Introduction This Brochure describes the services that NatWealth Management (USA) Inc. (“NatWealth”, the “Firm”, “we” or “us”) makes available to advisory clients of the Firm in respect of its Wealth Management Services (“clients” or “you”). NatWealth is an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”) and was founded in July 2020. NatWealth provides comprehensive wealth management services to high net-worth and ultra-high net worth clients located in the U.S. or to Canadian residents with accounts located in the U.S. NatWealth is an indirect, wholly owned subsidiary of National Bank of Canada (“NBC”), a federally regulated bank in Canada. Founded in 1859, NBC offers financial services to individuals, businesses, institutional clients and governments across Canada and internationally, and is traded on the Toronto Stock Exchange (TSX:NA). As of December 15, 2022, NatWealth had $33,001,568 in assets under management on a discretionary basis. This Brochure is regarding NatWealth’s Wealth Management Services; for information regarding NatWealth’s Institutional Client Research Services (an impersonal advisory service), please see the Institutional Client Research Services Brochure. Advisory Services NatWealth provides discretionary investment advisory services to its clients. We develop for each client a personalized investment strategy that is intended to reflect your investment objectives, time horizon, risk tolerance, investment knowledge, and overall financial situation. Our investment advisors will work with you to define these key inputs, and to develop an investment strategy that can incorporate a wide variety of investment products, including, but not limited to, U.S. and Canadian: equity securities, including American Depository Receipts, investment grade bonds, structured products, as well as pooled investment vehicles such as mutual funds, exchange traded funds (“ETFs”), closed-end funds, unit investment trusts, real estate investment trusts, and alternative investments such as hedge funds and private equity funds, among others. We may also trade options. Mutual funds or other funds used in your account may be manufactured or managed by National Bank Investments or other affiliates of NatWealth; NatWealth has a conflict of interest in selecting, offering, and/or recommending such funds because NatWealth affiliates will receive compensation or benefits. With limited exceptions such as mutual fund portfolio holdings and certain strategies that consist solely of ETFs and/or mutual funds, you have the ability to restrict securities of specific issuers or types of issuers as investments for your account. Client assets are custodied by Pershing LLC (“Pershing” or the “Custodian”), an SEC-registered broker-dealer, a member of the U.S. Financial Industry Regulatory Authority (“FINRA”) and a “qualified custodian” not affiliated with NatWealth. NatWealth will not maintain custody of your funds and/or securities. Cash balances of U.S. dollars in your account will be swept into an available sweep option selected by you or by your Investment Advisor. Some Investment Advisors are also Portfolio Managers according to Canadian regulations. Each Investment Advisor without this qualification is teamed with a separate NatWealth internal Portfolio Manager or will offer products discretionarily managed by external Portfolio Managers. The term “IA” from here forward refers only to Investment Advisors or Portfolio Managers who are employees of NatWealth and exclude any external Portfolio Managers. Your IA may invest in Canadian securities which would require converting US currency

into Canadian, unless the account already holds such. Pershing will affect the foreign currency exchange using its exchange rate, with any spread benefitting Pershing and not NatWealth. Through execution of a separate margin agreement with Pershing, eligible clients will have the ability to borrow cash against the value of certain assets held within their account (the “Pershing Margin Program”). You should carefully review the terms and conditions of the Pershing Margin Program as described in the Pershing Margin Agreement. Margin costs and expenses are separate client charges and are not part of the overall Client Fee (as defined below in Item 5). If your IA recommends that you participate in the Pershing Margin Program, this creates a conflict with you because purchasing securities on margin will increase the assets in your account and thus the fee you pay NatWealth, with your IA receiving a portion of this fee. The services offered by NatWealth may not be suitable for all your wealth, and NatWealth does not represent that its services are based on or meant to replace a comprehensive evaluation of any client’s entire financial life considering all of your financial circumstances, needs and objectives. Our advice and recommendations are specific to assets we manage in your account, as described in the investment management agreement you enter into with us (the “Client Agreement”). Lockwood Asset Allocation Portfolios offered through Lockwood Advisors, Inc. NatWealth has entered into an agreement with Lockwood Advisors, Inc, (“Lockwood”) to offer the Lockwood Asset Allocation Portfolios to NatWealth’s clients. Lockwood is a registered investment adviser with the SEC. Lockwood provides, among other things, managed account services. Lockwood Asset Allocation Portfolios (“LAAP”) is a discretionary, multi-discipline managed account product contained in a single portfolio. Lockwood offers different LAAP diversified, discretionary investment portfolios. Some models are more conservative, with the majority of the model allocated to fixed income and the balance to equities; other models are more aggressive, with an allocation focused on equities. For these portfolios, Lockwood, serving as the Portfolio Manager, determines, on a discretionary basis, the asset allocation strategy and selects investment vehicles for the portfolios. Securities purchased, sold and held in a LAAP account may consist of open and closed-end mutual funds, exchange-traded funds and other types of securities, as determined by Lockwood, in its sole discretion. The securities used in a LAAP account are subject to change at Lockwood’s sole discretion. NatWealth does not exercise discretion in selecting investment vehicles in the LAAP accounts. More information regarding Lockwood and LAAP accounts is available in Lockwood’s Form ADV – Part 2A “Brochure” which is provided to any client using this Lockwood service. Although NatWealth does not determine the asset allocation strategy and does not select the investment vehicles for a LAAP account, NatWealth still makes the determination, with the client, if a LAAP account is appropriate for the client, and which model, in particular, is suitable for the client considering, among other things, the investment objectives, risk tolerance and personal situation of the client. The client executes the agreements with Lockwood for this service. The fees charged by NatWealth to clients with respect to a LAAP account are different than the fees charged for an investment account in which Natwealth determines the asset allocation strategy and selects the investment vehicles. The fees charged by NatWealth are indicated in Item 5 below.