Summary Arnerich Massena, Inc. (“Arnerich Massena”) is a Portland, Oregon-based, employee-owned investment advisory firm that specializes in working with high net worth individuals and families, endowments and foundations to manage successful investment programs. Arnerich Massena’s Principal Owners are Reegan Rae and Bryan Shipley. We focus on diversified, long-term portfolio construction; high-quality money manager selection; and innovative, transparent, and flexible solutions. We are distinguished by our focus on independent research, exceptional client service, and a long history of building creative, high-quality investment programs. Nondiscretionary Advisory Services We provide nondiscretionary investment advisory services. These nondiscretionary services involve providing continuous advice to assist you in making investment decisions based on your individual financial needs. The types of services that you will use may be tailored to your individual needs and are negotiable. Generally, our nondiscretionary services may include some or all of the following: Investment Policy Statement: We gather and evaluate personal information about you, your financial resources, and current and future financial needs in order to develop an Investment Policy Statement. This Statement forms your investment framework and addresses such areas as expected rates of return, asset allocation, allocation parameters, risk and volatility tolerances, performance benchmarks, and investment restrictions (such as prohibited types of investments). For certain types of accounts (generally endowments, foundations, and individuals), we may also develop a spending policy to address cash flow needs. Asset Allocation Study: We evaluate how your existing investments combine to meet your financial goals and recommend certain combinations of investments based on the framework outlined in your Investment Policy Statement (such as overall risk and volatility). We may use third-party software to obtain and chart various statistics for differing time periods and asset allocation structures. Financial Planning: We will work with you and your tax and legal professionals to assess your tax, estate planning, and insurance needs and create an overall financial plan to meet your objectives. Individual Security Selection: From time to time, we may recommend for your investment individual securities based on the framework outlined in your Investment Policy Statement. Such recommendations may be based on our independent research or on recommendations we receive from third parties. Investment Program Evaluation: We review and analyze your existing accounts, investment managers, and asset allocations, and compare them to the objectives outlined in your Investment Policy Statement and to relevant benchmarks (usually indexes and peer performance). We may also review other factors, such as cost structure, investment manager overall strength, and the balance and combination of investment disciplines and strategies. Manager Due Diligence, Search, and Selection: We use proprietary and published information to screen investment managers whose qualifications and investment funds fit your criteria and provide you with a search document that includes relevant information about the manager and its performance. This may include quantitative information (such as statistics on risk, performance variance, etc.) and qualitative information (gathered during our due diligence and meetings with the manager). All managers on our Approved list are subject to rigorous due diligence by our research and analytics team and include multiple manager meetings and on-site due diligence visits. We generally conduct on-site due diligence visits of these managers every 18 months. Form ADV Part 2A Page 5 of 20 Performance Evaluation Reports: We provide you with performance reports — generally every calendar quarter, and in some cases on a monthly, fiscal year, and/or ad hoc basis. Our reports summarize your account’s asset allocation and performance for selected trailing and calendar year periods and they include various performance measures, evaluations, attribution statistics, and graphic representations. Reports can also be customized in many ways. For a discussion of the content of our reports, see Reporting under Item 13: Review of Accounts, below. Trust/Custody/Administrative Service Evaluation: We may assist you in evaluating third parties providing you with professional investment services, such as trust, custody, and administrative services. Our analysis usually covers the following: cost and fee structure, timeliness, accuracy, quality of work, and level of overall service. Searches for trustees, custodians, and administrators are also conducted analyzing these factors and using proprietary due diligence information. Proxy Voting: Arnerich Massena does not generally vote client securities or otherwise exercise proxy voting authority — this responsibility remains with you, the client. You may contact Arnerich Massena for advice or information about a particular proxy vote (we will not charge any additional fees for advice on proxy voting, unless significant expenses are incurred), but we will not be deemed to have proxy voting authority as a result of providing you with any advice. Additional information on proxy voting can be found under Item 17: Voting Client Securities, below. Other Services: We may provide other services to you relating to the evaluation and management of investment programs and strategies on an as needed and negotiated basis. Discretionary Management Services We also offer discretionary portfolio management services. Generally, our discretionary authority is limited to money manager, investment product and security selection, tactical allocations, and general rebalancing. We do not have authority to withdraw funds from your accounts, other than our fees (with your prior approval), or to move funds between your accounts at different institutions, other than with your prior permission or through standing instructions. As with our nondiscretionary advisory services, our discretionary management services are negotiable and are tailored to your individual needs. Generally, our discretionary services include the same services offered with our nondiscretionary services (see above service descriptions under Nondiscretionary Advisory Services to see how we tailor our services to your needs). The difference between these services is that implementation of your portfolio management (the actual trading and investment decisions) is handled directly by us, within the framework of your approved Investment Policy Statement. Should you opt to utilize our discretionary services,

