United Brokerage Services, Inc. (UBS), is an investment adviser registered with the United States Securities and Exchange Commission (SEC), as well as a registered broker-dealer and member of the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation (SIPC) and the Municipal Securities Rulemaking Board (MSRB). The principal owner of UBS is United Asset Management Corporation, a wholly owned subsidiary of United Bank, Inc. UBS has been in business since 1996 and currently manages on a non-discretionary basis $202,028,080as of December 31, 2019. Advisory Products and Services Offered: UBS, through its advisory representatives, offers a variety of investment advisory products and services as described below. UBS offers several wrap programs made available to UBS and its clients by our clearing firm Wells Fargo Clearing Services (WFC) and Wells Fargo Advisors, LLC (WFA). WFC is a non-bank affiliate of WFA and also provides custodial and execution services for accounts participating in the advisory programs it makes available to UBS and its clients. Keep in mind that fee-based accounts are not designed for either excessively traded or inactive accounts and may not be suitable for all investors. During periods of lower trading activity, fees may be lower in this program if the investor selects to open a commission-based account. Investment Advisory Programs These programs are “wrap fee” programs sponsored by WFC/WFA whereby clients pay a single fee to cover all advisory services including performance measurement, transaction costs, custody services and trading. Fees are based on the assets in the account and are assessed quarterly. These fees do not cover the fees and expenses of any underlying exchange traded fund, closed-end funds or mutual funds in the portfolio. UBS sponsors the Asset Advisor wrap fee program. Clients participating in any of these programs will be provided with separate disclosure brochures that are specific to the individual programs and managers if applicable. Clients should carefully review these brochures and program contracts for additional information about a specific program before selecting from among them. Personalized Unified Managed Account (Personalized UMA) Upon reviewing your investment needs, objectives and risk tolerance, we will assist you in selecting among various investment options available within the Program, which includes investments in affiliated and unaffiliated Managers, mutual funds, ETFs and advisory annuities, each known as a strategy. The Program offers three investment strategy types:
• Single Strategy, where you select one strategy of a certain affiliated or unaffiliated Manager per Account.
• Multi Strategy Optimal Blends, where you select target allocations comprised of strategies of certain Managers, mutual funds and/or ETFs designed for Clients with various investment objectives. These Optimal Blends are based upon Manager, mutual fund and ETF due diligence provided by our affiliate, WFII
• Multi Strategy Custom Blends, where you create your own custom target allocations consisting of multiple strategies of Managers, mutual funds, ETFs and/or advisory annuities in one Account. The intent of the Program is to offer a competitive roster of high-quality Managers, mutual funds, ETFs and advisory annuities representing a broad array of investment asset classes and approaches. The varied asset classes and investment styles are generally intended to be complementary in nature with respect to their combined diversification and risk/return-based characteristics FundSource FundSource is a discretionary mutual fund wrap program providing clients with access to Optimal Blends and Customized Blends. The Optimal Blend fund portfolios constructed from 300 recommended mutual funds actively managed by the Wells Fargo Investment Institute (WFII). The portfolios are constructed of load-waived, no-load and institutional share class mutual funds. Clients, along with their UBS advisory representative, can also create a tailored allocation for the client’s specific needs using these mutual funds in Customized Blends within FundSource. While Customized Blends are built by advisory representatives and clients, the funds are also monitored by WFC’s Manager Strategy Group. Both Optimal and Customized Blends offer automatic fund replacement as well as auto-rebalancing. For more information on this program and more detailed disclosures please refer to the FundSource disclosure document. Client can restrict mutual funds from the portfolio, but not securities within the mutual fund. Pathway portfolios are available within FundSource. The mutual funds that comprise the strategy are constructed by Russell Investments. Russell Investments uses a proprietary approach to evaluate, select and monitor money managers. FundSource Foundations are available within FundSource. Foundations offers a series of discretionary Optimal Blend diversified across asset classes, investment styles and professional money manager in accordance with your risk parameters and investment goals. This program offers 9 models based upon long-term strategic asset allocation outlooks. Research and monitoring of the mutual funds are provided by Global Manager Research a division of WFII. Portfolios can then be adjusted toward shorter-term opportunistic investment themes (6-18 month horizon). Portfolios will then over/under weight asset classes, investment styles, and sectors using mutual funds that are selected to actively manage risks. Customized Portfolios Under this program, UBS will assist you in selecting from portfolios based on investment strategies of Wells Fargo Bank, N.A