Description of Services and Fees The Capital Advisory Group Advisory Services, LLC (hereinafter “Capital Advisory Group”) is a registered investment adviser based in Bloomington, Minnesota. We are organized as a limited liability company under the laws of the State of Minnesota. We have been providing investment advisory services since 2008. Brett Machtig is the principal owner of our firm. Currently, we offer the following investment advisory services, which are personalized to each individual client:
• Portfolio Management Services
• Financial Planning Services
• Pension Consulting Services The following paragraphs describe our services and fees. Please refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. Also, you may see the term Associated Person throughout this Brochure. As used in this Brochure, this term refers to anyone from our firm who is an officer, employee, and all individuals providing investment advice on behalf of our firm. These persons are properly authorized and/or registered as investment adviser representatives in all required jurisdictions. Portfolio Management Services We offer discretionary portfolio management services to our clients. Our investment advice is tailored to meet our clients’ needs and investment objectives. If you retain our firm for portfolio management services, we will meet with you to determine your investment objectives, risk tolerance, and other relevant information (the “suitability information”) at the beginning of our advisory relationship. We will use the suitability information we gather from our meeting(s) with you to develop a strategy that enables our firm to give you continuous and focused investment advice and/or to make investments on your behalf. As part of our portfolio management services, we may customize an investment portfolio for you in accordance with your risk tolerance and investing objectives. We may also invest your assets using a predefined strategy, or we may invest your assets according to one or more model portfolios developed by our firm. Once we construct an investment portfolio for you, or select a model portfolio, we will monitor your portfolio’s performance on an ongoing basis, and will rebalance the portfolio as required by changes in market conditions and in your financial circumstances. If you participate in our discretionary portfolio management services, we require you to grant our firm discretionary authority to manage your account. Discretionary authorization will allow our firm to determine the specific securities, and the amount of securities, to be purchased or sold for your account without your approval prior to each transaction. Discretionary authority is typically granted by the investment advisory agreement you sign with our firm, a limited power of attorney, or trading authorization forms. You may limit our discretionary authority (for example, limiting the types of securities that can be purchased for your account) by providing our firm with your restrictions and guidelines in writing. As part of our portfolio management services, we may use one or more sub-advisers to manage a portion of your account on a discretionary basis. The sub-adviser(s) may use one or more of their model portfolios to manage your account. We will regularly monitor the performance of your accounts managed by sub-adviser(s), and may hire and fire any sub-adviser without your prior approval. Our ability to hire and fire sub-advisers on your behalf is based on you granting our firm discretionary authority. We will pay a portion of our advisory fee to the sub-adviser(s) we use; however, you will not pay our firm a higher advisory fee as a result of any sub-advisory relationships. Financial Planning Services We offer broad-based, modular, and consultative financial planning services to our clients and prospective clients. Financial planning will typically involve providing a variety of advisory services to clients regarding the management of their financial resources based upon an analysis of their individual needs. If you retain our firm for financial planning services, we will meet with you to gather information about your financial circumstances and objectives. We may also use financial planning software to determine your current financial position and to define and quantify your long-term goals and objectives. Once we specify those long-term objectives, we will develop targeted objectives. Once we review and analyze the information you provide to our firm and the data derived from our financial planning software, we will deliver a written plan to you, designed to help you achieve your stated financial goals and objectives. Financial plans are based on your financial situation at the time we present the plan to you, and on the financial information you provide to our firm. You must promptly notify our firm if your financial situation, goals, objectives, or needs change. You are under no obligation to act on our financial planning recommendations. Should you choose to act on any of our recommendations, you are not

obligated to implement the financial plan through any of our other investment advisory services. Moreover, you may act on our recommendations by placing securities transactions with any brokerage firm. Pension Consulting Services We offer pension consulting services to employee benefit plans and their fiduciaries based upon the needs of the plan and the services requested by the plan sponsor or named fiduciary. In general, these services may include any one or all of the following: a) Comprehensive Marketplace Search- We will search the marketplace and provide quotations from leading retirement plan service providers. b) Service Provider Analysis- We will analyze data regarding fees and services of responding retirement plan service providers, including plan features and service standards. c) Recommendations – We will make recommendations regarding plan service provider selection and investment lineup based upon study results and your goals and objectives. d) Development of Investment Policy Statement – We will assist you in developing a written investment policy statement that defines the plan's purpose and provides a clear understanding concerning the investment policies and objectives of the plan assets. e) Existing Plan Review – A plan review is a comprehensive exam of major components of your retirement plan in order to identify strengths and weaknesses. The review can cover such areas as overall plan structure, related costs, and plan documentation. f) Communication and Education – We will help you coordinate and deliver meaningful information regarding the retirement plan to its participants. These pension consulting services will generally be non-discretionary and advisory in nature. The ultimate decision to act on behalf of the plan shall remain with the plan sponsor or other named fiduciary. We may also provide additional types of pension consulting services to plans on an individually negotiated basis. All services, whether discussed above or customized for the plan based upon requirements from the plan fiduciaries (which may include additional plan-level or participant-level services) shall be detailed in a written agreement and be consistent with the parameters set forth in the plan documents. Our advisory fees for these customized services will be negotiated with the plan sponsor or named fiduciary on a case-by-case basis. All client plans are regulated under the Employee Retirement Income Securities Act (“ERISA”). Capital Advisory Group will provide consulting services to the plan fiduciaries as described above. Typically, the named plan fiduciary must make the ultimate decision as to retaining the services of such investment advisers as our firm recommends. The plan fiduciary is free to seek independent advice about the appropriateness of any recommended services for the plan. Seminars From time-to-time, we may conduct workshop seminars. Seminars may address the following topics: asset management, technical portfolio analysis, investment products, insurance products, retirement planning, and general educational topics, among others. The seminars are provided for general information purposes only and are not meant to constitute specific investment advice. Attendees are informed that they are not expected to act on any of the information made available in the seminar. Further, they are instructed to contact a financial services professional to discuss the suitability of instituting any of the strategies and/or the inclusion of any investment product discussed in the seminar prior to implementation in their portfolio. Estate Plan Settlement Services We offer an estate plan settlement service that assist heirs in the transition of assets in accordance with court direction and wills. This service also includes ongoing consulting services to heirs. Types of Investments We primarily offer advice on exchange listed securities, over-the-counter securities, foreign securities, warrants, corporate debt securities, commercial paper, certificates of deposits, variable life insurance, variable annuities, municipal securities, investment company securities, United States government securities, options contracts on securities and commodities, and interest in partnerships investing in real estate, oil and gas interests and leasing contracts. We may also recommend employing cash positions as a possible hedge against market movement which may adversely affect the portfolio. Additionally, we may advise you on any type of investment that we deem appropriate based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. You may request that we refrain from investing in particular securities or certain types of securities. You must provide these restrictions to our firm in writing. Assets Under Management As of December 31, 2022, we manage approximately $273,682,549 in client assets on a discretionary basis, and approximately $62,159,272 in client assets on a non-discretionary basis.