STIFEL, NICOLAUS & COMPANY, INCORPORATED

SEC Number: 801-10746 ADVISORY CONSULTING SERVICES Disclosure Brochure March 31, 2025 This brochure provides information about the qualifications and business practices of Stifel, Nicolaus & Company, Incorporated. This brochure focuses on our Advisory Consulting Services; we also offer wrap fee programs and fee-based financial planning, which are covered in separate brochures. If you have any questions about the contents of this brochure, please contact us at the address or telephone number provided below. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. Additional information about Stifel, Nicolaus & Company, Incorporated is available on the SEC’s website at www.adviserinfo.sec.gov. Registration with the SEC does not imply a certain level of skill or training. Stifel, Nicolaus & Company, Incorporated 501 North Broadway St. Louis, Missouri 63102 (314) 342-2000 www.stifel.com INVESTMENT AND INSURANCE PRODUCTS: NOT FDIC INSURED • NOT A BANK DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE Page 1 of 46 SF1601-3/25  MATERIAL CHANGES This section describes the material changes that have been made to Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”)’s brochure since October 2024. This Brochure, dated March 31, 2025, has been prepared according to the SEC’s disclosure requirements. The following material changes to this Brochure have occurred since its last annual amendment: New material changes: • Other Financial Industry Activities and Affiliations. Section updated to add North Atlantic Capital Management, LLC to the Affiliated Managers subsection; added subsection titled “Affiliated Funds and Other Products.” Previously disclosed material changes in October 2024 other-than-annual amendment: • Other Information About the Programs. Section updated to provide a definition and explanation of “maintenance cash.” Maintenance cash is cash kept in the Advisory account in order to cover ongoing expenses, including fees. • Fees and Compensation. “Additional Information on Fees and Other Compensation” section updated to include a new subsection on “Cash Sweep” describing how Stifel and affiliates receive additional compensation from cash sweep options. • Methods of Analysis, Investment Strategies, and Risk of Loss. The subsection “Cash Balance Risks” has been updated to highlight the risk of negative returns on cash balances due to advisory fees and to highlight the importance for clients to evaluate the appropriateness of maintaining high cash levels. • Disciplinary Information. Section updated to reflect that on September 24, 2024, in connection with the industry-wide sweep into off-channel communications, the SEC entered an administrative order against Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”). The SEC found that the Firm willfully violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder, as well as Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder, due to recordkeeping failures related to electronic communications. The Firm also failed to reasonably supervise its personnel to prevent or detect aiding and abetting violations of these sections. The SEC ordered Stifel to cease and desist from committing or causing any violations, censured the Firm, and imposed undertakings including retaining an independent compliance consultant. Additionally, a civil money penalty of $35,000,000 was imposed. • Cash Sweep Options. Section revised to identify Stifel Bank & Trust as the sub-custodian in establishing and maintaining your deposit accounts while clarifying the fee structures and compensation arrangements related to the Affiliated Banks and Stifel’s role as agent and custodian; a comprehensive description of the “Cash Sweep Options” program has been added, detailing its function, benefits, and associated conflicts of interest, and language has been added to emphasize the need for clients to monitor their sweep balances and compare various cash equivalent investment options. • Voting Client Securities. Section updated to explain that the use of margin may result in a reduction of the number of shares that are eligible for voting. Instead of providing an updated brochure each year, we generally provide this summary of material changes by April 30 of each year. Because it is a summary, it does not contain all of the updates that were made to the brochure. Please read the full brochure, which is available to you at no charge at https://www.stifel.com/disclosures/investment-advisory-services/program-disclosures under the section “Stifel Form ADV 2A Disclosure Brochures” or by contacting your Financial Advisor. Capitalized terms used in this section have the meanings assigned to them in the main body of this brochure. Page 2 of 46 SF1601-3/25  TABLE OF CONTENTS EXECUTIVE SUMMARY ............................................................................................................................................................ 4 ADVISORY BUSINESS ................................................................................................................................................................. 4 ADVISORY PROGRAMS OFFERED BY STIFEL ................................................................................................................... 6 WRAP FEE PROGRAMS ............................................................................................................................................................. 6 FEE-BASED FINANCIAL PLANNING ...................................................................................................................................... 6 OTHER ADVISORY PROGRAMS ............................................................................................................................................. 6 STIFEL VANTAGE PROGRAM ................................................................................................................................................. 6 STIFEL SUMMIT PROGRAM .................................................................................................................................................... 7 OTHER INFORMATION ABOUT THE PROGRAMS ............................................................................................................ 8 MANAGEMENT AND ADVISORY SERVICES TO PRIVATE FUNDS ............................................................................... 9 FEES AND COMPENSATION ..................................................................................................................................................... 9 PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT ........................................................................... 20 ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS .................................................................................................. 20 METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS .......................................................... 20 DISCIPLINARY INFORMATION………………………………………………………………………………………….....28 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ............................................................................ 30 CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS, AND PERSONAL TRADING ......................................................................................................................................................................................................... 32 BROKERAGE PRACTICES ...................................................................................................................................................... 33 REFERRAL PROGRAMS…………………………………………………………………………………………….……….37 CASH SWEEP OPTIONS ........................................................................................................................................................... 39 REVIEW OF ACCOUNTS .......................................................................................................................................................... 41 CLIENT REFERRALS AND OTHER COMPENSATION ..................................................................................................... 42 CUSTODY ..................................................................................................................................................................................... 43 INVESTMENT DISCRETION ................................................................................................................................................... 43 VOTING CLIENT SECURITIES ............................................................................................................................................... 43 FINANCIAL INFORMATION ................................................................................................................................................... 44 ERISA RULE 408(B)(2) DISCLOSURE INFORMATION FOR QUALIFIED RETIREMENT PLANS .......................... 44 Page 3 of 46 SF1601-3/25  EXECUTIVE SUMMARY You should understand that brokerage services are separate and distinct from Advisory services, and that different laws, standards of care, and separate contracts with clients govern each. While there are similarities among brokerage and Advisory services, our firm’s contractual relationship with and legal duties to you are subject to a number of important differences, depending on whether we are acting in a brokerage or Advisory capacity. ADVISORY BUSINESS About Stifel, Nicolaus & Company, Incorporated Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”) is a broker-dealer that has been registered with the SEC since 1936 and an investment adviser that has been registered with the SEC since May 7, 1975. Stifel is owned by Stifel Financial Corp., a publicly held company whose common stock trades under the symbol “SF.” Stifel is a leading full-service wealth management, investment advisory, broker-dealer, and investment banking firm, serving the investment and capital needs of clients. Stifel is a member of the Financial Industry Regulatory Authority (“FINRA”), the Securities Investor Protection Corporation (“SIPC”) and various exchanges. Information about Stifel’s qualifications, business practices, portfolio management techniques, and affiliates is accessible on our website at www.stifel.com as well as via publicly available filings with the SEC at www.adviserinfo.sec.gov. Types of Advisory Services Offered by Stifel Our services include discretionary and non-discretionary1 Advisory services, which generally involve account and/or portfolio management, asset allocation and related services, and recommendation of, or assistance with the selection of, securities and/or investment managers (“Managers”). Such Managers include firms that are independent of our firm (“Independent Managers”) as well as firms owned by our parent company, Stifel Financial Corp., or one of its subsidiaries (“Affiliated Managers”). In this brochure, the pronouns “we,” “our,” “us,” and similar words will refer to Stifel. The pronouns “you,” “your,” and similar words will refer to you as the client. References to the singular throughout this brochure include the plural and vice versa. Capitalized terms shall have the meanings assigned to them in this brochure. Services We Provide We offer both investment advisory (“Advisory”) and brokerage services to our Clients. As a dually registered broker-dealer and investment adviser, most of our registered representatives are licensed and qualified to provide both brokerage and investment advisory services. It is important that you understand the cost and benefits of each option and discuss any questions you may have with your representative. We believe that investment advisory services are suitable and appropriate for a wide variety of our clients; however, these services are not for everyone. There likely will be situations where the fees and expenses associated with investment advisory services may exceed those that would apply for brokerage-only services. We encourage you to review both options very carefully before settling on one option. This brochure focuses primarily on our advisory services; however, we also discuss various aspects of our brokerage services throughout this brochure, particularly under the section “Brokerage Practices” below. You can also obtain additional information relating to our brokerage services by referencing the Stifel Account Agreement and Disclosure Booklet provided in connection with your custodial account at Stifel, a copy of which is also available under the “Important Disclosures” section of www.stifel.com (“Account Agreement and Booklet”). We enter into written advisory agreements (each, an “Advisory Agreement”) with clients acknowledging our Advisory relationship and disclosing our obligations when acting in an Advisory capacity to the client. We provide Advisory services to a variety of clients, including individuals, corporations and other businesses, pension or profit sharing plans, employee benefit plans, trusts, estates, charitable organizations, state and municipal government entities, private funds, educational institutions, insurance companies, and banks or thrift institutions (“Clients”). We generally provide Advisory services through our investment advisory representatives (“Financial Advisors”), who determine the services that are most appropriate for Clients based on each Client’s stated individual investment goals, financial circumstances, and other information provided by the Client. We are able to fulfill a Client’s wealth management needs by acting as broker-dealer, investment adviser, or both. Our Advisory services cover many types of debt and equity or equity-related securities of domestic and foreign companies, as well as national, state, and local government issuers, whether trading on an exchange or over-the-counter. In addition to stocks and fixed income securities, we recommend or invest Client assets in other types of investments, such as rights and warrants, options, certificates of deposit (“CDs”), mutual funds and other open and closed-end funds, exchange traded products (“ETPs”), including exchange traded funds (“ETFs”), unit investment trusts (“UITs”), real estate investment trusts (“REITs”), American Depositary Receipts (“ADRs”), foreign ordinary shares, publicly traded master limited partnerships (“MLPs”), private investment vehicles (including, but not limited to, hedge funds and private equity funds), and other investments deemed appropriate for our Clients. 1 In discretionary investment services, Financial Advisors have discretion to select and allocate eligible investment products within the Client’s portfolio. In non-discretionary investment services, Financial Advisors either select for the Client or recommend and assist the Client in the selection of eligible investment products in which to invest and the Client makes the final decision on when to invest/divest what investments. Page 4 of 46 SF1601-3/25  your discretionary Advisory account(s); however, we cannot accommodate requests to restrict the underlying securities that may be purchased or sold by mutual funds, ETFs, private funds, or other collective investment vehicles in Advisory accounts. Throughout this brochure and depending on the type of program referenced, the term “Portfolio Manager” shall refer to, as applicable, a) Stifel where our firm or your Financial Advisor (as the firm’s agent) provides discretionary portfolio management services and/or b) an Independent Adviser or Affiliated Adviser that provides discretionary portfolio management services. Assets Under Management As of December 31, 2024, we had approximately $107,751,106,114 of Client assets that were managed on a discretionary basis and $63,458,503,373 in non-discretionary assets. For accounts in which Stifel has discretionary trading authority, where an investment restriction applies to prevent the purchase of a security, the funds that would have been invested in the restricted position will either be invested in cash equivalents (including short-term fixed income instruments), other substitute securities, or reallocated among other positions at our discretion. A higher than usual allocation to cash, cash equivalents, or other securities as a result of investment restrictions will impact the performance of the account relative to other accounts that are fully invested. We define and/or identify certain permissible category restrictions (e.g., prohibiting investments in particular industries or based on social consciousness) by reference to information provided by a third-party service provider using the provider’s proprietary methodologies. If you elect to impose investment category restrictions on a discretionary account, we will apply the restrictions based on our internal policies, by referencing the third-party service provider’s information. The service provider typically flags securities as violating specific category restrictions based on the issuer’s revenue or asset levels from the restricted activity(ies). The threshold or level at which revenue or assets are considered to have violated a particular restriction can change at any time, without notice to you. In addition, you should note that Managers with trading responsibility over your account(s) may use their own trading systems and, as a result, use different reference points than Stifel in defining prohibited investments, activity, or revenue levels for category restrictions. As set forth above, we accept investment restrictions only if we conclude that those restrictions are reasonable and can be accommodated through our current monitoring processes. We will reject any proposed investment restriction that does not meet this standard, in which case you have the option of (i) modifying your restrictions until acceptable to us or (ii) not opening or otherwise terminating your discretionary account(s) with us. Our Responsibilities as an Investment Adviser When serving as an investment adviser to Clients in our Advisory programs (“Programs”), we are acting as a fiduciary with respect to the assets held in accounts covered by the Advisory Agreements. In our capacity as an investment adviser, we are held to the legal standards set forth in the Investment Advisers Act of 1940 (the “Advisers Act”), certain state laws, and common law standards applicable to fiduciaries as well as, where applicable obligations imposed under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or other relevant regulations for Advisory retirement accounts. Such standards include the duty of care, including the obligation to have a reasonable basis for believing that our investment recommendations are suitable and consistent with Client’s stated objectives and goals (including any applicable investment restrictions) and the duty of loyalty, including the obligation to provide Clients with full disclosure of material conflicts of interest. Our duties of care and loyalty differ depending on the terms of relationship with the Client, the type and level of agreed services, and other factors, including whether we provide non-discretionary versus discretionary services or when we provide episodic (e.g., financial planning) versus continuous advice. Our duty of care may be defined in our Client agreement, and our duty of loyalty may be modified or limited through Client disclosure and affirmative or implied Client consent by receiving and not objecting to the disclosure. Additional information about our fiduciary obligations, including some of the policies and procedures that we undertake to fulfill those obligations, is available throughout this brochure, including under the section entitled “Participation or Interest in Client Transactions.” We generally do not accept the responsibility for monitoring investment restrictions in non-discretionary accounts. As a non- discretionary account, you must approve recommendations for your account before the related trades can be implemented. We expect you to consider your applicable investment restrictions when considering recommendations for your non-discretionary account(s), and to approve a trade only to the extent you conclude that the recommendation does not violate your investment restrictions. Investment Restrictions If you have accounts in our discretionary programs, you may request investment restrictions on any of those accounts (or specific assets within the accounts), such as restricting investments in specific securities, types of securities, industries, or sectors. We generally require Clients to provide requests for investment restrictions in writing. If we determine that your proposed investment restrictions are reasonable and accept them, we and/or the Adviser you have selected will be responsible for implementing, and managing the account, consistent with the restrictions that you have imposed. It is important for you to understand that, if the restrictions are approved and imposed on your account, the performance of your account will differ (even significantly) from the performance of other accounts in the same portfolio, without similar restrictions. You may request in writing that specific mutual funds or ETFs not be purchased in Investment Policy Statements We do not accept any responsibility for monitoring compliance with a Client’s investment policy statement (“IPS”) unless the Client account is in one of our discretionary programs and the Client is using either a Stifel-approved template for the IPS, or our home office personnel have reviewed the Client’s IPS and determine that the requirements and limitations of the IPS are reasonable and that we are capable of monitoring them, and we Page 5 of 46 SF1601-3/25  have confirmed in writing that we have accepted responsibility for monitoring compliance with the IPS. either the Client-Directed option or the Financial Advisor- Directed option. Clients may submit their IPS for review and will be notified in writing if and when their IPS has been accepted by Stifel. Each of these wrap Programs is further described in the Stifel Wrap Fee Programs Brochure, which is available to you free, upon request. Fee-Based Financial Planning Please note that you are solely responsible for monitoring compliance with your own IPS, even where you have provided a copy of the IPS to your Financial Advisor(s) until you have received written notice from Stifel of its acceptance of your IPS. We offer fee-based financial planning services that are covered in great detail in a separate disclosure brochure. Clients signing up for our fee-based financial planning services should note that wealth planning services are generally provided at no charge as a service incidental to our brokerage relationship with Clients. Other Advisory Programs We also offer Advisory services to Clients under a number of non-wrap fee Programs. You may select from the following other non-wrap fee Advisory Programs as appropriate for your needs: In the event that you update your IPS, you are responsible for providing Stifel with the updated document for our review and approval. If we agree that we can continue to monitor your IPS with the new guidelines, we will notify you in writing of our acceptance. Stifel will not be responsible for monitoring any new guidelines until we have notified you of our acceptance. Stifel’s goal is to follow your IPS. However, market, economic, or geopolitical conditions may impact our ability to do so and, in those cases, Stifel’s policy is to do what it deems to be in the client’s best interest. Stifel Vantage Program ADVISORY PROGRAMS OFFERED BY STIFEL Wrap Fee Programs Our Vantage Program (“Vantage”) offers discretionary account management by certain Financial Advisors who are approved to participate in the Vantage Program. As set forth on the cover page, we offer various Advisory Programs to our Clients, including “wrap fee” Programs for which we are the sponsor and, in certain Programs, both the sponsor and Portfolio Manager for investment portfolios (“Portfolio(s)”) within the Program. A “wrap fee” is an annual fee paid by the Client that is intended to cover applicable services to the account, including investment advice and, where applicable, may include portfolio management, trade execution, clearing, settlements, custody, administrative, and account reporting services provided by Stifel, as well as investment advice and/or portfolio management services provided by an Adviser to the Portfolio. To the extent that portfolio management or similar services for a Portfolio are provided by an Adviser, a portion of the wrap fee is paid to the Adviser for its services – please refer to the section “Fees and Compensation” below for additional details about our wrap fees (also called Advisory Account Fees). If you choose to enroll in the Vantage Program, your Financial Advisor will assist you in selecting an appropriate strategy for your Vantage account once you have established your investment objectives, goals, risk tolerance, and an overall asset allocation. To implement your investment objectives for the account and based on your risk tolerance, your Financial Advisor may utilize fundamental, qualitative, quantitative, and/or technical research published by Stifel or another source. Your Financial Advisor may also employ short-term purchases and/or limited options trading in your Vantage account, provided such strategies are suitable and appropriate for you and, as applicable, approved for the account. Our Financial Advisors use different strategies to manage their discretionary Client accounts; your Financial Advisor may utilize multiple strategies and/or may customize a strategy to fit your particular situations in ways that are different from other Clients. As such, the performance of your Vantage account will differ (at times, materially) from the accounts of similarly situated Clients for your Financial Advisor and/or other Stifel Financial Advisors. Subject to such limitations as we may impose from time to time, our Financial Advisors invest in various kinds of equity and fixed income securities in Vantage accounts. You are encouraged to discuss with your Financial Advisor and review how your Vantage account will be managed, the types of investments to be made, as well as the risks that will be applicable to your Vantage account. As with our other discretionary Programs, you may impose reasonable investment restrictions on your Vantage account. The wrap fee Programs that we offer include the Opportunity, and Investment Management Consulting Programs, whereby an Affiliated or Independent Adviser acts as your discretionary portfolio manager, or provides their model Portfolio to us for our implementation. Stifel also offers discretionary investment advisory services through the Solutions and Fundamentals wrap fee Programs. Our non-discretionary investment advisory wrap fee Programs include the Horizon and Connect Program (where Stifel recommends an Adviser with which you enter into a separate advisory agreement). Finally, under the Custom Advisory Portfolio (“CAP”) Program, our firm offers clients investment management services utilizing various investment products within a single account, whose Portfolios may be a combination of any of internal and/or external model Portfolios, mutual funds and/or ETFs. Clients determine their selection of Vantage Commission Schedule: If you enroll an account in the Vantage Program, you will pay transaction-based charges (commissions) for the services provided by your Financial Page 6 of 46 SF1601-3/25  securities to buy and sell for the account, your directed broker- dealer firm(s) provide brokerage execution services. Advisor and Stifel. Commissions are charged based on our standard commission schedule (subject to negotiation in certain circumstances) for brokerage transactions. The Vantage Program is generally not available to IRAs and is not available to retirement accounts subject to ERISA. In all cases and without regard to whether our Financial Advisor is providing discretionary or non-discretionary services under the Summit arrangement, you will be solely responsible for all brokerage and custodial charges imposed by your independent qualified custodian. If you elect to enroll in the Summit Program in connection with your assets at other institutions, you should be aware that, through our wrap Programs, you could pay a wrap fee for investment management, execution, and custodial services through Stifel. These wrap Programs may be a cheaper alternative than using the Summit Program and paying separate fees to different institutions for advice, custody, trade execution, and clearing; we highly encourage you to review all available options at Stifel with your Financial Advisor(s). Conflicts of Interest It is important that you understand that, due to the commission-based structure of the Vantage Program, Stifel and your Financial Advisors have a conflict of interest with respect to transactions implemented in your Vantage account due to the fact that your Financial Advisor’s compensation rises as more transactions are implemented in the account (conversely, the Financial Advisor is not paid if no transactions are implemented in the account). You should carefully consider whether a Vantage account is appropriate for your investment objectives, risk tolerance, time horizon, and investment experience. While we do not consider the appropriateness of the Vantage Program for a Client solely based on a comparison to wrap fee programs, the Vantage Program may not be suitable for you if you (and/or your Financial Advisor) anticipate a high level of trading activity where the transaction costs could potentially exceed those that would otherwise be charged under a discretionary wrap Program. We highly encourage you to review all available options at Stifel with your Financial Advisor(s). Summit Fee Schedule: For our services under a Summit arrangement, we charge a fee at an annual rate of up to 1.00% of the total value of investments under the arrangement. You can typically negotiate the fee for your specific arrangement with your Financial Advisor. In certain circumstances, we may agree to a flat dollar fee arrangement, which may be payable at once or in installments (e.g., monthly, quarterly, or other agreed frequency). Stifel Summit Program In general, the initial fee for any Summit arrangement is calculated based on the account’s most recent account statement, quarterly or otherwise. The fee is typically billed quarterly in advance, although some relationships may bill in arrears and/or at a frequency that is not quarterly. Under our Summit Program (“Summit”), our Financial Advisors serve Clients who are seeking investment advice for assets held and traded through other custodians or other broker-dealer firms. Clients that may benefit from a Summit relationship include (but are not limited to): municipalities, endowments, foundations, corporations, high-net-worth individuals, and sponsors and/or trustees of qualified retirement plans subject to the ERISA. Additional Information on Services to Retirement and Benefit Plans: We provide investment advice, education, and other services to various kinds of retirement and benefit plans, including defined contribution plans (e.g., 401(k) plans), defined benefit plans, nonqualified retirement plans, deferred compensation plans, and others. Our services to plans typically include one or more of the following non-discretionary services: • Assisting plan fiduciaries in reviewing the plan design to improve efficiency and/or reduce costs. This may include an analysis of plan terms, as well as an evaluation of service providers; • Assisting plan fiduciaries in creating, reviewing, and/or updating investment policy statements; • Asset allocation and creating an investment menu, including We typically offer non-discretionary advice under the Summit Program. Our services include, for example: analysis of asset allocation and style consistency; due diligence and/or advice regarding use of third-party investment managers; evaluation of investment risk and performance; and analysis and/or recommendations on the purchase and sale of individual investment vehicles including stocks, bonds, mutual funds, UITs, ETFs, closed-end funds, and/or options. Our Financial Advisors provide investment advice to Clients in accordance with each Client’s stated investment objectives, risk tolerance, time horizon, and investment experience. If you sign up for such an arrangement, you will be solely responsible for implementing any non-discretionary advice provided by the Financial Advisor(s). diligence of potential investments and/or periodic monitoring of the selected investments (other than any securities that are specifically excluded pursuant to the agreement with the plan); and, • Participant education services on investment-related topics (under limited circumstances, note that these services may include provision of investment advice to participants). In limited circumstances, we will approve arrangements under which our Financial Advisors provide discretionary investment management services through the Summit Program. In such event, you (not Stifel or the Financial Advisor) will determine the specific qualified independent custodian and the broker- dealer firm(s) to execute transactions in your account. In such cases, while our Financial Advisors may direct the specific We may also provide such other agreed-upon services as are set forth in our agreement with the plan. For example, from time to time, we may agree to provide discretionary investment services to plans, including in selecting and implementing a plan Page 7 of 46 SF1601-3/25  investment menu, creating and managing default investment options, and/or creating and managing risk-based model portfolios for the plan. responsible for changes in market prices that occur between the time you execute Advisory account documentation (or otherwise authorize enrollment into a Program or Portfolio) and the eventual investment of the account in the selected strategy. Prior to enrolling into any Program, you should talk to your Financial Advisor about the expected processing period for that Program. Processing Ongoing Account Maintenance Requests Availability of Funds/Securities Added to Discretionary Accounts for Trading – When you add funds or securities to your discretionary accounts at Stifel, those funds and/or securities are generally available for trading no earlier than the next business day. It is important to note that, in our arrangements with plans under the Summit Program, our agreement is with the plan and our Client is the plan (not any individual participant with whom we may interact). In these arrangements, we may provide fiduciary advice to participants, but will not assume any discretionary or other authority over a participant’s selection of any investment option or product on the plan’s investment menu. In limited circumstances, we may agree to provide individualized advisory services to participants in a plan; in those cases, we may require the participant to, among other things, complete and execute agreements, certifications, or other documents. OTHER INFORMATION ABOUT THE PROGRAMS As discussed above, we enter into written Advisory Agreements with Clients acknowledging our Advisory relationship, disclosing our obligations when acting in an Advisory capacity, and describing the roles and responsibilities of each party. Your Advisory account is expected to hold some level of otherwise uninvested cash at all times to facilitate its ongoing operations (“maintenance cash”). Levels of maintenance cash will fluctuate over time and may vary by investment strategy, objective or implementation vehicle(s). Maintenance cash is intended to meet the account’s short-term liquidity needs (including trade settlement, account and administrative fees, and rebalancings) and avoid having to liquidate investments at inopportune times. Clients should refer to the sections “Cash Balance Risks” and “Cash Sweep Options” below for information on cash balances in Advisory accounts. Processing Guidelines for Advisory Accounts New Account Processing Processing Partial Liquidation/Withdrawal Requests in Discretionary Accounts – To the extent possible, where your Financial Advisor has trading discretion over your account, the Financial Advisor will process liquidation requests promptly. To the extent other Stifel internal teams and/or an Adviser directs the investments in your account, liquidation instructions are processed after our trading and/or processing staff receive those instructions from your Financial Advisor. If your account is traded by an Adviser, we will then relay those instructions to the Adviser for implementation. You should note that, in periods of unusually high volumes (which may occur, for example, during highly volatile market conditions), we can take more than one business day to implement these requests. Additionally, if you are invested in a Portfolio that is traded by an Adviser, you should also note that even after we relay a request to an Adviser, the Adviser may take some time (such as multiple days) to implement the request. You should refer to each Manager’s Form ADV 2A for applicable disclosures. In each case, please note that frequent withdrawals from your account will affect your account’s performance. We reserve the right to terminate any account that falls below the minimum account value for the applicable Program due to partial liquidations/withdrawal requests. You should refer to the section “Terminations; Refund of Fees Upon Terminations” below for a discussion of the processing guidelines relating to account terminations from our Advisory Programs. Other Maintenance Requests – You may also experience delays in connection with other on-going account maintenance requests. During times of unusually high volumes of requests from Clients, it can take multiple business days to process and implement ongoing maintenance requests. As set forth in our Advisory Agreements, our Advisory relationship with you begins after we have accepted a fully executed Advisory Agreement (referred to as the “effective date” in the Advisory Agreements). In general, this occurs after (i) your Financial Advisor has submitted all required account opening documentation through the appropriate channels (typically through our account opening systems); (ii) all required internal approvals have been documented and submitted; (iii) our processing personnel have confirmed that the account documentation is in good form (for example, Client signatures are generally required to be dated within 90 days of submission); (iv) your account is funded with no less than the minimum amount required for the particular Program in which you are seeking to invest; and (v) the account has been coded as an Advisory account in our recordkeeping systems. In each case, we recommend that you communicate your maintenance requests to your Financial Advisor as early as possible. You should note that, for certain securities (such as mutual funds), we are not able to process trade instructions received after 3:00 p.m. Eastern Standard Time. Neither Stifel nor any Adviser is responsible for changes in market prices that occur between the time you communicate an account maintenance request for any discretionary account to your Financial Advisor and the eventual implementation of that request by Stifel and/or an Adviser. Processing times may vary due to a number of factors, including (but not limited to) the volume of new Advisory accounts being processed, whether additional verification activities are needed, etc. In general, you should note that the turnaround time for processing new Advisory accounts or conversions between Programs or Portfolios may require several business days to complete, even under normal market conditions. Stifel is not Page 8 of 46 SF1601-3/25  MANAGEMENT AND ADVISORY SERVICES TO PRIVATE FUNDS The actual fee that you pay for your Advisory account(s) will be set out on the fee schedule(s) to the Advisory Agreement you have with us for that account. You can generally negotiate the Stifel Fee with your Financial Advisor, subject in certain cases to final approval from Stifel (e.g., if the proposed fee is below certain ranges). Factors that Financial Advisors may consider in setting the Stifel Fee include (but are not limited to) the nature and size of the overall client relationship; your particular advice requirements and product preferences, and/or the level, type, and frequency of advisory and other services expected to be provided to you under the relationship. Our firm also serves as investment adviser to private investment funds (the “Private Funds”), each of which invests in underlying private funds, including hedge funds and private equity funds (“Underlying Funds) managed by unaffiliated investment managers. Further information on the process for selecting the Underlying Funds for these Private Funds can be found in the “Portfolio Manager Selection and Evaluation” section of this brochure. In each such case, the applicable Financial Advisor will consider a Client’s eligibility to invest in the Private Funds based on a review of the Client’s stated investment objectives, goals, and limitations, and a comparison of the same to the Private Fund’s stated objectives and other limitations. At a minimum, investors in each Private Fund must be “accredited investors” within meaning of the federal securities laws; provided, however, that depending on the requirements of the Underlying Fund(s) in which a particular Private Fund invests, we may require that Clients seeking to invest in that Private Fund meet the “qualified purchaser” standard of the federal securities laws. Interested Clients should refer to the applicable Private Fund’s offering documents for a discussion of the definition of these investor standards. As set forth above, you should generally consider the level of services that you are expecting to receive under the relationship when negotiating your fee(s) with your Financial Advisor. You should note, however, that once you agree to a fee for an account, we will not reduce our fees if you decide not to take advantage of any of the services that would otherwise be covered by the wrap fee. For example, if you open an account in a non-discretionary wrap fee program, your fee will not be reduced if you decide not to implement your Financial Advisor’s recommendations and, as a result, experience a low level of trades in your account. Similarly, we will not reduce our fee if you decide to move your assets to another custodian and, as a result, do not receive the custodial services that would otherwise have been covered by your Stifel Fee. Finally, if you negotiate fees with different tiers, including flat fees, you may end up paying a higher fee than as set forth in our brochures as a result of fluctuations in the amount of your assets under management/ advisement and account performance. Each Private Fund’s investment objectives are set forth in its offering documents; a Client that invests in a Private Fund may not impose restrictions on the investments to be made by such Private Fund. Please refer to the section “Fees and Compensation – Private Fund Management Fee” below for a discussion of our remuneration in connection with the Private Funds. Your Advisory Agreement with us will indicate whether you must approve, in writing, any increase in the Advisory Account Fee for your account, or if we can increase the Advisory Account Fee with prior written notice to you. We may however, determine to lower any portion of the Advisory Account Fee at any time, without notice to you. FEES AND COMPENSATION How We Charge For Advisory Services Covered in This Brochure Except with respect to the Vantage Program and certain Private Funds as discussed below, Clients generally pay an annual Advisory fee, typically based on a percentage of assets; we may also agree to a fixed dollar fee covering one or more Client accounts (the “Advisory Account Fee,” the “fee,” or the “Advisory fee”). The Advisory Account Fee consists of: (i) a fee for the services provided by Stifel (referred to as the “Stifel Fee” or “Stifel Advisory Fee”) and, if applicable, (ii) a fee for the portfolio management services with respect to each Portfolio in which a Client’s Advisory account is invested (the “Product Fee(s)”). For Portfolios with no Product Fee (such as for the Summit Program), the Stifel Fee constitutes the entire Advisory Account Fee. If applicable, the fee rate set forth in our brochures with respect to each Advisory Program represents the maximum rate that may be charged for the Program. There are certain other fee schedules that are no longer offered to new Clients or are only offered to a limited number of Clients, depending on their individual circumstances. There are also other fee schedules that may apply to certain strategies in the Programs offered at Stifel. Calculation of Advisory Account Fees The Advisory Account Fee is generally due quarterly in advance. In limited circumstances, we may agree to alternative billing terms (e.g., monthly, semi-monthly, in arrears, etc.) based on negotiations with a specific Client. Where the fee is payable in advance, the initial Advisory Account Fee for an account is typically charged in full as of the effective date of the Advisory relationship relating to that account (see the discussion under Processing Guidelines for Advisory Accounts above), in each case based on the account’s opening market value. In calculating quarterly installments of the annual Advisory Account Fee, we assume a 360-day annual period. For the initial fee, the period for which the Advisory Account Fee relates is the effective date through the last day of the calendar quarter in which the account is opened and is prorated accordingly, based on the actual number of days remaining in the quarter. Thereafter, the Advisory Account Fee is based on the account’s closing market value on the last business day of the previous calendar quarter, as reflected on your custodial account statement (except as set forth below). The Advisory Account Fee is generally due on the business day following the assessment day. If we have agreed to a different fee billing arrangement for your relationship, please refer to your Advisory Agreement with us for information on Page 9 of 46 SF1601-3/25  how that fee will be calculated, including (in certain cases) the party responsible for the calculation. there will be separate “Advisory Fee” lines, one described as “Advisory Fee” and a second as “Manager Fee.” In valuing assets in all Client accounts held at our firm, we rely on publicly recorded information, use various vendor systems that we have reviewed and reasonably believe to be reliable, and/or rely on valuations provided by the entities holding assets and/or accounts that are part of a Client’s Advisory relationship with us (such as, for example, administrators or other service providers to hedge funds or other private funds in which our clients are investors or other brokerage firms, banks, or other entities serving as qualified custodians of our client assets). For assets held at Stifel, if prices are unavailable, we determine prices in good faith to reflect an understanding of the assets’ fair market value. Billable Value vs. Net Portfolio Value: As set forth above, your Advisory Account’s Fee is typically calculated based on the account’s closing market value, generally as reflected on your custodial account statement for that same period. There may be times when the amount used to calculate the fee (i.e., the billable value) does not match the net portfolio value reflected on your custodial account statement (i.e., the statement value). For example, the billable value will be less than its net portfolio value if you hold assets in your account that are excluded from our Advisory arrangement with you (“unsupervised assets”). Fee Householding You may request to household eligible fee-based Advisory accounts held at our firm (that is, combine multiple eligible Advisory accounts for purposes of calculating the Stifel Fee in order to qualify for available lower fee tiers in each Program). Fee householding can result in lower overall fees if the aggregate household value is high enough to qualify for lower fee tiers in the applicable Programs. You can fee household eligible Advisory accounts across multiple Programs. You should note, however, that it is your responsibility, not Stifel’s, to determine whether you have multiple eligible Advisory accounts that could be placed in a billing household and potentially result in lower overall fees to you. You should also note that special tax rules apply to the inclusion of IRAs and Keogh plans in a household (you should consult your tax advisor for more information), and that Stifel will not accept requests to combine retirement accounts subject to ERISA with non- retirement accounts into a single fee household. Finally, you should note that, in cases where your assets are held with other custodians, due to expected lag times in receiving account information from such unaffiliated custodians for billing purposes, we usually cannot household these accounts with accounts held at Stifel. You should contact your Financial Advisor(s) for more detailed information about householding fee-based Advisory accounts, including whether your accounts are eligible to be grouped into a fee household for this purpose. Assets Held With Other Custodians For the Summit Program, your assets are held with other qualified custodians that you select, most of which are independent of our firm. Similarly, you may elect to hold your assets for accounts enrolled in our wrap fee Advisory Programs at other custodial firms. We require that such other custodian be “qualified” within the meaning of the Advisers Act. Intra-Period Fee Adjustments. Once the quarterly Advisory Account Fee has been assessed and deducted from your account, if your account held at Stifel and is subject to an Advisory Account Fee payable in advance, we will charge a prorated fee on additional contributions made during a quarter and/or issue a rebate for withdrawals from your Account, to the extent such additions or withdrawals are valued at more than $25,000 and would generate a prorated quarterly fee or rebate of more than $25. In each case, the fee addition and/or rebate will be calculated based on the actual number of calendar days remaining in the quarter. You should refer to the section “Termination; Refund of Fees Upon Termination” for applicable rebates in the event of a termination. We may, in our sole discretion, make changes to these thresholds at any time, without notice to you. We will neither charge a prorated fee on intra- quarter contributions nor provide a rebate on intra-quarter withdrawals from the account if your account is (i) subject to a flat-fee arrangement, or (ii) held with other custodians, or (iii) billed in arrears. In cases where your assets are held by other custodians, the other custodian (or other service provider, such as the administrator) determines the value of your account assets and, where our firm is responsible for calculating the fee, we use the values provided to us for purposes of calculating the Advisory Account Fees. In cases where assets are held by other custodians, we require that you provide us with duplicate copies of account/custodial statements (preferably directly from the custodian). We do not independently verify the values in such account/custodial statements. You should understand that we reserve the right to terminate the agreement if you consistently fail to promptly provide us with updated account statements on which to base our fees. Fee Charges on Customer Account Statement. Scheduled quarterly charges of the Stifel Fee and Product Fee are typically reflected as a single line “Advisory Fee” on the Stifel monthly account statement that you receive from us for the applicable period. If your Stifel account experiences activity that results in intra-period fee adjustments as set forth above, those charges will show as separate fee line items on the Stifel account statement for each net fee adjustment. As a result, there may be times when you will see multiple fee charges on a single monthly account statement. Where a Product Fee is charged (or rebated) separate from a Stifel Fee, the Product Fee may be reflected on your statement as a Manager Fee). If you’ve elected to utilize a third-party manager through the Connect Program, Alternatively, you may (with our consent) direct your qualified custodian or administrator to calculate and remit the advisory fee directly to us. If you elect to have your other service provider calculate the fee, you should understand that your other service provider will be responsible for determining the total value of your account as well as the dollar value of the fee installment for each billing period. In such cases, we require that you direct the service provider to provide us (upon request) the basis of the service provider’s fee calculation (which may be in the form of Page 10 of 46 SF1601-3/25  • We similarly reserve the right to terminate our Agreement with you at any time, for any reason, in our sole discretion. • Depending on the Portfolio in which your account is duplicate account statements). You should carefully review the other service provider’s calculations and confirm that the fees deducted for Stifel’s services are consistent with the terms of our Advisory Agreement with you. You are strongly encouraged to promptly notify us in the event of any discrepancies. invested and in our sole discretion, we will also consider instructions to liquidate all or a significant portion of an account enrolled in a discretionary Program as direction to terminate the account from the Advisory Program. • Finally, we will treat the receipt of any account transfer instructions from you as termination of your Advisory relationship with us with respect to that account (once we have received notice and have had reasonable time to act on the notice). In connection with each termination event, we will implement any accompanying liquidation instructions consistent with the guidelines set forth below. Effect of Termination 1. Accounts Billed in Advance: • Deduction of Advisory Account Fees Unless we agree otherwise, the Advisory Account Fee is automatically deducted each quarter from available cash or cash equivalents, including money market funds, in your Advisory account held at Stifel on the due date. Per the direction in our Advisory Agreements with you, if your account is held at Stifel and, where necessary, we rebalance or liquidate sufficient securities in your account at Stifel to generate sufficient funds to cover the fee in the following order: first, we liquidate mutual fund positions, followed by equities securities (including ETFs), unit investment trusts, corporate bonds, municipal bonds, and any other securities. You should note that incidental, special, or indirect damages (including, but not limited to, lost profits, trading losses, or tax consequences) may be incurred in the account as a result of such rebalance or liquidation to pay for fees. You (not Stifel) are responsible for any such damages or losses. In addition, subject to agreement between us, other permissible fee payment options may include: • Letter of Authorization (“LOA”): Pursuant to an LOA, the In the event of a termination, you generally will receive a pro rata refund of any pre-paid quarterly fee based on the number of days remaining in the quarter of termination. However, we reserve the right to retain pre-paid quarterly fees if you terminate the Advisory Agreement at any time within the first quarter of the first year of service. This is intended to discourage clients from opening an Advisory account, executing multiple trades at no transaction costs, then seeking to close the Advisory account before the end of the calendar quarter. Advisory Account Fee may be deducted from a separate Stifel account on the due date each quarter. If the designated account has insufficient funds, we reserve the right to automatically debit the Advisory account to collect the amount due. • • Client Invoice: In certain limited cases (such as where the If you provide liquidation instructions with your termination request (including where your request for a significant or complete liquidation of a discretionary account results in termination), we will liquidate those positions at no additional cost to you as part of terminating any fee-based account from the Advisory relationship. However, any liquidations processed after your account has been fully terminated from an Advisory Program and converted into a regular brokerage arrangement will be subject to customary transaction fees. account is held at another custodian), we may agree to provide you with an invoice setting out the fees due each billing period in return for your agreement to remit the fee payment promptly. If we do not receive the fee payment from you within a reasonable time, we reserve the right to automatically debit your Advisory account to collect the amount due. You should note that if the fee payment is debited from a qualified plan and funds are received thereafter, applicable law requires the receivable to be classified a contribution to your retirement account. • As set forth above, your custodian or other service provider may calculate and remit the fee on your held-away account, based on the fee terms set forth in our Advisory Agreement with you. We require each Client to establish a Stifel billing account for the sole purpose of processing fees. You will be required to sign appropriate agreements with us in order to set up the billing account at our firm. Terminations; Refund of Fees Upon Termination In connection with account transfer instruction, if we are unable to transfer any of the securities in your account to the new custodian, we typically will liquidate those securities in order to facilitate the transfer of your account. Any liquidations to facilitate the transfer of your account to another institution will be undertaken in our capacity as a registered broker- dealer. In our capacity as a broker-dealer, we may liquidate the securities that cannot transfer by purchasing them for our own account (that is, through a principal transaction). 