Goalvest Advisory LLC

Go a lVe st Ad viso ry LLC Firm Bro ch u re - Fo rm ADV Pa rt 2 A sev This b rochure p rovid e s information ab out the q ualifications and b usine ss p ractice s of GoalVe st Ad visory LLC. If you have any q ue stions ab out the conte nts of this b rochure , p le ase contact us at (646) 941-8458 or b y e mail at: asti@g o alve stad visory.com The information in this b rochure has not b e e n ap p rove d or ve rifie d b y the Unite d State s Se curitie s and Exchang e Commissio n or b y any state se curitie s authority. Ad d itional information ab out GoalVe st Ad visory LLC is also availab le on the SEC’s we b site at www.ad vise rinfo.se c.g ov. GoalVe st Ad visory LLC’s CRD numb e r is: 285374. 4 Wo rld Trad e Ce nte r, Suite 2908 Ne w Yo rk, NY 10007 (646) 9 4 1 -8458 se vasti@g o alve stad viso ry.co m http s://g o alve stad viso ry.co m Re g istration d oe s not imp ly a ce rtain le ve l of skill or training . Ve rsio n Date : 03/31/2026 i  Ite m 2 : Ma te ria l Ch a n g e s In a d d itio n to no n-m a te rial cha ng e s inte nd e d to clarify d isclo sure s in this b ro chure o f Go a lVe st Ad viso ry LLC (he re ina fte r “GVA”), this is a n a nnua l up d a te to this b ro chure . The re ha ve b e e n no m a te rial cha ng e s to GVA’s p o licie s, p ractice s o r co nflicts o f inte re sts, since the la st am e nd m e nt o n 09/ 22/ 2025 : GVA ha s up d a te d the ir Asse ts Und e r Ma na g e m e nt in Ite m 4 o f this b ro chure . 2  Ite m 3 : Ta b le o f Co n te n ts Ite m 1: Co ve r Pag e Ite m 2: Ma te rial Chang e s ................................................................................................................... 2 Ite m 3: Tab le o f Co nte nts ................................................................................................................... 3 Ite m 4: Ad viso ry Busine ss .................................................................................................................. 4 Ite m 5: Fe e s and Co mp e nsatio n ........................................................................................................ 7 Ite m 6: Pe rfo rm ance -Base d Fe e s and Sid e -By-Sid e Manag e me nt ............................................... 9 Ite m 7: Typ e s o f Clie nts ...................................................................................................................... 10 Ite m 8: Me tho d s o f Analysis, Inve stm e nt Stra te g ie s, & Risk o f Lo ss .......................................... 10 Ite m 9: Discip linary Info rm atio n ..................................................................................................... 17 Ite m 10: O the r Fina ncial Ind ustry Activitie s a nd Affiliatio ns ...................................................... 17 Ite m 11: Co d e o f Ethics, Particip atio n o r Inte re st in Clie nt Transactio ns, Pe rso nal Trad ing ... 19 Ite m 12: Bro ke rag e Practice s 2 3 Ite m 13: Re vie w o f Acco unts ........................................................................................................... 23 Ite m 14: Clie nt Re fe rrals a nd O the r Co m p e nsatio n .................................................................... 23 Ite m 15: Custo d y ................................................................................................................................ 25 Ite m 16: Inve stm e nt Discre tio n......................................................................................................... 25 Ite m 17: Vo ting Clie nt Se curitie s (Pro xy Vo ting ) ........................................................................... 25 Ite m 18: Financial Info rmatio n .......................................................................................................... 27 3  Ite m 4 : Ad viso ry Bu sin e ss A. De scrip tio n o f th e Ad viso ry Firm Go a lVe st Ad viso ry LLC (he re ina fte r “GVA”) is a Lim ite d Lia b ility Co m p a ny o rg a nize d in the State o f De laware . GVA was fo rm e d in March 2016, and the p rincip al o wne r is Se vasti Balafas. B. Typ e s o f Ad viso ry Se rvice s Po rtfo lio Ma n a g e m e n t Se rvice s to hig h-ne t-wo rth GVA o ffe rs o ng o ing p o rtfo lio m a na g e m e nt se rvice s p rim a rily ind ivid ua ls. GVA m a y also p ro vid e inve stm e nt a d viso ry se rvice s to p artne rs hip s, p riva te inve stm e nt ve hicle s, trusts, e sta te s, charita b le o rg a niza tio ns, e d uca tio na l institutio ns re tire m e nt acco unts, p e nsio n a nd p ro fit -sharing p la ns, co rp o ra tio ns a nd o the r typ e s o f b usine ss e ntitie s a nd o the r institutio na l Clie nt s fro m tim e to tim e . Dire ct Se p a ra te ly Ma n a g e d Acco u n t Ad viso ry Clie n ts Fo r d ire ct se p ara te ly m a na g e d acco unt a d viso ry Clie nts, se rvice s are b a se d o n the ind ivid ua l g o als, o b je ctive s, tim e ho rizo n, a nd risk to le ra nce o f e a ch Clie nt. GVA cre a te s a n Inve stm e nt Po licy Sta te m e nt o r sim ilar d o cum e nta tio n fo r e ach Clie nt, which o utline s the Clie nt’s curre nt situa tio n (inco m e , ta x le ve ls, a nd risk to le ra nce le ve ls) a nd the n co nstructs a p la n to aid in the se le ctio n o f a p o rtfo lio tha t m a tche s e ach Clie nt’s sp e cific situa tio n. Po rtfo lio m a na g e m e nt se rvice s includ e , b ut are no t lim ite d to , the fo llo wing : Inve stm e nt strate g y • • Asse t allo catio n • Risk to le rance Pe rso nal inve stm e nt p o licy Asse t se le ctio n Re g ular p o rtfo lio m o nito ring . • • • GVA e valuate s the curre nt inve stm e nts o f e ach Clie nt with re sp e ct to the ir risk to le rance le ve ls and tim e ho rizo n. Risk to le rance le ve ls are d o cum e nte d in the Inve stm e nt Po licy State m e nt, o r o the r sim ilar d o cum e ntatio n, which is b ase d o n info rm atio n p ro vid e d b y the Clie nt and g ive n to e ach Clie nt . GVA will g e ne rally re q ue st d iscre tio nary autho rity fro m Clie nts in o rd e r to se le ct se curitie s and e xe cute transactio ns witho ut p e rm issio n fro m the Clie nt p rio r to e ach transactio n. Fro m tim e to tim e , GVA m ay act as a no n-d iscre tio nary inve stm e nt ad vise r to a Clie nt. In the case o f no n-d iscre tio nary inve stm e nt ad viso ry acco unts, Clie nts m ake the ultim ate d e cisio ns re g ard ing e ach sale o r p urchase o f se curitie s in such acco unts. GVA’s o b lig atio ns to m o nito r inve stm e nts in no n-d iscre tio nary ad viso ry acco unts will b e se t o ut in the inve stm e nt ad viso ry ag re e m e nt. Clie nt Su b a d vise r Se rvice s 4  GVA m a y also act a s a sub a d vise r to ad vise rs una ffilia te d with GVA. The se third -p arty ad vise rs o utso urce p o rtfo lio m a na g e m e nt se rvice s to GVA a nd co m m unica te the und e rlying Clie nt’s inve stm e nt p o licy o r o b je ctive s to GVA, a s co m m unica te d to the ad vise r b y the und e rlying Clie nt, a nd GVA will co nstruct p o rtfo lio s tha t are d e sig ne d to m e e t tho se o b je ctive s in co njunctio n with the ad vise r. This re la tio nship will b e m e m o ria lize d in e ach co ntra ct b e twe e n GVA a nd the third -p arty ad viso r. Re fe re nce s to “Clie nts” re fe rs to b o th d ire ct se p ara te ly m a na g e d a d viso ry clie nts a nd sub a d vise d clie nts, unle ss the co nte xt o the rwise p ro vid e s. Priva te Fu n d s GVA also sp o nso rs a nd ad vise s Go a lVe st Pre -IPO Gro wth Fund LP I, Go alVe st Pre -IPO Gro wth Fund II, Da ta m inr SPV, a Se rie s o f Go a lVe st Ma ste r 2021, LLC a nd Klarna SPV, a Se rie s o f Go a lVe st Ma ste r 2021, LLC, each a p riva te fund (the “Fund s"). The Fund s are o ffe re d to inve sto rs who m e e t m inim um re q uire m e nts, includ ing tha t the y are a n “accre d ite d inve sto r” within the m e a ning o f Re g ula tio n D p ro m ulg a te d und e r the Se curitie s Act o f 1933 (a s am e nd e d ), o r a “q ua lifie d p urcha se r” a s such te rm is d e fine d und e r the Inve stm e nt Co m p a ny Act (a s am e nd e d ), a nd a “Q ua lifie d Clie nt” within the m e a ning o f the rule s a nd re g ula tio ns p ro m ulg a te d und e r the Inve stm e nt Ad vise rs Act (a s a m e nd e d ). Fid u cia ry Du tie s thing s, inve stm e nt o r trad ing p ractice s GVA se e ks to p ro vid e tha t inve stm e nt d e cisio ns a re m ad e in acco rd a nce with the fid uciary d utie s o we d to its acco unts a nd witho ut co nsid e ra tio n o f GVA’s e co no m ic, inve stm e nt o r o the r fina ncial inte re sts. To m e e t its fid ucia ry o b lig a tio ns, GVA a tte m p ts to a vo id , am o ng o the r tha t syste m a tically ad va nta g e o r d isad va nta g e ce rtain Clie nt p o rtfo lio s, a nd acco rd ing ly, GVA’s p o licy is to se e k fair a nd e q uitab le a llo ca tio n o f inve stm e nt o p p o rtunitie s/ tra nsa ctio ns a m o ng its Clie nts to avo id favo ring o ne Clie nt o ve r a no the r o ve r tim e . It is GVA’s p o licy to a llo ca te inve stm e nt o p p o rtunitie s a nd tra nsactio ns it id e ntifie s a s b e ing a p p ro p ria te a nd p rud e nt, includ ing initial p ub lic o ffe ring s (“IPO s”) a nd o the r inve stm e nt o p p o rtunitie s tha t m ig ht ha ve a lim ite d sup p ly, a m o ng its Clie nts o n a fair a nd e q uita b le b a sis o ve r tim e . Fin a n cia l Pla n n in g Fina ncial p la ns a nd fina ncial p la nning m a y includ e b ut are no t lim ite d to a n inve stm e nt re vie w, ca sh flo w p la nning , ta x co nsid e ra tio ns; re tire m e nt p la nning , co lle g e p la nning , life insura nce p la nning , a nd d e b t/cre d it p la nning . 