Carmichael Hill & Associates, Inc. (Carmichael Hill) has been a fee only investment advisory firm for small and mid-size groups and individuals since 1989. Clients who work with Carmichael Hill are typically seeking an advisor who knows each client well, approaches each relationship on an individual basis, and who helps to coordinate a host of financial considerations. Carmichael Hill's mission is twofold: A) To optimize every individual investment plan in terms of performance at a selected risk tolerance. B) Help the client to accomplish their specific stated objectives. Clients can customize investment plans by imposing restrictions on investing in certain securities, types of securities, and specific industry sectors. SERVICES PROVIDED Investment advisory services involve the selection of a preferred investment strategy to match goals and risk tolerance, the selection of investment vehicles, and a plan for monitoring and adjusting the portfolio on an ongoing basis. Advice for clients not involving securities may include financial advice on such matters as budgeting, education planning, retirement planning, and insurance planning, and are provided on an as needed basis (i.e. client requests such services). A financial plan may include but is not limited to: a net worth statement, a cash flow statement, a review of investment accounts to include reviewing asset allocation and providing repositioning recommendations, a review of retirement accounts and plans including recommendations, a review of insurance policies, one or more retirement planning scenarios, estate planning review and recommendations, and education planning with funding recommendations. Please Note: In preforming its services, Carmichael Hill shall not be required to verify any information received from client or from the client’s other professionals and is expressly authorized to rely thereon. Moreover, each client is advised that it remains the client’s responsibility to promptly notify Carmichael Hill if there is ever any change in their financial situation or investment objectives for the purpose of reviewing/evaluating/revising Carmichael Hill’s previous recommendations and/or services. A copy of Carmichael Hill’s written Brochure as set forth on Part 2A of Form ADV and Part 3 Form CRS shall be provided to each client prior to, or contemporaneously with, the execution of the Investment Advisory Agreement. Carmichael Hill is owned by James Stewart. As of 12/31/2023 Carmichael

Hill has $342,912,793 of assets under discretionary management. The asset types we advise on include mutual funds, exchange traded funds and notes, individual common and preferred stocks, options, warrants, structured products, government, municipal and corporate bonds, certificates of deposit and money market funds. We do not advise on commodities or collectibles unless they are exchange traded funds (ETFs) or exchange trade notes (ETNs). We may also comment on interests in partnerships, real estate and oil and gas, but this is uncommon. Limitations of Financial Planning and Non-Investment Consulting/Implementation: As indicated above, we may provide financial planning and related consulting services regarding non- investment related matters such as estate planning, tax planning, insurance, etc. upon client request. Please Note: Carmichael Hill does not serve as an attorney, accountant, or insurance agency, and no portion of its services should be construed as legal or accounting services. Accordingly, it does not prepare estate planning documents, tax returns, or sell insurance products. To the extent requested by a client, Carmichael Hill may recommend the services of others to assist the client where it cannot (i.e. attorneys, accountants, insurance, etc.) Clients are reminded that they are under no obligation to engage the services of any such recommended professional. The client retains absolute discretion over all such implementation decisions and is free to accept or reject any recommendation made by Carmichael Hill or its representatives. Please Note: If the client engages any unaffiliated recommended professional and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from and against the engaged professional. Limitations on Services Involving Third-Party Retirement Platforms: Where investment advisory services include recommendations on investments within retirement plans involving a third-party platforms (e.g., a 401k plan), such assets will be included for billing purposes. Due to the constraints of such platforms, Carmichael Hill typically will not have full discretion to trade client accounts. In such cases, recommendations are provided to clients to implement via the third- party retirement platform. Additionally, share class selection may be limited by the plan sponsor. For example, 401(k) Plans often have a limited array of investments and share classes available.