Cladis Investment Advisory, LLC (CIA) primarily provides investment portfolio management services. We manage client investment portfolios on a discretionary (meaning we buy and sell securities for your portfolio without contacting you prior to the transaction for authorization) or non-discretionary basis (meaning we will contact you and obtain authorization prior to the transaction) for a fee. We may incorporate financial planning into our investment portfolio management services, using interactive financial planning software. This tool promotes client engagement and enables us to collaborate with our clients to better assist them in assessing their overall financial situation and planning more effectively. We have been providing investment advice from the Billings, Montana area since June 2010. Nick Cladis is the majority owner and manager of the firm. Prior to starting his own investment advisory firm, Nick was an investment adviser representative of Capstone Wealth Management from February 2007 to May 2010. Tracy Hawbaker has been with the firm since 2010 and became a minority owner in 2022. Tracy serves as the firm’s Chief Operations Officer and is a registered investment adviser representative of the firm. Brenda Meyer joined the firm in 2012 and serves as the firm’s Client Administrator. As a registered investment adviser, CIA is a fiduciary, obligated by law to always place its clients’ interests before its own. We embrace this responsibility and duty. We are committed not only in executing this duty, but also to preserving the confidentiality

of our clients’ non-public information and to eliminating or mitigating conflicts of interest such as any business relationship that could reasonably be expected to affect our independence, objectivity, or loyalty to our clients. CIA recommends and advises upon individual corporate exchange-listed stocks, both domestic and foreign, corporate bonds, United States government and agency bonds, CD’s, municipal securities, mutual funds and exchange-traded funds. We do not advise or recommend derivatives of these investments such as options. CIA also provides financial planning and investment advice through consultation for an hourly fee. We will collect necessary information to complete the services requested by the client and provide a written summary of recommendations. We tailor our investment advice and recommendations to the individual financial needs and investment objectives of our clients. Recommendations are based upon each client’s risk tolerance, investment objectives, annual income, net worth and liquid net worth, age, income needs, and other significant assets. Clients may restrict the purchase of certain asset classes or securities or types of securities purchased in their portfolio. As of December 31, 2023, we managed approximately $139,941,000 of client assets on a discretionary basis and $511,000.00 on a non-discretionary basis. Cladis Investment Advisory, LLC does not offer tax, legal or accounting advice. We encourage our clients to discuss any of our recommendations with their personal tax, accounting, or legal advisers.