Bennett Selby Investments Limited Partnership

ITEM 5: FEES AND COMPENSATION

Description

For our services we charge a fee based on a percentage of assets under management at the rate of
1.0% of assets per year. This fee is charged quarterly in arrears at the end of March, June,
September, and December based on end of period account values. A pro-rated fee will be charged
on amounts contributed to or withdrawn from the account during the quarter. The fee is negotiable.

Fee Billing

Our fees are deducted directly from client and Qualified Plan accounts. This is the only option we
provide for client billing. The client will give written authorization permitting Bennett Selby to
be paid directly from the account held by the custodian.

Clients will receive account statements from Charles Schwab & Co., Inc. on at least a quarterly
basis, indicating all fees related to Bennett Selby’s services.

The advisor may charge fees lower than those stated in the contract and can waive fees
completely. In these situations, there will be no formal communication. Clients receiving fee
reductions will not incur future liabilities associated with such discounts.

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Other Fees or Expenses

Clients will directly contract with and pay Charles Schwab & Co., Inc. for any commissions for
their accounts. Our firm may also recommend mutual funds and ETFs that have associated
management expense ratios. The client will grant our firm the authority to trade the account.
Bennett Selby does not negotiate brokerage commission rates on behalf of its clients. Fees for
investment advisory services are separate and distinct from custodial and execution fees charged
by Charles Schwab & Co., Inc. and the expenses charged by mutual funds and ETFs to the
shareholders.
Participation or Interest in Client Transaction

Neither Bennett Selby nor any related persons engage in the purchase or sale of securities to or
from client accounts (principal transactions), nor do they act as agent or broker for any other
person in transactions in which client securities are bought or sold. At no time will Bennett Selby
accept or maintain custody of a client’s funds or securities except for authorized fee deduction.

ITEM 7: TYPES OF CLIENTS

We generally provide our services to individual clients and pension plans. Our policy is that
investment accounts handled for one client should aggregate to at least $1,000,000 in U.S. dollars.
We have the discretion to impose higher or lower minimums on a case-by-case basis.

ITEM 8: INVESTMENT STRATEGIES AND RISK OF LOSS

Investment Strategies

We seek to generate attractive after-tax returns by patiently holding investments in select
businesses whose prospects we feel we understand and which we believe have exceptional
economics and strong management, and which we believe can be purchased at discounted prices.
We are patient investors and take a long-term time horizon when we invest. We do not attempt to
predict short-term market movements or the next hot sector, and we do not invest in new issues.
We seek to buy businesses with a proven track record of producing exceptional returns on investors'
capital.

We will patiently hold substantial quantities of cash if we believe there are no investment
opportunities that meet our criteria at a given time. We will selectively use option strategies to
raise income on cash when we believe it positions us well to purchase stock at an attractive price.
We believe that being slow to invest new cash in accounts can be a sensible and responsible
strategy.

Risk of Loss

   Firm Brochure – Part 2A of Form ADV            5                March 15, 2026

All investments involve risk including the loss of principal. It should not be assumed that any of
the securities or holdings that we manage will prove to be profitable or that the investment
recommendations or decisions we make in the future will be profitable or will equal the investment
performance of the securities we have managed in the past. Clients need to be aware that investing
in securities involves the risk of loss that clients need to be prepared to bear.

Bennett Selby’s investment style seeks to invest in select securities for the long-term. This
approach inherently lowers turnover and results in infrequent trading when compared with other
investment strategies.

Listed below are additional or further explanations of material risks involved in connection with
our investment strategy:

Stock Portfolios. Client accounts will be subject to the risks associated with any equity investment
strategy. Sharp downward (or upward) market moves will adversely impact the client accounts’
positions and result in losses. Losses may also be incurred on individual positions because of
issuer-specific matters such as unexpectedly disappointing earnings, lawsuits, patent issues,
analyst action or other matters. Equity returns are volatile and may fluctuate substantially over
time.

Investing in Fixed Income Securities.            Issuers of fixed income securities have a
contractual obligation to pay interest at a specified rate (coupon rate) on specified dates and to
repay principal (face value or par value) on a specified maturity date. Certain bonds (usually
intermediate- and long-term bonds) have provisions that allow the issuer to redeem or "call" a
bond before its maturity. Issuers are most likely to call such bonds during periods of falling
interest rates. As a result, client accounts may be required to invest the unanticipated proceeds
of the called security at lower interest rates, which may cause such client accounts’ income to
decline.

Hedging.        Bennett Selby may attempt to structure its investments, and/or use various
investment strategies and instruments, in a manner intended to hedge client accounts’ exposure
to market movements or other risks or limit losses. No assurance can be given that any hedging
strategies or techniques employed by Bennett Selby will be successful or will operate as intended.
The use of hedging instruments or strategies may reduce the profit realized by client accounts in
some cases and may cause client accounts to incur additional expenses. Bennett Selby is not
obligated to adopt or maintain any hedging or risk management procedures.

Small Cap Issuers. At any given time, Bennett Selby may invest client accounts in smaller-to-
medium sized companies of a less seasoned nature. Securities of such issuers often involve
significantly greater risks than the securities of larger companies.

Portfolio Concentration. Bennett Selby manages highly concentrated investment portfolios that
may prove to be more volatile than the general market.

Information Sources and Analysis. Bennett Selby selects investments based in part on
information and data that the issuers of securities file with various government agencies or that
it obtains from other sources. Bennett Selby is not able to confirm the completeness, genuineness,

   Firm Brochure – Part 2A of Form ADV            6                March 15, 2026

or accuracy of such information, and in some cases, complete and accurate information may not
be available.

Bennett Selby is not able to obtain all relevant information regarding a company or security.
Further, Bennett Selby may misinterpret or incorrectly analyze the information that it has about a
particular fund, company, or security. These and other factors may cause Bennett Selby to (a)
invest in securities at times that will lead to losses in client accounts and may cause a client to lose
a significant portion of its investment or
(b)     refrain from investing securities at times that would have resulted in gains in the client's
portfolio if Bennett Selby would have caused the client’s account to invest.

Options. Bennett Selby may engage in options trading where clients have given us the authority
to do so. Our primary strategies are selling covered call options to generate client income and
selling put options to generate income and position our clients to purchase the underlying at a
more attractive price. Stock or index options that may be purchased or sold by Bennett Selby
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