Stockman Wealth Management is a SEC-registered investment adviser with its principal place of business located in Montana. Stockman Wealth Management, formerly Stockman Asset Management, began conducting business in 2002. The firm's principal shareholder is Stockman Financial Corp., a privately held S-Corporation. Principal shareholders are those individuals and/or entities that control 25% or more of this company. INSTITUTIONAL/BANK PORTFOLIO MANAGEMENT Stockman Wealth Management does business as Investment Management Group and provides advisory services to financial institutions and one municipality (often referred to as our “bank clients”). The focus of Investment Management Group is on the financial institution’s assets under management. Our firm provides continuous investment advice, based upon the individual needs of each client. We require each new client of Investment Management Group to provide the following items:
• A signed Investment Advisory Agreement
• A signed Authorization to Trade
• A copy of their portfolio
• Their correspondent bank and safekeeping information
• A written investment policy The required items assist Investment Management Group in providing accurate and consistent portfolio management for the client. Investment Management Group does not accept discretionary authority. Amounts to be purchased are determined through discussions with the client. These discussions focus on the goals and objectives of the client at any given time. Through mutual agreement, Investment Management Group and the client determine the appropriate type of security and maturity. Unless otherwise directed by the client, the executing broker/dealer and the timing of the execution are based on a best execution analysis. Investment Management Group will typically contact several broker/dealers, decided upon by the size of the trade and perceived difficulty in execution, and will most likely execute with the firm giving the best price. The accounts are reviewed by the Portfolio Managers. The frequency of communication will vary depending on the client. These reviews are performed in conjunction with a telephone call or email communication. These reviews include discussions of liquidity needs, swap opportunities, tax considerations, and other unique circumstances. Each account maintains its own accounting system for its securities. Investment Management Group does not receive any services that are part of a traditional soft dollar arrangement, nor does it anticipate doing so. All bonds are bought on a net basis. Our investment recommendations are not limited to any specific product or service offered by a broker/dealer and generally includes advice on the following types of securities:
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• United States governmental securities
• Mortgage related securities
• Asset backed securities Some types of investments involve additional degrees of risk and are only recommended and/or implemented when consistent with the client's investment objectives, tolerance for risk, liquidity, and suitability. INDIVIDUAL PORTFOLIO MANAGEMENT Stockman Wealth Management offers individual portfolio management services by providing continuous asset management of client funds based on the individual needs of the client. Our minimum for this service is $250,000. We require the following documents from each new client of Stockman Wealth Management (sometimes referred to as our "data-gathering process"):
• A signed Financial Services Agreement
• A signed Investment Objective Statement
• Completed Account Applications/documents with all legally required personal identification information We use these items, along with personal discussions, to assist us in providing accurate and consistent portfolio management for the client. Goals and objectives are established based on the client's particular circumstances and sometimes using a Risk Assessment Questionnaire, to develop the client's personal investment policy/objective. We create and manage a portfolio based on that policy. During our data-gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we will also review and discuss a client’s prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary or non-discretionary basis. Account management is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Any limitations or changes in discretionary authority must be communicated in writing. Clients can impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Once the client's portfolio has been established, we review the portfolio twice monthly, or more frequently as necessary due to “triggering factors”. Triggering

factors include cash inflows and outflows, a client’s changing circumstances, and/or general market volatility. This review is done without client contact and involves analysis of portfolio holdings, portfolio mix, cash flow, and liquidity need. The client’s individual objectives and goals are considered during this analysis. Our investment recommendations are not limited to any specific product or services offered by a broker/dealer and generally include advice on the following types of securities:
• Exchange-listed securities
• Mutual Funds
• Exchange Traded Funds (ETFs)
• Foreign issuers
• Corporate Debt Securities
• Commercial Paper
• Certificates of Deposit
• Municipal Securities
• United States Government Securities Some types of investments involve additional degrees of risk and are only recommended and/or implemented when consistent with the client's investment objectives, tolerance for risk, liquidity, and suitability. FINANCIAL PLANNING We provide financial planning services tailored to our clients’ and prospective clients’ needs. The financial planning process typically begins with a comprehensive evaluation of a client’s goals & objectives, and their current and future financial state. Our analysis results in a report detailing recommendations on how to achieve their specific financial goals and objectives. Should the client choose to implement the recommendations contained in the plan, we suggest the client work closely with his/her attorney, accountant, insurance agent, and/or Financial Adviser. Implementations of financial plan recommendations are entirely at the client's discretion. 401(k) PLAN ADVISORY SERVICES Stockman Wealth Management acts as both a fiduciary and as an Investment Adviser for qualified 401(k)retirement plans. We provide client education, fund analysis and reviews, and will regularly meet with plan sponsors and plan participants to discuss the plan. We receive a fee for these services based upon the market value of the assets in the plan. Stockman Wealth Management acts as a non-discretionary fiduciary for qualified 401(k) retirement plans. Plans can allow for individual security accounts and in those cases, we will act as a discretionary fiduciary as separately agreed upon between the plan participant and Stockman Wealth Management. AUTOMATED INVESTMENT PROGRAM We now have a fully online, automated investment program (the “Program”) through which clients are invested in a range of investment strategies we have constructed and manage, each consisting of a portfolio of exchange-traded funds and mutual funds (“Funds”) and a cash allocation. The minimum for this service is $5,000. The client’s portfolio is held in a brokerage account opened by the client at Charles Schwab & Co., Inc. (“CS&Co”). We use the Institutional Intelligent Portfolios® platform (“Platform”), offered by Schwab Performance Technologies (“SPT”), a software provider to independent investment advisors and an affiliate of CS&Co., to operate the Program. We are independent of and not owned by, affiliated with, or sponsored or supervised by SPT, CS&Co., or their affiliates (together, “Schwab”). We, and not Schwab, are the client’s investment advisor and primary point of contact with respect to the Program. We are solely responsible, and Schwab is not responsible, for determining the appropriateness of the Program for the client, choosing a suitable investment strategy and portfolio for the client’s investment needs and goals, and managing that portfolio on an ongoing basis. We have contracted with SPT to provide us with the Platform, which consists of technology and related trading and account management services for the Program. The Platform enables us to make the Program available to clients online and includes a system that automates certain key parts of our investment process (the “System”). The System includes an online questionnaire that can help us determine the client’s investment objectives and risk tolerance and select an appropriate investment strategy to recommend, in response to the client’s answers to the online questionnaire. The client may then indicate an interest in a portfolio that is one level less or more conservative or aggressive than the recommended portfolio, but we then make the final decision and select a portfolio based on all the information we have about the client. The System also includes an automated investment engine through which we manage the client’s portfolio on an ongoing basis through automatic rebalancing and tax-loss harvesting (if the client is eligible and elects). "OTHER" SERVICES Stockman Wealth Management Dba Investment Management Group provides Asset/Liability modeling utilizing a third-party model. The model is provided to our bank clients for an additional fee. Non-client banks can contract for this service for a fee. AMOUNT OF MANAGED ASSETS As of December 31, 2023, Stockman Wealth Management actively managed $1,257,543,465 on a discretionary basis plus $3,521,664,314 on a non-discretionary basis.