trades will not require your pre-approval. You may impose reasonable restrictions on investing (such as restrictions on certain securities, types of securities, or industry sectors). These restrictions will be discussed with you as we evaluate your needs and will be documented in your Investment Policy Statement. You may modify these restrictions at any time by giving us reasonable advance written notice of any such change. Note that our discretionary services do not include voting client securities or otherwise exercising proxy voting authority — this responsibility remains with you, the client. Additional information on proxy voting can be found under Item 17: Voting Client Securities, below. Assets Under Management As of December 31, 2023, we managed nearly $1.7 billion in assets, with more than $1.0 billion on a discretionary basis. Form ADV Part 2A Page 6 of 20 Item 5: Fees and Compensation Advisory and Management Fees The fees for both our nondiscretionary advisory services and our discretionary management services vary by the type of client, assets under management, and/or the proposed project. Our advisory fee schedule is negotiable, and we usually charge clients either a flat annual retainer fee, a percentage-of-assets fee, or a combination of both, depending upon the scope of services provided to the client. Some of our clients are grandfathered under a lower fee structure and we render some services pro bono and at material discounts. Discretionary clients are generally charged a percentage of their assets under management. Fees are determined for each client individually based on the scope of services provided and the needs of the client. Nondiscretionary clients, including certain endowment and foundation clients, are generally charged a flat annual retainer amount. Cash Management: Account minimums and fees for our cash management services are negotiable. Project/Fixed Fees and Hourly Rates: We offer standalone financial planning services to our clients pursuant to a written agreement. These services are provided at varying levels depending on the nature and complexity of the client’s situation. The planning or consulting may encompass one or more areas of need, including but not limited to financial goal setting, debt management, estate planning, cash flow and budgeting, education funding, and retirement planning. Fees for financial planning are either charged on a fixed basis or an hourly rate depending on the range of services provided, the nature and size of the plan, and other relevant circumstances. Our analyses will be highly dependent on certain economic assumptions about the future. Therefore, you should establish familiarity with historical data regarding key assumptions such as inflation and investment rates of return, as well as an understanding of how significantly these assumptions affect the results of our analyses. We may counsel you as to the consistency of your assumptions with relevant historical data, but we will not express any assurance as to the accuracy or reasonableness of your specific data and assumptions. You are ultimately responsible for the assumptions and personal data upon which our procedures and projections are based. The financial plan assumptions and reports are primarily a tool to alert you to certain possibilities. The reports are not intended to, nor do they provide, any guarantee about future events including your investment returns. The implementation of the plan is solely your responsibility. Billing Our management services are generally billed quarterly in arrears, but some clients pre-pay their quarterly advisory fees. For fixed fee projects, we generally bill half of the total fee upon commencement of the project and the remaining half upon completion. Hourly fees are generally billed on a monthly basis. All invoices are due within thirty days of the invoice date. Fees can be deducted from an account designated by you to facilitate billing — you must consent in advance to direct debiting of your investment account. Note that payment of fees in this manner may result in the liquidation of securities if there is insufficient cash in the account to pay the fees. Generally, should you terminate your engagement of our firm during a quarter or project, for any reason, the fee for such quarter or project is prorated and, in the case of accounts billed in advance, any pro rata unearned amount is refunded within a commercially reasonable amount of time. Form ADV Part 2A Page 7 of 20 Other Fees or Expenses Paid in Connection with our Services Fees paid to us for our services are separate from the fees and expenses that are charged to investors by mutual funds, exchange-traded funds (“ETFs”), or other pooled investment vehicles, including private investment funds. These fees are described in each investment fund’s prospectus or private offering documents and generally include a separate management fee, fund expenses (such as administration, audit, accounting, legal, etc.), and a possible distribution fee. Our fees also do not include fees charged by third parties for brokerage or transactions associated with trades in your account or for custody of your assets. These fees are usually detailed in contracts between you and the third parties providing those services. (See Item 12: Brokerage Practices, below, for additional information on brokerage). Our fees also exclude any fees charged by the issuers of insurance policies and annuity products. As an independently owned and operated investment adviser, we are not affiliated with any broker-dealer and we do not participate in soft dollar programs (under which broker-dealers provide investment advisers with research, software, computers, or other benefits for directing client trades to the broker-dealer to execute for a fee) or otherwise receive direct or indirect compensation from broker-dealers or from investment managers that we recommend or which our clients may utilize. While we do not formally recommend any particular broker-dealer or custodian, the firm is able to utilize Charles Schwab & Co., Inc. (“Schwab”), a FINRA-registered broker-dealer and member of SIPC, as an alternative for clients without existing broker-dealer and/or custodian relationships, in which case Schwab will serve as the client’s “qualified custodian.” While the firm does not receive any direct remuneration from clients using Schwab, we maintain an institutional relationship with Schwab under which we do receive benefits as outlined in Item 12: Brokerage Practices. Note that clients using Schwab may be able to obtain better execution or pricing from another broker-dealer or custodian.