5  Se rvice s Lim ite d to Sp e cific Typ e s o f In ve stm e n ts GVA g e ne rally lim its its inve stm e nt a d vice to se curitie s tha t are p re d o m ina ntly p ub lic, b ut also p riva te , includ ing e q uitie s, fixe d inco m e , e xcha ng e trad e d fund s, m utua l fund s, re al e sta te fund s (includ ing REITs), structure d no te s, a nd p riva te inve stm e nt ve hicle s. O n the o the r ha nd , GVA m a y use o the r se curitie s a s we ll to he lp d ive rsify a p o rtfo lio whe n a p p lica b le a nd suitab le fo r the a cco unt, a nd in tha t wa y, the inve stm e nt unive rse is no t lim ite d . The Fund s tha t GVA curre ntly sp o nso rs a nd ad vise s g e ne rally lim it the m se lve s to p riva te e q uity se curitie s o r p riva te e q uity fund s. Fund s with o the r inve stm e nt stra te g ie s m ay b e o ffe re d in the future . Writte n Ackn o w le d g e m e n t o f Fid u cia ry Sta tu s Whe n we p ro vid e inve stm e nt ad vice to yo u re g ard ing yo ur re tire m e nt p lan acco unt o r ind ivid ual re tire m e nt acco unt, we a re fid uciarie s within the m e a ning o f Title I o f the Em p lo ye e Re tire m e nt Inco m e Se curity Act a nd / o r the Inte rnal Re ve nue Co d e , a s a p p lica b le , which are laws g o ve rning re tire m e nt acco unts. The way we m a ke m o ne y cre a te s so m e co nflicts with yo ur inte re sts, so we o p e ra te und e r a sp e cia l rule tha t re q uire s us to act in yo ur b e st inte re st a nd no t p ut o ur inte re st a he ad o f yo urs. Und e r this sp e cia l rule ’s p ro visio ns, we m ust: • Me e t a p ro fe ssio na l sta nd ard o f ca re whe n m a king inve stm e nt re co m m e nd a tio ns (g ive p rud e nt ad vice ); • Ne ve r p ut o ur fina ncial inte re sts a he ad o f yo urs whe n m a king re co m m e nd a tio ns (g ive lo yal ad vice ); • Avo id m isle ad ing sta te m e nts a b o ut co nflicts o f inte re st, fe e s, a nd inve stm e nts; • Fo llo w p o licie s and p ro ce d ure s d e sig ne d to e nsure that we g ive ad vice that is in yo ur b e st inte re st; • Charg e no m o re than is re aso nab le fo r o ur se rvice s; and • Give yo u b a sic info rm a tio n ab o ut co nflicts o f inte re st. C. Clie n t Ta ilo re d Se rvice s a n d Clie n t Im p o se d Re strictio n s GVA will tailo r a p ro g ram fo r e ach ind ivid ual Clie nt. This will includ e an inte rvie w se ssio n to g e t to kno w the Clie nt’s sp e cific ne e d s and re q uire m e nts as we ll as a p lan that will b e e xe cute d b y GVA o n b e half o f the Clie nt. Fo r sub ad vise d ad viso ry acco unts, the p ro g ram m ay b e d e ve lo p e d b ase d o n an inve stm e nt p ro file o r sim ilar info rm atio n p ro vid e d b y the Clie nt’s ad vise r. GVA m ay use m o d e l allo catio ns to g e the r with a sp e cific se t o f re co m m e nd atio ns fo r e ach Clie nt b ase d o n the ir p e rso nal re strictio ns, ne e d s, and targ e ts. Clie nt s m ay im p o se re strictio ns o n inve sting in ce rtain se curitie s o r typ e s o f se curitie s in acco rd ance with the ir value s o r b e lie fs. Ho we ve r, if the re strictio ns p re ve nt GVA fro m p ro p e rly se rvicing the Clie nt acco unt, o r if the re strictio ns wo uld re q uire GVA to d e viate fro m its stand ard suite o f se rvice s, GVA re se rve s the rig ht to e nd the re latio nship . 6  D. Wra p Fe e Pro g ra m s GVA d o e s no t sp o nso r o r act as a p o rtfo lio m anag e r fo r any wrap fe e p ro g ram in which Clie nts p ay o ne state d fe e that includ e s ad viso ry se rvice s and transactio n fe e s. E. Asse ts Un d e r Ma n a g e m e n t GVA had $777,569,840 in asse ts und e r m anag e m e nt as o f De ce m b e r 3 1 , 2025. Ite m 5 : Fe e s a n d Co m p e n sa tio n A. Fe e Sch e d u le Po rtfo lio Ma n a g e m e n t Fe e s An n u a l Fe e s To ta l Asse ts Un d e r Ma n a g e m e nt $1,000,000 - $2,999,000 1.00% $3,000,000 - $5,000,000 0.90% $5,000,001 - $10,000,000 0.80% $10,000,001 - $20,000,000 0.70% $20,000,000 and ab ove 0.60% The a d viso ry fe e is calcula te d using the va lue o f the a sse ts o n the la st b usine ss d a y o f the p rio r q uarte r to calcula te the fe e fo r the q uarte r in ad va nce . O ur custo d ia n fe e d s o ur p o rtfo lio m a na g e m e nt a nd re p o rting so ftware (Bla ck Dia m o nd ) a nd fe e s are calcula te d the re b a se d o n q ua rte rly m arke t value s o f the se curitie s, ca sh o r o the r p ro p e rty he ld in the ad viso ry acco unt. The re m a y b e slig ht d iffe re nce s b e twe e n custo d ia n a nd re p o rting so ftware b a se d o n accrue d inte re st which is e arne d d uring the q uarte r. The final fe e sche d ule is attache d as an e xhib it to the Inve stm e nt Ad viso ry Co ntract. Acco unts o f fam ily m e m b e rs m ay b e includ e d to g e the r fo r calculatio n o f ad viso ry fe e b re akp o ints, at GVA’s so le d iscre tio n. Clie nts m ay te rm inate the ag re e m e nt witho ut p e nalty fo r a full re fund o f GVA’s fe e s within five b usine ss d ays o f sig ning the Inve stm e nt Ad viso ry Co ntract. The re afte r, Clie nts m ay te rm inate the Inve stm e nt Ad viso ry Co ntract g e ne rally with 1 d ays’ writte n no tice . Fe e s are ne g o tiab le in so m e case s. Fin a n cia l Pla n n in g Fe e s The fixe d fe e fo r cre a ting Clie nt fina ncia l p la ns is b e twe e n $5,000 a nd $15,000, d e p e nd ing 7  o n the co m p le xity o f a Clie nt’s situa tio n. Clie nts m a y te rm ina te the a g re e m e nt witho ut p e na lty, fo r full re fund o f GVA’s fe e s, within five b usine ss d ays o f sig ning the Financial Planning Ag re e m e nt. The re afte r, Clie nts m ay te rm inate the Fina ncia l Pla nning Ag re e m e nt g e ne ra lly up o n writte n no tice . Su b a d vise r Se rvice s Fe e s GVA a lso a cts a s a sub ad vise r to una ffilia te d third -p a rty a d vise rs a nd GVA wo uld re ce ive a sha re o f the fe e s co lle cte d fro m the third -p arty a d vise r’s Clie nt. The fe e s charg e d are ne g o tiab le a nd will no t e xce e d a ny lim it im p o se d b y a ny re g ula to ry ag e ncy. This re la tio nship is m e m o rialize d in a co ntra ct b e twe e n GVA a nd the third -p arty ad vise r. Priva te Fu n d Fe e s The Fund s tha t GVA sp o nso rs a nd a d vise s e ach ha ve o ffe ring d o cum e nts tha t will d e tail the fe e s tha t a n inve sto r will p a y to GVA, a s we ll a s o the r fund e xp e nse s, a nd the fre q ue ncy with which the se fe e s a nd e xp e nse s are cha rg e d , a nd ho w the y a re acco unte d fo r b y the Fund s a nd re p o rte d to inve sto rs. The se fe e s d iffe r fro m the fe e s tha t are typ ica lly charg e d to Clie nt acco unts, a nd a n im p o rta nt d iffe re nce is furthe r d e scrib e d b e lo w in Ite m 6 o f this b ro chure . Whe n the Fund s a re o ffe re d to d ire ct se p a ra te ly m a nag e d acco unt a d viso ry Clie nts o f GVA, the Clie nt will no t p a y acco unt le ve l m a na g e m e nt fe e s o n the Fund a sse ts re fle cte d in the ir d ire ct se p ara te ly m a na g e d ad viso ry a cco unt. Altho ug h the waiving o f d ire ct se p a ra te ly m a nag e d ad viso ry acco unt le ve l fe e s is a sub sta ntial m itig a nt, fe e s fo r the Fund s m ay b e hig he r tha n the fe e s charg e d to se p ara te ly m a na g e d a cco unts, a nd the re fo re GVA m a y ha ve a co nflict whe n o ffe ring o r re co m m e nd ing the Fund s to such d ire ct se p a ra te ly m a na g e d ad viso ry acco unt Clie nt s. Ad vise rs fo r who m GVA se rve s a s sub ad vise r ca n a nd d o o fte n re co m m e nd inve stm e nts in GVA’s Fund s, a nd the y m a y a nd d o re co m m e nd the m to the und e rlying Clie nt s who se acco unts the a d vise r ha s d e le g a te d inve stm e nt a utho rity to GVA. In the se insta nce s, GVA m ay e arn b o th a n acco unt le ve l fe e fo r the sub a d vise d ad viso ry acco unt o n the value o f the Fund inte re sts, a nd fe e s d isclo se d in the g o ve rning d o cum e nts o f the Fund s which are d e d ucte d fro m Fund a sse ts. Und e rlying Clie nts ackno wle d g e the fe e structure o f the Fund s whe n m a king inve stm e nts in the Fund s. B. Pa ym e n t o f Fe e s Pa ym e n t o f Po rtfo lio Ma n a g e m e n t Fe e s Pursua nt to the inve stm e nt ad viso ry ag re e m e nt tha t d ire ct a d viso ry acco unt Clie nts e nte r into with GVA, Clie nts g ra nt p e rm issio n fo r fe e s to b e d e d ucte d d ire ctly fro m the ir inve stm e nt ad viso ry acco unts. With this writte n a utho rizatio n, a sse t-b a se d p o rtfo lio m a na g e m e nt fe e s are withd ra wn d ire ctly fro m the d ire ct se p a ra te ly m a na g e d ad viso ry Clie nt’s acco unts, q uarte rly, in a d va nce . Fe e s fo r sub a d vise d Clie nt acco unts m a y b e 8  d e d ucte d a nd o p e ra te sim ilarly to the d ire ct a d viso ry Clie nt acco unts, o r a lte rna tive ly, GVA m ay b ill the Clie nt’s p rim ary a d vise r. Pa ym e n t o f Fin a n cia l Pla n n in g Fe e s Fina ncial p la nning fe e s are p a id via che ck o r e le ctro nic fund tra nsfe r thro ug h o ur p a ym e nt p ro ce sso r. Fina ncia l Pla nning Fe e s are p a id e ithe r with a n up fro nt fe e a nd o ng o ing m o nthly fe e o r q ua rte rly in a d va nce . C. Clie n t Re sp o n sib ility fo r Th ird Pa rty Fe e s Clie nt acco unts are re sp o nsib le fo r the p aym e nt o f a ll third -p arty fe e s (i.e ., custo d ia n fe e s, co m m issio ns, b ro ke rag e fe e s, m utual fund fe e s, transactio n fe e s, e tc.). Tho se fe e s are se p arate and d istinct fro m the fe e s and e xp e nse s charg e d b y GVA. Ple ase se e Ite m 12 o f this b ro chure re g ard ing b ro ke r/custo d ian. D. Pre p a ym e n t o f Fe e s GVA co lle cts fe e s in a d va nce . Re fund s fo r fe e s p aid in ad va nce will b e re turne d within fo urte e n d a ys to the Clie nt via che ck o r re turn d e p o sit b a ck into the Clie nt’s acco unt. Fo r all a sse t-b a se d fe e s p aid in a d va nce , the fe e re fund e d will b e e q ua l to the b a la nce o f the fe e s co lle cte d in a d va nce m inus the d aily ra te * tim e s the num b e r o f d a ys e la p se d in the b illing p e rio d up to a nd includ ing the d a y o f te rm ina tio n. (*The d a ily ra te is ca lcula te d b y d ivid ing the a nnua l a sse t-b a se d fe e ra te b y 365.) Fixe d fe e s tha t are co lle cte d in ad va nce will b e re fund e d b a se d o n the p ro ra te d am o unt o f wo rk co m p le te d a t the p o int o f te rm ina tio n. E. O u tsid e Co m p e n sa tio n fo r th e Sa le o f Se cu ritie s to Clie n ts Ne ithe r GVA no r its sup e rvise d p e rso ns acce p t a ny co m p e nsa tio n fo r the sa le o f inve stm e nt p ro d ucts, includ ing a sse t-b a se d sale s charg e s o r se rvice fe e s fro m the sale o f m utua l fund s o r insura nce p ro d ucts. GVA d o e s no t e arn a ny o the r co m p e nsa tio n b e sid e s p o rtfo lio m a na g e m e nt fe e s o r fina ncial p la nning fe e s. Se e Fo rm ADV Pa rt 2B fo r e ach re le va nt sup e rvise d p e rso n fo r a d e scrip tio n o f ce rtain inve stm e nt ad viso ry fe e s tha t m ay b e e a rne d fro m a p p ro ve d o utsid e activitie s o f the re sp e ctive p e rso n. Ite m 6 : Pe rfo rm a n ce -Ba se d Fe e s a n d Sid e -By-Sid e Ma n a g e m e n t Fo r the Fund s, fe e s includ e p e rfo rm ance -b ase d fe e s (carrie d inte re st) as we ll. Dire ct se p arate ly m anag e d ad viso ry acco unts and sub ad vise d ad viso ry acco unts, are g e ne rally NO T charg e d p e rfo rm ance -b ase d fe e s. i Manag ing b o th kind s o f acco unts at the sam e tim e p re se nts a co nflict o f 9  inte re st b e cause GVA o r its sup e rvise d p e rso ns have an ince ntive to favo r the Fund s d ue to re ce ip t o f carrie d inte re st. GVA ad d re sse s the co nflicts b y o nly re co m m e nd ing p rivate fund inve stm e nts whe n ap p ro p riate and suitab le , and d isclo sure s re g ard ing o ur co nflict o f inte re st are also m ad e in the Fo rm CRS, p ro p o sal, and inve stm e nt m anag e m e nt ag re e m e nt. GVA se e ks b e st e xe cutio n and up ho ld s its fid uciary d uty fo r all Clie nts and Fund s. Clie nts o r Fund s that are