C.M. Bidwell & Associates, Ltd. (CMBA), is an investment advisory firm incorporated in the State of Hawaii. The main office is located in Honolulu, Hawaii and a second office is located in Carmel, California. Our principal owners include Greg Bidwell, Brett Bidwell and Hilary Bidwell. They are the adult children of Clinton M. Bidwell, founder and Chairman of the Board. Brett Bidwell is the only shareholder involved in the operations of the firm. Shares were awarded to the shareholders for estate planning purposes partly due to real estate owned by the firm. In the event of Clinton Bidwell’s passing or retirement, shareholders have agreed to deliver ownership to employees for compensation. CMBA manages client portfolios on a discretionary basis with two main areas of business. The first is Institutional Portfolio Management. The second is Private Wealth Management. CMBA has also entered an agreement to provide trading signals for a subscription fee. Subscribers have the option to follow or ignore the trading signals provided. Institutional Portfolio Management - CMBA manages client accounts on a discretionary basis. Clients include both institutional accounts and private individuals. Asset allocations are determined either by client direction or through consultation with individual clients, and assets are invested in accordance with that asset allocation. Stock selection is based on a proprietary quantitative model primarily focusing on changes in analyst estimates. Fixed income allocations are managed either through individual securities and/or through the use of funds. Private Wealth Management – For private individuals, the wealth management services provide a comprehensive review of a client’s current financial situation, goals and objectives, and risk tolerances to determine appropriate asset allocation and investment vehicles to pursue those goals with the appropriate level of risk. Specific investments

may include, but are not limited to CMBA’s institutional portfolios, and domestic and international mutual funds and exchange traded funds. Two factors that will contribute to the decision of investing in individual securities or into funds are individual client preference and account size. If accounts are too small, proper diversification may not be appropriately achieved through individual securities. Some clients choose to impose restrictions on the securities in which their assets are invested such as no sin stocks or certain quality constraints on bonds. CMBA is willing to work with clients to tailor client portfolios to meet their requirements. Such restrictions need to be conveyed in written guidelines. As at December 31, 2022 assets under management totaled $179.33 million. CMBA also offers investment advisory services on an hourly basis. Generally, these services would be offered to individuals with investment portfolios of less than $500,000. Based on information provided by the client, and depending on each client’s individual circumstances, CMBA will evaluate the client’s financial position and offer recommendations on a financial plan and investment strategy. Clients seeking this level of service should be comfortable in their own abilities to monitor the performance of their investments on an ongoing basis, or have other parties they are relying on for that service. CMBA has entered an agreement with Perfectna, Inc. to provide “trade signals” on their Echo-Trading Platform. The “trade signals” are specific buys and/or sells of shares of common stock. The trades provided will be trades executed in CMBA’s actively managed small cap equity portfolio. The trade information becomes available to subscribers subsequent to CMBA placing the trades in a specified managed account. Subscribers to the Echo-Trading Platform can then choose whether to act on those signals in their own individual accounts.