2. Accounts Billed in Arrears Termination Events • You can terminate your Advisory Agreement with respect to Where Advisory Account Fees are billed in arrears, no refunds are necessary when a Client terminates an account; any account at any time with notice to your Financial Advisor. Page 11 of 46 SF1601-3/25  however, a Client will be billed for any earned but unpaid fees as of the termination date. dealer effecting transactions for your account. Where Stifel is providing trade execution services to your account, you should refer to the “Brokerage Practices” section for more details about Stifel’s execution services. Other Fees and Expenses Not Included in the Advisory Account Fee In addition to the Advisory Account Fee, you will also be responsible for and separately bear the cost of (i) any fees or expenses assessed to your investments or account by third parties (or by Stifel in order to pay such third parties), and (ii) other fees and expenses set forth below: • Brokerage commissions, markups, markdowns, spreads, and odd-lot differentials on orders effected through a broker and/or dealer other than Stifel or its affiliates (that is, costs relating to trades away from our firm). • All account fees, costs, and expenses, including (but not limited to) custody and/or account maintenance fees charged by your custodian or other party in connection with maintaining your assets outside of Stifel. • Unless specified otherwise in the applicable Advisory Agreement, all fees and expenses relating to any third-party manager managing any part of your Summit Program assets (whether or not such third-party manager was recommended by our Financial Advisor). Processing Liquidations in Connection With Terminations Termination and related liquidation instructions are processed as promptly as possible following receipt by our processing staff. However, you should note that in certain cases, we will not be able to process liquidation requests on the day that we receive the request. Those cases include when we experience an unusually high volume of liquidation and/or termination requests in a single day (such as during periods of significant market volatility). Even during relatively normal market conditions and low liquidation/termination volume, we generally are not able to process requests received late in the trading day (typically after 3:00 p.m. Eastern Standard Time). You should therefore communicate your liquidation requests as early as possible to increase the likelihood that your instructions can be processed on the same day. If you are invested in an Adviser Portfolio, you should note that certain Managers (particularly Managers with complex strategies and/or securities with limited liquidity) require advance notice of termination, and may take multiple days to process termination and related liquidation request(s). You should review each applicable Manager’s Form ADV 2A for relevant information. Finally, you should note that, in some Portfolios (for example, those investing in affiliated mutual fund completion shares), all or some of the positions in your account will be liquidated upon termination, even if you do not specifically request a liquidation in connection with your account termination instructions. • To the extent permitted by applicable law, markups and markdowns on principal trades resulting from orders an Investment Manager places through our firm or an affiliate. • Any interest expense charged to the account including, but not limited to, margin interest charged with respect to any direct or cross-collateralized margin loans). Compensation in Connection With the Termination of a Client’s Account Relationship With Stifel. Although we do not charge additional fees in connection with the termination of an Advisory Agreement, if you elect to distribute or transfer all of your assets from the account held at our firm to an account at another financial institution, you will be charged a $100 account transfer fee. • The public offering price (including underwriting commissions or discounts) on securities purchased from an underwriter or dealer (including the firm or an affiliate to the extent permitted by applicable law) in a distribution or public offering of securities. Even where such securities are purchased from a broker-dealer other than our firm or an affiliate may directly or indirectly benefit if our firm or an affiliate is a member of the underwriting syndicate from which the security is purchased. • Account maintenance fees and expenses, account administration fees, transactional expenses, custody fees, and/or any other expenses charged by the custodian or other party in connection with maintaining those assets. These include, but are not limited to, administration and other fees associated with qualified retirement plans (including IRAs). Unsupervised Assets If your account includes “unsupervised assets” that are excluded from billing (which may include but are not limited to positions in our parent company stock, Stifel Financial Corp. (SF), annuities, or other assets that are deemed ineligible for the Program in which the account is enrolled), you should note that those unsupervised assets are not considered part of our Advisory relationship with you. We periodically allow Clients to hold unsupervised assets in Advisory accounts solely as an accommodation to the Client. Our firm specifically disclaims any fiduciary obligations with respect to unsupervised assets held in an Advisory account. This means that we do not undertake to monitor any such assets even though they are held in the Advisory account. You can request a list of the unsupervised assets (if any) held in your accounts at any time, without charge, from your Financial Advisor. • Fees or expenses related to trading in foreign securities (other than commissions payable to Stifel). This includes “Pass- through fees” charged by third parties with respect to foreign securities, including, but not limited to, transaction processing fees, creation fees and/or conversion fees in connection with ADRs, custody-related expenses charged by third parties for such securities, as well as any wire charges related to payments for transactions in those securities. • Exchange fees, transfer or other taxes, and other fees required by law, including (but not limited to) taxes or fees imposed by Transaction-Based Charges (Commissions) As set out in the Program descriptions above, you will pay transaction-based commissions either to (i) Stifel (in the case of the Vantage Program) in lieu of an Advisory Account Fee for all transactions executed in your account through Stifel, or (ii) the separate custodian holding your assets or other executing broker- Page 12 of 46 SF1601-3/25  any foreign entity in connection with securities transactions in the account. responsible for) the short-term redemption fee even in your Advisory accounts. In certain limited circumstances, a fund may offer waivers for short-term redemptions – please refer to each applicable fund’s prospectus or offering document, and discuss with your Financial Advisor. • Electronic fund and wire transfer fees (including, but not limited to, those associated with alternative investment transactions). Each Client should carefully consider the overall cost when selecting a Program. • Fees or expenses associated with preparing and/or filing tax forms in connection with privately-issued securities or other investments that generate unrelated business taxable income (including, but not limited to Form 990T for IRAs). • Any fees or charges associated with cash management options or privileges selected for an account (including, but not limited to, check-writing, debit or credit card services, and e-bill services). • Fees, charges, and other costs and expenses related to collective investment vehicles, including, but not limited to, closed-end funds, mutual funds, money market funds, ETFs, unit investment trusts, REITs, and private funds. These fees and expenses include, but are not limited to, operating expenses, portfolio management, distribution and marketing, redemption fees, and similar fees, in each case as outlined in the fund prospectus, private offering memorandum, or similar document. Additionally, the value of account assets invested in shares of collective investment vehicles is included in calculating the Advisory Account Fee to the extent permitted by applicable law. • Exchange and auction fees, transfer or other taxes, and other fees required by law. • Any other costs associated with products or services not specifically included in the services described in the applicable Stifel Advisory Agreement, but set forth in the Account Agreement and Disclosure Booklet, and any other charges mandated by applicable law. Private Fund Management Fees We generally receive a management or advisory fee from each Private Fund based on the net asset value of such Private Fund, as described in its offering documents. Each investor is responsible for its pro rata share of the fee. The management fee is deducted and paid quarterly, in advance or in arrears, as specified in each Private Fund’s offering documents. The amount of the management fee varies by Private Fund and may also vary by class of interest within a particular Private Fund. Additionally, in our capacity as investment adviser to the Private Funds, we may (in our sole discretion) waive, rebate, reduce, or calculate differently all or a portion of the management fee attributable to any investor in a Private Fund, particularly for investors that hold such Private Fund shares in accounts enrolled in our Advisory Programs. If you invest in a Private Fund as part of any of our other Advisory Programs (e.g., the Horizon Program or other wrap fee Programs), either (i) the Private Fund position is excluded from the billable value of the Advisory account, or (ii) the Private Fund position is included in the billable value of the account; however, as an investor in the Private Fund, you will pay no management fee or a reduced management fee intended to approximate the annual fee rate payable by the Private Fund to the Fund Manager for its services. Because Advisory Account Fees are negotiable between Stifel and the applicable Client, to the extent that you do not pay Private Fund-level fees but instead pay an Advisory Account Fee attributable to the Private Fund’s shares held in your Advisory account, the Client may pay more or less than other investors in the Private Fund for Stifel’s services to such Private Fund. If applicable, you will be separately charged said fees, charges, and expenses in addition to the Advisory Account Fee or (in the case of Vantage) commissions to Stifel for trades in the account. If an investment product purchased for the benefit of your account is offered by a prospectus or other offering document, you should review the information about the related fees, charges, and expenses set forth in such prospectus or other offering document. Compensation to Financial Advisors We pay a percentage (“Payout Rate”) of the Stifel Advisory Fee or, if applicable, commissions that we receive from you to your Financial Advisor(s). Payout Rates generally range from 25% to 50%; the applicable percentage paid to your Financial Advisor will depend on your Financial Advisor’s employment agreement and arrangements with us, and the total amount of revenue your Financial Advisor generates from all clients (including from brokerage clients) (referred to as “Production”). Our compensation to the Financial Advisor can also include a bonus that is also based on the Financial Advisor’s Production. Additional Information on Certain Fund-Related Charges and Fees. As set forth above, any fees or expenses charged by investment funds in which your account invests are excluded from the Advisory Account Fee or commissions charged in connection with your Vantage account, and, therefore, are your sole responsibility. You should pay particular attention to each investment fund’s prospectus and/or other offering documents for a full understanding of all applicable charges and fees. For example, certain mutual funds and closed-end funds also charge short-term redemption fees if shares of the fund to be redeemed have been held for less than the fund’s prescribed minimum holding period (typically anywhere from less than thirty (30) days to twelve (12) months). Where applicable, short-term redemption fees are imposed without regard to the share class held – which means that you may incur (and be separately Your Financial Advisor’s Payout Rate will be the same regardless of the Advisory Program in which your accounts are enrolled. However, as a general matter, your Financial Advisor’s total cash compensation increases as his or her Production increases, and this creates an incentive for your Financial Advisor to recommend certain Programs or Portfolios over others and/or other products or services in order to increase his or her Production. In connection with the Programs covered by this brochure, we mitigate these conflicts by limiting Advisory- Page 13 of 46 SF1601-3/25  related Production compensation to Stifel’s share of the Advisory Account Fees or commissions (that is, your Financial Advisor generally does not share in any additional fees and expenses that your account incurs as a result of types of investments made (or transactions effected) in the account). We also seek to mitigate these conflicts by disclosing them to you, and by establishing other risk-based supervision policies and procedures (including, e.g., to review certain new Advisory account enrollments). supervision and administrative or sales support. When a supervisor is compensated based on the Production of the person he or she is supervising, this creates a conflict of interest since the supervisor has an incentive for you to make investments that generate greater compensation for the supervisor. The particular compensation arrangements between your Financial Advisor and his or her branch manager also create incentives for your Financial Advisor to recommend transactions, investment products, and services that generate greater amounts of revenue for us, the branch manager, and your Financial Advisor. Discount Sharing. Financial Advisors receive less than their standard payout when accounts are priced below the set minimum fee level for the applicable Program. While Financial Advisors may be allowed to set the Stifel Fee for an account below the minimum fee level, doing so typically results in a reduction to the Financial Advisor’s Payout Rate (generally referred to as discount sharing) potentially down to 0%. The fee levels at which discount sharing starts to apply vary by Program and/or style: for example, the discount sharing level for equity strategies is different than for fixed income strategies. In general, discount sharing creates an incentive for Financial Advisors to price accounts above the set minimum fee level in order to receive their standard Payout Rate. Outside Business Activities. Your Financial Advisor is permitted to engage in certain business activities approved by us, other than the provision of brokerage and advisory services through Stifel. In certain cases, these outside business activities can cause conflicts with the Advisory services that your Financial Advisor provides to you and your account(s). We mitigate these conflicts by requiring your Financial Advisor to disclose to us and obtain approval for outside business activities by establishing certain other policies and risk-based procedures to the approval of outside business activities. Where such activities are deemed material (as determined by regulation), we disclose them to you through the Financial Advisor’s Form ADV Part 2B. Other Benefits. Equity awards from our parent company, SF, are a standard component of our Financial Advisors’ compensation. Your Financial Advisor is eligible to receive other benefits based on his or her Production. These benefits include recognition events, conferences (e.g., for education, networking, training, and personal and professional development), and other forms of noncash compensation that generally increase in value as the amount of the Production your Financial Advisor generates increases. These benefits create an incentive for your Financial Advisor to recommend certain Programs over others and/or transactions, products, and services that generate additional fees and expenses in order to obtain the most benefits. Certain Compensation in Addition to the Stifel Advisory Fee or Direct Commissions Stifel, our Financial Advisors, and our affiliates may receive additional compensation in connection with certain types of assets in which your Advisory accounts are invested, as discussed in more detail below. To the extent received in connection with Advisory accounts, this compensation is in addition to the Advisory fee (or in the case of Vantage account, to the direct commissions) that you pay to us for our Advisory services. The receipt of such additional compensation presents a conflict of interest for us as it creates an incentive for our Financial Advisors to recommend investment products based on the additional compensation received from third parties rather than solely based on your investment needs. You have the option to purchase investment products that we recommend through brokers who are not affiliated with us. Recruiting Transition Assistance. Some Financial Advisors are eligible for special incentive compensation and other benefits based on client assets in accounts at our firm (including assets held in your retirement accounts) and the Production the Financial Advisor generates for us (including in connection with brokerage accounts). These incentives and benefits can be in the form of recruitment and retention bonuses, and eligibility for repayable loans or loans for which repayment is made under certain conditions, for your Financial Advisor by an entity affiliated with us. These incentives and benefits generally increase as the Financial Advisor brings more client assets to us and generates more revenue. These benefits create an incentive for your Financial Advisor to recommend that you transition accounts held at other financial institutions to our firm, as well as to recommend certain transactions, products, and services over others in order to obtain the benefits. Compensation From Funds If you invest in mutual funds, ETFs, closed-end funds, UITs and/or money market funds (collectively, referred to as “Funds”), you will bear your proportionate share of each Fund’s fees and expenses, including, but not limited to, investment management fees and performance-based compensation paid to the Fund’s investment adviser, fees paid to service providers, transaction costs, and other operating costs. Each Fund’s fees and expenses are included in the price of a Fund’s shares, are described in the Fund’s prospectus or other offering document, and are in addition to the Advisory fee you pay in the Programs. Branch Manager/Supervisory Activities. In addition, we pay compensation to branch managers based on aggregate Production generated by the Financial Advisors operating from the manager’s branch office. In some cases, a portion of a Financial Advisor’s Production can result in compensation to his or her branch manager or another Financial Advisor for When structuring the Programs, we determine the Funds that will be made available in the Programs. We may add new Funds and/or remove existing Funds from the platform generally, or from one or more Programs, at any time and in our sole discretion. When we terminate or remove a Fund from our platform or the Programs, you will not be able to purchase Page 14 of 46 SF1601-3/25  additional shares of that Fund after such termination or removal, which will have an adverse impact on any future investment plans that include that Fund. Moreover, in certain cases (such as where we have discretionary authority over the accounts, or where you have otherwise provided us the relevant authority), we may also decide to sell any shares held by our Client accounts with the terminated or removed Fund to further limit our exposure to that Fund. A sale of Fund shares may have tax consequences for you, depending on the type of account that you hold. You should consult with your tax advisor about potential tax consequences of your investment(s) in our Programs. whether the Funds pay us Omnibus Fees and/or Networking Fees. With respect to the Vantage Program, when you purchase shares of a Fund, the shares are typically in a class that is subject to a front-end sales load that is deducted from your investment. The Fund pays us all or part of this sales load (as a commission) to compensate us for our selling activities with respect to the transaction. We have generally restricted the purchase of Fund shares in our Vantage Programs – Clients seeking Portfolios investing in Fund shares are directed to our Wrap Programs. When we designate a new (lower cost) share class to be used in our Advisory Programs, we will seek to convert the share class then held by our Advisory accounts (both discretionary and non- discretionary) into the newly designated share class, in each case without seeking Client approval. However, our success in effecting such conversions will depend entirely on each Fund company’s willingness to cooperate with us in effecting a conversion that does not otherwise trigger tax consequences for our account holders. We consider various factors, including our costs to operate the Programs and compensation we receive from Fund companies and/or their affiliates, in deciding which Funds and share classes to make available in the Programs. You should expect that we will receive certain payments from Fund companies and/or their affiliates in connection with your investment in a Fund, and that amounts we receive will depend on the share class, interest, or CUSIP you hold. he additional compensation varies between Funds, poses a conflict of interest, and can influence the selection of Funds and share classes we make available through the Programs. We seek to address this conflict of interest by disclosing it to you, as well as through our policies designed to ensure that the fees we charge are fair and reasonable. If we did not receive this additional compensation, you should expect that we would charge higher fees or other amounts to you for the services we provide. In addition, we are not obligated to negotiate more favorable terms with Funds or, except as otherwise described below, to rebate any portion of the additional compensation we receive. You should carefully consider this compensation when evaluating the reasonability of our fees and the total compensation we receive for providing you these Advisory services. In each of our Programs, you should expect that we will receive various fees and compensation with respect to your investments in Fund shares, including (but not limited to): Funds typically offer multiple share classes, each with different levels of fees and expenses. The share classes of Funds available through the Programs will not necessarily be the least expensive share classes, and will depend on our agreement with the Fund companies and their affiliates. Other Funds and share classes may have different charges, fees, and expenses, which may be lower than the charges, fees, and expenses of the Funds and share classes we make available through our Programs. For example, there may be a share class of a Fund available through our Programs that does not include the additional compensation discussed below. These other Funds and share classes may be available through other financial intermediaries, or directly from the Funds themselves. Because each share class of a Fund with multiple share classes generally invests in the same portfolio of assets, an investor who holds a less-expensive share class of the Fund will pay lower fees and expenses over time – and earn higher investment returns – than an investor who holds a more-expensive share class of the same Fund. We generally strive to invest client assets in the least expensive share class, interest, or CUSIP that is made available to our firm and for which our Advisory accounts are eligible (for this purpose, such share class, interest, or CUSIP will be referred to as “advisory” share classes); provided that those Funds and share classes pay us “Omnibus Fees” and/or “Networking Fees” (as discussed below). This means that the Funds and share classes we offer or choose will not necessarily be the lowest cost share class for which you may be eligible because there may be less expensive share classes that do not pay us Omnibus Fees and/or Networking Fees. Use of a more expensive share class will reduce the performance of your investment. This limitation does not apply to Funds on our Recommended List, which are offered without regard to whether they pay Omnibus Fees and/or Networking Fees to us. We may make exceptions and offer or choose Funds that do not pay us Omnibus Fees and/or Networking Fees in certain circumstances. Ask your Financial Advisor for details. Certain Funds may not offer multiple share classes, or may not allow us to make the “advisory” share class available to certain Programs (e.g., in our Vantage Program). Moreover, we may allow a limited universe of legacy “non-advisory” share classes to be held in some of Advisory accounts for a period, pending a conversion into the appropriate “advisory” share class. In addition, Funds may offer new share classes with lower fees or expenses or change the investment minimums or other restrictions for certain share classes. Where this occurs, we will determine, at our own discretion, whether and in what manner to offer those share classes in the Programs, including based on (i) Omnibus Fees: A number of Fund companies and/or their affiliates compensate us for providing record-keeping and related services associated with Fund shares held in client accounts (both brokerage and Advisory). Our firm processes some fund transactions with Fund companies on an “omnibus” basis, which means we consolidate our clients’ trades into one daily trade with the Fund, and therefore maintain all pertinent individual shareholder information for the Fund. The compensation for these services is commonly referred to as “omnibus fees.” For traditional omnibus trades, we receive omnibus fees that typically range from 0.02% to 0.12% annually, or $16.00 to $19.00 per position per year. For super-omnibus trades (i.e., those involving trades for multiple Programs), we receive a blended rate that typically ranges from 0.08% to Page 15 of 46 SF1601-3/25  connection with Advisory non-retirement accounts, networking payments are in addition to the Stifel Fee (or, in the case of the Vantage Program, commissions) that we earn directly from the relevant Clients invested in those Funds. 0.25% annually or $18.00 to $19.75 per position per year. The omnibus fees that we receive vary by Fund company, by Fund, and by share class. Any omnibus payments paid to our firm are paid from investor assets in the Funds (and, like other Fund expenses, are included in the “annual operating expenses” or “expense ratio” charged and reported by each Fund and disclosed in the Fund’s prospectus), but in some cases may be paid or subsidized in part by or by the adviser or distributor of the Funds or their affiliates. Where we receive omnibus fees from or with respect to a Fund, we generally receive omnibus fees with respect to all share classes of the Fund held by our clients, including (for example) share classes held in our Vantage Program and “advisory” share classes held in our Wrap Programs, but not necessarily in the same amounts. These fees and fee rates are subject to change from time to time, and may be received individually or as part of a “bundled” arrangement with a Fund that includes other types of fees, such as administration and distribution payments. We do not require our Financial Advisors to recommend Funds that pay us omnibus fees; additionally, to mitigate the conflict as to Fund and share class recommendations, we do not share any omnibus fees received with respect to Funds with our Financial Advisors. Moreover, we rebate omnibus fees received in connection with Fund shares held in fee-based retirement accounts. To the extent received in connection with Advisory non-retirement accounts, omnibus payments are in addition to the Stifel Fee (or, in the case of the Vantage Program, commissions) that we earn directly from the relevant Clients invested in those Funds. (ii) Networking Fees. Fund companies that are not traded (iii) 12b-1 Distribution Fees (“12b-1s Fees”). 12b-1 fees are paid by Funds to compensate us for providing distribution-related, administrative, and informational services, as applicable, associated with each Fund. 12b-1 fees are included in the “annual operating expenses” or “expense ratio” charged and reported by each Fund, and are deducted directly from the Funds automatically. In general for our Advisory Programs, we seek to make available share classes that do not have any associated 12b-1 fees. There may, however, be some Funds available through our Programs that have 12b-1 fees due to share class availability due to the nature of the Program (e.g., Vantage) or if a share class subject to 12b-1 fees is the only share class on which we can receive Omnibus Fees and/or Networking Fees. To mitigate against the risks associated with Fund shares that pay 12b-1 fees held through Vantage Program, we have restricted the purchase of new Fund shares in the Program; however current account may continue to hold shares purchased prior to the restriction. To the extent we do receive 12b-1 fees with respect to shares held in our Advisory Programs (including, for example, shares purchased in Vantage accounts prior to the restriction), we rebate back to the Client any12b-1 fees received (including Omnibus Fees and/or Networking Fees that are paid from the 12b-1 fees) in connection with Fund shares held in Advisory accounts, but only to the extent that such 12b-1 fees relate to the period during which the account has been enrolled in one of our Advisory Programs. omnibus are traded on a networked basis, which means our firm submits a separate trade for each individual client to the Fund companies and therefore maintains certain elements of the shareholder information. Such Fund companies and/or their affiliates may compensate us for maintaining shareholder information, which the Fund companies would otherwise be required to maintain themselves. We receive networking fees that typically range from $5.00 to $12.00 per position per year. Not all Fund companies pay networking fees, and networking fees that we receive vary by Fund company, by Fund and by share class. Any networking fees that Fund companies pay to us are deducted from the Fund’s assets, but in some cases may be subsidized in part by affiliates or the distributor of the Funds. As with omnibus fees, to the extent received, we generally receive networking fees with respect to all share classes of the Fund held by our clients, including (for example), share classes held in our Vantage Program and “advisory” shares held in our Wrap Programs, but not necessarily in the same amounts. We do not require our Financial Advisors to recommend Funds that pay networking fees; additionally, to mitigate the conflict as to Fund and share class recommendations, we do not share any networking fees received from Funds with our Financial Advisors. Moreover, we rebate networking fees received in connection with Fund shares held in Advisory retirement accounts. To the extent received in (iv) Marketing Support and Revenue-Sharing Payments. We receive revenue-sharing payments from the assets of the Fund manager or its affiliate (and not the Fund) for providing ongoing marketing, training, and education to our Financial Advisors with respect to the Fund sponsor and its products. Revenue sharing payments (which typically range from 0.02% to 0.08% annually on assets under management and can be up to 0.15% on new sales) do not directly reduce the amount invested by an investor. Not all Fund managers or affiliates make revenue-sharing payments to us, and the revenue-sharing payments we receive vary between Fund companies. Revenue-sharing payments may include fixed payments, payments based on the total assets placed by our Clients at a Fund company or in a particular Fund or Fund share class (i.e., a percentage of total client purchases, both brokerage and Advisory), or a combination of the two. Because the amount of revenue-sharing payments we receive can vary between Funds or share classes of a particular Fund, we have an incentive to recommend to you a Fund (or a share class of a particular Fund) that pays us a higher amount of revenue sharing than another Fund or share class. We seek to mitigate this potential conflict through a number of measures, including, as described above, the manner in which we make share classes available. In addition, our Financial Advisors do not directly Page 16 of 46 SF1601-3/25  share in any revenue-sharing payments we receive and we do not require our Financial Advisors to recommend Funds providing revenue-sharing payments to us. Moreover, we rebate revenue sharing fees received in connection with Fund shares held in Advisory retirement accounts. To the extent received in connection with Advisory non-retirement accounts, marketing and revenue share payments are in addition to the Stifel Fee (or, in the case of the Vantage Program, commissions) that we earn directly from the relevant Clients invested in those Funds. (v) Training and Education Expense Contributions: Fund companies and/or their affiliates may pay all or a part of the cost of particularized and/or firm-wide training education programs and seminars for our Financial Advisors. For example, a Fund company might host events for Financial Advisors designed to provide training and education about their Funds and products. In doing so, they agree to bear the cost (or part of the cost) for our Financial Advisors and other personnel to attend the events. The amounts paid by Fund companies vary, and Stifel does not require any Fund company to host, participate in or contribute to the costs of these events as a condition of Stifel making a Fund company’s Funds available on our platform. A Financial Advisor’s attendance and participation in these events, as well as the increased exposure to Fund companies who sponsor the events, may lead the Financial Advisor to recommend Funds of those Fund companies as compared to Funds of Fund companies that do not sponsor these events. to the limitations discussed below. We may also decide, in our sole discretion, to provide similar rebates to non- retirement accounts in discretionary Programs if such Funds are otherwise allowed in the relevant Program. We generally will not provide rebates for Funds held by non- retirement accounts in our non-discretionary Programs. Clients should understand that rebates are calculated retroactively, based on the value of the Fund shares held in the Client account as of a pre-determined date (typically, as of the last business day of the calendar month), and are credited back to the account one quarter or more in arrears (without interest). Moreover, our rebating process applies only to Funds held in the Client’s account as of the first business day of the calendar month and assumes that such Funds are held for the entire month. As such, an Advisory account that purchases a Fund on a day other than the first business day of the calendar month will not be eligible for the rebate with respect to the fees and compensation our affiliates earn with respect to the Fund for that month. Similarly, an Advisory account that sells a Fund prior to the last business day of the calendar month will receive a month’s rebate based on the assumption that the Fund was held for the entire calendar month even though it was not. Our policies and procedures require that our Financial Advisors purchase and sell interests in Funds, or recommend that a Client purchase or sell interests in Funds, at times when it is appropriate for the Client to do so, based on the Client’s investment objectives and needs, and not to avoid rebating compensation the Firm’s affiliates receive in connection with such investments. Funds generally are sold by prospectus or other offering document only. The prospectus or other offering document contains important information about the specific Fund being offered and should be reviewed carefully before investing. Any compensation set forth above that we receive from Fund companies and/or their affiliates is derived, directly or indirectly, from fees that investors pay to the Funds. The amount of compensation received will vary depending on our arrangement with the applicable Fund company. Each Fund’s prospectus typically describes the amount of compensation to be paid for specified services provided to its shareholders. If such payments are received in connection with shares held in Advisory accounts, the Fund companies will continue to pay us for such shares for the duration of the Advisory arrangement and, in some circumstances, may extend payments beyond the termination of the Advisory Agreements if Clients continue to hold Fund shares through brokerage accounts held at Stifel. A listing of the types and ranges of compensation that we receive from various Fund companies is also available under the Important Disclosures section of www.stifel.com. We highly encourage all Clients to review this information carefully. (vi) Fees Received By Our Affiliates for Providing Services to Funds: Some of our affiliates serve as investment adviser or model providers, or provide other services to various Funds that are made available in some Programs. For example, a number of our affiliates (including Affiliated Managers) receive licensing and other fees from ETFs for which the affiliate provides the constituent index or other services. Such licensing and other fees depend on the amount of assets invested in the ETF and the amount of shares outstanding, including (but not limited to) investments made, and shares held, through our Advisory Programs. Our Financial Advisors may recommend and/or purchase these Funds to or for Advisory Clients where allowed in a Program. If our affiliate provides services to a Fund that is purchased or held in a Client’s Advisory account, the affiliate generally will receive fees (or a share thereof) from the Fund and/or its affiliates, in connection with the Client’s investment in the Fund, even though the Client’s investment in the Fund is also subject to Stifel Advisory Account Fees. Neither our firm nor our Financial Advisors directly share in any of the fees received by our affiliates for their services to these Funds. However, as part of an affiliated group, we may receive indirect benefits from such compensation through our parent company. We may limit the purchase of such Funds in our Programs at any time, in our sole discretion. If a Client’s retirement Advisory account invests in such a Fund, we rebate an amount representing the fee or other compensation our affiliate receives in connection with the Client retirement account’s investment in the Fund, subject Compensation From Other Products From time to time, Stifel may receive compensation from third- party vendors or dealers in the way of volume discounts that are paid to firms that place several million dollars’ worth of securities with the issuer. Volume discounts can take into account investments made across both brokerage and Advisory accounts. For example, we may receive volume discounts from sponsors/issuers of structured products as well as Funds made Page 17 of 46 SF1601-3/25  long-term effects) that each of these practices will have on their overall account. Finally, to the extent that a Client uses Advisory assets as collateral for loans taken from our Affiliated Banks (“Credit Line Loans”), we typically (but not always) receive a fee (expressed as a percentage of the outstanding loan balance) from the applicable affiliated bank for the duration of the loan. To the extent received, we pay a portion of any such fees received to the Financial Advisor. These payments present a material conflict of interest for us as they create a financial incentive for the Financial Advisor to recommend such Credit Line Loans on the basis of the additional compensation to be received. Additional information about Credit Line Loans is provided under the section “Referral Programs” below. Cash Sweep As set out in the section “Cash Sweep Options” below, if we serve as custodian of your assets, uninvested cash in your account, including maintenance cash, will generally be swept in accordance with the applicable sweep option for your account. For most clients, the applicable sweep option is our insured bank deposit sweep program. We and our affiliated banks earn fees and receive other benefits for deposit balances in the insured bank deposit sweep program. available in our brokerage and/or Advisory accounts. Our affiliates may also be compensated for non-Fund products in which our Clients’ assets are invested. For example, some of our affiliates may issue investment products, such as brokered certificates of deposits (“CDs”), which are made available for purchase on our platform. We may limit the purchase of such products in our Programs at any time, in our sole discretion. If such products are allowed in an Advisory Program, we rebate an amount representing the pro-rated fee or other compensation received (if any) by our affiliate in connection with those products held in Client’s retirement accounts. We may also decide, in our sole discretion, to provide similar rebates to non- retirement accounts in discretionary Programs if such Funds are otherwise allowed in the relevant Program. We generally will not provide rebates for such products held by non-retirement accounts in our non-discretionary Programs. Clients should understand that rebates are determined retroactively, based on the value of the product (e.g., fund shares) in the Client account as of a pre-determined date (typically at month-end), and are paid a quarter or more in arrears (without interest). Moreover, our process only reviews whether a product is held in Advisory accounts as of the beginning of the month and, thereafter, assumes that each such product is held (or not held) in the account(s) for the remainder of the month. As such, an eligible Advisory account that purchases a product other than on the first business day of the month will not receive any rebate for that month and, similarly, an eligible Advisory account that sells a product in the middle of the month will receive a rebate for the entire month even though the position was only held for part of the month. Notwithstanding, some investment products (e.g., brokered CDs) may not have any embedded fees that can be rebated back to the Client, even where such products are held in an Advisory account. Clients should carefully consider any and all disclosures provided in connection with transactions in such products. Clients investing in Stifel brokered CDs authorize deposits in the appropriate Affiliate Bank (defined in the section OTHER FINANCIAL INDUSTRY AFFILIATIONS below) and acknowledge the benefits that Stifel, the Affiliated Bank, and the Financial Advisor derive from the Stifel brokered CDs as disclosed in applicable offering documents. With respect to retirement accounts, such deposits will bear a reasonable rate of interest as required by 29 C.F.R. Section 2550.408b-4(b)(2). Please contact your Financial Advisor for additional information. Float As set out in the section “Cash Sweep Options” below, if we serve as custodian of your assets, un-invested cash in your account will generally be swept in accordance with your sweep option for the account. If we receive a cash deposit from you before the close of business on a day in which the NYSE was open, the deposited funds will be credited to your sweep account as of the end of the next business day; if you deposit a check, the funds will be credited to your sweep account as of the end of the second business day following deposit. If we receive deposits after the close of business on a day in which the NYSE was open or on a day the NYSE was closed, the funds will be considered received the following business day and will be credited to your sweep account consistent with the timeline discussed above. As such, depending on the time that cash is received, we may earn interest or receive other benefits (referred to as “float”) during the interim period between when funds are received in our firm’s account, and the time those funds are credited to your cash sweep account. Similarly, if you are withdrawing money from your account (or we otherwise issue funds to you) by check or an ACH payment, we will generally earn float on those funds until you have cashed the check or the ACH payment has settled. We retain any float earned (generally at Federal Funds Rates) during any of these periods. Interest and Similar Compensation As discussed elsewhere in this brochure, we do not allow Advisory accounts to use margin except in limited circumstances. With respect to any such margin transactions, Client accounts that are specifically approved to engage in such margin transactions should note that we charge interest on the amount borrowed and, if the proceeds are used to purchase securities in the Advisory account, our Advisory fees for the account are based on the market value of the account without regard to the amount borrowed. We do not reduce our fees (or commissions) by the value of any interest or similar payments that we receive from Clients in this regard. Each Client is strongly advised to carefully review the impact (including the Revenue Sharing and Other Compensation Arrangements With Other Private Investment Funds or Their Sponsors We may allow certain Financial Advisors to recommend investments in approved private investment funds with respect to accounts invested in certain Advisory Programs. From time to time, we may enter into revenue-sharing and other compensation arrangements with such private investment funds (the managers or sponsors of such private investment funds) with respect to our clients’ investments in such private investment funds. For example, we may enter into placement agent agreements Page 18 of 46 SF1601-3/25  pursuant to which our firm and our Financial Advisors receive upfront and/or ongoing placement fees from funds, or their agents, or affiliates as compensation for recommending and/or selling shares or interests of the fund to our clients. In certain cases, the fees that we receive from such private investment funds may be in addition to, and in other cases, in lieu of, the Advisory Account Fee (or other direct commissions) otherwise chargeable with respect to the investment. To the extent that we receive placement fees and/or have a revenue-sharing or other compensation arrangement with respect to private investment fund shares or interests purchased in an Advisory account, the affected Client will typically receive, at or prior to the time the investment is made, disclosures relating to the fees and compensation that our firm and/or the Financial Advisor(s) will receive in connection with the investment (including, to the extent applicable, any ongoing payments to be received in connection with the investment). Clients should carefully consider such arrangements in determining whether to implement a Financial Advisor’s recommendations relating to private investment funds. General Disclosure on Conflicts of Interest As set forth above, the additional compensation associated with the Programs and/or investments described in the preceding section, to be paid to and retained by Stifel (which may be shared with your Financial Advisor) and/or one or more of our affiliates, may present a conflict between your interests on the one hand and those of the Financial Advisor, our firm or affiliates on the other hand. This additional compensation provides an incentive to us, in exercising discretion or making recommendations for your account, to choose or recommend investments that result in higher compensation to our firm, your Financial Advisor, and/or our affiliates. For example, for certain Programs, your Financial Advisor will receive a portion of the Advisory Account Fee that we retain after paying, as applicable, the portion due to the Adviser. As a result, our Financial Advisors could have an incentive to offer Advisory Programs in which the fee is not shared with a third-party Adviser (e.g., Solutions) in order to receive a higher portion of the fee. Additionally, for those Programs in which we pay a portion of the Advisory Account Fee to Managers, which tends to be less if we trade the Portfolio internally than if it is traded directly by the Adviser, Financial Advisor may have an incentive to recommend Portfolios that we trade over those that are traded directly by the Adviser, or Portfolios where the fee to the Adviser is low, in order to retain a larger portion of the fee. Finally, even where you are not charged a separate Advisory Account Fee or direct commission in connection with an investment with respect to which Stifel has a compensation arrangement with the product sponsor, a Financial Advisor may still have an incentive to recommend the investment if the compensation received from the product sponsor is higher than the Advisory Account Fee or direct commission that would otherwise have been charged in connection with the investment. Training and Education Expense Contributions From Managers. Managers (Independent or Affiliated) may pay for all or part of the cost of particularized and/or firm-wide training and education programs and seminars for our Financial Advisors and other personnel. For example, an Adviser might host events for Financial Advisors designed to provide training and education about the Adviser and its strategies and agree to bear the costs of our Financial Advisors and other personnel to attend these events. The amounts paid by the Managers vary, and Stifel does not require an Adviser to host, participate in, or contribute to the cost of these events as a condition of Stifel making the Manager’s Portfolios available on our platform. A Financial Advisor’s attendance and participation in these events, as well as the increased exposure to the Managers who sponsor these events, may lead the Financial Advisor to recommend Portfolios offered by such Managers as compared to Managers that do not sponsor these events. In these circumstances, it is our duty to determine that an investment made in your Account or recommended to you that results in such additional compensation is suitable for you based upon the information you have provided to us. Insurance Commissions In addition to being a dual registrant, our firm is also licensed as an insurance agency with various states. Some of our Financial Advisors are licensed as insurance agents and, in such capacity, are able to offer various insurance products to Clients and can effect the resulting insurance transactions for separate and customary commission compensation. Clients that determine to purchase insurance products offered by our Financial Advisors should note that such products will not be held in our Advisory accounts, and will not be part of the Advisory arrangement between Stifel and such Client. Our firm receives a portion of any commissions that the issuing insurance company pays with respect to insurance products sold by our Financial Advisors. Non-Cash Compensation Subject to firm’s policies, Financial Advisors may receive non- cash compensation in the form of occasional gifts, meals, tickets, and/or other forms of entertainment from third parties, including mutual fund companies (or their agents or their affiliates), Managers, insurance vendors, and/or sponsors of products that we make available for purchase to our clients. It is important to note that the services provided to you under our Programs (particularly the Wrap Programs) may be obtained on an unbundled basis and may result in overall lower costs. You could use a non-discretionary commission-based brokerage account instead of a fee-based Advisory account or a discretionary commission-based Advisory account, or independently retain a third-party adviser to manage your account. In certain cases, the total charges that you pay in Advisory Account Fees may be higher than the commissions that would have been charged for brokerage-only services. There may also be cases where the Advisory Account Fees charged for fee-based Programs may be higher than if you obtained the services covered by such fees separately (that is, if you paid separately for advisory services, portfolio management services, trade execution, custody and related services. Even in cases where additional compensation (such as 12b-1 fees) is rebated back to you, there may be cases where your total return on the investment would have been better in a fund/share class that did not pay such rebated compensation, where available. As set forth above in the discussion of the Vantage Program, your Financial Advisor has discretion over the transactions in the Vantage account, including the frequency and amount of such Page 19 of 46 SF1601-3/25  Private Funds for which our firm serves as investment adviser are available only to investors that meet the qualification standards set forth in each Fund’s offering documents. Program Minimums: The following minimum account sizes are generally required to open an account in the Programs outlined in this brochure. Specific minimums may vary depending on the investment strategy that you select; exceptions to the stated minimums can be granted in our discretion. • Vantage Program: $50,000 • Summit Program: $1,000,000 As set forth elsewhere in this brochure, we offer a number of Wrap Programs; the account minimums for these Wrap Programs are set forth in our Wrap Program Disclosure Brochure, which can be accessed on our website at https://www.stifel.com/disclosures/investment-advisory- services/program-disclosures. You should contact your Financial Advisor for more information on account and investment minimums. transactions. In contrast, if you retain the ultimate decision- making authority over your account, as is the case with a regular brokerage account, you can control the volume and frequency of trades (and, therefore, the related transaction costs) for your account. For all these reasons, it is important that you understand that Stifel and your Financial Advisor have a financial incentive to recommend a commission-based discretionary program (i.e., Vantage) or a fee-based Advisory Program over a regular brokerage account. You should consider the value of the Advisory services provided or to be provided under each Program when evaluating costs or the appropriateness of the Advisory account in general. The combination of brokerage and Advisory services may not be available separately, or may require multiple accounts and varying forms of payment. You are responsible for determining whether an Advisory Program, including the transaction-based discretionary Program (i.e., Vantage), is appropriate for you. Therefore, you should understand the investment strategy you have selected, the types of investments to be made, and the amount of anticipated trading activity in assessing the overall cost of the Program. Relative transaction infrequency could have a bearing on whether an asset-based fee account or a discretionary commission-based account is more appropriate for you than a non-discretionary commission-based account. METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT We do not charge performance-based fees for our Advisory services. ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS We offer our Advisory services to a variety of Clients, including individuals, corporations, institutions, pension or profit sharing plans, employee benefit plans, trusts, estates, charitable organizations, other business and government entities, educational institutions, and banks or thrift institutions. However, please note that not all types of investors are eligible for each Program or each Portfolio within a Program. Methods of Analysis, Investment Strategies Our Traditional Products Working Group (the “TPWG”) is responsible for the analysis, selection, and onboarding of the mutual funds, ETFs, and Managers (including their specific Portfolios) to be made generally available at our firm. After the applicable program or product management assesses whether a product meets the business and operations requirements for onboarding, the applicable program or product management may ask the Stifel CIO Office to conduct an initial due diligence review limited to the product firm’s response to Stifel’s general investment adviser onboarding questionnaire. Based on these reviews, the applicable program or product management brings the product to Stifel’s TPWG for approval to onboard to the platform. Note that we conduct such a due diligence review for most SMAs, but only do so for mutual funds and ETFs on an exception basis. We may decide at any time to restrict any of our Programs and/or Portfolios within a Program to U.S. residents only. Even where open to foreign citizens and/or residents, we may decide not to accept potential clients that are located in certain countries, in each case in our sole discretion. In reviewing certain mutual funds and/or ETFs to be made available for purchase broadly at Stifel, the TPWG considers many factors, including, but not limited to, a fund’s investment objectives and style, long-term performance records, and annual expense ratios (i.e., costs). Note that TPWG may provide minimum criteria to Product Management to allow them to onboard mutual funds or ETFs that meet such criteria. In these cases, such additions will be reported to the TPWG at its next meeting. From time to time, select mutual funds, ETF, and/or Portfolios from the broad universe of those that are approved for Stifel’s platform are selected for the firm’s Traditional and/or Alternative Mutual Fund Recommended Lists, ETF Recommended List, and/or SMA Recommended List, as applicable by the appropriate unit. You should generally select a Program or a Portfolio within a Program based on an analysis of the Portfolio’s objectives and risk profile versus your particular situation and needs. In general, (i) you should consider your specific circumstances (such as age, net worth, income and liquidity needs, as well as risk tolerance) compared to the investment strategy, recommended time horizon and risk profile for the Portfolio; and (ii) the amount that you allocate to any one Program or Portfolio within a Program should be reasonable in light of your overall asset allocation and investment goals. Page 20 of 46 SF1601-3/25  Portfolio Manager Selection and Evaluation. The Private Funds invest in Underlying Funds managed by unaffiliated investment managers. The Underlying Funds and their managers go through an initial due diligence process that includes reviewing certain quantitative and qualitative factors. Among other things, applicable personnel review the Underlying Fund’s performance history and relative performance, service provider relationships and regulatory filings as well as constituent documents and offering documents. The factors considered may vary among the Underlying Funds. Each Recommended List contain products that, in that unit’s opinion, are among the strongest offerings of their product type available at Stifel. We do not require our Financial Advisors to limit mutual fund or ETF recommendations in Advisory accounts, or recommendations of Portfolios to the products that are on the applicable Recommended List. Additional information about factors considered in selecting Funds or Adviser Portfolios (SMAs) to be including on the Stifel Recommended Lists is provided under the section “Portfolio Manager Selection and Evaluation” in our Wrap Program Disclosure Brochure. From time to time in connection with the Private Funds, our personnel review, among other things, Underlying Fund performance, financial results and assets; the review may be conducted quarterly (such as where the Underlying Fund is a hedge fund) or semi-annually (such as where the Underlying Fund is a private equity fund). Ongoing review of each Underlying Fund may also include in-person meetings with its investment advisor, typically every two to four years, unless circumstances warrant a more frequent or less frequent visits. Depending on its investment objective, our personnel may recommend replacing an Underlying Fund in a particular Private Fund based on a variety of reasons, including, but not limited to, personnel or ownership changes at the Underlying Fund’s investment adviser, or prolonged periods of lagging performance. We do not verify, or engage a third party to verify, performance data provided by the Underlying Funds, however do review that data for reasonableness by comparing it to the Underlying Funds’ audited financial statements. Risk of Loss You should understand that all investment strategies and the investments made when implementing those investment strategies involve risk of loss and you should be prepared to bear the loss of assets invested. The investment performance and the success of any investment strategy or particular investment can never be predicted or guaranteed, and the value of your investments will fluctuate due to market conditions and other factors. In cases where Financial Advisors are directing and/or recommending specific securities or investments, they use information obtained from various sources including financial publications, inspections of corporate activities, company press releases, research material prepared by affiliates and/or third parties, rating or timing services, regulatory and self-regulatory reports, and other public sources. Financial Advisors use research provided by our research department, our internal product specialists and/or from other sources relating to a broad range of research and information about the economy, industries, groups of securities and individual companies, statistical information, market data, accounting and tax law interpretations, political developments, pricing and appraisal services, credit analysis, risk measurement analysis, performance analysis, and other information that may affect the economy or securities prices. The research used may be in the form of written reports, telephone contacts, and personal meetings with research analysts, economists, government representatives, and corporate and industry spokespersons. Additional information about the various research sources that our Financial Advisors may use in connection with Advisory accounts is provided below under the section “Brokerage Practices – Research and Other Benefits.” Financial Advisors use any and/or a combination of fundamental, technical, quantitative, and statistical tools and valuation methodologies. The use of these different methodologies may result in technical or quantitative research recommendations that may differ from, or be inconsistent with, fundamental opinions for the same security. In consideration of this information, the Stifel CIO Office seeks to evaluate the security across multiple dimensions, which may include, but not be limited to, economic trends, management, business strategy, financial strength, profitability, competitive strength, and valuation. Our Financial Advisors may recommend a wide array of investments, and as discussed above, each Program and/or Portfolio covers a wide range of securities. As such, the specific type(s) of risks that each Client is exposed to will vary depending on the particular Program and/or the Portfolio in which the Client is enrolled, as well as the investments held in the Client’s Advisory account. We do not offer any guarantees that any investment recommendations made with respect to our Programs will be profitable. Moreover, Clients should note that past performance is not a guarantee of future results. With respect to fixed income securities, Financial Advisors can assist a Client to determine, or recommend to a Client, the appropriate type of security (government, corporate, or municipal), the appropriate maturity and diversification, and the appropriate parameters that will apply to the fixed income securities to be purchased for the Client account. In general, our Advisory services typically combine asset allocation and periodic rebalancing with the aim of growing and/or preserving principal. Our Financial Advisors generally assist Clients in designing investment portfolios with a long- term perspective, and periodically rebalance (or recommend rebalancing) the portfolios, as they deem appropriate, to manage risk. Material Risks Equities, ETFs, mutual funds, options and fixed income securities are the primary investments in our Advisory Programs. The material risks described below do not include every potential risk associated with the Programs and investment products, and you should not rely solely on the descriptions provided below. You should ask questions about risks applicable to particular Programs and investment products, read all product- specific risk disclosures, and decide whether a particular Program and investment product is appropriate for you based on Page 21 of 46 SF1601-3/25  your specific circumstances, investment objectives, and financial situation. For example, you should read the prospectus and other offering documents (or, in the case of a Manager’s Portfolio, the Manager’s Form ADV Part 2A) for a full description of risks associated with the particular investments. You should consider all disclosed risks associated with the types of transactions and securities involved in the Portfolio and/or product in which you are contemplating an investment, as well as any potential impact that engaging in any of the below transactions may have on an account’s overall performance. The following material risks may also be applicable to Advisory accounts invested in our Programs: determine to reduce or exit out of a Fund position held in one or more Portfolios in the Fundamentals Program). This may result in delays in our firm’s ability to fully liquidate or redeem out of the Fund, which could in turn result in increased risk of loss for participating accounts. If allowed under its prospectus, a Fund could also decide to redeem shares “in-kind” instead of in cash in connection with such large redemption requests. In that event, your account in the Program may receive the actual underlying (i.e., non-Fund) securities held by the Fund. The underlying securities could lose value before we are able to sell them (if our Firm or an FA has discretion). To the extent possible, we will work with Fund companies to minimize the potential adverse impact of large volume redemptions to accounts in our Programs, but there is no assurance that you will be able to avoid the risk of loss and other adverse consequences. Exchange Traded Product Risks: Exchange Traded Products (“ETPs”) are types of securities that derive their value from a basket of securities such as stocks, bonds, commodities or indices, and trade intra-day on a national securities exchange. Generally, ETPs take the form of ETFs or exchange traded notes (“ETNs”). ETFs are discussed above under Investment Company Securities Risks; ETNs are senior unsecured debt obligations of an issuer, typically a bank or another financial institution; however, ETNs are not categorized as typical fixed income products. General Economic and Market Conditions Risk: The success of the firm’s activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls, energy prices, commodity prices, national and international political circumstances (including government intervention in financial markets, wars, terrorist acts, or security operations), natural disasters, and regional, national, and global health crises (for example, the global outbreak of the coronavirus disease in 2019-20). These factors may affect the volatility of securities prices and the liquidity of your investments. Volatility or illiquidity could impair your profitability or result in losses. The firm’s clients may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets. Management Style Risks: A number of our Advisory Programs, including (but not limited to) Opportunity, Custom Advisory Portfolio, IMC, and Connect, are, or may be, managed or advised by Independent or Affiliated Managers. In general, we consider a Manager’s performance track record, among other things, during the selection process. However, a Manager’s past performance is not a guarantee of its future results; as such, its investment strategies may fail to produce the intended results. Investment Company Securities Risks: Accounts in number of our Programs are heavily invested in mutual funds. In addition, our Advisory accounts may also invest in other investment companies, including ETFs, UITs, and/or closed-end funds. Each Fund in a Client’s account may be subject to a variety of risks, depending on its investment strategies and/or the securities held. For example, mutual funds that primarily hold a portfolio of small capitalization companies will be subject to small capitalization risks, which may include increased volatility and decreased liquidity (relative to large capitalization companies). Each of these investments is subject to internal fees, which affect its net asset value and reduce the return that a Client will realize with respect to the investment. • Delayed Redemptions or Redemptions In-Kind – Stifel Clients may collectively own a large percentage of certain Funds through the Programs covered in this brochure (e.g., through Fundamentals and CAP). If the aggregate ownership exceeds certain thresholds set by a Fund company, the Fund may determine to delay or otherwise limit redemptions in our Client accounts, particularly in connection with large volume redemptions (for example, where our portfolio managers Fixed Income Securities Risks: A number of Portfolios and/or Financial Advisors may invest Client accounts in a variety of fixed income securities. Fixed income securities are subject to credit risk, interest rate risk, and liquidity risk. Credit risk is the risk the issuer or guarantor of a debt security will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. Interest rate risk is the risk of losses due to changes in interest rates. In general, the prices of debt securities rise when interest rates fall, and the prices fall when interest rates rise. Duration measures the change in the price of a fixed income security based on the increase or decrease in the overall interest rates. Bonds with higher duration carry more risks and have higher price volatility than bonds with lower duration. Therefore, if interest rates are very low at the time of purchase of the bonds, when interest rates eventually do rise, the price of such lower interest rate bonds will decrease, and anyone needing to sell such bonds at that time, rather than holding them to maturity, could realize a loss. High-yield debt securities (junk bonds) generally are more sensitive to interest rates. Such securities are also highly subject to liquidity risk. Liquidity risk is the risk that a particular security may be difficult to purchase or sell and that an investor may be unable to sell illiquid securities at an advantageous time or price. There are also special tax considerations associated with investing in high- yield securities structured as zero coupon or pay-in-kind securities. Municipal bonds may also have a call feature, entitling the issuer to redeem the bond prior to maturity. A callable security’s duration, or sensitivity to interest rate changes, decreases when rates fall and increases when rates rise because issuers are likely to call the bond only if the rates are low. Investors in callable bonds are therefore subject to reinvestment risk – that is, the risk that they will need to reinvest their proceeds at lower rates. Municipal bonds are also subject to Page 22 of 46 SF1601-3/25  Additional information is also available in the Structured Products Disclosure available on our website (under Important Disclosures). state-specific risks, such as changes in the issuing state’s credit rating, as well as the risk that legislative changes may affect the tax status of such bonds. Investments in government-sponsored entity securities also exhibit these risks, although the degree of such risks may vary significantly among the different government-sponsored entity securities. Some securities issued or guaranteed by U.S. government agencies or instrumentalities are not backed by the full faith and credit of the U.S. and may only be supported by the right of the agency or instrumentality to borrow from the U.S. Treasury. Other Risks for Structured Certificates of Deposits (CDs). To the extent that the Structured Investments purchased in advisory accounts are CDs, the investments could also be subject to the following additional risks: 1. Income Risk. Many Structured CDs do not pay a fixed rate of interest; instead, such products’ return may be realized at maturity based upon the underlying asset or basket of assets or index. The interest rate earned may be lower than the interest rate available on other investments with the same maturity and could even be as low as zero. Some, but not all, Structured CDs may have maximum rates of return, regardless of the performance of the underlying index or strategy. 