Firm Description On July 14, 2014, Evensky & Katz completed an asset purchase of Foldes Financial Management. Evensky & Katz applied for a “doing business as” name with the State of Florida. Evensky & Katz, LLC may now conduct business under the name of Evensky & Katz/Foldes Wealth Management. Evensky & Katz, LLC remains your adviser. History of the two firms: EVENSKY & KATZ was founded in 1985. The Founders: After serving many years as a Vice President of Investments for major brokerage firms, in 1985 Evensky & Katz was founded by Harold Evensky. Soon after the firm's beginnings, Deena Katz joined the practice as an owner, assuming the role of President. During the ensuing 35 years, Mr. Evensky & Mrs. Katz built the advisory firm that is today a name recognized all over the country. FOLDES FINANCIAL MANAGEMENT was founded in 1996. At the time of the asset purchase by Evensky & Katz of Foldes Wealth Management, Foldes Financial Management was led by its founder and CEO Steve Foldes who is also a lawyer and a CFP®. Mr. Foldes, a past advisor with Evensky & Katz, founded his own investment management firm—Foldes Financial Management in 1996. From 1996 until 2014, Mr. Foldes business grew rapidly. In 2014 the two firms joined forces and became Evensky & Katz /Foldes Wealth Management. MANAGEMENT: The current management team includes Matt McGrath, CFP®, Managing Partner, Lane Jones, CFP®, CFA®, Chief Investment Officer, David Garcia, CFP®, CPA, Wealth Manager, Brett Horowitz, CFP®, AIF®, Wealth Manager, David Evensky, RMA, Executive Vice President, Business Development, Taylor Gang, CFP®, AIF®, Wealth Manager and Kathryn Salter, CPA, Senior Vice-President. In addition, the firm’s other practitioners/owners hold numerous credentials including the CFA, and AIF®, all committed to partner with our clients to enable them to achieve their financial goals through objective planning and management of investment assets. EKF is a fee-only firm that embraces the fiduciary standard of putting our clients’ interests first. We custody our clients’ assets at Schwab and Fidelity and use traditional as well as alternative classes of investments. EKF is an employee-owned firm, dedicated to providing customized, fee-only, Wealth Management advisory services to high net-worth individuals, including entrepreneurs, corporate executives, pension and profit-sharing plans, trusts, estates, charitable organizations and small businesses. Advice is provided through consultation with the client and may include: determination of financial objectives, identification of financial problems, cash flow management, tax planning, insurance review, investment management, education funding, retirement planning, and estate plan. EKF is strictly a fee-only, fiduciary, financial planning and investment management firm. The firm DOES NOT sell annuities, insurance, stocks, bonds, mutual funds, limited partnerships, 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. Principal Owners EKF is a Limited Liability Company solely owned by the firm’s advisors and other professional employees. Ownership is held by eighteen partners: Matt McGrath, Lane Jones, David Evensky, Brett Horowitz, Taylor Gang, Mena Bielow, David Garcia, Joshua Mungavin, John Salter, Kathryn Salter, Anne Bednarz, Michael Hoeflinger, Michael Walsh, Roxanne Alexander, Marcos Segrera and Katherine Sojo. Types of Advisory Services EKF provides Wealth Management services and Investment Advisory services; furnishes investment advice through consultations; and serves as an ERISA investment fiduciary and advisor to Plan fiduciaries. Occasionally, EKF furnishes advice to clients on matters not involving securities, including financial planning matters such as taxation, insurance and estate planning. As of 12/31/2023, EKF had approximately $2,896,000,000 in assets under its management belonging to approximately 1099 clients. This AUM amount is managed on a discretionary basis. Tailored Relationships EKF, as wealth managers, is focused on the unique needs of the individual client and is fundamentally different from money management. Money managers are focused on the portfolio, whereas wealth managers are focused on the client; therefore, wealth management is a more comprehensive, customized, and