or WFII. Wells Fargo Bank, N.A (Wells Fargo) offers fixed income strategies and equity strategies. WFII offers custom option strategies. For Wells Fargo strategies, Wells Fargo will handle the day-to-day investment management of your account in accordance with your investment objectives on a discretionary basis subject to reasonable restrictions you may impose. For WFII portfolios WFII will handle day-to-day investment management of your account without discussing these trades with you or UBI in advance. You may request reasonable restrictions to exclude companies or social restrictions however we cannot apply restrictions to securities held with ETFs or mutual funds. For fixed income portfolios, you may indicate reasonable state, credit quality, or maturity specifications. Masters Masters is a discretionary advisory program designed to assist UBS advisory representatives and clients in identifying professional investment managers who can not only help a client meet their specific investment goals, but also keep their tolerance for risk in mind. A Masters client has access to any one of 70 of the nation’s top professional institutional investment managers at pre-negotiated entry levels and fee schedules. For more information on this program and more detailed disclosures please refer to the Masters disclosure document. Clients may select to restrict companies or social restrictions; although UBS is not able to restrict securities held within mutual funds of ETFs. Private Advisors Network The mission of the Network program is to assist clients in identifying professional money managers who can help meet the specific investment goals, risk tolerance and objectives of each client. Each Network portfolio is professionally managed on a discretionary basis, separate account (individual stock and bond holdings) where the client pays UBS either a fee-in-lieu of commission or commission (on a negotiated commission rate) that covers a package of services: transaction charges, consulting services, and compensation to UBS for the value-added service that they provide the client. For more information on this program and more detailed disclosures please refer to the Network disclosure document. Clients may select to restrict companies or social restrictions; although UBS is not able to restrict securities held within mutual funds of ETFs. Compass Compass is a WFA discretionary program that offers several portfolios where clients can restrict companies or social restrictions. UBS cannot apply restrictions to securities held within ETFs or mutual funds. UBS will assist in reviewing investment objectives and reasonable restrictions to select a compatible portfolio strategy. Fees for Wells Fargo Compass Advisory Program Accounts are only offered on a wrap-fee basis, covering all investment advice, execution, consulting and custodial services. The fees do not cover the fees and expenses of any underlying ETFs, closed-end funds, or mutual funds. There is a minimum quarterly fee of $250. The Blue Chip Portfolio - CLOSED TO NEW INVESTORS Designed for investors seeking long-term capital growth by investing in a portfolio of predominantly large- capitalization equity securities. The Portfolio Manager(s) primarily employ a fundamental style of investing and maintains an investment approach that blends growth as well as value, depending on market conditions. They may also use technical analysis, which is the study of historical price movements and trend patterns. The Blue Chip Portfolio may also purchase ETFs and CEFs to help achieve broad diversification or exposure to a specific sector or industry.
The Small-Mid Cap Portfolio - CLOSED TO NEW INVESTORS Designed for long-term investors seeking total return from capital appreciation and dividend income. The portfolio concentrates on a universe of small- and mid-capitalization U.S. stocks. The Portfolio Manager(s) primarily employ a fundamental style of investing and maintains an investment approach that blends growth as well as value, depending on market conditions. They may also use technical analysis, which is the study of historical price movements and trend patterns. Given its small and mid-capitalization holdings, the Small-Mid Cap Portfolio may experience higher volatility and risk than a portfolio of large-capitalization stocks. The risk may be somewhat offset by company, industry and sector diversification within the portfolio. The portfolio may also purchase ETFs and CEFs to achieve broad diversification or exposure to a specific sector or industry. The Managed Diversified Stock Income Plan (Managed DSIP) Portfolio - CLOSED TO NEW INVESTORS Designed

to produce a growing income stream, with the opportunity for long-term capital appreciation, by investing in a portfolio of equity securities chosen for the likelihood to increase their dividends. This strategy seeks to combat inflation and the inherent volatility of investing. The Managed DSIP Portfolio is constructed of a broadly diversified selection of dividend-paying companies across multiple market capitalizations and industry sectors. The Portfolio Manager(s) for this portfolio primarily utilize a fundamental style of investing. This portfolio is an actively managed portfolio and the Portfolio Manager(s) may initiate changes in the portfolio at anytime, for a variety of reasons, including but not limited to help reduce risk, changes in corporate fundamentals, the dividend no longer being viewed as secure, or the equity position has significantly increased since its initial purchase. They may at times temporarily utilize ETFs, U.S. Treasury securities, or short-term instruments.
