategic assistance in areas such as education funding, retirement planning, estate planning, risk management, employee benefits planning, tax planning, etc. When engaged to provide financial planning assistance, clients are responsible for determining whether or not to implement a recommendation, and if they decide to do so, are responsible for implementation. The details of an engagement vary on a case by case basis depending on the complexity of the client’s financial situation. An engagement generally involves the identification of goals and objectives, collection and analysis of data, formulation of a strategy, and preparation of a written plan. Retirement Plan Services LTAS also provides retirement plan services to businesses which may include plan level services such as discretionary management services, non-discretionary management services, and investment advisory/consulting services related to different types of retirement plans. When providing management services, LTAS is responsible for implementing recommendations. When LTAS is providing advisory services, the client is responsible for implementation of recommendations. Regardless of the services provided, each is tailored to the individual needs of a particular client (whether an individual, a family, or a business) through an assessment conducted prior to an engagement. Clients may impose restrictions related to the level of discretion granted, the types of investments used, etc. Terms of an actual engagement, including description of service, limitations and restrictions, fees, etc., are all detailed before any engagement begins in a written client agreement. The Firm does not currently sponsor a “wrap fee” program, although platform providers, sub- advisors or third-party managers recommended or used by the Firm may do so. For information regarding such programs provided by such outside parties, please refer to the applicable party’s ADV Part 2 Disclosure Brochure which is available upon request.