p aying a p e rfo rm ance -b ase d fe e (o r carrie d inte re st) sho uld b e aware that inve stm e nt ad vise rs have an ince ntive to inve st in riskie r inve stm e nts whe n p aid a p e rfo rm ance- b ase d fe e d ue to the hig he r risk/hig he r re ward attrib ute s. Mo re info rm atio n ab o ut p o te ntial co nflicts can b e fo und in Ite m 11 o f this Bro chure . Ite m 7 : Typ e s o f Clie n ts GVA g e ne rally p ro vid e s ad viso ry se rvice s to the fo llo wing typ e s o f Clie nt s: Ind ivid uals Hig h-Ne t-Wo rth Ind ivid uals Cha rita b le O rg anizatio ns ❖ ❖ ❖ The re is a $2,000,000 m inim um fo r p o rtfo lio m anag e m e nt se rvice s, wh ic h m a y b e wa ive d b y G VA a t its d isc re tio n . Exce p tio ns are re vie we d case b y case . Ite m 8 : Me th o d s o f An a lysis, In ve stm e n t Stra te g ie s, & Risk o f Lo ss A. Me th o d s o f An a lysis a n d In ve stm e n t Stra te g ie s Me th o d s o f An a lysis GVA’s m e tho d s o f a nalysis p rim arily includ e fund a m e nta l re se a rch fo r sto ck se le ctio n a nd q ua ntita tive a na lysis a nd m o d e rn p o rtfo lio the o ry fo r p o rtfo lio co nstructio n. Te chnica l a na lysis is a lso co nsid e re d . Fu n d a m e n ta l a n a lysis invo lve s the a na lysis o f fina ncial sta te m e nts, the g e ne ral fina ncia l he alth o f co m p a nie s, the a na lysis o f m a na g e m e nt a nd a co m p a ny’s co m p e titive ad va nta g e s in o rd e r to d e te rm ine a se curity’s intrinsic va lue a nd to m a ke a d e cisio n o n the und e rvalua tio n o r o ve r valua tio n o f a sto ck. Mo d e rn p o rtfo lio th e o ry is a the o ry o f inve stm e nt that atte m p ts to m axim ize the e xp e cte d p o rtfo lio re turn fo r a g ive n a m o unt o f p o rtfo lio risk, o r e q uivale ntly m inim ize risk fo r a g ive n le ve l o f e xp e cte d re turn, e ach b y care fully cho o sing the p ro p o rtio ns o f va rio us a sse t. Q u a n tita tive a n a lysis d e als with q ua ntifying facto rs such a s fina ncial ra tio ca lcula tio ns, m arke t ca p italiza tio n, g ro wth o r value m e trics, e tc. to m a ke d e cisio ns o n se curitie s in the p o rtfo lio . 10  Te ch n ica l a n a lysis invo lve s the analysis o f p ast m arke t d ata, p rim arily p rice and vo lume . In ve stm e n t Stra te g ie s GVA use s lo ng te rm trad ing in ind ivid ua l se curitie s, p rim arily sto cks a nd b o nd s, a nd m a y use o p tio ns tra d ing . In ve stin g in se cu ritie s in vo lve s a risk o f lo ss th a t yo u , a s a Clie n t, sh o u ld b e p re p a re d to b e a r. B. Ma te ria l Risks In vo lve d Me th o d s o f An a lysis Fu n d a m e n ta l a n a lysis co nce ntrate s o n facto rs that d e te rm ine a co m p any’s value and e xp e cte d future e arning s. This strate g y wo uld no rm ally e nco urag e e q uity p urchase s in sto cks that are und e rvalue d o r p rice d b e lo w the ir p e rce ive d value . The risk assum e d is that the m arke t will fail to re ach e xp e ctatio ns o f p e rce ive d value . Mo d e rn p o rtfo lio th e o ry assum e s that inve sto rs are risk ave rse , m e aning that g ive n two p o rtfo lio s that o ffe r the sam e e xp e cte d re turn, inve sto rs will p re fe r the le ss risky o ne . Thus, an inve sto r will take o n incre ase d risk o nly if co m p e nsate d b y hig he r e xp e cte d re turns. Co nve rse ly, an inve sto r who wants hig he r e xp e cte d re turns m ust acce p t m o re risk. The e xact trad e -o ff will b e the sam e fo r all inve sto rs, b ut d iffe re nt inve sto rs will e valuate the trad e -o ff d iffe re ntly b ase d o n ind ivid ual risk ave rsio n characte ristics. The im p licatio n is that a ratio nal inve sto r will no t inve st in a p o rtfo lio if a se co nd p o rtfo lio e xists with a m o re favo rab le risk- e xp e cte d re turn p ro file – i.e ., if fo r that le ve l o f risk an alte rnative p o rtfo lio e xists which has b e tte r e xp e cte d re turns. Q u a n tita tive a n a lysis Inve stm e nt strate g ie s using q uantitative m o d e ls m ay p e rfo rm d iffe re ntly than e xp e cte d as a re sult o f, am o ng o the r thing s, the facto rs use d in the m o d e ls, the we ig ht p lace d o n e ach facto r, chang e s fro m the facto rs’ histo rical tre nd s, and te chnical issue s in the co nstructio n a nd im p le m e nta tio n o f the m o d e ls. Te ch n ica l a n a lysis atte m p ts to p re d ict a future sto ck p rice o r d ire ctio n b ase d o n m arke t tre nd s. The assum p tio n is that the m arke t fo llo ws d isce rnib le p atte rns and if the se p atte rns can b e id e ntifie d the n a p re d ictio n can b e m ad e . The risk is that m arke ts d o no t always fo llo w p atte rns and re lying so le ly o n this m e tho d m ay no t take into acco unt ne w p atte rns that e m e rg e o ve r time . In ve stm e n t Stra te g ie s GVA’s use o f o p tio ns trad ing g e ne rally ho ld s g re ate r risk, and Clie nts sho uld b e aware that the re is a m ate rial risk o f lo ss using any o f tho se strate g ie s. Lo n g te rm tra d in g is d e sig ne d to ca p ture m arke t ra te s o f b o th re turn a nd risk. Due to its 11  na ture , the lo ng -te rm inve stm e nt stra te g y ca n e xp o se Clie nts to vario us typ e s o f risk tha t will typ ica lly surface a t vario us inte rvals d uring the tim e the Clie nt o wns the inve stm e nts. The se risks includ e b ut are no t lim ite d to infla tio n (p urcha sing p o we r) risk, inte re st ra te risk, e co no m ic risk, m arke t risk, a nd p o litical/re g ula to ry risk. O p tio n s tra n sa ctio n s invo lve a co ntract to p urchase a se curity at a g ive n p rice , no t ne ce ssarily at m arke t value , d e p e nd ing o n the m arke t. This strate g y includ e s the risk that an o p tio n m ay e xp ire o ut o f the m o ne y re sulting in m inim al o r no value , as we ll as the p o ssib ility o f le ve rag e d lo ss o f trad ing cap ital d ue to the le ve rag e d nature o f sto ck o p tio ns. In ve stm e n t Risk s Asso cia te d w ith GVA’s in ve stm e n t stra te g ie s: Ge n e ra l: In ve stin g in se cu ritie s in vo lve s a risk o f lo ss th a t yo u , a s a Clie n t, sh o u ld b e p re p a re d to b e a r. Risk s Asso cia te d w ith No n -Dive rsifica tio n : GVA inte nd s to ho ld d ive rsifie d p o sitio ns; ho we ve r, unle ss o the rwise p ro vid e d in a Clie nt co ntract o r Fund g o ve rning d o cum e nt, it is no t sub je ct to any fo rm al p o licie s re g ard ing d ive rsificatio n. GVA m ay so m e tim e s co nce ntrate ho ld ing s in ind ustrie s, g e o g rap hic re g io ns, o r co m p anie s which, in lig ht o f inve stm e nt co nsid e ratio ns, m arke t risks and o the r facto rs, that it b e lie ve s will p ro vid e the b e st o p p o rtunity fo r attractive risk-ad juste d re turns. The co nce ntratio n o f asse ts in a sing le o r sm all num b e r o f issue rs, in any o ne ind ustry o r a sm all num b e r o f ind ustrie s, o r in a sing le ind ustry wo uld sub je ct Clie nts o r Fund s to a g re ate r d e g re e o f risk with re sp e ct to the failure o f o ne o r a fe w inve stm e nts o r with re sp e ct to e co no m ic variatio ns in re latio n to such ind ustry o r ind ustrie s. Ep id e m ic o r Se rio u s Pu b lic He a lth Eve n t Risk: GVA’s b usine ss activitie s, as we ll as its o p e ratio ns and inve stm e nts, co uld b e m ate rially ad ve rse ly affe cte d b y o utb re aks o f d ise ase , e p id e m ics and p ub lic he alth issue s in Asia, Euro p e , No rth Am e rica, the Mid d le East and /o r g lo b ally, such as CO VID-19 (and o the r no ve l co ro naviruse s), Eb o la, H1N1 flu, H7N9 flu, H5N1 flu, Se ve re Acute Re sp irato ry Synd ro m e , o r SARS, o r o the r e p id e m ics, p and e m ics, o utb re aks o f d ise ase o r p ub lic he alth issue s. An o utb re ak o r re curre nce o f any kind o f e p id e m ic, co m m unicab le d ise ase , virus, o r m ajo r p ub lic he alth issue co uld cause a slo wd o wn in the le ve ls o f e co no m ic activity g e ne rally (o r p ush the wo rld o r lo cal e co no m ie s into re ce ssio n), which wo uld b e re aso nab ly like ly to ad ve rse ly affe ct the b usine ss, financial co nd itio n and o p e ratio ns o f GVA. Sho uld the se o r o the r m ajo r p ub lic he alth issue s, includ ing p and e m ics, arise , sp re ad farthe r o r wo rse n, GVA and the value o f Clie nt acco unts co uld b e ad ve rse ly affe cte d b y m o re string e nt trave l re strictio ns (such as m and ato ry q uarantine s and so cial d istancing ), lim itatio ns o n GVA’s o p e ratio ns and b usine ss activitie s and g o ve rnm e ntal actio ns lim iting the m o ve m e nt o f p e o p le and g o o d s b e twe e n re g io ns and o the r activitie s o r o p e ratio ns. failure s, co m p ute r and te le co m m unicatio n failure s, Cyb e r Se cu rity Bre a ch e s a n d Id e n tity: The info rm atio n te chno lo g y syste m s o f GVA and its third -p arty se rvice p ro vid e rs m ay b e vulne rab le to d am ag e o r inte rrup tio n fro m co m p ute r viruse s, ne two rk infiltratio n b y unautho rize d p e rso ns and se curity b re ache s, usag e e rro rs b y its p ro fe ssio nals, p o we r o utag e s and catastro p hic e ve nts such as fire s, to rnad o e s, flo o d s, hurricane s, and e arthq uake s. Altho ug h GVA and its third -p arty se rvice p ro vid e rs have im p le m e nte d vario us m e asure s to m anag e risks re lating to the se typ e s o f e ve nts, if the se syste m s are co m p ro m ise d , b e co m e ino p e rab le fo r e xte nd e d p e rio d s o f tim e , o r ce ase to functio n p ro p e rly, GVA m ay have to m ake 12  a sig nificant inve stm e nt to fix o r re p lace the m . The failure o f the se syste m s and /o r o f d isaste r re co ve ry p lans fo r any re aso n co uld cause sig nificant inte rrup tio ns in GVA’s o p e ratio ns and re sult in a failure to m aintain the se curity, co nfid e ntiality, o r p rivacy o f se nsitive d ata, includ ing p e rso nal info rm atio n re lating to acco unt ho ld e rs , b e ne ficial o wne rs, o r inve sto rs. Such a failure co uld harm GVA’s re p utatio n, sub je ct any such e ntity and its re sp e ctive affiliate s to le g al claim s and o the rwise affe ct its b usine ss and financial p e rfo rm ance . Risk o f De fa u lt o r Ba n kru p tcy o f Th ird Pa rtie s: Clie nt acco unts m ay e ng ag e in transactio ns in se curitie s and o the r financial instrum e nts and asse ts that invo lve co unte rp artie s. Und e r ce rtain co nd itio ns, the Clie nt co uld suffe r lo sse s if a co unte rp arty to a transactio n we re to d e fault o r if the m arke t fo r ce rtain se curitie s o r o the r financial instrum e nts o r asse ts we re to b e co m e illiq uid . In ad d itio n, the Clie nt co uld suffe r lo sse s if the re we re a d e fault o r b ankrup tcy b y ce rtain o the r third p artie s, includ ing b ro ke rag e firm s and b anks with which the Clie nt d o e s b