The Current Equity Income Portfolio Designed to generate current equity income with the potential for long-term capitalappreciation by investing in domestic and international equity securities from across all market capitalizations. This strategy seeks to meet its objective by investing in dividend-paying equities that are believed to have sustainable dividends with moderate dividend growth potential, that collectively provide a diversified portfolio, with a yield that is higher than the current broad market average. The Portfolio Manager(s) for this portfolio primarily utilize a fundamental style of investing. This portfolio is an actively managed portfolio and the Portfolio Manager(s) may initiate changes in the portfolio at any time, for a variety of reasons, including but not limited to help reduce risk, changes in corporate fundamentals, the dividend no longer being viewed as secure, or the equity position has significantly increased since its initial purchase. They may at times temporarily utilize ETFs, U.S. Treasury securities, or short-term instruments. They may also use ETFs to gain broad exposure to an industry or sector.
Multi-Asset Strategy The Income Multi-Asset Portfolio is designed primarily to provide current income, with the potential for income growth and capital appreciation as secondary objectives. The investment process begins with a review of asset classes to determine the most attractive classes, in the opinion of the Portfolio Manager(s). They consider risk, income potential, and potential for income growth, capital appreciation and total return. The Portfolio Manager(s) will shift the investment mix depending on their assessment of risk, yield and return available within the various asset classes. They will construct a portfolio comprised of a broad array of securities with adequate trading liquidity, which are deemed likely to help the portfolio meet its objectives. The types of securities selected for investment in this portfolio may include but are not limited to: U.S., international developed market and emerging market debt obligations; U.S., international developed market and emerging market equities; preferred stocks; real estate investment trusts ("REITs"); mortgage REITS; master limited partnerships; royalty trusts; and business development corporations ("BDCs"). Debt obligations may include, but are not limited to, investment-grade bonds; high yield (non-investment grade or unrated) bonds; U.S. Treasury or agency securities; U.S. Treasury inflation-protected securities ("TIPS"); certificates of deposit; commercial paper; mortgage-backed or asset-backed securities; floating-rate securities; loan portfolios; and taxable municipal bonds. The portfolio may hold individual securities, open- and closed-end funds, and exchange-traded products ("ETPs"). The Portfolio may invest in funds or ETPs that employ what may be referred to as "alternative" strategies or asset classes. These may include but are not limited to trading strategies to accentuate returns or manage risk using futures, forward contracts, options, swaps or other derivative securities, or by short-selling. Other strategies they may use could include managed futures, investment in illiquid assets or assets with limited liquidity, or other non-traditional assets. The portfolio may also invest in funds or ETPs that use alternative strategies other than those specifically listed. A substantial majority of the securities are expected to produce current income, although some could be held for diversification, appreciation or potential future income. The Portfolio is actively managed and the Portfolio Manager(s) monitor the portfolio on an ongoing basis. They may decide to adjust positions at any time to reposition the portfolio, reduce risk, or improve the Portfolio's risk/return profile. Asset Allocation Strategies The Wells Fargo Compass Asset Allocation Portfolios utilize a tactical asset allocation approach. While following WFA’s recommended long-term strategic asset allocation guidelines which represents our 10-15 year strategic outlook, these portfolios also incorporate short-term adjustments generally looking out six to eighteen months. These short term tactical adjustments reflect our current thinking about near-term risks and opportunities, and are implemented in the Program portfolios on an ad-hoc or as needed basis. Investors with similar investment objectives may have substantially different risk tolerances. Although all investments involve some degree of risk, including the potential for loss of principal, some securities, such as emerging market equities and high yield bonds, have more risks than others. Higher risk investments have greater potential for loss, but may