ADVISORY FIRM DESCRIPTION Uhlmann Investment Management, L.L.C. (“UIM”) was started in November of 1998 as a wholly owned subsidiary of Uhlmann Price Securities, L.L.C., a FINRA and SIPC member introducing broker-dealer. Uhlmann Price Securities, L.L.C. is wholly-owned by UPS Holdings, L.L.C. Ownership of UPS Holdings, L.L.C. is 50% owned by James Baer and 50% owned by Alan Konn. James Baer and Alan Konn serve as designated principals for UIM. See “Item 7. Other Financial Industry Activities and Affiliations” of this brochure that further explains the relationship of these companies. ADVISORY SERVICES OFFERED Several types of Advisory services are offered to clients through RBC Clearing & Custody, a division of RBC Capital Markets, LLC
• RBC Advisor, client directed, non-discretionary
• Consulting Solutions, traded by 3rd party manager, discretionary (manager)
• RBC Unified Portfolio, traded by RBC, discretionary (overlay manager, RBC or Envestnet)
• UMAS (unbundled managed account solutions), traded by Financial Advisor, discretionary or non-discretionary Third Party Advisor Managed Portfolios. UIM refers clients to third party investment Advisory firms for management services vetted, offered, and arranged by its custodians or by UIM Management. Currently available Third-Party Advisors include:
• Geneva Advisors, L.L.C. • Folio Institutional offered through Folio Investments, Inc. Advisors of UIM assist the client in determining his/her investment objective for the account and recommend an appropriate portfolio or management style offered by the Third-Party Advisor. The Third-Party Advisor will buy and sell stocks, bonds, mutual funds, ETF’s or other marketable securities in the client’s account on a discretionary basis. UIM shares in the management fee charged to the account as does the Third Party Advisory firm or firms selected. UIM Advisor Managed Portfolios. UIM also offers a discretionary investment Advisory program where the UIM Advisor assists the client in determining his/her investment objective for the account and recommends an appropriate customized portfolio or management style with which to manage the account for an investment management fee. The UIM Advisor will buy and sell stocks, bonds, mutual funds, ETF’s or other marketable securities in the client’s account on a discretionary basis. UIM receives the management fee charged to the account net of the transaction or asset-based fees collected by the custodian. This program also offers the flexibility to exclude certain assets from the management fee, and to exclude the UIM Advisor’s discretion from a position or certain positions in the portfolio, or certain accounts in the household. UIM works with clients to select investments suitable to their financial situation to help them accomplish their goals for the future. Beginning with an analysis of long-term objectives, financial position and risk profile, we seek to achieve an asset allocation and investment program to maximize the investor's return potential commensurate with their risk tolerance. A client portfolio will usually include a customized mix of stocks, bonds, and exchange traded or mutual funds. We strongly believe in asset class diversification and, when appropriate, will recommend adding alternative investments such

as commodity indices, managed futures, private equity, and Real Estate Investment Trusts as a portion of the portfolio. CLIENT TAILORED SERVICES AND CLIENT IMPOSED RESTRICTIONS The Investment Objectives with Risk Tolerances (from the client point of view) that are assigned to each account include: Preservation of Principal/Income with Minimal Risk- Focus is on preserving principal and generating current income and I am willing to accept minimal risk, even if that means my investment does not generate significant income or returns and may not keep pace with inflation. Preservation of Principal/Income with Low Risk- Focus is on preserving principal and generating current income and I am willing to accept low risk, including low volatility, and understand I could lose a modest amount of my investment. Balanced Growth with Minimal Risk- Focus is on generating current income and/or long-term capital growth and I am willing to accept minimal risk, even if that means my investment does not generate significant income or returns and may not keep pace with inflation. Balanced Growth with Low Risk- Focus is on generating current income and/or long-term capital growth and I am willing to accept low risk, including low volatility, and understand I could lose a modest amount of my investment. Balanced Growth with Moderate Risk- Focus is on generating current income and/or long-term capital growth and I am willing to accept moderate risk, including some volatility, to seek higher returns and understand I could lose a portion of my investment. Growth with Low Risk- Focus is on generating long-term capital growth and I am willing to accept low risk, including low volatility, and understand I could lose a modest amount of my investment. Growth with Moderate Risk- Focus is on generating long-term capital growth and I am willing to accept moderate risk, including some volatility, to seek higher returns and understand I could lose a portion of my investment. Growth with High Risk- Focus is on generating long-term capital growth and I am willing to accept high risk, including high volatility, and understand I could lose a substantial amount of my investment. Aggressive Growth/Aggressive Income with Moderate Risk- Focus is on generating growth and/or income at greater than market rates and I am willing to accept moderate risk, including some volatility, to seek higher returns and understand I could lose a portion of my investment. Aggressive Growth/Aggressive Income with High Risk- Focus is on generating growth and/or income at greater than market rates and I am willing to accept high risk, including high volatility, and understand I could lose a substantial amount of my investment. Aggressive Growth/Aggressive Income with Maximum Risk- Focus is on generating growth and/or income at greater than market rates and I am willing to accept maximum risk and understand I could lose all my investment. Speculation with High Risk- Focus is on generating maximum possible returns and I am willing to accept high risk, including high volatility, and understand I could lose a substantial amount of my investment. Speculation with Maximum Risk- Focus is on generating maximum possible returns and I am willing to accept maximum risk and understand I could lose all my investment. CLIENT ASSETS UNDER MANAGEMENT As of March 30, 2023, UIM manages $163 million in client assets; $38 million on a non-discretionary basis and $125 million on a discretionary basis.