2. Principal Risk. Although Structured CDs are insured CDs, the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 per depositor only applies to the principal amount of the CD purchased. If sold prior to maturity, the sale will be subject to market prices and the principal may not be fully returned. Brokered Certificates of Deposit Risks. Clients in certain Programs may invest in brokered CDs issued by U.S. depository institutions (each, a “CD Issuer”). These CDs are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to applicable limits, and Clients are responsible for monitoring the total amounts of deposits with any one CD issuer for FDIC guarantee limits. Brokered CDs held in Advisory accounts are subject to the Advisory Account Fee, and Clients should consider the impact of the Advisory Account Fee on the yield of any brokered CDs in their Client account. Among the risks relating to CDs are adverse changes in general economic conditions, as well as exposure to credit losses arising from possible financial difficulties of CD Issuers. Although Stifel generally seeks to select CDs of highly qualified CD Issuers that are subject to extensive governmental regulations, a CD Issuer’s profitability largely depends on the availability and cost of funds for the purpose of financing lending operations under prevailing money market conditions. Redeeming CDs before maturity may result in loss of principal due to fluctuations in the interest rate, lack of liquidity, or transaction costs. CDs sold prior to maturity may be worth less or more than the original purchase. Rates paid on brokered CDs may be lower or higher than the rates available directly through the CD Issuer or through a Stifel brokerage transaction. Clients should refer to the disclosures https://www.stifel.com/docs/pdf/Disclosures/Certificates-Of- Deposit.pdf for additional general information regarding CDs, including terms, important investment consideration, and the extent of and limitations on FDIC insurance, and to the “Specific Investment Product Disclosure” Section of the Stifel Account Agreement and Important Disclosures Booklet for additional information regarding Brokered CDs. Structured Investments Risks: We may allow accounts in certain Programs to invest in structured investments. We may, in our sole discretion, refuse to allow any Client account to invest in structured investments, even if that account is enrolled in a Program that otherwise allows for their use. Structured investments are financial instruments that are generally derived from or based on a single security, basket of securities, an index, one or more interest rates, a commodity or basket of commodities, a debt issuance, a foreign currency or basket of currencies, and/or an actively or passively managed fund or collection of funds (each, a “Structured Investment”). Structured Investments may not be suitable for all investors. Clients that invest in Structured Investments (or in a Portfolio that invests in Structured Investments) should be prepared to hold the Structured Investment until maturity. Clients that do not fully understand how Structured Investments work, as well as their associated risk, should not invest in these products (or in Portfolios that invest in these products). Structured Investments require the investor to assess several characteristics and risks that may not be present in other forms of investment, including structure risks (risks related to movements in the underlying asset and the effect of such movements on payouts under the Structured Investment), currency risks, liquidity risks, tax- treatment risks, loss of principal risk, call risk, and other types of risks. Some Structured Investments offer protection of the principal invested (contingent on the ability of the issuer to repay its senior unsubordinated obligations at maturity), whereas others offer more limited or no protection of the principal. Because the principal or interest payment on a Structured Investment is tied to the value of another asset or assets, a change in the value of that asset can affect the return on the Structured Investments in a manner not characteristic of non- structured obligations. In certain cases, an affiliate of Stifel may receive compensation from the issuer of the notes in connection with research and other services provided by the affiliate to the issuer of Structured Investments that we may offer to clients. Except in connection with retirement accounts, the affiliate’s compensation generally will not affect our firm’s compensation in connection with clients that hold these investments in their advisory accounts – you should refer to the section “Additional Information on Fees and Other Compensation” for more details on affiliate compensation on certain products that we offer. Important information and risks specific to each Structured Investment offering will be disclosed in the offering materials for the specific product, and you should carefully review all related disclosures prior to investing in any Structured Investment. Cash Balance Risks: Cash balances, including maintenance cash, in Advisory accounts are subject to the Advisory Account Fee. Depending on prevailing interest rates, it is likely that cash balances held in Page 23 of 46 SF1601-3/25  derivative transactions is a highly specialized activity that involves investment techniques and risks that may be more heightened than those associated with ordinary portfolio securities transactions. Advisory accounts will underperform, including resulting in negative returns after application of Advisory Account Fees, as compared to alternative arrangements for holding cash positions. This is particularly true if such cash balances are held through an automatic sweep option, as the return that a Client will earn on cash held through a sweep option will most likely be less than the applicable Advisory Account Fee. For most Clients in our Programs, the applicable sweep option is our insured bank deposit sweep program. Our insured bank deposit sweep programs pay comparable market interest rates to insured bank checking accounts but may have significantly lower rates when compared to unaffiliated money market funds or other cash equivalents that could otherwise be used to hold cash in Client accounts. Under certain market conditions, holding cash results in lower overall account return, such as when riskier assets outperform cash. Moreover, while maintaining Advisory account assets in cash may protect those assets from the risk of loss in the event of a market downturn, holding cash, particularly high cash concentrations for long periods of time, through an Advisory account may result in underperformance given the impact of Advisory Account Fee(s) and the rates of return on maintenance cash and other cash equivalents. Short Selling (or Short Sale Exposure) Risks: Certain Portfolios and other accounts may engage in short selling. A short sale involves the sale of a security that is borrowed. The short position(s) will lose money when the value of the underlying (borrowed) security rises, a result that is the opposite of traditional strategies. The existence (and volume) of short positions can also lead to more volatile performance of the underlying security, which will in turn affect the performance of the shorting strategy. Short sales expose a Client’s account to the risk that it will be required to acquire, convert, or exchange securities to replace the borrowed securities (also known as “covering” the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss. An account’s investment performance may also suffer if required to close out a short position earlier than initially anticipated. Moreover, under certain market conditions (such as during periods of high volatility), regulators may also limit or otherwise impose significant requirement on short sales, which would have an adverse effect on the strategy and, therefore, the Client’s account. In addition, an account may be subject to expenses related to short sales that are not typically associated with other Advisory accounts in the Program, such as borrowing costs (or short sale charges) and margin account maintenance costs. Each Client is urged to carefully consider the impact that engaging in any of these transactions will have on the account’s overall performance. In all cases, each Client has the option to hold cash in a brokerage account at Stifel and/or in deposit accounts through the Affiliated Bank or with other banks, in which case such cash would not be subject to the Advisory Account Fee. Clients also have the option of using (including directing their Financial Advisors to use) other cash equivalents in their accounts; while subject to the Advisory Account Fee, these cash equivalents will likely earn higher interest rates than cash held through our insured bank deposit sweep programs. Clients should compare the terms, interest rates, required minimum amounts, and other features of the automatic sweep option with other cash equivalent investments. More information about our automatic sweep option is available at http://www.stifel.com/agreementanddisclosurebooklet. Information about current interest rates for our insured bank deposit sweep programs is available by contacting your Financial Advisor or through www.stifel.com. Alternative Investments Risks: A number of Portfolios may invest in and/or Financial Advisors may recommend a variety of alternative investments. Alternative investments, including (but not limited to) the Private Fund or other hedge funds or private equity funds, alternative mutual funds, non-traditional ETFs, managed futures products, and/or real estate (related) investments may also present unique risks, such as decreased liquidity and transparency and increased complexity. Alternative investments typically use derivative instruments (such as options, futures, or index-based instruments) and/or leveraging strategies. The use of derivative instruments involves multiple risks, as discussed in more detail above. In addition, to the extent that the alternative investment uses commodities (or commodity- based derivatives) as part of its investment strategy, the investment return may also vary as a result of fluctuations in the supply and demand of the underlying commodities. Real estate- related investments will be subject to risks generally related to real estate, including risks specific to geographic areas in which the underlying investments were made. Certain alternative investments may be less tax efficient than others. Each alternative investment is typically subject to internal fees (including, but not limited to, management and/or performance fees), which affect the product’s net asset value and reduce the return that a Client will realize with respect to the investment. Derivatives Risks: A number of Portfolios or discretionary accounts may engage in derivative transactions, including, but not limited to, hedge funds, options, overlays, and managed futures products for any purpose consistent with the Client’s investment objective and/or the Portfolio in which the Client account is invested. Generally, a derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. Such transactions may be used for several reasons, including hedging unrealized gains. Hedging strategies, if successful, can reduce the risk of loss by offsetting the negative effect of unfavorable price movements in the investments being hedged. However, hedging strategies can also reduce the opportunity for gain by offsetting the positive effect of favorable price movements in the hedged investments. A Portfolio (or certain accounts in a Program) may also use derivative instruments to, amongst other objectives, obtain market exposure (that is, for speculative purposes rather than hedging) or generate income. Certain accounts may establish a position in the derivatives market as a substitute for buying, selling, or holding certain securities. The use of Additional risks may include style-specific risk, speculative investment risk, concentration risk, correlation risk, credit risk and lower-quality debt securities risk, equity securities risk, financial services companies’ risk, interest rate risk, non- Page 24 of 46 SF1601-3/25  diversification risk, small- and mid-cap company risk, and special risks of mutual funds and/or ETFs, among others. of foreign securities. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, and are typically subject to currency risk. Some foreign securities also may be subject to taxes and other charges imposed by the issuer’s country of residence or citizenship. Certain foreign securities may be subject to additional costs and risks. As set forth elsewhere in this brochure and/or in the Advisory Agreement, such taxes and charges are in addition to (i.e., are not included in) a Client’s Advisory fees or commissions. All these factors could negatively affect a Client’s realized return on the investment. Unrelated Business Taxable Income: Unrelated business taxable income (“UBTI”) is income regularly generated by a tax- exempt entity by means of taxable activities. This income is not related to the main function of the entity, but is needed to generate a small portion of income. UBTI is typically associated with income received from investments in limited partnerships and master limited partnerships, which are required to pay out most of their profits. Clients may also be affected if a Fund in their account in turn invests in entities that generate income that qualifies as UBTI for their retirement account(s). When UBTI of $1,000 or more is received from investments held in a client’s tax deferred retirement account (such as an IRA), as custodian Stifel will take the necessary steps to pay the UBTI tax liability from the assets of the retirement account and will use a vendor to prepare and file the required Form 990-T with the IRS. Affected retirement accounts will incur filing fee for each Form 990-T that Stifel files on behalf of the account. Clients with retirement accounts investing in such securities (directly, or though Portfolios that in turn invest in these securities) should refer to the Stifel Account Agreement and Disclosure Booklet for additional information about the processing fee charged for these filings. Emerging Markets Securities Risks: Numerous emerging market countries have a history of, and continue to experience, serious and potentially continuing economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in, and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets, and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets, and as a result, the risks of investing in emerging market countries are magnified in frontier market countries. It is important to note that emerging markets securities are foreign securities and also carry all of the foreign securities risks identified above. Tax-Exempt Securities Risks: Portfolios (or accounts in a Program) may seek to invest in tax-exempt securities, including (but not limited to) municipal bonds as well as tax-exempt mutual funds and ETFs. In order to attempt to pay interest that is exempt from federal or state and local income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed to shareholders to be taxable. In addition, income from one or more municipal bonds held in the Portfolio could be declared taxable because of unfavorable changes in tax or other laws, adverse interpretations by the Internal Revenue Service (“IRS”), state, or other tax authorities, or noncompliant conduct of a bond issuer. Changes or proposed changes in federal or state income tax or other laws may also cause the prices of tax- exempt securities to fall. Finally, income from certain municipal bonds may be subject to the alternative minimum tax (“AMT”) and/or state and local taxes, based on the investor’s state of residence. In addition, as discussed in more detail under the section “Cash Sweep Options” below, idle cash in Advisory accounts held at Stifel (including accounts invested in “tax- exempt” Portfolios) is typically swept into one of our insured bank cash sweep programs. Any interest earned by the Client in respect of such cash balances will not be exempt from taxes. American Depositary Receipts (ADRs) Risks: Certain Program assets may also be invested in ADRs stocks listed on a U.S. exchange. An ADR is typically created by a U.S. bank and allows U.S. investors to have a position in the foreign company in the form of an ADR. Each ADR represents one or more shares of a foreign stock or a fraction of a share (often referred to as the “ratio”). The certificate, transfer, and settlement practices for ADRs are identical to those for U.S. securities. Generally, the price of the ADR corresponds to the price of the foreign stock in its home market, adjusted for the ratio of ADRs to foreign company shares. There are investment risks associated with ADRs, including, but not limited to, currency exchange-rate, inflationary, and liquidity risks as well as the risk of adverse political, economic, and social developments taking place within the underlying issuer’s home country. In addition, the underlying issuers of certain ADRs are under no obligation to distribute shareholder communications to ADR holders, or to pass through to them any voting rights with respect to the deposited securities. It is important to note that since ADRs are created to allow U.S. investors to have a position in a foreign company, they also carry all of the foreign securities risks identified above. IRS Circular 230 Disclosure: Stifel, its affiliates, agents and employees are not in the business of providing tax, regulatory, accounting or legal advice. This brochure and any tax-related statements provided by Stifel are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax adviser. Foreign Securities Risks: Advisory accounts may invest in foreign securities, directly or through Funds that hold a portfolio Equity Risks: Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, common stocks, preferred securities, convertible stocks, and warrants. The values of equity securities, such as common stocks and preferred securities, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general Page 25 of 46 SF1601-3/25  may be) ability to effectively implement the Portfolio’s stated objectives as communicated to the Client in respect of such accounts and, as a result, adversely impact the performance of the accounts. outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Equity securities generally rank junior in a company’s capital structure to debt securities and consequently have greater price volatility and entail greater risk of loss than debt securities. Frequent Trading and High Portfolio Turnover Rate Risk: The turnover rate within certain discretionary Advisory accounts (including, for example, in the Vantage Program) may be significant. Frequent trades may result in high transactions costs, including substantial commissions, fees, and other transaction costs. In addition, frequent trading is likely to result in short- term capital gains tax treatment. As a result, high turnover and frequent trading in an Advisory account could have an adverse effect on the cost and therefore the return on the Advisory account. Risks Relating to the Use of Third-Party Managers: Our selection of managers is inherently based on subjective criteria with the result that the true performance and abilities of any particular manager may be difficult to assess. The historical performance of a manager is not indicative of its future performance, which can vary considerably. We do not have a role in the day-to-day management of the investments managed by third-party managers (such as certain of the CAS Funds). Consequently, the performance of such investments is substantially dependent on the skill and acumen of key employees of the managers. If such employees cease to participate in the manager’s business, the manager’s ability to select attractive investments and manage its portfolio could be impaired. Diversification Risk: Certain Portfolios within Stifel’s Advisory Programs may have concentration in specific asset classes, sectors, or individual securities, which could result in increased exposure to the risks that can be attributed to those specific investments. Additionally, certain Portfolios may invest in a specific investment style. As a result, clients in these Portfolios may not have access to as wide a variety of management styles as clients in Portfolios. Certain Portfolios also invest in funds of specific sponsors or fund companies, which means that clients in these Portfolios only have access to the management style of that fund company or sponsor. Clients in these Portfolios will be subject to more risk than Clients in more diversified Portfolios and, therefore, are intended to complement to other investments. Mid Cap and Small Cap Company Risk: The securities of mid cap or small cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general. We rely to a great extent on information provided by the managers and may have limited access to other information regarding the managers’ portfolios and operations. There is a risk that a manager may knowingly, negligently or otherwise withhold or misrepresent information, including instances of fraud or similar activities. We are not able to guarantee that its ongoing monitoring would detect instances of fraudulent or similar activity. In addition, managers may have similar or divergent investment views and strategies. Consequently, a Client whose assets are managed by more than one manager may at times hold economically offsetting positions in its overall portfolio, and could indirectly incur transaction costs without accomplishing any net investment result, or may compete with its own accounts for the same positions in one or more markets. Where managers hold similar views or employ similar trading strategies, a Client’s overall portfolio may hold large positions in a relatively limited number of the same or similar investments. Greater concentration of positions across multiple managers will increase the adverse effect of any unfavorable conditions in the market, sector, or industry in which the positions are concentrated. Municipal Securities Risk: Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions (as discussed under Tax-Exempt Securities Risk above), and by uncertainties and public perceptions concerning these and other factors. In recent periods, an increasing number of municipal issuers in the United States have defaulted on obligations and commenced insolvency proceedings. Dependence on Key Personnel: In certain situations, we may rely heavily on certain key personnel of our firm, our affiliates, and/or the personnel of certain Managers available on our platform. The departure of any such key personnel or their inability to fulfill their duties may adversely affect the related Portfolio, including our firm’s (or the Manager’s, as the case Dividend Reinvestment Risks: Clients that direct dividend reinvestment for their Advisory accounts should note that dividend reinvestment typically leads to the receipt of fractional shares. Stifel is not able to execute fractional share liquidations on an agency basis. Clients should therefore understand that where Stifel liquidates fractional shares, Stifel will purchase the fractional shares into its inventory. The price allocated to the fractional component will depend on whether the fractional shares portion can be processed on the same day as any whole shares that are part of the same liquidation transaction (in which case, the price will be the same as the market price received from the whole shares), or whether the fractional shares are processed on a different day (in which case, the price allocated to the fractional shares will be the previous business day’s closing market price for the security). Stifel may benefit from (or lose money as a result of) implementing fractional share liquidation in Advisory Client accounts. In general, Clients should note that Stifel does not encourage dividend reinvestment in its Advisory accounts. Page 26 of 46 SF1601-3/25  (v) Lack of Transparency. Private Fund investors generally Risks Relating to Investments in the Private Funds: The following is a summary of the principal risks that apply to investments in the Private Funds and does not attempt to identify every potential risk associated with a particular investment strategy or Private Fund. receive periodic reports from the Fund or its manager. However, a Private Fund may not always provide all the information that clients request because certain information may be considered proprietary or otherwise confidential. This lack of information may make it more difficult for Clients to evaluate the risks of a continued investment in the Private Fund. (vi) Ability to Meet Investment Objectives. Our firm is not Additional information about applicable risks is set forth in each Private Fund’s prospectus, private placement memorandum, or other offering document or disclosure document (collectively, “risk disclosures”) provided in connection with an investment in such Private Fund. Clients are encouraged to read those risk disclosures carefully. This information is qualified in its entirety by reference to the respective risk disclosures and in the event of any conflict or inconsistency, Clients should rely on the respective risk disclosures. responsible for the investment decisions of the third-party managers that are hired to manage the Private Funds and/or any such Private Fund’s underlying investments, as such, we cannot guarantee that the investment objectives of any particular Private Fund will be achieved. (i) Regulatory Environment. Interests in the Private Funds generally are not registered under federal or state securities laws, nor are they subject to regulation by the SEC or other regulators. In addition, when investing in the Private Funds, Clients may not be protected by federal or state securities laws, other than certain anti-fraud provisions of those laws. Notwithstanding the foregoing, there is increased regulatory scrutiny of the private investment fund industry in general. Any future changes in the regulations applicable to the private investment fund industry could have a material adverse impact on the performance of the Private Funds’ investments. (ii) Concentration Risk. Certain Private Funds may not Issuer Concentration Risk: From time to time, a Financial Advisor (or a Portfolio) may take a significant position in a particular issuer; for example, a particular Financial Advisor’s Clients may, in the aggregate, own more than 5% of an issuer’s outstanding stock. Even where such position is spread among a number of Client accounts, the affected Clients will be more exposed to the issuer’s specific risk than where our firm’s aggregate position in the issuer is insignificant and/or immaterial. Such large positions may also affect the liquidity of the investment because we may not be able to completely liquidate the position within a desired timeline or at a desired price if we own more than the typical daily trading volume. We are required by applicable regulations to disclose ownership of more than 5% of the total outstanding shares of certain equity securities held in our discretionary accounts. There are no similar disclosure requirements to the extent the positions are held in non-discretionary Client accounts. Clients are therefore encouraged to discuss these risks with their Financial Advisor when considering the Financial Advisor’s investment recommendations. establish concentration limits with respect to particular securities, industries, or sectors. Consequently, a Private Fund may be relatively concentrated in a particular security, industry or sector and unfavorable conditions affecting any such security, industry or sector could have a material adverse effect on the Private Fund’s overall financial condition. (iii) Investment Strategy Risk. Depending on their investment strategies, certain Private Funds may engage or invest in highly leveraged transactions, short sales, derivatives, commodities, or volatile or speculative instruments, and may concentrate their investments in a limited number of securities or other interests, including securities that are not publicly registered, listed or publicly traded, which may serve to make an investment in such Private Funds highly speculative and risky. Before investing in a Private Fund, Clients should understand the attendant risks of its investment strategy. (iv) Lack of Liquidity. Interests in the Private Funds are Indirect Investments in Digital Assets: Our Financial Advisors may recommend (and Portfolios on our platform may invest in) Funds and other products that, in turn, invest in, or have exposure to, digital assets (including crypto currencies). The legal and regulatory landscape relating to cryptocurrencies and other digital asset technologies is still in its infancy and is rapidly changing. There is a high likelihood of new and evolving regulations and guidance from various securities, commodities, and banking organizations which may have significant adverse impact on these Funds and other products. Cryptocurrencies also have limited performance histories, can be extremely volatile, and are not subject to many of the regulatory oversights over which other investable assets are subject. We may limit indirect investments in digital assets in any Program, Portfolio, or account, at any time, in our sole discretion. generally illiquid. No market may exist for the Private Funds’ interests, and substantial restrictions may exist with respect to their transferability and resale. The securities and other interests in which a Private Fund invests similarly may be illiquid. As a result, Clients should be prepared to bear the financial risks of investing in a Private Fund for a significant period of time, and understand that they may not be able to withdraw assets whenever they wish to do so. Financial Institution Risk Actual events involving reduced or limited liquidity, defaults, non-performance, or other adverse developments that affect financial institutions or other companies in the financial services industry, including banks and other custodians of an investor’s funds and securities, or impact the financial services industry generally, as well as concerns or rumors about any events of Page 27 of 46 SF1601-3/25  and WSPs regarding the cited supervisory deficiencies prior to the entry of the AWC. 3. In March 2019, Stifel, along with 78 other investment these kinds, have in the past and may in the future lead to market-wide liquidity problems, defaults on financial obligations, non-performance of contractual obligations, and other adverse impacts on these financial institutions, investors that deposit funds and securities at these institutions, lenders and borrowers of these institutions, and other companies in the financial services industry. For example, on March 10, 2023, Silicon Valley Bank, was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. Investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult to acquire financing on acceptable terms or at all. Any decline in available funding or access to cash and liquidity resources could, among other risks, adversely impact the ability to meet operating expenses, satisfy financial obligations, liquidate portfolio holdings, withdraw capital, or fulfill other obligations, or result in breaches of financial and/or contractual obligations. Any of these impacts, or any other impacts resulting from the factors described above or other related or similar factors not described above, could have material adverse impacts on portfolio holdings, fund performance, or business operations. DISCIPLINARY INFORMATION advisers who voluntarily participated in the SEC’s Share Class Selection Disclosure Initiative, consented to the entry of an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (the “Order”) by the SEC instituted pursuant to Sections 203(e) and 203(k) of the Advisers Act without admitting or denying the findings therein except those related to jurisdiction and the subject matter of the proceedings. The Order entered against Stifel alleged that Stifel willfully violated Sections 206(2) and 207 of the Advisers Act as a result of its inadequate disclosure of conflicts of interest related to (a) the selection of mutual fund share classes that charged 12b-1 fees, which are recurring fees deducted from fund’s assets, when an alternative share class was available that did not charge a 12b-1 fee, and (b) the receipt of 12b-1 fees in connection with these investments. The SEC did not impose a civil penalty against Stifel in recognition of the fact that Stifel self-reported the issue to the SEC. However, Stifel was censured and ordered to cease-and-desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act, pay disgorgement and pre-judgment interest in the amount of $6,037,175.98 to affected investors, and comply with several undertakings related to notifying affected investors of the terms of the Order. 4. On January 26, 2018, Stifel entered into a Letter of 1. On September 24, 2024, in connection with the industry- wide sweep into off-channel communications, the SEC entered an administrative order against Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”). The SEC found that the Firm willfully violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder, as well as Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder, due to recordkeeping failures related to electronic communications. The Firm also failed to reasonably supervise its personnel to prevent or detect aiding and abetting violations of these sections. The SEC ordered Stifel to cease and desist from committing or causing any violations, censured the Firm, and imposed undertakings including retaining an independent compliance consultant. Additionally, a civil money penalty of $35,000,000 was imposed. 2. On September 1, 2020, Stifel entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with FINRA to settle allegations that the firm (i) traded ahead of certain customer orders at prices that would have satisfied the customer orders; (ii) did not maintain adequate supervisory controls that were reasonably designed to achieve compliance with FINRA Rule 5320 and Supplementary Material .02 of FINRA Rule 5320; and failed to report an information barrier identifier with its order audit trail system (OATS) submission for certain orders. These allegations were considered to be violations of FINRA Rules 2010, 3110, 7440(b)(19), and NASD Rule 3010. While not admitting or denying the allegations, the firm consented to a censure, monetary fine of $37,500, plus interest of $318.25, restitution payments to affected investors, and an undertaking to revise its written supervisory procedures relating to Rule 5320 and Supplementary Material .02 of FINRA to settle these allegations. 5. On January 26, 2018, Stifel entered into an AWC with FINRA to settle allegations that the firm failed to report to the Trade Reporting and Compliance Engine (“TRACE”) transactions in TRACE-eligible securitized products within the time required by FINRA Rule 6730. While not admitting or denying these allegations, the firm agreed to a censure and a fine of $17,500. 6. On November 3, 2017, Stifel entered into a consent Acceptance, Waiver, and Consent (“AWC”) with FINRA to settle allegations that, during the period of October 31, 2017 through February 27, 2020, the firm lacked a supervisory system, including written supervisory procedures (WSPs), reasonably designed to detect and prevent Stifel and its registered representatives from executing pre-arranged transactions in violation of Municipal Securities Rulemaking Board (MSRB) Rule G-27. While not admitting or denying the allegations, the firm consented to a censure and monetary fine of $40,000 to settle the allegations. As indicated in the AWC, Stifel updated its supervisory system agreement with the State of North Carolina, as part of a Page 28 of 46 SF1601-3/25  findings in the Order, Stifel agreed to the entry of the Order directing Stifel to cease and desist from violating Rule 5.15 of the Mississippi Securities Act of 2010, a books and records rule, and to pay the Division $49,500 on its behalf as well as $500 on behalf of the former registered representative. 10. On December 6, 2016, a final judgment (“Judgment”) was multi-state task force agreement, regarding the sale of securities commonly known as Auction Rate Securities (“ARS”). The state regulatory authority claimed that Stifel failed to reasonably supervise the sales of ARS by failing to provide sufficient information and training to its registered representatives and sales and marketing staff regarding ARS and the mechanics of the auction process applicable to ARS. As part of the consent agreement, Stifel agreed to pay the state $18,088.80, to cease and desist from violating securities laws and regulations, to retain at Stifel’s expense a consultant to review the firm’s supervisory and compliance policies and procedures relating to product review of nonconventional investments, and to repurchase certain auction rate securities from the firm’s clients. 7. In June 2017, Stifel entered into an AWC with FINRA to entered against Stifel by the United States District Court for the Eastern District of Wisconsin (Civil Action No. 2:11-cv- 00755) resolving a civil lawsuit filed by the SEC in 2011 involving violations of several antifraud provisions of the federal securities laws in connection with the sale of synthetic collateralized debt obligations (“CDOs”) to five Wisconsin school districts in 2006. As a result of the Order, Stifel is required to cease and desist from committing or causing any violations and any future violations of Section 17(a)(2) and 17(a)(3) of the Securities Act, and Stifel and a former employee are jointly liable to pay disgorgement and prejudgment interest of $2.5million. Stifel was also required to pay a civil penalty of $22 million. The Judgment also required Stifel to distribute $12.5 million of the ordered disgorgement and civil penalty to the school districts involved in this matter. settle allegations that Stifel did not provide timely disclosures to a municipal issuer in connection with its role as placement agent in a placement of bonds issued by the municipal issuer in accordance with interpretive guidance issued by the Municipal Securities Rulemaking Board (“MSRB”) regarding MSRB Rule G-23. In May 2012, Stifel recommended that the issuer do a placement, in lieu of a public offering, in order to save on debt service costs. The issuer accepted Stifel’s recommendation and agreed that Stifel would serve as placement agent. However, Stifel did not provide the disclosures regarding its role in a timely manner. As a result, the firm was alleged to have violated MSRB Rule G-23 by serving as both financial advisor and placement agent on the same issue. While not admitting or denying the allegations, Stifel agreed to a regulatory censure and a monetary fine of $125,000. 11. On April 8, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm used permissible customer- owned securities as collateral for bank loans procured by the firm. However, on several occasions over a period of years, prior to performing its customer reserve calculation, Stifel substituted those loans with loans secured with firm-owned collateral. The substitution thereby reduced the amount that Stifel was required to deposit into the Customer Reserve Account. FINRA found the practice to be a violation of applicable rules, including Section 15(c) of the Securities Exchange Act of 1934 and Rule 15c3-3(e)(2) thereunder. Throughout the relevant period, the firm had sufficient resources to fund the Customer Reserve Account even if the substitutions had not occurred. While not admitting or denying the allegations, the firm consented to a censure and fine of $750,000. 12. On March 24, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm executed transactions in a municipal security in an amount that was below the minimum denomination of the issue. The conduct described was deemed to constitute a violation of applicable rules. While not admitting or denying these allegations, the firm agreed to a censure and a fine of $25,000. 8. In March 2017, Stifel consented to the entry of a Cease and Desist Order (“Order”) by the SEC in which Stifel was found to have violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt or implement adequate policies and procedures to track and disclose the trading away practices of certain Investment Managers in several of Stifel’s discretionary wrap fee programs, including information about additional costs incurred by clients as a result of the Investment Manager’s use of another broker to execute transactions away from Stifel. Stifel neither admitted nor denied the findings contained in the Order, except those related to jurisdiction and the subject matter of the proceeding. Stifel made several undertakings enumerated in the Order related to the trading away practices of third-party managers, including a review and update of its policies and procedures, providing information to financial advisors and clients, and training financial advisors. Stifel was ordered to pay a civil penalty of $300,000 and ordered to cease and desist from violating Section 206(4) and Rule 206(4)-7 thereunder. 9. On January 4, 2017, an Administrative Consent Order (“Order”) was entered against Stifel and a former registered representative associated with Stifel by the Securities Division of the Mississippi Secretary of State (“Division”) resolving an investigation into certain activities occurring in two branch offices during the period of September 2000 through November 2013. Without admitting or denying the 13. On March 3, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm, among other things, (i) traded ahead of certain customer orders, (ii) failed to mark proprietary orders with required notations, (iii) failed to yield priority, parity, and/or precedence in connection with customer trades submitted with proprietary orders, (iv) failed to disclose required information in writing to affected customers, and (v) failed to reasonably supervise and implement adequate controls in connection with these trades. These allegations were considered to be violations of New York Stock Exchange (“NYSE”) Rules 90, 92, 410(b), Page 29 of 46 SF1601-3/25  and 2010 as well as Section 11(a) of the Exchange Act. While not admitting or denying the allegations, the firm consented to a censure and fine of $275,000. modifier to 50,076 last sale reports of transactions that were reported to the FINRA/NASDAQ Trade Reporting Facility and (ii) the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws and regulations as well as FINRA rules concerning trade reporting. These allegations were considered to be violations of FINRA Rule 7230A(d)(6), FINRA Rule 2010, and NASD Rule 3110. While not admitting or denying the allegations, the firm consented to censure and a fine of $40,000. 14. On January 5, 2016, Stifel, along with one of its employees, entered into an AWC with FINRA to settle allegations that Stifel and the employee (i) failed to adequately supervise the written communication of a registered institutional salesperson who circulated communications about companies that were subject to Stifel research and (ii) failed to implement a supervisory system designed to supervise the distribution, approval, and maintenance of research reports and institutional sales material. These allegations were considered violations of various NASD Rules (including, but not limited to Rule 2711(a)(9), 2210(d)(1), and 3010). While not admitting or denying the allegations, the firm consented to a censure and fine of $200,000. 18. On June 8, 2015, Stifel entered into a settlement agreement with the Chicago Board of Options Exchange, Incorporated to settle allegations that the firm failed to register individuals, by the required deadline, who were otherwise required to register as proprietary trader principals. While not admitting or denying the allegations, the firm agreed to censure and a fine of $35,000. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS 15. On October 27, 2015, Stifel was one of many firms to enter into an AWC with FINRA to settle allegations that the firm (i) disadvantaged certain customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge, but were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees, and (ii) failed to establish and maintain a supervisory system and procedures to ensure that eligible customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. These allegations were considered to be violations of NASD Rule 3010 and FINRA Rules 3110 and 2010. While not admitting or denying the allegations, the firm consented to a censure and to pay $2.9 million in restitution to the eligible customers. 16. On June 18, 2015, Stifel, together with 39 other financial As set forth above, our firm is dual registered as an investment adviser and a broker-dealer, and is also a licensed insurance agency with various states. We also have a number of affiliates that are registered as investment managers or broker-dealers (or both). In addition to being registered representatives of Stifel, some of our management persons may be registered representatives of these affiliated broker-dealers. Similarly, some of our management persons may be management persons of our affiliates, including Affiliated Managers. Finally, some of our management persons may be licensed to practice law and/or may be certified accountants in various states. These individuals do not provide legal or tax advisory services to Clients. Our parent company, Stifel Financial Corp., is a publicly traded company (ticker: SF). We generally prohibit our Financial Advisors from recommending the purchase of our parent company securities in Clients’ Advisory accounts. The following affiliates may be involved, directly or indirectly, in the Advisory services provided to Clients in the Programs covered in this brochure: services firms, consented to the entry of a Cease and Desist Order by the SEC following voluntary participation in the SEC’s Municipalities Continuing Disclosure Cooperative Initiative (“MCDC”). The SEC alleged that each participating firm generally violated federal securities laws and regulations (including certain anti-fraud provisions thereof) in connection with municipal securities offerings in which the firm (i) acted as either senior or sole underwriter and in which the offering documents contained false or misleading statements by the issuer about the issuer’s prior compliance with certain federal securities laws or regulations, (ii) failed to conduct adequate due diligence about the issuer in connection with such offerings, and (iii) as a result, failed to form a reasonable basis for believing the truthfulness of the statements made by the issuers in the offerings, in each case as required by applicable securities laws and regulations. While not admitting or denying the allegations, Stifel consented to a fine of $500,000 and to retain a consultant to conduct a review of its policies and procedures relating to municipal securities underwriting due diligence. Affiliated Managers and Broker-Dealers – We have a number of arrangements with our Affiliated Managers applicable to Clients enrolled in our Advisory Programs. As of the date of this brochure, our Affiliated Managers included 1919 Investment Counsel, EquityCompass Investment Management, LLC, Washington Crossing Advisors, LLC, Stifel Capital Management, LLC, North Atlantic Capital Management, LLC, and InTyce, LLC (aka Stifel Wealth Tracker). Our affiliations with these entities may change and/or we may acquire new affiliates at any time, without prior notice to you. Our Affiliated Managers provide model Portfolios and/or manage Portfolios on a discretionary basis in a number of our Programs. We have a conflict of interest when our Financial Advisors recommend Affiliated Managers rather than Independent Managers, since any Product Fee received by an Affiliated Manager remains within the Stifel umbrella and may have a positive impact on the performance of our parent company stock (of which the 17. On June 10, 2015, Stifel entered into an AWC with FINRA to settle allegations that (i) the firm failed to report the correct symbol indicating whether a transaction was buy, sell, or cross and inaccurately appended a price override Page 30 of 46 SF1601-3/25  institutions into which idle cash swept from eligible Client accounts may be swept. From time to time, Clients may also have a direct relationship with an Affiliated Bank and hold other personal deposit and/or bank accounts at such Affiliated Bank, in which case, such Clients are solely responsible for any customary fees that are charged with respect to such deposit or other bank accounts. Financial Advisor is likely a shareholder). Moreover, our Financial Advisors sometimes develop close personal relationships with employees and associated persons of our Affiliated Managers and, as a result, could have an incentive to recommend such Affiliated Managers over Independent Managers. To mitigate this risk, we do not pay our Financial Advisors on the basis of recommendations of Affiliated Managers or affiliated products. In addition, we pay our Affiliated Managers in the same range as Independent Managers (i.e., the Product Fees to utilize the services and/or Portfolios of Affiliated Managers are comparable to Product Fees associated with Independent Managers). Furthermore, as set forth under the section “Credit Line Loans” below, our Affiliated Banks may compensate us in connection with Credit Line Loans that Clients hold at the bank (based on the outstanding balance). Clients should therefore note that the Financial Advisor has an incentive to recommend such Credit Line Loans and, as such, should carefully review the terms of any proposed Credit Line Loan prior to taking out any such Loan. Finally, our Affiliated Banks may, from time to time, issue brokered certificates of deposit which we may determine to make available for purchase by our clients. With respect to IRAs and Coverdell Education Savings Accounts, Stifel Bank serves as IRA custodian. When acting as IRA custodian, Stifel Bank does not provide and is not responsible for brokerage or advisory services for your account(s). We also serve as clearing broker and custodian to accounts sourced by our affiliate, Stifel Independent Advisors, LLC (“Stifel Independent”), and make a wide range of Advisory services and support resources available to Stifel Independent’s clients. We also provide portfolio management services to some of these clients to the extent they are enrolled in a Program or Portfolio where we maintain discretion. We receive a share of the fees and/or charges paid by Stifel Independent clients in connection with the services that we provide and pay a portion to Stifel Independent for its services (including its Financial Advisors’ services). In our capacity as a registered broker-dealer, we also serve as clearing broker and custodian to accounts sourced by our affiliate Stifel Independent, and make a wide range of Advisory services and support resources available to Stifel Independent’s clients. We also provide portfolio management services to some of these clients to the extent they are enrolled in a Program or Portfolio where we maintain discretion. We receive a share of the fees and/or charges paid by Stifel Independent clients in connection with the services that we provide. Affiliated Broker-Dealers – We have a number of affiliates that are registered broker-dealers. As a full-service broker-dealer, we self-execute client transaction and, as such, generally do not use the execution services of our affiliated broker-dealers in providing services to our Advisory Clients. However, a number of our affiliated broker-dealers may serve as underwriters or otherwise participate in the distribution of securities that end up in our Advisory accounts through purchases in the secondary market (NOTE that our wrap accounts do not participate in initial public offerings). Our affiliated broker-dealers (for example, Keefe, Bruyette & Woods (“KBW”)) also provide research used by our Financial Advisors in making investment decisions for Clients. As set forth above, we do not use these affiliates (including KBW) to execute Client trades or otherwise provide services directly to Advisory Client accounts. Your Financial Advisor can provide or direct you to a full list of our affiliated broker-dealers, upon request. Affiliated Trust Companies and Banks – Our affiliated trust companies, Stifel Trust Company, National Association (STC) and Stifel Trust Company Delaware, National Association (STCD), each provide personal trust services (including serving as trustee or co-trustee, or custodian) for individuals and organizations. The fees charged by our trust affiliates are structured in a manner that is consistent with fiduciary principles to which such entities are subject. STC’s and STCD’s published fee schedules provide a listing of the services for which each receives payment. A copy of the fee schedule is delivered to each trust client. Affiliated Funds and Other Products – As discussed above in “Additional Information on Fees and Other Compensation,” Stifel and its affiliates receive compensation from Funds and other products. From time to time, as trustee or co-trustee, these trust affiliates may open an Advisory account in the Programs covered by this brochure, and/or access other advisory services that we offer. In such cases, we generally view our client to be the affiliated trust companies (i.e., STC or STCD), not their underlying trust clients on whose behalf our affiliates are acting, for the arrangement (even where, for example, our Financial Advisor may have referred the underlying trust client to the affiliate trust company and, as a result, indirectly shares in the trust fees received). In connection with the insured bank deposit programs offered as cash sweep options for our Client accounts, our affiliates, Stifel Bank, Stifel Bank & Trust, STC, and STCD (each, an “Affiliated Bank” and collectively, “Affiliated Banks”), are either the sole participating deposit institutions, or the top participating deposit Affiliated Private Funds – As discussed in the section “Management and Advisory Services to Private Funds,” our firm may, directly or through an affiliate, act as a general partner, manager, or managing member, or otherwise provide investment advisory services of various Affiliated Private Funds. These Affiliated Private Funds are offered to eligible investors, some of whom may also have Advisory accounts with us. Solicitation activities for Affiliated Private Fund securities are typically made via an offering memorandum, circular or prospectus and may only be made to clients for whom such investments are deemed suitable. Regardless of whether such funds are Affiliated Page 31 of 46 SF1601-3/25  request. Set forth in the IA Code of Ethics are standards reasonably designed to promote honest and ethical conduct, comply with federal securities laws and governmental rules and regulations, maintain privacy of Client information, protect nonpublic information, and encourage associates to report any known violations. Such standards include placing Client interests first, avoiding any material or potential conflicts of interest, and ensuring that personal securities transactions are conducted appropriately. Compliance periodically reviews the IA Code of Ethics to ensure adequacy and effectiveness in complying with applicable regulations. Private Funds or not affiliated with us, investors will indirectly incur various fees and expenses as described in the offering documents for the applicable fund. With limited exceptions, Clients that invest in Affiliated Private Funds at Stifel are required to hold such securities in brokerage accounts. To the extent that Affiliated Private Fund interests are held in brokerage accounts, these clients are not charged Advisory Account Fees with respect to the holdings. In certain circumstances, we may allow investors to purchase and/or hold the Private Fund interests in their Advisory account. If an exception is granted for a Client to purchase and/or hold such Affiliated Private Fund shares in an Advisory account, depending on the particular Affiliated Private Fund and/or the specific class, series or type of interest held, Stifel may charge an Advisory Account Fee with respect to such securities held in the Advisory account, which Advisory Account Fee will generally be in lieu of fees charged by the Affiliated Private Fund (but in addition to any fees charged by any underlying investments which the Affiliated Private Funds invest), or the management fee or placement fee may be waived or reduced. Alternatively, the value of such securities held in the Advisory account will be excluded from the Advisory Account Fee billing. Stifel generally does not allow any such Affiliated Private Fund shares to be purchased subject to commissions through the Vantage Program. Participation or Interest in Client Transactions To the extent we execute transactions for Client accounts, Advisory transactions are generally executed on an agency basis. However, our firm may trade with Clients and seek to earn a profit for its own account (such trades generally are referred to as “principal transactions”). Principal transactions are executed at prices and commission rates that we believe are competitive and in accordance with industry practice. Although we may be able to provide a more favorable price to a Client if we purchase from or sell to our inventory of securities, we generally are not able to engage in such transactions with Advisory accounts due to regulatory requirements, which require written disclosure and consent on a trade-by-trade basis. Except as set forth below, we do not permit Advisory accounts to purchase securities in syndicated offerings from our firm or our affiliates, unless neither Stifel nor our other affiliates are underwriters for the offering and the transaction can be effected on an agency basis. In limited circumstances, we will act in our capacity as a registered broker-dealer to execute principal trades (including, but not limited to, syndicate transactions) without having to obtain Client consent if the transaction is directed by an Independent Adviser for the Client’s wrap account in accordance with applicable law and/or regulatory guidance. Stifel Nicolaus Insurance Agency, Incorporated – As set forth above, our firm is licensed as an insurance agency in a number of states and, as such, is able to sell insurance products to clients directly. However, in a few states, insurance products are sold through our affiliate, Stifel Nicolaus Insurance Agency, Incorporated. In such cases, the affiliate, and not our firm, will receive customary commissions paid by the insurance companies issuing Client policies. Financial Advisors who sell insurance products in such states typically are licensed as agents of the affiliate and will receive a portion of the insurance commissions paid. Any insurance is separate from our advisory services and not covered by your advisory fee. * * * * Our affiliations with these entities may change and/or we may acquire new affiliates at any time, without prior notice to you. Each Client should note that each relationship set forth above creates a conflict of interest for our firm and/or Financial Advisors. Our firm acts as a fiduciary with respect to all Advisory services. As a fiduciary, we take reasonable steps to ensure that all material conflicts are fully disclosed to our Clients. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS, AND PERSONAL TRADING Code of Ethics In addition to Stifel Financial Corp.’s Code of Ethics Policy, which is applicable to all Stifel personnel, our Advisory personnel are also subject to our Investment Advisory Code of Ethics (“IA Code of Ethics”). The IA Code of Ethics applies to activities that our personnel conduct in our firm’s capacity as a registered investment adviser, subject to applicable fiduciary obligations. A copy of the IA Code of Ethics is available upon When permitted by applicable law and firm policy, we may cause Client accounts to engage in cross and agency cross transactions. A cross transaction occurs when we cause a Client account to buy securities from, or sell securities to, another Client, and our firm does not receive a commission from the transaction. We may (but are under no obligation to) cause Client accounts to engage in cross transactions. An agency cross transaction occurs when our firm acts as broker for a Client account on one side of the transaction and a brokerage account or another Client account on the other side of the transaction in connection with the purchase or sale of securities by the Client account, and our firm receives a commission from the transaction. We will have a potentially conflicting division of loyalties and responsibilities to the parties to cross and agency- cross transactions, including with respect to a decision to enter into such transaction as well as with respect to valuation, pricing, and other terms. We have adopted policies and procedures in relation to such transactions and conflicts. However, there can be no assurance that such transactions will be effected in the manner that is most favorable to a Client account that is a party to any such transaction. Cross transactions may disproportionately benefit some Client accounts as compared to other Client accounts due to the relative amount of market savings obtained by the client accounts. If effected, cross or agency cross transactions are effected in Page 32 of 46 SF1601-3/25  accordance with fiduciary requirements and applicable law (which may include providing disclosure and obtaining client consent). To the extent such consent is provided in advance of the cross or agency cross transactions, Clients may revoke the consent at any time by written notice to Stifel or their Financial Advisor, and any such revocation will be effective once we have received and have had a reasonable time to act on it. Our Financial Advisors may also recommend securities issued by entities that are also clients of our firm, in our firm’s capacity as investment adviser and/or broker-dealer. For example, our Financial Advisors may recommend securities of issuers that our firm has otherwise sponsored or promoted (including serving as underwriter or selling member in initial public offerings and other syndicated offerings). Our firm, Financial Advisors, and affiliates frequently have access to non-public information about publicly traded companies. When this occurs, our Financial Advisors (and therefore, their Client accounts) may be prohibited from trading an existing position at a time that would be beneficial to such Clients, resulting in investment losses or the failure to achieve investment gains. In other cases, we may purchase or sell the securities of an issuer at a time when an affiliate or its employees have material non-public information about such securities or their issuers if the affiliates have not otherwise notified us of their possession of such information. Our affiliates and their respective employees have no duty to make any such information available to us, and we have no duty to obtain such information from the affiliates and do not otherwise solicit such information. Personal Trading Our employees and affiliates may invest in any Advisory Programs that we offer. We have adopted various policies and procedures designed to detect and prevent the misuse of material, non-public information by employees. Our firm and affiliates, directors, officers, stockholders, employees, and members of their families may have positions in and, from time to time, buy or sell securities that we recommend to Advisory accounts. We prohibit transactions in our firm account(s) and accounts of associated persons in any security that is the subject of a recommendation of our Research department until the recommendation has been disseminated to Clients and a reasonable time has elapsed following the dissemination. Our associated persons are prohibited from buying or selling securities for their personal accounts if the decision to do so is substantially derived, in whole or in part, by reason of their employment, unless the information is also available to the investing public or through reasonable inquiry. We maintain and regularly review securities holdings in the accounts of persons who may have access to Advisory recommendations. BROKERAGE PRACTICES To the extent recommended, those securities will be purchased in the secondary market, and not during the initial or secondary offerings. We do not allow accounts over which we are serving as investment adviser to participate in offerings in which our firm is also a selling member (this limitation may not apply to transactions that are directed by unaffiliated Investment Managers on our platform, to the extent such transactions are permitted by applicable law). Client participation (if any) in such offerings must be effected in brokerage accounts, and solely in the firm’s capacity as broker-dealer. Clients with brokerage accounts that determine to participate in such offerings should note, therefore, that neither Stifel nor the Financial Advisor is, in any way, acting as a fiduciary with respect to any such transactions. As associated persons of a registered broker-dealer, our Financial Advisors are generally prohibited from participating in these offerings. However, some of our affiliates may, for their own accounts or for accounts of their clients, take substantial positions in such securities. In such cases, the affiliate may indirectly benefit from our Financial Advisor’s investment recommendations if (for example) the later purchase by our Advisory accounts of the securities (i.e., in the secondary market) cause the price of those securities to rise. In general, our policies prohibit Stifel personnel from sharing information relating to investments made for Client accounts with affiliates or other parties, unless such parties need to know such information in order to provide services to any affected client accounts and such disclosure is permitted by law. To the extent that associated persons obtain information relating to investments by Stifel and/or an affiliate, such associated persons are prohibited from (i) passing such information to any other person who does not need to know the information in order to perform required duties and (ii) using such information to benefit a Financial Advisor or Client. About Our Broker-Dealer Our firm’s principal business in terms of revenue and personnel is that of a securities broker-dealer. As a broker-dealer, we execute securities transactions per client instructions. As an integral part of the services offered when providing brokerage services, Financial Advisors may provide services and provide advice about securities that are incidental to Stifel’s brokerage services. However, when providing brokerage services, Financial Advisors do not make investment decisions on behalf of clients and do not charge any fees for any incidental advice given. Absent special circumstances, Financial Advisors are not held to fiduciary standards when providing brokerage services. Legal obligations to disclose detailed information about the nature and scope of our business, personnel, commissions charged, material or potential conflicts of interests, and other matters, are limited when acting as a broker-dealer. Our Responsibilities as a Broker-Dealer As a broker-dealer, Stifel is held to the legal standards of the Securities Act of 1933, the Securities Exchange Act of 1934, FINRA rules, and state laws where applicable. Such standards Our officers and/or employees (including our Financial Advisors) may serve on the boards of companies in Clients’ portfolios. In addition, our firm or affiliates may provide services to such portfolio companies. The portfolio companies may compensate us (or our affiliates) for services with options to purchase stock or other equity interests of the portfolio companies. If an affiliate owns options or other securities issued by portfolio companies, a conflict of interest may arise between the timing of any exercise or sale of these options, and our decisions about the same portfolio securities for Client accounts. We do not solicit such information from any affiliate. Page 33 of 46 SF1601-3/25  include fair dealings with clients, reasonable and fair execution prices in light of prevailing market conditions, reasonable commissions and other charges, and reasonable basis for believing that securities recommendations are suitable. therefore required to seek to obtain “best execution” in effecting trades on behalf of such clients. Under the Advisers Act, “best execution” generally means executing transactions in a manner such that the client’s total cost or proceeds are the most favorable under the circumstances. Although it is important for Investment Managers to seek the best price for a security in the marketplace and minimize unnecessary brokerage costs in satisfying its obligations, these are not the only factors used to determine whether the Investment Manager has satisfied its obligations. It is not an obligation to get the lowest possible commission cost, or to solicit competitive bids for each transaction, but rather, the Investment Manager determines whether the transaction represents the best qualitative execution for its clients. In selecting a broker-dealer, Investment Managers may consider the full range and quality of services offered by the broker-dealer, including the value of the research provided (if any), execution capability, commission rate charged, the broker- dealer’s financial responsibility, and its responsiveness. It is also important to note that Stifel does not monitor, review, or otherwise evaluate whether an Investment Manager is satisfying its best execution obligations to clients. Brokerage clients pay commission charges on a per-transaction basis for securities execution services in their brokerage accounts. Clients with accounts in the Vantage Program set forth in this brochure pay commission charges on a per transaction basis for the Advisory services provided by the Financial Advisor; however, unlike regular brokerage accounts, Financial Advisors exercise discretion over Vantage accounts. With limited exceptions, Client accounts enrolled in fee-based Programs on the Stifel platform generally pay a wrap fee that covers Stifel advisory and portfolio management services, custodial, execution and administrative services, as well as (if applicable) advisory or portfolio management services by Managers. Clients that hold their accounts with another financial institution typically only receive investment consulting services from Stifel with respect to those assets and, as such, do not pay for custodial, execution and administrative services. See “Fees and Compensation” for more details about Advisory Account Fees, including wrap fees for Programs that are covered in the Wrap Fee Brochure. Types of Securities Traded. Investment Managers whose strategies consist primarily (or substantially) of fixed income securities, foreign securities (including American Depositary Receipts or ordinary shares), ETFs, and/or small-cap securities are generally more likely to trade away from Stifel. This means that Clients investing in such strategies are more likely to incur execution costs in addition to the Advisory Account Fee paid to Stifel. Clients should, therefore, take these costs into consideration when selecting and/or deciding to remain invested in the affected strategies. Trade Aggregation. Investment Managers typically manage wrap client accounts for multiple firms using the same strategy, and may also manage other directly sourced accounts side-by-side with Stifel Client accounts. In certain cases, an Investment Manager may decide to aggregate all transactions for clients in its Portfolios into a block trade that is executed through one broker-dealer, rather than separately through each participating firm (such as Stifel). Aggregating transactions into a single block may enable the Investment Manager to obtain a better price or additional investment opportunities for its clients, as well as allow the Investment Manager to exercise more control over the execution, including (for example) potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive, and/or competing client orders. Execution of Transactions We expect to self-execute trades for accounts to the extent we have discretion and/or the account is held at Stifel. However, we may determine to effect transactions for discretionary Portfolios through other broker-dealers if we determine, in light of all applicable factors, that executing through the other broker-dealer would provide better execution than would be the case if we self-executed. Investment Managers in the following Programs have discretion to effect trades on behalf of Clients through broker-dealers other than Stifel: Opportunity, Connect, and IMC Programs. An Investment Manager in these Programs may trade away if it determines, in its sole discretion, such trade-aways would be in the best interests of its clients, such as to satisfy its best execution obligations. Clients in these Programs pay fees to Stifel and, as applicable, the Investment Manager for services, which include costs related to transactions in Client accounts effected through Stifel. However, for all transactions executed through other broker-dealers, Clients will likely (but may not always) incur additional costs, such as commissions or markups/markdowns embedded in the price of the security that are in addition to, and not included in, the Advisory Account Fee. As such, Clients are separately responsible for any execution costs incurred in connection with such trades. These additional costs are not reflected on Client account statements; however, if the Investment Manager has provided the appropriate information to us regarding such trades and the related additional costs, the information will be indicated on trade confirmations, or on quarterly transaction confirmation reports provided to those Clients who have elected to suppress immediate trade confirmations.1 1 All other information shown does not reflect any additional execution costs resulting from trades executed through other broker-dealers. As Managers, Investment Managers have a fiduciary obligation to act in the best interests of their advisory clients and are Investment Managers’ Historical Trading Away Practices. We maintain a list of Investment Managers with trading discretion over Client accounts that have notified us that they traded away from Stifel during the previous year – the list is typically available no earlier than the second quarter of the following year. The list includes the names of the applicable Portfolios, information about the Investment Manager’s trade-away practices for a particular Portfolio, and the average associated costs (if any) during the applicable year. The information is provided to existing investors in the affected Portfolios, as well as to new Clients seeking to enroll into an affected Portfolio Page 34 of 46 SF1601-3/25  after such information is available. However, the information contained on the list is based solely upon information provided to us by each Investment Manager and is not independently verified by Stifel. As a result, Stifel does not make any representations as to the accuracy of the information presented. The information in the list regarding an Investment Manager’s prior trade-away practices is not a guarantee that a particular Investment Manager will exercise or repeat the same practices in the future and/or with the same frequency. It is possible that an Investment Manager could trade away more or less frequently, or at a higher or lower commission rate, fee, or other expenses, resulting in greater or lesser costs than those indicated. Individual Clients enrolled in the Portfolios noted may experience different results. Similarly, it is possible that an Investment Manager that has not previously, or recently, traded away from Stifel will do so in the future. customer is as favorable as possible under prevailing market conditions. Certain large orders that require special handling may be routed to a market center for execution via telephone or other electronic means. We periodically monitor existing and potential execution venues and may route orders in exchange- listed or over-the-counter (“OTC”) securities to other venues if it is believed that such routing is consistent with best execution principles. For equity securities, we monitor the performance of competing market centers and generally route orders to those that consistently complete transactions timely and at a reasonable cost and which normally execute at the national best bid or offer. Whenever possible, orders are routed to market centers that offer opportunities for price improvement through automated systems. We execute mutual fund transactions for Advisory accounts through traditional omnibus vendors, or through clearing arrangements with other brokerage firms under so-called super-omnibus arrangements. Additional information about an Investment Manager’s brokerage practices, including the factors that the Investment Manager considers in satisfying its best execution obligations, which may vary according to the type(s) of securities traded, is contained in each Investment Manager’s Form ADV Part 2A Brochure. Clients investing in our Adviser Portfolios should review each applicable Investment Manager’s trading away practices before selecting, or while reviewing, the Investment Manager’s Portfolios. Orders for most Advisory Programs are routed for agency execution. We do not impose commissions (including markups or markdowns) on transactions that we execute for fee-based Advisory accounts (note that commissions, markups/markdowns will be imposed on Vantage account trades); however, as agency transactions, the broker on the other side of the transaction may charge a markup or markdown that may be equal to, or greater, than any markup or markdown we would have charged if we executed the trade in a principal capacity). Where permissible by applicable law (for example, in our Opportunity Program where an Independent Adviser is directing a trade for non-retirement accounts), we may act as broker for the transaction and, at the same time, purchase and/or sell securities for a Client transaction from our inventory. Consistent with applicable regulations, such inventory trades are not considered “principal transactions” to the extent that an Investment Manager (not Stifel) determines that purchasing the securities from Stifel inventory is in the underlying Clients’ best interest. In addition, if an Advisory account holds a position which includes fractional shares, Stifel will accommodate any requests to liquidate for the fractional component by processing the transaction through its principal trading account, while the whole shares are liquidated on an agency basis. Aggregation of Trades in Advisory Portfolios To the extent possible and where permitted under applicable law, and in order to seek a more advantageous trade price, we may (but are not required to) aggregate orders for the purchase of a security for accounts of several discretionary Client accounts for execution in a single transaction (“block trades”). However, Clients in our FA-directed discretionary Programs (Solutions or Vantage) should be aware that we do not require our Solutions or Vantage Financial Advisors to aggregate orders for accounts of Clients in these Programs into a single block trade. As a result, Clients with discretionary accounts managed by the same Financial Advisor (including, for example, in the same Vantage or Solutions Portfolio) may receive different execution prices even when trading in the same security on the same day. Additionally, we generally will not aggregate trades across Portfolios that we trade even where such Portfolios are trading in the same securities on the same day. Similarly, we generally will not aggregate trades for different accounts where portfolio management decisions for accounts are made separately (e.g., same-day trades for different Programs). Clients should, therefore, understand that discretionary accounts in one or more Stifel-traded Portfolios and/or Programs may get different prices even if such accounts trade in the same security on the same day. When used, block trading can allow us to execute equity trades in a timely, equitable manner. The related transaction costs are shared equally at an average price per share and on a pro rata basis between all accounts included in the block trade, and participating accounts receive the same average price for the security. Orders that cannot be filled in the same block trade or at the same average price are assigned to accounts in a manner that seeks to treat Clients fairly and equitably over time. This practice does not ordinarily affect or otherwise reduce fees, commissions, or other costs charged to Clients for these transactions, but may provide price improvement. A partial fill of a block trade may be allocated among Client accounts randomly, pro rata, or by some other equitable procedure. In certain cases, Managers on our Advisory platform may use computer systems that allocate purchase and sale transactions either on a random or pro rata basis. In any case, Clients may pay higher or lower prices for securities than may otherwise have been obtained. On the execution end, Advisory account orders are generally treated with the same priority and procedural flow as non- advisory brokerage trades (except, such orders are not routed to Stifel market makers and may be done as a block order, which may have different rules and priorities). We generally use automated systems to route and execute orders for the purchase and sale of securities for most Advisory accounts, unless directed by Clients to do otherwise. We use a reasonable diligence to ascertain the best markets for a security and to buy and sell in such markets so that the resultant price to the Page 35 of 46 SF1601-3/25  In connection with the handling of block orders for accounts traded through our firm, where permitted by applicable law, our firm may engage in hedging, offsetting, liquidating, facilitating, or positioning transactions (“risk-mitigating transactions”) that may occur at the same time or in advance of a client order, and these activities may have impact on market prices. routed for execution in the six months prior to the request, whether the orders were directed orders or non-directed orders, and the time of the transactions, if any, that resulted from such orders. Orders could be routed and executed internally through Stifel’s trading desk. In such instances, Stifel stands to share in 100% of any compensation received (in the case of orders executed as agent) or profits or losses generated (in the case of orders executed as principal) as a result of internalizing such orders. Customers may mail their inquiries to: Stifel – Attn: Equity Trading Compliance, One South Street, Baltimore, Maryland 21202. Unless we are informed in writing (“opt out”), we will conclude that all clients with account held at our firm understand that we may engage in risk-mitigating transactions in connection with client orders and will conclude that clients have given us (including our affiliates) consent to handle block transactions as described above. Clients can contact their Financial Advisor for instructions on how to opt out. Trade Error Correction In the event we make an error that has a financial impact on a client’s account, we will seek to correct the error as soon as possible and in such a manner that the affected client is not disadvantaged and bears no loss. We will evaluate each situation independently. If there is a trade error for which we and/or an Investment Manager are responsible, trades will be adjusted or reversed as needed and/or we will take such other steps as are necessary in order to put the Client’s account in the position that it would have been in if the error had not occurred. Errors relating to trades that have not yet settled are corrected at no cost to Client accounts, by moving the affected securities to our error account and entering correcting trades in the Client’s account such that the Client is made whole. We net the correcting trades when assessing the overall gain or loss associated with the correction, and retain any gains realized as a result of correcting trade errors. Execution and/or Custody Through Unaffiliated Firms (Directed Brokerage) Clients in the Summit Program generally select their own independent qualified custodian, who typically also acts as executing broker for transactions in the Client’s account(s). Neither our firm nor our Financial Advisors provide advice or recommendations as to which third-party custodian a client should use. Each Client must make an independent decision as to the specific independent custodian to hold Client’s assets and execute account transactions. Clients with discretionary Summit accounts that direct brokerage to a particular independent broker should note that we may be unable to achieve the most favorable execution of transactions for the account, and that this practice may result in higher costs to the Client. Our Advisory Account Fees do not cover, and Clients are separately responsible for brokerage commissions, markups, markdowns, and/or other costs associated with transactions effected through other broker- dealer firms. In instances where an error occurs such that a trade correction is not available or practicable to implement (such as, for example, where a Client’s account is enrolled into the wrong Portfolio, and the error is not identified and corrected promptly), we will typically correct the error by reimbursing the Client the negative performance differential, if any, for the period from the start of the error to the time the correction is made. Clients investing in Investment Manager-traded Portfolios should carefully review the error correction disclosures set forth in each such Investment Manager’s Form ADV Part 2A for an understanding of how that Investment Manager will correct trade and other errors. We offer many services and, from time to time, may have other Clients in the same or other Programs trading in opposition to other Clients’ Advisory accounts. To avoid favoring one Client over another Client, we attempt to use objective market data in the correction of any trading errors. Order Routing and Payment for Order Flow Stifel receives payment for order flow for directing orders to certain exchanges and other trading venues. The source and nature of any payment received in connection with your particular transaction will be disclosed upon written request. In addition, in order to access a wide variety of execution venues, the firm does participate in the maker/taker model. Certain exchanges and other trading centers to which the firm routes equities and options orders have implemented fee structures under which broker-dealer participants may receive rebates on certain orders. Under these fee structures, participants are charged a fee for orders that take liquidity from the venue and provided a rebate for orders that add liquidity to the venue. Rebates received by the firm from a venue during any time period may or may not exceed the fees paid by the firm to the venue during that time period. Fees and/or rebates from all venues are subject to change. Stifel will provide customers additional information regarding average net fees/rebates paid/received upon written request. For venues from which Stifel receives a rebate, Stifel is considered to be receiving payment for order flow. Additional information will be provided upon written request, and certain order routing information is available online at www.stifel.com/disclosures/best-execution. On request of a customer and at no fee, Stifel will disclose to such customer the identity of the venue to which such customer’s orders were Research and Other Benefits Financial Advisors and Clients have access to research published by our firm’s research analysts (“Stifel Research”), the primary source of our research. Subject to certain exceptions, we incorporate the insights and economic perspectives of Stifel Research, where appropriate, into our products and services. Clients should be aware that our firm may have conflicts of interest in connection with research reports published. Stifel and other affiliates may have long or short positions, or deal as Page 36 of 46 SF1601-3/25  principal or agent, in relevant securities, or may provide Advisory or other services to issuers of relevant securities or to companies connected with issuers covered in research reports issued by Stifel Research. Our research analysts’ compensation is not based on investment banking revenues; however, their compensation may relate to revenues or profitability of Stifel business groups as a whole, which may include investment banking, sales, and trading services. Financial Advisors also have access to proprietary models covering various securities, including (but not limited to) equities, fixed income, mutual funds, and municipal securities developed by our firm’s various business areas, and may use these models in connection with managing and/or otherwise providing investment advice to Clients. Our firm may also use research obtained from other financial institutions, including our affiliate, KBW, as well as from other affiliated or unaffiliated broker-dealers and/or investment managers. In general, we seek third-party research that is in- depth fundamental corporate research to assist in providing advisory services to clients. We do not use commission dollars from Advisory Program accounts to pay for research; our Financial Advisors have access to research from other financial institutions provided to our firm under reciprocal arrangements with Stifel Research. Our firm (or particular Financial Advisors) may also pay for independent research using hard dollars. Finally, as set forth in the Training and Education Expenses from Fund Companies (or Managers), our Financial Advisors may also obtain research from firms that provide other products and services to us (for example, a Manager may make its research reports available to our Financial Advisors). Clients should be aware that our receipt of these research services may present a conflict of interest by creating an incentive for our firm and/or Financial Advisors to recommend the investment products offered by the research provider firms (or by their affiliates). In general, our policies prohibit our Financial Advisors from basing their recommendations of Managers and/or securities on the research services received from the Manager or issuer, or any of their related persons. Research services are generally used to benefit all client accounts, whether or not such research was generated by the applicable client account. However, not all research services will be used for all client accounts; the type of research used with respect to any one account will depend on, among other things, the types of investments that are deemed suitable for the account. in some cases, additional certifications) that must be signed by the Client prior to using leverage or enrolling in these specialized Portfolios. In making the decision to set up margin privileges for an Advisory account or engaging in short-selling strategies, it is important for Clients to understand the risks associated with employing margin and/or short-selling strategies, the impact the use of borrowed funds may have on Advisory accounts, and how investment objectives may be negatively affected. Employing these strategies in Advisory accounts is a more aggressive, higher-risk approach to pursuing investment objectives. Clients should carefully consider whether the additional risks are appropriate prior to employing these strategies due to the increased potential for significantly greater losses associated with using margin strategies. The use of these strategies also involves higher costs: for example, Clients pay short sale charges in connection with each short sale transaction in the account. Moreover, if the account carries an outstanding margin loan, the Client will also pay interest to our firm on the outstanding loan balance. These fees are in addition to any agreed-upon Advisory Account Fee otherwise due. Furthermore, Advisory Account Fees are calculated as a percentage of the total “billable” assets in the account; the amount/value of the margin loan or short positons is not deducted from the total value of the investments when determining billable value. Therefore, employing margin to buy securities in Advisory accounts or otherwise engaging in short sales in Advisory accounts generally increases the billable value of the account and, ultimately, our total compensation on the account(s). Clients that use (or otherwise enroll in strategies that use) margin or short selling may lose more than their original investments. Likewise, a positive or negative performance, net of interest charges and fees, is magnified; gains or losses are greater than would be the case in accounts that do not employ margin strategies. A number of the risks discussed above apply even in cases where the margin debit is held or associated to a non-Advisory account and Advisory assets are being used to cross-collateralize the margin loan in the brokerage account. For Portfolios that use margin or engage in short selling, we may, at our discretion, choose to cover all existing short positions when you terminate from the applicable Portfolio. To the extent that a maintenance call is triggered in connection with a margined account and we are forced to sell any assets used as collateral for the margin loan, or if we determine to liquidate any or all of your short positions in connection with a termination from a specialized Portfolio, we will act solely in our capacity as a registered broker-dealer (and not as an investment adviser or other fiduciary). Moreover, if selling such assets, we will seek to maximize our interest, and will not prioritize a Client’s interest. Clients generally will not benefit from employing margin or short-selling strategies if the performance of the account does not exceed the total costs incurred (i.e., the Advisory Account Fee plus all other applicable fees and expenses). REFERRAL PROGRAMS We generally do not act as investment adviser when making the referrals described in this section. You should consider the referral compensation Stifel and/or your Stifel Financial Advisor may be eligible to receive when evaluating your relationship Margin and Short Selling We do not allow the use of margin in Advisory accounts except in limited cases. For those Clients that are specifically permitted, the use of margin strategies will be limited to eligible non- retirement Advisory accounts at Stifel. We also allow the use of margin in connection with approved Portfolios that engage in short selling. Notwithstanding the foregoing, we generally allow Clients to use the assets held in their Advisory accounts as collateral for margin debits held in non-Advisory accounts. The use of leverage, or investing with borrowed funds, is generally not recommended in Advisory Programs; however, it may be approved on an exception basis when specifically requested by individual Clients, or for use in specialized Portfolios in our Programs. Certain eligibility requirements must be met and documentation in the form of a separate margin agreement (and, Page 37 of 46 SF1601-3/25  with us and the reasonability of any fees or other charges you pay us. Referrals for Trust Services Our parent company, Stifel Financial Corp., along with the Firm (together the “Service Providers”), have entered into Referral, Operating, and Service agreements with our affiliated trust companies – Stifel Trust Company, National Association (“STC”) and Stifel Trust Company Delaware, National Association (“STCD”) (STC and STCD, individually and collectively, sometimes referred to hereafter as the “trust companies”). Pursuant to these agreements, STC and STCD pay the Service Providers for providing services, referral services, and client services. The Service Providers receive, on a quarterly basis, 20% of the net fiduciary fees received by STC and STCD. Specifically, the Firm pays its Financial Advisors a portion of net fees on a monthly basis for the life of the account. Fees shall not be payable with respect to those accounts for which the Service Providers do not provide the referral services or the client services. These payments create an incentive for Financial Advisors to refer you to STC or STCD. There may be an interim period between the time a referral is made and the time the trust companies begin to provide services. Credit Line Loans extended by Affiliate Banks are typically demand loans that are subject to collateral maintenance requirements. The Affiliated Bank may demand repayment at any time. If the required collateral value is not maintained, the Affiliated Bank may require additional collateral, or partial or entire repayment of any Credit Line Loans extended. Clients may need to deposit additional cash or securities as collateral on short notice or repay a partial or entire amount of the funds borrowed if the value of their portfolio declines below the required loan-to-value ratio. An Affiliated Bank may refuse to fund any advance request due to insufficient collateral. An Affiliated Bank may increase your collateral maintenance requirement at any time without notice, and may call your Credit Line Loan at any time and for any reason. Because each Affiliate Bank assigns different release rates to different asset types, in some cases, Clients may also be able to satisfy such requirements by selling securities with a low release rate and investing and/or holding the proceeds in assets that have a higher release rate for the loan. In each case, failure to promptly meet requests for additional collateral or repayment, or other circumstances including a rapidly declining market, may cause our banking affiliate to instruct us to liquidate some or all of the collateral supporting any Credit Line Loan in order to meet collateral maintenance requirements without needing your prior approval. You will not be entitled to choose the securities that will be sold. Depending on market circumstances, the prices obtained for the securities may be less than favorable. Any required liquidations may interrupt the account’s investment strategy and may result in adverse tax consequences or additional fees being assessed. Credit Line Loans In some circumstances, Clients are able to use Advisory account assets as collateral for variable or fixed rate credit lines (“Credit Line Loans”) offered by an Affiliated Bank. The Affiliated Banks typically pay us a fee of up to 0.25% per annum, on a quarterly basis, of the outstanding SPA (Stifel Pledged Asset) Loan balance, a portion of which is paid to your Financial Advisor. In addition, the Affiliated Banks pay Stifel up to $50, which Stifel will then make a one-time payment to the Financial Advisor’s Client Service Associate (“CSA”) for the CSA’s assistance to the borrower in completing the related application. Neither we, nor Stifel Financial Advisors, currently receive payment on other credit line loans, which is subject to change. Credit Line Loans in General. Clients repay the principal balance and interest on outstanding balances to Stifel Bank & Trust and/or other Affiliated Bank(s). For variable-rate loans, clients have the option to repay the principal at any time without prepayment fees. If interest rates rise, your borrowing cost will also rise. For fixed-rate loans, clients may be subject to prepayment fees (as described in the loan documents) if the loan is repaid before the end of the fixed- rate contract. The proceeds of these Credit Line Loans may not be used for the purpose of (a) purchasing, carrying, or trading in securities, (b) repaying or retiring any indebtedness incurred to purchase, carry, or trade in securities, or (c) repaying or retiring any debt, and/or otherwise purchase any product or service. If Advisory account assets are used to collateralize Credit Line Loans, the accounts are pledged to support any Credit Line Loans extended and Clients are not permitted to withdraw funds or other assets unless sufficient amounts of collateral remain to continue supporting the Credit Line Loans (as determined by the applicable Affiliated Bank in its sole discretion). Client may still terminate their Advisory relationship with Stifel at any time, at which time these funds or assets will be maintained in a brokerage account at Stifel. Clients pay interest to the applicable Affiliated Bank on Credit Line Loans at customary interest rates. Certain eligibility requirements must be met and loan documentation must be completed prior to applying for Credit Line Loans. These payments are in addition to any Advisory Account Fees charged with respect to (or direct commission charged with respect to any transactions relating to) the Advisory assets used to collateralize the Credit Line Loan. As such, these payments present a conflict of interest for us in that they create a financial incentive for your Stifel Financial Advisor to make recommendations based on the additional compensation to be received rather than solely based on your financial needs. For example, a Financial Advisor could recommend that you open a Credit Line Loan rather than withdraw money from your Advisory accounts in order to retain the Advisory Account Fee or commissions that such assets are otherwise generating, and to receive the additional compensation from the banking affiliate with respect to any outstanding Credit Line Loan balance that you maintain. Similarly, a Financial Advisor may recommend the continued maintenance of such Credit Line Loan to retain such payments. Finally a Financial Advisor may recommend that you invest or hold your Advisory account assets in positions that have been assigned high/low release rates by the applicable Page 38 of 46 SF1601-3/25  needs of a client who may not meet the minimum threshold required, Stifel’s Investment Banking department may make an introduction to an unaffiliated partner firm. In these instances, the Financial Advisor making the original introduction would be paid a portion of the fees earned on each transaction. Affiliated Bank for the Credit Line Loan (but which positions ultimately generate low investment returns for your Advisory account) in order to avoid maintenance calls on the Credit Line Loan which would require loan repayment and/or the liquidation of Advisory assets. Depending on your specific circumstances, including the intended use of the proceeds from the Credit Line Loan and the return on your Advisory account, over the long- term, it may cost you more to take out the Credit Line Loan than if you had withdrawn the money from your Advisory account. Clients are therefore encouraged to carefully consider the total cost of taking out any Credit Line Loan, and any additional compensation that the Financial Advisor will receive, when determining to take out and/or maintain Credit Line Loans. Mortgage Lending Residential mortgage loans are loans that are used to purchase a home, refinance an existing mortgage, or to take cash out for other purposes. These loans are secured by residential real estate, and, in certain cases, brokerage account assets are used to collateralize the loan. Clients repay the principal amount borrowed to the appropriate Affiliated Bank, plus interest. These loans may have origination fees, application fees, and certain other fees and costs, which are disclosed before the loan is made. Finally, to the extent that a maintenance call is triggered in connection with a Credit Line Loan and we are obligated to liquidate assets in your Advisory account that have been used as collateral for such Credit Line Loan, we will act solely in our capacity as a broker-dealer (and not as an investment adviser or other fiduciary), even where such collateral is held in an Advisory account. Moreover, if selling such assets, we will seek to maximize our interest (and/or those of our Affiliated Bank, and will not prioritize a Client’s interest. For more information, please refer to the applicable Affiliated Bank credit line agreement. Mortgage loans are originated by Stifel Bank & Trust, Equal Housing Lender, NMLS# 375103. Your Stifel Financial Advisor, however, does not offer residential mortgage products and is unable to accept any residential mortgage loan applications or to offer or negotiate terms of any such loan. Financial Advisors may refer current clients of Stifel to Stifel Bank & Trust for a mortgage loan. Where permissible by law, the Firm compensates Stifel Financial Advisors in connection with the origination of any mortgage loan. Compensation is paid after the loan is fully closed and funded. Other Important Considerations Relating to the Use of Margin or Credit Line Loans in Connection With Advisory Accounts Stifel Pledged Asset (“SPA”) Loan Stifel Pledged Asset (“SPA”) Loan. The SPA Loan Account is a pledged securities line of credit, made available to Stifel clients through Stifel Bank & Trust. With a SPA Loan Account, you may borrow against the value of securities or other assets in your securities account(s) for purposes other than to purchase, carry, or trade in securities. The SPA Loan Account is subject to application and credit approval by Stifel Bank & Trust. Please refer to the terms and conditions outlined in the Stifel Pledged Asset Loan Account Agreement, which is provided separately to applicants by Stifel Bank & Trust. CASH SWEEP OPTIONS Margin and Credit Line Loans involve risk and may not be appropriate for all borrowers. The return on your Advisory accounts must be higher than your financing cost in order for you generate a positive return in your Advisory account. The market value of your Advisory account may decline, which may result in the value of that collateral no longer covering an outstanding loan amount. None of Stifel, our Affiliated Banks, or our Financial Advisors provide legal or tax advice. Clients should consult legal counsel and tax advisors before using borrowed funds as collateral for loans. Neither our firm nor our affiliates act as investment adviser with respect to the liquidation of securities held in Advisory accounts to meet margin calls or Credit Line Loan demands, and as creditors, our firm and our affiliates may have interests that are adverse to Clients. There are substantial risks associated with the use of borrowed funds for investment purposes and the use of securities as collateral for loans. Additional limitations and availability may vary by state. We offer one or more cash sweep options, depending on the type of account that you have or are establishing (i.e., retirement versus non-retirement) at our firm, for available cash balances in your accounts to be swept into bank accounts with participating banks (of which our Affiliate Banks are top or sole participating banks, as discussed below) insured by the FDIC. The interest rates on deposit accounts are determined by the amount the participating banks are willing to pay minus the fees and compensation paid to us or our affiliates (discussed below). Participating banks do not have to offer the highest rates available or rates comparable to money market mutual fund yields. By comparison, money market mutual funds generally seek to achieve the highest rate of return consistent with their investment objectives, which can be found in their prospectuses. We act as your agent and custodian and engage Stifel Bank & Trust as a sub-custodian in establishing and maintaining a deposit account at each participating bank. Although the deposit accounts are obligations of the participating banks and not us, Investment Banking Financial Advisors are able to introduce clients and others to Stifel’s Investment Banking area. Investment Banking helps corporations with raising capital, structuring mergers and acquisitions, and navigating other complex financial issues. If Investment Banking receives any investment banking business resulting from such introductions, on the first three transactions with the client, Stifel’s Private Client Group currently receives a portion of the net fees earned by Investment Banking, a percentage of which will then be paid to the Financial Advisor. It is a benefit to your Financial Advisor, and a potential conflict, to make these introductions. Where appropriate to meet the Page 39 of 46 SF1601-3/25  you will not have a direct relationship with the participating banks. All deposits and withdrawals will be made by us on your behalf. You may also establish direct relationships with a participating bank, open separate deposit and/or savings accounts, and obtain certificates of deposit to which higher rates might apply, but will not be provided the same level of services as those offered through our cash sweep arrangements. You are responsible for monitoring the total amount of your deposits at any one participating bank for purposes of ensuring FDIC coverage for your funds, particularly since you may have other deposits at a participating bank of which we are unaware. In all cases, Client has the option to hold cash in a brokerage account at Stifel and/or in deposit accounts through the Affiliated Bank or with other banks, in which case such cash would not be subject to the Advisory Account Fee. Clients also have the option of using (including directing their Financial Advisors to use) other cash equivalents in their accounts; while subject to the Advisory Account Fee, these cash equivalents will likely earn higher interest rates than cash held through our insured bank deposit sweep programs. Clients should compare the terms, interest rates, required minimum amounts, and other features of the automatic sweep option with other cash equivalent investments. More information about our automatic sweep option is available at www.stifel.com/docs/pdf/Disclosures/AgreementAndDisclosure Booklet.pdf. Information about current interest rates on our insured bank deposit sweep programs are available by contacting your Financial Advisor or through www.stifel.com. All participating banks, except affiliated banks, pay Stifel Bank & Trust a fee equal to a percentage (which may be as much as 7.00 percent annually) of the average daily deposit balance in your deposit accounts. The amount of fee received by Stifel Bank & Trust will decrease the interest rate that you will receive in connection with your deposit account balances. Stifel Bank & Trust reserves the right to increase, decrease, or waive all or part of its fees at any time. Affiliated banks benefit from the use of cash swept from Client accounts. The affiliated banks receive substantial deposits at a price that may be less than other alternative funding sources available to them. Deposits in deposit accounts provide a stable source of funds for our affiliated banks. The offering of the cash sweep arrangements poses conflicts of interest because the fees and benefits received by Stifel and our Affiliated Banks is an important source of our revenues. Our affiliate determines how much of the interest it keeps as its fee, Stifel and affiliates typically receive more fees when your cash is swept into the cash sweep arrangements than when you purchase a money market fund, and our Affiliated Banks benefit from the use of cash swept from your account(s). We seek to mitigate this conflict through disclosure in this brochure and, at least as a matter of current practice which is subject to possible change, by not sharing these fees with our Financial Advisors. Stifel Insured Bank Deposit Program If your account participates in the Stifel Insured Bank Deposit Program (the “SIBDP”) as your sweep option, then available cash balances in your brokerage account will be deposited into interest-bearing deposit accounts at one or more Affiliated Banks or unaffiliated banks (each a “Bank”). All banks participating in the SIBDP, except Affiliated Banks, will pay Stifel Bank & Trust fees as discussed above. Cash holdings in the applicable sweep option, including maintenance cash, constitute an indirect cost of the Program and result in additional compensation to Stifel and affiliates. If we (and our affiliates) did not receive this additional compensation, you should expect that we would charge higher fees or other amounts to you for the services we provide. Under certain market conditions, holding cash results in lower overall account return, such as when riskier assets outperform cash. Moreover, while maintaining Advisory account assets in cash may protect those assets from the risk of loss in the event of a market downturn, holding cash, particularly high cash concentrations for long periods of time, through an Advisory account may result in underperformance given the impact of Advisory Account Fee(s) and the rates of return on maintenance cash and other cash equivalents. In its discretion, Stifel Bank & Trust may reduce its fee and may vary the amount of the reductions between clients.The fee may vary from bank to bank.The amount of the fee received by Stifel Bank & Trust will reduce the interest rate paid by a Bank on your deposit accounts. Moreover, Stifel Bank & Trust also receives additional financial benefits (i.e., additional deposits) and regulatory benefits (i.e., diversification of depositors) under reciprocal deposit arrangements with certain banks (including Affiliated Banks). Under these arrangements, Stifel Bank & Trust is entitled to receive and accept deposits from customers of such other banks in amounts similar or equal to amounts added to deposits accounts under the Program. Stifel receives an aggregate, annual fee of up to $100 from the Affiliated Banks on a per-account basis in connection with accounts that participate in the SIBDP. An eligible Advisory account may earn an “Enhanced Advisory Yield” on certain sweep program balances. Available sweep program deposit account balances up to a defined percentage, the “Maintenance Cash Percentage,” of the total value of an eligible Advisory account, determined account by account, that is used to calculate Stifel’s advisory wrap fee is referred to as “Maintenance Cash” and will receive interest at standard interest rates as discussed in detail in the Stifel Account Agreement and Disclosure Booklet. Sweep program deposit account balances in an eligible Advisory account in excess of Maintenance Cash will earn the Enhanced Advisory Yield. For more information about the Enhanced Advisory Yield, please contact your Financial Advisor or visit www.stifel.com/docs/pdf/Disclosures/AgreementAndDisclosure Booklet.pdf. Page 40 of 46 SF1601-3/25  For additional information on benefits received by Stifel and its affiliates, refer to Stifel’s website at www.stifel.com/disclosures/sweepchoices/insured-deposit- account. Disclosure Booklet for the terms, conditions, and other important information relating to the applicable sweep options, including a discussion of the various conflicts that we may have in connection with such options as well as how we seek to mitigate such conflicts. You may access the Stifel Account Agreement and Disclosure Booklet, as amended from time here: https://www.stifel.com/docs/pdf/Disclosures/AgreementAndDis closureBooklet.pdf, or you may request a copy from your Financial Advisor. REVIEW OF ACCOUNTS Stifel Insured Bank Deposit Program for Retirement Accounts If your account participates in the Stifel Insured Bank Deposit Program for Retirement Accounts (the “SIBDPRA”) as your sweep option, available cash balances in your brokerage account will be deposited into interest-bearing deposit accounts at one or more Affiliated Banks which include Stifel Bank, Stifel Bank & Trust, Stifel Trust Company, National Association, and Stifel Trust Company Delaware, National Association (the “Banks”). Stifel receives an aggregate, annual fee of up to $100 from the Banks on a per-Securities account basis in connection with accounts that participate in the SIBDPRA. Account Review Each new account enrolled in a Program is reviewed by the applicable Financial Advisor’s supervisor prior to account opening. Thereafter, Financial Advisors periodically perform account reviews. For both the SIBDP and SIBDPRA programs, your Financial Advisor is currently not receiving a fee. Stifel reserves the right to pay a fee to your Financial Advisor in connection with the SIBDPRA Retirement Accounts at any time without prior notice. Upon request, Stifel will provide you with information about Stifel’s compensation arrangements with respect to its sweep investments. Portfolio Review Clients in the Programs covered in this brochure may request periodic analyses of their portfolio, including performance and/or other relevant characteristics and metrics (“Reports”) from their Financial Advisor(s). The information included in these Reports is verified by Stifel’s Operations staff who perform daily transaction reconciliation and performance return evaluations to identify and address the cause of any unusual variations or inaccuracies. Stifel and the Banks receive certain additional benefits in connection with the Program.For additional information, refer to Stifel’s website at www.stifel.com/disclosures/sweep- choices/insured-deposit-account. Risks Associated With the SIBDP and SIBDPRA Deposits are insured up to applicable FDIC limits.Any deposits (including deposit balances maintained through the Stifel Insured Bank Deposit Program, Stifel Insured Bank Deposit Program for Retirement Accounts, or certificates of deposit) that you maintain in the same insurable capacity directly with an Affiliated Bank or through an intermediary (such as Stifel or another broker) will be aggregated with funds in deposit accounts at the respective bank(s) for purposes of the FDIC insurance limits. You are responsible for monitoring the total amount of deposits that you have with each bank in order to determine the extent of FDIC insurance coverage available to you. Performance Information When displaying performance, our primary reporting systems typically reflect a daily Time-Weighted Return (“TWR”) calculation methodology, but where specifically identified, may also present an Internal Rate of Return (“IRR”). TWR measures the performance of investments, without distorting daily values or growth rates based on the cash added or removed from an investment. IRR, on the other hand, considers the effect of all cash inflows and outflows in its calculation and is often used to measure the absolute growth of an investment over a certain period of time. In certain limited cases, we may calculate performance returns using one of our secondary reporting systems. Our secondary reporting systems generally calculate performance returns using a monthly Modified Dietz Method, which is a time-weighted method that also identifies and accounts for the timing of cash flows in the account over the period. If the date of a cash flow is not known, the systems assume a mid-month date for cash flows. Regardless of the system from which performance is calculated, a sampling of the performance returns is reviewed to confirm accuracy or compliance with presentation standards. Neither Stifel nor its affiliates, including Affiliated Banks, monitor the amount of your deposited funds to determine whether those amounts exceed the FDIC insurance limits applicable to your deposits at a bank, and they are not responsible for any insured or uninsured portion of the deposit accounts at any bank. The SIBDPRA is offered by Stifel as a broker-dealer and not Stifel Bank as your IRA Custodian or otherwise. We rely on publicly recorded information, use various vendor systems, and/or rely on valuations provided by third-party custodians holding assets and/or accounts that are part of your relationship with us in determining the values used in our Reports. Depending on the primary reporting system, your Reports may or may not include unsupervised assets. The inclusion of unsupervised assets will distort the performance of our Advisory services. As a result, the performance on those Reports may differ from the performance shown for the same Additional information about the SIBDP and SIBDPRA is available on Stifel’s website at www.stifel.com/ disclosures/sweep-choices/insured-deposit-account You should review the sections “The Stifel Automatic Cash Investment Service” and “Disclosure Documents for Automatic Cash Investment” of the Stifel Account Agreement and Page 41 of 46 SF1601-3/25  account(s) in a report that is limited to Advisory services. If you hold alternative investments where we receive periodic valuations (actual or estimated) from the associated management, administrators, and/or sponsors, you should note that we may receive delayed valuations monthly, quarterly, or less frequently. As a result, those investments may show a historic or, in certain cases, an estimated value. The actual value, once determined, may differ from the value previously reported to you and, as a result, you may not be able to realize a previously shown value upon sale or redemption. We update actual values upon receipt but will not amend previously issued Reports due to such changes. Transaction Confirmations Clients with discretionary accounts may elect to receive trade confirmations immediately upon execution in their accounts or defer confirmations until the end of each quarter. Clients with eligible accounts who elect to defer confirmations receive summary reports at the end of each quarter outlining the transactions posted to their accounts during the most recent calendar quarter. The election to receive confirmations immediately or quarterly may be changed at any time upon the Client’s written notice. Clients are not eligible to defer confirmations for non-discretionary accounts. Clients that have signed up for online access to their Advisory accounts may review their transaction confirmations through the online portal. In certain circumstances, you may notice a difference in the values displayed on custodial statements versus Reports for the same account. For example, our Reports generally include any income that is earned (accrued) but has not yet been paid by the issuer and base the figure on trade date rather than settlement date. Performance Information for External Managers Private Funds will provide investors with the respective fund’s unaudited statements on a monthly or quarterly basis, and schedule K-1s and audited financial statements as soon as such documents are available following the end of each fiscal year. CLIENT REFERRALS AND OTHER COMPENSATION Regardless of the system where your Report was generated, you should carefully review the accompanying disclosure for definitions of relevant terms and calculations used, as well as other important information you should consider in your review. Clients should contact their Financial Advisors with any questions regarding the information they receive in a Report. With limited exceptions, Stifel generally does not provide performance reports for Clients in the Summit Program. In general, we require that all solicitation or referral arrangements comply with applicable regulatory requirements, including, but not limited to, disclosures to Clients about the referral arrangement as well as any fees received (or paid) in connection with such referral at the time of the referral or execution of the Advisory Agreement. We have policies and procedures designed to deliver proper disclosures to Clients at the time of solicitation and/or account opening, as well as to confirm that all Clients sign disclosure delivery receipts, where appropriate. Each affected Client will receive disclosures from the applicable solicitor disclosing the solicitation arrangement, as well as the fee paid by Stifel to such solicitor (or received by Stifel) in respect of the solicitation. Transaction Statements Clients with discretionary accounts held at Stifel typically receive monthly (but in no event less than quarterly) statements that identify buys, sells, dividends, interest, deposits, and disbursements in their accounts during the previous month, as well as the overall market value of the portfolio at month’s end. A summary of portfolio holdings as of the end of each reported quarter is also listed. Clients may not waive receipt of account statements. Clients whose accounts are held away from Stifel, with a qualified custodian (but who trade through Stifel), will receive a statement with respect to each month in which a transaction is effected in their Stifel account. However, if no transactions are effected in accounts held away from Stifel, such Clients may receive their statements on a quarterly basis. All other clients utilizing an unaffiliated, third-party custodian will receive statements from their applicable custodian based on the custodian’s own delivery schedule. Our firm may enter into referral arrangements with one or more of our Affiliated Managers, for us to act as solicitor for the Affiliated Manager and/or the Affiliated Manager to act as solicitor for our firm. Referrals made by our Financial Advisors under these arrangements are made in our capacity as a registered broker-dealer. Referred clients should be aware that our Financial Advisors may have an incentive to refer the client to Affiliated Managers over Independent Managers, as the Affiliated Manager’s receipt of additional revenues for services not otherwise available through our Advisory platform may have a positive impact on our affiliated group. As of the date of this brochure, our firm had entered into referral arrangements with the following Affiliated Managers in which we have agreed to act as solicitor: 1919 Investment Counsel. Realized Gain/Loss Summary Custodial statements from Stifel include annual listings of all closed transactions in their accounts during each calendar year, as well as the offsetting cost of each transaction and, thus, the realized gains/losses for each closing transaction. In addition to the arrangements