complex approach that captures a broad array of issues and interactions that money managers can often safely ignore. The goals and objectives for each non-institutional client are generally documented in MoneyGuidePro, our financial planning software. Investment policy statements are created that reflect the client’s resources and stated goals and objectives. Types of Agreements The following agreements define the typical client relationships. Wealth Management Agreement Our core offering is our Wealth Management service (financial planning-based retirement planning and investment management). We start with a series of in- depth conversations and extensive data collection. With that information, we proceed to develop a plan for you and your family (or your institution) that identifies the specific investment criteria and strategies based on our careful review of available investment options, taxation, transaction costs, and risk and projected hypothetical performance. This plan is prepared in the form of an Investment Policy Statement (IPS). This vital document, which we review with you to ensure it reflects your needs, sets the foundation for how we recommend the allocation of your assets between various investment classes and how managers are selected, monitored and managed. Upon completion of the initial planning and the client’s approval of the Investment Policy Statement, at the client’s discretion, EKF will provide on- going Wealth Management services. The initial engagement fee for Wealth Management services is $2,000 upon execution of the agreement and $2,000 on the delivery of the Investment Policy. As described below, should EKF be selected to implement the IPS this initial fee is fully credited against future billings. The fees for on-going Wealth Management services are determined based upon a percentage of those assets under the firm's discretionary management. Should the client elect not to implement the firms' recommendations subsequent to the delivery of the Investment Policy, no further charges beyond the initial engagement fee will be incurred. Should the client elect to continue the relationship with EKF after delivery of the IPS, quarterly billing of the ongoing Wealth Management fee (described below) will begin on the implementation of the Investment Policy. Beginning with the first quarter, the billing will be reduced by the initial engagement fees already paid. Depending upon the client’s IPS, needs and requests, implementation and on-going management of our clients’ accounts will (with exceptions) generally include :
• Design, execution and maintenance of a customized Investment Policy Statement for those assets under the limited discretionary authority of EKF.
• Active tax and cost-efficient investment portfolio management for assets under the limited discretionary authority of EKF. This will include portfolio allocation, investment strategy and manager selection.
• Maintain and update, as necessary, a "Capital Needs Analysis," an analytical process that evaluates the likelihood of meeting stated goals, based on the client assets, liabilities, and relevant economic assumptions. This analysis, utilizing a proprietary version of MoneyGuidePro, is typically updated on an annual basis - more often if the client experiences a significant unanticipated life transition or there is a dramatic change in market conditions.
• Monitor independent investment managers and vehicles selected for implementation.
• As necessary, rebalancing, policy and/or strategy modification and/or allocation/manager replacements.
• As requested, implementation of cash flow strategies for planned cash flow needs, including cash flow/emergency reserve account(s).
• Quarterly detailed written reports of the client investment portfolio(s) under our management.
• As requested, implementation of cost and tax efficient liquidations for unanticipated cash flow needs.
• As requested, provision of preliminary tax information (e.g., realized and unrealized gains, delivery of information and coordination with client's CPA) for client's tax planning, for assets under our management.
• Establishment and coordination of appropriate accounts along with related asset transfers to the EKF institutional platform.