usine ss, o r to which se curitie s o r o the r financial instrum e nts o r asse ts have b e e n e ntruste d fo r custo d ial p urp o se s. Ma rke t Disru p tio n a n d Ge o p o litica l Risk. Each Clie nt acco unt is sub je ct to the risk that war, te rro rism , co untry-sp e cific sanctio ns, and re late d g e o p o litical e ve nts m ay le ad to incre ase d sho rt-te rm m arke t vo latility and have ad ve rse lo ng -te rm e ffe cts o n the U.S. and wo rld e co no m ie s and m arke ts g e ne rally, as we ll as ad ve rse e ffe cts o n issue rs o f se curitie s and the value o f the Clie nt’s inve stm e nts. War, te rro rism , re late d g e o p o litical e ve nts, and natural and o the r d isaste rs have le d , and in the future m ay le ad , to incre ase d sho rt-te rm m arke t vo latility and m ay have ad ve rse lo ng -te rm e ffe cts o n U.S. and no n-U.S. e co no m ie s and m arke ts g e ne rally. Tho se e ve nts as we ll as o the r chang e s in U.S. and no n-U.S. e co no m ic and p o litical co nd itio ns also co uld ad ve rse ly affe ct ind ivid ual issue rs o r re late d g ro up s o f issue rs, se curitie s m arke ts, future s m arke ts, inte re st rate s, cre d it rating s, inflatio n, inve sto r se ntim e nt and o the r facto rs affe cting the value o f a Clie nt’s inve stm e nts. At such tim e s, a Clie nt’s e xp o sure to a num b e r o f o the r risks d e scrib e d e lse whe re in this se ctio n can incre ase . It sho uld also b e no te d that in Fe b ruary 2022, Russia launche d a larg e scale invasio n o f Ukraine . The e xte nt and d uratio n o f Russian m ilitary actio n in the Ukraine , re sulting e co no m ic sanctio ns and re sulting future m arke t d isrup tio ns, includ ing d e cline s in sto ck m arke ts in Russia and e lse whe re , d e cline in the value o f the rub le ag ainst the U.S. d o llar, o r the rise in the p rice o f o il, are im p o ssib le to p re d ict, b ut co uld b e sig nificant. Any d isrup tio ns cause d b y the invasio n o f Ukraine o r o the r actio ns (includ ing cyb e rattacks and e sp io nag e ) o r d isrup tio ns re sulting fro m actual o r thre ate ne d re sp o nse s to the invasio n o f Ukraine o r o the r actio ns co uld cause d isrup tio ns to co m p anie s and m arke ts g lo b ally. Any such d isrup tio ns co uld have a m ate rial ad ve rse e ffe ct o n Clie nt acco unts. As o f March 2025, the re are o ng o ing m ilitary co nflicts in the Mid d le East which, in a re lative ly sho rt p e rio d o f tim e , have cause d and are like ly to cause in the future d isrup tio n to the g lo b al financial syste m and trad e and transp o rt, am o ng o the r thing s. In re sp o nse to the co nflicts, m ultip le co untrie s have and m ay in the future p ut in p lace g lo b al sanctio ns and o the r se ve re re strictio ns o r p ro hib itio ns o n the activitie s o f ind ivid uals and b usine sse s re late d to the co untrie s e ng ag ing in the co nflicts. Ho we ve r, the ultim ate im p act o f the se co nflicts and the ir e ffe ct o n g lo b al e co no m ic and co m m e rcial activity and co nd itio ns, and o n the o p e ratio ns, financial co nd itio n and p e rfo rm ance o f inve stm e nt ve hicle s o r any p articular ind ustry, b usine ss o r inve ste e co untry and the d uratio n and se ve rity o f tho se e ffe cts, 13  is im p o ssib le to p re d ict. Any co nflict aro und the g lo b e m ay have a sig nificant ad ve rse im p act and re sult in sig nificant lo sse s to inve stm e nts. This im p act m ay includ e re d uctio ns in re ve nue and g ro wth, une xp e cte d o p e ratio nal lo sse s and liab ilitie s and re d uctio ns in the availab ility o f cap ital. It m ay also lim it the ab ility o f GVA to so urce , d ilig e nce and e xe cute ne w inve stm e nts and to m anag e , finance and e xit inve stm e nts in the future . De ve lo p ing and furthe r g o ve rnm e ntal actio ns (m ilitary o r o the rwise ) m ay cause ad d itio nal d isrup tio n and co nstrain o r alte r e xisting financial, le g al and re g ulato ry fram e wo rks and syste m s in ways that are ad ve rse to GVA and /o r Clie nt acco unts o r which the y inte nd to p ursue , any o r all o f which co uld ad ve rse ly affe ct GVA ’s ab ility to fulfill its inve stm e nt o b je ctive s. Ad d itio n a l Co u n te rp a rty Risk: So m e o f the m arke ts in which the se curitie s o r o the r inve stm e nts trad e m ay b e “o ve r-the -co unte r” o r “inte rd e ale r” m arke ts. The p articip ants in such m arke ts are typ ically no t sub je ct to cre d it e valuatio n and re g ulato ry o ve rsig ht as are m e m b e rs o f “e xchang e b ase d ” m arke ts. This e xp o se s the Clie nt to the risk that a co unte rp arty will no t se ttle a transactio n in acco rd ance with its te rm s and co nd itio ns b e cause o f a d isp ute o ve r the te rm s o f the re le vant co ntract o r b e cause o f a cre d it o r liq uid ity p ro b le m , thus causing the Clie nt to suffe r a lo ss. Such risk m ay b e acce ntuate d fo r co ntracts with lo ng e r m aturitie s whe re e ve nts m ay inte rve ne to p re ve nt se ttle m e nt, o r whe re the Clie nt has co nce ntrate d its transactio ns with a sing le o r sm all g ro up o f co unte rp artie s. C. Risks o f Sp e cific Se cu ritie s Utilize d GVA’s use o f o p tio ns tra d ing g e ne rally ho ld s g re a te r risk o f ca p ital lo ss. Clie nts sho uld b e aware tha t the re is a m a te rial risk o f lo ss using a ny inve stm e nt stra te g y. The inve stm e nt typ e s liste d b e lo w (le aving asid e Tre asury Inflatio n Pro te cte d /Inflatio n Linke d Bo nd s) are no t g uarante e d o r insure d b y the FDIC o r a ny o the r g o ve rnm e nt a g e ncy. Eq u ity inve stm e nt g e ne rally re fe rs to b uying sha re s o f sto cks in re turn fo r re ce iving a future p aym e nt o f d ivid e nd s a nd /o r ca p ital g ains if the value o f the sto ck incre a se s. The value o f e q uity se curitie s m a y fluctua te in re sp o nse to sp e cific situa tio ns fo r e ach co m p a ny, ind ustry co nd itio ns a nd the g e ne ral e co no m ic e nviro nm e nts. Fix e d in co m e inve stm e nts g e ne rally p a y a re turn o n a fixe d sche d ule , tho ug h the a m o unt o f the p a ym e nts ca n vary. This typ e o f inve stm e nt ca n includ e co rp o ra te a nd g o ve rnm e nt d e b t se curitie s, le ve ra g e d lo a ns, hig h yie ld , a nd inve stm e nt g ra d e d e b t a nd structure d p ro d ucts, such as m o rtg ag e and o the r asse t-b acke d se curitie s, altho ug h ind ivid ual b o nd s m ay b e the b e st-kno wn typ e o f fixe d inco m e se curity. In g e ne ra l, the fixe d inco m e m a rke t is vo la tile a nd fixe d inco m e se curitie s carry inte re st ra te risk. (As inte re st ra te s rise , b o nd p rice s usua lly fa ll, a nd vice ve rsa. This e ffe ct is usua lly m o re p ro no unce d fo r lo ng e r-te rm se curitie s.) Fixe d inco m e se curitie s also carry infla tio n risk, liq uid ity risk, ca ll risk, a nd cre d it a nd d e fa ult risks fo r b o th issue rs a nd co unte rp artie s. The risk o f d e fa ult o n tre a sury infla tio n p ro te cte d /infla tio n linke d b o nd s is d e p e nd e nt up o n the U.S. Tre a sury d e fa ulting (e xtre m e ly unlike ly); ho we ve r, the y carry a p o te ntia l risk o f lo sing sha re p rice value , alb e it ra the r m inim al. Risks o f inve sting in fo re ig n fixe d inco m e se curitie s a lso includ e the g e ne ra l risk o f no n-U.S. inve sting d e scrib e d b e lo w. Exch a n g e Tra d e d Fu n d s (ETFs): An ETF is an inve stm e nt fund trad e d o n sto ck e xchang e s, 14  sim ilar to sto cks. Inve sting in ETFs carrie s the risk o f cap ital lo ss (so m e tim e s up to a 100% lo ss in the case o f a sto ck ho ld ing b ankrup tcy). Are as o f co nce rn includ e the lack o f transp are ncy in p ro d ucts and incre asing co m p le xity, co nflicts o f inte re st and the p o ssib ility o f inad e q uate re g ulato ry co m p liance . Pre cio us Me tal ETFs (e .g ., Go ld , Silve r, o r Pallad ium Bullio n b acke d “e le ctro nic share s” no t p hysical m e tal) sp e cifically m ay b e ne g ative ly im p acte d b y se ve ral uniq ue facto rs, am o ng the m (1) larg e sale s b y the o fficial se cto r which o wn a sig nificant p o rtio n o f ag g re g ate wo rld ho ld ing s in g o ld and o the r p re cio us m e tals, (2) a sig nificant incre ase in he d g ing activitie s b y p ro d uce rs o f g o ld o r o the r p re cio us m e tals, (3) a sig nificant chang e in the attitud e o f sp e culato rs and inve sto rs. Re a l e sta t e fund s (includ ing REITs) face se ve ral kind s o f risks tha t are inhe re nt in the re a l e sta te se cto r, which histo rica lly ha s e xp e rie nce d sig nifica nt fluctua tio ns a nd cycle s in p e rfo rm a nce . Re ve nue s a nd ca sh flo ws m a y b e a d ve rse ly a ffe cte d b y: cha ng e s in lo cal re al e sta te m arke t co nd itio ns d ue to cha ng e s in na tio na l o r lo cal e co no m ic co nd itio ns o r cha ng e s in lo cal p ro p e rty m arke t characte ristics; co m p e titio n fro m o the r p ro p e rtie s o ffe ring the sam e o r sim ilar se rvice s; chang e s in inte re st rate s and in the state o f the d e b t and e q uity cre d it m arke ts; the o ng o ing ne e d fo r cap ital im p ro ve m e nts; chang e s in re al e state tax rate s and o the r o p e rating e xp e nse s; ad ve rse chang e s in g o ve rnm e ntal rule s and fiscal p o licie s; ad ve rse chang e s in zo ning laws; the im p act o f p re se nt o r future e nviro nm e ntal le g islatio n and co m p liance with e nviro nm e ntal laws. Mu tu a l Fu n d s: Inve sting in m utual fund s carrie s the risk o f cap ital lo ss and thus yo u m ay lo se m o ne y inve sting in m utual fund s. All m utual fund s have co sts which lo we r inve stm e nt re turns. The fund s can b e o f b o nd “fixe d inco m e ” nature (lo we r risk) o r sto ck “e q uity” nature . An n u itie s are a re tire m e nt p ro d uct fo r tho se who m a y ha ve the a b ility to p a y a p re m ium no w a nd wa nt to g ua ra nte e the y re ce ive ce rtain m o nthly p a ym e nts o r a re turn o n inve stm e nt la te r in the future . Annuitie s are co ntracts issue d b y a life insura nce co m p a ny d e sig ne d to m e e t re q uire m e nts o r o the r lo ng -te rm g o als. An annuity is no t a life insurance p o licy. Variab le annuitie s a re d e sig ne d to b e lo ng -te rm inve stm e nts, to m e e t re tire m e nt a nd o the r lo ng -ra ng e g o als. Variab le a nnuitie s a re no t suita b le fo r m e e ting sho rt-te rm g o als b e ca use sub sta ntial taxe s a nd insura nce co m p a ny cha rg e s m a y a p p ly if yo u withd ra w yo ur m o ne y e arly. Varia b le a nnuitie s a lso invo lve inve stm e nt risks, just a s m utua l fund s d o . Priva te p la ce m e n ts ca rry su b sta n tia l risk s. The se inve stm e nts are sub je ct to le ss re g ulato ry o ve rsig ht than p ub licly o ffe re