Institutional Capital Management, Inc. provides investment advisory services for a fee that is calculated as a percentage of assets, a fixed fee, and by hourly charge but does not include subscription fees. Fees are negotiable between 20 and 5.6 basis points. Institutional Capital Management Inc. provides investment advisory services to public funds investors that include city and county governments, and hospitals. ICM has provided investment advisory services to public funds investors since October 1997. The principal owner of Institutional Capital Management, Inc. is Robert J. Moore. ICM follows a well-defined process when providing investment advisory services to clients. ICM uses a client-driven service and investment model. Clients develop a set of investment objectives regarding liquidity requirements, risk parameters, permissible securities, and other individual preferences. Client goals and objectives provide the basis for investment strategy development. ICM performs a review of each client’s financial condition that includes an examination of the local economy, diversity of revenue streams, revenue and expenditure histories, and cash balance histories. Capital projects and other large expenditures are also factored into the client analysis. Current client practices and investment strategies are examined relative to goals and objectives and suggestions are made to enhance the efficient use of capital resources and better align resource utilization with objectives. Strategy development relies upon client participation. ICM provides a comprehensive Portfolio Strategy Statement and Model Portfolio for client approval. These tools allow ICM and the client to communicate effectively regarding portfolio structure, content, and risk profile prior to implementation. A comprehensive cash flow analysis provides clients with feedback opportunities

to assure sufficient portfolio liquidity to meet operating capital needs and minimize market risk associated with redemption prior to maturity. Following client approval of the Strategy Statement and the Model Portfolio ICM implements the investment strategy. Client participation in the decision-making process is encouraged and investment advisory services are provided on a discretionary and non-discretionary basis. ICM’s focus on the implementation of client strategies promotes cost effective and highly competitive transactions. Securities selection is based completely on client investment objectives, preferences, and best price execution. ICM monitors client portfolios on a regular basis to assure compliance with Federal and State regulations and local investment policies. ICM provides quarterly reviews with clients to discuss market conditions, portfolio performance relative to client goals and high-quality benchmarks, and to discuss any developments in the local economy and community that may impact investment decisions. ICM suggests annual cash flow analysis updates and investment objectives review. Portfolio contents may be altered to best match client objectives. While ICM practices an 4131 Lake Grove Road, Petoskey, MI 49770 303-579-9595 www.thinkicm.com Page 5 of 14 investment philosophy of buy and hold, ICM’s active portfolio managers will from time-to-time suggest transactions to clients that take advantage of opportunities to safely enhance portfolio returns while maintaining safety and liquidity in accordance with client preferences. Assets Under Management: Institutional Capital Management, Inc. has $497 million in assets under management. ICM manages $39 million on a discretionary basis and $458 million on a non-discretionary basis. All figures for client assets listed under ICM management and consulting services are as of March 11, 2024.