A. Herold was founded in 1975 by Bernard Herold. Herold was originally known as ERIAC, Inc. then changed its name to Herold Advisors, Inc. in 1999. Herold is majority owned by Percheron Asset Management Group, Inc. Herold offers its clients (individuals, business entities, trusts, estates, pension and profit‐sharing plans, and charitable organizations, foundations, and other US Institutions) Investment Management Services on a discretionary and non‐discretionary basis in its wrap fee program. Herold first reviews a client’s investment advisory needs, investment objectives and risk tolerances. Herold then works with the client to determine the optimum balance between equity, fixed income, mutual fund, exchange traded funds (ETF’s) and money market products to meet those needs. For some advisory clients Herold may employ a strategy of writing covered call options. Herold investment advice is limited to these types of investment products. Clients may impose restrictions on investing in certain securities or types of securities. Wrap‐Fee Program charges are subject to negotiation with each client. Fees for each client are documented in the Investment Advisory Agreement completed by each client at the inception of the client relationship with Herold. Herold generally charges 1.0 to 1.2% of the market value of the assets placed under Herold’s management. Supervised persons receive fee‐based compensation from Herold based on the fee stipulated in the clients’ Investment Management Agreement. The specific manner in which fees are charged by Herold is established in a client’s Investment Advisory Agreement with Herold. Herold will generally bill its fees on a quarterly basis. Clients are billed in advance each calendar quarter. Clients may also elect to be billed directly for fees or to authorize Herold to directly debit fees from client’s accounts. Management fees may be prorated for each capital contribution made during the applicable calendar quarter depending on the nature and size of the contribution. Management fees will not be prorated for withdrawals made during the applicable quarter unless the management agreement has been terminated. Upon termination of any account any prepaid unearned fees will be promptly refunded, and any earned unpaid fees will be due and payable. Unearned fee will be computed based on the number of days that have expired in Version 2.28.2024 3 the quarter. B. Herold’s Wrap Fee Program may cost more or less than purchasing such services separately depending upon the transactional activity within a given account. The intent of the wrap fee program is to bundle the cost of portfolio management and trading and to allow the customer to pay one inclusive fee. The client should consider the selection of this type of program based on their investment objectives. C. Herold’s Wrap Fee Program fees are inclusive of brokerage commissions, transaction fees, and other related costs and expenses which shall be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, third party investment and other third parties such as fees charged by managers, custodial fees, deferred sales charges, odd‐lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Mutual fund and exchange traded funds also charge internal management fees, which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of and in addition to Herold’s fee, and Herold shall not

receive any portion of these commissions, fees and costs. Herold does not charge a management fee for assets invested in open end mutual funds except for advisor class shares. In certain instances client funds may be kept or placed in a A, B or C class shares of a mutual fund that pay 12(b)1 fees to Bernard Herold & Co. where a different class of shares of the same fund managing the same portfolio exists that does not have 12(b)1 fees but, since Herold Advisors does not charge a management fee on these shares, affected clients are benefitted by the 12(b)1 fee being less than the management fee that would otherwise apply. Also, in certain circumstances switching funds out of class A, B or C shares may be a taxable event. Herold & Lantern Investments, Inc. an affiliate broker‐dealer receives marketing assistance payments from most of the market sweep program offerings made available on our brokerage and advisory platforms. The amount of payment depends on the aggregated dollars invested in money market funds over a given month and can range from zero to 0.00043 of the monthly balance. Money market sweep programs that do not pay marketing assistance are also available to Herold & Lantern Investments, Inc., and Herold Advisory brokerage and advisory platforms respectively. Use of sweep offerings that pay market assistance have a negative impact on performance results of the money market platform. Amounts received from these market assistance programs are used to contain cost across Herold & Lantern Investments, Inc. product offerings, which Herold Advisors, Inc. may utilize. These arrangements present a conflict of interest when it comes to selecting or recommending a money market sweep option in that Herold has an incentive to recommend that clients select a money market sweep option because it pays more compensation to Herold & Lantern Investments, Inc. Herold Advisors may margin a customer position based on request. Herold & Lantern Investments, Inc may receive a portion of the margin expenses from their clearing firm based on this transaction, which poses a conflict of interest in that Herold has an incentive to recommend the use of margin because it pays more compensation to Herold & Lantern Investments, Inc. Amounts received from these participation programs are used to contain cost across Herold & Lantern Investments, Inc. product offerings, which Herold Advisors, Inc. may utilize. We do charge a management fee on assets invested in closed end mutual funds and exchange traded funds (ETFs). Herold & Lantern Investments, Inc. is a participant in Pershing’s FundVest ticket charge program. This program offers clients no‐load mutual funds with no transaction fees. Through formal agreements Herold & Lantern Investments, Inc. is eligible to receive revenue sharing participation for assets that are held within these programs. Restrictions may apply in certain situations. D. The Advisor is compensated for managing the portfolio based on the client’s objectives as agreed to in the Investment Management Agreement. The registered representative who recommended the program is compensated as disclosed in the supplement to the Investment Management Agreement. The amount of this compensation may be more than what the representative would receive if the client participated in other programs or paid separately for investment advice, brokerage and other Version 2.28.2024 4 services. The representative may have an incentive to recommend this program, however all decisions are based on the objectives of the client.