Firm Overview The Sather Financial Group, Inc. was founded by its owner, Dave Sather, in 1999 as a fee-only investment management, financial planning and consulting firm. We manage approximately $1,700,650,261 in regulatory assets under management, all on a discretionary basis, for our clients as of December 31, 2022. Although investment management is often the main attraction that brings clients to our firm, we have recognized that people who have significant assets also have a variety of financial planning needs. As such, our goal is to offer a more holistic approach to asset management. A. Our Approach Our investment approach has been crafted over the past twenty-five years by utilizing the strategies and philosophies that have made Warren Buffett and other well-known “value investors” successful. There are two reasons for this approach. First, Buffett has a well-documented track record for success in knowing how to think about business and valuing assets. Secondly, Buffett sets a very high bar for ethical behavior. Without a strong conviction about ethical behavior there is no reason for our firm to exist. B. Functioning As A Fiduciary In offering services, we serve as a fiduciary. As such, we are legally obligated to do what is in our clients’ best interest—and not just sell them a product. Although this brings with it tremendous responsibility, we welcome this as it clearly dictates what the goal is. The “fee-only” approach makes the most sense to us as it seems to reduce conflicts of interest and more closely aligns our goals with those of the clients. Written Acknowledgement of Fiduciary Status When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. C. Assessing Investment Needs Given the diversity of our clients’ needs our investment management strategies are broad as they may require a portfolio to generate high income or cash flow while others may be fully devoted to long term growth. The most important thing in assessing asset structure is always the needs of a particular client. We rely heavily on you, the client, to provide us with a host of information and documents so we can thoroughly understand the details of your financial situation. No assessment will ever be fully comprehensive. In contrast, brokers, in general, are not required to act as a fiduciary, but rather only make decisions on behalf of clients based on a “suitability” standard. This is a lesser standard than a fiduciary standard that might allow decisions that are technically “suitable” but still not in the best interest of the client. Much of the structure of a client portfolio will be dictated by:
• the amount of assets to invest
• employment or other external sources of cash flow
• the amount of cash flow (dividends, interest, etc.) a client may need
• the length of time the client can leave the funds alone
• anticipated client additions to or withdrawals from their assets over time
• the client’s tolerance for short, intermediate and longer term volatility
• The valuations and attractiveness of investment opportunities In assessing the needs of our clients, we acknowledge we are all unique and therefore require individual attention. However, there are many similarities among our clients and their assets. For instance, if we determine a given security offers tremendous value, it is quite likely it will end up in many client portfolios. However, due to the uniqueness of our clients, it does not mean that a given security will be in all portfolios or in the same amounts or percentages. Occasionally, clients request that certain securities not be purchased for their accounts while other clients may direct purchases. This is fine with us, as it is the client’s money. However, if the client restricts a security or directs their own trades it is quite likely that we offer opinions as to the wisdom of the client’s decision. Additionally, if a client restricts certain securities or places their own trades their performance will obviously be different than other clients. As such, we do not guarantee that we will be able to adequately follow or effectively manage securities added through client-directed trades. Additionally, client-directed trade requests must be made via email, in writing, or a phone call to Sather Financial. Sather Financial Group will attempt to trade the requested security on a best efforts basis. D. Team Approach Unlike most brokerage operations, there is not one person assigned to the management of our clients’ assets or needs. Instead, we all work on every account and relationship. This gives us the ability to double check each other’s work and, if one of us is out of the office, the service to that client does not diminish. Additionally, if one of us is dead or incapacitated, there is continuity of the client’s asset management. E. Designations The “designation game” continues to confuse the average person. Many in the financial industry know that clients look to designations as a way to identify competency and value. Unfortunately, many licenses and designations are less