d se curitie s and o fte n lack transp are ncy. The y are typ ically illiq uid , with lim ite d o r no se co nd ary m arke t, and m ay b e sub je ct to re sale re strictio ns und e r ap p licab le se curitie s laws. As a re sult, liq uid atio n m ay re q uire a sub stantial d isco unt to fair value —o r m ay no t b e p o ssib le at all—p o te ntially re sulting in a to tal lo ss o f the inve stm e nt. Ad d itio nal risks includ e lim ite d financial d isclo sure s, re liance o n the m anag e m e nt o r issue r’s re p re se ntatio ns, and the p o te ntial fo r hig he r vo latility d ue to co nce ntrate d o r sp e culative strate g ie s. Co m m o d it ie s are ta ng ib le a sse ts use d to m a nufa cture a nd p ro d uce g o o d s o r se rvice s. Co m m o d ity p rice s are a ffe cte d b y d iffe re nt risk facto rs, such a s d ise a se , sto ra g e ca p acity, sup p ly, d e m a nd , d e live ry co nstraints a nd we a the r. Be ca use o f tho se risk facto rs, e ve n a 15  we ll-d ive rsifie d inve stm e nt in co m m o d itie s ca n b e unce rtain. O p tio n s a re co ntracts to p urcha se a se curity a t a g ive n p rice , risking tha t a n o p tio n m a y e xp ire o ut o f the m o ne y re sulting in m inim al o r no va lue . An unco ve re d o p tio n is a typ e o f o p tio ns co ntract tha t is no t b acke d b y a n o ffse tting p o sitio n tha t wo uld he lp m itig a te risk. The risk fo r a “nake d ” o r unco ve re d p ut is no t unlim ite d , whe re as the p o te ntial lo ss fo r an unco ve re d call o p tio n is lim itle ss. Sp re ad o p tio n p o sitio ns e nta il b uying a nd se lling m ultip le o p tio ns o n the sa m e und e rlying se curity, b ut with d iffe re nt strike p rice s o r e xp iratio n d ate s, which he lp lim it the risk o f o the r o p tio n trad ing strate g ie s. O p tio n transactio ns also invo lve risks includ ing b ut no t lim ite d to e co no m ic risk, m arke t risk, se cto r risk, id io syncra tic risk, p o litical/re g ula to ry risk, infla tio n (p urcha sing p o we r) risk a nd inte re st ra te risk. Stru ctu re d n o te s are d e b t o b lig atio ns that also co ntain an e m b e d d e d d e rivative co m p o ne nt that is linke d to the p e rfo rm ance o f an und e rlying asse t, g ro up o f asse ts, o r ind e x. Structure d no te s invo lve risks no t asso ciate d with an inve stm e nt in o rd inary d e b t se curitie s. Se le cte d Risks Asso ciate d with any o f the se structure s includ e : - No p rincip al p rote ction. No te s are no t p rincip al p ro te cte d and inve sto rs can lo se so m e o r all the ir initial p rincip al if the und e rlying asse t falls b e lo w the Princip al Barrie r Le ve l. - Conting e nt coup on p ayme nts. Inve sto rs m ay no t re ce ive p e rio d ic inte re st p aym e nts if the p e rfo rm ance o f the und e rlying asse ts falls b e lo w the Co up o n Barrie r Le ve l. It is p o ssib le that inve sto rs will no t re ce ive any co up o n p aym e nts o ve r the life o f the No te . - Pote ntial for e arly re d e mp tion and re inve stme nt risk. No te s m ay b e auto m atically calle d if the p e rfo rm ance o f the und e rlying asse t is at o r ab o ve the Initial Strike Price o n the d e fine d O b se rvatio n Date . If calle d , inve sto rs m ay no t b e ab le to re inve st the ir p ro ce e d s in a p ro d uct with a co m p arab le co up o n. - Re turns are limite d to the coup on p ayme nts, if any. Inve sto rs will no t p articip ate in any p rice ap p re ciatio n o f the und e rlying asse t. Ad d itio nally, inve sto rs will no t re ce ive d ivid e nd p aym e nts g e ne rate d b y the und e rlying asse t. - Pote ntially limite d se cond ary marke t. While liq uid ity m ay b e availab le whe n ne ce ssary, no te s sho uld b e co nsid e re d b uy and ho ld inve stm e nts. - Issue r cre d it risk. No te s are se nio r, unse cure d d e b t o b lig atio ns o f the issue r and all p aym e nts o f inco m e and p rincip al are the re fo re sub je ct to the cre d itwo rthine ss o f the issue r. - Comp le x inve stme nts. No te s m ay have co m p le x fe ature s and m ay no t b e suitab le fo r all inve sto rs. No n -U.S. se curitie s p re se nt ce rtain risks such a s curre ncy fluctua tio n, p o litical a nd e co no m ic chang e , so cial unre st, chang e s in g o ve rnm e nt re g ulatio n, d iffe re nce s in acco unting and the le sse r d e g re e o f accura te p ub lic info rm a tio n a vaila b le . Pa st p e rfo rm a n ce is n o t in d ica tive o f fu tu re re su lts. In ve stin g in se cu ritie s in vo lve s a risk 16  o f lo ss th a t yo u , a s a Clie n t , sh o u ld b e p re p a re d to b e a r. Th e fo re g o in g list o f risk fa cto rs d o e s n o t p u rp o rt to b e a co m p le te a n a lysis o r e xp la n a tio n o f th e risks a sso cia te d w ith GVA’s in ve stm e n t stra te g ie s a n d w ith a n in ve stm e n t in a Fu n d . Pro sp e ctive in ve sto rs in Fu n d s sh o u ld a lso re a d th e g o ve rn in g d o cu m e n ts fo r a m o re d e ta ile d e xp la n a tio n o f th e in ve stm e n t stra te g y a n d risk fa cto rs a sso cia te d w ith in ve stm e n ts in a Fu n d . Clie n ts m a y co n su lt w ith th e ir o w n a d viso rs b e fo re d e cid in g w h e th e r to in ve st. Ite m 9 : Discip lin a ry In fo rm a tio n A. Crim in a l o r Civil Actio n s The re are no crim inal o r civil actio ns to re p o rt. B. Ad m in istra tive Pro ce e d in g s The re are no ad m inistrative p ro ce e d ing s to re p o rt. C. Se lf-re g u la to ry O rg a n iza tio n (SRO ) Pro ce e d in g s The re are no se lf-re g ulato ry o rg anizatio n p ro ce e d ing s to re p o rt. Ite m 1 0 : O th e r Fin a n cia l In d u stry Activitie s a n d Affilia tio n s A. Re g istra tio n a s a Bro ke r/ De a le r o r Bro ke r/ De a le r Re p re se n ta tive GVA is not re g iste re d a s, and GVA (or any affiliated entity) d oes not ha ve p e nd ing a p p lica tio ns to b e co m e , a b ro ke r/d e a le r . Und e r o ur curre nt structure , se ve ral m e m b e rs o f the GVA inve stm e nt te a m ha ve b e e n a p p ro ve d b y GVA to act a s re g iste re d re p re se nta tive s o f a b ro ke r d e a le r, First Lib e rtie s Fina ncial (CRD# 14432), which is no t a ffilia te d with GVA. The se ind ivid ua ls ha ve b e co m e so re g iste re d in o rd e r to o ffe r inve sto rs, so m e o f who m m a y also b e clie nts o f GVA, the o p p o rtunity to m a ke inve stm e nts in p riva te co m p a nie s d ire ctly, ra the r tha n thro ug h a Fund o ffe re d b y GVA. Yo u sho uld b e aware tha t this d ua l-ha tte d ro le o f GVA inve stm e nt te a m m e m b e rs a nd tra nsa cting in se curitie s p urcha se s fo r clie nts thro ug h this no n-a ffilia te d b ro ke r-d e a le r, re sults in co nflicts o f inte re st b e ca use the GVA Te a m m e m b e rs ca n b e co m p e nsa te d m o re o r re alize co m p e nsa tio n m o re q uickly whe n p aid in the fo rm o f a b ro ke ra g e co m m issio n (fo r e xa m p le ), tha n we re the sa m e inve stm e nt o ffe re d thro ug h o r a s p art o f a Fund structure o r p o rtfo lio. To the e xte nt a n inve sto r in a b ro ke rag e tra nsa ctio n is also a clie nt o f GVA, the inve stm e nt te a m m e m b e r invo lve d in the b ro ke rag e tra nsa ctio n m a y e arn re ve nue fro m b o th the GVA inve stm e nt a d viso ry re la tio nship a nd fro m the b ro ke ra g e 17  tra nsa ctio ns. Mo re o ve r, the re will b e a fina ncial ince ntive to incre a se a sse ts he ld in ad viso ry acco unts o r d e te rm ine to m a ke inve stm e nts thro ug h a Fund structure fo r the inve stm e nt te a m whe n the inve stm e nts m a y ta ke a lo ng tim e to m a te rialize a nd the re fo re the fe e s e arne d o ve r tim e m ay b e m o re p ro fitab le . So , in p articular ca se s, the co m m issio n o n a p articular b ro ke ra g e tra nsa ctio n, a nd in o the r ca se s the fe e structure s a p p licab le to a Fund , d e p e nd ing o n the tra nsactio n, m a y b e m o re p ro fita b le to GVA o r the GVA inve stm e nt te a m m e m b e r. To m a na g e this co nflict, GVA inve stm e nt te a m m e m b e rs ha ve ad o p te d a p o licy tha t the y will o nly e ng ag e in o ffe ring inve stm e nts in p riva te co m p a nie s via b ro ke ra g e tra nsactio ns with clie nts o f GVA und e r circum sta nce s whe re the inve stm e nt b e ing co nte m p la te d is no t suitab le to b e o ffe re d via a Fund structure o ffe re d b y GVA, o r whe re the inve stm e nt is o nly p o ssib le o r availa b le to b e m a d e a s a d ire ct inve stm e nt b y the inve sto r into the co m p a ny a nd no t via a n inte rm e d ia ry Fund o ffe re d b y GVA. Circum sta nce s whe re this p o licy a p p lie s includ e whe re the p riva te co m p a nie s d o no t wish to ha ve inte rm e d ia ry e ntitie s like Fund s o ffe re d b y GVA a s inve sto rs, a nd whe re inve sto rs d e sire to b e d ire ct inve sto rs in p riva te co m p a nie s. GVA re q uire s all GVA inve stm e nt te a m m e m b e rs who a re a lso re g iste re d re p re se nta tive s o f First Lib e rtie s Fina ncia l to up ho ld the ir fid uciary d utie s a nd to act in GVA’s Clie nt’s b e st inte re st; a nd the y are p ro hib ite d fro m co nsid e ring the ir o wn co m p e nsa tio n o r co m p e nsa tio n o f GVA whe n m a king re co m m e nd a tio ns to clie nts. The y are re q uire d to re co m m e nd acco unts, p ro d ucts, inve stm e nts, a nd se rvice s tha t are a p p ro p ria te fo r clie nts o f GVA b a se d o n inve stm e nt o b je ctive s, g o a ls, stra te g ie s, risk to le ra nce , fina ncia l situa tio n, tim e ho rizo n, a nd fina ncial ne e d s. GVA m a intains p o licie s, p ro ce d ure s, a nd a Co d e o f Ethics a nd all e m p lo ye e s re ce ive a nnua l training . Ad d itio na lly, GVA a nd its inve stm e nt te a m m e m b e rs p e rfo rm a d viso ry a nd / o r b ro ke ra g e se rvice s fo r vario us o the r clie nts. As a re sult o f d iffe re nce s in clie nt inve stm e nt o b je ctive s, g o als, stra te g ie s, risk to le ra nce , fina ncia l situa tio ns, tim e ho rizo ns, a nd fina ncial ne e d s, GVA a nd the inve stm e nt te a m m e m b e rs m a y p ro vid e ad vice o r re co m m e nd a tio ns a nd / o r ta ke actio ns fo r o the r clie nts tha t d iffe r fro m the a d vice o r re co m m e nd a tio ns g ive n to yo u a nd / o r actio ns ta ke n in yo ur acco unt. The tim ing o f a ny a d vice o r re co m m e nd a tio n p ro vid e d o r actio n ta ke n fo r yo u a nd yo ur a cco unt m ay a lso b e d iffe re nt. To he lp m a na g e a ny co nflicts o f inte re st tha t m ay arise , we have im p le m e nte d ce rtain co ntro ls includ ing p e rio d ic re vie ws o f acco unts to id e ntify p e rfo rm a nce o utlie rs, p e rio d ic re vie ws o f acco unt-sp e cific g uid e line s, a nd o the r p o licie s a nd p ro ce d ure s tha t se e k to m a na g e a nd , if p o ssib le , m inim ize the e ffe cts o f a ny co