Firm Description ROBINSON VALUE MANAGEMENT, LTD. (“Adviser”) is an independent investment management firm, not affiliated with any parent organization. Adviser has been registered with the appropriate regulatory body, the state of Texas or the United States Securities and Exchange Commission, since inception. Founded in 1997, Robinson Value Management, Ltd. took on its current name and ownership structure in 2008 having previously operated under the name Robinson & Wilkes, Ltd. Principal Owners RW Value Management, Inc. is the general partner of Adviser and is retained by Adviser to manage its investment advisory accounts. RW Value Management, Inc. is owned 51% by Amy Abbey Robinson and 49% by Charles W. Robinson III, who are also current officers and employees of RW Value Management, Inc. Passive interests in Adviser, are owned 51% by Amy Abbey Robinson, 48% by Charles W. Robinson III, and 1% by RW Value Management, Inc. Types of Advisory Services Adviser provides personalized, confidential investment management to individuals, banks, thrift institutions, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations and small businesses (“Clients”). Advice is provided through consultation with Clients or their wealth managers and may include: determination of Client’s financial objectives, an analysis of suitability of the investment approach with respect to the Client, and a description of the discretionary investment advisory and management services provided. Adviser is strictly a fee-only investment management firm. Other than Adviser control persons’ common interest in the Bensboro Companies (additional information under Item 10, below), the firm is not affiliated with entities that sell financial products or securities. Adviser does not custody client assets and does not sell insurance, pooled vehicles, or any other commissioned products. Other professionals (e.g., lawyers, accountants, insurance agents, etc.) may be engaged directly by Clients on an as-needed basis. Conflicts of interest will be disclosed to Clients in the unlikely event they occur. All of Adviser’s business is providing investment supervisory services, also known as asset management services. Investment supervisory service means the giving of continuous advice as to the investment of funds on the basis of the individual needs of each Client. Individual needs include, for example, the nature of other Client assets and the Client’s personal and family obligations. Robinson Value Management, Ltd. 5 Adviser provides fully discretionary investment advice using separate account management as well as on a sub-advisory basis. In all cases, Clients have a direct and beneficial interest in their securities, rather than an undivided interest in a pool of securities. Adviser does not and will not serve as qualified custodian of

Client funds or securities. Adviser has limited authority to direct the qualified custodian to deduct investment advisory fees, but only with the appropriate authorization from the Client. As of December 31, 2022, Adviser managed approximately $152,666,568.17, in assets. 100% of these accounts are managed on a discretionary basis. Separate Accounts Most Clients choose to have Adviser manage their assets to obtain ongoing in-depth advice. All aspects of Clients’ financial affairs are reviewed. No agreement may be assigned without Client consent. The scope of work and fee for an Investment Management Agreement is tailored to each Client and provided in writing prior to the start of the relationship. At the start of a relationship, all Clients complete an Investment Policy Statement (IPS) indicating their investment objectives. The IPS provides guidance regarding Client goals, especially with respect to return, risk, the targeted asset allocation, and the constraints to be considered, i.e., income, time horizon, taxes, liquidity, legal issues, etc. A copy of the executed IPS is provided to Client and the document is updated as his or her situation changes. The goals, objectives, and related information for each Client are documented in his or her Investment Policy Statement, as are initial allocations and strategy implementations as determined by the Client. Clients may impose restrictions on investing in certain securities or types of securities. Realistic and measurable goals are set and objectives to reach those goals are defined. As goals and objectives change over time, suggestions are made, the Investment Policy Statement is updated, and modifications are implemented on an ongoing basis. Sub-Advisory Agreements Adviser may be engaged to provide sub-advisory services by unaffiliated third-party investment advisers or trustees in order to assist with the management of their investment programs. Adviser does not provide investment discretion over sub-advised client accounts but provides recommendations and investment advice regarding the construction and maintenance of model portfolios. The model portfolios are provided and the third-party adviser or trustee completes all account maintenance and supervisory functions. Adviser, as sub-adviser, is compensated directly by the unaffiliated third-party investment adviser or trustee, as per the executed sub-advisory services agreement. Unaffiliated third-party investment Robinson Value Management, Ltd. 6 advisers and trustees who engage Adviser as sub-adviser shall be responsible for billing their Clients and collecting all fees. Information concerning the description of the services provided and the sub-advisory fees paid to Adviser are contained in the documents of those third parties. Adviser does not sponsor, manage portfolios, or place client assets in any wrap fee programs.