North Woods Asset Management LLC doing business as North Woods Wealth Management (“North Woods”) has been in business since August, 2015. William Barrett Wadsworth and Jeremy Tilton Wadsworth are the firm’s principal owners. North Woods believes that a personalized investment management strategy is valuable to individuals at all stages of life and/or career. One’s investment approach cannot be viewed in isolation; it is inherently dependent upon and in turn influences every other financial aspect of one’s life. We believe that the best way to capture the nuances of each client’s personal situation is to develop an individual plan for each client that details the goals, time horizon, qualitative objectives, return objectives, and risk tolerances for each bucket of money with every client prior to investing. We provide in-depth cash flow and retirement planning analysis to help facilitate major life decisions. For example, we may work with clients to determine when they can retire, how much they can responsibly spend during retirement, or how much return on their investments they need to fund a particular life style. The answers to these questions then help direct us, as the investment advisors, to develop an investment portfolio with appropriate risk and return objectives. Due to the level of attention and work required to serve each client, North Woods has a portfolio minimum of $250,000. Each managing member has the discretion to accept clients under this threshold if he or she deems appropriate. Retirement Plan Consulting Services North Woods provides investment advisory services to qualified and non-qualified plans. While ultimately linked to investments and investment advice, consulting to pension plans can involve a great deal more than selecting investments. North Woods acts as a connector and communicator for the plan by bringing in vendors, who provide North Woods with a list of potential investments. North Woods will then take the investment options provided by the vendor, and select the plan’s offerings. Throughout this process, North Woods can be as integrated as the plan sponsor wishes, from acting on an as-needed basis only to acting as the plan sponsor’s shepherd through the entire process of setting up and maintaining a plan. Asset Management North Woods believes that the best portfolio management requires smart asset allocation, strong fund/manager selection, and strategic “factor” weightings. However, while each of these components are important to a portfolio, they are not equal. In order to incorporate all three components properly, North Woods utilizes a “Three Filter” approach to portfolio construction, in which macro-level decisions are made before micro. Specifically, based on a client’s risk and return profile, we first determine the proper asset allocation, which has the greatest impact on long term returns and short- term volatility. We then perform fund manager research and due diligence on fund strategies, track records, and fees, to build a stable of top funds in each asset class. We then choose a lineup of funds from those stables that when combined, create the portfolio-wide “factor” exposure that is desired. The Three Filters 1. Asset Allocation. We develop long-term (typically ten years) risk and return projections for all global asset classes and develop target allocations based upon these projections. North Woods believes that many US investors exhibit a ‘home bias’ in which they are more inclined to invest in US securities despite well developed projections that may favor international or alternative investments. Therefore, North Woods does not restrict itself by setting guidelines on how much must be invested in each asset class. Rather, for each of the investment portfolios described later, North Woods targets a maximum downside risk which allows us to maximize the expected return for each portfolio at a given level of risk. We believe in diversification and the benefits of rebalancing, so we will always maintain global diversification within each of our portfolios. After making the asset allocation decision, North Woods focuses on manager selection to fill each role. 2. Fund/Manager Selection. We believe that short-termism has become prevalent throughout much of the investment industry, so our first goal is to search for funds that utilize longer term metrics and/or analysis for security selection. The criteria we use to select funds differs by asset class, as we are adherents to passive index-based investing in certain asset classes, while we

believe good active managers can be worth the higher expense ratios in certain other asset classes. 3. Factor Exposure. The primary goal is to evaluate a portfolio as a whole, in order to ensure that the fund/manager selection process does not create an unintended and unwanted tilt towards or away from specific factors. The secondary goal depending on market circumstances and the makeup of funds within our asset class stables, is to purposefully increase or decrease exposure to a specific factor. For example, it would be possible that utilizing the top-rated fund from each of our asset class stables creates a portfolio that is very heavily weighted towards growth stocks and away from value stocks. In general, this heavy tilt can hurt diversification and increase volatility. This would be even more problematic if market research indicated that growth is currently overvalued relative to value. Not every factor can be evaluated and measured at the portfolio level, but we use this final lens to ensure that the final lineup of funds when put together, provide the desired exposure to those factors that we are able to measure. When we perform asset management services, we will do so on a discretionary basis, meaning that we are not required to get permission from the client prior to executing a change to client accounts. This means that our agreement with you will include a Limited Power of Attorney granting us the ability to make these changes. Participant Account Management We use a third-party platform called Pontera to facilitate management of held away assets such as defined contribution plan participant accounts, with discretion. The platform allows us to avoid being considered to have custody of Client funds since we do not have direct access to Client log-in credentials to affect trades. We are not affiliated with the platform in any way and receive no compensation from them for using their platform. A link will be provided to the Client allowing them to connect an account(s) to the platform. Once the Client account(s) is connected to the platform, we will review the current account allocations. When deemed necessary, we will rebalance the account considering client investment goals as discussed above. Client account(s) will be reviewed at least quarterly, and allocation changes will be made as deemed necessary. Assets Under Management As of March 4, 2024, North Woods manages approximately $64,838,489 in assets all on a discretionary basis. Additionally, North Woods consults on approximately $2,788,000 in assets under advisement in held-away accounts. Retirement Account Rollovers Depending on a client’s given circumstances, North Woods may recommend that a client rollover retirement plan assets to an Individual Retirement Account (IRA) managed by us. As a result of a rollover, North Woods may earn fees on those accounts. This presents a conflict of interest, as North Woods has a financial incentive to recommend that a client roll over retirement assets into an IRA we will manage. This conflict is disclosed to clients verbally and in this brochure. Clients are also advised that they are under no obligation to implement the recommendation to roll over retirement plan assets. North Woods attempts to mitigate this conflict by requiring that all investment recommendations have a sound basis for the recommendation, and by requiring employees to acknowledge their fiduciary responsibility toward each client. When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest 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.