Advisory Business History & Ownership Perritt Capital Management, Inc. is located at 300 South Wacker Drive, Suite 600, Chicago, Illinois 60606, and was incorporated as an Illinois corporation on July 8, 1987. We are a wholly owned subsidiary of Investment Information Services, Inc. (referred to herein as IIS). Michael Corbett is the CEO, CIO and Portfolio Manager of Perritt Capital Management, as well as the majority owner of IIS. Mr. Corbett joined Perritt Capital Management as a research analyst in 1990, began working as Portfolio Manager in 1996 and became the firm’s President in October 2010. Investment Advisory Services We provide discretionary and non-discretionary investment advisory services to individuals, institutions, trusts, and other entities that require investment advice on an ongoing basis. In addition to our separately managed accounts, we are the investment adviser to The Perritt Funds, Inc., which has two series: the MicroCap Opportunities Fund, and the Ultra MicroCap Fund. Windgate Wealth Management is the business unit for wealth management clients that are interested in an ongoing investment advisory relationship with an advisor (Perritt Capital Management, Inc.), or clients that are looking for financial planning. Windgate accounts may invest in mutual funds, individual equities, and bonds, ETF’s, or mutual fund asset allocation portfolios. In the future, Perritt Capital Management, Inc. may offer new strategies, either under the name of Perritt or Windgate, as opportunities arise. For those clients that we provide discretionary investment advisory services, we will make all investment decisions and direct the execution of all transactions for the clients’ account, in accordance with the stated objectives, guidelines and restrictions that a client may impose on the account. Advisory Business 5 | P a g e We may refuse to enter into an investment advisory arrangement with a prospective client whose investment objectives are considered incompatible with our basic investment philosophy or strategies, or if the prospective client seeks to impose unduly restrictive investment guidelines, or if we cannot determine the identity of the ultimate investor. We generally do not impose any specific requirements on the maintenance of client accounts. We may participate in certain bundled fee programs either by contract with the sponsoring broker dealer or under contracts with individual clients referred by the sponsoring broker dealer. In those instances, we would receive a portion of the bundled fee for our investment advisory services, and that fee could differ by program. In managing accounts under these programs, our overall management strategy would not differ materially from other accounts that we manage. However, certain differences may exist due to the nature of the bundled fee programs, which require, by way of example, that certain models be followed in managing the accounts, that certain program specific restrictions be adhered to, and that certain program specific operational procedures be followed. As of June 30, 2023, discretionary assets under management are $256.43 million and nondiscretionary assets are $4.76 million. Financial Planning Services We provide financial planning services through our Certified Financial Planner. Financial planning involves us conducting a comprehensive evaluation of a client’s current and future financial state, using currently known facts to predict the client’s future cash flows, asset values and likely withdrawal plans. Through the financial planning process, we consider and evaluate all questions, information, and analyses that the client provides to us to determine their likely impact on the clients stated financial goals and objectives.

We then provide the client with a written individualized case study, which provides the client with a detailed financial plan designed to assist the client in achieving the client’s financial goals and objectives. Advisory Business Financial Planning Services (continued) 6 | P a g e As desired by the client, the financial plan can address any or all the following:
• Personal – We review family records, budgeting, personal liability, estate information and financial goals to help the client determine how to achieve the client’s desired financial objectives.
• Tax and Cash Flow – We analyze a client’s income tax, spending and planning for past, current, and future years; then illustrate the impact of various investments on the client’s current income tax and future tax liability. We may refer the client to tax accountants. We do not prepare tax returns for clients.
• Investments - We analyze investment alternatives and their effect on the client’s net wealth.
• Insurance – We review existing policies to ensure adequate coverage for life and health. We do not sell insurance but may refer the client to an insurance agent who may be affiliated with us.
• Death and Disability – We review the client’s cash needs at death, income needs of surviving dependents, estate planning and disability income to help the client be financially prepared for these events.
• Estate – We assist the client in assessing and developing long-term strategies, including, but not limited to, reviewing the client’s living trusts, wills, expected estate tax obligations, powers of attorney, and asset protection plans to help the client assess how these items impact the client’s financial objectives. We gather required information through an in-depth personal interview and written records. The information we gather includes the client’s current financial status, tax status, future goals, returns, objectives and attitudes towards risk. We then carefully review documents the client supplies to us, including a questionnaire completed by the client, before completing the financial plan that we present to the client. Should the client choose to implement the recommendations contained in the financial plan, we encourage the client to work closely with the client’s own attorney, accountant, insurance agent and investment advisor. Implementation of the financial plan recommendations is entirely at the client’s discretion. Advisory Business Financial Planning Services (continued) 7 | P a g e We may also provide general non-securities advice to the client on topics including tax and budgetary planning, estate planning and business planning. It is the client’s responsibility to keep us fully and continuously updated as to their personal and current financial situation, investment objectives, personal circumstances, needs and goals; and to promptly inform us of any changes to information previously provided to us. We strive to render our best advice for our clients, but we cannot assure or guarantee that clients will achieve their stated financial goals and objectives. Fi-Care For founders or heads of companies who believe in supporting the financial well-being of their employees, the Windgate Fi-Care Planning Program give your team the skills to manage their personal finances. Each employee receives the benefit of working with a Certified Financial Planner (CFP) who is committed to understanding their financial goals and uncovering any financial blind spots they may have. We develop a goal-based plan to solve budgeting, investing, retirement planning and many other needs; then communicate regularly to ensure progress. 8 | P a g e Investment Advisory Services