A. Description of the Firm The Firm is a wholly owned subsidiary of Lobnek Wealth Management S.A. in Geneva, Switzerland, which is owned 90% by Marc A. Moret. Lobnek Wealth Management S.A. (the "Mother Company") was founded in 2006 and since then has been rendering investment advisory services to its clients. Lobnek Wealth Management, Inc. ("Lobnek", the "Firm", the "Company") for its part was incorporated in 2013 and has been licensed by the US Securities & Exchange Commission (“SEC") in 2016 as an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”). While essentially providing the same services as the Swiss Mother Company, its activity is exclusively dedicated to customers having the status of U.S. persons In September 2022 Lobnek's Board resolved to establish a branch office of the Company in Geneva, Switzerland. This office has been registered under the name of Lobnek Wealth Management, Inc., Delaware, Geneva Branch (the "Branch") with the Geneva Register of Commerce under the Enterprise Identification Number (IDE) CHE-356.892.648. Through the Branch, Lobnek will be extending its business activities in Switzerland, but without establishing a separate legal entity and without changing its current ownership and control. At present the Branch is in the process of application for being licensed as a Portfolio Manager by the Swiss Financial Market Supervisory Authority (FINMA) and to be supervised by AOOS - Société Anonyme Suisse de Surveillance. It will begin operations as soon as it has received FINMA approval (expected in the first half of 2024). Lobnek does not provide legal, accounting or insurance services. With client consent, we may work with other professional advisers, such as accountants, attorneys or insurance representatives to assist with coordination and implementation of accepted strategies. Clients should be aware that these other advisers will charge them separately for their services and these fees will be in addition to the Firm’s advisory fees. B. Types of Services Lobnek provides four main categories of service:
• Asset Management
• Private Equity
• Financial Reporting
• Wealth Planning The Firm provides these services independently from each other. A client can receive asset management services only, or financial reporting services only, or a combination of both. Clients can receive financial re- porting services even if they have not contracted Lobnek for asset management services. Asset Management Asset Management is offered to Lobnek’s clients on either a discretionary or a non-discretionary basis. The client has the choice to delegate investment decisions to Lobnek (hereafter "Discretionary Asset Manage- ment") or to reserve them on his/her own behalf (non-discretionary asset management, hereafter "Advisory Asset Management"). According to his/her choice, he/she will execute the Firm’s Discretionary Wealth Man- agement Agreement or Advisory Wealth Management Agreement. Asset Management services are offered based on a limited power of attorney granted to Lobnek to give instructions to the applicable custodian for the client’s assets under management. This power allows the Firm to implement investment strategies and trading decisions, such as the purchase or sale of a security, in order to meet stated investment objectives, on behalf of a client’s account. This authority will be granted through the client’s execution of the custodian of record’s Limited Power of Attorney agreement. The custodian will specifically limit the Firm’s authority with respect to a client’s account to placements of trade orders and requests for deduction of advisory fees. The Firm’s asset management style is focused on risk containment and tends to be conservative. Lobnek manages money on behalf of its clients based on its proprietary investment strategy which uses a core/satellite approach regarding its asset allocation. The Core Asset Class represents the main portion of the asset allocation, seeking to preserve wealth conser- vatively. Its management therefore responds to parameters warranting liquidity, minimizing risks and volatility, while aiming at consistent returns over time. The Core Asset Class performance seeks to match the portfolio’s benchmark. The Satellite Asset Class has the purpose to provide supplementary performance contributions, granting op- portunities to outperform benchmark(s) over time. It therefore has a more ambitious risk/return profile than the Core Asset Class. The Satellite Asset Class may for example include physical assets, such as real estate, private equity, or investments concentrated in a specific industry or geographic location. As low diversification is one of the characteristics of the Satellite Asset Class, risk has to be considered by way of limiting the capital allocation. In the case of Discretionary Asset Management, the Firm is allowed to invest the client’s funds on his/her behalf according to its proprietary investment strategy, based on a power of attorney granted in its favor by the client on his account with his/her custodian. Lobnek generally performs Core Asset Class management on a discretionary basis. Lobnek may perform Satellite Asset Class management on a discretionary basis with respect to accounts a client has pre-approved for a Satellite Asset Class strategy. Satellite Asset Class assets need to fulfil minimum requirements in terms of liquidity in order to be eligible for Discretionary Asset Man- agement, such appreciation remaining in the Firm’s sole discretion. In choosing Discretionary Asset Manage- ment services, clients may opt in or out regarding the Firm’s discretion for the Satellite Asset Class. In the case of Advisory Asset Management, the Firm counsels the client with respect to investing his/her funds. While its proprietary investment strategy is the main reference of such advice, the Firm also may respond to specific client requests that are not explicitly covered by its strategy. The final investment decision remains always with the client for Advisory Asset Management services. The Firm may be mandated to ensure the execution of the respective transactions, based on a power of attorney granted in its favor