about skill, competency, or experience, but instead are truly designed just to sell a product. Our approach has been quite different. Warren, Dave, and Jon have the CERTIFIED FINANCIAL PLANNER™ designation. In our opinion, this designation indicates a deeper level of knowledge and experience—and is not just a clever ploy to sell a product. The CFP® designation is considered the gold standard in the financial services industry—and with good reason. To earn this distinction an individual must pass five 4-hour long exams in insurance, investments, taxation, retirement planning, estate planning and a capstone course. Once all five of these have been successfully completed a candidate is qualified to take a six-hour comprehensive exam. Once the comprehensive exam is successfully passed, a candidate must still pass an ethics background check and have three years of industry experience. For these reasons, we think this designation truly provides the skill set to help our clients, as opposed to just selling a product. However, we don’t think anyone should take our word for what makes a meaningful designation. Instead, all people should ask the following: 1. What designations do you hold? 2. Who is the governing body for these designations? 3. How many exams did you have to take to obtain these designations? 4. Were these exams “self-administered” or proctored by a disinterested third party? 5. What must you do to maintain your designations? a. Ethics b. Continuing Education c. Legal background check 6. How does your particular designation help a person specifically? F. Portfolio Management Services Our firm provides continuous asset management of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on the client's particular circumstances are established. As appropriate, we will review and discuss a client's prior investment history, as well as family composition and background. Once the client's portfolio has been established, on an as needed basis, we review the portfolio, and if necessary, rebalance the portfolio based on the client's individual needs. 
• Our investment recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. We primarily trade in the following areas below: Publicly traded entities;
• Publicly traded stocks;
• Publicly traded bonds; and
• Anything the client deems appropriate. G. Retirement Plan Consulting Services We also provide several advisory services separately or in combination.

While the primary clients for these services will be pension, profit sharing and 401(k) plans, we offer these services, where appropriate, to individuals and trusts, estates and charitable organizations. Our clients hire us to implement judgement and wisdom based upon the following: 1. What is the time frame for different blocks of your money?
• We know that different assets have different volatility, growth and income characteristics based upon how long the asset can be held.
• As such, money needed next month should emphasize liquidity and stability.
• Conversely, money with a long (10 year) time frame that is to outpace taxes and inflation should emphasize growth. 2. What are your anticipated deposits and/or withdrawals?
• Depending upon where a client is in their lifecycle, they may be contributing on a regular basis to their portfolio. This may allow us to be focused and concentrated in our best ideas.
• Conversely, if a client is living off of their portfolio we need to make sure we have communicated safe distribution rates and make sure the portfolio is in a position to deliver cash flows necessary to fund short-term needs while maintaining long term goals, as well. 3. What is your tolerance for volatility?
• Although the stock market may be an appropriate asset to deliver long-term growth, if a client cannot maintain portfolio discipline during a market downturn it has not succeeded in delivering the growth. As such, we need to have a blunt conversation about how much volatility should be expected over differing time frames.
• If the client cannot tolerate volatility, they also need to understand that their portfolio will most likely not maintain its purchasing power over long time frames. 4. What is the valuation and associated attractiveness for different investments? H. Financial Planning/Consulting Services We provide financial planning services on an as requested basis. In general, financial planning can address any or all of the following areas:
•PERSONAL: We review family records, budgeting, personal liability, estate information and financial goals.
•TAX & CASH FLOW: We analyze the client's income tax and spending.
•INVESTMENTS: We analyze investment alternatives and their effect on the client's portfolio.
•INSURANCE: We review existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home and automobile.
•RETIREMENT: We analyze current strategies and investment plans to help the client achieve his or her retirement goals.
•DEATH & DISABILITY: We review the client's cash needs at death, income needs of surviving dependents, estate planning and disability income.
