Timber Creek Capital Management (“Timber Creek Capital” or “the Firm” or ‘We”) is an owner managed boutique investment advisory firm founded in 2008 by the firm’s principals, Thomas R. Brennecke and John Will T. Brennecke. We are dedicated to preserving and enhancing the capital of our clients, including individuals, trusts, pension plans, profit sharing plans, charitable organizations, corporations and business entities. Investment Philosophy We are long-term investors and stewards of capital. This serves to shape our investment philosophy. Managing risk is as important as seeking strong investment returns. At the portfolio level we manage risk through diversification, first by choice of major asset classes and thereafter by geography, sector, industry, and individual security selection. Over the long term, markets have a measure of predictability, however over the short to medium term they can surprise investors. The security markets can and do go to extremes. The most significant contributor to portfolio returns is asset allocation – the mix of stocks, bonds, cash, and alternative investments. Timber Creek utilizes an asset allocation discipline derived from indicators of long-term valuations for stocks and bonds. This discipline serves to reduce market risk in overheated markets and to seek higher returns when markets become very inexpensive. We believe that asset allocation ranges for stocks and bonds need to be broad - allowing for adjustments in exposure to market opportunities and risks. Our firm regularly monitors indicators of long-term value in the stock market and rebalances the asset class mix to take advantage of changes in market valuations. Advisory Services Our clients have unique financial needs and objectives. We provide investment management work to clients in the context of their overall financial situation including:
• Constructing each client's portfolio to maintain a risk

profile that is consistent with their objectives
• Managing portfolios with respect to their tax status and purpose
• Engaging clients and their other professional advisers to develop an integrated wealth management plan
• Implementing wealth transfer strategies
• Incorporating into our investment planning each client’s financial interests beyond the portfolios that we manage
• Planning with trustees and beneficiaries on optimal strategies for their trusts
• Working with clients to address their cash-flow needs
• Working with clients on their philanthropic interests
• Leveraging our banking expertise to refer clients according to their needs When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries 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. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. Assets Under Management Our assets under management as of December 2023, are $483,169,890 on a discretionary basis and $0 on a non-discretionary basis.