Dorato Capital Management

Fees and Compensation

The annual fee for portfolio management services for a stock portfolio will be charged as a
percentage of assets under management. Typically, fees will be 0.40 percent of managed assets
for stock portfolios, per year. Other assets, such as mutual funds or bonds, are charged a fee of
0.20 percent per year.

A minimum of $100,000 of assets under management is typically required for this service.

Clients will be invoiced directly to the custodian at the beginning of each calendar quarter based
upon the market value (or fair value in the absence of market value, plus any credit balance or
minus any debit balance) of the client's account at the end of the previous quarter. Clients will
receive notification of the amount of each quarterly invoice. If DCM does not have an
arrangement with the client’s custodian to deduct management fees from the account, or if the
client prefers, the client will be billed separately.

Instead of a fee based on a percentage of managed assets, DCM may enter into a flat fee
arrangement with a client. Typically, this will occur if the client wishes to use mutual funds in his
or her portfolio.

For those clients who choose to receive investment planning advice only, the hourly rate is $100.

DCM’s sole compensation is fee-based. DCM does not receive any compensation from the sale
of securities or other products (commissions).

The fee charged is calculated as described above and is not charged on the basis of a share of
capital gains or capital appreciation of the funds or any portion of the funds of an advisory client.

A client agreement may be cancelled at any time, by either party, for any reason, upon receipt of
written notice. Upon termination of any account, any prepaid, unearned fees will be promptly

refunded, and any earned, unpaid fees will be due and payable. The client has the right to
terminate an agreement with DCM without penalty at any time.

All fees paid to DCM for investment advisory services are separate and distinct from the fees and
expenses charged by mutual funds to their shareholders. These fees and expenses are
described in each fund's prospectus. These fees will generally include a management fee, other
fund expenses, and a possible distribution fee. If the fund also imposes a sales charge, a client
may pay an initial or deferred sales charge. A client could invest in a mutual fund directly, without
the services of DCM. Accordingly, the client should review both the fees charged by the funds
and the fees charged by DCM to fully understand the total amount of fees to be paid by the client
and to thereby evaluate the advisory services being provided.

For California residents: California law requires that all investment advisers disclose to their
advisory clients that lower fees for comparable services may be available from other sources.

Types of Clients

Clients are typically individuals. DCM and/or its principals may provide advice to other
investment advisers and their clients. Fees charged to clients of other investment advisers may
be greater or less than what DCM charges its clients directly.

Methods of Analysis, Investment Strategies, and Risk of Loss

Investment advice may be offered on investments held by a client at the start of the advisory
relationship. Recommendations for new investments will typically be limited to stocks; bonds;
and mutual funds and Exchange-Traded Funds that invest in stocks, bonds, and cash and cash
equivalents.

DCM uses a value-based discipline for securities analysis. This approach includes both
fundamental and technical information. The primary sources of investment data are the Value
Line Investment Survey and the Applied Finance Group.

DCM’s investment style is a low-turnover, buy and hold approach.

There is always the risk of loss due to the changing market values of stocks and bonds, and the
client should be prepared to bear this risk.

Education and Business Background

The owners of DCM are Steve TeSelle, Ben TeSelle, and Jessica TeSelle. Steve has a BA in
Political Science from Stanford University (1983) and a Master’s Degree in Public Affairs from
Princeton University (1990). He has earned and maintains the following professional
designations: Chartered Financial Analyst (1999), Certified Financial Planner (2000), and
Enrolled Agent (2004). All three designations required passing a test or tests and commitment to
a Code of Ethics. The Certified Financial Planner and Enrolled Agent designations require

continuing education; for the Chartered Financial Analyst designation, continuing education is
voluntary.

Steve’s relevant work history is:

Sentinel Advisory Corp., Analyst/Portfolio Manager, 8/07 to 08/08
Integral Asset Management, LLC, President, 07/99 to 02/00
Meridian Clearing Corp., Registered Representative, 11/96 to 12/99
Meridian Investment Mgmt., Analyst/Portfolio Manager, 11/96 to 12/99
Mayor's Office of Economic Development (Denver), Development Specialist, 10/92 to 11/96

Ben has a BA in Economics from the University of Colorado (2013). He has earned and
maintains the following professional designations: Chartered Financial Analyst (2022), Enrolled
Agent (2020), and Certified Financial Planner (2023). Ben also has the series 65 designation.

Ben’s relevant work history prior to joining Dorato is:

Zacks Investment Management, Internal Investment Consultant, 2/19 to 8/20
Zacks Investment Management, Wealth Management Associate, 10/18 to 2/19

Jessica has a BA in Architecture from the University of Colorado (2009). She has the series 65
designation.