by the client with respect to his account with his/her custodian. In the case of Advisory Asset Management, Lobnek may propose certain Satellite Asset Class investments to the client, which remain entirely subject to the client’s approval. Satellite Asset Class assets need to meet certain requirements in order to be eligible under the Firm’s Advisory Asset Management, such appreciation remaining in the Firm’s sole discretion. Other Satellite Asset Class assets may correspond to specific client wishes and affinities, and some of them may also predate a client’s engagement with Lobnek (Client Satellite Assets). Lobnek refrains from advising on such Client Satellite Assets. For Advisory Asset Management services, clients determine, according to their own preference, the size and proportion of the portfolio-allocation to the Satellite Asset Class. Private Equity Through its network, research, business activity and proprietary sources, Lobnek may from time to time be- come aware of investment opportunities in unlisted business ventures potentially offering above average re- turn prospects. Lobnek is ready to share such opportunities with interested clients that are qualified investors by providing information and facilitating access. Such activities do not constitute any investment recommen- dation; all decisions to invest in such opportunities are made exclusively by the client on his/her own. In gen- eral, interested clients will be co-investors with other clients and/or persons related to Lobnek. Co-investing is intended to align the interests of clients and the Firm, although certain conflicts of interest may still be present as more fully discussed in Items 6 and 11 below. Private Equity investments are typically characterized by a very high degree of specificity and concentration in terms of industry, technology, business model, geographic location and other determining factors. Capital allocated to such investments will generally be locked up for a prolonged period without liquidity. Associated risks may include the total loss of the investment. Among the investor qualification criteria, clients investing in Private Equity investments may need to meet requirements as to net worth and ability to cope with the invest- ment's illiquidity and a potential total loss of capital. The client will need to confirm meeting all qualification criteria, and assumes entire responsibility for his/her investment decision, such decision being exclusively based on his/her own due diligence, information sources and judgement, independent from any of Lobnek's opinions or statements. Financial Reporting Lobnek provides three kinds of financial reporting:
• Consolidation: clients typically hold multiple accounts at multiple financial institutions, sometimes in mul- tiple currencies and in multiple countries. Lobnek provides consolidated reports giving clients a global picture of their total wealth. This report focuses on asset allocation and performance, on an account-by-account basis and on a consolidated basis. It may cover financial assets as well as non-bankable assets, such as real estate or art collections.
• Cost Control: whether clients hold a single account or multiple accounts, the cost structure of their portfolio is often unclear. Through Lobnek’s Cost Control report, clients gain full understanding of their costs and the distribution of such costs. Lobnek tries to dig down as much as possible, depending on the level of details provided by financial institutions, and segregates costs by categories, such as custody fees, management fees, all-in fees, wrap-up fees, transaction fees, foreign exchange fees, administrative fees, commissions, etc. The report seeks to put costs in perspective as compared with the respective performances of the corresponding accounts. Lobnek also monitors accounts, making sure that the level of fees agreed upon between the client and the applicable financial institution is respected at all times.
• Risk Control: client’s assets may have different risk characteristics. Lobnek’s Risk Control report analyzes these classes of risks and provides transparency of their correlation. Lobnek’s Risk Control report seeks to provide clients with a clear and full understanding of their global risk situation on a consolidated basis. Wealth Planning Lobnek has accumulated extensive practical experience in all areas of wealth planning. This includes succes- sion planning, wealth protection and structuring, domiciliation and re-location issues and more. Lobnek is ready to share its experience with its clients by providing a comprehensive analysis of the client's situation and wealth planning needs and to assist in defining an appropriate strategy. For the implementation of specific steps and solutions, Lobnek has a network of professional service providers that clients may engage with. Should the situation require mandating other intermediaries, Lobnek can provide assistance in their evalua- tion. Of course, the client remains entirely free to work with established advisers of his/her own if he/she prefers to do so. While Lobnek will work with third-party professional advisers in providing wealth planning services, Lobnek itself is not qualified to provide, and does not provide, any legal or tax advice. C. Client-Tailored Services and Client-Imposed Restrictions Lobnek offers different risk profiles to fit different clients’ risk appetites. Certain restrictions can be imposed by the client in terms of securities, sectors or asset classes, if approved by Lobnek. It is the client’s responsi- bility to promptly notify Lobnek of any change in the client’s financial situation and/or investment objectives for the purpose of Lobnek’s reviewing, evaluating or revising previous account restrictions or investment rec- ommendations. D. Wrap Fee Programs Lobnek does not participate in wrap fee programs. E. Discretionary Management of Assets As of December 31, 2023, Lobnek manages $13’800’000 of client assets on a discretionary basis and $154’900’000 of client assets on a non-discretionary basis.1