Hayek Kallen Investment Management (“HKIM”,”We”,”Us”) provides investment and wealth management services to individuals and small institutions such as non-profit groups. Fred Hayek founded the firm in 1985 in Fairhope, Alabama. We also provide a variety of personal/business financial analysis as needed by our clients. Typically, these ancillary services are done at no additional fee, but an overly complex and/or time-consuming project might be billed on a pay-for-service basis. Principals Our principal owner is Eric Kallen. He joined the firm in 2002 following a career as an investment banker in New York and London with Morgan Stanley as Vice- President, Mergers and Acquisitions. Eric’s focus within the firm is portfolio management and security analysis. Eric’s opinions and analysis have been published in The Financial Times, The Wall Street Transcript and The Mobile Press Register. Eric received a BA from Washington & Lee University and an MBA from The College of William & Mary. Overview of Services We invest our clients’ assets in individual stocks and bonds using a balanced-value investment approach. Value investing is the fundamental analytic approach first introduced by Ben Graham in the 1930s – the concept of analyzing numerous companies and looking for ones that are priced at a discount to the intrinsic value of the underlying business. The equity market occasionally provides investors the opportunity to buy stocks at attractive prices as markets often over-react to short-term headlines while ignoring the long-term underlying strength

in a business. Most of our clients are in the asset preservation stage of their lives and we balance their equity portfolios with an appropriate allocation of individual bonds that serve two main purposes. First, bonds generally provide more stability to the portfolio and second, bonds can provide stable levels of income. Our traditional “value” approach to investing combined with our strategy of balancing a portfolio with an appropriate level of fixed income investments is how we derive the term ‘balanced-value.’ We manage accounts on an individual, customized basis and most of our clients have selected a 50/50 or 60/40 equity/bond asset allocation strategy. Cash also plays an important role in our client's accounts. Cash is generally accounted for in the fixed income allocation, but also serves as source of ‘dry powder’ for the equity allocation during market corrections. While each account is managed individually, there is frequently overlap in holdings between accounts given that most of our core equity holdings are appropriate for a large number of our clients. A small number of our clients request restrictions on the manner in which we manage their accounts. Examples would include not buying tobacco stocks or agreeing to hold a large, concentrated position. We work with clients on a case-by-case basis for these restrictions. As of March 26, 2023, we managed $396 million all of which is managed on a discretionary basis. Most of our clients are billed on a percentage-of-assets basis and our fee structure is described in the next section.