Item 5 – Additional Compensation ............................................................................................................. 15 Item 6 – Supervision ................................................................................................................................... 15 Chapman Investment Management, LLC (“CIM”) was founded in January 2013 to provide professional discretionary portfolio management through separately managed accounts to individuals for taxable and retirement accounts, and to corporate pension plans, charitable foundations and academic endowments. The company is 100% owned by Scott A. Chapman. Advisory Services CIM offers discretionary investment management and investment advisory services in separately managed accounts utilizing primarily securities that include common stock, preferred stock, corporate bonds, municipal bonds, U.S. government bonds and mutual funds. CIM’s investment management services typically consist of strategic asset allocation and the selection and management of investments. The services may reflect directives communicated by the client to CIM from time to time in writing, including directives relating to investment objectives, income requirements, liquidity needs, time horizon, tax considerations and risk tolerance. Clients may impose restrictions on investing in certain securities or a percentage threshold for individual investments. A client may make additions or withdrawals from the client’s portfolio account at any time, subject to CIM’s right to terminate an account if the amount of assets under management drops below our minimum account size. Additions to an account may be in cash or securities, provided that we may decline to accept particular securities into a client’s account or may liquidate the security if it is inconsistent with CIM’s investment strategy or the client’s investment objectives. CIM generally requires clients to place and maintain a minimum of $500,000 under management. Multiple related accounts may be aggregated to meet this minimum. Under certain circumstances, and in CIM’s discretion, the minimum account size requirement may be waived or altered. Retirement Rollovers & Conflicts of

Interest: If we make recommendations or provide advice related to a retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act ("ERISA") and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. In the event we recommend a client rollover their retirement plan assets into an account to be managed by our firm or (where applicable) recommend the purchase of a retail investment product, such a recommendation creates a conflict of interest because we will be compensated if you follow our recommendation. To manage this conflict, we operate under a special ERISA rule relating to retirement assets that requires us to act in your best interest and not put our interests ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. While not always the case, a client or prospective client leaving an employer typically has the below four options regarding an existing retirement plan: 1. Retain the assets in the former employer’s plan; 2. Rollover the assets to a Traditional IRA or Roth IRA; 3. Rollover the assets to the plan of a new employer; or 4. Receive a cash distribution. Deciding which of the above options are right for you can be a complex process. For that reason, we will discuss each option after we conduct a careful analysis. Additionally, we provide a written "Retirement Advice Disclosure" to our clients to educate you so you can make a good decision. Please let us know if you did not receive the above disclosure so we can provide it to you. Assets Under Management As of December 31, 2023, total assets under management amounted to $174,969,077. All assets are managed on a discretionary basis.