set forth above, our firm also participates in the following solicitation or referral arrangements applicable to our Advisory services covered in this brochure: Stifel Alliance Program Under the Stifel Alliance Program (“Alliance”), we are able to compensate individuals or companies, either directly or indirectly, for Client referrals by sharing a portion of the fees charged by our firm. Our policies prohibit our Financial Year-End Tax Report With respect to those accounts for which our firms acts as custodian, we provide such Clients 1099 statements for the previous tax year. 1099 statements include both reportable and non-reportable information, cost basis for securities that have been sold, and additional information to assist with tax preparation. Page 42 of 46 SF1601-3/25  As set forth above under “Brokerage Practices – Execution and/or Custody through Unaffiliated Firms,” certain Clients may elect to have their assets maintained by an independent qualified custodian. INVESTMENT DISCRETION Advisors from up-charging any Client to make up for the portion paid to or otherwise expended in connection with an Alliance solicitor. We and/or our associated persons may pay for registration costs (if any) relating to the solicitor to facilitate the solicitor’s state registration (if required). As a result, such solicitors may have incentive to refer clients to Stifel over other firms. Compensation for Client Referrals As set forth above, our firm has entered into referral arrangements with certain of our other Managers, pursuant to which we (or our Financial Advisors) receive compensation for client referrals made to each such Adviser. Referred clients should be aware that our Financial Advisors could have an incentive to refer the client to Affiliated Managers over Independent Managers, as the Affiliated Manager’s receipt of additional revenues for services not otherwise available through our Advisory platform would have a positive impact on our affiliated group. Some Programs may require Clients to provide us with a limited power of attorney so that account and/or portfolio management services may be provided on a discretionary basis. Discretion is authorized by Clients by signing the discretionary Advisory Agreement. Discretionary authority is limited to selection of securities as well as the number of shares to buy or sell, if directed by the Client- proxy voting authority, and trading discretion (i.e., when and where to buy or sell securities). Clients may impose reasonable restrictions on our discretionary authority and modify existing restrictions by notifying us in writing. Such modifications are honored only after being reviewed and accepted by our personnel. Clients that elect to impose investment restrictions on their account should note that such restrictions generally will affect account performance and that, in some cases, the impact may be material and adverse. As of the date of this brochure, our firm had entered into referral arrangements with the following Affiliated Managers in which we have agreed to act as solicitor: 1919 Investment Counsel and Stifel Capital Management, LLC. VOTING CLIENT SECURITIES In addition, our Financial Advisors receive nominal compensation for referring clients to our other affiliates for services including, but not limited to, our banking affiliates and/or our trust company affiliates. We accept proxy voting delegation from Clients with accounts enrolled in our wrap fee Programs (covered by our Wrap Fee Disclosure Brochure), or in the Vantage Program covered in this brochure. It is important to note that Stifel does NOT vote proxies for foreign ordinary shares or ADRs. Voting of those proxies will remain your responsibility. Other Compensation As set forth above under “Fees and Compensation,” we have the ability to receive Revenue Sharing from some private fund sponsors or managers to whom we refer Clients for investments. We may similarly receive payments from mutual funds in which Clients invest. CUSTODY If you have an account in an applicable Program, you can appoint Stifel or, if applicable, the Investment Manager for your account or Portfolio to vote appropriate proxies on your behalf. You can change your proxy voting election at any time. Requests to revoke proxy voting delegation to Stifel or change any vote already cast must be in writing. We request 30 days to allow the Firm sufficient time to process the revocation and implement the changes with respect to any pending votes with our vendors. We will make reasonable attempts to implement your request but cannot assure that it will occur in time for a particular vote. Unless agreed upon otherwise, we maintain physical custody of Client assets in the Vantage Program as well as for accounts enrolled in our Wrap Programs. We have adopted policies and procedures that are designed to mitigate risks involved in being a self-custodial firm (with the exception of IRA assets) in an effort to ensure that our clients’ assets are protected. Among other things, we undergo a separate examination by an independent auditor the purpose of which is to obtain the auditor’s report on our internal controls designed to safeguard clients’ assets held at our firm. Our firm also undergoes an annual surprise audit by an independent registered accounting firm that is designed to verify the Clients’ assets. At the conclusion of the annual surprise audit, the independent auditor files a report with the SEC attesting to, among other things, our compliance with regulatory requirements. In voting proxies, we have a fiduciary responsibility to make investment decisions that are in the best interest of our Clients and vote all Client securities accordingly. As required by applicable regulations, we have adopted policies and procedures to govern the proxy voting process for our Client accounts. We have retained a third-party proxy voting service (“Proxy Voting Agent”) to provide independent, objective research and voting recommendations based on its standard proxy voting guidelines, and to vote proxies in your account(s) on our behalf (other than foreign ordinary shares and ADRs). If the Proxy Voting Agent is unable to provide a voting recommendation, Stifel will not vote your shares. Certain of our affiliates may also serve as qualified custodians of our Client assets. In such cases, consistent with applicable regulations, we receive a report issued by an independent registered public accountant relating to the affiliate’s internal controls in connection with its custody services. Page 43 of 46 SF1601-3/25  You may request a copy of our Proxy Voting Policies and Procedures as well as the Proxy Voting Agent’s standard proxy voting guidelines at any time, including a record of the proxies voted in respect of your account(s). Program. Depending on the Program, discretionary and/or portfolio management services may be provided directly through a Stifel Financial Advisor, by our home office personnel, or we may provide the Plan access to an Independent or Affiliated Adviser that provides such the discretionary investment management services. Non-Discretionary Advisory Services – We also offer and provide non-discretionary investment advisory and ERISA fiduciary services through our Summit Program as detailed above, as well as through our Horizon Program, a fee-based Program that is covered in a separate brochure. Non- discretionary services are provided directly by your Financial Advisor. More detailed information about these services and Programs is provided in the applicable brochure, under the section titled “Advisory Programs Offered at Stifel”. Please note if you have a margin balance in your account, it may reduce the number of shares in which you are eligible to vote. For additional details, you should carefully review the provisions concerning margin in the Stifel Account Agreement and Disclosure Booklet located at www.stifel.com/disclosures. If your account is invested in an Adviser-traded Portfolio and you choose to delegate proxy voting authority, the Adviser will typically vote proxies related to the securities in the account or Portfolio. For this reason, you should carefully review the proxy voting discussion in each Manager’s Form ADV 2A provided to you. You should understand the Investment Manager’s proxy voting process and guidelines, as well as the related risks prior to granting proxy voting authority to an Investment Manager. We generally do not vote proxies for Clients whose custodial accounts are held by third-party custodians, including Clients with accounts in the Summit Program. If your account is held at another custodial firm, you will be responsible for voting all proxies relating to securities held in your account. Our Status When providing discretionary and non-discretionary advisory services through a Program, Stifel acts as a registered investment adviser under the Advisers Act. For a description of Stifel’s status under the Advisers Act and under ERISA, please refer to the section titled “ERISA” in the applicable Advisory Agreement. FINANCIAL INFORMATION We do not have any adverse financial conditions to disclose under this Item. ERISA RULE 408(b)(2) DISCLOSURE INFORMATION FOR QUALIFIED RETIREMENT PLANS This section generally describes the fiduciary status of investment advisory services provided by and compensation paid to Stifel with respect to ERISA qualified retirement plans (each, a “Plan”). General Description of Compensation Paid to Stifel Advisory Fees. Our firm accepts direct compensation in the form of fees paid pursuant to the Advisory Agreement entered into with the Plan at the time of account opening. Plan Clients should refer to the applicable Advisory Agreement for the fee calculation formula specific to the Plan account. For information about the manner in which these fees are paid, please see the sections “The Stifel Fee,” “Deduction of Advisory Account Fees,” and “Other Excluded Fees and Expenses” of this brochure and the section entitled “Fees and Billing” in the applicable Advisory Agreement. We typically do not receive indirect compensation in connection with Plan assets in our Summit Program. General Description of Status and Services Provided by Stifel to Plans As set forth above in the section titled “Advisory Programs Offered by Stifel” of this brochure, we offer and provide a variety of investment advisory Programs that are intended to assist responsible Plan fiduciaries with their prudent investment duties under ERISA. A thorough description of the services provided to a specific Plan is set forth in the applicable Advisory Agreement, and may include, investment management, trading, and/or custody services, as well as participant education and guidance. Private Fund Fees. In limited circumstances and in connection with certain Plan investments in private funds (including, but not limited to, hedge funds and private equity funds), we may receive placement fees or other compensation indirectly from a private fund and/or its related persons in lieu of advisory fees paid directly by the Plan with respect to such investment. Where applicable, such placement fees or other compensation are disclosed in the subscription documents or other documents you execute in connection with the Plan’s investment in the private fund, and are equal to the Advisory fee otherwise applicable to your account. See the section of this brochure titled “Revenue- Sharing and Other Compensation Arrangements With Private Investment Funds or Their Sponsors” for more information. Trade Errors. As set forth above under “Trade Error Correction,” our policy is to put a Client’s account in the position that it would have been in if an error had not occurred. As a result, to the extent a trade error correction results in a gain, Stifel will retain the resulting gain, to the extent permitted under applicable law. Pursuant to applicable guidelines, such gains may be deemed additional compensation. Discretionary Investment Management Services – We generally do not allow ERISA Plan accounts in our Vantage Program. Plans seeking discretionary services from us should talk to their Financial Advisor about the wrap Programs that we offer. We offer and provide Clients access to discretionary ERISA fiduciary investment advisory services through the following Programs: Fundamentals, Solutions, Opportunity, Investment Management Consulting, Custom Advisory Portfolio, and Connect. In very limited circumstances, we may also provide discretionary services to plans through our Summit Page 44 of 46 SF1601-3/25  We maintain a record of any losses and/or gains resulting from trade error corrections in a Client account and will provide such information upon request. cash/funds received after the close of the NYSE (or on a day that the NYSE was closed) for the benefit of Client account, until such cash/funds are swept into the Client’s selected sweep option, typically the end of the second business day. Similarly, to the extent we issue a check to a Client or the Client withdraws funds through an ACH payment, we earn float on the funds covered by the check until the Client cashes the check or the ACH payment settles. In general, the amount of float earned is equivalent to the effective Federal Funds rate on the date earned. ADR Pass-Through Fees. Plan accounts that invest in ADRs may also incur pass-through fees, which are typically charged by the sponsors of certain ADRs as custody-related expenses. When applicable, Stifel collects ADR pass-through fees from applicable Plan assets, then forwards all such ADR pass-through fees to the Depository Trust Company (or other applicable central securities depository). Compensation From Funds and Other Products. For a description of the credits you may be eligible for in connection with investments in Funds and other products that pay 12b-1 fees and other types of compensation, please see the sections titled “Compensation From Funds” and “Compensation From Other Products” above. Brokerage Practices. For a description of compensation we receive in connection with our brokerage practices, please see the section titled “Brokerage Practices” above. Training and Education Expense Contributions. For information about payments we receive from investment companies and/or their affiliates in connection with training and achievement seminars offered to our Financial Advisors, please see the section in this brochure titled “Training and Education Expense Contributions.” Sponsorship amounts generally do not vary by vendor and cannot be reasonably allocated to any particular Plan Client. For additional information on other compensation received by Stifel (as well as its affiliates, including Stifel Independent Advisors) from various product sponsors, please refer to the information located at: https://www.stifel.com/disclosures/mutual-funds/other- compensation-stifel Non-Cash Compensation. Please see the section of this brochure titled “Non-Cash Compensation” for information about certain gifts and gratuities we may receive. Based on historic trends, we do not expect to receive non-cash compensation in excess of the de minimis threshold under DOL regulations with respect to a Plan Client. Termination fees. See the section above titled “Compensation in Connection With the Termination of a Client’s Account Relationship With Stifel” for information about fees that may apply if you transfer assets in your Account upon termination of your Advisory Agreement. Sweep. See the sections “The Stifel Automatic Cash Investment Service” and “Disclosure Documents for Automatic Cash Investment” of the Stifel Account Agreement and Disclosure Booklet for information about sweep services. Our cash sweep programs create a conflict of interest for us because we have an incentive for you to maintain and direct otherwise uninvested cash in your account to deposits of our affiliated banks, which they can use to generate additional revenue. We also receive revenue for sending your cash deposits to third-party banks that participate in our sweep programs. This creates an incentive for us to recommend or direct investments that result in cash being invested through our sweep programs. For additional information, please see https://www.stifel.com/disclosures/sweep-choices/sweep- choices-disclosure Plans are directed to the section “Fees and Compensation” in the brochure for additional details about the various other types of indirect compensation that we may receive in connection with Plan assets and, to the extent applicable, the steps that we take to mitigate the conflicts that may be raised by the receipt of such indirect compensation. Deposits in one of our affiliated banks or trust companies (each, an “Affiliated Bank”) will bear a reasonable rate of interest as required by 29 C.F.R. Section 2550.408b-4(b)(2). By participating in a sweep service, you authorize deposits in each Affiliated Bank and acknowledge the benefits that Stifel, the Affiliated Bank, and your Financial Advisor derive from the arrangement. Please contact your Financial Advisor for additional information. Financial Advisor Compensation. For information about how we compensate your Financial Advisor, please see the section “Compensation to Financial Advisors” in this brochure. Float. In general, under ERISA a service provider such as a custodian may retain the benefit of the use of any funds on hand that are incidental to the normal operation of the plan and that constitute earnings on funds that are (i) awaiting investment or (ii) transferred to a disbursement account for distribution from the plan. The DOL has issued guidance that requires financial institutions to make specific disclosures to employee benefit plans, such as the Plan, regarding the circumstances under which the institution has use of, or may derive benefit from, un- invested cash pending investment or distribution (“float”). As discussed in the section of this brochure titled “Additional Information on Fees and Other Compensation,” if Stifel serves as custodian of a Plan Client account, we will earn float on Accounts Managed by Third-Party Managers Plan accounts enrolled in our Opportunity, IMC, and/or Connect Programs may utilize the services of an Adviser (which, for purposes of this section, will encompass Investment Managers and Connect Managers, as defined above) that is engaged to provide discretionary investment management services to the Plan. As the Adviser for the Plan, such Adviser is a fiduciary to the Plan for purposes of ERISA and a registered investment adviser for purposes of the Advisers Act. For our Opportunity Program, the Manager’s direct compensation is part of the total fee that the client pays under the applicable Advisory Agreement with Stifel; in our Connect Program, the Connect Manager’s fee is separate from (and in addition to) the Stifel fee. In addition to Page 45 of 46 SF1601-3/25  the management fee, a Manager may also receive indirect compensation, often referred to as “soft dollars” or other benefits, from other brokerage firms with which the Manager executes trades for its client accounts. These benefits may or may not relate to trades effected for the Plan account. Plan Clients should refer to the applicable Manager’s separate Rule 408(b)2 disclosure statement or Form ADV Part 2A for information about whether or not the Manager receives soft dollars or similar benefits and, if so, the specific benefits received. Page 46 of 46 SF1601-3/25 

SEC Number: 801-1447 FINANCIAL PLANNING SERVICES Disclosure Brochure March 31, 2025 This brochure provides information about the qualifications and business practices of Stifel, Nicolaus & Company, Incorporated. This brochure focuses on our fee-based financial planning services; we also offer other advisory services, including (but not limited to) advisory consulting services and wrap fee programs, which are covered in separate brochures. If you have any questions about the contents of this brochure, please contact us at the address or telephone number provided below. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”), or by any state securities authority. Additional information about Stifel, Nicolaus & Company, Incorporated is available on the SEC’s website at www.adviserinfo.sec.gov. Registration with the SEC does not imply a certain level of skill or training. Stifel, Nicolaus & Company, Incorporated 501 North Broadway St. Louis, Missouri 63102 (314) 342-2000 www.stifel.com INVESTMENT AND INSURANCE PRODUCTS: NOT FDIC INSURED • NOT A BANK DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE Page 1 of 15 SF1602-3/25  MATERIAL CHANGES This section describes the material changes to Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “firm”)’s last annual update of this brochure in March 2024. This Brochure, dated March 31, 2025, has been prepared according to the SEC’s disclosure requirements. The following material changes to this Brochure have occurred since its last annual amendment: • Disciplinary Information. Section updated to reflect that on September 24, 2024, in connection with the industry-wide sweep into off-channel communications, the SEC entered an administrative order against Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”). The SEC found that the Firm willfully violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder, as well as Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder, due to recordkeeping failures related to electronic communications. The Firm also failed to reasonably supervise its personnel to prevent or detect aiding and abetting violations of these sections. The SEC ordered Stifel to cease and desist from committing or causing any violations, censured the Firm, and imposed undertakings including retaining an independent compliance consultant. Additionally, a civil money penalty of $35,000,000 was imposed. Due to the short-term nature of most fee-based financial planning engagements, we do not expect to provide another copy of the Form ADV Disclosure Brochure during your Financial Planning engagement unless there are material changes to the document we originally provided to you. In the unlikely event that your Financial Planning engagement of us spans multiple years, instead of providing an updated brochure each year, we generally provide a summary of the material changes by April 30 of each year. Because it is a summary, it does not contain all of the updates that were made to the brochure. Please read the full brochure, which is available to you at no charge at https://www.stifel.com/disclosures/investment-advisory-services/program-disclosures under the section “Stifel Form ADV 2A Disclosure Brochures” or by contacting your Financial Advisor. Please retain a copy of this brochure, as it contains important information about our financial planning services. Capitalized terms used in this section have the meanings assigned to them in the main body of this brochure. Page 2 of 15 SF1602-3/25  TABLE OF CONTENTS EXECUTIVE SUMMARY ....................................................................................................................................................................... 4 OUR SERVICES AS AN INVESTMENT ADVISER ........................................................................................................................... 4 ADVISORY BUSINESS – FEE-BASED FINANCIAL PLANNING ................................................................................................... 5 FEES AND COMPENSATION FOR FEE-BASED FINANCIAL PLANNING SERVICES ........................................................... 6 PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT ....................................................................................... 8 TYPES OF CLIENTS ............................................................................................................................................................................... 8 METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS ...................................................................... 8 DISCIPLINARY INFORMATION ......................................................................................................................................................... 9 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ....................................................................................... 11 CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS, AND PERSONAL TRADING ...... 11 BROKERAGE PRACTICES RELATING TO FEE-BASED FINANCIAL PLANNING SERVICES ......................................... 12 REFERRAL PROGRAMS…………………………………………………………………………………………………………….12 REVIEW OF ACCOUNTS .................................................................................................................................................................... 14 CLIENT REFERRALS AND OTHER COMPENSATION ............................................................................................................... 14 CUSTODY ............................................................................................................................................................................................... 15 INVESTMENT DISCRETION .............................................................................................................................................................. 15 VOTING CLIENT SECURITIES ......................................................................................................................................................... 15 FINANCIAL INFORMATION ............................................................................................................................................................. 15 Page 3 of 15 SF1602-3/25  EXECUTIVE SUMMARY investment recommendations are suitable and consistent with each client’s stated objectives and goals, and the duty of loyalty, including the obligation to provide the client with full disclosure of material conflicts of interest. Our duties of care and loyalty differ depending on the authority that a client has granted us and the services that we have agreed to provide – for example, whether we have agreed to provide non-discretionary versus discretionary services or when we provide episodic (e.g., financial planning) versus continuous advice. About Stifel, Nicolaus & Company Stifel, Nicolaus & Company, Incorporated (“Stifel”) is a broker- dealer that has been registered with the SEC since 1936 and an investment adviser that has been registered with the SEC since May 7, 1975. Stifel is owned by Stifel Financial Corp., a publicly held company whose common stock trades under the symbol “SF.” Stifel is a leading full-service wealth management, investment advisory, and broker-dealer and investment banking firm, serving investment and capital needs of clients. Stifel is a member of the Financial Industry Regulatory Authority (“FINRA”), the Securities Investor Protection Corporation (“SIPC”) and various exchanges. Information about Stifel’s qualifications, business practices, portfolio management techniques, and affiliates is accessible on our website at www.stifel.com as well as via publicly available filings with the SEC at www.adviserinfo.sec.gov. In this brochure, the pronouns “we,” “our,” “us,” and similar words will refer to Stifel. The pronouns “you,” “your,” and similar words will refer to you as the Client. References to the singular throughout this brochure include the plural and vice versa. Capitalized terms shall have the meanings assigned to them in this brochure. Our investment advisory agreements with clients define the services we have undertaken to provide and the related duty of care when providing those services. We can limit the duties owed to clients through disclosures (which may be verbal or in writing) – for example, through this disclosure brochure or other disclosures provided to you, we will disclose information about additional activities or compensation arrangements that we have that will impact the services that we provide to you; those disclosures will serve to limit our duty of loyalty to you, and we will take your continued willingness to engage us and your execution of the fee-based Financial Planning Agreement as your consent and authorization to engage in the activities disclosed. Additional information about our fiduciary obligations, including some of the policies and procedures that we undertake to fulfill those obligations, is available throughout this brochure, including under the section entitled “Participation or Interest in Client Transactions.” While we provide investment advisory services to a vast array of clients (including individuals, corporations and other businesses, pension or profit sharing plans, employee benefit plans, trusts, estates, charitable organizations, state and municipal government entities, private funds, educational institutions, insurance companies, and banks and thrift institutions), our fee-based financial planning services are generally provided to individual clients. Services We Provide Our investment advisory representatives (whom we refer to as Financial Advisors) work with their clients to determine appropriate services for each client in consideration of the client’s financial goals and circumstances. Based on the services you request, our firm can provide broker-dealer services, investment advisory services, or both. We offer fee-based financial planning as an investment advisory service. Our role as investment adviser is separate from any role Stifel may play as broker-dealer. Once we deliver a finalized financial plan to you, you can decide whether to implement the recommendations in the plan via brokerage accounts, advisory programs, or a combination, depending on your needs and preferences. Most of our Financial Advisors are qualified and licensed to provide both brokerage and investment advisory services. When we act as an investment adviser in providing financial planning services to you, we will (i) assess a fee to cover those services, (ii) enter into a written Financial Planning Agreement with you expressly acknowledging our investment advisory relationship with you and describing our obligations to you during the engagement, and (iii) give you a copy of this Form ADV Part 2A – Financial Planning Disclosure Brochure, which provides detailed information about our fee-based financial planning services as well as, among other things: the range of fees we charge for those services, our other business activities and financial industry affiliations, and the conflicts between our interests and your interests when providing investment advisory services to you. It is important to understand that brokerage services are separate and distinct from investment advisory services, and different laws, standards of care, and separate contracts with clients govern each. While there are similarities among brokerage and investment advisory services, our firm’s contractual relationship with, and legal duties to, clients are subject to a number of important differences depending on whether we are acting in a brokerage or investment advisory capacity. OUR SERVICES AS AN INVESTMENT ADVISER When we serve as investment adviser to clients, we are considered to have a fiduciary relationship with the client and are therefore held to the legal standards set forth in the Investment Advisers Act of 1940 (the “Advisers Act”), certain state laws, and common law standards applicable to fiduciaries. These standards include the duty of care, including the obligation to have a reasonable basis for believing that our In addition to our fee-based financial planning services, our investment advisory services include discretionary and non- discretionary advisory services, which generally involve account or portfolio management, as well as recommendations of securities or of investment advisers to manage all or a portion of client assets. The investment advisers that our Financial Advisors recommend to clients include both firms that are independent of our firm as well as firms owned (including indirectly or in part) by our parent company, Stifel Financial Corp. These other investment advisory services are covered by and discussed in our Page 4 of 15 SF1602-3/25  • Retirement Analysis Advisory Consulting Services and/or Wrap Fee Programs Disclosure Brochures, which are available on our website at https://www.stifel.com/disclosures/investment-advisory- services/program-disclosures. - Goal funding retirement analysis calculating the results of your plan by running one thousand trials, where each trial has a different sequence of returns. The analysis identifies the probability of funding all of your goals without exhausting all your resources over your estimated time horizon. • Net Worth Overview - A snapshot of your current financial position looking at the difference between your assets and liabilities. • Asset Allocation Comparison - Compares the allocation of your current portfolio to a target Please note that although we act as your investment adviser in providing fee-based financial planning services to you, this does not affect any other relationship you may have with us. The nature of existing accounts or accounts you may open in the future, your rights and obligations relating to these accounts, and the terms and conditions of any account agreement in effect now or in the future do not change in any way because you are receiving fee-based financial planning services from us. risk-based portfolio. Identify changes associated with investment strategies and allocation changes you should consider. • Insurance Needs Analysis - Analyzes whether you have adequate investment assets and resources to support your family if you passed away earlier than expected. - Compares your income needs to your income sources across multiple disability periods. - Identifies how an extended Long-Term Care event could Brokerage Financial Planning Services In contrast to the fee-based financial planning services that are covered by this Disclosure Brochure, most of our Financial Advisors offer similar financial planning services without a separate fee or charge. We consider those financial planning services to be brokerage-only services, which are not covered by a fiduciary relationship between our firm and the applicable client. adversely impact your investment portfolio. • General Estate Planning Overview - Reviews your current estate situation and estimate the value of your estate at death. You should review the services that you are contracting for with your Financial Advisor, including whether similar services may be provided as brokerage-only financial planning and, therefore, at no separate charge to you. ADVISORY BUSINESS – FEE-BASED FINANCIAL PLANNING The specific topics covered in each financial plan will be as agreed-up between you and your Financial Advisor. The written financial plan that is ultimately delivered to you may be prepared directly by your Financial Advisor, or may be prepared by members of our Wealth Planning Department on behalf of your Financial Advisor. In general, the written financial plan is intended to assist you in assessing your individual financial goals and to serve as a basis for further analysis and discussion between you and your financial, legal, and tax advisers toward developing a suitable investment strategy for pursuing your financial goals. Scope and Limits of Services Provided As part of our fee-based financial planning services, our Financial Advisors will provide a personalized financial plan designed to help you assess your financial situation and pursue your long-term financial goals and objectives. The financial planning process is meant to be a collaborative experience tailored to your personal goals and customized to the complexity of your financial circumstances. To make the most of the planning services, we recommend that you establish clear and measurable financial goals and provide specific and accurate information. Topics or Areas Not Covered By a Plan. Our financial plans do not address every aspect of a client’s financial life (e.g., areas not covered include analysis of property and casualty, homeowners, and excess liability coverage, etc.). In addition, a topic may not be included in your financial plan for a variety of reasons (for example, because we did not receive sufficient data from you to complete an analysis); unless we explicitly state otherwise, you should not take any such omission as an indication that the topic is not applicable to your particular financial situation. Also, unless otherwise requested and approved by the Wealth Planning Department, our financial planning services will not include an analysis of your estate planning documents and/or income tax returns. You should seek the counsel of your legal and tax advisors for a complete analysis of your estate and death tax liabilities. No Verification of Outside Assets Analyzed. In developing a financial plan for you, we may consider and analyze information relating to assets that you hold at other financial institutions if you have provided us the relevant information. In considering such At the beginning of the planning process, you will be asked to provide information about your individual financial situation, including your investment goals and objectives and your risk tolerance. We rely on the information that you provide to create a personalized financial plan for you, and therefore, it is critical that we gather as complete a picture of your financial situation as possible. For this reason, we may ask for copies of your financial documentation, such as bank and brokerage statements, employee benefits statements, insurance policies, etc., all of which will assist us in understanding your financial situation. We are not obligated to monitor changes in your life or financial circumstances prior to delivery of the plan. You should notify us promptly if you experience any significant changes in your life or financial situation while we are working on your financial plan. We will use the information you provide to prepare our financial planning recommendations and guidance, which may cover a variety of topics, including (for example): Page 5 of 15 SF1602-3/25  not include financial planning in our calculation of assets for this purpose. information, we will assume that the information that you have provided is accurate and will not take any steps to verify or ensure the accuracy of information regarding any assets that are held outside of Stifel. FEES AND COMPENSATION FOR FEE-BASED FINANCIAL PLANNING SERVICES How We Charge for Fee-Based Planning Services We generally charge up to $5,000 for our fee-based financial planning services; in limited circumstances, we may allow certain Financial Advisors to charge more in connection with particularly complex client situations and related planning services. No Tax or Legal Advice. Our firm (and our Financial Advisors) do not provide tax or legal advice. You should not consider any information that is presented in a financial plan regarding potential tax considerations as tax or legal advice, and should not use such information for the purpose of avoiding any tax penalties or liabilities. As we do not provide legal or tax advice, we recommend coordinating with your independent legal and tax advisers during the financial planning process so that they may assess any legal and tax issues relating to the strategies we recommend. If you are not comfortable involving those advisers during our financial planning arrangement with you, you should separately consult with your legal or tax advisors to review your personal circumstances. A Financial Advisor’s fees will vary depending on, among other things, the complexity of a client’s financial situation, the scope and range of services to be provided, the amount and type of assets to be taken into consideration, as well as whether the fee is to be paid directly by the client or through employer-sponsored programs. You can negotiate the fee that you will pay with your Financial Advisor. You can select the following payment methods for paying your fee – you will need to indicate the method that you have selected on your Financial Planning Agreement with us: Residency Assumption in Our Plans. Our financial planning services assume that you are a U.S. citizen or resident, and are subject to U.S. taxes. Our financial planning services may therefore not be applicable to or appropriate for you if you are subject to other tax jurisdictions and requirements. Payment By Check You may elect to pay the financial planning fee by issuing a check to us; the fee will be due upon your receipt of the financial plan. The fee amount will be indicated on your agreement with us – we do not typically issue an invoice for the financial planning fee, but may do so upon request. If we do not receive payment from you within a reasonable period after you have acknowledged receipt of a written plan, we reserve the right to automatically debit the amount from any non-retirement accounts that you may hold at Stifel. Implementation of Recommendations. Our fee-based financial planning services will not cover any initial or ongoing advice as to specific securities or investments, or investment strategies in which you should invest. Similarly, we will not analyze the merits of particular investments or securities in the plan that we deliver to you, or at any time as part of our financial planning engagement with you. You are not required to implement any of the recommendations that we provide in a financial plan through our firm. If you decide to let us assist you in implementing the recommendations, you will need to enter into separate agreements with us and open brokerage or investment advisory accounts, as appropriate, to implement the planning recommendations. We generally implement securities transactions in our capacity as a broker-dealer, not as an investment adviser, unless you are participating in one of our investment advisory programs. You will be charged separate fees and/or commissions in connection with services provided to those accounts. No Obligation to Update the Plan. Our fee-based financial planning arrangement with you terminates upon our delivery of a finalized financial plan to you. Our Financial Planning Agreement with you and the fiduciary relationship created under such Agreement will end when a final plan is delivered. We will be under no obligation to update the financial plan to reflect changes in your life events or financial situation that occur after delivery of the plan. Payment By Automatic Debit If you have one or more accounts at Stifel, you can authorize us to deduct the fee from any of your accounts. In such case, the fee will be deducted first from available cash or cash equivalents including money market funds in the account. Under the terms of your Financial Planning Agreement with us, if the cash and cash equivalent in the account is not enough to pay the fee, you will be considered to have authorized us to rebalance or liquidate securities in the account in order to generate sufficient funds to cover the fee in the following order: first, we liquidate mutual fund positions, followed by equities securities (including ETFs), unit investment trusts, corporate bonds, municipal bonds, and any other securities. Your monthly customer account statement will reflect the amount deducted from your account to cover the financial planning fee. You should review your statement carefully and let your Financial Advisor know if you have any questions or concerns. Certain account types, e.g., retirement accounts such as IRAs, may not be used to pay fees for financial planning services. Acknowledgment of Receipt. You will be asked to sign an acknowledgment of receipt upon delivery of a plan to you; the financial planning fee will be due at that time. Additional Information Relating to Fees As discussed above, most of our Financial Advisors provide planning services at no additional charge. You should therefore consider and discuss with your Financial Advisor whether you may be able to get some or all of the financial planning services at Assets Under Management As of December 31, 2024, we managed approximately $107,751,106,114 of client assets on a discretionary basis, and advised on $63,458,503,373 on a non-discretionary basis. We do Page 6 of 15 SF1602-3/25  transactions, products, and services that generate additional fees and expenses in order to obtain the most benefits. no additional charge. As set forth above, the fee that you pay for financial planning services will not cover the costs and charges associated with implementing any of the recommendations that may be contained in the plan. Compensation to Financial Advisors Production. We pay a percentage (“Payout Rate”) of the Stifel Advisory Fee that we receive from you to your Financial Advisor(s). Payout Rates generally range from 25% to 50%; the applicable percentage paid to your Financial Advisor will depend on your Financial Advisor’s employment agreement and arrangements with us and the total amount of revenue your Financial Advisor generates from all clients (including from brokerage clients) (referred to as “Production”). Our compensation to the Financial Advisor can also include a bonus that is also based on the Financial Advisor’s Production. Recruiting Transition Assistance. Some Financial Advisors are eligible for special incentive compensation and other benefits based on client assets in accounts at our firm (including assets held in your retirement accounts) and the Production the Financial Advisor generates for us (including in connection with brokerage accounts). These incentives and benefits can be in the form of recruitment and retention bonuses, and eligibility for repayable loans or loans for which repayment is made under certain conditions, for your Financial Advisor by an entity affiliated with us. These incentives and benefits generally increase as the Financial Advisor brings more client assets to us and generates more revenue. These benefits create an incentive for your Financial Advisor to recommend that you transition accounts held at other financial institutions to our firm, as well as to recommend certain transactions, products, and services over others in order to obtain the benefits. Your Financial Advisor’s Payout Rate will be the same regardless of the Advisory Program in which your accounts are enrolled. However, as a general matter, your Financial Advisor’s total cash compensation increases as his or her Production increases, and this creates an incentive for your Financial Advisor to recommend certain Programs or Portfolios over others and/or other products or services in order to increase his or her Production. In connection with the Programs covered by this brochure, we mitigate these conflicts by limiting Advisory- related Production compensation to Stifel’s share of the Advisory Account Fees (that is, your Financial Advisor generally does not share in any additional fees and expenses that your account incurs as a result of types of investments made (or transactions effected) in the account). We also seek to mitigate these conflicts by disclosing them to you, and by establishing other risk-based supervision policies and procedures (including, e.g., to review certain new Advisory account enrollments). Branch Manager/Supervisory Activities. In addition, we pay compensation to branch managers based on aggregate Production generated by the Financial Advisors operating from the manager’s branch office. In some cases, a portion of a Financial Advisor’s Production can result in compensation to his or her branch manager or another Financial Advisor for supervision and administrative or sales support. When a supervisor is compensated based on the Production of the person he or she is supervising, the supervisor has an incentive for you to make investments that generate greater compensation for the supervisor. The particular compensation arrangements between your Financial Advisor and his or her branch manager also create incentives for your Financial Advisor to recommend transactions, investment products, and services that generate greater amounts of revenue for us, the branch manager, and your Financial Advisor. Discount Sharing. Financial Advisors receive less than their standard payout when accounts are priced below the set minimum fee level for the applicable Program. While Financial Advisors may be allowed to set the Stifel Fee for an account below the minimum fee level, doing so typically results in a reduction to the Financial Advisor’s Payout Rate (generally referred to as discount sharing) potentially down to 0%. The fee levels at which discount sharing starts to apply vary by Program and/or style: for example, the discount sharing level for equity strategies is different than for fixed income strategies. In general, discount sharing creates an incentive for Financial Advisors to price accounts above the set minimum fee level in order to receive their standard Payout Rate. Outside Business Activities. Your Financial Advisor is permitted to engage in certain business activities approved by us, other than the provision of brokerage and advisory services through Stifel. In certain cases, these outside business activities can cause conflicts with the Advisory services that your Financial Advisor provides to you and your account(s). We mitigate these conflicts by requiring your Financial Advisor to disclose to us and obtain approval for outside business activities by establishing certain other policies and risk-based procedures to the approval of outside business activities. Where such activities are deemed material (as determined by regulation), we disclose them to you through the Financial Advisor’s Form ADV Part 2B. Compensation to Members of Wealth Planning Department Members of our Wealth Planning Department may assist your Financial Advisor in creating and/or delivering fee-based financial planning services to you. These professionals do not receive a direct share of the fees that you pay for such financial planning services. Instead, they receive a base salary and are eligible for discretionary incentive compensation based on the performance of the firm in general as well as their individual performance. Other Benefits. Equity awards from our parent company, SF, are a standard component of our Financial Advisors’ compensation. Your Financial Advisor is eligible to receive other benefits based on his or her Production. These benefits include recognition events, conferences (e.g., for education, networking, training, and personal and professional development), and other forms of noncash compensation that generally increase in value as the amount of the Production your Financial Advisor generates increases. These benefits create an incentive for your Financial Advisor to recommend certain Programs over others and/or Page 7 of 15 SF1602-3/25  government. Importantly, Stifel IS utilizes a survey process for this work, and seeks input from colleagues across our organization, based on areas of expertise. The team also evaluates the related work of key research providers and other industry experts. The goal is to make sound estimates, and sometimes insights come from experts outside our investment team. Compensation From Third Parties. Our financial plans do not include specific securities recommendations, and therefore, we do not receive any compensation from third parties in connection with our financial planning recommendations to you. If you decide to implement the planning recommendations through our firm, we can separately recommend specific securities or investments and, depending on our capacity as broker-dealer or investment adviser, and other factors, we will directly receive compensation from third parties in connection with those recommendations. You should refer to the disclosures provided in connection with the brokerage and/or investment advisory accounts that you open with us for information about the different types of compensation that we receive in connection with recommendations of specific securities or investments. The capital market assumptions may change from time to time at Stifel IS’ discretion. The team has changed its risk and return assumptions in the past and may do so in the future. Your Financial Advisor will not provide you with an updated plan automatically based upon changes to these or other underlying assumptions, but (subject to additional fees) you may request an updated plan from your Financial Advisor. Changes in the assumptions may affect your target asset allocation. PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT Stifel does not charge performance-based fees in connection with its investment advisory services. TYPES OF CLIENTS Our firm may also add or remove asset classes from the allocation methodology at any time. Once our agreement for financial planning services has ended, we are not required to provide you with an updated analysis based upon changes to these capital market assumptions or other assumptions used in the plan, or resulting changes to your target allocation. It is important to note that implementing changes to your target allocation may result in tax consequences to you. Please consult your tax advisor if this occurs. Please refer to the Executive Summary for a description of the types of clients to whom we generally provide investment advice, including fee-based financial planning services. There is no minimum account size or minimum fee requirements for financial planning services. We employ a variety of asset allocation models and tools across our firm. As a result, our modeling in programs outside of financial planning services may vary depending upon the asset allocation model, amount invested, and software program used for analysis. METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS Limitations on Statistical Analysis: Forward-looking analyses are presented based upon various risk and return assumptions developed by the Stifel IS team. In addition, historical statistical data, based on the performance of various market indices, may be provided in the financial planning reports to show relative historic risk and return information regarding the asset allocation strategies presented. Probabilistic modeling (which presents the likelihood that the client may be able to achieve certain goals) may be presented using forward- looking or historical assumptions, is hypothetical in nature, does not reflect actual investments results, and is not a guarantee of future results. These analyses do not analyze specific securities. Rather, the asset allocation presented is analyzed. Actual market conditions may result in outcomes significantly different than those illustrated. With respect to probabilistic modeling, the results may vary over time and with each use if any of the underlying assumptions or profile data is adjusted. In addition, the analysis does not present the results that could occur from an extreme market event, either positive or negative, due to the low probability of such an occurrence. The analyses and reports included in your financial plan will describe the applicable basis, limitations, and potential risks. Please review this information carefully. Those analyses and/or reports will be developed based on information that you provide. The accuracy of the analysis is dependent upon your providing accurate and complete data. The Our Asset Allocations Our fee-based financial planning services typically include asset allocation recommendations. Our asset allocations are based on a proprietary methodology. In developing those allocations, our Investment Strategy Group (“Stifel IS”) considers asset class risk and return results that are based on estimated forward-looking return and risk (measured by standard deviation) assumptions (“capital market assumptions” or “CMAs”). These CMAs are also based on our proprietary research, with the development process including a review of a variety of factors, such as the return, risk, correlations and historical performance of various asset classes, and inflation. CMAs have multiple uses, including developing strategic asset allocations, custom portfolio analysis, and risk monitoring. The CMAs are used in developing asset allocation models for financial planning purposes, and can be also used under certain circumstances in developing investment portfolios. Stifel IS periodically reviews the economic or market conditions or other general investment considerations that it believes may impact the capital market assumptions. For key asset classes, Stifel IS uses a building block approach by estimating the key components of return. For example, our U.S. Large Cap Equity return assumption includes estimates for inflation, real earnings growth, and dividend yield. Our fixed income return assumption includes an estimate for cash yield, a term premium for investing in longer bonds, and a credit premium for investing in bonds not guaranteed by the U.S. Page 8 of 15 SF1602-3/25  results presented in any analysis or report are not guarantees of future results. the allegations, the firm consented to a censure and monetary fine of $40,000 to settle the allegations. As indicated in the AWC, Stifel updated its supervisory system and WSPs regarding the cited supervisory deficiencies prior to the entry of the AWC. 3. In March 2019, Stifel, along with 78 other investment Our personnel make a number of assumptions during the financial planning process. These assumptions may turn out to be wrong, and as a result, your returns may be less than anticipated. While we attempt to provide recommendations that are designed to assist you in meeting your stated goals and objectives, we cannot and do not guarantee that you will meet all of your goals and objectives by following our recommendations. The economic environment (including, the rate of inflation, prevailing tax rates, etc.) that you experience as you implement the recommendations may vary from the assumptions made in creating the plan. Similarly, the rate of return that your investments are able to achieve will likely also vary from the assumptions in the plan, all of which will impact your ability to reach your financial planning goals. While our financial plans do not include specific investment recommendations, in evaluating the recommendations covered by the plan, you should understand that all investments involve risks. These risks include (but are not limited to) the risk that an investment’s value will decline because of downturns in the general securities markets. You should consider each investment’s risks and expenses carefully before investing in any security. Please refer to our Advisory Consulting Services and/or our Wrap Fee Programs Disclosure Brochures for detailed discussions of our investment strategies and methods of analysis used in connection with the investment advisory services provided under those brochures. advisers who voluntarily participated in the SEC’s Share Class Selection Disclosure Initiative, consented to the entry of an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (the “Order”) by the SEC instituted pursuant to Sections 203(e) and 203(k) of the Advisers Act without admitting or denying the findings therein except those related to jurisdiction and the subject matter of the proceedings. The Order entered against Stifel alleged that Stifel willfully violated Sections 206(2) and 207 of the Advisers Act as a result of its inadequate disclosure of conflicts of interest related to (a) the selection of mutual fund share classes that charged 12b-1 fees, which are recurring fees deducted from fund’s assets, when an alternative share class was available that did not charge a 12b-1 fee, and (b) the receipt of 12b-1 fees in connection with these investments. The SEC did not impose a civil penalty against Stifel in recognition of the fact that Stifel self-reported the issue to the SEC. However, Stifel was censured and ordered to cease-and-desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act, pay disgorgement and pre-judgment interest in the amount of $6,037,175.98 to affected investors, and comply with several undertakings related to notifying affected investors of the terms of the Order. DISCIPLINARY INFORMATION 4. On January 26, 2018, Stifel entered into a Letter of 1. On September 24, 2024, in connection with the industry- wide sweep into off-channel communications, the SEC entered an administrative order against Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”). The SEC found that the Firm willfully violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder, as well as Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder, due to recordkeeping failures related to electronic communications. The Firm also failed to reasonably supervise its personnel to prevent or detect aiding and abetting violations of these sections. The SEC ordered Stifel to cease and desist from committing or causing any violations, censured the Firm, and imposed undertakings including retaining an independent compliance consultant. Additionally, a civil money penalty of $35,000,000 was imposed. 2. On September 1, 2020, Stifel entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with FINRA to settle allegations that the firm (i) traded ahead of certain customer orders at prices that would have satisfied the customer orders; (ii) did not maintain adequate supervisory controls that were reasonably designed to achieve compliance with FINRA Rule 5320 and Supplementary Material .02 of FINRA Rule 5320; and failed to report an information barrier identifier with its order audit trail system (OATS) submission for certain orders. These allegations were considered to be violations of FINRA Rules 2010, 3110, 7440(b)(19), and NASD Rule 3010. While not admitting or denying the allegations, the firm consented to a censure, monetary fine of $37,500, plus interest of $318.25, restitution payments to affected investors, and an undertaking to revise its written supervisory procedures relating to Rule 5320 and Supplementary Material .02 of FINRA to settle these allegations. 5. On January 26, 2018, Stifel entered into an AWC with Acceptance, Waiver, and Consent (“AWC”) with FINRA to settle allegations that, during the period of October 31, 2017 through February 27, 2020, the firm lacked a supervisory system, including written supervisory procedures (WSPs), reasonably designed to detect and prevent Stifel and its registered representatives from executing pre-arranged transactions in violation of Municipal Securities Rulemaking Board (MSRB) Rule G-27. While not admitting or denying FINRA to settle allegations that the firm failed to report to the Trade Reporting and Compliance Engine (“TRACE”) transactions in TRACE-eligible securitized products within the time required by FINRA Rule 6730. While not admitting or denying these allegations, the firm agreed to a censure and a fine of $17,500. Page 9 of 15 SF1602-3/25  6. On November 3, 2017, Stifel entered into a consent two branch offices during the period of September 2000 through November 2013. Without admitting or denying the findings in the Order, Stifel agreed to the entry of the Order directing Stifel to cease and desist from violating Rule 5.15 of the Mississippi Securities Act of 2010, a books and records rule, and to pay the Division $49,500 on its behalf as well as $500 on behalf of the former registered representative. 10. On December 6, 2016, a final judgment (“Judgment”) was agreement with the State of North Carolina, as part of a multi-state task force agreement, regarding the sale of securities commonly known as Auction Rate Securities (“ARS”). The state regulatory authority claimed that Stifel failed to reasonably supervise the sales of ARS by failing to provide sufficient information and training to its registered representatives and sales and marketing staff regarding ARS and the mechanics of the auction process applicable to ARS. As part of the consent agreement, Stifel agreed to pay the state $18,088.80, to cease and desist from violating securities laws and regulations, to retain at Stifel’s expense a consultant to review the firm’s supervisory and compliance policies and procedures relating to product review of nonconventional investments, and repurchase certain auction rate securities from the firm’s clients. 