generally offer the potential for higher long-term returns. Investors with lower risk tolerance give up some of the potential for higher returns in exchange for lower risk. Investors with a higher risk tolerance pursue higher returns through investment in higher risk securities. Consequently different portfolios offer asset allocation recommendations based on three degrees of risk tolerances - Conservative, Moderate, and Aggressive - for different investment objectives (Income, Growth & Income, and Growth). To meet investor needs for diversified portfolio solutions, based upon individual investment and risk objectives, the Wells Fargo Compass Advisory Program offers the following six asset allocation portfolios: Conservative Growth & Income, Moderate Growth & Income, Aggressive Growth & Income, Conservative Growth, Moderate Growth, and Aggressive Growth. To achieve these objectives the portfolios may invest in domestic stocks, preferred stocks, convertible securities, CEFs, ETFs, ETNs, investment-grade obligations or high-yield obligations. ETFs and CEFs may be used to manage allocation across all asset classes. They provide suitable levels of liquidity, diversification, and, in some cases, transaction costs that may be attractive to the Portfolio Manager(s) as they set their core portfolio strategy. Growth and Income Strategies The three Growth & Income Portfolios are designed for investors seeking a higher level of current income than is generally available from growth-oriented equity strategies. Although these investors need current income, they are willing to accept a lower level of current income in exchange for the possibility that their level of income could increase over time. As a result, income and the potential for growth and income are the primary objectives of these portfolios, and capital appreciation is the secondary objective. The primary investment performance drivers for the Growth & Income Portfolios are the asset allocation strategy and the security selection investment decisions. Growth Strategies The three Growth Portfolios seek primarily capital appreciation, consistent with the portfolio’s specific risk tolerance Allocation Advisor The WFC program invests primarily in exchange-traded funds (ETFs). The Allocation Advisor program offers fully allocated discretionary portfolios that represent a way to implement your asset allocation, utilizing either strategic (10-15 years), cyclical (3-5 years), or tactical (6-18 months) asset allocation. For more information on this program and more detailed disclosures please refer to the Allocation Advisor disclosure document. You may request reasonable restrictions to exclude companies or social restrictions however we cannot apply restrictions to securities held with ETFs or mutual funds. For fixed income portfolios you may indicate reasonable state, credit quality, or maturity specifications. DMA DMA is a discretionary advisory program that offers separately managed portfolios featuring asset allocation, diversification and risk-based portfolio management to investors. Seeks the ability to customize a tailored portfolio to your specific need and circumstances. WFA’s Manager Strategy Group evaluates a broad range of asset classes and investment styles and identifies classes or styles that perform differently under varying market conditions. From these, the Manager Strategy Group uses quantitative and qualitative measures to select what it perceives to be “best of breed” investment managers for the DMA program. Focusing both on the merits of the individual investment managers and on how the various investment managers on advisory roster complement one another, the program offers diversified strategies for investors, based on specific risk tolerances and financial situations, called Optimal Blends. Clients can select one of the Optimal Blends or, working with their advisory representative, construct their own strategy using the DMA roster of investment managers (Custom Blend). You may select the Managers, mutual fund(s) and/or ETFs, including the Manager or mutual funds who are affiliates of Sub- Advisor, FundSource, Compass, Allocation Advisors, and Customized Portfolios managed by Wells Fargo on a discretionary basis. A Sub-Advisor includes Wells Fargo. For more information on this program and more detailed disclosures please refer to the DMA disclosure document. You may request reasonable restrictions to exclude companies or social restrictions however we cannot apply restrictions to securities held with ETFs or mutual funds. For fixed income portfolios, you may indicate reasonable state, credit quality, or maturity specifications. The mutual funds within DMA are not available for Non- Resident Investors.