Firm Description Semper Augustus Investments Group LLC, (“Semper Augustus”) was founded in 1998. Semper Augustus is an investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds, or other commissioned products. The firm is not affiliated with entities that sell financial products or securities. No commissions in any form are accepted. No finder’s fees are accepted. A “Registered Investment Adviser” does not imply a certain level of skill or training. Principal Owners Christopher P. Bloomstran is a 50% stockholder of Semper Augustus. Chad S Christensen is a 50% stockholder of Semper Augustus. Types of Advisory Services Semper Augustus provides investment supervisory services and investment advisory account services through a management fee based on percentage of assets under management and through performance fees. Our typical relationship is with a client that has established an account at a “qualified custodian” and provided us with a limited power of attorney to execute security transactions in the account. We typically buy and sell securities based on our own proprietary analysis and you will own these individual securities in your account. In this arrangement, you will receive statements from the “qualified custodian”, you may have access to certain online information to track your account and all tax reporting will be provided by the “qualified custodian”. As disclosed below in further detail, we earn a management fee and in some cases a performance fee. The qualified custodian earns account based fees, asset based fees and/or transaction fees which are solely payable by you and we do not share in those fees. Although we discuss personal finance matters with clients to assist us in managing their assets, we do not hold ourselves out as financial planners and do NOT provide insurance, legal or tax advice. While we do give continuous advice on the specific client portfolios for which we have responsibility, it is not always that we have obtained, been granted, or otherwise have come to know the total or complete nature and amount of a client’s other assets, insurance, liabilities, tax situation and personal/family obligations. Clients may impose restrictions on certain securities or types of securities by written notification. From time to time, we may recommend the purchase of limited partnership interests, where the underlying portfolio is comprised of securities. Since employees and managers of Semper Augustus may be invested in these limited partnership interests, an inherent conflict of interest may exist since they have an interest in those securities and benefit from spreading operational costs over a larger asset base and we may receive higher fees from your investment in our affiliated limited partnership. Tailored Relationships For individually managed accounts, clients work directly with the principals of our firm. We spend the commensurate time in seeking to understand your objectives, risk tolerance and service needs. In addition, we spend the necessary time to involve you in our thought process and make you aware of our ongoing investment philosophy. For individually managed accounts, we strive to obtain relevant peripheral information from our clients. In some cases, particular, peculiar, or specific background factors related to a client are not always disclosed to us, despite our attempt to ascertain them. We prefer not to manage securities portfolios without an understanding of the client’s background and objectives, although in some cases we may be doing just that by directive from the client. The investment assets and security holdings under our responsibility, as well as the client’s own appraisal of the nature and amount of other assets, investments, insurance, liabilities, tax situation, plus the nature and extent of their personal/family obligations may be considered when we create a portfolio for you. Securities or products may be available from other brokers or agents besides us. See the Review of Accounts section for additional information. Types of Agreements The following agreements define the typical client relationships. Agreements may not be assigned without prior client consent. Advisory Service Agreement Most clients designate Semper Augustus as investment manager of assets held in their accounts with a qualified custodian, such as a broker-dealer. This means Semper Augustus assumes all investment duties with respect to the account and has all investment powers, including investment authority. Services Offered Through Other Advisors In addition to the direct accounts we offer as discussed above, Semper Augustus may offer investment supervisory services and investment advisory account services on a discretionary basis to the clients of other financial services firms, such as broker-dealers and bank trust departments (“sponsors”). These sponsors typically offer comprehensive brokerage, custodial, and advisory services through a single fee, through a commissioned fee arrangement, or based on a percentage of assets under management. In some circumstances, the sponsor may pay Semper Augustus a portion of their fee in connection with the services provided by Semper Augustus. In other circumstances, the underlying client may be billed directly for services provided by Semper Augustus. In other circumstances, the sponsor and Semper Augustus may

charge separate fees for their respective services. In these program-type accounts, Semper Augustus may be chosen by the client to act as an investment adviser through a pre-selection process administered by the sponsor. The client information compiled through the pre-selection process enables Semper Augustus to provide individualized investment services, which it maintains through ongoing contact with the sponsor and/or the underlying client. Semper Augustus may be available for direct telephone conversation with these clients at their request, and periodically, at the discretion of the sponsor. The sponsor’s services generally may include, in addition to assistance with the selection of the investment adviser, asset allocation advice, execution of portfolio transactions (see related discussion in Section 12 regarding directed brokerage transactions), custodial services, including trade confirmation and periodic reporting, continuing evaluation of investment performance and consultation on investment objectives. These programs differ in structure. As such, each client should evaluate whether a given program or arrangement is suitable for their needs while considering such factors as account size, trading activity and investment objectives. Pooled Investment Vehicles Semper Augustus Investment Partners LP (“SAI LP”) is a limited partnership sponsored by Semper Augustus. SAI LP may be more risky than separately managed accounts. The partnership may invest in more highly concentrated positions, may engage in short sales, more extensive options trading, investments in illiquid securities and private investments; which may or may not be utilized in separate accounts (particularly in smaller accounts). For further risk disclosures and information, a prospective client must read and review the appropriate investment documents of SAI LP, although this is neither an offer of securities of SAI LP nor a solicitation of an offer of securities of SAI LP. Investors in SAI LP will receive a confidential private placement memorandum (PPM) which contains a detailed description of the types of investments Semper Augustus may cause SAI LP to invest in and the corresponding risks associated with those investments as well as disclosure regarding fees, service providers, conflicts of interest, tax considerations, trading and other related information. Retirement Rollovers – Potential for Conflict of Interest A client or prospective client leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If Semper Augustus recommends that a client roll over their retirement plan assets into an account to be managed by Semper Augustus, such a recommendation creates a conflict of interest if Semper Augustus will earn an advisory fee on the rolled over assets. No client is under any obligation to rollover retirement plan assets to an account managed by Semper Augustus. The Chief Compliance Officer of Semper Augustus remains available to address any questions that a client or prospective client may have regarding the potential for conflict of interest presented by such rollover recommendation. Asset Management Assets are generally invested in individual securities. Assets Under Management as of 12/31/2022 were: $477,230,000. These assets represent discretionary assets. Stocks and bonds may be purchased or sold through a brokerage account when appropriate. The brokerage firm charges a fee for stock and bond trades. Semper Augustus does not receive any compensation, in any form, from fund companies. Custodians of assets provide services to Semper Augustus. Investments may also include: equities (stocks), warrants, corporate debt securities, commercial paper, certificates of deposit, municipal securities, investment company securities (variable life insurance, variable annuities, and mutual fund shares), U. S. government securities, options contracts, futures contracts, short sales and interests in partnerships. Initial public offerings (IPOs) generally are not available through Semper Augustus. From time to time, we may invest in a mutual fund that charges underlying management fees. Typically, uninvested cash balances are held in money market mutual funds and/or cash management programs provided by the account custodian. In these situations, clients will pay the underlying fees associated with the mutual fund AND the Semper Augustus management fees discussed above. This may result in a negative return on assets held in cash management programs / cash. See the Fees and Compensation Section. Termination of Agreement A client may terminate any of the aforementioned agreements at any time by notifying Semper Augustus in writing and paying the fees due on the account (See Fees and Compensation below on pro-rata fee calculations). Semper Augustus may terminate any of the aforementioned agreements at any time by notifying the client in writing. If the client made an advance payment, Semper Augustus will refund any unearned portion of the advance payment.