nflicts. B. Re g istra tio n a s a Fu tu re s Co m m issio n Me rch a n t, Co m m o d ity Po o l O p e ra to r, o r a Co m m o d ity Tra d in g Ad viso r Ne ithe r GVA no r its re p re se ntative s are re g iste re d as o r have p e nd ing ap p licatio ns to b e co m e e ithe r a Future s Co m m issio n Me rchant, Co m m o d ity Po o l O p e rato r, o r Co m m o d ity Trad ing Ad viso r o r an asso ciate d p e rso n o f the fo re g o ing e ntitie s. C. Re g istra tio n Re la tio n sh ip s Ma te ria l to th is Ad viso ry Bu sin e ss a n d Po ssib le Co n flicts o f In te re sts 18  No ne o f GVA’s sup e rvise d p e rso ns are curre ntly re g iste re d a s a re p re se nta tive o f a b ro ke r d e a le r. D. Se le ctio n o f O th e r Ad vise rs o r Ma n a g e rs a n d Ho w Th is Ad vise r is Co m p e n sa te d fo r Th o se Se le ctio n s GVA d o e s no t utilize no r se le ct third -p arty inve stm e nt ad vise rs. Ite m 1 1 : Co d e o f Eth ics, Pa rticip a tio n o r In te re st in Clie n t Tra n sa ctio n s a n d Pe rso n a l Tra d in g A. Co d e o f Eth ics Hig h e thica l sta nd ard s are e sse ntial fo r the succe ss o f GVA a nd to m aintain the co nfid e nce o f Clie nts. GVA’s lo ng -te rm b usine ss inte re sts are b e st se rve d b y a d he re nce to the p rincip le tha t the inte re sts o f Clie nts co m e first. To this e nd , a nd a s re q uire d b y Rule 204A- 1 und e r the Inve stm e nt Ad vise rs Act o f 1940 (a s am e nd e d ), GVA ha s a a d o p te d a writte n Co d e o f Ethics a nd a sso cia te d co m p lia nce p ro ce d ure s tha t co ve r the fo llo wing are a s: (a) fid uciary d utie s a nd e thica l co nd uct o f a nd b y GVA a nd its sup e rvise d p e rso ns, (b ) co m p lia nce with a p p lica b le la w, (c) p e rm itte d a nd p ro hib ite d p e rso na l se curitie s tra nsa ctio ns a nd re p o rting o f sa m e b y ce rtain sup e rvise d p e rso ns, (d ) ce rtain co nflicts o f inte re st tha t m ust b e a vo id e d , (d ) co nfid e ntia lity, a m o ng o the r to p ics. Co m p lia nce with the Co d e o f Ethics a nd a sso cia te d co m p lia nce m a nua l a nd p ro ce d ure s is re q uire d to b e ackno wle d g e d b y all sup e rvise d p e rso ns a nd GVA’s CCO a nd o the r sup e rviso ry sta ff m aintain p ro ce d ure s to he lp a ssure tha t s up e rvise d p e rso ns a d he re to the Co d e a nd a sso cia te d p o licie s a nd p ro ce d ure s. A co p y o f GVA’s Co d e o f Ethics is a vailab le fre e up o n to a ny Clie nt o r p ro sp e ctive Clie nt b y co ntacting Se va sti Ba fa la s re q ue st (se va sti@g o a lve stad viso ry.co m ). B. Re co m m e n d a tio n s In vo lvin g Ma te ria l Fin a n cia l In te re sts GVA sp o nso rs a nd a d vise s Go a lVe st Pre -IPO Gro wth Fund LP I, Go alVe st Pre -IPO Gro wth Fund II, Da ta m inr SPV, a Se rie s o f Go alVe st Ma ste r 2021, LLC a nd Klarna SPV, a Se rie s o f Go a lVe st Ma ste r 2021, LLC each a p riva te fund (the “Fund s"). GVA will re co m m e nd inve stm e nts in Fund s to tho se Clie nt s fo r which inve stm e nt in the fund is suitab le . This p re se nts a co nflict o f inte re st in tha t GVA, o r its re la te d p e rso ns m ay re ce ive m o re co m p e nsa tio n fro m inve stm e nt in the fund tha n fro m o the r inve stm e nts. Ne ve rthe le ss, GVA acts in the b e st inte re sts o f the Clie nt co nsiste nt with its fid uciary d utie s and Clie nts are no t re q uire d inve st in the Fund s if the y d o no t wish to d o so . GVA and /o r ind ivid ual p o rtfo lio m anag e rs o f the Fund s GVA re ce ive carrie d inte re st fro m re sp e ctive Fund s, m e aning the y re ce ive a share o f p ro fits up o n the sale o f a Fund ’s asse t. Carrie d inte re st in a Fund m ay cre ate an ince ntive fo r the GVA and the Fund ’s Ge ne ral Partne r 19  to m ake m o re sp e culative inve stm e nts fo r the Fund than it wo uld o the rwise m ake in the ab se nce o f such p e rfo rm ance -b ase d co m p e nsatio n. Ho we ve r, co nflicts o f inte re st asso ciate d with carrie d inte re st are m itig ate d b y: (a) the re q uire m e nt that inve ste d cap ital and re late d e xp e nse s b e re turne d to inve sto rs b e fo re the g e ne ral p artne r o f a Fund b e co m e s e ntitle d to re ce ive any carrie d inte re st; (b ) the re q uire m e nt that the Ge ne ral Partne r m ake a cap ital co m m itm e nt to the Fund ; and (c) a g e ne ral p artne r clawb ack o b lig atio n und e r d isso lutio n o f the Fund . C. In ve stin g Pe rso n a l Mo n e y in th e Sa m e Se cu ritie s a s Clie n ts Fro m tim e to tim e , re p re se ntative s o f GVA m ay b uy o r se ll se curitie s fo r the m se lve s that the y also re co m m e nd to Clie nt s. This m ay p ro vid e an o p p o rtunity fo r re p re se ntative s o f GVA to b uy o r se ll the sam e se curitie s b e fo re o r afte r re co m m e nd ing the sam e se curitie s to Clie nt s re sulting in re p re se ntative s p ro fiting o ff the re co m m e nd atio ns the y p ro vid e to Clie nt s. Such transactio ns m ay cre ate a co nflict o f inte re st. GVA m aintains a Co d e o f Ethics that p ro hib its its sup e rvise d p e rso ns fro m p lacing the ir o wn inte re sts ahe ad o f tho se o f Clie nt s and as a re sult GVA’s sup e rvise d p e rso ns will n o t e ng ag e in trad ing that o p e rate s to the Clie nt’s d isad vantag e whe n sim ilar se curitie s are b e ing b o ug ht o r so ld . GVA’s sup e rviso ry p e rso nne l m aintain p ro ce d ure s to re vie w and d o cum e nt transactio ns that co uld b e co nstrue d as co nflicts o f inte re st. D. Tra d in g Se cu ritie s At/ Aro u n d th e Sa m e Tim e a s Clie n ts’ Se cu ritie s Fro m tim e to tim e , re p re se ntative s o f GVA m ay b uy o r se ll se curitie s fo r the m se lve s at o r aro und the sam e tim e as Clie nts. This m ay p ro vid e an o p p o rtunity fo r re p re se ntative s o f GVA to b uy o r se ll se curitie s b e fo re o r afte r re co m m e nd ing se curitie s to Clie nt s re sulting in re p re se ntative s p ro fiting o ff the re co m m e nd atio ns the y p ro vid e to Clie nts. Such transactio ns m ay cre ate a co nflict o f inte re st; ho we ve r, as no te d ab o ve GVA’s Co d e o f Ethics p ro hib its e ng ag ing in trad ing that o p e rate s to the Clie nt’s d isad vantag e if re p re se ntative s o f GVA b uy o r se ll se curitie s at o r aro und the sam e tim e as Clie nts, and GVA’s sup e rviso ry p e rso nne l m aintain p ro ce d ure s to re vie w and d o cum e nt transactio ns that co uld b e co nstrue d as co nflicts o f inte re st. Ite m 1 2 : Bro ke ra g e Pra ctice s A. Fa cto rs Use d to Se le ct Cu sto d ia n s a n d / o r Bro ke r/ De a le rs the m arke t e xp e rtise a nd re se arch acce ss p ro vid e d b y includ ing b ut no t to acce ss Custo d ia ns/b ro ke r-d e ale rs will b e re co m m e nd e d b a se d o n GVA’s d uty to se e k “b e st e xe cutio n,” which is the o b lig a tio n to se e k e xe cutio n o f se curitie s tra nsa ctio ns fo r a Clie nt o n the m o st favo rab le te rm s fo r the Clie nt und e r the circum stance s. Clie nts will no t ne ce ssarily p ay the lo we st co m m issio n o r co m m issio n e q uivale nt, a nd GVA m a y a lso co nsid e r the b ro ke r- to writte n re se arch, o ral d e a le r/custo d ia n, lim ite d co m m unicatio n with analysts, ad m ittance to re se arch co nfe re nce s and o the r re so urce s 20  p ro vid e d b y the b ro ke rs tha t m ay aid in GVA’s re se arch e ffo rts. GVA will ne ve r charg e a p re m ium o r co m m issio n o n tra nsactio ns, b e yo nd the a ctua l co st im p o se d b y the b ro ke r- d e ale r/custo d ian. GVA re co m m e nd s Charle s Schwa b fo r its d ire ct se p ara te ly m a na g e d ad viso ry Clie nts. GVA use s Carta Se curitie s a s custo d ia n fo r Fund s a s we ll. 1. Re se a rch a n d O th e r So ft-Do lla r Be n e fits GVA d o e s no t re ce ive so ft d o lla r b e ne fits, in which it re ce ive s b e ne fits fro m a b ro ke r- d e a le r tie d to co m m issio ns g e ne ra te d fo r the b ro ke r-d e ale r in a d viso ry acco unts. 2. Bro ke ra g e fo r Clie n t Re fe rra ls GVA re ce ive s no re fe rrals fro m a b ro ke r-d e ale r o r third p a rty in e xcha ng e fo r using tha t b ro ke r-d e a le r o r third p arty. 3. Clie n ts Dire ctin g Wh ich Bro ke r/ De a le r/ Cu sto d ia n to Use GVA m a y p e rm it Clie nts to d ire ct it to e xe cute tra nsa ctio ns thro ug h a sp e cifie d b ro ke r- d e a le r. If a Clie nt d ire cts b ro ke rag e , the n the Clie nt will b e re q uire d to a ckno wle d g e in writing tha t the Clie nt’s d ire ctio n with re sp e ct to the use o f b ro ke rs sup e rse d e s a ny a utho rity g ra nte d to GVA to se le ct b ro ke rs; this d ire ctio n m a y re sult in hig he r co m m issio ns, which m ay re sult in a d isp arity b e twe e n fre e and d ire cte d acco unts; the Clie nt m ay b e unab le to p articip ate in b lo ck trad e s (unle ss GVA is a b le to e ng a g e in “ste p o uts”); a nd trad e s fo r the Clie nt a nd o the r d ire cte d acco unts m a y b e e xe cute d a fte r trad e s fo r fre e acco unts, which m a y re sult in le ss favo ra b le p rice s, p a rticula rly fo r illiq uid se curitie s o r d uring vo la tile m arke t co nd itio ns. No t a ll inve stm e nt ad vise rs allo w the ir Clie nts to d ire ct b ro ke rag e . 