Boyar Asset Management, Inc. is a sub-chapter “S” corporation formed under the laws of the State of New York with a principal place of business in New York, NY. The Firm registered in 1983 as a registered investment adviser with SEC pursuant to the Investment Advisers Act of 1940 (the “Advisers Act”). Boyar was founded in 1983 by Mark Alan Boyar, principal and majority interest owner in the Adviser. Mark Boyar serves as President, Portfolio Manager, Chief Investment Officer of the Adviser. He has over forty (40) years of investment experience having managed investor capital over multiple markets. In addition, Benjamin Lee Boyar, and Jonathan Ives Boyar, are principals and owners of Boyar. Boyar offers discretionary and non-discretionary investment advisory services to separately managed client accounts (each a “SMA”), two private funds, Boyar Partners, LP and Boyar’s Orphaned Equity Fund, LP, each a Delaware limited partnership (each a “Fund” and collectively the “Funds”), and one open-ended registered investment company, The Boyar Value Fund (the “RIC”) trading as “BOYAX” on the NASDAQ exchange. Each is a “Client” or “Client Account” and collectively, the “Clients” or “Client Accounts”. Interests in the Funds are offered to persons or entities meeting the qualified investor net worth requirements and are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), pursuant to Section 3(c)(1) and Section 3(c)(7) of the Investment Company Act. In general, an investor withdrawal from the Funds will be subject to (a) a notice period, (b) a lock-up, and/or (c) a withdrawal fee. Generally, the Funds are open for subscriptions and withdrawals around the end of the second and fourth quarter of each year, subject to limitations, restrictions and suspension as more fully described in the offering documents. Boyar’s Alternative Strategies, LLC Is an affiliate of Boyar and serves as general partner to Boyar’s Orphaned Equity Fund, L.P. Boyar GP Holdings, Ltd. is also an affiliate of Boyar and serves as general partner to Boyar Partners L.P. Boyar publishes, for compensation, Boyar Research under an affiliated entity, Boyar’s Intrinsic Value Research, LLC (“BIVR”), which is not regulated by the SEC. Boyar Research focuses on undervalued companies, and the research publications are sold primarily to institutional customers. BIVR consists of the following publications: Asset Analysis Focus (“AAF”), Boyar’s Microcap Focus (“BMCF”), collectively “Boyar Research”. BIVR reports are not investment advisory bulletins. BIVR does not provide investment advisory services and is strictly a publication. Boyar Asset Management, Inc and Boyar Intrinsic Value Research, LLC are referred to as the Boyar Value Group (“BVG”). All employees of BVG are considered access persons of the Firm and must abide by the compliance manual and code of ethics. Investment Management and Supervisory Services Client Accounts are managed in accordance with the investment

objectives, strategies, restrictions and guidelines, as described in their investment management agreements and/or relevant Fund offering documents. Boyar tailors it’s advisory services for SMA clients according to the Client investment objectives and risk tolerance. Boyar generally does not tailor its advisory services to the individual needs of those persons or entities that invest in the Funds, and investors in the Funds may not impose restrictions on investing in certain securities and other financial instruments. The offering documents of the Funds contain a more detailed description of this information, including its risk factors and conflicts of interest. Separately Managed Account Clients may be invested in The Boyar Value Fund. Boyar does not participate in a wrap program. Boyar Partners, L.P. primarily invests in domestic common stocks. Additionally, Boyar Partners, L.P. may invest in convertible securities, warrants, preferred stocks and debt securities that are traded on U.S. exchanges. The Fund seeks to achieve superior economic returns primarily through capital appreciation, consistent with controlled risk and prudent diversification. Boyar’s Equity Orphaned Fund, L.P. primarily invests in equity securities of companies that Boyar believes are currently out-of-favor and selling at a discount to “intrinsic value”. The Fund also invests in any security, including stocks (domestic and foreign exchange), shares of open-or closed-end investment companies, purchases and/or sale of options and warrants on stock indices in furtherance of its primary emphasis of seeking profits market conditions warrant this investment strategy. The Adviser also serves as the investment adviser to The Boyar Value Fund. The RIC’s investment objective is long term capital appreciation. Under normal market conditions, the RIC invests primarily in equity securities that are believed by the Adviser to be intrinsically undervalued. Intrinsic value, as the Adviser defines it, is the estimated current worth that would accrue to the stockholders of a company, either through liquidation of corporate assets upon termination of operations, or through the sale or merger of the entire enterprise as a continuing business. ERISA Clients Boyar has adopted policies and procedures to comply with the ERISA fiduciary standards when advising retirement asset rollovers, as set forth in the Department of Labor Fiduciary Rule that became effective January 31, 2022. Assets Under Management As of December 31, 2022, the Adviser manages $279,126,216 assets under management. Of which, $175,027,923 is managed on a discretionary basis and $23,101,878 is managed on a non-discretionary basis. The Adviser is including $80,996,413 assets under management which it is advising, however, Boyar is not responsible for effecting the purchase of sale of such assets, therefore this number is calculated differently than regulatory assets under management as reported in ADV 1.