• Establish, as requested, “non-managed” cash flow reserve and investment accounts at selected custodians. EKF does not currently charge for these unmanaged accounts. The scope of work and fee for a Wealth Management Agreement is provided to the client in writing prior to the start of the relationship. The annual Wealth Management fee is billed in advance and is based on a percentage of the investable assets according to the following schedule: First $500,000 ………….…..1.25% Next $1,500,000 …………...1.00% Next $3,000,000 ……………0.75% Next $5,000,000 ……………0.50% Next $10,000,000 …….…….0.25% The minimum portfolio size for Wealth Management Services is $1,000,000. This amount is negotiable under special circumstances (e.g., historical relationship, type of assets, anticipated future earning capacity, anticipated future additional assets, related accounts, account composition, negotiations with clients, family members, etc.). We may also negotiate the amount of your fee depending upon circumstances including but not limited to account composition and complexity, other client, employee or family relationships, etc. or where a client is referred to us through a referral relationship as described in the section on Client Referral and Other Compensation, which may result in different fees being charged by us for client accounts similar in composition and objectives. Our employees and their family related accounts may be charged a reduced fee, or no fee, for our services. Current client relationships may exist where the fees are higher or lower than the fee schedule above. Although the Wealth Management Agreement is an ongoing agreement the client or the wealth manager may at any time terminate an Agreement by written notice to the other party. At termination, advanced fees paid will be reimbursed (if any) on a pro rata basis for the portion of the quarter not completed. There is no additional termination fee. Investment Advisory Agreement An Investment Advisory Agreement may be executed when financial planning is not provided as part of the relationship (including for trustee-directed retirement plans). The annual fee for an Investment Advisory Agreement is the same as the Wealth Management fee schedule above. Depending upon the client’s IPS, needs and requests, Investment Advisory Services will generally include: ▪ Development, implementation, maintenance and execution of a customized Investment Policy Statement for those assets under the limited discretionary authority of EKF. ▪ Active tax and cost-efficient investment portfolio management for assets under the limited discretionary authority of EKF. This will include allocation and strategy selection. ▪ Monitor investment managers and vehicles selected for implementation.
• As necessary, rebalancing, policy and/or strategy modification and/or allocation manager replacements.
• Quarterly detailed written reports of the client investment portfolio(s) under our management.
• As requested, implementation of cost and tax efficient liquidations for unanticipated cash flow needs.
• As requested, provision of preliminary tax information (e.g., realized and unrealized gains, taxable interest and dividends, delivery of information and coordination with client’s CPA), for client’s own tax planning.
• Establishment and coordination of appropriate accounts along with related asset transfers to the EKF wealth management institutional platform. 401(k) plan services (participant-directed retirement plans) EKF provides fee only, fiduciary investment consulting services to Plan Trustees. EKF serves as an ERISA Investment Fiduciary advisor to the Plan Trustee(s). EKF acknowledges it is an ERISA investment fiduciary. Depending upon the type of retirement plan, EKF, as requested by the client, will assist the Client with:
• Developing an investment policy statement; and
• EKF assumes the responsibility of: o Providing professionally selected investment alternatives and risk- based model portfolio alternatives o Ongoing active portfolio management and/or consulting services including monitoring, rebalancing and adjustments to model portfolios. o Ongoing manager due diligence o Investment model and manager customization o Recommending custodians that provide low-cost open architecture investment alternatives The annual 401(k) plan fee is billed in advance* and is based on a percentage of the investable assets according to the following schedule: 0.63% on the first $500,000; 0.50% on the next $1,500.000; 0.38% on the next $3,000,000; 0.25% on the next $5,000,000; 0.13% on the next $10,000,000; * Vanguard 401k plans are billed in arrears. 403(b) Investment Services Agreement EKF provides 403(b) investment services to 403(b) participants at selected Universities. Consulting Services Agreement Depending upon the client’s needs and requests, Consulting Services shall generally include (with exceptions) investment advisory review and recommendations regarding the client’s portfolio(s):
• Assistance in the preparation of letters and related documentation related to negotiations with the Investment Manager and custodians selected by the Client.
