Dover Investment Advisory Corporation (DIAC) was founded in January 2003 by Stuart K. Nagode. Mr. Nagode is responsible for all activities at DIAC and is currently its only employee. Mr. Nagode owns 100% of DIAC. DIAC provides a reasonably priced investment advisory service to individuals, trusts and corporations. While not currently doing so, DIAC would also provide its services to endowments, foundations and partnerships. DIAC strives to ensure that clients participate in the world’s capital markets with a broadly diversified portfolio constructed in a rational and cost effective manner. DIAC offers two portfolio strategies: equity and balanced. Both strategies invest primarily, but not exclusively, in low cost mutual funds, exchange traded funds and other client appropriate financial instruments. The structure of Stuart Nagode's personal portfolio serves as the basic template for all client portfolios. Mr. Nagode's portfolio has maintained an asset allocation of between 60% & 70% in equities and between 30% & 40% in fixed income since inception. Clients in the balanced strategy have an asset allocation that is based on their investment time horizon and risk tolerance. Clients with a shorter investment time horizon and/or lower risk tolerance will have a lower equity exposure than clients with a longer time horizon and/or higher risk tolerance. For some clients, DIAC manages only a portion of their investable assets. This is generally the case for clients who retain DIAC and choose the equity strategy. Within each of the two broad asset class categories (equity & fixed income) all portfolios (Mr. Nagode’s and all clients)

are substantially similar. For example, if Mr. Nagode's target exposure to domestic large cap value funds is 20% of his total equity exposure, DIAC clients would have approximately 20% of their total equity exposure in domestic large cap value funds. Any differences are the result of either fund availability (funds close to new investors from time to time) or client specific factors (timing of cash flows, risk factors, client preferences, etc.). DIAC believes that two of the most important characteristics of a portfolio are 1) broad diversification and 2) low cost. That being said, DIAC also recognizes that active management of some asset classes (small cap, value style investing and international, for example) can add value in excess of incremental fees. DIAC selects and monitors the funds that represent each asset class utilized in the client portfolios. DIAC focuses its efforts on managing globally diversified portfolios for its clients. DIAC does not provide any financial planning services. During initial and subsequent meetings between DIAC and its clients, an appropriate high level asset allocation target (meaning the % allocated to equities & commodities and the % allocated to fixed income and cash) is determined. When coming to this determination, DIAC and the client consider the client’s investment time horizon, risk tolerance and relevant specific circumstances. DIAC manages client portfolios on a fully discretionary basis. This means that DIAC will make changes to client portfolios based on its own judgment, without first consulting the client. As of 9/30/2023, DIAC managed $112.3 million dollars.