7. In June 2017, Stifel entered into an AWC with FINRA to entered against Stifel by the United States District Court for the Eastern District of Wisconsin (Civil Action No. 2:11-cv- 00755) resolving a civil lawsuit filed by the SEC in 2011 involving violations of several antifraud provisions of the federal securities laws in connection with the sale of synthetic collateralized debt obligations (“CDOs”) to five Wisconsin school districts in 2006. As a result of the Order, Stifel is required to cease and desist from committing or causing any violations and any future violations of Section 17(a)(2) and 17(a)(3) of the Securities Act, and Stifel and a former employee are jointly liable to pay disgorgement and prejudgment interest of $2.5 million. Stifel was also required to pay a civil penalty of $22 million. The Judgment also required Stifel to distribute $12.5 million of the ordered disgorgement and civil penalty to the school districts involved in this matter. settle allegations that Stifel did not provide timely disclosures to a municipal issuer in connection with its role as placement agent in a placement of bonds issued by the municipal issuer in accordance with interpretive guidance issued by the Municipal Securities Rulemaking Board (“MSRB”) regarding MSRB Rule G-23. In May 2012, Stifel recommended that the issuer do a placement, in lieu of a public offering, in order to save on debt service costs. The issuer accepted Stifel’s recommendation and agreed that Stifel would serve as placement agent. However, Stifel did not provide the disclosures regarding its role in a timely manner. As a result, the firm was alleged to have violated MSRB Rule G-23 by serving as both financial advisor and placement agent on the same issue. While not admitting or denying the allegations, Stifel agreed to a regulatory censure and a monetary fine of $125,000. 11. On April 8, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm used permissible customer- owned securities as collateral for bank loans procured by the firm. However, on several occasions over a period of years, prior to performing its customer reserve calculation, Stifel substituted those loans with loans secured with firm-owned collateral. The substitution thereby reduced the amount that Stifel was required to deposit into the Customer Reserve Account. FINRA found the practice to be a violation of applicable rules, including Section 15I of the Securities Exchange Act of 1934 and Rule 15c3-3(e)(2) thereunder. Throughout the relevant period, the firm had sufficient resources to fund the Customer Reserve Account even if the substitutions had not occurred. While not admitting or denying the allegations, the firm consented to a censure and fine of $750,000. 12. On March 24, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm executed transactions in a municipal security in an amount that was below the minimum denomination of the issue. The conduct described was deemed to constitute a violation of applicable rules. While not admitting or denying these allegations, the firm agreed to a censure and a fine of $25,000. 8. In March 2017, Stifel consented to the entry of a Cease and Desist Order (“Order”) by the SEC in which Stifel was found to have violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt or implement adequate policies and procedures to track and disclose the trading away practices of certain Investment Managers in several of Stifel’s discretionary wrap fee programs, including information about additional costs incurred by clients as a result of the Investment Manager’s use of another broker to execute transactions away from Stifel. Stifel neither admitted nor denied the findings contained in the Order, except those related to jurisdiction and the subject matter of the proceeding. Stifel made several undertakings enumerated in the Order related to the trading away practices of third-party managers, including a review and update of its policies and procedures, providing information to financial advisors and clients, and training financial advisors. Stifel was ordered to pay a civil penalty of $300,000 and ordered to cease and desist from violating Section 206(4) and Rule 206(4)-7 thereunder. 9. On January 4, 2017, an Administrative Consent Order (“Order”) was entered against Stifel and a former registered representative associated with Stifel by the Securities Division of the Mississippi Secretary of State (“Division”) resolving an investigation into certain activities occurring in 13. On March 3, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm, among other things, (i) traded ahead of certain customer orders, (ii) failed to mark proprietary orders with required notations, (iii) failed to yield priority, parity, and/or precedence in connection with customer trades submitted with proprietary orders, (iv) failed to disclose required information in writing to affected customers, and (v) failed to reasonably supervise and implement adequate controls in connection with these trades. Page 10 of 15 SF1602-3/25  These allegations were considered to be violations of New York Stock Exchange (“NYSE”) Rules 90, 92, 410(b), and 2010 as well as Section 11(a) of the Exchange Act. While not admitting or denying the allegations, the firm consented to a censure and fine of $275,000. correct symbol indicating whether a transaction was buy, sell, or cross and inaccurately appended a price override modifier to 50,076 last sale reports of transactions that were reported to the FINRA/NASDAQ Trade Reporting Facility and (ii) the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws and regulations as well as FINRA rules concerning trade reporting. These allegations were considered to be violations of FINRA Rule 7230A(d)(6), FINRA Rule 2010, and NASD Rule 3110. While not admitting or denying the allegations, the firm consented to censure and a fine of $40,000. 14. On January 5, 2016, Stifel, along with one of its employees, entered into an AWC with FINRA to settle allegations that Stifel and the employee (i) failed to adequately supervise the written communication of a registered institutional salesperson who circulated communications about companies that were subject to Stifel research and (ii) failed to implement a supervisory system designed to supervise the distribution, approval, and maintenance of research reports and institutional sales material. These allegations were considered violations of various NASD Rules (including, but not limited to Rule 2711(a)(9), 2210(d)(1), and 3010). While not admitting or denying the allegations, the firm consented to a censure and fine of $200,000. 18. On June 8, 2015, Stifel entered into a settlement agreement with the Chicago Board of Options Exchange, Incorporated to settle allegations that the firm failed to register individuals, by the required deadline, who were otherwise required to register as proprietary trader principals. While not admitting or denying the allegations, the firm agreed to censure and a fine of $35,000. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS 15. On October 27, 2015, Stifel was one of many firms to enter into an AWC with FINRA to settle allegations that the firm (i) disadvantaged certain customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge, but were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and (ii) failed to establish and maintain a supervisory system and procedures to ensure that eligible customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. These allegations were considered to be violations of NASD Rule 3010 and FINRA Rules 3110 and 2010. While not admitting or denying the allegations, the firm consented to a censure and to pay $2.9 million in restitution to the eligible customers. 16. On June 18, 2015, Stifel, together with 39 other financial As set forth above, our firm is dual registered as an investment adviser and a broker-dealer, and is also a licensed insurance agency with various states. We have a number of affiliates that are registered as investment advisers or broker-dealers (or both). A number of our affiliated investment advisers serve as fund manager to various registered investment companies (mutual funds). None of these affiliates provide services to our clients in connection with the fee-based financial planning services covered by this brochure. In addition to being registered representatives of Stifel, some of our management persons may be registered representatives of these affiliated broker-dealers. Similarly, some of our management persons may be management persons of our affiliates, included affiliates that are registered investment advisers. Finally, some of our management persons may be licensed to practice law in various states. These individuals do not provide legal services to advisory clients, including clients to whom we provide fee-based financial planning. You should refer to our Advisory Consulting Services and/or Wrap Fee Programs Disclosure Brochures for a more detailed discussion of our firm’s other industry activities and affiliations applicable to our other investment advisory services. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS, AND PERSONAL TRADING services firms, consented to the entry of a Cease and Desist Order by the SEC following voluntary participation in the SEC’s Municipalities Continuing Disclosure Cooperative Initiative (“MCDC”). The SEC alleged that each participating firm generally violated federal securities laws and regulations (including certain anti-fraud provisions thereof) in connection with municipal securities offerings in which the firm (i) acted as either senior or sole underwriter and in which the offering documents contained false or misleading statements by the issuer about the issuer’s prior compliance with certain federal securities laws or regulations, (ii) failed to conduct adequate due diligence about the issuer in connection with such offerings, and (iii) as a result, failed to form a reasonable basis for believing the truthfulness of the statements made by the issuers in the offerings, in each case as required by applicable securities laws and regulations. While not admitting or denying the allegations, Stifel consented to a fine of $500,000 and to retain a consultant to conduct a review of its policies and procedures relating to municipal securities underwriting due diligence. Code of Ethics In addition to Stifel Financial Corp.’s Code of Ethics Policy, which is applicable to all Stifel personnel, our Advisory personnel are also subject to our Investment Advisory Code of Ethics (“IA Code of Ethics”). A copy of the IA Code of Ethics is available upon request. Set forth in the IA Code of Ethics are standards reasonably designed to promote honest and ethical conduct, comply with federal securities laws and governmental rules and regulations, maintain privacy of Client information, protect 17. On June 10, 2015, Stifel entered into an AWC with FINRA to settle allegations that (i) the firm failed to report the Page 11 of 15 SF1602-3/25  nonpublic information, and encourage associates to report any known violations. Such standards include placing Client interests first, avoiding any material or potential conflicts of interest, and ensuring that personal securities transactions are conducted appropriately. Compliance periodically reviews the IA Code of Ethics to ensure adequacy and effectiveness in complying with applicable regulations. investment goals, creating strategies that are reasonably designed to meet those goals, and making suitable buy, hold, and sell recommendations based on risk tolerance and financial circumstances. However, Financial Advisors do not make investment decisions on behalf of clients and do not charge any fees for any incidental advice given when providing brokerage services. Absent special circumstances, Financial Advisors are not held to fiduciary standards when providing brokerage services. Legal obligations to disclose detailed information about the nature and scope of our business, personnel, commissions charged, material or potential conflicts of interest, and other matters, are limited when acting as a broker-dealer Our Responsibilities as a Broker-Dealer As a broker-dealer, our firm is held to the legal standards of the Securities Act of 1933, the Securities Exchange Act of 1934, FINRA rules, and state laws where applicable. Such standards include fair dealings with Clients, reasonable and fair execution prices in light of prevailing market conditions, reasonable commissions and other charges, and reasonable basis for believing that securities recommendations are suitable. Brokerage clients generally pay commission charges for transactions executed in their brokerage accounts. Participation or Interest in Client Transactions We do not execute transactions as part of our fee-based financial planning services. If you implement our financial planning recommendations by opening an account with us, we will execute transactions for your account pursuant to the terms of agreements that you enter into with us to open that account. Those agreements (and the disclosure documents provided with the agreements) will, among other things, address how and in what capacity we execute transactions for the accounts you open. In general, we offer a wide variety of investment products and services that provide different levels of compensation to our firm and Financial Advisors. As a result, our Financial Advisors have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services, the terms and conditions that apply when we provide those products and services, as well as the conflicts that we face in connection with our recommendations and execution of client transactions, you should refer to the agreement(s) and disclosure documents that you receive relating to the accounts that you open with us. Application of Brokerage Services to Fee-Based Financial Planning Clients We do not recommend broker-dealer firms as part of our financial planning services. If you choose to engage Stifel in its capacity as a broker-dealer to implement the recommendations in your financial plan, you will need to sign a separate agreement that will cover the type of brokerage services that our firm is to provide to that account. You should pay particular attention to the disclosures provided with such agreement, as they will also cover the type of fees and charges that could apply to those services. REFERRAL PROGRAMS We generally do not act as investment adviser when making the referrals described in this section. You should consider the referral compensation Stifel and/or your Stifel Financial Advisor may be eligible to receive when evaluating your relationship with us and the reasonability of any fees or other charges you pay us. Personal Trading Our written supervisory procedures are designed to detect and prevent the misuse of material, non-public information by employees. We prohibit transactions in our firm account(s) and accounts of associated persons in any security that is the subject of a recommendation of our Research department until the recommendation has been disseminated to Clients and a reasonable time has elapsed following the dissemination. Our directors, officers, and employees are prohibited from buying or selling securities for their personal accounts if the decision to do so is substantially derived, in whole or in part, by reason of their employment, unless the information is also available to the investing public or through reasonable inquiry. We maintain and periodically review securities holdings in the accounts of persons who may have access to advisory recommendations. Since our financial planning recommendations do not include recommendations of specific securities, we do not anticipate any conflicts between the financial planning recommendations and the personal trading by our associated persons. Referrals for Trust Services Our parent company, Stifel Financial Corp., along with the Firm (together the “Service Providers”), have entered into Referral, Operating, and Service agreements with our affiliated trust companies – Stifel Trust Company, National Association (“STC”) and Stifel Trust Company Delaware, National Association (“STCD”) (STC and STCD, individually and collectively, sometimes referred to hereafter as the “trust companies”). BROKERAGE PRACTICES RELATING TO FEE-BASED FINANCIAL PLANNING SERVICES Pursuant to these agreements, STC and STCD pay the Service Providers for providing services, referral services, and client services. The Service Providers receive, on a quarterly basis, 20% of the net fiduciary fees received by STC and STCD. Specifically, the Firm pays its Financial Advisors a portion of net fees on a monthly basis for the life of the account. Fees shall not be payable with respect to those accounts for which the Service Providers do not provide the referral services or the client services. About Our Broker-Dealer Our firm’s principal business in terms of revenue and personnel is that of a securities broker-dealer. As a broker-dealer, we execute securities transactions per client instructions. As an integral part of the services offered, when providing brokerage services, Financial Advisors may assist clients in identifying Page 12 of 15 SF1602-3/25  These payments create an incentive for Financial Advisors to refer you to STC or STCD. There may be an interim period between the time a referral is made and the time the trust companies begin to provide services. approval. You will not be entitled to choose the securities that will be sold. Depending on market circumstances, the prices obtained for the securities may be less than favorable. Any required liquidations may interrupt the account’s investment strategy and may result in adverse tax consequences or additional fees being assessed. Credit Line Loans In some circumstances, Clients are able to use Advisory account assets as collateral for variable or fixed rate credit lines (“Credit Line Loans”) offered by an Affiliated Bank. The Affiliated Banks typically pay us a fee of up to 0.25% per annum, on a quarterly basis, of the outstanding SPA (Stifel Pledged Asset) Loan balance, a portion of which is paid to your Financial Advisor. In addition, the Affiliated Banks pay Stifel up to $50, which Stifel will then make a one-time payment to the Financial Advisor’s Client Service Associate (“CSA”) for the CSA’s assistance to the borrower in completing the related application. Neither we nor Stifel financial advisors currently receive payment on other credit line loans, which is subject to change. Credit Line Loans in General. Clients repay the principal balance and interest on outstanding balances to Stifel Bank & Trust and/or other Affiliated Bank(s). For variable-rate loans, clients have the option to repay the principal at any time without prepayment fees. If interest rates rise, your borrowing cost will also rise. For fixed-rate loans, clients may be subject to prepayment fees (as described in the loan documents) if the loan is repaid before the end of the fixed- rate contract. The proceeds of these Credit Line Loans may not be used for the purpose of (a) purchasing, carrying, or trading in securities, (b) repaying or retiring any indebtedness incurred to purchase, carry, or trade in securities, or (c) repaying or retiring any debt, and/or otherwise purchase any product or service. These payments are in addition to any Advisory Account Fees charged with respect to the Advisory assets used to collateralize the Credit Line Loan. As such, these payments present a conflict of interest for us in that they create a financial incentive for your Stifel Financial Advisor to make recommendations based on the additional compensation to be received rather than solely based on your financial needs. For example, a Financial Advisor could recommend that you open a Credit Line Loan rather than withdraw money from your Advisory accounts in order to retain the Advisory Account Fee that such assets are otherwise generating and to receive the additional compensation from the banking affiliate with respect to any outstanding Credit Line Loan balance that you maintain. If Advisory account assets are used to collateralize Credit Line Loans, the accounts are pledged to support any Credit Line Loans extended and Clients are not permitted to withdraw funds or other assets unless sufficient amounts of collateral remain to continue supporting the Credit Line Loans (as determined by the applicable Affiliated Bank, in its sole discretion). Clients may still terminate their Advisory relationship with Stifel at any time, at which time these funds or assets will be maintained in a brokerage account at Stifel. Clients pay interest to the Affiliated Bank on Credit Line Loans at customary interest rates. Certain eligibility requirements must be met and loan documentation must be completed prior to applying for Credit Line Loans. Credit Line Loans extended by an Affiliated Bank are typically demand loans that are subject to collateral maintenance requirements. The Affiliated Bank may demand repayment at any time. If the required collateral value is not maintained, the Affiliated Bank may require additional collateral, or partial or entire repayment of any Credit Line Loans extended. Clients may need to deposit additional cash or securities as collateral on short notice or repay a partial or entire amount of the funds borrowed if the value of their portfolio declines below the required loan-to-value ratio. An Affiliated Bank may refuse to fund any advance request due to insufficient collateral. An Affiliated Bank may increase your collateral maintenance requirement at any time without notice, and may call your Credit Line Loan at any time and for any reason. Because each Affiliated Bank assigns different release rates to different asset types, in some cases, Clients may also be able to satisfy such requirements by selling securities with a low release rate and investing and/or holding the proceeds in assets that have a higher release rate for the loan. In each case, failure to promptly meet requests for additional collateral or repayment, or other circumstances including a rapidly declining market, may cause our banking affiliate to instruct us to liquidate some or all of the collateral supporting any Credit Line Loan in order to meet collateral maintenance requirements without needing your prior Similarly, a Financial Advisor may recommend the continued maintenance of such Credit Line Loan to retain such payments. Finally, a Financial Advisor may recommend that you invest or hold your Advisory account assets in positions that have been assigned high release rates/low release rates by the applicable Affiliated Bank for the Credit Line Loan (but which positions ultimately generate low investment returns for your Advisory account) in order to avoid maintenance calls on the Credit Line Loan which would require loan repayment and/or the liquidation of Advisory assets. Depending on your specific circumstances, including the intended use of the proceeds from the Credit Line Loan and the return on your Advisory account, over the long term, it may cost you more to take out the Credit Line Loan than if you had withdrawn the money from your Advisory account. Clients are therefore encouraged to carefully consider the total cost of taking out any Credit Line Loan, and any additional compensation that the Financial Advisor will receive, when determining to take out and/or maintain Credit Line Loans. Finally, to the extent that a maintenance call is triggered in connection with a Credit Line Loan and we are obligated to liquidate assets in your Advisory account that have been used as collateral for such Credit Line Loan, we will act solely in our capacity as a broker-dealer (and not as an investment adviser or other fiduciary), even where such collateral is held in an Advisory account. Moreover, if selling such assets, we will seek to maximize our interest (and/or those of our Affiliated Banks), and will not prioritize a Client’s interest. For more information, please refer to the applicable Affiliated Bank credit line agreement. Page 13 of 15 SF1602-3/25  Stifel Pledged Asset (“SPA”) Loan. The SPA Loan Account is a pledged securities line of credit, made available to Stifel clients through Stifel Bank & Trust. With a SPA Loan Account, you may borrow against the value of securities or other assets in your securities account(s) for purposes other than to purchase, carry, or trade in securities. The SPA Loan Account is subject to application and credit approval by Stifel Bank & Trust. Please refer to the terms and conditions outlined in the Stifel Pledged Asset Loan Account Agreement, which is provided separately to applicants by Stifel Bank & Trust. REVIEW OF ACCOUNTS Other Important Considerations Relating to the Use of Margin or Credit Line Loans in Connection With Advisory Accounts. Margin and Credit Line Loans involve risk and may not be appropriate for all borrowers. The return on your Advisory accounts must be higher than your financing cost in order for you to generate a positive return in your Advisory account. The market value of your Advisory account may decline, which may result in the value of that collateral no longer covering an outstanding loan amount. None of the Stifel, our Affiliated Banks, or our Financial Advisors provide legal or tax advice. Clients should consult legal counsel and tax advisors before using borrowed funds as collateral for loans. Neither our firm nor our affiliates act as investment adviser with respect to the liquidation of securities held in Advisory accounts to meet margin calls or Credit Line Loan demands, and as creditors, our firm and our affiliates may have interests that are adverse to Clients. There are substantial risks associated with the use of borrowed funds for investment purposes and the use of securities as collateral for loans. Additional limitations and availability may vary by state. Our Financial Planning engagement with you will terminate when we have delivered a final plan to you. In addition to your Financial Advisor, a member of our Wealth Planning Department will review the plan prior to its delivery for adherence to our standards for fee-based financial plans. Once a plan has been delivered and you have acknowledged receipt of the plan, we do not undertake, in any way, to provide any monitoring or ongoing advisory services to you in connection with the plan. For example, we will not be under any obligation to revise a plan that was previously delivered because you subsequently make us aware of changes to your life or financial circumstances that occur after the plan was delivered. Privacy Policy We will deliver our Private Notice to you as part of the disclosures that are delivered to you in connection with your fee- based financial planning agreement with us. We will not deliver amended or annual Privacy Notices to you, unless you decide to implement the financial planning recommendations with us, in which case you will receive periodic ongoing notices as an account holder and continuing client of the firm. CLIENT REFERRALS AND OTHER COMPENSATION Investment Banking Financial Advisors are able to introduce clients and others to Stifel’s Investment Banking area. Investment Banking helps corporations with raising capital, structuring mergers and acquisitions, and navigating other complex financial issues. If Investment Banking receives any investment banking business resulting from such introductions, on the first three transactions with the client, Stifel’s Private Client Group currently receives a portion of the net fees earned by Investment Banking, a percentage of which will then be paid to the Financial Advisor. It is a benefit to your Financial Advisor, and a potential conflict, to make these introductions. Where appropriate to meet the needs of a client who may not meet the minimum threshold required, Stifel’s Investment Banking department may make an introduction to an unaffiliated partner firm. In these instances, the Financial Advisor making the original introduction would be paid a portion of the fees earned on each transaction. Mortgage Lending Residential mortgage loans are loans that are used to purchase a home, refinance an existing mortgage, or to take cash out for other purposes. These loans are secured by residential real estate, and, in certain cases, brokerage account assets are used to collateralize the loan. Clients repay the principal amount borrowed to the appropriate Affiliated Bank, plus interest. These loans may have origination fees, application fees, and certain other fees and costs which are disclosed before the loan is made. Stifel Alliance Program In general, we require that all solicitation or referral arrangements comply with applicable regulatory requirements, including, but not limited to, disclosures to clients about the referral arrangement as well as any fees received (or paid) in connection with such referral, at the time of the referral or, in any case, prior to the execution of an advisory agreement (including, to the extent applicable, a fee-based financial planning agreement). We have policies and procedures designed to assure that proper disclosures are provided to clients at the time of solicitation and/or account opening, as well as that all clients sign appropriate disclosure delivery receipts. Each affected client will receive disclosures from the applicable solicitor disclosing the solicitation arrangement, as well as the fee that Stifel will pay the solicitor in respect of the solicitation. Mortgage loans are originated by Stifel Bank & Trust, Equal Housing Lender, NMLS #375103. Your Stifel Financial Advisor, however, does not offer residential mortgage products and is unable to accept any residential mortgage loan applications or to offer or negotiate terms of any such loan. Financial Advisors may refer current clients of Stifel to Stifel Bank & Trust for a mortgage loan. Where permissible by law, the Firm compensates Stifel Financial Advisors in connection with the origination of any mortgage loan. Compensation is paid after the loan is fully closed and funded. Arrangements with solicitors to refer investment advisory clients to our firm are made under our Stifel Alliance Program (“Alliance”). In such arrangements, we compensate individuals or companies for referring investment advisory clients to our firm by sharing a portion of the investment advisory fees that we receive from the referred client(s). Our policies prohibit our Financial Page 14 of 15 SF1602-3/25  INVESTMENT DISCRETION Advisors from up-charging any Client to make up for the portion paid to or otherwise expended in connection with an Alliance solicitor. We and/or our associated persons may pay for registration costs (if any) relating to the solicitor to facilitate the solicitor’s state registration (if required). As a result, such solicitors would have incentive to refer clients to Stifel over other firms. Our firm will not exercise investment discretion in connection with our fee-based financial planning services as outlined in this brochure. As set forth above, you are responsible for implementing the recommendations provided in any financial plan, and may elect to implement such recommendations at Stifel or at an unaffiliated financial services company. You should refer to the appropriate Disclosure Brochures for a detailed discussion of the terms and conditions specific to the program(s) in which you decide to enroll. VOTING CLIENT SECURITIES Compensation From Third Parties for Client Referrals We may refer fee-based financial planning clients to third parties for investment advisory services and, therefore, will receive referral fees for such activities. Our disclosure brochures for non-fee-based investment advisory services contain information about these arrangements – you should refer to those disclosures for more details. CUSTODY We do not accept proxy voting authority from clients in connection with our fee-based planning services. We accept proxy voting delegation from clients that receive other investment advisory services from our firm. You should refer to the appropriate disclosure brochure for more details about our proxy voting policies and practices applicable to any other advisory program in which you decide to enroll. FINANCIAL INFORMATION Stifel does not have any adverse financial conditions to disclose. Our firm will not maintain custody or otherwise require fee- based financial planning clients to maintain their assets at Stifel. To the extent that you implement planning recommendations through our firm, you should note that we generally maintain custody of client assets. If you open investment advisory accounts with us, you should refer to our Advisory Consulting Services and/or Wrap Fee Programs Disclosure Brochures for more detailed discussion of our firm’s custodial practices for investment advisory clients. Page 15 of 15 SF1602-3/25 

SEC Number: 801-10746 WRAP FEE PROGRAMS Disclosure Brochure March 31, 2025 This brochure provides information about the qualifications and business practices of Stifel, Nicolaus & Company, Incorporated (“Stifel”) and the wrap fee programs that we offer. We also offer other advisory programs, including (but not limited to) advisory consulting services and fee-based financial planning services, which are covered in separate brochures. If you have any questions about the contents of this brochure, please contact us at the address or telephone number provided below. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. Additional information about Stifel, Nicolaus & Company, Incorporated is available on the SEC’s website at www.adviserinfo.sec.gov. Registration with the SEC does not imply a certain level of skill or training. Stifel, Nicolaus & Company, Incorporated 501 North Broadway St. Louis, Missouri 63102 (314) 342-2000 www.stifel.com INVESTMENT AND INSURANCE PRODUCTS: NOT FDIC INSURED • NOT A BANK DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE Page 1 of 48 SF1600-3/25  MATERIAL CHANGES This section describes the material changes that have been made to Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”)’s Wrap Fee Programs Disclosure Brochure (the “Brochure”) since October 2024. This Brochure, dated March 31, 2025, has been prepared according to the SEC’s disclosure requirements. The following material changes to this Brochure have occurred since its last annual amendment: New material changes: • Other Financial Industry Activities and Affiliations. Section updated to add North Atlantic Capital Management, LLC to the Affiliated Managers subsection; added subsection titled “Affiliated Funds and Other Products.” • Voting Client Securities. Section updated to clarify that the revocation of proxy voting delegation to Stifel or changing any vote already cash does not require a client signature but must be in writing. Additionally, the section has been updated to state that Clients are responsible for voting their proxies if a Manager with trading authority is unwilling to accept proxy voting delegation. Previously disclosed material changes in October 2024 other-than-annual amendment: • Other Information About the Programs. Section updated to provide a definition and explanation of “maintenance cash.” Maintenance cash is cash kept in the Advisory account in order to cover ongoing expenses, including fees. • Fees and Compensation. “Additional Information on Fees and Other Compensation” section updated to include a new subsection on “Cash Sweep” describing how Stifel and affiliates receive additional compensation from cash sweep options. • Methods of Analysis, Investment Strategies, and Risk of Loss. The subsection “Cash Balance Risks” has been updated to highlight the risk of negative returns on cash balances due to advisory fees and to highlight the importance for clients to evaluate the appropriateness of maintaining high cash levels. • Disciplinary Information. Section updated to reflect that on September 24, 2024, in connection with the industry-wide sweep into off-channel communications, the SEC entered an administrative order against Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”). The SEC found that the Firm willfully violated Section 17(a) of the Exchange Act and Rule 17a- 4(b)(4) thereunder, as well as Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder, due to recordkeeping failures related to electronic communications. The Firm also failed to reasonably supervise its personnel to prevent or detect aiding and abetting violations of these sections. The SEC ordered Stifel to cease and desist from committing or causing any violations, censured the Firm, and imposed undertakings including retaining an independent compliance consultant. Additionally, a civil money penalty of $35,000,000 was imposed. • Cash Sweep Options. Section revised to identify Stifel Bank & Trust as the sub-custodian in establishing and maintaining your deposit accounts while clarifying the fee structures and compensation arrangements related to the Affiliated Banks and Stifel’s role as agent and custodian; a comprehensive description of the “Cash Sweep Options” program has been added, detailing its function, benefits, and associated conflicts of interest, and language has been added to emphasize the need for clients to monitor their sweep balances and compare various cash equivalent investment options. • Voting Client Securities. Section updated to explain that the use of margin may result in a reduction of the number of shares that are eligible for voting. Instead of providing an updated brochure each year, we generally provide this summary of material changes by April 30 of each year. Because it is a summary, it does not contain all of the updates that were made to the brochure. Please read the full brochure, which is available to you at no charge at https://www.stifel.com/disclosures/investment-advisory-services/program-disclosures under the section “Stifel Form ADV 2A Disclosure Brochures” or by contacting your Financial Advisor. Capitalized terms used in this section have the meanings assigned to them in the main body of this brochure. Page 2 of 48 SF1600-3/25  TABLE OF CONTENTS EXECUTIVE SUMMARY ....................................................................................................................................................................... 4 ADVISORY BUSINESS ........................................................................................................................................................................... 4 WRAP FEE PROGRAMS OFFERED BY STIFEL .............................................................................................................................. 6 STIFEL SOLUTIONS PROGRAM ........................................................................................................................................................ 6 STIFEL OPPORTUNITY PROGRAM .................................................................................................................................................. 6 STIFEL HORIZON PROGRAM ............................................................................................................................................................ 7 STIFEL CONNECT PROGRAM ............................................................................................................................................................ 7 STIFEL FUNDAMENTALS PROGRAM .............................................................................................................................................. 7 STIFEL CUSTOM ADVISORY PORTFOLIO PROGRAM ............................................................................................................... 8 STIFEL INVESTMENT MANAGEMENT CONSULTING PROGRAM .......................................................................................... 9 OTHER INFORMATION ABOUT THE PROGRAMS ....................................................................................................................... 9 FEES AND COMPENSATION ............................................................................................................................................................. 11 PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT ..................................................................................... 22 ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS ............................................................................................................ 22 PORTFOLIO MANAGER SELECTION AND EVALUATION ....................................................................................................... 22 METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS .................................................................... 24 CLIENT INFORMATION PROVIDED TO PORTFOLIO MANAGERS ...................................................................................... 31 CLIENT CONTACT WITH PORTFOLIO MANAGERS ................................................................................................................. 31 ADDITIONAL INFORMATION .......................................................................................................................................................... 31 DISCIPLINARY INFORMATION ....................................................................................................................................................... 31 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ....................................................................................... 34 CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS, AND PERSONAL TRADING ...... 35 BROKERAGE PRACTICES ................................................................................................................................................................. 37 REFERRAL PROGRAMS…………………………………………………………………………………………………………….41 CASH SWEEP OPTIONS ...................................................................................................................................................................... 43 REVIEW OF ACCOUNTS .................................................................................................................................................................... 44 CLIENT REFERRALS AND OTHER COMPENSATION ............................................................................................................... 45 CUSTODY ............................................................................................................................................................................................... 46 VOTING CLIENT SECURITIES ......................................................................................................................................................... 46 FINANCIAL INFORMATION ............................................................................................................................................................. 47 ERISA RULE 408(B)(2) DISCLOSURE INFORMATION FOR QUALIFIED RETIREMENT PLANS .................................... 47 Page 3 of 48 SF1600-3/25  EXECUTIVE SUMMARY each. While there are similarities among brokerage and Advisory services, our firm’s contractual relationship with and legal duties to you are subject to a number of important differences depending on whether we are acting in a brokerage or Advisory capacity. ADVISORY BUSINESS About Stifel, Nicolaus & Company, Incorporated Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”) is a broker-dealer that has been registered with the SEC since 1936 and an investment adviser that has been registered with the SEC since May 7, 1975. Stifel is owned by Stifel Financial Corp., a publicly held company whose common stock trades under the symbol “SF.” Stifel is a leading full-service wealth management, investment advisory, broker-dealer, and investment banking firm serving the investment and capital needs of its clients. Stifel is a member of the Financial Industry Regulatory Authority (“FINRA”), the Securities Investor Protection Corporation (“SIPC”), and various exchanges. Information about Stifel’s qualifications, business practices, portfolio management techniques, and affiliates is accessible on our website at www.stifel.com as well as via publicly available filings with the SEC at www.adviserinfo.sec.gov. Types of Advisory Services Offered By Stifel Our services include discretionary and non-discretionary1 Advisory services, which generally involve account and/or portfolio management, asset allocation and related services, and recommendation of, or assistance with the selection of, securities and/or investment managers (“Managers”). Such Managers include firms that are independent of our firm (“Independent Managers”) as well as firms owned by our parent company, Stifel Financial Corp., or one of its subsidiaries (“Affiliated Advisers” or “Affiliated Managers”). We enter into written advisory agreements (each, an “Advisory Agreement”) with clients acknowledging our Advisory relationship and disclosing our obligations when acting in an Advisory capacity to Clients. In this brochure, the pronouns “we,” “our,” “us,” and similar words will refer to Stifel. The pronouns “you,” “your,” and similar words will refer to you as the Client. References to the singular throughout this brochure include the plural and vice versa. Capitalized terms shall have the meanings assigned to them in this brochure. Services We Provide We offer both investment advisory (“Advisory”) and brokerage services to our Clients. As a dually registered broker-dealer and investment adviser, most of our registered representatives are licensed and qualified to provide both brokerage and investment advisory services. It is important that you understand the cost and benefits of each option and discuss any questions you may have with your representative. We believe that investment advisory services are suitable and appropriate for a wide variety of our clients; however, these services are not for everyone. There likely will be situations where the fees and expenses associated with investment advisory services exceed those that would apply for brokerage-only services. We encourage you to review both options very carefully before settling on one option. We provide Advisory services to a variety of Clients, including individuals, corporations and other businesses, pension or profit sharing plans, employee benefit plans, trusts, estates, charitable organizations, state and municipal government entities, private funds, educational institutions, insurance companies, and banks or thrift institutions (“Clients”). We generally provide Advisory services through our investment advisory representatives (“Financial Advisors”), who determine the services that are most appropriate for Clients based on each Client’s stated individual investment goals, financial circumstances, and other information provided by the Client. We are able to fulfill Clients’ wealth management needs by acting as broker-dealer, investment adviser, or both. Our Advisory services cover many types of debt and equity (or equity-related) securities of domestic and foreign companies, as well as national, state, and local government issuers, whether trading on an exchange or over-the- counter. In addition to stocks and fixed income securities, we recommend or invest Client assets in other types of investments, such as rights and warrants, options, certificates of deposit (“CDs”), mutual funds and other open and closed-end funds, exchange traded products (“ETPs”), including exchange traded funds (“ETFs”), unit investment trusts (“UITs”), real estate investment trusts (“REITs”), American Depositary Receipts (“ADRs”), foreign ordinary shares, publicly traded master limited partnerships (“MLPs”), private investment vehicles (including, but not limited to, hedge funds and private equity funds), and other investments deemed appropriate for our Clients. This brochure focuses primarily on our advisory services; however, we also discuss various aspects of our brokerage services throughout this brochure, particularly under the section “Brokerage Practices” below. You can also obtain additional information relating to our brokerage services by referencing your Stifel Account Agreement and Disclosure Booklet provided in connection with your custodial account at Stifel, a copy of which is also available under the “Important Disclosures” section of www.stifel.com (“Account Agreement”). You should understand that brokerage services are separate and distinct from Advisory services, and that different laws, standards of care, and separate contracts with clients govern Assets Under Management As of December 31, 2024, we had approximately $107,751,106,114 of Client assets that were managed on a discretionary basis and $63,458,503,373 in non-discretionary assets. 1 In discretionary investment services, Financial Advisors have discretion to select and allocate eligible investment products within the Client’s portfolio. In non-discretionary investment services, Financial Advisors either select for the Client or recommend and assist the Client in the selection of eligible investment products in which to invest and the Client makes the final decision on when to invest/divest what investments. Page 4 of 48 SF1600-3/25  discretion. If your account is traded by its Manager, the Manager will determine the appropriate alternative to use in the event of a restriction, consistent with its policies as disclosed in its Form ADV 2A. In each case, a higher than usual allocation to cash, cash equivalents, or other securities as a result of investment restrictions will impact the performance of the account relative to other accounts that are fully invested. We define and/or identify certain permissible category restrictions (e.g., prohibiting investments in particular industries or based on social consciousness) by reference to information provided by a third-party service provider using the provider’s proprietary methodologies. If you elect to impose investment category restrictions on an account, we will apply the restrictions based on our internal policies, by referencing the third-party service provider’s information. The service provider typically flags securities as violating specific category restrictions based on the issuer’s revenue or asset levels from the restricted activity(ies). The threshold or level at which revenue or assets are considered to have violated a particular restriction can change at any time, without notice to you. In addition, you should note that Managers with trading responsibility over your account may use their own trading systems and, as a result, may use different reference points than Stifel in defining prohibited investments, activity, or revenue levels for category restrictions. Our Responsibilities as an Investment Adviser When serving as an investment adviser to Advisory Clients, we are acting as a fiduciary with respect to the assets held in accounts covered by the Advisory Agreement. In our capacity as an investment adviser, we are held to the legal standards set forth in the Investment Advisers Act of 1940 (the “Advisers Act”), certain state laws, and common law standards applicable to fiduciaries, as well as, where applicable, obligations imposed under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or other relevant regulations for Advisory retirement accounts. Such standards include the duty of care, including the obligation to have a reasonable basis for believing that our investment recommendations are suitable and consistent with Client’s stated objectives and goals (including any restrictions placed on the account by the Client) and the duty of loyalty, including the obligation to provide Clients with full disclosure of material conflicts of interest. Our duties of care and loyalty differ depending on our Client relationship, authority, agreed services, and other factors, including whether we provide non-discretionary versus discretionary services or when we provide episodic (e.g., financial planning) versus continuous advice. Our duty of care may be defined in our Client agreement, and our duty of loyalty may be modified or limited through Client disclosure and affirmative or implied Client consent by receiving and not objecting to the disclosure. Additional information about our fiduciary obligations, including some of the policies and procedures that we undertake to fulfill those obligations, is available throughout this brochure, including under the section entitled “Participation or Interest in Client Transactions.” As set forth above, we accept investment restrictions only if we conclude that those restrictions are reasonable and can be accommodated through our current monitoring processes. We will reject any proposed investment restriction that does not meet this standard, in which case you have the option of (i) modifying your restrictions until acceptable to us or (ii) not opening or otherwise terminating your discretionary account(s) with us. We generally do not accept the responsibility for monitoring investment restrictions in non-discretionary accounts. As a non- discretionary account, you must approve recommendations for your account before the related trades can be implemented. We expect you to consider your applicable investment restrictions when considering recommendations for your non-discretionary account(s), and to approve a trade only to the extent you conclude that the recommendation does not violate your investment restrictions. Investment Restrictions If you have accounts in our discretionary programs, you may request investment restrictions on any of those accounts (or specific assets within the accounts), such as restricting investments in specific securities, types of securities, industries, or sectors. We generally require Clients to provide requests for investment restrictions in writing. If we determine that your proposed investment restrictions are reasonable and accept them, we and/or the Manager you have selected will be responsible for implementing, and managing the account consistent with, the restrictions that you have imposed. It is important for you to understand that if the restrictions are approved and imposed on your account, the performance of the account will differ (even significantly) from the performance of other accounts in the same portfolio without similar restrictions. You may request in writing that specific mutual funds or ETFs not be purchased in your discretionary Advisory account(s); however, we cannot accommodate requests to restrict the underlying securities that may be purchased or sold by mutual funds, ETFs, private funds, or other collective investment vehicles in Advisory accounts. Investment Policy Statements We do not accept any responsibility for monitoring compliance with a Client’s investment policy statement (“IPS”) unless the Client account is in one of our discretionary programs and the Client is using either a Stifel-approved template for the IPS, or our home office personnel have reviewed the Client’s IPS and determined that the requirements and limitations of the IPS are reasonable and that we are capable of monitoring them, and we have confirmed in writing that we have accepted responsibility for monitoring compliance with the IPS. Clients may submit their IPS for review and will be notified in writing if and when their IPS has been accepted by Stifel. For accounts in which Stifel has discretionary trading authority, where an investment restriction applies to prevent the purchase of a security, the funds that would have been invested in the restricted position will either be invested in cash equivalents (including short-term fixed income instruments), other substitute securities, or re-allocated among other positions at our Page 5 of 48 SF1600-3/25  STIFEL SOLUTIONS PROGRAM Please note that you are solely responsible for monitoring compliance with your own IPS, even where you have provided a copy of the IPS to your Financial Advisor(s), until you have received written notice from Stifel of its acceptance of your IPS. About Our Solutions Program Our Solutions Program (“Solutions”) offers discretionary account management by certain Stifel Financial Advisors who meet our qualifications and have been approved by Stifel to participate in the Solutions Program. In the event that you update your IPS, you are responsible for providing Stifel with the updated document for our review and approval. If we agree that we can continue to monitor your IPS with the new guidelines, we will notify you in writing of our acceptance. Stifel will not be responsible for monitoring any new guidelines until we have notified you of our acceptance. In Solutions, generally, Financial Advisors who are granted participation in Solutions have met standards of education, industry experience, investment management experience, and compliance. Applications to participate in Solutions are reviewed by Program Management, Compliance, and Branch Management/supervision. Program Management admits qualified Financial Advisors into Solutions after a thorough review. Stifel’s goal is to follow your IPS. However, market, economic, or geopolitical conditions may impact our ability to do so and, in those cases, Stifel’s policy is to do what it deems to be in the client’s best interest. WRAP FEE PROGRAMS OFFERED BY STIFEL Once a Client has established the Client’s investment objectives, goals, and risk tolerance, the Financial Advisor will assist the Client in selecting an appropriate investment strategy for the Client’s assets in the Solutions account. To implement a Client’s investment objectives and risk tolerance, a Financial Advisor may utilize fundamental, qualitative, quantitative, and/or technical research published by Stifel or another source. Financial Advisors in Solutions may also employ short-term purchases and/or limited options trading, provided such strategies are suitable and appropriate for the Client and, as applicable, approved for the account. Our Financial Advisors use different strategies to manage Client accounts, and a Financial Advisor may utilize multiple strategies and/or may customize a strategy to fit particular Clients’ situations. As such, the performance of accounts managed by any one Solutions Financial Advisor will differ (at times, materially) from similarly situated Client accounts of other Financial Advisors. Each Client is encouraged to discuss and review with the applicable Financial Advisor how the Client’s account will be managed, as well as the specific risks applicable to the Client’s Solutions account. STIFEL OPPORTUNITY PROGRAM We offer a number of different wrap fee programs (each, a “Program” and collectively, the “Programs”) as well as, where applicable, different portfolios within each Program (each, a “Portfolio” and collectively, the “Portfolios”). For these Programs, we are the sponsor and, in certain Programs, both the sponsor of the Program and portfolio manager for Portfolios within the Program. A “wrap fee” is an annual fee paid by a Client that is intended to cover applicable services to the account, including investment advice and, where applicable, may include portfolio management, trade execution, clearing, settlements, custody, administrative, and account reporting services provided by Stifel, as well as investment advice and/or portfolio management services provided by a Manager to the Portfolio. To the extent that portfolio management or similar services are provided by Managers, a portion of the wrap fee will be paid to such Managers for their services – please refer to the section “Fees and Compensation” below for additional details about our wrap fees (also called Advisory Account Fees). Additional information about the Programs covered by this brochure is provided below. About Our Opportunity Program In our Opportunity Program (“Opportunity”), we offer Clients access to various Portfolios by Independent and Affiliated Managers. Once a Client has established his/her investment objectives, goals, risk tolerance, and an overall asset allocation, the Financial Advisor will assist the Client in selecting one or more suitable Portfolios from those available in the Opportunity Program. Each Client should carefully review each proposed Portfolio to understand the types of investment the Portfolio will make as well as the risks related to each such Portfolio prior to investing in any Portfolio. Throughout this brochure and depending on the type of Program referenced, the term “portfolio manager” shall refer to, as applicable, (i) Stifel where it or your Financial Advisor, as agent for Stifel, provides discretionary portfolio management services (e.g., in connection with our Solutions Program discussed below) and/or (ii) an Independent Manager or Affiliated Manager to whom Stifel has delegated discretionary authority as a sub-adviser, such as manager-traded Portfolios in our Opportunity Program, or to whom you have otherwise granted investment discretion, such as a Manager with whom you have entered into a separate investment advisory agreement within our Connect Program. Finally, we may refer to Portfolios provided by Managers and made available through our Programs as “Manager Portfolios” throughout this brochure. We have entered into a master agreement (or sub-advisory agreement) with each applicable Manager pursuant to which the Manager makes its Portfolios available to our Clients in one of two ways: a Portfolio may be traded directly by its Manager (in such case, a “Manager-Traded Portfolio”), or we may retain trading responsibility over accounts in the Portfolio (in such case, a “Model-Based Traded (“MBT”) Portfolio”). Page 6 of 48 SF1600-3/25  reason, the term Investment Managers as used in this brochure will also refer to Connect Managers). Stifel does not have and will not exercise any discretionary authority with respect to the management of the assets in the account. Additionally, if you are considering entering into Connect Program arrangements, you should note that Stifel performs limited due diligence with respect to Connect Managers, as discussed under the section titled “Portfolio Manager Selection and Evaluation.” As a result, you will be responsible for carefully reviewing any and all information and/or material provided by the Connect Manager, and for determining the appropriateness of continuing the relationship. Manager-Traded Portfolios. The Manager for a Manager-Traded Portfolio assumes full discretionary portfolio management responsibilities over each Client account invested in the Portfolio (in that capacity, the Manager will be referred to as an “Investment Manager”), including determining the securities to be bought or sold, implementing those decisions for the invested accounts, and for all other aspects of portfolio management for the accounts. An Investment Manager may implement trades through Stifel in our capacity as a broker, or may implement trades through another broker-dealer if the Investment Manager determines, in its sole discretion, that such other broker-dealer is providing best execution in light of all applicable circumstances. Please refer to the section “Fees and Compensation – Fees and Expenses Associated With Trades Executed By Investment Managers Away From Stifel” for more information about Investment Managers’ trade-away practices. Finally, you should note that any fees charged by a Connect Manager and any other third-party fees or expenses incurred by your account as a result of implementing the Connect Manager Portfolio are separate from the fees charged by Stifel, and are not considered part of the Stifel Fee or Product Fee (as defined in the section “Fees and Compensation” below). STIFEL FUNDAMENTALS PROGRAM MBT Portfolios. Alternatively, if you select an MBT Portfolio, the Manager will provide us with its model Portfolio and ongoing updates, and we will be responsible for implementing those transactions (in such capacity, the Manager will be referred to as a “Model Adviser”)*. Therefore, with respect to MBT Portfolios in Opportunity, we will retain discretionary trading authority over Client accounts. *In limited circumstances, the Manager may utilize the services of affiliated or unaffiliated third parties in providing its services. STIFEL HORIZON PROGRAM About Our Fundamentals Program Under our Fundamentals Program (“Fundamentals”), Financial Advisors assist Clients in selecting from a set of proprietary Portfolios, referred to below as “Stifel Choice.” Available Portfolios utilize mutual funds, ETFs, or individual equity securities; more Portfolios that utilize other types of investments may be added to the Program in the future. About Our Horizon Program Under the Horizon Program (“Horizon”), a Financial Advisor provides Clients non-discretionary Advisory services, such as recommending and advising on the appropriateness of specific investments for Clients in accordance with their stated investment objectives and risk tolerance. In the Horizon Program, Financial Advisors may recommend any of the investments listed above under the section “Advisory Business,” provided such strategies are suitable and appropriate for the particular Client. Once a Client has established his/her investment objectives, goals, risk tolerance, and an overall asset allocation, the Financial Advisor will assist the Client in selecting one or more suitable Portfolios from those available in the Fundamentals Program. Each Client should carefully review each proposed Portfolio to understand the types of investments the Portfolio will make, as well as the risks related to each such Portfolio prior to investing in any Portfolio. Clients grant Stifel discretionary authority to invest account assets in accordance with the chosen Portfolio, and to rebalance account assets periodically in order to implement any updates made to a Portfolio. If you enroll your account in the Horizon Program, you will be ultimately responsible for determining whether to implement your Financial Advisor’s recommendations for the account. STIFEL CONNECT PROGRAM Fundamentals Portfolio Management Process For investments in mutual funds and ETFs, the Stifel Chief Investment Officer (“CIO”) Office guides the asset allocation of each Portfolio within and across the asset classes, which may be influenced by the firm’s long-term strategic asset allocation and shorter-term dynamic asset allocation guidance. About Our Connect Program In our Connect Program (“Connect”), a Financial Advisor assists Clients in the selection of a Manager to manage the Client’s Connect account on a discretionary basis, in accordance with the terms of a separate investment advisory agreement between the Client and the Manager (in this case, each a “Connect Manager”). In each case, the Financial Advisor will assist the Client in establishing and maintaining a relationship with the Connect Manager. The Stifel CIO Office also selects the specific traditional mutual funds and ETFs to be included in the Portfolios and the associated allocations to generally align with the desired asset allocation of the Portfolio. For mutual funds or ETFs considered to be Liquid Alternatives (as defined below), Stifel’s Alternative Investments Due Diligence Group (“AIDDG”) selects the funds to be included in the Portfolios and determines the allocation to each of these funds within the category’s allocation. In the Connect Program, you will have a separate and direct relationship with the Connect Manager, and the Connect Manager will have trading authority over your account (for this Page 7 of 48 SF1600-3/25  should carefully review the risks associated with each model being considered for investment. New mutual fund and ETF portfolio holdings may be, but are not required to be, selected from the firm’s Recommended Lists. The Stifel CIO Office and AIDDG each periodically reviews its positions in the Portfolios and may (but need not) adjust the Portfolios when a position is dropped from the applicable Recommended List, or when each determines that a different investment represents a better investment opportunity for the particular Portfolio. Additional information about the processes employed in developing each Recommended List is provided below under “Portfolio Manager Selection and Evaluation – Recommended Lists.” For investments in individual securities, the Stifel CIO Office selects the securities to be included in the Portfolios and manages the allocations across various holdings. The team may utilize equity research from Stifel’s Research Department as part of its analysis of individual securities. Stifel Choice Component Portfolios Mutual Funds and ETFs Series – Each Portfolio in this series aligns with the Stifel CIO Office’s dynamic leanings for a specific asset class or category. The offerings include, but may not be limited to, U.S. equity, non-U.S. equity, taxable fixed income, municipal fixed income, and Liquid Alternatives. These Portfolios are designed to provide Clients and their Financial Advisors flexibility in implementing custom asset allocations, allowing them to build a comprehensive portfolio by combining multiple offerings, or to satisfy an allocation to a particular asset class with an individual offering in these Portfolios to complement the Client’s other investments. Clients should carefully review the risks associated with an investment in each offering. Stifel Choice Asset Allocation Portfolios Dynamic U.S.