Brick Capital Management, Inc. ("Brick Capital Management") is a fee-only investment management firm which has been in business since 1992. Our advisory services are described below. Our Advisory Services. We primarily provide financial advisory and investment management services to credit unions based upon the individual needs of each client. Our primary business involves the sponsoring of a fixed fee Investment Advisory Program for Credit Unions. In ongoing consultation with management of the credit union, this nondiscretionary service provides investment advice in light of the participating institution's balance sheet, interest rate risk, liquidity, income needs and investment restrictions. The specific services we offer include the following:
• provide non-discretionary investment recommendations;
• develop an Investment Policy, an Asset-Liability Management/Interest Rate Risk Policy, and Liquidity Management Policy for the client;
• review Asset-Liability Management and Historical Key Ratios Reports;
• obtain multiple bids/offers on securities; and
• develop investment strategies in an asset-liability management context for the client. When we develop investment strategies centered around asset-liability management principles, we focus our strategies on the needs of the client, which generally includes the following:
• evaluating appropriate types of securities to hold given any regulatory requirements imposed on the client;
• pre-acquisition analysis on securities;
• allocating proper maturity distribution across classes of securities;
• analyzing relevant accounting issues, including Accounting Standard Codification (ASC) 320 issues;
• addressing liquidity management concerns;
• developing and considering methods to enhance yield;
• evaluating block size for holding various types of securities;
• evaluating

market conditions;
• evaluating market and security sectors; and
• consider restructuring and workout opportunities if needed. REINHART\6291824 Page 5 of 22 All of our investment recommendations are made in accordance with written investment management agreements, applicable investment policy guidelines and any relevant state or federal regulations that govern a specific client. Types of Investments. Because all of our credit union clients are bound by regulatory constraints on the types of investments that are permitted, our investment strategy primarily focuses on the following types of investments:
• US Treasury Notes
• US Agency Debentures (Non-Callables, Callables, and Step-Ups);
• US Agency Passthroughs;
• US Agency Collateralized Mortgage Obligations (CMOs); and
• Certificates of Deposit. When we recommend a client purchase or acquire securities in banks over the insured limit, we limit our recommendations to those institutions that are insured by the Federal Deposit Insurance Corporation (FDIC) and have an investment grade rating by one of the nationally recognized rating agencies such as Moody’s, S&P, or Fitch. For certain clients we may recommend the purchase of investment-grade Municipal Bonds, depending on regulatory constraints and other considerations. Also, in some instances of certain state-chartered credit union clients, we may recommend the purchase of investment-grade corporate bonds, depending upon regulatory constraints and other considerations. Assets Under Management. As of December 31, 2022, we managed total client assets of $3,269,000,000, all of which we manage on a non-discretionary basis. Our Principal Owners. Brick Capital Management is 100% owned by three principal owners, Bridget C. Balesky, Kerry E. Brick, and Jeffrey R. Brick, each of whom owns 33.33% of the company’s stock. REINHART\6291824 Page 6 of 22