• Consultation, review, analysis and recommendations regarding: o The Investment Policy o Targeted risk and return benchmarks o Spending policy o Selection of asset classes and styles to be considered o Selection of asset class and style constraints o Selection of investment strategies to be considered o Consultation, review, analysis and recommendations regarding the services of the Investment Advisor including:
• Manager selection
• Investment implementation
• Benchmark selection
• Reporting design
• Manager and portfolio performance reports including (to the extent information is available): o Performance relative to selected benchmarks o Style consistency o Management of expenses and fees o Manager overlap Consulting fees range from 0.15% to 0.35% depending on the unique nature of the engagement. Factors to be considered include – number of accounts, nature and size of the assets, custodial arrangements, frequency and location of meetings. The minimum annual consulting fee is $20,000. Hourly Planning Engagements EKF might provide hourly planning services for clients who need advice on a limited scope of work. The hourly rate for limited scope engagements ranges from $200 to $600. Asset Management Assets are invested primarily in no-load mutual funds, low-cost index and exchange-traded funds, usually through custodial arrangements with discount brokers. We have established relationships with two custodians: Schwab and Fidelity. Fund companies charge each fund shareholder an investment management fee that is disclosed in the fund prospectus. Discount brokerages may charge a transaction fee for the purchase or sale of some funds. Stocks and bonds may be purchased or sold through a brokerage account when appropriate. The brokerage firm can charge a transaction fee for stock and bond trades. EKF does not receive any financial assistance, in any form, from fund companies or custodians, except as disclosed at Item 12 below. 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 funds shares), U.S. government securities, options contracts, futures contracts, and interests in partnerships. Generally, EKF does not purchase individual equity (except for ETFs) or fixed income securities absent client direction. For those clients that require an enhanced and/or specialized level of asset management services, EKF may also recommend that certain clients authorize the active discretionary management portion of their assets by and/or among certain independent investment manager(s) and/or investment programs; i.e., "Independent Manager(s)", based upon the stated investment objectives of the client. The terms and conditions under which the client shall engage the Independent Manager(s) shall be set forth in a separate written agreement between the client and the designated Independent Manager(s). EKF shall also provide the client with a copy of the written disclosure statement of the Independent Manager(s). EKF shall continue to render investment supervisory services to the client relative to the ongoing monitoring and review of account performance, asset allocation and client investment objectives. Factors which EKF shall consider in recommending Independent Manager(s) include the client's designated investment objective(s), management style, performance, reputation, financial strength, reporting, pricing, and research. Please Note: The management fee charged by the Independent Manager(s) is separate from, and in addition to, EKF’s advisory fee. Initial public offerings (IPOs) are generally not available through EKF. Limitations of Financial Planning and Non-Investment Consulting/Implementation Services To the extent requested by the client, EKF will generally provide planning and consulting services regarding non-investment related matters, such as tax and estate planning, insurance, etc. EKF will generally provide such consulting services inclusive of its advisory fee set forth at Item 5 below (exceptions could occur based upon assets under management, extraordinary matters, special projects, stand-alone planning engagements, etc. for which the Firm may charge a separate or additional fee). Please note: EKF believes that it is important for the client to address financial planning issues on an ongoing basis. EKF’s advisory fee, as set forth at Item 5 below, will remain

the same regardless of whether the client determines to address financial planning issues with EKF. Please Also Note: EKF does not serve as an attorney, accountant, or insurance agent, and no portion of our services should be construed as same. Accordingly, EKF does not prepare legal documents, prepare tax returns, or sell insurance products. To the extent requested by a client, we may recommend the services of other professionals for non-investment implementation purpose (i.e. attorneys, accountants, insurance, etc.). The client is under no obligation to engage the services of any such recommended professional. The client retains absolute discretion over all such implementation decisions and is free to accept or reject any recommendation from EKF and/or its representatives. Please Also Note: If the client engages any professional (i.e. attorney, accountant, insurance agent, etc.), recommended or otherwise, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from the engaged professional. At all times, the engaged licensed professional[s] (i.e. attorney, accountant, insurance agent, etc.), and not EKF, shall be responsible for the quality and competency