Angeles Wealth Management, LLC (“AWM” or the “Company”), a Delaware limited liability company, was formed in November 2011 by the principal owners Jonathan R. Foster and Angeles Investment Advisors, LLC (“AIA”), an SEC-registered investment advisor and the majority owner of AWM. AWM primarily operates out of Santa Monica, California, in an office that it shares with AIA. AWM also maintains offices in New York, New York, Chicago, Illinois and Houston, Texas. AWM and AIA are both 100% employee owned. For further information about AIA, please refer to AIA’s brochure available on the SEC’s website at www.adviserinfo@sec.gov. Discretionary Services AWM provides personalized discretionary portfolio and wealth management services generally to high-net-worth individuals, families, trusts, estates, foundations, endowments, charitable organizations, corporations, and other business entities (“Clients”). AWM consults with each Client to identify goals, risk tolerances, tax considerations, personal and family concerns, etc. From this review, the Company recommends an investment allocation and weighting to AWM’s investment strategies. AWM generally acts as a “manager of managers”, allocating to asset managers with specific investment expertise to an asset class or marketplace to which AWM wishes to achieve Client exposure. The Company also manages individual securities as well. Under certain circumstances, Clients may impose restrictions on investing in specific managers, securities or types of securities. The firm does not sponsor or participate in wrap fee programs. Philanthropy Services AWM provides limited philanthropy consulting services at no additional fee as part of the overall management relationship upon request. These philanthropy consulting services can include advice related to the creation of corporate social responsibility plans (CSR), conducting organizational assessments, strategic planning, financial restructuring, management and board development, prospect research and evaluation, proposal drafting, due diligence, and funder communications. Clients requiring more comprehensive philanthropy services may be referred to Starfish Impact (Starfish). The services of Starfish and its relationship to AWM are detailed in Item 10-Other Financial Industry Activities and Affiliations. Relationship with AIA AWM has a relationship with AIA wherein AIA creates and maintains the model portfolios and pooled investment vehicles (see Fund of Funds below) utilized by AWM in allocating the majority of Client assets. AWM may make investments in securities not included in the AIA model portfolio for tax or other Client specific considerations. AWM may also utilize AIA for certain additional advisory services as detailed below under “Selected AIA Services”. AWM Clients’ primary contact will be with AWM personnel. AWM does not compensate AIA for its services. All services described below are expected to be delivered by AWM. Model Allocations The risk profiles and investing guidelines for AWM Clients generally fall into the following categories:  Fixed Income-Invest primarily in fixed income and cash reserves with immaterial to no allocation to equities or alternatives.  Ultra Conservative Balanced- Invests primarily in equity and fixed income instruments and cash reserves. Equity instrument positions generally between 10-30% of the portfolio  Conservative Balanced- Invests primarily in equity and fixed income instruments and cash reserves. Equity instrument positions generally between 30-50% of the portfolio.  Balanced- Invests primarily in equity and fixed income instruments and cash reserves. Equity instrument positions generally between 50-70% of the portfolio.  Aggressive Balanced- Invests primarily in equity and fixed income instruments and cash reserves. Equity instrument

positions generally between 70-90% of the portfolio.  Equity- Invests primarily in equity instruments and cash reserves with immaterial to no fixed income allocation. Additionally, AWM utilizes alternative investment vehicles (“Alternatives”) as part of the above asset mix. Alternatives include but are not limited to hedge funds, private equity, and venture capital vehicles, including the Funds managed by AIA. Investment in these vehicles is subject to Client qualification, and to the execution and acceptance of offering memorandums and other documentation provided by the offeror. Selected AIA services AWM utilizes certain services offered by AIA in addition to the Model Allocations discussed above. These services are available to AWM Clients, but some or all of these services may not be used.  Portfolio Structure Analysis: Studies to determine the percentage policy allocation and the minimum and maximum ranges to sub-asset categories such as style, size, active, passive, quality, maturity, and market allocations are conducted.  Investment Manager Research and Selection: Proprietary manager research is conducted on public and private category managers, funds and private placements are evaluated to determine success factors and suitability for Clients. This manager research is used to conduct manager searches and selection for Clients.  Manager Fiduciary Oversight: AIA monitors investment managers for changes in organization, ownership, personnel, investment philosophy, investment process, historical performance, and policies and procedures on behalf of our Clients. Return information supplied by the Client or third-party data vendor is analyzed and interpreted.  Performance Measurement and Evaluation: With return information supplied by the Client or third-party data vendor, AIA performs performance measurement services and provides appropriate reporting to Clients. As part of this service, AIA routinely monitors and evaluates the performance of the Client's money managers and the overall portfolio. Private Fund Investments AWM utilizes certain private funds managed by AIA (individually a “Fund”, and collectively the “Funds”) to fill the Alternatives portion of a Client’s portfolio when AWM deems such investment to be appropriate for the client.  AIA acts as the investment adviser to the Funds. The Funds rely on the exclusion to the definition of “Investment Company” provided by Section 3(c)(1) and/or Section 3(c)(7) of the Investment Company Act of 1940. The Funds are managed in reliance on the Commodity Futures Trading Commission Regulation 4.7(b), which requires that investors be limited to “qualified eligible persons” (including non-US persons).  While AIA has complete discretion and authority to manage and direct the investment capital for the Funds, it generally does not invest the Funds’ capital directly. Instead, AIA identifies third-party managers (“Investment Managers”) whose investment strategies and styles are suited to the investment objective, policies, and restrictions of the Funds. Angeles then allocates the majority of the capital of the Funds to the investment discretion of one or more Investment Managers and/or invests the Funds’ capital in selected investment funds advised by the Investment Managers (Sub-Funds). This structure is commonly referred to as a Fund of Funds. Angeles will occasionally buy bonds or ETFs in the Funds to obtain market exposure not otherwise covered by the Investment Managers. Angeles will (where applicable) manage the domestic and offshore versions of the Funds identically, but there will be allocation differences due to the size and timing of the investments. Assets Under Management As of December 31, 2022, AWM managed $1,138,418,240 of client assets on a discretionary basis, and $47,366,281 on a non-discretionary basis as of that same date.