Form ADV Part 2A, Item 4 Kohlhepp Investment Advisors, Ltd.’s registration was granted by the U.S. Securities and Exchange Commission on September 24, 2001. Edward John Kohlhepp, Sr. (CRD Number 273292) is Founder, CEO and Chief Compliance Officer of the firm and owns forty (40%) percent of the equity of the firm. Edward Kohlhepp, Jr. CRD Number 2814743 is President and owns forty (40%) percent of the equity of the firm and Mary Beth Kohlhepp Roche CRD Number 5229012 is Director of Operations and owns twenty (20%) percent of the equity of the firm. The firm is not publicly owned or traded. There are no indirect owners of the firm or intermediaries who have any ownership interest in the firm. The firm manages each client’s portfolio on an individualized basis. Clients may impose restrictions on their accounts. The firm does not sponsor any wrap fee programs. As of December 31, 2022, the firm managed assets on a discretionary basis in the amount of $151,425,038 which represented 835 accounts and on a nondiscretionary basis in the amount of $4,570,336 which represented 59 accounts. Firm provides comprehensive financial planning services to its clients. Investment Management Services. Our firm provides continuous advice to a client regarding the investment of client funds based on the individual needs of the client, on both a discretionary and non- discretionary basis. During our data-gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. We may also review and discuss a client’s prior investment history, as well as family composition and background. Account supervision is guided by the stated objectives of the client (e.g., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Fees pertaining to this service are outlined in Item 5 of this brochure. Investment Advisory Services. We offer investment management services in house, or when appropriate, by retaining third-party money managers for portfolio management services. We assist clients in selecting an appropriate allocation model, and when retaining a

third-party money manager, completing the third-party money manager’s investor profile questionnaire if and when available, interacting with the third-party money manager and reviewing the third-party money manager. Additionally, we will meet with the client on a periodic basis to discuss changes in their personal or financial situation, suitability, and any new or revised restrictions to be applied to the account. Financial Analysis. Firm provides investment advice based on an analysis of individual client’s financial data. Recommendations on the sale and purchase of investments are made on an individual basis. Once investment recommendations are made, clients may contract for periodic updates. For the “Financial Analysis” approach, Firm is compensated by this advisory client on the basis of a contractual fee. The contract is subject to termination at any time by the client. Any credit balance is refundable on a pro-rata basis. In its work with outside custodial services such as TD Ameritrade and Charles Schwab, Firm shall recommend mutual funds, ETFs, Equities, Bonds and other securities which are to be selected and used. A fee, disclosed below at item 5, will be collected monthly or quarterly in arrears or in advance. Some Kohlhepp Investment Advisors’ affiliated persons who are also registered representatives are eligible to participate in the Cambridge Investment Group, Inc.’s “Equity Participation Plan” (EPP). Cambridge Investment Group, Inc. is 100% owner of CIRA and its affiliated broker/dealer CIR. Those from Kohlhepp Investment Advisors who participate in this program do not act as officers of Cambridge. However, once the EPP units are vested and the years of service requirement is met, they will have a right to the appreciation in value of the same number of shares of Cambridge Investment Group, Inc. stock as he or she holds in vested EPP units. This arrangement between certain Kohlhepp Investment Advisor’s affiliated persons who are also registered representatives and Cambridge is a potential conflict of interest between Kohlhepp Investment Advisors and its clients in that it may inhibit Kohlhepp Investment Advisors’ independent judgment concerning the best execution services offered by Cambridge and its clearing broker-dealers.