of the services provided. Custodian Charges-Additional Fees As discussed below in Item 12, when requested to recommend a broker- dealer/custodian for client accounts, EKF generally recommends that Schwab, or Fidelity serve as the broker-dealer/custodian for client investment management assets. Broker-dealers such as Schwab and Fidelity charge brokerage commissions, transaction, and/or other type fees for effecting certain types of securities transactions (i.e. including transaction fees for certain mutual funds, and mark-ups, and mark-downs charged for fixed income transactions, etc.). The types of securities for which transaction fees, commissions, and/or other type fees (as well as the amount of those fees) shall differ depending upon the broker-dealer/custodian (while certain custodians, including Schwab and Fidelity, do not currently charge fees for individual equity transactions, (including ETFs) others do). These fees/charges are in addition to EKF’s investment advisory fee at Item 5. EKF does not receive any portion of these fees/charges. Fund Liquidity Constraints EKF may utilize mutual funds and/or exchange traded funds that provide for limited liquidity, generally on a quarterly basis. Thus, if we determined that the fund was no longer performing or if you ever determined to transfer your account, the Fund could not be sold or transferred immediately. Rather, sale or transfer would need to await the quarterly permitted sale date, or longer. Moreover, the eventual net asset value for the Fund could be substantially different (positive or negative) than the Fund value on the date that the sale was requested. There can be no assurance that any such strategy will prove profitable or successful. In light of these enhanced risks/rewards, a client may direct EKF, in writing, not to employ any or all such strategies for the client’s account. Use of Mutual and Exchange Traded Funds Most mutual funds and exchange traded funds are available directly to the public. Thus, a prospective client can obtain many of the funds that may be utilized by EKF independent of engaging EKF as an investment advisor. However, if a prospective client determines to do so, he/she will not receive EKF’s initial and ongoing investment advisory services. Please Note-Use of DFA Mutual Funds: EKF utilizes mutual funds issued by Dimensional Fund Advisors (“DFA”). DFA funds are generally only available through registered investment advisers approved by DFA. Thus, if the client was to terminate EKF’s services, and transition to another adviser who has not been approved by DFA to utilize DFA funds, restrictions regarding additional purchases of, or reallocation among other DFA funds, will generally apply. Other funds similar to DFA could be added in the future. Please Also Note: In addition to EKF’s investment advisory fee described previously, and transaction and/or custodial fees discussed previously, clients will also incur, relative to all mutual fund and exchange traded fund purchases, charges imposed at the fund level (e.g. management fees and other fund expenses). Independent Managers EKF may allocate a portion of the client’s investment assets among unaffiliated independent investment managers in accordance with the client’s designated investment objective(s). In such situations, the Independent Manager[s] shall have day-to-day responsibility for the active discretionary management of the allocated assets. EKF shall continue to render investment supervisory services to the client relative to the ongoing monitoring and review of account performance, asset allocation and client investment objectives. Factors that EKF shall consider in recommending Independent Manager[s] include the client’s designated investment objective(s), management style, performance, reputation, financial strength, reporting, pricing, and research. Please Note: The investment management fee charged by the Independent Manager is separate from, and in addition to, EKF’s investment advisory fee disclosed at Item 5 below. Portfolio Activity EKF has a fiduciary duty to provide services consistent with the client’s best interest. EKF will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including, but not limited to, investment performance, market conditions, fund manager tenure, style drift, account additions/withdrawals, and/or a change in the client’s investment objective. Based upon these factors, there may be extended periods of time when EKF determines that changes to a client’s portfolio are neither necessary nor prudent. Clients remain subject to the fees described in Item 5 below during periods of inactivity. Investment Risk Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by EKF) will be profitable or equal any specific performance level(s). Retirement Account 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 on the client’s age, result in adverse tax consequences). If EKF recommends that a client roll over their retirement plan assets into an account to be managed by EKF, such a recommendation creates a conflict of interest if EKF will earn new (or increase its current) compensation as a result of the rollover. If EKF provides a recommendation as to whether a client should engage in a rollover or not (whether it is from an employer’s plan or an existing IRA), EKF is acting as a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. No client is under any obligation to rollover retirement plan assets to an account managed by EKF, whether it