Cresap Inc. is a corporation that has been registered with FINRA (formerly NASD) since 1990. The firm has also been registered with the SEC as an investment advisor since 2013 and before that with the Pennsylvania Securities Commission beginning in 2006. The fact of registration as an investment advisor should not imply a particular level of skill or training but is simply a regulatory requirement. Cresap Inc. is an introducing broker dealer that custodies almost all client assets and routes almost all securities transactions through a clearing firm. Our clearing firm is Wells Fargo Clearing Services LLC, a subsidiary of Wells Fargo Corporation. With very limited exception, client investment advisory assets managed by Cresap Inc. are custodied at Wells Fargo and a large portion are deployed in certain programs, or platforms, offered by Wells Fargo to its various correspondent firms. Assets owned by the client are held in the client’s name and are not co-mingled with other assets. Non-Discretionary Assets By far the majority of the firm’s client advisory assets are managed on a non- discretionary basis. This means that the financial advisor must receive the approval of the client prior to executing a buy or sell transaction. The majority of the firm’s client assets that are managed on a non-discretionary basis are held in the Asset Advisor program made available through Wells Fargo. Assets eligible for purchase in the Asset Advisor program include, but are not limited to, common and preferred stocks, exchange traded funds, closed-end funds, corporate and government bonds, certificates of deposit, options and certain mutual funds that may be purchased at net asset value (no sales charge). Additionally, a small percentage of non-discretionary assets are held in the Custom Choice program, which is limited to open-ended mutual funds. These funds may be purchased at net asset value (no sales charge). Two advisors manage 401K assets custodied at mutual fund companies. As of 03/01/2022, the firm managed $275,248,885.00 on a non-discretionary basis. Page 5 Discretionary Assets Discretionary management of assets means that the financial advisor associated with Cresap Inc. has the

authority to make investment portfolio decisions without the client’s prior approval of the specific transactions. The client grants this authority to the advisor through a written agreement. Some accounts are managed on a discretionary basis in the fee-based Professional Investment Management (PIM) program, which like Asset Advisor, permits a broad range of securities. The fee based Fundsource program invests in mutual funds. Other discretionary accounts pay transaction charges instead of fees. The Advisor has authority to make decisions using a broad array of security types in discretionary accounts. Fees and compensation are explained in Item #5 below. On a very limited basis, the firm may provide access to outside money managers through the facilities of Wells Fargo. In this arrangement, the account is managed by an outside manager, selected by the individual client from a Wells Fargo approved list. As of March 01, 2022, total discretionary assets under management were $75,521,500.00. How Advisory Accounts are Managed Investment advice is provided to the client directly from the advisor, who is qualified to provide such advice by virtue of passing the requisite investment advisory examination and is under the supervision of Cresap Inc. Advisors work with clients to determine the appropriate account type and, in non-discretionary accounts, collaborate with clients on securities selection. An advisor, who may work in partnership with one or more other advisors, will work with a client to develop an investment strategy designed to meet the client’s goals. Client strategies may differ significantly. One client may wish to secure a steady stream of income, while another may wish to achieve growth and is willing to accept more risk in the process. Page 6 The firm does not require advisors under its supervision to follow any particular, over- arching investment strategy. It does, however, review accounts to ensure that the management of each portfolio is consistent with the fiduciary standard. This is a standard of care that requires that the advisor always places the interests of the client first and discloses all forms of compensation and possible conflicts of interest.