Private Asset Management, Inc. (Private Asset) is an investment management consulting firm founded in July 1996. Michael Thayer is the sole owner of the firm. We are primarily a wealth advisory firm for high net worth individuals and families. We assist clients in addressing financial matters that affect their lifestyles. An example of this is that we can aid in coordinating the wealth management process with the client’s CPA and/or estate planning lawyer. Private Asset’s main service is wealth management. This process begins with the development of client objectives and investment constraints. Constraints include risk tolerance, time horizon, cash flow requirements and taxes. From this we design a portfolio strategy and determine the proper investments and investment allocations. The objectives, constraints, strategy and allocations are documented in a Wealth Strategy Summary and the asset allocation is also documented in an Investment Policy Report and Recommendations summary page. These are utilized in the ongoing management of the relationship in accordance with the client’s goals. Once the initial strategy is implemented, we perform ongoing investment reviews and make investment recommendations as needed. We encourage client participation and encourage clients to meet with us quarterly. Throughout the process we provide portfolio performance measurement relative to appropriate benchmarks. Coupled with the process we provide money manager evaluation, access to suitable direct real estate investments on occasion, and coordination with other professionals as directed (accountants, attorneys, bankers, etc.). We encourage our clients to involve us in other wealth management related services. For example, we will review company retirement plans not managed by Private Asset Management, help clients set up and review of 529 accounts, discuss refinancing options on personal

real estate, and design gifting strategies. Private Asset tailors its services to each client. For example, clients have different risk tolerances, time horizons, mix of qualified and non-qualified assets, cash flow needs from their portfolio and needs and constraints in their affairs outside of the relationship with Private Asset Management. This requires each relationship to be handled differently and structured to meet the client’s goals and objectives. Clients can impose restrictions on investing in certain types of securities. The most common constraint, sometimes imposed by Private Asset, is the exclusion of direct real estate investments. These single purpose LLC’s can have an expected duration of a decade or more with the potential of minimal to zero liquidity. Private Asset does not participate in wrap fee programs. When we recommend that you rollover retirement assets or transfer existing retirement assets such as a 401(k) or an IRA to our management, we have a conflict of interest. This is because we will generally earn additional revenue when we manage more assets. In making the recommendation, however, we do so only after determining that the recommendation is in your best interest. Further, in making any recommendation to transfer or rollover retirement assets, we do so as a “fiduciary,” as that term is defined in ERISA or the Internal Revenue Code, or both. We also acknowledge we are a fiduciary under ERISA or the Internal Revenue Code with respect to our ongoing investment advisory recommendations and discretionary asset management services, as described in the advisory agreement we execute with you. To the extent we provide non-fiduciary services to you, those will be described in the advisory agreement. As of February 8, 2023, we managed approximately $10.9 million on a discretionary basis and $156.3 million on a non-discretionary basis.