is from an employer’s plan or an existing IRA. ERISA Plan and 401(k) Individual Engagements Trustee Directed Plans – EKF may be engaged to provide discretionary investment advisory services to ERISA retirement plans, whereby the Firm shall manage Plan assets consistent with the investment objective designated by the Plan trustees. In such engagements, EKF will serve as an investment fiduciary as that term is defined under the Employee Retirement Income Security Act of 1974 (“ERISA”). EKF will generally provide services on an “assets under management” fee basis per the terms and conditions of an Investment Advisory Agreement between the Plan and the Firm. Participant Directed Retirement Plans – As indicated above, EKF may also provide investment advisory and consulting services to participant directed retirement plans per the terms and conditions of a Retirement Plan Services Agreement between EKF and the plan. For such engagements, EKF shall assist the plan sponsor with the selection of an investment platform from which plan participants shall make their respective investment choices (which may include investment strategies devised and managed by EKF), and, to the extent engaged to do so, may also provide corresponding education to assist the participants with their decision-making process. Client Retirement Plan Assets – If requested to do so, EKF shall provide investment advisory services relative to 401(k) plan assets maintained by the client in conjunction with the retirement plan established by the client’s employer. In such event, EKF shall allocate (or recommend that the client allocate) the retirement plan assets among the investment options available on the 401(k) platform. EKF’s ability shall be limited to the allocation of the assets among the investment alternatives available through the plan. EKF will not receive any communications from the plan sponsor or custodian, and it shall remain the client’s exclusive obligation to notify EKF of any changes in investment alternatives, restrictions, etc., pertaining to the retirement account. Unless expressly indicated by the client to EKF to the contrary, in writing, the client’s 401(k) plan assets shall be included assets under management for purposes of EKF calculating its advisory fee. Cash Positions EKF continues to treat cash as an asset class. As such, unless determined to the contrary by EKF, all cash positions (money markets, etc.) shall continue to be included as part of assets under management for purposes of calculating EKF’s advisory fee. At any specific point in time, depending upon perceived or anticipated market conditions/events (there being no guarantee that such anticipated market conditions/events will occur), EKF may maintain cash positions for defensive purposes. In addition, while assets are maintained in cash, such amounts could miss market advances. Depending on current yields, at any point in time, EKF’s advisory fee could exceed the interest paid by the client’s money market fund. Borrowing Against Assets – Risks A client who has a need to borrow money could determine to do so by using: Margin – The account custodian or broker-dealer lends money to the client. The custodian charges the client interest for the right to borrow money, and uses the assets in the client’s brokerage account as collateral; and, Pledged Assets Loan – In consideration for a lender (i.e., a bank, etc.) to make a loan to the client, the client pledges its investment assets held at the account custodian as collateral; These above-described collateralized loans are generally utilized because they typically provide more favorable interest rates than standard commercial loans. These types of collateralized loans can assist with a pending home purchase, permit the retirement of more expensive debt, or enable borrowing in lieu of liquidating existing account positions and incurring capital gains taxes. However, such loans are not without potential material risk to the client’s investment assets. The lender (i.e., custodian, bank, etc.) will have recourse against the client’s investment assets in the event of loan default or if the assets fall below a certain level. For this reason, EKF does not recommend such borrowing unless it is for specific short-term purposes (i.e., a bridge loan to purchase a new residence). EKF does not recommend such borrowing for investment purposes (i.e., to invest borrowed funds in the market). Regardless, if the client was to determine to utilize margin or a pledged assets loan, the following economic benefits would inure to EKF:
• By taking the loan rather than liquidating assets in the client’s account, EKF continues to earn a fee on such account assets; and,
• If the client invests any portion of the loan proceeds in an account to be managed by EKF, EKF will receive an advisory fee on the invested amount; and,