-Focused Mutual Fund, ETF, and Core American Portfolios The Dynamic U.S.-Focused Mutual Fund, ETF, and Core American Portfolios invest in mutual funds and/or ETFs and generally align with the Stifel CIO Office’s Dynamic U.S.- Focused asset allocation models. The allocation for each Portfolio is designed to fit a specified risk tolerance level and objective, defined primarily by the equity allocation for that risk exposure; Clients and their Financial Advisors can select the option that best suits the Client’s desired risk exposure and objective. While these portfolios are primarily U.S. focused, a portion of the asset allocation models may include exposure to international investments. Stifel Choice Equity Portfolios Equities Series – The Stifel Choice Equities series is comprised of several Portfolios invested in individual stocks, with each Portfolio aligned with a specific segment or style of the equity market. To gain certain market or industry exposure, we may from time to time also invest in ETFs. The offerings may include, but are not limited to: large cap high dividend stocks; large cap growth stocks sometimes related to a specific investment theme; large cap stocks with the goal of providing capital appreciation over the long term in consideration of downside risk; income & growth with holdings selected from the large cap high dividend and large cap growth models; small cap stocks; value stocks; and non-U.S. equity stocks. Non-U.S. equity holdings may include ADRs. These Portfolios provide Clients and their Financial Advisors the additional flexibility of investing in one or more offerings, as necessary, to satisfy the Client’s overall asset allocation and needs. Dynamic Global and Tactical ETF Portfolios The Dynamic Global and Tactical Portfolios invest in mutual funds and/or ETFs and align with the Stifel CIO Office Dynamic Global asset allocation models. The global models and Portfolios have a larger allocation to non-U.S. equities than the Dynamic U.S.-Focused Portfolios discussed above. Non-U.S. equities in the Portfolios include developed market equities, and usually include emerging markets equities. As such, these Portfolios will have greater exposure to foreign securities risks detailed in the Methods of Analysis, Investment Strategies, and Risk of Loss section of this brochure. NOTE: The Tactical ETF Portfolios are not currently open for new investments. In general, the Stifel CIO Office publishes its changes to the Stifel Choice Component Portfolios and Stifel Choice Equity Portfolios, including to Stifel Financial Advisors, after the changes have been implemented for Client accounts in the Fundamentals Program. Some Financial Advisors may elect to follow and consider the Stifel CIO Office views for the Stifel Choice Portfolios, but implement these mandates through accounts enrolled in the Solutions or Horizon Programs, or through brokerage accounts, rather than by enrolling the accounts into the Fundamentals Program. The performance of Clients’ accounts whose Financial Advisors elect to implement these views on their own will vary, at times significantly, from accounts in the Fundamentals Program. STIFEL CUSTOM ADVISORY PORTFOLIO PROGRAM About Our Custom Advisory Portfolio Program The Custom Advisory Portfolio (“CAP”) Program offers clients investment management services utilizing various investment products within a single account. As described below, Clients determine their selection of either the Client-Directed option or the Financial Advisor-Directed option. Option of Traditional or Alternative Models. The Dynamic Portfolios are generally available as traditional models (that is, invested solely in traditional mutual funds and/or ETFs), and some are available as alternative models that include allocations to non-traditional or alternative mutual funds or ETFs (also referred to as “Liquid Alternatives”). A Liquid Alternative fund may be defined by how its manager invests (that is, use of alternative strategies), as well as what the fund invests in (such as, for example, investing in real estate or commodities). In general, Liquid Alternatives may employ a wide variety of investment techniques, including (but not limited to) shorting of equities and credit and the use of derivatives or leverage. Clients Page 8 of 48 SF1600-3/25  Based on a Client’s stated risk tolerance, investment objectives, and overall asset allocation, Financial Advisors either select for the Client, or recommend and assist the Client in selecting, eligible investment products in which to invest in order to implement all or a part of the Client’s asset allocation in the Custom Advisory Portfolio. Eligible investment products for the Program include mutual funds, ETFs, and/or various Portfolios, including Portfolios that are also available in our Opportunity and/or Fundamentals Programs. investment planning and portfolio management for one or more accounts, all covered under a single Advisory Agreement. The IMC Program is available for Clients looking for bundled investment advisory, consulting, discretionary investment management, trade execution and clearing, and custodial services. The services provided generally include a review of the Client’s investment objectives and goals, the development of an appropriate personalized investment strategy, and ongoing monitoring of investments. In addition, a Client may also grant Stifel discretionary authority to act as overlay manager, to determine the specific Portfolios to be made available for the CAP Program, to implement the selection of eligible investment products at such time, price, and in such allocation as Stifel deems appropriate, and to rebalance Client accounts, from time to time, to within a reasonable range (set by Stifel) of the target allocation for each investment product comprising Client’s Custom Advisory Portfolio. Stifel also may determine to remove an Investment Product from the CAP Program, and we may make changes to a Client’s account, including but not limited to, transferring from such Investment Product to one or more replacement investment products. The same products are available in both options (Client-Directed and Financial Advisor-Directed). Depending on the Client’s objectives and goals, Financial Advisors may assist Clients in selecting an appropriate Portfolio made available in the Program by Independent and/or Affiliated Managers. Portfolios in this Program are generally traded by the Investment Manager of the selected portfolio. An Investment Manager may implement trades through Stifel in our capacity as a broker, or may implement trades through another broker-dealer if the Investment Manager determines, in its sole discretion, that such other broker-dealer is providing best execution in light of all applicable circumstances. Please refer to the section “Fees and Compensation – Fees and Expenses Associated With Trades Executed By Investment Managers Away From Stifel” for more information about Investment Managers’ trade-away practices. Alternatively, Financial Advisors may recommend that Clients implement all or a portion of their asset allocation through direct investments in mutual funds and/or ETFs. Finally, Financial Advisors may recommend that certain eligible Clients invest a portion of their assets in private investment funds (such as hedge funds). In each case, Clients must approve each investment recommendation prior to implementation by their Financial Advisor. At a Client’s request, Financial Advisors may also provide investment management consulting services on assets held with a custodian other than Stifel. Client-Directed Custom Advisory Portfolio Option In the Client-Directed CAP option, Clients must approve investment product recommendations prior to implementation. Each Client-approved Investment Product will be segmented to a specific portion of the Client’s Custom Advisory Portfolio (each, a “Sleeve”). Client must select any investment products to be purchased from the list of eligible products approved for our Advisory platform. OTHER INFORMATION ABOUT THE PROGRAMS Financial Advisor-Directed Custom Advisory Portfolio Option The Financial Advisor-Directed CAP option offers discretionary account management by Stifel Financial Advisors who have gone through an approval process to participate in this option. As discussed above, we enter into written Advisory Agreements with Clients acknowledging our Advisory relationship, disclosing our obligations when acting in an Advisory capacity, and describing the roles and responsibilities of each party. Clients’ Financial Advisors have discretion to select and allocate eligible investment products within the Client’s Custom Advisory Portfolio. A Client in this Program authorizes Stifel as Client’s limited agent and attorney-in-fact, and the Client’s approved Financial Advisor will be authorized on behalf of Stifel to select investment products for their Stifel CAP account, consistent with the strategy discussed as part of a Client’s account opening process. STIFEL INVESTMENT MANAGEMENT CONSULTING PROGRAM About Our Investment Management Consulting Program This Program is only available on a limited basis. The Investment Management Consulting (“IMC”) Program offers a comprehensive and structured approach to guide Clients through Where we have assumed trading discretion over a Manager’s Portfolio (i.e., for MBT Portfolios), there may be times when we are unable to implement a Manager’s recommendations for its model Portfolio due to various restrictions to which we are subject as a firm. For example, our policy is generally not to use discretion (investment or trading) in the purchase of our parent company stock, Stifel Financial Corp. (SF). If a Manager were to relay model Portfolio recommendations that require the purchase of such securities, we would not implement such recommendation but would, instead, request a substitute from the Manager. If the Manager is unable or unwilling to provide a substitute, we will determine a substitute for the recommended position – we typically substitute cash for the position but may, on occasion, re-allocate among existing positions or use other alternatives that we deem reasonable. Clients should refer to the Cash Sweep section for information relating to how cash positions are typically held in accounts at our firm. For these Page 9 of 48 SF1600-3/25  instructions prior to determining whether to accept an account into their Portfolios. reasons, Clients should be aware that MBT Portfolios, as implemented at Stifel, may differ from a Manager’s marketed Portfolios. In general, please note that the turnaround time for processing new Advisory accounts or conversions between Programs or Portfolios may take several business days to complete, even under normal market conditions. Neither Stifel nor any Manager is responsible for changes in market prices that occur between the time you execute Advisory account documentation (or otherwise authorize enrollment into a Program or Portfolio) and the eventual investment of the account in the selected strategy. Prior to enrolling into any Portfolio, you should talk to your Financial Advisor about the expected processing period for that Portfolio. Your Advisory account is expected to hold some level of otherwise uninvested cash at all times to facilitate its ongoing operations (“maintenance cash”). Levels of maintenance cash will fluctuate over time and may vary by investment strategy, objective, or implementation vehicle(s). Maintenance cash is intended to meet the account’s short-term liquidity needs (including trade settlement, account and administrative fees, and rebalancings) and avoid having to liquidate investments at inopportune times. Clients should refer to the sections “Cash Balance Risks” and “Cash Sweep Options” below for information on cash balances in Advisory accounts. Processing Guidelines for Advisory Accounts Processing Guidelines for Ongoing Account Maintenance Requests Availability of Funds/Securities Added to Discretionary Accounts for Trading – When you add funds or securities to your discretionary accounts, those funds and/or securities are generally available for trading by the Manager and/or our internal trading personnel no earlier than the next business day. New Accounts Processing As set forth in our Advisory Agreements, our Advisory relationship with you begins after we have accepted a fully executed Advisory Agreement (referred to as the “effective date” in the Advisory Agreements). In general, this occurs after (i) your Financial Advisor has submitted all required account opening documentation through the appropriate channels (typically through our account opening system); (ii) all required internal approvals have been documented and submitted; (iii) our processing personnel have confirmed that the account documentation is in good form (for example, Client signatures are generally required to be dated within 90 days of submission); (iv) your account is funded with no less than the minimum amount required for the particular Program or Portfolio in which you are seeking to invest; and (v) the account has been coded as an Advisory account in our recordkeeping systems. Processing Partial Liquidation/Withdrawal Requests in Firm Discretion and Manager Portfolios – to the extent possible, we process liquidation requests promptly after our trading and/or processing staff receive those instructions from your Financial Advisor. If a Manager has trading discretion over your account, we will then relay those instructions to the Manager for implementation. You should note that, in periods of unusually high volumes (which may occur, for example, during highly volatile market conditions), we can take more than one business day to implement these requests. Additionally, if you are invested in a Manager-Traded Portfolio, you should also note that even after we relay a request to a Manager, the Manager may take some time (such as multiple days) to implement the request. You should refer to each Manager’s Form ADV 2A for applicable disclosures. In each case, please note that frequent withdrawals from your account will affect your account’s performance. We reserve the right to terminate any account that falls below the minimum account value for the applicable Program due to partial liquidations/withdrawal requests. You should refer to the section “Terminations; Refund of Fees Upon Terminations” below for a discussion of the processing guidelines relating to account terminations from our Advisory Programs. Processing times may vary due to a number of factors, including (but not limited to) the volume of new Advisory accounts being processed, whether additional verification activities are needed, etc. If an account enrolling into a discretionary program has been funded (in whole or in part) with securities, additional processing time will be required to liquidate the legacy positions in order to generate the funds needed to purchase Portfolio securities. We consider your decision to enroll the account as direction to us, in our capacity as a broker-dealer, to sell current positions in the account at market prices. Although effected as brokerage transactions, we do not charge commissions for such liquidating transactions. Where necessary, we may liquidate those positions by purchasing the securities into our inventory. We strive to liquidate legacy positions used to fund Advisory accounts as promptly as possible; however, we may not be able to complete all necessary liquidations on the same day as the submission; moreover, the execution prices achieved when we liquidate all positions at once may not be as favorable as could have been achieved if the positions were liquidated over time. Finally, even after our firm has completed reviewing an account’s eligibility for a Program, additional delays may still occur if the account is to be traded by a Manager. Some Managers take multiple days to review Client profiles, proposed investment restrictions (if any), and/or any other special Other Maintenance Requests – You may also experience delays in connection with other ongoing account maintenance requests. For example, in our Client-Directed CAP option, we process re- allocation requests on the next business day after we receive notice of the request from your Financial Advisor. This means that the trades to implement a re-allocation among existing positions and/or Portfolios in your CAP account will lag at least one business day behind your communication of those same instructions to your Financial Advisor. During times of unusually high volumes of requests from Clients, it can take multiple business days to process and implement ongoing maintenance requests. Page 10 of 48 SF1600-3/25  In each case, we recommend that you communicate your maintenance requests to your Financial Advisor as early as possible. You should note that, for certain securities (such as mutual funds), we are not able to process trade instructions received after 3:00 p.m. Eastern Standard Time. Product Fees Depending on the Program and/or Portfolio selected, you will also be responsible for the applicable Product Fees used to compensate for any portfolio or model management services provided by a Manager and/or internal Stifel units to the Portfolio. Product Fees vary by Program and/or Portfolio (including based on whether it is Manager-Traded or MBT), are generally not negotiable, and generally range as follows: • Manager-Traded Portfolios: Between 0.10% to 0.85%, Neither Stifel nor any Manager is responsible for changes in market prices that occur between the time you communicate an account maintenance request for any discretionary account to your Financial Advisor and the eventual implementation of that request by Stifel and/or a Manager. depending on the applicable Portfolio and between 0.10% to 0.75% for programs open to new investors. FEES AND COMPENSATION • MBT Portfolios (including those in the Custom Advisory Portfolio Program): Between 0.10% to 0.50%, depending on the applicable Portfolio. Some Portfolios do not have a Product Fee, such as where the Manager invests Portfolio assets in its affiliated mutual funds. If you invest in those Portfolios, you will (as always) be responsible for all fees and expenses of the funds in your account. • IMC Program: Between 0.23% to 0.75%, depending on the For the services provided under the applicable Advisory Agreement, Clients pay an annual asset-based “wrap” fee at the rates set forth below (the “Advisory Account Fee,” the “fee,” or the “Advisory fee”). The Advisory Account Fee consists of: (i) a fee for the services provided by Stifel (referred to as the “Stifel Fee” or “Stifel Advisory Fee”) and, if applicable, (ii) a fee for the portfolio management services with respect to each Portfolio in which a Client’s Advisory account is invested (the “Product Fee(s)”). For Portfolios with no Product Fee, the Stifel Fee constitutes the entire Advisory Account Fee. Portfolio. Certain Managers may charge a premium in addition to the Product Fee set forth above. In such cases, you will be responsible for any premium charged, the amount of which will be disclosed to you prior to enrollment with the particular Manager. • Connect Program: Stifel does NOT charge a Product Fee with The Stifel Fee For the Programs described in this brochure, absent special circumstances, each Client pays an asset-based wrap Stifel Fee of up to 2.00%, which covers our account reporting and investment advisory services, trade execution for trades through or with Stifel, compensation to the Financial Advisor, and, as applicable, portfolio management and clearing services. respect to the Connect Program. However, the Connect Adviser charges a separate fee for its services, in each case as specifically set forth in your separate agreement with such Connect Adviser. You should consider the total cost of accessing the Connect Adviser Portfolio when considering enrolling into a Connect Program arrangement and/or continuing with such arrangement. Product Fees set forth above are deducted on a quarterly basis. For certain Programs (e.g., the Custom Advisory Portfolio Program), the actual Product Fee charged will vary as the percentage charged is a weighted average based on each sleeve’s allocation relative to the total portfolio. You can generally negotiate the Stifel Fee with your Financial Advisor, subject in certain cases to final approval from Stifel (e.g., if the proposed fee is below certain ranges). Factors that Financial Advisors may consider in setting the Stifel Fee include (but are not limited to) the nature and size of the overall Client relationship; your particular advice requirements and product preferences; and/or the level, type, and frequency of advisory and other services expected to be provided to you under the relationship. Product fees paid to our Affiliated Managers result in additional compensation to our parent Stifel Financial Corp. Neither Stifel nor our Financial Advisors share in that additional compensation, but this additional revenue creates a conflict of interest. Please see the ADDITIONAL INFORMATION ON FEES AND OTHER COMPENSATION section below for more information on conflicts of interest. Finally, as covered in more detail below, you will be separately responsible for any embedded fees and expenses associated with investments in mutual funds, closed-end funds, UITs, ETFs, hedge funds, and other collective investment vehicles. These embedded fees and expenses are not part of the Advisory Account Fees. As set forth above, you should generally consider the level of services that you are expecting to receive under the relationship when negotiating your fee(s) with your Financial Advisor. You should note, however, that once you agree to a fee for an account, we will not reduce our fees if you decide not to take advantage of any of the services that would otherwise be covered by the wrap fee. For example, if you open an account in our non-discretionary wrap fee program, your fee would not be reduced if you decide not to implement your Financial Advisor’s recommendations and, as a result, experience a low level of trades in your account. Similarly, we will not reduce our fee if you decide to move your assets to another custodian and, as a result, do not receive the custodial services that would otherwise have been covered by your wrap fee. How We Charge for Advisory Services Covered in This Brochure Your Advisory Account Fee will be set forth on the applicable fee schedule(s) of the Advisory Agreement between you and Page 11 of 48 SF1600-3/25  account statement for that same period. There may be times when the amount used to calculate the fee (i.e., the billable value) does not match the net portfolio value reflected on your custodial account statement (i.e., the statement value) that you receive from Stifel. For example: • Your Advisory account’s billable value will be less than its Stifel for each account. As set forth above, the Stifel Fee is negotiable and you could pay more or less than seemingly similarly situated Clients, depending on your particular circumstances (such as the pricing model, the size and scope of your entire relationship with Stifel, additional or differing levels of service, and/or the asset class to which each Portfolio is attributable, as applicable). If you negotiate fees with different tiers, including flat fees, you could end up paying a higher fee than as set forth in this brochure as a result of fluctuations in your assets under management and/or account performance. net portfolio value if we have allowed you to hold assets that would otherwise not be permitted in the account (“unsupervised assets”) or have otherwise agreed to exclude certain assets held in the account when determining the Advisory Account Fee. There are certain other fee schedules that are no longer offered to new Clients or are only offered to a limited number of Clients, depending on their individual circumstances. There are also other fee schedules that apply to certain Portfolios in the Programs referenced above. • Your Advisory account’s billable value will generally be more than its net portfolio value if you are using margin (and have outstanding margin loans reflected in the account), or have short positions (including short options) in the account. The custodial account statements display a net portfolio value that is less any margin loans or short positions. In contrast, we generally do not deduct the value of any assets attributable to these strategies when calculating the Advisory Account Fee. Your Advisory Agreement will indicate whether you must approve, in writing, any increase in the Advisory Account Fee or if we can increase the Advisory Account Fee with prior written notice to you. We may, however, determine to lower any portion of the Advisory Account Fee at any time, without notice to you. Intra-Period Fee Adjustments. Once the quarterly Advisory Account Fee has been assessed and deducted from your account, we will assess and deduct intra-quarterly fee adjustments in the following circumstances: CAP Program: If you have an account enrolled in our CAP Program and the assets in that account are held at Stifel: • Portfolio Changes – You will be assessed the applicable Product Fee if you invest in a new Portfolio within a calendar quarter and/or will be due a rebate if you transition out of any Portfolio with a Product Fee within a calendar quarter. • Rebalances – If, due to market fluctuation, a rebalance of your Account results in assets moving from one Portfolio to another Portfolio within the account, we will recalculate the Product Fees due based on the value of the assets moved to or from each Portfolio as of the rebalance date. In general, you will be charged if the Product Fee rate for the Portfolio to which new Assets are added is higher than the Product Fee rate for the Portfolio from which those Assets were moved, and will receive a rebate if the inverse is true. Calculation of Advisory Account Fees The Advisory Account Fee is generally due quarterly in advance; however, from time to time, we may agree to alternative billing terms based on negotiations with the applicable Client (e.g., in arrears, or on a monthly cycle, etc.). The initial fee for each account is charged in full as of the effective date of the Advisory relationship relating to that account (see the discussion under Processing Guidelines for Advisory Accounts above) and is usually based on the account’s opening market value. In calculating quarterly installments of the annual Advisory Account Fee, we assume a 360-day annual period. For the initial fee, the period for which the fee relates is the effective date through the last day of the calendar quarter in which the account is opened, and is prorated accordingly based on the actual number of days remaining in the quarter. Thereafter, the fee is based on the account’s closing market value on the last business day of the previous calendar quarter, as reflected on your custodial account statement (except as set forth below). The fee is generally due on the business day following the assessment day. • Additions/Withdrawals – If you add to or withdraw funds from your Account held at Stifel, a prorated fee adjustment will be charged or rebated, based on the number of days left in the calendar quarter. For the Product Fee portion, the additional fee and/or rebate will be assessed in all cases. In contrast, for the Stifel Fee portion, we will only assess an additional fee and/or issue a rebate if the fee amount is at least $1. For each event, the amount charged or rebated will be prorated based on the actual number of days remaining in the quarter. In valuing assets in all Client accounts held at our firm, we rely on publicly recorded information, use various vendor systems that we have reviewed and reasonably believe to be reliable, and/or rely on valuations provided by the entities holding assets and/or accounts that are part of a Client’s Advisory relationship with us (such as, for example, administrators or other service providers to hedge funds or other private funds in which our clients are investors or other brokerage firms, banks, or other entities serving as qualified custodians of our client assets). For assets held at Stifel, if prices are unavailable, we determine prices in good faith to reflect an understanding of the assets’ fair market value. Billable Value vs. Net Portfolio Value: As set forth above, your Advisory Account’s Fee is calculated based on the account’s closing market value, generally as reflected on your custodial All Other Programs: For accounts invested in all other Programs and assets held at Stifel, we will charge a prorated fee on additional contributions made during a quarter and/or issue a rebate for withdrawals from your Account, to the extent such additions or withdrawals are valued at more than Page 12 of 48 SF1600-3/25  $25,000 and would generate a prorated quarterly fee or rebate of more than $25. In each case, the fee addition and/or rebate will be calculated based on the actual number of calendar days remaining in the quarter. You should refer to the section “Termination; Refund of Fees Upon Termination” for applicable rebates in the event of a termination. sufficient funds to cover the fee in the following order: first, we liquidate mutual fund positions, followed by equities securities (including ETFs), unit investment trusts, corporate bonds, municipal bonds, and any other securities. You should note that incidental, special, or indirect damages (including, but not limited to, lost profits, trading losses, or tax consequences) may be incurred in the account as a result of such rebalance or liquidation to pay for fees. You (not Stifel) are responsible for any such damages or losses. In addition, subject to agreement between us, other permissible fee payment options may include: • Letter of Authorization (“LOA”): Pursuant to an LOA, the For All Programs: We may, in our sole discretion, make changes to these thresholds at any time, without notice to you. In certain limited circumstances (such as with respect to accounts subject to a flat-fee arrangements, or accounts held with other custodians, etc.), we will neither charge a prorated fee on intra-quarter contributions nor provide a rebate on intra-quarter withdrawals from the Account. Advisory Account Fee may be deducted from a separate Stifel account on the due date each quarter. If the designated account has insufficient funds, we reserve the right to automatically debit the Advisory account to collect the amount due. • Client Invoice: In certain limited cases (such as where a Client’s account is held at another custodian), we may agree to provide you with an invoice setting out the fees due each billing period in return for your agreement to remit the fee payment promptly. If we do not receive the fee payment from you within a reasonable time, we reserve the right to automatically debit your Advisory account to collect the amount due. If the fee payment is debited from a qualified plan and funds are received thereafter, applicable law requires the receivable to be classified a contribution to your retirement account. Fee Charges on Customer Account Statement. Scheduled quarterly charges of the Stifel Fee and Product Fee are typically reflected as a single line “Advisory Fee” on the monthly account statement that you receive from us for the applicable period. If your account experiences activity that results in intra-period fee adjustments as set forth above, those charges will show as separate fee line items on the statement for each net fee adjustment. As a result, there may be times when you will see multiple fee charges on a single monthly account statement. Where a Product Fee is charged (or rebated) separate from a Stifel Fee, the Product Fee may be reflected on your statement as a Manager Fee. If you’ve elected to utilize a third-party manager through the Connect Program, there will be separate “Advisory Fee” lines, one described as “Advisory Fee” and a second as “Manager Fee.” Terminations; Refund of Fees Upon Termination Termination Events • You can terminate your Advisory Agreement with respect to any account at any time with notice to your Financial Advisor. • We similarly reserve the right to terminate our Agreement with you at any time, for any reason, in our sole discretion. • Depending on the Portfolio in which your account is invested and in our sole discretion, we will also consider instructions to liquidate all or a significant portion of an account enrolled in a discretionary Program as direction to terminate the account from the Advisory Program. • Finally, we will treat the receipt of any account transfer instructions from you as termination of your Advisory relationship with us with respect to that account (once we have received notice and have had reasonable time to act on the notice). In connection with each termination event, we will implement any accompanying liquidation instructions consistent with the guidelines set forth below. Fee Householding You may request to household eligible Advisory accounts held at our firm (that is, combine multiple eligible Advisory accounts for purposes of calculating the Stifel Fee in order to qualify for available lower fee tiers in each Program). Fee householding can result in lower overall fees if the aggregate household value is high enough to qualify for lower fee tiers in the applicable Programs. You can fee household eligible Advisory accounts across multiple Programs. You should note, however, that it is your responsibility, not Stifel’s, to determine whether you have multiple eligible Advisory accounts that could be placed in a billing household and potentially result in lower overall fees to you. You should also note that special tax rules apply to the inclusion of IRAs and Keogh plans in a household (you should consult your tax advisor for more information), and that Stifel will not accept requests to combine retirement accounts subject to ERISA with non-retirement accounts into a single fee household. You should contact your Financial Advisor(s) for more detailed information about fee householding Advisory Accounts, including whether your accounts are eligible to be grouped into a fee household for this purpose. Deduction of Advisory Account Fees Unless we agree otherwise, the Advisory Account Fee is automatically deducted each quarter from available cash or cash equivalents, including money market funds, in your Advisory account on the billing date. Per the direction in our Advisory Agreements with you, where necessary, we rebalance or liquidate sufficient securities in your account to generate Effect of Termination • In the event of a termination, you generally will receive a pro rata refund of any pre-paid quarterly fee based on the number of days remaining in the quarter of termination. However, we reserve the right to retain pre-paid quarterly fees if you terminate the Advisory Agreement at any time within the first quarter of the first year of service. This is intended to discourage clients from opening an Advisory account, executing multiple trades at no transaction costs, then seeking to close the Advisory account before the end of the calendar quarter. Page 13 of 48 SF1600-3/25  • If you provide liquidation instructions with your termination request (including where your request for a significant or complete liquidation of a discretionary account results in termination), we will liquidate those positions at no additional cost to you as part of terminating your account from the Advisory relationship. However, any liquidations processed after your account has been fully terminated from an Advisory Program and converted into a regular brokerage arrangement will be subject to customary transaction fees. those unsupervised assets are not considered part of our Advisory relationship with you. We periodically allow Clients to hold unsupervised assets in Advisory accounts solely as an accommodation to the Client. Our firm specifically disclaims any fiduciary obligations with respect to unsupervised assets held in a Client’s Advisory account. This means that we do not undertake to monitor any such assets even though they are held in the Advisory account. You can request a list of the unsupervised assets (if any) held in your accounts at any time, without charge, from your Financial Advisor. • In connection with account transfer instructions, if we are unable to transfer any of the securities in your account to the new custodian, we typically will liquidate those securities in order to facilitate the transfer of your account. Any liquidations to facilitate the transfer of your account to another institution will be undertaken in our capacity as a registered broker-dealer. In our capacity as a broker-dealer, we may liquidate the securities that cannot transfer by purchasing them for our own account (that is, through a principal transaction). Other Fees and Expenses Not Included in the Advisory Account Fee The Advisory Account Fee does not include the fees, charges, and expenses outlined below. If applicable, you will be separately charged said fees, charges, and expenses in addition to the Advisory Account Fee. If an investment product purchased for the benefit of your account is offered by a prospectus or other offering document, you should review the information about the related fees, charges, and expenses set forth in such prospectus or other offering document. Fees and Expenses Associated With Trades Executed By Investment Managers Away From Stifel Each Investment Manager (including Connect Advisers) that manages and is responsible for trading all or a portion of a Client’s Advisory account retains the authority to determine the execution venue for transactions in the Client accounts. As such, Investment Managers may determine to execute trades through other broker-dealer(s) (known as “trading away”) if the Investment Manager determines, in its sole discretion, such trades would be in the best interests of the affected Clients, such as to satisfy its best execution obligations. An Investment Manager may trade away for a variety of reasons, the type of securities that the Investment Manager is buying or selling, or because the Investment Manager is aggregating Stifel Client trades with other non-Stifel client accounts (as further explained below), or for some other reason determined in the sole discretion of the applicable Investment Manager. If an Investment Manager trades away from Stifel, impacted Clients may incur additional execution costs for the trade. Processing Liquidations in Connection With Terminations Termination and related liquidation instructions are processed as promptly as possible following receipt by our processing staff. However, you should note that in certain cases, we will not be able to process liquidation requests on the day that we receive the request. Those cases include when we experience an unusually high volume of liquidation and/or termination requests in a single day (such as during periods of significant market volatility). Even during relatively normal market conditions and low liquidation/termination volume, we generally are not able to process requests received late in the trading day (typically after 3:00 p.m. Eastern Standard Time). You should therefore communicate your liquidation requests as early as possible to increase the likelihood that your instructions can be processed on the same day. If you are invested in a Manager Portfolio, you should note that certain Managers (particularly Managers with complex strategies and/or securities with limited liquidity) require advance notice of termination, and may take multiple days to process termination and related liquidation request(s). You should review each applicable Manager’s Form ADV 2A for relevant information. Finally, you should note that, in some Portfolios (for example, those investing in affiliated mutual fund completion shares), all or some of the positions in your account will be liquidated upon termination, even if you do not specifically request a liquidation in connection with your account termination instructions. You should ask your Financial Advisor about the Investment Manager’s trading away practices before selecting, or while reviewing, a particular investment strategy. You should also review each applicable Investment Manager’s Form ADV Part 2A Brochure for specific information about that Investment Manager’s trade-away practices. Compensation in Connection With the Termination of a Client’s Relationship With Stifel Although we do not charge additional fees in connection with the termination of an Advisory Agreement, if you elect to distribute or transfer all of your assets from the account held at our firm to an account at another financial institution, you will be charged a $100 account transfer fee. If additional execution costs (whether as a commission or markup or markdown) are incurred, the Client will be responsible for such execution costs in addition to the Advisory Account Fee. Additional information about Investment Manager trade-away practices is provided below in the section “Brokerage Practices” of this brochure. Other Excluded Fees and Expenses In addition to the Advisory Account Fee, Clients will also be responsible for and separately bear the cost of (i) any fees or expenses assessed to their investments or account by third Unsupervised Assets If your account includes “unsupervised assets” that are excluded from billing (which may include, but are not limited to, positions in our parent company stock, Stifel Financial Corp. (SF), annuities, or other assets that are deemed ineligible for the Program in which the account is enrolled), you should note that Page 14 of 48 SF1600-3/25  parties (or by Stifel in order to pay such third parties) and (ii) other fees and expenses set forth below: • Brokerage commissions, markups, markdowns, spreads, and odd-lot differentials on orders an Investment Manager effects through a broker-dealer other than Stifel or its affiliates (that is, costs relating to trades away from our firm). unit investment trusts, REITs, and private funds. These fees and expenses include, but are not limited to, operating expenses, portfolio management, distribution and marketing, redemption fees, and similar fees, in each case as outlined in the fund prospectus, private offering memorandum, or similar document. Additionally, the value of account assets invested in shares of collective investment vehicles is included in calculating the Advisory Account Fee to the extent permitted by applicable law. • Exchange and auction fees, transfer or other taxes, and other • To the extent permitted by applicable law, markups and markdowns on principal trades resulting from orders an Investment Manager places through our firm or an affiliate. fees required by law. • Any interest expense charged to the account including, but not limited to, margin interest charged with respect to any direct or cross-collateralized margin loans. • The public offering price (including underwriting • Any other costs associated with products or services not specifically included in the services described in the applicable Advisory Agreement, but set forth in the Stifel Account Agreement and Disclosure Booklet and any other charges mandated by applicable law. Each Client should carefully consider the overall cost when selecting a Program or Portfolio. commissions or discounts) on securities purchased from an underwriter or dealer (including the firm or an affiliate to the extent permitted by applicable law) in a distribution or public offering of securities. Even where such securities are purchased from a broker-dealer other than our firm or an affiliate, our firm or an affiliate may directly or indirectly benefit if our firm or an affiliate is a member of the underwriting syndicate from which the security is purchased. • Account maintenance fees and expenses, account administration fees, transactional expenses, custody fees, and/or any other expenses charged by the custodian or other party in connection with maintaining those assets. These include, but are not limited to, administration and other fees associated with qualified retirement plans (including IRAs). • Fees or expenses related to trading in foreign securities (other than commissions payable to Stifel). This includes “Pass- through fees” charged by third parties with respect to foreign securities, including, but not limited to, transaction processing fees, creation fees, and/or conversion fees in connection with ADRs, custody-related expenses charged by third parties for such securities, as well as any wire charges related to payments for transactions in those securities. Additional Information on Certain Fund-Related Charges and Fees. As set forth above, any fees or expenses charged by investment funds in which your account invests are excluded from the Advisory Account Fee and, therefore, are your sole responsibility. You should pay particular attention to each investment fund’s prospectus and/or other offering documents for a full understanding of all applicable charges and fees. For example, certain fixed income UITs available for investment in our Advisory Programs charge an upfront fee of up to 0.60% on the amount invested, payable to the product sponsor, in connection with their advisory share classes. Certain mutual funds and closed-end funds also charge short-term redemption fees if shares of the fund to be redeemed have been held for less than the fund’s prescribed minimum holding period (typically anywhere from less than thirty (30) days to twelve (12) months). Where applicable, short-term redemption fees are imposed without regard to the share class held – which means that you may incur (and be separately responsible for) the short-term redemption fee even in your Advisory accounts. In certain limited circumstances, a fund may offer waivers for short-term redemptions – please refer to each applicable fund’s prospectus or offering document and discuss with your Financial Advisor. • Exchange fees, transfer or other taxes, and other fees required by law, including (but not limited to), taxes or fees imposed by any foreign entity in connection with securities transactions in the account. ADDITIONAL INFORMATION ON FEES AND OTHER COMPENSATION • Electronic fund and wire transfer fees (including, but not limited to, those associated with alternative investment transactions). • Fees or expenses associated with preparing and/or filing tax forms in connection with privately issued securities or other investments that generate unrelated business taxable income (including, but not limited to, Form 990T for IRAs). • Any fees or charges associated with cash management options or privileges selected for an account (including, but not limited to, check-writing, debit or credit card services, and e-bill services). Compensation to Financial Advisors We pay a percentage (“Payout Rate”) of the Stifel Advisory Fee that we receive from you to your Financial Advisor(s). Payout Rates generally range from 25% to 50%; the applicable percentage paid to your Financial Advisor will depend on your Financial Advisor’s employment agreement and arrangements with us and the total amount of revenue your Financial Advisor generates from all clients (including from brokerage clients) (referred to as “Production”). Our compensation to the Financial Advisor can also include a bonus that is also based on the Financial Advisor’s Production. • Fees, charges, and other costs and expenses related to Your Financial Advisor’s Payout Rate will be the same regardless of the Advisory Program in which your accounts are collective investment vehicles, including, but not limited to, closed-end funds, mutual funds, money market funds, ETFs, Page 15 of 48 SF1600-3/25  enrolled. However, as a general matter, your Financial Advisor’s total cash compensation increases as his or her Production increases, and this creates an incentive for your Financial Advisor to recommend certain Programs or Portfolios over others and/or other products or services in order to increase his or her Production. In connection with the Programs covered by this brochure, we mitigate these conflicts by limiting Advisory- related Production compensation to Stifel’s share of the Advisory Account Fees (that is, your Financial Advisor generally does not share in any additional fees and expenses that your account incurs as a result of types of investments made (or transactions effected) in the account). We also seek to mitigate these conflicts by disclosing them to you and by establishing other risk-based supervision policies and procedures (including, e.g., to review certain new Advisory account enrollments). Branch Manager/Supervisory Activities. In addition, we pay compensation to branch managers based on aggregate Production generated by the Financial Advisors operating from the manager’s branch office. In some cases, a portion of a Financial Advisor’s Production can result in compensation to his or her branch manager or another Financial Advisor for supervision and administrative or sales support. When a supervisor is compensated based on the Production of the person he or she is supervising, this creates a conflict of interest since the supervisor has an incentive for you to make investments that generate greater compensation for the supervisor. The particular compensation arrangements between your Financial Advisor and his or her branch manager also create incentives for your Financial Advisor to recommend transactions, investment products, and services that generate greater amounts of revenue for us, the branch manager, and your Financial Advisor. Discount Sharing. Financial Advisors receive less than their standard payout when accounts are priced below the set minimum fee level for the applicable Program. While Financial Advisors may be allowed to set the Stifel Fee for an account below the minimum fee level, doing so typically results in a reduction to the Financial Advisor’s Payout Rate (generally referred to as discount sharing) potentially down to 0%. The fee levels at which discount sharing starts to apply vary by Program and/or style: for example, the discount sharing level for equity strategies is different than for fixed income strategies. In general, discount sharing creates an incentive for Financial Advisors to price accounts above the set minimum fee level in order to receive their standard Payout Rate. Outside Business Activities. Your Financial Advisor is permitted to engage in certain business activities approved by us, other than the provision of brokerage and advisory services through Stifel. In certain cases, these outside business activities can cause conflicts with the Advisory services that your Financial Advisor provides to you and your account(s). We mitigate these conflicts by requiring your Financial Advisor to disclose to us and obtain approval for outside business activities by establishing certain other policies and risk-based procedures to the approval of outside business activities. Where such activities are deemed material (as determined by regulation), we disclose such activities are deemed material (as determined by regulation), disclosing them to you through the Financial Advisor’s Form ADV Part 2B, and by establishing certain other policies and risk-based procedures to the approval of outside business activities. Other Benefits. Equity awards from our parent company, SF, are a standard component of our Financial Advisors’ compensation. Your Financial Advisor is eligible to receive other benefits based on his or her Production. These benefits include recognition events, conferences (e.g., for education, networking, training, and personal and professional development), and other forms of noncash compensation that generally increase in value as the amount of the Production your Financial Advisor generates increases. These benefits create an incentive for your Financial Advisor to recommend certain Programs over others and/or transactions, products, and services that generate additional fees and expenses in order to obtain the most benefits. Certain Compensation in Addition to the Stifel Advisory Fee Stifel, our Financial Advisors, and our affiliates may, from time to time, receive additional compensation in connection with certain types of assets in which Clients’ Advisory accounts are invested, as discussed in more detail below. To the extent received in connection with Advisory accounts, this compensation is in addition to the Stifel Advisory Fee that you pay to us for our investment advisory services. The receipt of such additional compensation presents a conflict of interest for us as it creates an incentive for our Financial Advisors to recommend investment products based on the compensation received rather than solely based on your investment needs. You have the option to purchase investment products that we recommend through brokers who are not affiliated with us. Recruiting Transition Assistance. Some Financial Advisors are eligible for special incentive compensation and other benefits based on client assets in accounts at our firm (including assets held in your retirement accounts). These incentives and benefits can be in the form of recruitment and retention bonuses, and eligibility for repayable loans or loans for which repayment is made under certain conditions, for your Financial Advisor by an entity affiliated with us. These incentives and benefits generally increase as the Financial Advisor brings more client assets to us and generates more revenue. These benefits create an incentive for your Financial Advisor to recommend that you transition accounts held at other financial institutions to our firm, as well as to recommend certain transactions, products, and services over others in order to obtain the benefits. Brokerage Commissions For all fee-based Programs, the Stifel Fee includes the costs associated with our execution services. We generally do not charge separate brokerage commissions (including markups or markdowns) for trades that we execute for wrap accounts in the Programs covered in this brochure, unless disclosed to the affected Client (such as in the Advisory Agreement or its schedules and addendums, or in other applicable documents). However, the majority of our Financial Advisors are authorized to provide both brokerage and Advisory services to clients. As a result, Financial Advisors may effect securities transactions for Page 16 of 48 SF1600-3/25  commissions in connection with brokerage accounts, including brokerage accounts that you own in addition to your Advisory accounts. (as discussed below). This means that the Funds and share classes we offer or choose will not necessarily be the lowest cost share class for which you may be eligible because there may be less expensive share classes that do not pay us Omnibus Fees and/or Networking Fees. Use of a more expensive share class will reduce the performance of your investment. This limitation does not apply to Funds on our Recommended List, which are offered without regard to whether there are Omnibus Fees and/or Networking Fees paid to us. We may make exceptions and offer or choose Funds that do not pay us Omnibus Fees and/or Networking Fees in certain circumstances. Ask your Financial Advisor for details. Compensation From Funds If you invest in mutual funds, ETFs, closed-end funds, UITs, and/or money market funds (collectively referred to as “Funds”), you will bear your proportionate share of each Fund’s fees and expenses, including, but not limited to, investment management fees and performance-based compensation paid to the Fund’s investment adviser, fees paid to service providers, transaction costs, and other operating costs. Each Fund’s fees and expenses are included in the price of a Fund’s shares, are described in the Fund’s prospectus or other offering document, and are in addition to the Advisory fee you pay in the Programs. When structuring the Programs, we determine the Funds that will be made available in the Programs. We may add new Funds and/or remove existing Funds from the platform generally, or from one or more Programs, at any time and in our sole discretion. When we terminate or remove a Fund from our platform or the Programs, you will not be able to purchase additional shares of that Fund after such termination or removal, which will have an adverse impact on any future investment plans that include that Fund. Moreover, in certain cases (such as where we have discretionary authority over the accounts, or where you have otherwise provided us the relevant authority), we may also decide to sell any shares held by our Client accounts with the terminated or removed Fund to further limit our exposure to that Fund. A sale of Fund shares may have tax consequences for you, depending on the type of account that you hold. You should consult with your tax advisor about potential tax consequences of your investment(s) in our Programs. Certain Funds may not offer multiple share classes, or may not allow us to make the “advisory” share class available to certain Programs (e.g., to our Vantage Program). Moreover, we may allow a limited universe of legacy “non-advisory” share classes to be held in some of Advisory accounts for a period, pending a conversion into the appropriate “advisory” share class. In addition, Funds may offer new share classes with lower fees or expenses or change the investment minimums or other restrictions for certain share classes. Where this occurs, we will determine, at our own discretion, whether and in what manner to offer those share classes in the Programs, including based on whether the Funds pay us Omnibus Fees and/or Networking Fees. When we designate a new (lower cost) share class to be used in our Advisory Programs, we will seek to convert the share class then held by our Advisory accounts (both discretionary and non- discretionary) into the newly designated share class, in each case without seeking Client approval. However, our success in effecting such conversions will depend entirely on each Fund company’s willingness to cooperate with us in effecting a conversion that does not otherwise trigger tax consequences for our account holders. Funds typically offer multiple share classes, each with different levels of fees and expenses. The share classes of Funds available through the Programs will not necessarily be the least expensive share classes and will depend on our agreement with the Fund companies and their affiliates. Other Funds and share classes may have different charges, fees, and expenses, which may be lower than the charges, fees, and expenses of the Funds and share classes we make available through the Programs. For example, there may be a share class of a Fund available through the Programs that does not include the additional compensation discussed below. These other Funds and share classes may be available through other financial intermediaries or directly from the Funds themselves. Because each share class of a Fund with multiple share classes generally invests in the same portfolio of assets, an investor who holds a less-expensive share class of the Fund will pay lower fees and expenses over time – and earn higher investment returns – than an investor who holds a more- expensive share class of the same Fund. We consider various factors, including our costs to operate the Programs and compensation we receive from Fund companies and/or their affiliates, in deciding which Funds and share classes to make available in the Programs. You should expect that we will receive certain payments from Fund companies and/or their affiliates in connection with your investment in a Fund, and that amounts we receive will depend on the share class, interest, or CUSIP you hold. The additional compensation varies between Funds, poses a conflict of interest, and can influence the selection of Funds and share classes we make available through the Programs. We seek to address this conflict of interest by disclosing it to you, as well as through our policies designed to ensure that the fees we charge are fair and reasonable. If we did not receive this additional compensation, you should expect that we would charge higher fees or other amounts to you for the services we provide. In addition, we are not obligated to negotiate more favorable terms with Funds or, except as otherwise described below, to rebate any portion of the additional compensation we receive. You should carefully consider this compensation in addition to the Advisory fee you pay in the Programs when evaluating the reasonability of our fees and the total compensation we receive for providing you these Advisory services. We generally strive to invest Client assets in the least expensive share class, interest, or CUSIP that is made available to our firm and for which our Advisory accounts are eligible (for this purpose, such share class, interest, or CUSIP will be referred to as “advisory” share classes); provided that those Funds and share classes pay us “Omnibus Fees” and/or “Networking Fees” Page 17 of 48 SF1600-3/25  In each of our Programs, you should expect that we receive various fees and compensation with respect to your investments in Fund shares, including (but not limited to): from $5.00 to $12.00 per position per year. Not all Fund companies pay networking fees, and networking fees that we receive vary by Fund company, by Fund, and by share class. Any networking fees that Fund companies pay to us are deducted from the Fund’s assets, but in some cases may be subsidized, in part, by affiliates or the distributor of the Funds. As with omnibus fees, to the extent received, we generally receive networking fees with respect to all share classes of the Fund held by our clients, including (for example) “advisory” share classes held in Client accounts, but not necessarily in the same amounts. We do not require our Financial Advisors to recommend Funds that pay networking fees; additionally, to mitigate the conflict as to Fund and share class recommendations, we do not share any networking fees received from Funds with our Financial Advisors. Moreover, we rebate networking fees received in connection with Fund shares held in Advisory retirement accounts. To the extent received in connection with Advisory non-retirement accounts, networking payments are in addition to the Stifel Fee that we earn directly from the relevant Clients invested in those Funds. (iii) 12b-1 Distribution Fees (“12b-1 fees”). 