•ESTATE: We assist the client in assessing and developing long-term strategies, including as appropriate, living trusts, wills, review estate tax, powers of attorney, asset protection plans, nursing homes, Medicaid and elder law. We gather required information through in-depth personal interviews. Information gathered includes the client's current financial status, tax status, future goals, returns objectives. We carefully review documents supplied by the client. Should the client choose to implement any recommendations, we suggest the client work closely with his/her attorney, accountant, insurance agent, and/or broker. Implementation of financial planning recommendations is entirely at the client's discretion. Clients can also receive investment advice on a more focused basis. This includes advice on only an isolated area(s) of concern such as estate planning, retirement planning, or any other specific topic. We also provide specific consultation and administrative services regarding investment and financial concerns of the client. Consulting recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. 5. Fees & Compensation Sather Financial Group earns its compensation by providing investment advisory and financial planning services. Fees are earned for a percentage of assets under management. Investment management services fees are as follows: Assets Under Management Annual Fee $0 - $1,000,000 1.00% $1,000,001 - $3,000,000 0.80% $3,000,001 - $5,000,000 0.60% $5,000,000 + 0.40% This is a tiered fee schedule such that an account of $1 million is at 1.00% or $10,000 per year. The first $1 million will always be charged 1%. A $3 million account would be: ($1 million x 1%) + ($2 million x .8%) or $26,000 total. An annual fee of $26,000 divided by $3 million = .8667% per year on average. A $5 million account will have an average fee of .76%. A client who hires Sather Financial Group for investment management services may also receive, on an as- requested basis, financial planning and strategy services as part of a broader wealth management program. The minimum relationship size for investment management services is generally $1 million. Depending upon the size of the relationship, fees may be negotiable. Obviously, Sather Financial Group, Inc. does not work for free. As such, every client or potential client, needs to evaluate the value proposition provided by our services. Any person moving assets to Sather Financial Group, Inc. may incur more in fees than if they chose other options. This is true whether the assets being transferred in are from an IRA, 401(k), taxable account, or any other account. However, this allows us to build a customized portfolio for that client and also provides a variety of financial planning and strategy services, additional to simply managing the assets. If a person moves assets to Sather Financial for management, the fee they will incur may be higher or lower than other services or by simply managing the assets themselves. Although fees are a very important aspect, all clients must determine if the overall package of services offers a reasonable opportunity to meet their goals. Inherently, a firm that charges a fee based on assets under management has an incentive to increase assets under management. Sather Financial recognizes there is a conflict with any decision that could decrease assets under management. While it is not a perfect system, we feel it is the best way to align our interests with our clients’. Furthermore, we are still required as fiduciaries to make decisions in the best interest of our clients.
• Other Fees and Expenses On rare occasions, we offer financial planning services on an hourly basis to people who do not have an asset management relationship with Sather Financial. The typical fee for services of this nature is $350 per hour. We prefer not to do this simply because we have no control over how the given advice is ultimately implemented, if at all. In general, we don’t charge an hourly fee to our clients that have an on-going asset management relationship with us. On a case by case we will work on specific, limited engagement projects on a negotiated fixed fee In addition to the management fee for services, clients are also responsible for, but not limited to, trading costs, commissions, brokerage fees, and mutual fund expenses. It is important that our clients understand and see these fees. For this reason, they are separate from any fee received by Sather Financial. Since these fees lower the total assets under management, it is in both Sather Financials’ best interest, as well as the clients’, to keep these costs as low as reasonably possible. Although we have positive relationships with the institutional arms of Charles Schwab and Interactive Brokers (the brokerage firms) Nationwide (annuities), clients are free to execute trades through any brokerage firm of their choosing. Again, our goal is to make the relationship as efficient as possible for our clients. However, if a client directs trades or custody of securities through a different firm, trade execution and pricing may be more expensive, less cohesive or less advantageous.
• Fee Payment Generally, we bill our clients for services, on a monthly basis, in arrears. In general, our clients are notified of what their assets under management are, as of the last trading day of the month. Based upon that figure, and our fee schedule, we send our clients a statement that shows the fee calculation. Generally, around the 10th day of the next month we submit a fee payment request to the brokerage custodian to be paid. The custodian will then deduct the fee from the client account(s) for payment to Sather Financial. 6. Performance Fees and Consulting/Financial Planning Services We do not use performance fees with any client accounts. Our experience is that the typical “performance- based pricing” encourages greater risk taking than most clients are able to tolerate.