Kershner Grosso & Co. (hereinafter referred to as “Kershner Grosso”) is a registered investment advisor with the United States Securities and Exchange Commission. Kershner Grosso has been in business since 1979 and is owned by Christopher Grosso and Timothy Fontaine. Investment Management Services Kershner Grosso furnishes investment management services to clients, including individuals, trusts, corporations, and other business entities. Christopher Grosso, Timothy Fontaine and/or Kershner Grosso, also serve as a trustee or co-trustee for a number of clients. The term "investment management services" is defined as providing portfolio management services to clients with respect to the investment of assets in a client's account. We provide such services on a discretionary basis (i.e., Kershner Grosso makes specific investment decisions for a client without first obtaining the client's approval), although we may consider a non-discretionary arrangement under certain circumstances. Investment supervisory services begin with Kershner Grosso working with each new client to identify the client's investment objectives and their tolerance for risk. We then develop an investment plan for their account(s) and we manage the client's assets in a manner consistent with the client's investment objectives. Kershner Grosso has discretionary authority for each account we manage. We make all investment decisions for the account. Our firm, without prior consultation with the client, will buy, sell, and otherwise trade in stocks, bonds, other securities and other financial instruments, subject to the investment guidelines and/or instructions that have been established for each client's account. Investment advice and portfolio decisions are based primarily upon the judgment and experience of Kershner Grosso's principals after analyzing all available information deemed relevant. Clients assume the risk that their investment returns may be negative or less than the rates of return of other investment advisors, market indices, or investment products. 4 | P a g e Our guiding principles include: 1. We own what our clients own The officers of Kershner Grosso and their families have all of their monies invested at Kershner Grosso. We own, in our personal and retirement accounts, many of the same securities we own for our clients in their portfolios. 2. We are long-term investors, not speculators We are continually seeking to maximize our clients’ after-tax returns, which we can do much more effectively and efficiently with individual stocks and bonds than can be done by short-term trading or by owning mutual funds. 3. We operate under a strict fiduciary standard We are paid only management fees by our clients, and our interests are identical to our clients’ interests. We don’t receive any commissions, rebates, referral fees, or other payments from mutual funds, insurance companies, or from any other third-party firm. 4. We minimize our clients’ fees The annual fees our clients pay are typically considerably lower than the annual fees, commissions, and trading costs charged by many stockbrokers or other financial advisors who buy and sell mutual funds for their clients’ portfolios. A client’s investment plan is designed according to the specific needs, objectives, and tolerance for risk of that client. During the initial consultations, the client and Kershner Grosso discuss

the client’s needs, including desired goals and risk tolerance. Plans may involve consultation with other professionals, including attorneys and accountants. The development of the investment plan for each client is ongoing in nature. 5 | P a g e Kershner Grosso will not act as custodian for any client accounts. Rather, a qualified custodian will be appointed to maintain possession of the assets of the account, to buy and sell securities in the account, to settle transactions for the account, and to accept instructions from Kershner Grosso regarding assets in the account, subject to certain procedural restrictions. In addition, the custodian will notify both the client and Kershner Grosso of any additions or withdrawals for the account. Advisory agreements will continue until terminated by either Kershner Grosso or the client. Termination requires written notice from one party to the other. In the event of termination, the client will be reimbursed any management fees due, on a pro-rata basis, and Kershner Grosso will receive payment of any accrued fees as described below. Termination by the client will not affect transactions our firm has initiated on the client’s behalf prior to the effective date of the termination. Retirement Plan Services Kershner Grosso’s retirement plan services provide retirement plan design, education services and investment selection, and monitoring. We are defined as an ERISA Section 3(38) investment manager. As a 3(38) manager, Kershner Grosso assumes the fiduciary responsibility from the plan sponsor to manage the plan assets and acts as the sole decision maker with respect to the selection and monitoring of the investments offered under the plan. Plan sponsors are thus relieved of their responsibilities regarding the selection and monitoring of individual investments, but retain the responsibility to perform due diligence on Kershner Grosso. A 3(38) fiduciary designation is limited to banks, insurance companies, and registered investment advisors like Kershner, Grosso & Co. that are subject to the Investment Advisors Act of 1940. Kershner Grosso may provide one or more of the following services: ▪ Assisting plan sponsors in developing a customized retirement and investment plan to fit the needs of individual plan participants. ▪ Investment selection, ongoing monitoring, and performance reviews. ▪ Planning and coordination for plan transfer and/or conversion. ▪ Assist human resource staff and third party administrators with items regarding plan administration. ▪ Individual employee meetings, retirement planning, investment advice, and distribution consultation. 6 | P a g e ▪ Group education and enrollment meetings. ▪ Assistance with plan administrative tasks such as loan, distribution, and rollover processing. ▪ General information on legislative, Department of Labor, and Internal Revenue Service matters relating to qualified plans. ▪ Draft the plan investment policy statement. Trustee Services Christopher Grosso, Timothy Fontaine and/or Kershner Grosso provide trustee services to a number of our clients. We have 25 years of experience with respect to serving as a court- appointed trustee and/or guardian, administering trusts, and managing the proceeds of those trusts on behalf of our clients. In addition to our work as a trustee, we work with family members to manage the proceeds of trusts for a number of other persons for whom we do not serve as trustee.