• If EKF’s advisory fee is based upon the higher margined account value (see margin disclosure at Item 5 below), EKF will earn a correspondingly higher advisory fee. This could provide EKF with a disincentive to encourage the client to discontinue the use of margin. Please Note: The Client must accept the above risks and potential corresponding consequences associated with the use of margin or a pledged assets loan. Termination of Agreement A Client may terminate any of the aforementioned agreements at any time by notifying EKF in writing and paying the pro rata fee for the time spent on the investment advisory engagement prior to notification of termination. If the client made an advance payment, EKF will refund any unearned portion of the advance payment. EKF may terminate any of the aforementioned agreements at any time by notifying the client in writing. If the client made an advance payment, EKF will refund any unearned portion of the advance payment. Investment in Structured Notes EKF may purchase structured notes for client accounts. A structured note is a financial instrument that combines two elements, a debt security and exposure to an underlying asset or assets. It is essentially a note, carrying counter party risk of the issuer. However, the return on the note is linked to the return of an underlying asset or assets (such as the S&P 500 Index or commodities). It is the latter feature that makes structured products unique, as the payout can be used to provide some degree of principal protection, leveraged returns (but usually with some cap on the maximum return), and be tailored to a specific market or economic view. In addition, investors may receive long-term capital gains tax treatment if certain underlying conditions are met and the note is held for more than one year. Finally, structured notes may also have liquidity constraints, such that the sale thereof prior to maturity may be limited. See additional disclosure at Item 8 below. In the event that a client has any questions regarding the purchase of structured notes for his/her/its account, EKF’s Wealth Managers and Advisors, remain available to address them. In addition, in the event a client does not want EKF to purchase structured notes for his/her/its account, the client should advise EKF, in writing. Interval Funds / Illiquid Investments / Risks and Limitations Where appropriate, EKF will use investment vehicles that have limited liquidity. Some investments, known as interval funds, may only offer opportunities to buy and/or sell on a periodic basis. Additionally, an investor may not be able to sell all or as much as they would like at any given point in time. An interval fund is a non-traditional type of closed-end mutual fund that periodically offers to buy back a percentage of outstanding shares from shareholders. Investments in an interval fund involve additional risk, including lack of liquidity and restrictions on withdrawals. During any periods outside of the specified repurchase offer window(s), investors will be unable to sell their shares of the interval fund. There is no assurance that an investor will be able to tender shares when or in the amount desired. There can also be situations where an interval fund has a limited amount of capacity to repurchase shares and may not be able to fulfill all purchase orders. In addition, the eventual sale price for the interval fund could be less than the interval fund value on the date that the sale was requested. While an interval fund periodically offers to repurchase a portion of its securities, there is no guarantee that investors may sell their shares at any given time or in the desired amount. As interval funds can expose investors to liquidity risk, investors should consider interval fund shares to be an illiquid investment. Typically, interval funds are not listed on any securities exchange and are not publicly traded. Thus, there is no secondary market for the fund’s shares. Because these types of investments involve certain additional risk, these funds will only be utilized when consistent with a client’s investment objectives, individual situation, suitability, tolerance for risk and liquidity needs. Investment should be avoided where an investor has a short- term investing horizon and/or cannot bear the loss of some, or all, of the investment. There can be no assurance that an interval fund investment fund will prove profitable or successful. In light of these enhanced risks, a client may direct EKF, in writing, not to employ any or all such strategies for the client’s account. EKF only allocates a portion of each client portfolio to these strategies, as we prefer to keep a majority of our investments available in daily liquid vehicles. Other Types of Illiquid Funds: In addition to interval funds, EKF may also utilize other types of funds that have similar enhanced risks and liquidity constraints, including non-publicly traded private credit funds. As with interval funds, a client may direct EKF, in writing, not to employ any or all such strategies for the client’s account. Client Obligations In performing its services, EKF shall not be required to verify any information received from the client’s other professionals and is expressly authorized to rely thereon. Moreover, each client is advised that it remains his/her/its responsibility to promptly notify EKF if there is ever any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising EKF’s previous recommendations and/or services. Email Communications: EKF cautions its clients on the use of email. Standard email is inherently unsecure. Most email is unencrypted. As each email travels to its intended destination, it traverses an untold number of servers and can be intercepted and viewed by virtually anyone with the proper know-how. This security flaw in email as it exists today, places confidential data at risk. If you have a service request, do not include your personal identifiable information in an email when you send it to EKF. Instead, we suggest that you call your advisor or our Operations team, and we will be happy to assist you.