SUMMARY DISCLOSURE STATEMENT REVISED March 1st, 2024 INTRODUCTION May Capital Management is a financial planning advisory firm specializing in personal financial planning and asset management. As an integral part of its services, May Capital Management provides general advice regarding investments. Therefore, the firm is registered with the United States Securities and Exchange Commission. This Summary Disclosure Statement is provided in accordance with Rule 204-3 under the Investment Advisers Act of 1940. May Capital Management generally provides investment advice to individuals, trusts, estates, and charitable organizations. Fundamental and technical investment strategies are used to select equities, mutual funds, exchange-traded funds, debt securities, variable annuities, and money funds. May Capital Management has no other financial industry activities or affiliations, and has no disciplinary history. This Summary Disclosure Statement provides the potential Client with an understanding of May Capital Management’s approach to financial planning, asset allocation and investment monitoring. Included is information about the experience and education of the Firm's personnel, the Firm's methods of compensation and the disclosure of possible conflicts of interest. The INVESTMENT ADVISORY AGREEMENT is an integral part of this Summary Disclosure Statement and is incorporated by reference. This Statement should be read in its entirety prior to entering into an agreement with May Capital Management. MY MISSION May Capital Management is founded on the principles of goal oriented financial planning and asset management. As such, there are two separate sides to the business: Financial planning, including the initial plan as well as ongoing monitoring and adjustment of the planning strategies and goals, and asset management involving the initial asset allocation and ongoing portfolio oversight. May Capital Management considers customer service highly important. The asset manager desires a close working relationship with each client to assure his or her complete satisfaction with information flow and understanding. PORTFOLIO MANAGEMENT Investment Philosophy The major guidelines adhered to by May Capital Management in recommending investment strategies may be outlined as follows: Recognition of Risk. An investment strategy must be based upon an understanding of both the risk of loss of capital (market risk) and the risk of loss of purchasing power (inflation risk). Risks associated with an inordinate lack of liquidity, fluctuations in the cost of money and the possibility of a decrease in the overall price level must be addressed. In addition, I believe it's important to minimize the volatility of the total portfolio. Professional Management. In many situations the investor lacks the time, the expertise or the inclination to manage his or her own assets. In such cases, the investor should consider the advantages of utilizing qualified experts to oversee his or her investments. May Capital Management receives client account specifics downloaded daily across secure web lines and utilizes portfolio management software allowing for detailed real time analysis of the account and it’s performance. Balance of Assets. Proper investment planning requires a balanced approach, with due consideration to short and long-term liquidity needs, the blending of lower and higher risk approaches and the combination of income and growth-oriented investments. Economic Considerations. Current and anticipated economic cycles and macro-economic changes are monitored in order to allocate portions of the Client's investment assets into areas of future growth. I believe successful investment performance is primarily a function of proper asset allocation rather than asset timing or specific investment selection. Diversification. There are no simple answers to investment decisions in our volatile economy. I believe diversification in a variety of investment vehicles is essential to balancing risk. Discipline. Investment planning requires a disciplined approach. Short-term emotional decisions often defeat a well-designed investment program. The investor must feel comfortable with the sacrifice of liquidity that at times may be required to achieve results. Income Tax Considerations. Income tax considerations are important in investment planning. However, it's essential to recognize that economic return is of prime importance. Income tax considerations are not the primary consideration in investment decisions. Proper tax planning requires a long-term view of tax reduction and deferral rather than a "quick-fix" at year-end. Portfolio Management These services include the design and construction of an investment portfolio consistent with Client financial constraints and objectives, risk tolerance and prevailing economic conditions. May Capital Management regularly monitors the Client's investment portfolio and makes appropriate investment selection recommendations as they are needed. This is important as the investment strategy revolves around the portfolio remaining in line with the target asset allocation. All or a portion of the Client's investment portfolio may be monitored as agreed. My asset allocation model helps me determine what types of assets to include or exclude from portfolio consideration and in what proportion those asset types should be held. I do not adhere to the principle of attempting to "time" the market nor do I attempt to "switch" to a particular asset class to take advantage of peculiar and temporary insights into the capital markets. The Client acknowledges the risk involved in any investment and that any one investment may or may not perform as expected. Economic factors such as the supply of money, various interest rates and commodity prices are analyzed to help predict the future economic environment, which, in turn guides my asset allocation model and the selection of investments suitable for particular investment portfolios. Political factors are considered in those areas that impact our overall economic environment. Client accounts are reviewed on a daily basis by the owner of this business, William Michael May. Comparisons are made between the actual performance of each individual client holding and the expectations regarding the holding at the time of purchase. Fundamental developments regarding each position are evaluated as well. Periodically, the diversification of holdings is reviewed, and a fundamental analysis of the economy and securities is performed. As of 07/18/2022, May Capital Management is overseeing $126,900,000 dollars on a discretionary basis. Clients with assets under management will receive written quarterly statements from the advisor. These statements will include reports detailing client's holdings, quarterly portfolio performance results, and a billing statement showing fee calculations. The quarterly statement also includes a letter from the advisor discussing current economic and stock market conditions, and showing stock market index results for the recent time period. Provided that the client has granted discretionary authority