4. Prin cip a l a n d Cro ss Tra n sa ctio n s GVA d o e s no t typ ically e ffe ct transactio ns as p rincip al (i.e ., whe re GVA o r any o f its sup e rvise d p e rso ns, o r affiliate s, we re to , fo r the ir o wn acco unt, b uy fro m o r se ll se curitie s to o r fro m a Clie nt acco unt). If GVA wishe s to e ffe ct any transactio ns as p rincip al, GVA will o b tain Clie nt co nse nt b e fo re the co m p le tio n o f e ach such transactio n. GVA m ay also e ng ag e in cro ss transactio ns fo r ce rtain Clie nts whe re b y GVA is acting as an inve stm e nt ad vise r fo r o ne o r m o re ad viso ry Clie nts and se lls o r b uys se curitie s fro m o r to o ne o r m o re ad viso ry Clie nts, and whe re all such Clie nts p ro vid e a b lanke t co nse nt in the inve stm e nt ad viso ry co ntract, o r o the rwise in writing , to GVA’s e nte ring into cro ss transactio ns. Whe n cro ss transactio ns are e ng ag e d in, a p o te ntially co nflicting d ivisio n o f lo yaltie s and re sp o nsib ilitie s m ay arise fo r GVA, and GVA m aintains p o licie s and p ro ce d ure s to he lp assure that GVA is acting in the b e st inte re sts o f e ach ad viso ry Clie nt who se acco unt p articip ate s in the cro ss transactio n. Clie nts m ay re vo ke the ir co nse nt fo r GVA to e ng ag e in cro ss transactio ns up o n writte n no tice to GVA. GVA will e ffe ct cro ss-transactio ns o nly whe n we d e e m the p ractice to b e ad vantag e o us fo r e ach p articip ating acco unt, and the 21  te rm s o f any such transactio n are fair and re aso nab le . GVA will e nsure it, o r the re le vant custo d ian o r b ro ke r p ro vid e s co nfirm atio n o f p rincip al o r cro ss-transactio ns in acco rd ance with ap p licab le law. Due to re g ulato ry re strictio ns, GVA d o e s no t includ e any acco unts g o ve rne d b y the Em p lo ye e Re tire m e nt Inco m e Se curity Act (”ERISA”), in any cro ss transactio ns. B. Ag g re g a tin g (Blo ck) Tra d in g fo r Mu ltip le Clie n t Acco u n ts If GVA b uys o r se lls the sam e se curitie s o n b e half o f m o re tha n o ne Clie nt, the n it m a y (b ut wo uld b e und e r no o b lig a tio n to ) a g g re g a te o r b unch such se curitie s in a sing le tra nsa ctio n fo r m ultip le Clie nts in o rd e r to se e k m o re fa vo ra b le p rice s, lo we r b ro ke rag e co m m issio ns, o r m o re e fficie nt e xe cutio n. In such ca se , GVA wo uld p lace a n a g g re g a te o rd e r with the b ro ke r o n b e ha lf o f a ll such Clie nts tha t GVA inte nd s to re ce ive a n allo ca tio n in o rd e r to e nsure fairne ss fo r a ll Clie nt s; p ro vid e d , ho we ve r, tha t tra d e s wo uld b e re vie we d p e rio d ically to e nsure that acco unts are no t syste m atically d isad vantag e d b y this p o licy. GVA wo uld d e te rm ine the a p p ro p ria te num b e r o f share s a nd se le ct the a p p ro p ria te b ro ke rs co nsiste nt with its d uty to se e k b e st e xe cutio n, e xce p t fo r tho se a cco unts with sp e cific b ro ke ra g e d ire ctio n (if a ny). If se curitie s so ug ht to b e p urcha se d a re lim ite d in q ua ntity, GVA se e ks to a llo ca te se curitie s tha t ca n b e o b taine d in a fair a nd e q uita b le m a nne r. De p e nd ing o n tim ing , GVA m a y, b ut g e ne ra lly d o no t, ag g re g a te the p urcha se a nd sa le o f se curitie s fo r no n-d iscre tio na ry inve stm e nt ad viso ry acco unts with d iscre tio na ry acco unts a nd inste a d will e xe cute trad e s fo r no n-d iscre tio nary acco unts a s ne e d e d . As a re sult o ur Clie nts with no n-d iscre tio na ry inve stm e nt ad viso ry acco unts m ay re ce ive d iffe re nt p ricing o n tra nsa ctio ns fo r the p urcha se o r sale o f the sa m e se curitie s a s co m p a re d to Clie nt s with d iscre tio nary acco unts fo r which GVA a p p lie s the a g g re g a tio n m e tho d to Clie nt o rd e rs. C. Tra d e Erro rs Fro m tim e to tim e , GVA m ake s e rro rs that cause trad e s to b e e nte re d inco rre ctly fo r d ire ct se p arate ly m anag e d and sub -ad vise d ad viso ry acco unts. In such infre q ue nt instance s, Go alVe st first se e ks to have the b ro ke r cance l the trad e . So m e tim e s, this will no t b e p o ssib le . As a g e ne ral m atte r, as se t fo rth in GVA’s inve stm e nt m anag e m e nt co ntract fo r the o ve rwhe lm ing m ajo rity o f d ire ctly m anag e d Clie nts, GVA will b e liab le to d ire ct ad viso ry clie nts fo r any e rro rs o r m istake s in p lacing o r e xe cuting se curitie s transactio ns carrie d o ut as a re sult o f the ne g lig e nce o f GVA. O the r Clie nt co ntracts m ay have d iffe re nt stand ard s o f care . In m o st instance s, the co st o f such e rro rs will b e b o rne b y GVA and any incid e ntal b e ne fit will b e e njo ye d b y the Clie nt, sub je ct to the b e lo w p ro ce ss that is fo llo we d b y Charle s Schwab & Co . Inc. (“Schwab ”). The o ve rwhe lm ing m ajo rity o f GVA’s clie nt acco unts are he ld b y Charle s Schwab & Co . If an inve stm e nt g ain re sults fro m co rre cting a trad e e rro r in a Schwab acco unt, the g ain will re m ain in Clie nt acco unts unle ss the sam e e rro r invo lve d o the r clie nt acco unt(s) that sho uld have re ce ive d the g ain, it is no t p e rm issib le fo r the clie nt to re tain the g ain, o r GVA co nfe rs with clie nts and Clie nts d e cid e to fo re g o the g ain (e .g ., d ue to tax re aso ns). If the g ain d o e s no t re m ain in the Clie nt’s acco unt and Schwab is the custo d ian, Schwab will d o nate the 22  am o unt o f any g ain $100 and o ve r to charity. If a lo ss o ccurs g re ate r than $100, GVA will p ay fo r the lo ss. Schwab will m aintain the lo ss o r g ain (if such g ain is no t re taine d in the clie nt’s acco unt) if it is und e r $100 to m inim ize and o ffse t its ad m inistrative tim e and e xp e nse . Ge ne rally, if re late d trad e e rro rs re sult in b o th g ains and lo sse s in yo ur acco unt, the y m ay b e ne tte d , typ ically b y Schwab , b ut GVA m ay d e te rm ine to ne t the m ind e p e nd e ntly. Ite m 1 3 : Re vie w o f Acco u n ts A. Fre q u e n cy a n d Na tu re o f Pe rio d ic Re vie w s a n d Wh o Ma ke s Th o se All Clie nt acco unts fo r GVA’s ad viso ry se rvice s p ro vid e d o n an o ng o ing b asis are re vie we d at le ast q uarte rly b y Se vasti Balafas, CEO , with re g ard to Clie nt s’ re sp e ctive inve stm e nt p o licie s and risk to le rance le ve ls. All acco unts at GVA are assig ne d to this re vie we r, and she is assis te d in the se e nd e avo rs b y GVA’s inve stm e nt staff. All fina ncia l p la nning a cco unts are re vie we d up o n fina ncial p la n cre a tio n a nd p la n d e live ry b y Se va sti Ba la fa s, CEO . Fina ncia l p la nning Clie nt s are p ro vid e d a o ne -tim e fina ncia l p la n co nce rning the ir fina ncial situa tio n. Ms. Ba la fa s is a ssiste d in he r fina ncia l p la nning b y GVA’s fina ncial p la nning sta ff. B. Fa cto rs Th a t Will Trig g e r a No n -Pe rio d ic Re vie w o f Clie n t Acco u n ts GVA ca n b e sa id to m o nito r the issue rs it inve sts in o n a d aily b a sis acro ss its Clie nt acco unts. Re vie ws o f acco unts m a y b e trig g e re d b y m a te rial m a rke t, e co no m ic o r p o litica l e ve nts (a nd ), o r b y cha ng e s in a Clie nt’s fina ncial situa tio ns (such a s re tire m e nt, te rm ina tio n o f e m p lo ym e nt, p hysical m o ve , o r inhe ritance ) as co m m unicate d b y Clie nts. Clie nts are re q ue ste d to ke e p GVA info rm e d o f such chang e s as so o n as p racticab le whe n the y o ccur. C. Co n te n t a n d Fre q u e n cy o f Re g u la r Re p o rts Pro vid e d to Clie n ts Ea ch Clie nt o f GVA’s a d viso ry se rvice s p ro vid e d o n a n o ng o ing b a sis will re ce ive a m o nthly re p o rt d e tailing the Clie nt’s acco unt, includ ing a sse ts he ld , a sse t va lue , a nd fe e s. This writte n re p o rt will co m e fro m the custo d ia n. GVA will also p ro vid e a t le a st q ua rte rly a se p ara te writte n sta te m e nt to the Clie nt. Clie nts a re e nco ura g e d to co m p are the writte n sta te m e nts p ro vid e d b y GVA with tho se p ro vid e d b y the custo d ia n a nd b ring a ny d iscre p a ncie s to GVA’s a tte ntio n. In the e ve nt o f such d iscre p a ncy, the custo d ia n p ro vid e d sta te m e nt shall g o ve rn. Ea ch fina ncial p la nning Clie nt may re ce ive the fina ncia l p la n up o n co m p le tio n, up o n re q ue st. Ite m 1 4 : Clie n t Re fe rra ls a n d O th e r Co m p e n sa tio n A. Eco n o m ic Be n e fits Pro vid e d b y Th ird Pa rtie s fo r Ad vice Re n d e re d to Clie n ts (In clu d e s Sa le s Aw a rd s o r O th e r Prize s) 23  Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s p ro vid e s o ur firm with acce ss to Charle s Schwa b & Co ., Inc. Ad viso r Se rvice s’ institutio na l tra d ing a nd custo d y se rvice s, which are typ ically no t a vaila b le to Charle s Schwab & Co ., Inc. Ad viso r Se rvice s re tail inve sto rs. The se se rvice s g e ne rally are a vailab le to ind e p e nd e nt inve stm e nt ad vise rs o n a n unso licite d b a sis, a t no charg e to the m so lo ng a s a to ta l o f a t le a st $10 m illio n o f the a d vise r’s Clie nts’ a sse ts are m aintaine d in acco unts a t Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s. Charle s Schwa b & Co ., Inc. Ad viso r Se rvice s includ e s b ro ke rag e se rvice s tha t are re la te d to the e xe cutio n o f se curitie s tra nsa ctio ns, custo d y, re se a rch, includ ing tha t in the fo rm o f a d vice , a na lyse s a nd re p o rts, a nd acce ss to m utua l fund s a nd o the r inve stm e nts tha t are o the rwise g e ne ra lly a vailab le o nly to institutio na l inve sto rs o r wo uld re q uire a sig nifica ntly hig he r m inim um initial inve stm e nt. Fo r o ur Clie nt acco unts m aintaine d in its custo d y, Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s g e ne rally d o e s no t charg e se p ara te ly fo r custo d y se rvice s b ut is co m p e nsa te d b y acco unt ho ld e rs thro ug h co m m issio ns o r o the r tra nsa ctio n-re la te d o r a sse t-b a se d fe e s fo r se curitie s tra d e s tha t are e xe cute d thro ug h Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s o r tha t se ttle into Charle s Schwab & Co ., Inc. Ad viso r Se rvice s acco unts. info rm a tio n te chno lo g y, b usine ss succe ssio n, Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s a lso m a ke s a vaila b le to o ur firm o the r p ro d ucts a nd se rvice s that b e ne fit o ur firm b ut m ay no t b e ne fit its Clie nts’ acco unts. The se b e ne fits m ay includ e na tio na l, re g io na l o r sp e cific e d uca tio na l e ve nts o rg a nize d a nd / o r sp o nso re d b y Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s. O the r p o te ntia l b e ne fits m a y includ e o cca sio na l b usine ss e nte rtainm e nt o f p e rso nne l o f o ur firm b y Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s p e rso nne l, includ ing m e a ls, invita tio ns to sp o rting e ve nts, includ ing g o lf to urna m e nts, a nd o the r fo rm s o f e nte rtainm e nt, so m e o f which m a y acco m p a ny e d uca tio na l o p p o rtunitie s. O the r o f the se p ro d ucts a nd se rvice s a ssist o ur firm in m a na g ing a nd a d m iniste ring Clie nts’ acco unts. The se includ e so ftware and o the r te chno lo g y (and re late d te chno lo g ical training ) that p ro vid e acce ss to Clie nt acco unt d a ta (such a s trad e co nfirm a tio ns a nd acco unt sta te m e nts), fa cilita te trad e e xe cutio n (a nd allo ca tio n o f ag g re g a te d tra d e o rd e rs fo r m ultip le Clie nt acco unts, if a p p lica b le ), p ro vid e re se arch, p ricing info rm atio n and o the r m arke t d ata, facilitate p aym e nt o f o ur firm ’s fe e s fro m its Clie nts’ acco unts (if a p p licab le ), a nd a ssist with b ack-o ffice tra ining a nd sup p o rt functio ns, re co rd ke e p ing a nd Clie nt re p o rting . Ma ny o f the se se rvice s g e ne rally m a y b e use d to se rvice a ll o r so m e sub sta ntial num b e r o f o ur firm ’s acco unts. Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s also m a ke s a vailab le to o ur firm o the r se rvice s inte nd e d to he lp o ur firm m a na g e a nd furthe r d e ve lo p its b usine ss e nte rp rise . The se se rvice s m ay includ e p ro fe ssio nal co m p liance , le g al a nd b usine ss co nsulting , p ub lica tio ns a nd co nfe re nce s o n p ractice m a na g e m e nt, re g ula to ry co m p lia nce , e m p lo ye e b e ne fits p ro vid e rs, hum a n ca p ital co nsulta nts, insura nce a nd m arke ting . In ad d itio n, Charle s Schwa b & Co ., Inc. Ad viso r Se rvice s m ay m a ke a vailab le , arra ng e a nd /o r p ay ve nd o rs fo r the se typ e s o f se rvice s re nd e re d to o ur firm b y ind e p e nd e nt third p artie s. Cha rle s Schwa b & Co ., Inc. Ad viso r Se rvice s m ay d isco unt o r waive fe e s it wo uld o the rwise charg e fo r so m e o f the se se rvice s o r p a y all o r a p art o f the fe e s o f a third -p arty p ro vid ing the se se rvice s to o ur firm . O ur firm is ind e p e nd e ntly o wne d a nd o p e ra te d a nd no t a ffilia te d with Charle s Schwa b & Co ., Inc. Ad viso r Se rvice s. 24  B. Co m p e n sa tio n to No n – Ad viso ry Pe rso n n e l fo r Clie n t Re fe rra ls GVA d o e s no t co m p e nsate no n-ad viso ry p e rso nne l (so licito rs/p ro m o te rs) fo r Clie nt re fe rrals. Ite m 1 5 : Cu sto d y As d e scrib e d in Ite m 14 ab o ve , GVA g e ne rally intro d uce s d ire ct se p arate ly m anag e d acco unt ad viso ry Clie nt s to Charle s Schwab and Co ., Inc. Ad viso r Se rvice s, which is a q ualifie d custo d ian within the m e aning o f Rule 206(4)-2 und e r the Inve stm e nt Ad vise rs Act o f 1940, as am e nd e d (the “Custo d y Rule ”) to p ro vid e custo d ian se rvice s fo r such Clie nts. Sub ad vise d ad viso ry Clie nts m ay use o the r q ualifie d custo d ians. Whe n ad viso ry fe e s are d e d ucte d d ire ctly fro m Clie nt acco unts at a Clie nt's custo d ian, GVA will b e d e e m e d to have lim ite d custo d y o f Clie nt's asse ts and m ust have writte n autho rizatio n fro m the Clie nt to d o so . Clie nts will re ce ive all acco unt state m e nts and b illing invo ice s that are re q uire d in e ach jurisd ictio n, and the y sho uld care fully re vie w tho se state m e nts fo r accuracy. Clie nts will also re ce ive state m e nts fro m GVA and are urg e d to co m p are the acco unt state m e nts the y re ce ive d fro m the ir custo d ian with tho se the y re ce ive d fro m GVA. GVA m ay b e d e e m e d to have custo d y o ve r the fund s and se curitie s inve ste d in the Fund s that GVA sp o nso rs and ad vise s. GVA is d e e m e d to have custo d y o f the asse ts o f e ach Fund fo r which GVA, o r an affiliate se rve s as g e ne ral p artne r o r m anag ing m e m b e r, and GVA m ust m e e t the ap p licab le co nd itio ns o f the C usto d y Rule as the y ap p ly to the Fund s. Ite m 1 6 : In ve stm e n t Discre tio n GVA p rim arily p ro vid e s d iscre tio nary inve stm e nt ad viso ry se rvice s to Clie nt s. The ad viso ry co ntract e stab lishe d with e ach Clie nt se ts fo rth the d iscre tio nary autho rity fo r trad ing . Whe re inve stm e nt d iscre tio n has b e e n g rante d , GVA g e ne rally m anag e s the Clie nt ’s acco unt and m ake s inve stm e nt d e cisio ns witho ut co nsultatio n with the Clie nt as to whe n the se curitie s are to b e b o ug ht o r so ld fo r the acco unt, the to tal am o unt o f the se curitie s to b e b o ug ht/so ld , what se curitie s to b uy o r se ll, o r the p rice p e r share . In so m e instance s, GVA’s d iscre tio nary autho rity in m aking the se d e te rm inatio ns m ay b e lim ite d b y co nd itio ns im p o se d b y a Clie nt (in inve stm e nt g uid e line s o r o b je ctive s, o r Clie nt instructio ns o the rwise p ro vid e d to GVA). Fro m tim e to tim e , GVA m ay act as a no n-d iscre tio nary inve stm e nt ad vise r to a Clie nt. In the case o f no n-d iscre tio nary inve stm e nt ad viso ry acco unts, Clie nts m ake the ultim ate d e cisio ns re g ard ing e ach sale o r p urchase o f se curitie s in such acco unts. GVA’s o b lig atio ns to m o nito r inve stm e nts in no n-d iscre tio nary ad viso ry acco unts will b e se t o ut in the ad viso ry co ntract. Ite m 1 7 : Vo tin g Clie n t Se cu ritie s (Pro xy Vo tin g ) 25  Und e r the te rm s o f GVA’s stand ard inve stm e nt ad viso ry co ntract, Clie nts will cho o se whe the r the y wo uld like to vo te se curitie s o n the ir o wn b e half, o r p ro vid e that GVA o r, in the case d o f Sub ad vise d acco unts, the ir p rim ary ad vise r, will vo te p ro xie s. Clie nts typ ically cho o se to ask GVA to vo te p ro xie s, and GVA will typ ically acce p t vo ting autho rity fo r Clie nt se curitie s. Whe n that is the case , Clie nts m ay re ce ive p ro xie s d ire ctly fro m the issue r o f the se curity o r the custo d ian b ut GVA will vo te o n the ir b e half. Whe n Clie nts cho o se no t to have GVA vo te , Clie nts m ay re ce ive p ro xie s d ire ctly fro m the issue r o f the se curity, o r the custo d ian. GVA has ad o p te d and im p le m e nte d p o licie s and p ro ce d ure s that are re aso nab ly d e sig ne d to e nsure that whe n p ro xie s are vo te d fo r Clie nt s, the y are vo te d in the b e st inte re sts o f inve stm e nt ad viso ry Clie nts, in acco rd ance with GVA’s fid uciary o b lig atio ns und e r ap p licab le law. Fo r ad viso ry Clie nts whe re GVA has acce p te d p ro xy vo ting re sp o nsib ility, GVA g e ne rally has the rig ht to vo te o n all m atte rs p e rtaining to the se curitie s in a Clie nt’s p o rtfo lio e xce p t as sp e cifically p ro vid e d o the rwise . It is GVA’s p o licy to vo te all p ro xie s g e ne rally in line with m anag e m e nt re co m m e nd atio ns, as we g e ne rally b e lie ve that co m p any m anag e m e nt and b o ard s are b e st p o sitio ne d to m ake d e cisio ns that im p act lo ng -te rm share ho ld e r value . Exce p tio ns to this p o licy m ay b e m ad e in rare circum stance s whe re ; (a) a m anag e m e nt p ro p o sal is cle arly ag ainst share ho ld e rs' inte re sts and is no t a ro utine and no n-co ntro ve rsial m atte r; o r (b ) GVA has d iscre tio n fo r m o re than 5% o f o utstand ing share s and o ur vo te co uld b e co nse q ue ntial. GVA’s p o licie s and p ro ce d ure s are d e sig ne d to e nsure that p ro xy vo ting d e cisio ns are m ad e in the b e st inte re sts o f o ur Clie nts. In fulfilling o ur p ro xy vo ting re sp o nsib ilitie s, we re co g nize the ind ivid ually tailo re d acco unt nature o f o ur inve stm e nt ad viso ry b usine ss, the varie ty o f se curitie s he ld fo r Clie nts and the re sp o nsib ility fo r inve stm e nt d e cisio ns ve ste d in GVA fo r e ach acco unt und e r sup e rvisio n. Altho ug h no t typ ically re q uire d , acco rd ing ly, GVA m ay d e te rm ine that the sp e cific circum stance s o f such acco unts re q uire that the ir p ro xie s b e vo te d d iffe re ntly fro m the way p ro xie s are vo te d with re sp e ct to o the r acco unts und e r GVA’s sup e rvisio n, o r fro m GVA’s inve stm e nt staff’s o wn acco unts. GVA b e lie ve s that g e ne rally the re are no m ate rial co nflicts b e twe e n o ur Clie nt s’ inte re sts and o ur o wn inso far as p ro xy vo ting is co nce rne d . In the e ve nt a m ate rial co nflict arise s, the GVA will d e te rm ine ho w to p ro vid e d isclo sure o f such co nflict and , if ap p ro p riate , ho w to o b tain Clie nt co nse nt to the p ro xy vo te . It is o ur p o licy to re so lve all co nflicts o f inte re st in the b e st inte re sts o f the Clie nt. Altho ug h the p o te ntial is e xtre m e ly rare , GVA has id e ntifie d the fo llo wing p o te ntial co nflicts o f inte re st: (i) whe re GVA m anag e s any asse ts o f a p ub licly trad e d co m p any and also ho ld the se curitie s o f that co m p any o r an affiliate d co m p any in the acco unt o f a Clie nt; (ii) whe re GVA has a Clie nt re latio nship with an ind ivid ual who is a (A) co rp o rate d ire cto r o r a cand id ate fo r a co rp o rate d ire cto rship o f a p ub lic co m p any o r (B) se nio r e xe cutive o f a p ub lic co m p any, and the se curitie s o f that p ub lic co m p any are he ld in the acco unt o f such Clie nt; and (iii) whe re GVA’s e m p lo ye e is a (A) se nio r e xe cutive o r (B) d ire cto r o r a cand id ate fo r a co rp o rate d ire cto rship o f a p ub lic co m p any, the se curitie s o f which are he ld in the acco unt o f a Clie nt which is m anag e d b y GVA. GVA m aintains re co rd s to m o nito r the se ite m s. If any o f the co nflicts d e scrib e d ab o ve sho uld arise , e ithe r GVA will vo te the ap p licab le se curitie s p ro xie s p ursuant to o ur p ro xy p o licie s 26  and p ro ce d ure s, o r we will vo te the ap p licab le p ro xie s co nsiste nt with the re co m m e nd atio ns o f a third -p arty p ro xy vo ting se rvice . GVA has d e sig nate d staff to b e re sp o nsib le fo r and o ve rse e o ur p ro xy vo ting p ro ce ss, and to d e al d ire ctly with third p artie s to e nsure that p ro xie s and re late d m ate rials are p ro p e rly o b taine d whe re ne ce ssary. The d e sig nate d staff also wo rks with GVA’s inve stm e nt staff to cast vo te s, re so lve issue s with p ro xy vo ting ve nd o rs, and co m p ile p ro xy vo ting re p o rts. GVA Clie nts m ay o b tain re co rd s o n ho w we vo te d the ir share s, and GVA’s vo ting p o licie s and p ro ce d ure s, o n re q ue st b y co ntacting se vasti@g o alve stad viso ry.co m . Ite m 1 8 : Fin a n cia l In fo rm a tio n A. Ba la n ce Sh e e t GVA ne ithe r re q uire s no r so licits p re p aym e nt o f m o re than $1,200 in fe e s p e r Clie nt, six m o nths o r m o re in ad vance , and the re fo re is no t re q uire d to includ e a b alance she e t with this b ro chure . B. Fin a n cia l Co n d itio n s Re a so n a b ly Like ly to Im p a ir Ab ility to Me e t Co n tra ctu a l Co m m itm e n ts to Clie n t s Ne ithe r GVA no r its m a na g e m e nt ha s a ny fina ncial co nd itio n tha t is like ly to re a so na b ly im p air GVA’s ab ility to m e e t co ntractua l co m m itm e nts to Clie nts. C. Ba n kru p tcy Pe titio n s in Pre vio u s Te n Ye a rs GVA ha s no t b e e n the sub je ct o f a b a nkrup tcy p e titio n in the la st te n ye ars. i While GVA does not generally charge performance-based fees to direct separately managed or subadvised advisory accounts, such Clients that meet the definition of “Qualified Client” may at any time enter into an agreement with GVA to be charged performance fees (a “Performance Fee”). The Performance Fee, if charged, is negotiable. As of August 16, 2021, Qualified Client is defined as: “…a natural person who, or a company that: (a) immediately after entering into the contract has at least $1,100,000 under the management of the investment adviser; or (b) the investment adviser entering into the contract (and any person acting on his behalf) reasonably believes, immediately prior to entering into the contract, either: (i) has a net worth (together, in the case of a natural person, with assets held jointly with a spouse) of more than $2,200,000 or (ii) is a qualified purchaser as defined in section 2(a)(51)(A) of the Investment Company Act of 1940 at the time the contract is entered into.” 27