A. Firm Information Hi-Line Capital Management, LLC (“HLCM”) is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). HLCM is organized as a Limited Liability Company (“LLC”) under the laws of South Dakota. HLCM was founded in July 2009 and became a registered investment advisor in March 2010. HLCM is owned and operated by Michael E. Anderson (President and Chief Investment Officer) Kasey J. Chapin (Vice President and Financial Advisor), and Matthew T. Roby (Vice President, General Counsel, and Chief Compliance Officer). This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory services provided by HLCM. B. Services Offered Service #1: Executive Resources (ER) for Institutions and Advisors The Executive Resources (ER) Service provides executive-level resources for institutions and advisors up to Outsourced Chief Investment Officer (aka OCIO) primarily to healthcare provider entities. The scope of executive resources will lead the institution’s investment operation (also known as business #2) which works with multiple fiduciaries (executives and Board members) to continuously improve the long-term process and results. A successful investment operation will materially impact the provider’s ability to fulfill their respective mission of providing necessary health care services. The following further details and illustrates what it means to be provide Executive Resources: 1. Executive Level Leadership a. Asking the right questions to identify the true needs of the client. b. Being a source of truth and reality for the client c. Proper context regarding expectations, especially with returns and volatility d. Teaching and educating the client about proper temperament. 2. Financial Planning a. Leading the process to identify client’s investment needs. b. Leading the process to identify investment goals, objectives, and time horizon. c. Assessing client investment temperament and proper asset allocation d. Identifying best asset allocation and selecting approved investment strategies 3. Risk Management a. Client risk involves poor investing temperament (emotion, ST thinking, etc.) b. Investing risk includes liquidity, inflation, long-term losses, business, etc. c. Cost risk involves spreads, fees, activity, and taxes. d. Advisor risks include inconsistency, conflicts, and not being a true fiduciary. 4. Investment Strategies a. HLCM strategies that lower long-term risks & are complementary to indexes. b. Identifying third-party investment strategies for additional diversification. c. Performing due diligence, analysis, and avoidance of permanent capital loss. 5. Reporting and Monitoring a. Monthly Reports for CFO includes performance review and journal entries. b. Quarterly Reports for Committee includes market commentary, teaching, performance, asset allocation review, strategy review and policy adherence. c. Annual Report for the Board of Directors is a letter summarizing operations. Service #2: Investment Strategy Service (ISS) The Investment Strategy Service provides investment strategies to Institutions and Advisors. 1. HLCM Investment Strategies include: a. Cash Management b. Income Strategies c.

Equity Strategies 2. Client Deliverables a. Quarterly Factsheets and Commentary b. Discussion of strategies via video or conference call Collectively, the institutional services may be referred to as Hi-Line Capital Management. Service #3: Private Client Services (PC)……aka Hi-Line Advisors Private Client Services represents Advisory services for high net worth (HNW), Small Business (SB), and High Earners Not Rich Yet (HENRY). Private Client services are classified as follows: A. Investment Advisory: baseline or core advisory services to private clients. B. Financial Planning: for additional needs above and beyond investment advisory. A. Investment Advisory further described as: 1. Investment Planning a. Leading the process to identify client’s investment needs. b. Leading the process to identify investment goals, objectives and time horizon. c. Assessing client investment temperament and proper asset allocation d. Identifying best asset allocation and selecting approved investment strategies 2. Risk Management a. Client Risk involve poor investing temperament (emotion, ST thinking, etc.) b. Investing Risk includes liquidity, inflation, long-term losses, business, etc. c. Cost risk involves spreads, fees, activity, and taxes. d. Advisor Risks include inconsistency, conflicts, and not being a true fiduciary. 3. Executive-Level Leadership a. Asking the right questions to identify the true needs of the client. b. Being a source of truth and reality for the client c. Proper context regarding expectations, especially with returns and volatility d. Teaching and educating the client about proper temperament. 4. Client Deliverables a. Quarterly Reports for market commentary, teaching, performance, asset allocation review, strategy review and policy adherence b. Annual Report for tax and other investment information c. Annual Meetings for review and determining necessary adjustments. B. Financial Planning services further described as: 5. Financial Planning (which includes planning beyond investment planning) a. Estate and Legacy (or Trust) Planning b. Wealth Accumulation Planning c. Business (and Succession) Planning Collectively, the private client services may be referred to as Hi-Line Advisors. C. Client Account Management and Tailored Portfolios Prior to engaging HLCM to provide investment management services, each Client is required to enter into one or more agreements with HLCM that define the terms, conditions, authority, and responsibilities of HLCM and the Client. Generally, HLCM does not tailor portfolios to Clients. HLCM does not take instructions from Clients to purchase specific securities. However, Clients may impose reasonable restrictions on purchasing specific securities in their account[s]. The Client is responsible for ensuring restrictions are properly enforced. D. Wrap Fee Programs HLCM does not manage or place Client assets into a wrap fee program. Investment management services are provided directly by HLCM. E. Assets Under Management As of December 31, 2022, HLCM-manages $509,829,784 in Client assets, of which $492,578,529 are managed on a discretionary basis and $17,251,255 on a non-discretionary basis. Clients may request more current information at any time by contacting HLCM.