to May Capital Management, I generally determine which securities are purchased and sold for client accounts, as well as the amount. The authorization to make these determinations is typically granted by the client either while completing the account application or by filling out a separate Limited Power of Attorney form. Portfolio management does not include financial planning or non-investment related consultation services (i.e., insurance, estate planning, etc.). There may be instances where simple projections or calculations may be used in order to make very basic assumptions about cash flows, savings rates, spending, etc. This does not in any way take the place of financial planning. Financial planning is a separate service offered by May Capital Management, which encompasses the six- step financial planning process and the “Financial Planning Practice Standards”. FINANCIAL PLANNING Financial Planning Philosophy Proper financial planning identifies specific goals and objectives. The process requires a complete review of a client’s assets, retirement benefit programs, insurance contracts, potential income and estate taxes, wills and trust agreements, and other related matters. Once the goals and objectives are identified, patience and discipline become very important. I believe the financial planner must become actively involved in implementing the recommendations approved by the Client. The best thought-out plan is no more than an expensive academic exercise unless it leads to action. I take pride in providing high-quality personal service in helping Clients achieve their financial objectives. Financial Planning Advisory Services Financial planning advisory services involve reviewing the Client's financial affairs, creating a written financial plan, aiding the Client in implementing agreed-upon recommendations and providing ongoing monitoring of goals and objectives. As a CFP professional and fiduciary, May Capital Management employs the six-step financial planning process and the “Financial Planning Practice Standards”. The process begins with an initial consultation, usually at no charge. The purpose is to determine if the Client can benefit from financial planning and to what extent my services are needed. Before work begins, the scope of the work and the fee are agreed upon and the CLIENT AGREEMENT is executed. A written “scope of engagement” will be created and presented to the client. Financial planning requires a clear understanding of the Client's current situation. As such, the Client’s overall personal and financial picture must be known to the investment manager. Areas of examination include assets, liabilities, income, expenses, potential income taxes and estate taxes, trust agreements, wills, investments, insurance, personal and family obligations and employee benefit programs. Careful consideration must be given to subjective factors such as the Client's prior investment experience, ability and desire to manage assets, comfort with risk and knowledge of investment vehicles. The Client is expected to provide complete information in all relevant areas. The various areas of Client concern and my recommendations are discussed orally and in writing in a series of meetings with the Client. Clients are then provided with personalized written and oral financial planning advice designed to help them identify, prioritize and achieve their financial goals in all areas. Such advice normally involves the development of specific strategies, alternatives and integrated solutions. My goal is to determine the optimum course of action for the realization of Client financial planning objectives, taking into consideration Client needs, earning power, financial resources, and particular aversion to risk. Upon agreement regarding specific recommendations, an agreed- upon course of action is implemented. After the initial planning process, the Client's goals and economic conditions continue to change. Revisions in the tax law, changes in inflation, fluctuation in interest rates and instability in investment mediums, combined with changes in the Client's personal situation, require that financial and tax planning be an ongoing process. Financial planning does not include the ongoing monitoring, review or surveillance of investments or other assets. These services are offered separately as portfolio management. POSSIBLE CONFLICTS OF INTEREST The delivery of any professional service involves certain conflicts of interest. It is the duty of the professional in delivering these services to disclose these conflicts and to minimize them to the fullest extent possible. The following paragraphs describe some of the potential conflicts of interest I may face.
• In conducting the financial planning process, I may recommend that I be considered to manage investment portfolios for my clients. This could result in the Client paying me both a financial planning fee and an investment portfolio monitoring fee.
• May Capital Management does not buy or sell securities for its clients in any capacity-- principal, agent or broker--and does not affect securities transactions for commission compensation as broker or agent for Clients. May Capital Management receives no commission compensation whatsoever for its investment advisory services.
• May Capital Management transacts securities business either through the Client's existing stockbroker or with various discount brokerage firms such as Charles Schwab & Co. Inc.
• Neither May Capital Management nor any of its employees may act as a securities broker or agent for Clients.
• Associates of the Firm may have positions from time to time in securities that Clients may also own. Recommendations to Clients may differ from Client to Client due to the unique circumstances relating to each Client. BUSINESS CONTINUITY If Mr. May is unable to continue his work as a financial planner/asset manager, due to incapacity or in the event of his death, there are options for current clients. As clients have their assets in custody at Charles Schwab and Co., Inc., they will maintain those institutional accounts. Client may choose to keep the account(s) at Schwab and find a new advisor. Alternatively, client may find a new advisor outside of Schwab, and move their respective account(s) to a new custodian. My suggestion would always be to choose a planner that is a Certified Financial Planner practitioner®. That being said, I would highly recommend my mentor and CFP® certificant Patrick Coyne, of Wealth Management Advisors, LLC. He has been in the business for over 30 years, and has held the CPF® designation for over 25 years. Mr. Coyne would be happy to assist my clients with this transition, and also answer any related questions that might arise. Clients are under no obligation to begin a business relationship with him. The Wealth Management Advisors, LLC website is www.feeonlyinvestmentadvice.com, or you can reach Patrick at (707) 462-9053. As of March 01, 2024, May Capital Management managed $144,799,000 in assets on a discretionary basis.