Firm Description ASSET MANAGEMENT ADVISORS, LLC, (“AMA”) was founded in 1996. Jerry M. Williams and Scott G. Davis formed AMA for the purpose of providing “Family Office” services to an inter-generational group of related families requiring centralized financial management. As previously reported in “Material Changes”, Scott G. Davis retired at the end of 2017. AMA serves not only related family groups but also unrelated individual investors. AMA provides these services to individuals, families, limited liability companies, trusts, corporations and retirement plans. As of December 31, 2022, AMA manages approximately $146,889,000 in assets for approximately 99 clients. Approximately $146,889,000 is managed on a discretionary basis, and $000 is managed on a non-discretionary basis. AMA is a “Fee Only” advisor. AMA requires a minimum of $1,000,000 per relationship in investable assets. All accounts are managed on a full discretion basis with a total return objective. INVESTMENT MANAGEMENT AMA invests in stocks, bonds, exchange-traded funds, mutual funds and like securities. Client securities are held in their individual accounts at Charles Schwab & Co., Inc. Clients authorize AMA to trade the securities they hold by the use of a Limited Power of Attorney which enables AMA to place and settles trades in the client’s Schwab account. AMA also manages the investable securities owned by irrevocable trusts that are held by corporate trustees. Trades for the benefit of the trusts are made through Charles Schwab & Co., Inc. but settle using a system called “Delivery vs. Payment” (DVP). The corporate trustees have their own custodians and Schwab settles the trade with those custodians via the DVP system. FAMILY OFFICE SERVICES AMA provides accounting and recordkeeping services to individuals, families, limited liability companies, and trusts. The services include assistance with wealth management, bill paying and other administrative services. AMA works with its clients and their attorneys to develop and implement comprehensive estate plans. AMA also works with its clients and their CPA’s to review and implement tax strategies and support the preparation of income, gift and estate tax returns. OIL AND GAS MANAGEMENT AMA manages both royalty and non-operated working interests for the benefit of clients. AMA collects oil and gas revenue and pays working interest billings for the clients. AMA uses a specialized accounting system to maintain records of revenue and expense by property. Family Office and Oil and Gas Management clients maintain bank accounts with a bank or banks in Oklahoma City. AMA has signature authority on these accounts. AMA contracts with a CPA firm to conduct annual audits of these accounts. AMA prepares and distributes reports to clients at the end of each calendar quarter. The reports, which are prepared in a “year to date” fashion, include all of the activities AMA is performing for the client.

Principal Owners Jerry M. Williams is a 50% owner. Laura A. Roy is a 50% owner. Types of Advisory Services AMA provides investment supervisory and management services; issues quarterly letters to clients discussing various investment topics; and issues special reports to clients when market conditions warrant. On more than an occasional basis, AMA furnishes advice to clients on wealth management issues that often include gift and estate planning. Tailored Relationships Investment policy statements are created that reflect the client’s stated goals and objective. Clients may impose restrictions on investing in certain securities, or classes of securities. Types of Agreements The following agreement defines the typical client relationships. Managerial Agency Agreement: A Managerial Agency relationship may include: Investment Management (including performance reporting); Family Office Services; and or Oil and Gas Management as discussed in the “Firm Description” on page 1. Although the Managerial Agency Agreement is an ongoing agreement, the length of service to the client is at the client’s discretion. The client or the investment manager may terminate the relationship by written notice to the other party. Managerial Agency Agreements may not be assigned without client consent. Investment Management Assets are invested primarily in equity securities of financially strong, well- managed companies at market prices significantly below their business value. Investments may include: equities (stocks), exchange-traded funds, warrants, corporate debt securities, commercial paper, certificates of deposit, municipal securities, investment company securities (mutual funds shares), U. S. government securities, options contracts, futures contracts, and interests in partnerships. Initial public offerings (IPOs) are not available through AMA. Stocks and bonds will be purchased or sold through the client’s brokerage account. Other than the services received from Schwab as described on page 10, AMA does not receive compensation, in any form, from brokerage firms or fund companies. Termination of Agreement The managerial agency agreement may be terminated by either the client or AMA at any time with written notice. The termination is effective no later than thirty (30) days from receipt of the notice. Upon termination, all unearned prepaid fees will be promptly refunded to the client. In the event AMA is managing a family office or oil & gas properties for the client at the time of termination, the time period for completion of the termination of services will be negotiated with the client in order to facilitate an orderly transfer of the management to the client or designated successor. Should the client terminate the agreement within five (5) days of its execution there will be no fee assessed for any advisory services rendered before the agreement was terminated.