Aldebaran Capital, LLC: investment adviser

Investments are made when companies (or shares of a company) can be purchased at a significant discount from their “intrinsic value.” When effectively implemented, value investing tends to reduce risk, as an identified gap between price and value creates a margin of safety. Our experience has shown that large discounts from intrinsic value are very likely to correct over time, thus leading to attractive long-term investment results. We practice value investing because it suits our temperament. Its principles contribute to the framework for a rational and disciplined approach to investing. It allows us to think independently and to conduct a long-term investment operation that exploits the recurrent optimism and apprehension often present in the markets. Please refer to "Item 5: Fees and Compensation", and “Item 8: Methods of Analysis, Investment Strategies and Risk of Loss" for more detail. Our investment management services are tailored to each individual client to the extent that some clients will instruct AC as to certain types of investments, companies, or industries they do not wish to invest in. Most assets under management at AC are discretionary and do not require specific client consent. Any limitations on this authority, as to the amount or type of securities to be purchased or sold are determined during the initial consultation with the client. As a service to our clients, AC does maintain some accounts for clients on a non-discretionary basis. These accounts are separate from AC's managed accounts and are not charged management fees. AC does not participate in any "wrap fee programs." As of December 31, 2025, assets under management for AC clients were: Discretionary: 210 Accounts, $ 161,345,854 Non-discretionary: 96 Accounts, $ 5,558,366

Subsequent quarterly fees will be based upon the market value of the account on the last day of each quarter and are generally paid to AC sometime in the first few weeks of the month following the end of the quarter. Fees are, generally, deducted directly from the clients account, unless the client has directed AC to provide them the ability to pay the fee by separate check. If available funds are insufficient to pay such fees from the accounts, AC may submit its invoice for fee payment directly to the client. Assets invested in shares of mutual funds or other investment companies (“funds”) will be included in calculating the value of the account for purposes of computing fees and the same assets will also be subject to additional advisory and other fees and expenses, as set forth in the prospectuses of those funds, paid by the funds but ultimately borne by the investor. Client is responsible for verifying fee computations since custodians are not typically asked to perform this task. The only fee AC receives is its quarterly fee, as described above. However, clients may incur charges for brokerage commissions which are paid to the brokerage firm that effects the transaction. Other charges from the custodian, may include custodial fees and other account maintenance fees including but not limited to, custody fees, wire transfer fees, etc. AC receives no financial benefit from any portion of the fees and commissions charged by the custodian. Commission charges on foreign securities purchased may be higher than those charges for domestic securities. Please refer to Page "Item 12: Brokerage Practices" for more discussion of brokerage/custodial relationships and their compensation. AC, or the client, has the right to terminate investment management services (without the payment of any penalty) at any time. If services are terminated prior to the end of any quarter, AC will refund to the client, the pro-rata portion of the quarterly fee paid for such quarter, on the basis of a proration of that quarterly fee to the effective date of termination. Neither AC, nor any of its employees, sell or offer investment securities (or any other investment products) for compensation.

Value investing seeks to identify discrepancies between stock market prices and the underlying values of businesses. As mentioned, investments are made when companies (or shares of a company) can be purchased at a significant discount from what Graham called their “intrinsic value.” The goal of value investing is to attempt to reduce risk in the portfolio, as an identified gap between price and value creates a margin of safety, a central concept of Graham’s work. Our experience has shown that large discounts from intrinsic value are very likely to correct over time, thus leading to attractive long-term investment results. Rather than limiting our investments to the size of a company’s market capitalization, our experience indicates that it is more important to focus on the value of a company and its future prospects. Thus, our portfolios generally contain a mix of small, medium, and large companies. We utilize several research sources that provide us financial data on publicly traded companies - these include, but are not limited to, financial newspapers and magazines, financial data subscription services, company press releases, annual reports, prospectuses and filings with the Securities and Exchange Commission. In the end, our investment decisions are based on the value we receive for committing our clients’ investment capital to a particular company. It should be noted that investing in securities involves risk of loss that clients should be prepared to bear. AC employs a value-oriented approach to investing which strives to minimize the potential for permanent monetary loss. However, it should be noted that there is no guarantee that clients of AC will not suffer permanent monetary loss. In addition, as value investors, we generally are purchasing securities that may be "out of favor" with current market conditions.

While we maintain a long-term perspective, it may lead to periods of "under-performance" as the markets will fluctuate, sometimes substantially. While this is a risk we are willing to take on, it can be difficult to "stay the course" at times when individual holdings or groups of stocks have depressed market values. Other risks, which may not be as apparent, include companies that regardless of rigorous research and seemingly strong financial strength, may suddenly lose value or even go bankrupt due to fraudulent activity or mismanagement. If the account (as directed by the client) requires an established fixed income component, we generally maintain a conservative profile, focused more on the safety of principal as opposed to yield. This often leads to utilization of brokerage money market accounts or short to mid-term United States Treasury Securities. However, it should be noted that even bonds bear risk. While credit risk may be less in many bonds, the potential for interest rate risk exists, which may cause the market value of the security to be less than the original capital invested.

For example, if a security is purchased or sold for clients and AC and/or its officers, members, or employees of the same day, either the clients (and AC and/or its officers, members, or employees) shall pay or receive the same price, or the clients shall receive the more favorable price.

AC does not receive research or any other products or services, other than execution and standard brokerage services from Schwab. AC utilizes several sources for its own internal research which and, if it is not a "free" service, pays for the cost of that service. It is AC's intention to maintain a complete level of independence in its research and investment decision making. AC does not engage in the business of "directed brokerage." We do not recommend, request, or require that that a client direct us to execute transactions through a specific broker-dealer. Some purchase and sale orders of securities are completed in each individual account. Other purchase and sale orders may be aggregated into "block transactions". Block trades do not result in commission discounts for individual accounts through Schwab. Schwab allocates commissions (per account) based upon the commission schedule that each individual account has in place. Commission discounts are offered by Schwab for such things as account size and delivery of account documents in electronic form.

Clients also receive trade confirmations and other account information documents (including tax reports) from the custodian. These documents may be delivered to the client via regular mail, or through electronic means. In addition, we meet with clients periodically to review their accounts with AC and discuss any changes or modifications in their investment objectives. AC also prepares an extensive Annual Report which details account holdings,

performance, gains/losses, transactions and income and expenses. Included within the report is a comprehensive "Letter to Clients" which discusses general market commentary and provides insight into the outlook and investment thoughts of AC. Periodic account updates may also be provided via regular mail, electronically, or through individual meetings with clients. It is recommended that clients review and compare their statements received from the Custodian to the reports provided by AC and notify AC with any discrepancies.

In addition, clients may choose to vote their own proxies, in which case, they will receive their proxies directly from the custodian. Regardless, clients can contact us by phone at any time to discuss questions about a particular solicitation.