Description of Advisory Firm Northland Asset Management (NAM) is the trade name used by Northland Securities, Inc., (Northland) for its investment advisory business. Northland Securities is registered with the SEC and MSRB as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Northland Securities, Inc. is privately held by First National of Nebraska, Inc. (FNNI). First National of Nebraska, Inc. (“FNNI”) is a multi-state holding company that owns, among other entities, First National Bank of Omaha. Northland will operate as a separate subsidiary under FNNI. Advisory Services Offered This Brochure relates to the receipt of cash compensation for services of receiving affiliate or third-party research reports (“Advisory Research Services”). Such services are limited to the distribution of impersonal research created by our broker-dealer and approved for institutional investors. The firm provides NAM Research Services for a fee to certain institutional clients (“Advisory Research Clients”). Advisory Research Services may include any or all the following: (1) written equity research reports prepared by our affiliates, (2) research-related communications from affiliate research analysts relating to such research reports, (3) direct access to affiliate research analysts, and (4) corporate access or meetings with company. Advisory Research Services are not customized for any institutional client. Advisory Research Services is strictly limited to the receipt of Advisory Research Services and does not include trade execution or other brokerage services. We do not provide investment advice or maintain accounts for Advisory Research Client. We do not have custody of any Advisory Research Client assets or securities. Should any Advisory Research Clients require or desire trade-related services, they may receive those services

through our affiliate broker-dealer Northland Securities and handled solely in a broker-dealer capacity. Advisory Research Services do not include any services or communications by Northland’s Equity Sales or Equity Trading personnel. No activities related to execution services are directly or indirectly attributable Advisory Research Services. Research Products and Services We have arrangements with affiliate research providers to obtain certain research products. In turn we provide Advisory Research Services that include, but are not limited to, written reports on individual companies, compendium reports with multiple companies, reports on industries or sectors, communications on market, political, or economic conditions, and other matters relevant to investment analysis. Advisory Research Services include direct access to affiliate research analysts, financial models, and meetings with company management. All Services are distributed as-is, with a generalized view to broad, sophisticated institutional clients. No Services are tailored to any specific client objective or strategy. We offer meetings with our affiliate research analysts. Meetings are available individually or in small groups, but the content is not tailored to specific meeting participants. As discussed above, research analyst content is intended for broad institutional audiences and does not purport to address any specific objective or strategy. Research Advisory Services are not provided to any retail or non-institutional investors, and discretionary or non- discretionary investment advisory services are not provided as a part of Research Advisory Services. Research Advisory Services are not tailored to individual portfolios and does not make considerations for any one client’s investment objectives or goals. Assets Under Management Not applicable at this time. We do not provide investment advice or maintain accounts for Advisory Research Clients.