12b-1 fees are generally paid by Funds to compensate us for providing distribution-related, administrative, and informational services, as applicable, associated with each Fund. 12b-1 fees are included in the “annual operating expenses” or “expense ratio” charged and reported by each Fund, and are deducted directly from the Funds automatically. In general, we seek to make available share classes that do not have any associated 12b-1 fees in the Programs covered by this brochure. There may, however, be some Funds available through the Programs that have 12b-1 fees due to share class availability, or if a share class subject to 12b-1 fees is the only share class on which we can receive Omnibus Fees and/or Networking Fees. To the extent received, we generally rebate back to the Client any12b-1 fees received (including Omnibus Fees and/or Networking Fees that are paid from the 12b-1 fees) in connection with Fund shares held in Advisory accounts, but only to the extent that such 12b-1 fees relate to the period during which the account has been enrolled in one of our Advisory Programs. (i) Omnibus Fees: A number of Fund companies and/or their affiliates compensate us for providing record-keeping and related services associated with Fund shares held in client accounts (both brokerage and Advisory). Our firm processes some fund transactions with Fund companies on an “omnibus” basis, which means we consolidate our clients’ trades into one daily trade with the Fund, and therefore maintain all pertinent individual shareholder information for the Fund. The compensation for these services is commonly referred to as “omnibus fees” or “sub-accounting fees.” For traditional omnibus trades, we receive omnibus fees that typically range from 0.02% to 0.12% annually or $16.00 to $19.00 per position per year. For super-omnibus trades (we utilize a third party to facilitate execution), we receive a blended rate that typically ranges from 0.08% to 0.25% annually or $18.00 to $19.75 per position per year. The omnibus fees that we receive vary by Fund company, by Fund, and by share class. Any omnibus payments paid to our firm are paid from investor assets in the Funds (and, like other Fund expenses, are included in the “annual operating expenses” or “expense ratio” charged and reported by each Fund and disclosed in the Fund’s prospectus), but in some cases may be paid or subsidized in part by the adviser or distributor of the Funds or their affiliates. Where we receive omnibus fees from or with respect to a Fund, we generally receive omnibus fees with respect to all share classes of the Fund held by our clients, including (for example) “advisory” share classes held in our Client accounts, but not necessarily in the same amounts. These fees and fee rates are subject to change from time to time, and may be received individually or as part of a “bundled” arrangement with a Fund that includes other types of fees, such as administration and distribution payments. We do not require our Financial Advisors to recommend Funds that pay omnibus fees; additionally, to mitigate the conflict as to Fund and share class recommendations, we do not share any omnibus fees received with respect to the Funds with our Financial Advisors. Moreover, we rebate back to Client accounts omnibus fees received, net of any third-party expenses we incur and pay as direct reimbursable expenses, in connection with Fund shares held in Advisory retirement accounts. To the extent received in connection with Advisory non- retirement accounts, omnibus payments are in addition to the Stifel Fee that we earn directly from the relevant Clients invested in those Funds. (ii) Networking Fees. Fund companies that are not traded omnibus are traded on a networked basis, which means our firm submits a separate trade for each individual client to the Fund companies and therefore maintains certain elements of the shareholder information. Such Fund companies and/or their affiliates may compensate us for maintaining shareholder information, which the Fund companies would otherwise be required to maintain themselves. We receive networking fees that typically range (iv) Marketing Support and Revenue-Sharing Payments. We receive revenue-sharing payments from the assets of the Fund manager or its affiliate (and not the Fund) for providing ongoing marketing, training, and education to our Financial Advisors with respect to the Fund sponsor and its products. Revenue-sharing payments, which typically range from 0.02% to 0.08% annually on assets under management and can be up to 0.15% on new sales, do not directly reduce the amount invested by an investor. Not all Fund managers or affiliates make revenue-sharing payments to us, and the revenue-sharing payments we receive vary between Fund companies. Revenue-sharing payments may include fixed payments, payments based on the total assets placed by our Clients at a Fund company or in a particular Fund or Fund share class (i.e., a percentage of total client purchases, both brokerage and Advisory), or a combination of the two. Because the amount of revenue-sharing payments we Page 18 of 48 SF1600-3/25  receive can vary between Funds or share classes of a particular Fund, we have an incentive to recommend to you a Fund (or a share class of a particular Fund) that pays us a higher amount of revenue sharing than another Fund or share class. We seek to mitigate this potential conflict through a number of measures, including, as described above, the manner in which we make share classes available. In addition, our Financial Advisors do not directly share in any revenue-sharing payments we receive, and we do not require our Financial Advisors to recommend Funds providing revenue-sharing payments to us. Moreover, we rebate revenue-sharing fees received in connection with Fund shares held in Advisory retirement accounts. To the extent received in connection with Advisory non-retirement accounts, marketing and revenue share payments are in addition to the Stifel Fee that we earn directly from the relevant Clients invested in those Funds. (v) Training and Education Expense Contributions. Fund companies and/or their affiliates may pay all or a part of the cost of particularized and/or firm-wide training education programs and seminars for our Financial Advisors. For example, a Fund company might host events for Financial Advisors designed to provide training and education about their Funds and products. In doing so, they agree to bear the cost (or part of the cost) for our Financial Advisors and other personnel to attend the events. The amounts paid by Fund companies vary, and Stifel does not require any Fund company to host, participate in, or contribute to the costs of these events as a condition of Stifel making a Fund company’s Funds available on our platform. A Financial Advisor’s attendance and participation in these events, as well as the increased exposure to Fund companies who sponsor the events, may lead the Financial Advisor to recommend Funds of those Fund companies as compared to Funds of Fund companies that do not sponsor these events. compensation through our parent company. We may limit the purchase of such Funds in our Programs at any time, in our sole discretion. If a Client’s retirement Advisory account invests in such a Fund, we rebate an amount representing the fee or other compensation our affiliate receives in connection with the Client retirement account’s investment in the Fund, subject to the limitations discussed below. We may also decide, in our sole discretion, to provide similar rebates to non-retirement accounts in discretionary Programs if such Funds are otherwise allowed in the relevant Program. We generally will not provide rebates for Funds held by non-retirement accounts in our non-discretionary Programs. Clients should understand that rebates are calculated retroactively, based on the value of the Fund shares held in the Client account as of a pre- determined date (typically, as of the last business day of the calendar month), and are credited back to the account one quarter or more in arrears (without interest). Moreover, our rebating process applies only to Funds held in the Client’s account as of the first business day of the calendar month and assumes that such Funds are held for the entire month. As such, an Advisory account that purchases a Fund on a day other than the first business day of the calendar month will not be eligible for the rebate with respect to the fees and compensation our affiliates earn with respect to the Fund for that month. Similarly, an Advisory account that sells a Fund prior to the last business day of the calendar month will receive a month’s rebate based on the assumption that the Fund was held for the entire calendar month even though it was not. Our policies and procedures require that our Financial Advisors purchase and sell interests in Funds, or recommend that a Client purchase or sell interests in Funds, at times when it is appropriate for the Client to do so, based on the Client’s investment objectives and needs and not to avoid rebating compensation the Firm’s affiliates receive in connection with such investments. (vi) Fees Received By Our Affiliates for Providing Services to Funds generally are sold by prospectus or other offering document only. The prospectus or other offering document contains important information about the specific Fund being offered and should be reviewed carefully before investing. Any compensation set forth above that we receive from Fund companies and/or their affiliates is derived, directly or indirectly, from fees that investors pay to the Funds. The amount of compensation received will vary depending on our arrangement with the applicable Fund company. Each Fund’s prospectus typically describes the amount of compensation to be paid for specified services provided to its shareholders. If such payments are received in connection with shares held in Advisory accounts, the Fund companies will continue to pay us for such shares for the duration of the Advisory arrangement and, in some circumstances, may extend payments beyond the termination of the Advisory Agreements if Clients continue to hold Fund shares through brokerage accounts held at Stifel. A listing of the types and ranges of compensation that we receive from various Fund companies is also available under the Important Disclosures section of www.stifel.com. We highly encourage all Clients to review this information carefully. Funds: Some of our affiliates serve as investment adviser or model providers, or provide other services to, various Funds that are made available in some Programs. For example, a number of our affiliates (including Affiliated Managers) receive licensing and other fees from ETFs for which the affiliate provides the constituent index or other services. Such licensing and other fees depend on the amount of assets invested in the ETF and the amount of shares outstanding, including (but not limited to) investments made, and shares held, through our Advisory Programs. Our Financial Advisors may recommend and/or purchase these Funds to or for Advisory Clients where allowed in a Program. If our affiliate provides services to a Fund that is purchased or held in a Client’s Advisory account, the affiliate generally will receive fees (or a share thereof) from the Fund and/or its affiliates in connection with the Client’s investment in the Fund, even though the Client’s investment in the Fund is also subject to Stifel’s Advisory Account Fees. Neither our firm nor our Financial Advisors directly share in any of the fees received by our affiliates for their services to these Funds. However, as part of an affiliated group, we may receive indirect benefits from such Page 19 of 48 SF1600-3/25  securities in the Advisory account, our Advisory Account Fees are based on the market value of the account without regard to the amount borrowed. We do not reduce our Stifel Advisory Fee by the value of any interest or similar payments that we receive from Clients in this regard. Each Client is strongly advised to carefully review the impact (including the long-term effects) that each of these practices will have on their overall account. Finally, to the extent that a Client uses Advisory assets as collateral for loans taken from our Affiliate Banks (“Credit Line Loans”), we typically (but not always) receive a fee (expressed as a percentage of the outstanding loan balance) from the applicable Affiliated Bank for the duration of the loan. To the extent received, we pay a portion of any such fees received to the Financial Advisor. These payments present a material conflict of interest for us, as they create a financial incentive for the Financial Advisor to recommend such Credit Line Loans on the basis of the additional compensation to be received. Additional information about Credit Line Loans is provided under the section “Referral Programs” below. Cash Sweep As set out in the section “Cash Sweep Options” below, if we serve as custodian of your assets, uninvested cash in your account, including maintenance cash, will generally be swept in accordance with the applicable sweep option for your account. For most clients, the applicable sweep option is our insured bank deposit sweep program. We and our affiliated banks earn fees and receive other benefits for deposit balances in the insured bank deposit sweep program. Compensation From Other Products From time to time, Stifel may receive compensation from third- party vendors or dealers in the way of volume discounts that are paid to firms that place several million dollars’ worth of securities with the issuer. Volume discounts can take into account investments made across both brokerage and Advisory accounts. For example, we may receive volume discounts from sponsors/issuers of structured products as well as from various Funds made available to brokerage and/or Advisory accounts. Our affiliates may also be compensated in connection with other non-Fund products in which our Client assets are invested. For example, some of our affiliates may issue investment products, such as brokered CDs, which are made available for purchase on our platform. We may limit the purchase of such products in our Programs at any time, in our sole discretion. If such products are allowed in an Advisory Program, we rebate an amount representing the pro-rated fee or other compensation received (if any) by our affiliate in connection with those products held in Clients’ retirement accounts. We may also decide, in our sole discretion, to provide similar rebates to non-retirement accounts in discretionary Programs if the products are allowed in such discretionary Programs. We generally will not provide rebates for such products held by non-retirement accounts in our non- discretionary Programs. Clients should understand that rebates are determined retroactively, based on the value of the product (e.g., fund shares) in the Client account as of a pre-determined date (typically at month-end), and are paid a quarter or more in arrears (without interest). Moreover, our process only reviews whether a product is held in Advisory accounts as of the beginning of the month and, thereafter, assumes that each such product is held (or not held) in the account(s) for the remainder of the month. As such, an eligible Advisory account that purchases a product other than on the first business day of the month will not receive any rebate for that month and, similarly, an eligible Advisory account that sells a product in the middle of the month will receive a rebate for the entire month even though the position was only held for part of the month. Notwithstanding, some investment products (e.g., brokered CDs) may not have any embedded fees that can be rebated back to the Client, even where such products are held in an Advisory account. Clients should carefully consider any and all disclosures provided in connection with transactions in such products. Clients investing in Stifel brokered CDs authorize deposits in the appropriate Affiliate Bank (defined in the section OTHER FINANCIAL INDUSTRY AFFILIATIONS), and acknowledge the benefits that Stifel, the Affiliated Bank, and the Financial Advisor derive from the Stifel brokered CDs as disclosed in applicable offering documents. With respect to retirement accounts, such deposits will bear a reasonable rate of interest as required by 29 C.F.R. Section 2550.408b-4(b)(2). Please contact your Financial Advisor for additional information. Float As set out in the section “Cash Sweep Options” below, if we serve as custodian of your assets, un-invested cash in your account will generally be swept in accordance with your sweep option for the account. If we receive a cash deposit from you before the close of business on a day in which the NYSE was open, the deposited funds will be credited to your sweep account as of the end of the next business day; if you deposit a check, the funds will be credited to your sweep account as of the end of the second business day following deposit. If we receive deposits after the close of business on a day in which the NYSE was open or on a day the NYSE was closed, the funds will be considered received the following business day and will be credited to your sweep account consistent with the timeline discussed above. As such, depending on the time that cash is received, we may earn interest or receive other benefits (referred to as “float”) during the interim period between when funds are received in our firm account and the time those funds are credited to your cash sweep account. Similarly, if you are withdrawing money from your account (or we otherwise issue funds to you) by check or an ACH payment, we will generally earn float on those funds until you have cashed the check or the ACH payment has settled. We retain any float earned (generally at Federal Funds Rates) during any of these periods. As discussed elsewhere in this brochure, we do not allow Advisory accounts to use margin except in limited circumstances. With respect to any such margin transactions, Client accounts that are specifically approved to engage in such margin transactions should note that we charge interest on the amount borrowed and, if the proceeds are used to purchase Revenue Sharing and Other Compensation Arrangements With Private Investment Funds or Their Sponsors We may allow certain Financial Advisors to recommend investments in approved private investment funds with respect to Page 20 of 48 SF1600-3/25  Non-Cash Compensation Subject to the firm’s policies, Financial Advisors may receive non-cash compensation in the form of occasional gifts, meals, tickets, and/or other forms of entertainment from third parties, including mutual fund companies (or their agents or affiliates), Managers, insurance vendors, and/or sponsors of products that we make available for purchase to our Clients. General Disclosure on Conflicts of Interest As set forth above, the additional compensation associated with the Programs and/or investments described in the preceding section, to be paid to and retained by Stifel (which may be shared with your Financial Advisor) and/or one or more of our affiliates may present a conflict between your interests on the one hand and those of the Financial Advisor, our firm, or affiliates on the other hand. This additional compensation provides an incentive to us, in exercising discretion or making recommendations for your account, to choose or recommend investments that result in higher compensation to our firm, your Financial Advisor, and/or affiliates of Stifel. For example, for certain Programs, your Financial Advisor will receive a portion of the Advisory Account Fee that we retain after paying, as applicable, the portion due to the Manager. accounts invested in certain Advisory Programs. From time to time, we may enter into revenue-sharing and other compensation arrangements with such private investment funds (or the managers or sponsors of such private funds) with respect to our Clients’ investments in such private investment funds. For example, we may enter into placement agent agreements pursuant to which our firm and our Financial Advisors receive upfront and/or ongoing placement fees from private investment funds, or their agents or affiliates, as compensation for recommending and/or selling shares or interests of the fund to our clients. In certain cases, the fees that we receive from such private investment funds may be in addition to, and in other cases, in lieu of, the Stifel Fee otherwise chargeable with respect to the investment. To the extent that we receive placement fees and/or have a revenue-sharing or other compensation arrangement with respect to private investment fund shares or interests purchased in an Advisory account, the affected Client will typically receive, at or prior to the time the investment is made, disclosures relating to the fees and compensation that our firm and/or the Financial Advisor will receive in connection with the investment (including, to the extent applicable, any ongoing payments to be received in connection with the investment). Clients should carefully consider such arrangements in determining whether to implement a Financial Advisor’s recommendations relating to private investment funds. As a result, our Financial Advisors could have an incentive to offer Advisory Programs in which the fee is not shared with a third-party Manager (e.g., Solutions) in order to receive a higher portion of the fee. Training and Education Expense Contributions From Managers. Managers (Independent or Affiliated) may pay for all or part of the cost of particularized and/or firm-wide training and education programs and seminars for our Financial Advisors and other personnel. For example, an Adviser might host events for Financial Advisors designed to provide training and education about the Manager and its strategies and agree to bear the costs for our Financial Advisors and other personnel to attend these events. The amounts paid by Managers vary, and Stifel does not require a Manager to host, participate in, or contribute to the cost of these events as a condition of Stifel making the Manager’s Portfolios available on our platform. A Financial Advisor’s attendance and participation in these events, as well as the increased exposure to the Managers who sponsor these events, may lead the Financial Advisor to recommend Portfolios offered by such Managers as compared to Managers that do not sponsor these events. Additionally, for those Programs in which we pay a portion of the Advisory Account Fee to Managers, which tends to be less if we trade the Portfolio internally than if it is Manager-Traded, a Financial Advisor may have an incentive to recommend MBT Portfolios in the applicable Programs over Manager-Traded Portfolios, or Portfolios where the related Product Fee is low, in order to retain a larger portion of the Advisory Account Fee. Finally, even where you are not charged a separate Stifel Fee in connection with an investment with respect to which Stifel has a compensation arrangement with the product sponsor, a Financial Advisor may still have an incentive to recommend the investment if the compensation received from the product sponsor is higher than the Stifel Fee that would otherwise have been charged in connection with the investment. In these circumstances, it is our duty to determine that an investment made in your Account or recommended to you that results in such additional compensation is suitable for you based upon the information you have provided to us. Insurance Commissions In addition to being a dual registrant, our firm is also licensed as an insurance agency with various states. Some of our Financial Advisors are licensed as insurance agents and, in such capacity, are able to offer various insurance products to Clients and effect the resulting insurance transactions for separate and customary commission compensation. Clients that determine to purchase insurance products offered by our Financial Advisors should note that such products will not be held in our Advisory accounts, and will not be part of the Advisory arrangement between Stifel and such Client. Our firm receives a portion of any commissions that the issuing insurance company pays with respect to insurance products sold by our Financial Advisors. It is important to note that the services provided to you under the Programs described above may be obtained on an unbundled basis and may result in overall lower costs. You could use a commission-based brokerage account instead of a fee-based investment advisory account and/or independently retain a third- party adviser to manage your account. In certain cases, the total charges that you pay in Advisory fees may be higher than the commissions that could have been charged for brokerage-only services. There may also be cases where the Advisory Account Fee charged for Programs covered in this brochure may be higher than if you obtained the services covered by such fee separately (that is, if you paid separately for advisory services, Page 21 of 48 SF1600-3/25  be granted in Stifel’s (and, to the extent applicable, the Manager’s) discretion. • Opportunity and IMC Programs: Varies by Portfolio and Manager, but is typically between $10,000 and $500,000 • Custom Advisory Portfolio Programs: $50,000 • Solutions and Horizon Programs: $25,000 • Fundamentals Program: Between $5,000 and $100,000, ETF Models $10,000 minimum • Connect Program: Varies by Portfolio and Manager, but is typically between $50,000 and $100,000 PORTFOLIO MANAGER SELECTION AND EVALUATION portfolio management services, trade execution, custody, and related services). Even in cases where additional compensation (such as 12b-1 fees) is rebated back to you, there may be cases where your total return on the investment would have been better in a fund/share class that did not pay such rebated compensation, where available. You should consider the value of the Advisory services provided or to be provided under each Program when evaluating fees or the appropriateness of the Advisory account in general. The combination of brokerage and Advisory services may not be available separately or may require multiple accounts and varying forms of payment. You are responsible for determining whether a wrap fee program is appropriate for you. Therefore, you should understand the investment strategy you have selected, the types of investments to be made, and the amount of anticipated trading activity in assessing the overall cost of the Program. Relative transaction infrequency could have a bearing on whether a wrap, asset-based fee account is more appropriate for you than a commission-based account. PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT We do not charge performance-based fees for our investment advisory services. ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS The Advisory services offered in this brochure are generally available to a variety of Clients, including individuals, corporations, institutions, pension or profit sharing plans, employee benefit plans, trusts, estates, charitable organizations, other business and government entities, educational institutions, and banks or thrift institutions. However, please note that not all types of investors are eligible for each Program or each Portfolio within a Program. We may decide at any time to restrict any of our Programs and/or Portfolios within a Program to U.S. residents only. Even where open to foreign citizens and/or residents, we may decide not to accept potential clients that are located in certain countries, in each case in our sole discretion. Connect Program As set forth in the description above, as part of the Connect Program, a Financial Advisor may assist a Client in the selection of a Connect Manager, based on the Client’s goals and objectives and the Connect Manager’s investment philosophy and policies. The Financial Advisor will assist such Client in establishing the relationship with the Connect Manager, including entering into a separate advisory agreement. Due to this separate and direct relationship with each Connect Manager, Stifel performs limited initial and ongoing reviews of the Connect Manager’s services to the Client’s account. New Connect Managers are typically added primarily as an accommodation to new Stifel Clients that were previously invested with the Connect Manager at a prior firm; however, Stifel may also add a new Connect Manager for other reasons, including general business considerations. After Connect Program Management assesses whether a proposed Connect Manager meets the business and operations requirements for onboarding, Program Management can request that the CIO Office conduct an initial due diligence review limited to the Connect Manager’s responses to Stifel’s general investment adviser onboarding questionnaire. Based on these reviews, Connect Program Management makes a recommendation to Stifel’s TPWG as to whether or not to onboard the Connect Manager. Thereafter, ongoing reviews are typically limited to annual reviews of regulatory status, investment strategy characteristics, and investment performance, among other factors. Clients are responsible for carefully reviewing all information provided by the Connect Manager to determine whether to continue with the arrangement. You should generally select a Program or a Portfolio within a Program based on an analysis of the Portfolio’s objectives and risk profile versus your particular situation and needs. In general, (i) you should consider your specific circumstances (such as age, net worth, income and liquidity needs, as well as risk tolerance) compared to the investment strategy, recommended time horizon, and risk profile for the Portfolio; and (ii) the amount that you allocate to any one Program or Portfolio within a Program should be reasonable in light of your overall asset allocation and investment goals. Managers in All Other Programs (Other Than Connect) As further discussed in the section “Methods of Analysis, Investment Strategies, and Risk of Loss” below, Stifel conducts initial due diligence with respect to Managers providing Portfolios made available in our other Programs, and with respect to investment companies (or family of companies) that are seeking to make their mutual funds and/or ETFs included on our Recommended Lists. We conduct annual due diligence reviews of Managers on our Advisory platform. More frequent reviews are conducted if a Manager’s Portfolios are included on our separate Recommended List for separately managed accounts (“Traditional Mutual Fund, SMA, and ETF Recommended Lists”). Program Minimums The following minimum account sizes are generally required to open an account in the available Programs outlined in this brochure. Specific minimums may vary, depending on the Portfolio that you select. Exceptions to the stated minimums can Page 22 of 48 SF1600-3/25  Our Process for Selecting Independent and Affiliated Managers We generally select Independent and Affiliated Managers and fund managers in order to provide our Clients with access to investment strategies in the major asset classes and investment styles and methodologies that can be used to pursue the Clients’ investment goals. is not limited to: firm, team, philosophy, process, portfolio performance, and product (investment vehicle). Such an evaluation can include a review of written information provided by the candidate firm and/or meetings/calls with candidate firm representatives. Traditional Passively Managed Products: The Stifel CIO Office evaluates passively managed strategies for their possible inclusion in our Recommended Lists. In order to be included on such a list, the strategy is quantitatively evaluated to assess its effectiveness to deliver a performance experience reasonably aligned with the strategy’s benchmark index. • Liquid Alternative Mutual Fund Recommended List: AIDDG is responsible for creating and maintaining the Liquid Alternative Mutual Fund Recommended List, comprised of non-traditional or alternative mutual funds. This Recommended List is updated and published periodically and made available to all Stifel personnel. All Liquid Alternative Mutual Fund Recommended List Candidates are subjected to the AIDDG research process. Fund characteristics considered during the review process may include, but are not limited to: portfolio management personnel (professional experience/ educational background/succession plan/compensation structure/personal investment), investment process/ philosophy, historical performance/risk statistics, risk management process, and asset level/capacity. When evaluating potential Managers, mutual funds, and/or ETFs for addition to our platform, generally, we request and review information from the Manager or fund manager relating to the business maturity and investment resources of the Manager or fund manager, its ability to successfully implement the identified strategy, and the relevance of the strategy to Stifel Clients. However, we may also determine to add a Manager (or one of its Portfolios), mutual fund, or ETF due to other business interests, such as (but not limited to) the entity’s (or its affiliate’s) overall business relationship with our firm or our affiliates. Our Affiliated Advisers may also serve as Investment Manager for a Program or Portfolio within a Program and, in such cases, may be responsible for trading, adjusting allocations, and rebalancing Client accounts invested in such Program or Portfolio, as appropriate, as well as implementing any applicable investment restrictions, and other portfolio management decisions. Subject to our fiduciary obligations, we generally approve Affiliated Advisers to manage Portfolios where the Affiliated Adviser’s investment style is in line with the asset class, investment style, and investment methodology that we are looking to fill for the relevant Program. However, it is important for Clients to note that our due diligence processes for Affiliated Advisers are less rigorous than for Independent Advisers, and there may be times when we approve and/or continue to make available an Affiliated Adviser’s Portfolio which would not have been approved, or would have been terminated, if offered by an Independent Adviser. When it comes to Stifel considering candidates for the Recommended Lists, clients should understand that we will not review the entire universe of mutual funds, ETFs, and/or adviser portfolios available in the market or on our platform. As a result, there may be one or more Independent Managers or unaffiliated Funds that might be more appropriate for a given Recommended List or a client’s account. These other funds, ETFs, and/or Portfolios may outperform Portfolios, mutual funds, or ETFs selected for our platform generally, our Recommended Lists, any of our Portfolios, or a Client account in any of our Programs. Our staff conduct periodic due diligence reviews of Advisers, typically through a review of the investment results, as well as a review of the Adviser’s responses to our due diligence questionnaire. Manager Portfolios (SMAs) and Funds included on our Recommended Lists are subject to periodic due diligence reviews. These periodic due diligence and/or monitoring activities may include reviews of investment results and portfolio characteristics, or reviews with the investment and other personnel of the Managers or Fund managers. Advisers and Funds generally report performance and other events on a quarterly basis using industry sources and databases and/or questionnaires, to which we have access and review periodically. Recommended Lists: As set forth above, our firm creates Recommended Lists for mutual funds, ETFs, and SMAs. The Recommended Lists are made available to our Financial Advisors for consideration; however, we do not require our Financial Advisors to restrict their Portfolio or Fund recommendations to products on the applicable Recommended List. Candidates for inclusion on any of the Recommended Lists are subject to a higher level of review than used in determining whether to make an Adviser, mutual fund, or ETF broadly available on our platform. • Traditional Mutual Fund, SMA, and ETF Recommended Lists: Traditional Actively Managed Products: The Stifel CIO Office conducts manager research on actively managed strategies for their possible inclusion on our recommended lists. In order to be included on such a list, the strategy is evaluated across multiple dimensions, which includes, but Replacing Independent and Affiliated Managers We may consider replacing Managers if there are substantial changes in their investment style or if Portfolio characteristics are inconsistent with our expectation for the stated style, philosophy, and policies upon which they were hired. Additionally, we may consider replacing Managers who have invested in prohibited securities, experienced material changes in their business structure, failed to abide by Client objectives and/or restrictions, failed to abide by the terms or conditions of the agreement or any amendments thereto, and/or have Page 23 of 48 SF1600-3/25  approved for Stifel’s platform are selected for the firm’s Traditional and/or Alternative Mutual Fund, SMA, and ETF Recommended Lists by the appropriate unit. For investments in individual equities in the Fundamentals Portfolios, the Stifel CIO Office selects the securities to be included in the portfolios and manages the allocations across various holdings. demonstrated unacceptable performance. We notify all affected Clients in the event we determine to replace or otherwise terminate a Manager (or a Portfolio) from our Advisory Platform. To the extent possible, we provide Clients advance notice of the termination, together with a list of potential replacements to consider. However, it is ultimately the Client’s decision whether to invest with any of the potential replacements provided. We will generally terminate the Advisory status of any account that remains in a terminated Portfolio as of the stated effective time. When selecting securities, the team may use information about the economy, industries, groups of securities, and individual companies obtained from various sources. These sources may include, but not be limited to, research material prepared by affiliates and/or third parties (including Stifel’s Research Department), written reports, online media, telephone contacts, and/or personal meetings with affiliated and unaffiliated research analysts. In consideration of this information, the Stifel CIO Office seeks to evaluate the security across multiple dimensions, which may include, but not be limited to, economic trends, management, business strategy, financial strength, profitability, competitive strength, and valuation. Independent and Affiliated Manager Performance Information We obtain Manager performance information from a number of different sources. In addition, certain Managers may provide performance information directly to Stifel, or directly to Clients. In such cases, the Manager is responsible for reviewing the information provided. Stifel does not independently verify or guarantee that a Manager’s performance information is accurate or complete. In addition, Managers may use different methods for calculating performance; as a result, performance information presented to Clients may not be calculated in a uniform and consistent basis. For Client accounts, periodic reports (as defined in the below-referenced section) are available by request from a Financial Advisor. More detailed information regarding our reports, including performance calculation methodology, can be found below in the section titled “Performance Information.” METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS Methods of Analysis and Investment Strategies As discussed above, Stifel’s Traditional Products Working Group (TPWG) is responsible for the analysis, selection, and onboarding of the Funds, ETFs, and Managers (including their specific Portfolios) to be made generally available at our firm. After the applicable program or product management assesses whether a product meets the business and operations requirements for onboarding, the applicable program or product management may ask the Stifel CIO Office to conduct an initial due diligence review limited to the product firm’s response to Stifel’s general investment adviser onboarding questionnaire. Based on these reviews, the applicable program or product management brings the product to Stifel’s TPWG for approval to onboard to the platform. Note that we conduct such a due diligence review for most SMAs, but only do so for mutual funds and ETFs on an exception basis. In cases where Financial Advisors are directing and/or recommending specific securities or investments, they use information obtained from various sources, including financial publications, inspections of corporate activities, company press releases, research material prepared by affiliates and/or third parties, rating or timing services, regulatory and self-regulatory reports, and other public sources. Financial Advisors use research provided by our research department, our internal product specialists, and/or from other sources relating to a broad range of research and information about the economy, industries, groups of securities, and individual companies, statistical information, market data, accounting and tax law interpretations, political developments, pricing and appraisal services, credit analysis, risk measurement analysis, performance analysis, and other information that may affect the economy or securities prices. The research used may be in the form of written reports, telephone contacts, and personal meetings with research analysts, economists, government representatives, and corporate and industry spokespersons. Additional information about the various research sources that our Financial Advisors may use in connection with Advisory accounts is provided below under the section “Brokerage Practices – Research and Other Benefits.” Financial Advisors use any and/or a combination of fundamental, technical, quantitative, and statistical tools and valuation methodologies. The use of these different methodologies may result in technical or quantitative research recommendations that may differ from, or be inconsistent with, fundamental opinions for the same security. In selecting Funds and/or ETFs to be made available for purchase broadly at Stifel, the TPWG considers many factors, including, but not limited to, a fund’s investment objectives and style, long-term performance records, and annual expense ratios (i.e., costs). Note that TPWG may provide minimum criteria to Product Management to allow them to onboard mutual funds or ETFs that meet such criteria. In these cases, such additions will be reported to the TPWG at its next meeting. Important issues and valuation measures that Financial Advisors may consider when selecting specific equity securities for Advisory accounts may include, but are not limited to, dividend return, ratio of growth rate to price/earnings multiple, ratio of market price to book value, market capitalization to revenue ratio, relative strength, management capability and reputation, corporate restructuring trends, asset value versus market value, From time to time, as discussed above, select Funds, ETFs, and/or Portfolios from the broad universe of those that are Page 24 of 48 SF1600-3/25  The following material risks may also be applicable to Advisory accounts invested in the Programs covered in this brochure: and other fundamental and technical analysis. With respect to fixed income securities, Financial Advisors can assist a Client to determine, or recommend to a Client, the appropriate type of security (government, corporate, or municipal), the appropriate maturity and diversification, and the appropriate parameters that will apply to the fixed income securities to be purchased for the Client account. In general, our Advisory services with respect to the Programs offered in this brochure typically combine asset allocation and periodic rebalancing with the aim of growing and/or preserving principal. Our Financial Advisors generally assist Clients in designing portfolios with a long-term perspective, and periodically rebalance (or recommend rebalancing) the portfolios, as they deem appropriate, to manage risk. Additional information on the investment strategies and methods of analysis used in connection with each Portfolio is available upon request to your Financial Advisor. General Economic and Market Conditions Risks: The success of the firm’s activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls, energy prices, commodity prices, national and international political circumstances (including government intervention in financial markets, wars, terrorist acts, or security operations), natural disasters and regional, national, and global health crises (for example the global outbreak of the coronavirus disease 2019 (COVID-19) in 2020). These factors may affect the volatility of securities prices and the liquidity of your investments. Volatility or illiquidity could impair your profitability or result in losses. The firm’s clients may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets. Risk of Loss You should understand that all investment strategies and the investments made when implementing those investment strategies involve risk of loss, and you should be prepared to bear the loss of assets invested. The investment performance and the success of any investment strategy or particular investment can never be predicted or guaranteed, and the value of your investments will fluctuate due to market conditions and other factors. Management Style Risks: As set forth above, a number of our Programs, including (but not limited to) Opportunity, Custom Advisory Portfolio, IMC, and Connect, are, or may be, managed or advised by Independent or Affiliated Managers. In general, we consider a Manager’s performance track record, among other things, during the selection process. However, a Manager’s past performance is not a guarantee of its future results; as such, its investment strategies may fail to produce the intended results. Our Financial Advisors may recommend a wide array of investments, and as discussed above, each Program and/or Portfolio covers a wide range of securities. As such, the specific type(s) of risks that each Client is exposed to will vary depending on the particular Program and/or the Portfolio in which the Client is enrolled, as well as the investments held in the Client’s Advisory account. We do not offer any guarantees that any investment recommendations made with respect to our Programs will be profitable. Moreover, Clients should note that past performance is not a guarantee of future results. Material Risks For the Portfolios listed or referenced above, equities, ETFs, mutual funds, options, and fixed income securities are the primary investments. The material risks described below do not include every potential risk associated with the Programs and investment products, and you should not rely solely on the descriptions provided below. You should ask questions about risks applicable to particular Programs and investment products, read all product-specific risk disclosures, and decide whether a particular Program and investment product is appropriate for you based on your specific circumstances, investment objectives, and financial situation. For example, you should read the prospectus and other offering documents (or, in the case of a Manager Portfolio, the Manager’s Form ADV Part 2A) for a full description of risks associated with particular investments. You should consider all disclosed risks associated with the types of transactions and securities involved in the Portfolio and/or product in which you are contemplating an investment as well as the potential impact that engaging in any of the below transactions may have on the account’s overall performance. Model-Based Trading Risks: As set forth above, our firm is responsible for trading certain Portfolios provided to us by Independent or Affiliated Managers, in the applicable Programs in this brochure. When the Portfolios are provided by the Manager, we attempt to match the holdings, and to enter trades within the timeline and/or in the lots as may be directed by the Manager; however, there may be times when we are unable to execute trades in the allocations or at the prices deemed ideal by the Manager. There may also be times when we are entirely unable to implement a recommendation due to restrictions applicable to us in our capacity as a broker-dealer. For example, we may not be able to purchase a security recommended by a Manager because the security is the subject of a research report by one of our firm’s research analysts, or because our firm is involved in investment banking activities with the issuer of the security or is otherwise affiliated with the issuer. In such cases, if the Manager is unable or unwilling to provide a substitute, we will typically re-allocate the position to cash, but may determine other substitutes, including re-allocating among existing positions or other alternatives that we deem reasonable. Differences in the Portfolio as implemented at Stifel and the Manager’s recommendations generally will result in differences in how our Client accounts perform relative to the Manager’s model Portfolio (which differences may at times be material). There may also be times when we receive trade instructions from more than one Manager for the same security during the same day. Because our firm’s policy is to execute trades as promptly as possible after receipt from a Manager, and, to the extent possible, in the order received, we will not always be in a position to aggregate trades from multiple Managers into a single block, which may get better execution. As a result, Page 25 of 48 SF1600-3/25  volume redemptions to accounts in our Programs, but there is no assurance that you will be able to avoid the risk of loss and other adverse consequences. Exchange Traded Product Risks: Exchange Traded Products (“ETP”s) are types of securities that derive their value from a basket of securities such as stocks, bonds, commodities, or indices, and trade intra-day on a national securities exchange. Generally, ETPs take the form of ETFs or exchange traded notes (“ETN”s). ETFs are discussed above under Investment Company Securities Risks; ETNs are senior unsecured debt obligations of an issuer, typically a bank or another financial institution; however, ETNs are not categorized as typical fixed income products. different Client accounts in MBT Portfolios and/or other Programs may receive different intra-day prices even where such accounts have traded in the same security for the day. There may also be times when we are obligated to purchase a security for an MBT Portfolio on the same day that we are selling the security for another MBT Portfolio or other Program. Finally, Managers that provide Portfolios to us for implementation generally also provide the same Portfolios to multiple other sponsor firms, or manage the client accounts of other sponsor firms enrolled in such Portfolios directly. Therefore, when Managers communicate changes to such Portfolios to our firm, such changes are also disseminated to multiple sponsor firms, each of whom will likely attempt to implement the changes as soon as they are received, which will generally result in increased demand for the specific securities covered by such Portfolios, which generally will increase the price at which each such security may be bought (or decrease the sale price, as the case may be). Clients should note that this may, in turn, adversely affect the performance of their accounts. Based on all of the foregoing, Clients investing in Portfolios that we trade based on Manager recommendations should understand that the performance returns achieved by their accounts may differ (at times significantly) from the performance of the Portfolio as reported by its Manager. Investment Company Securities Risks: A number of Portfolios covered in this brochure are heavily invested in mutual funds. In addition, Advisory accounts may invest in other investment companies, including ETFs, UITs, and/or closed-end funds. Each fund in a Portfolio may be subject to a variety of risks, depending on its investment strategies and/or the securities held. For example, mutual funds that primarily hold a portfolio of small capitalization companies will be subject to small capitalization risks, which may include increased volatility and decreased liquidity (relative to large capitalization companies). Each of these investments is subject to internal fees, which affect its net asset value and reduce the return that a Client will realize with respect to the investment. • Delayed Redemptions or Redemptions In-Kind – Stifel Fixed Income Securities Risks: A number of Portfolios and/or Financial Advisors may invest in a variety of fixed income securities. Fixed income securities are subject to credit risk, interest rate risk, and liquidity risk. Credit risk is the risk the issuer or guarantor of a debt security will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. Interest rate risk is the risk of losses due to changes in interest rates. In general, the prices of debt securities rise when interest rates fall, and the prices fall when interest rates rise. Duration measures the change in the price of a fixed income security based on the increase or decrease in overall interest rates. Bonds with higher duration carry more risks and have higher price volatility than bonds with lower duration. Therefore, if interest rates are very low at the time of purchase of the bonds, when interest rates eventually do rise, the price of such lower interest rate bonds will decrease, and anyone needing to sell such bonds at that time, rather than holding them to maturity, could realize a loss. High-yield debt securities (junk bonds) generally are more sensitive to interest rates. Such securities are also highly subject to liquidity risk. Liquidity risk is the risk that a particular security may be difficult to purchase or sell and that an investor may be unable to sell illiquid securities at an advantageous time or price. There are also special tax considerations associated with investing in high-yield securities structured as zero coupon or pay-in-kind securities. Municipal Bonds may also have a call feature, entitling the issuer to redeem the bond prior to maturity. A callable security’s duration, or sensitivity to interest rate changes, decreases when rates fall and increases when rates rise because issuers are likely to call the bond only if the rates are low. Investors in callable bonds are therefore subject to reinvestment risk – that is, the risk that they will need to reinvest their proceeds at lower rates. Municipal bonds are also subject to state-specific risks, such as changes in the issuing state’s credit rating, as well as the risk that legislative changes may affect the tax status of such bonds. Investments in government-sponsored entity securities also exhibit these risks, although the degree of such risks may vary significantly among the different government-sponsored entity securities. Some securities issued or guaranteed by U.S. government agencies or instrumentalities are not backed by the full faith and credit of the U.S. and may only be supported by the right of the agency or instrumentality to borrow from the U.S. Treasury. Clients may collectively own a large percentage of certain Funds through the Programs covered in this brochure (e.g., through Fundamentals and CAP). If the aggregate ownership exceeds certain thresholds set by a Fund company, the Fund may determine to delay or otherwise limit redemptions in our Client accounts, particularly in connection with large volume redemptions (for example, where our portfolio managers determine to reduce or exit out of a Fund position held in one or more Portfolios in the Fundamentals Program). This may result in delays in our firm’s ability to fully liquidate or redeem out of the Fund, which could in turn result in increased the risk of loss for participating accounts. If allowed under its prospectus, a Fund could also decide to redeem shares “in-kind” instead of in cash in connection with such large redemption requests. In that event, your account in the Program may receive the actual underlying (i.e., non-Fund) securities held by the Fund. The underlying securities could lose value before we are able to sell them (if our Firm or an FA has discretion). To the extent possible, we will work with Fund companies to minimize potential adverse impact of large Page 26 of 48 SF1600-3/25  regardless of the performance of the underlying index or strategy. 2. Principal Risk. Although Structured CDs are insured CDs, the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 per depositor only applies to the principal amount of the CD purchased. If sold prior to maturity, the sale will be subject to market prices and the principal may not be fully returned. Brokered Certificates of Deposit Risks: Clients in certain Programs may invest in brokered CDs issued by U.S. depository institutions (each, a “CD Issuer”). These CDs are insured by the FDIC up to applicable limits, and Clients are responsible for monitoring the total amounts of deposits with any one CD issuer for FDIC guarantee limits. Brokered CDs held in Advisory accounts are subject to the Advisory Account Fee, and Clients should consider the impact of the Advisory Account Fee on the yield of any brokered CDs in their account(s). Among the risks relating to CDs are adverse changes in general economic conditions, as well as exposure to credit losses arising from possible financial difficulties of CD Issuers. Although Stifel generally seeks to select CDs of highly qualified CD Issuers that are subject to extensive governmental regulations, a CD Issuer’s profitability largely depends on the availability and cost of funds for the purpose of financing lending operations under prevailing money market conditions. Redeeming CDs before maturity may result in loss of principal due to fluctuations in the interest rate, lack of liquidity, or transaction costs. CDs sold prior to maturity may be worth less or more than the original purchase. Rates paid on brokered CDs may be lower or higher than the rates available directly through the CD Issuer or through a Stifel brokerage transaction. Clients should refer to the disclosures at https://www.stifel.com/docs/pdf/Disclosures/Certificates-Of- Deposit.pdf for additional general information regarding CDs, including terms, important investment consideration, and the extent of and limitations on FDIC insurance, and to the “Specific Investment Product Disclosure” Section of the Stifel Account Agreement and Disclosure Booklet for additional information regarding Brokered CDs. Structured Investments Risks: We may allow accounts in certain Programs to invest in Structured Investments. We may, in our sole discretion, refuse to allow any Client account to invest in structured investments, even if that account is enrolled in a Program that otherwise allows for their use. Structured investments are financial instruments that are generally derived from or based on a single security, basket of securities, an index, one or more interest rates, a commodity or basket of commodities, a debt issuance, a foreign currency or basket of currencies, and/or an actively or passively managed fund or collection of funds (each, a “Structured Investment”). Structured Investments may not be suitable for all investors. Clients that invest in Structured Investments (or in a Portfolio that invests in Structured Investments) should be prepared to hold the Structured Investment until maturity. Clients that do not fully understand how Structured Investments work, as well as their associated risk, should not invest in these products (or in Portfolios that invest in these products). Structured Investments require the investor to assess several characteristics and risks that may not be present in other forms of investment, including structure risks (risks related to movements in the underlying asset and the effect of such movements on payouts under the Structured Investment), currency risks, liquidity risks, tax- treatment risks, loss of principal risk, call risk, and other types of risks. Some Structured Investments offer protection of the principal invested (contingent on the ability of the issuer to repay its senior unsubordinated obligations at maturity), whereas others offer more limited or no protection of the principal. Because the principal or interest payment on a Structured Investment is tied to the value of another asset or assets, a change in the value of that asset can affect the return on the Structured Investments in a manner not characteristic of non- structured obligations. In certain cases, an affiliate of Stifel may receive compensation from the issuer of the notes in connection with research and other services provided by the affiliate to the issuer of Structured Investments that we may offer to clients. Except in connection with retirement accounts, the affiliate’s compensation generally will not affect our firm’s compensation in connection with Clients that hold these investments in their advisory accounts – you should refer to the section “Additional Information on Fees and Other Compensation” for more details on affiliate compensation on certain products that we offer. Important information and risks specific to each Structured Investment offering will be disclosed in the offering materials for the specific product, and you should carefully review all related disclosures prior to investing in any Structured Investment. Additional Information is also available in the Structured Products Disclosure available on our website (under Important Disclosures). Other Risks for Structured Certificates of Deposit (CDs). To the extent that the Structured Investments purchased in advisory accounts are CDs, the investments could also be subject to the following additional risks: 1. Income Risk. Many Structured CDs do not pay a fixed rate of interest; instead, such products’ return may be realized at maturity based upon the underlying asset or basket of assets or index. The interest rate earned may be lower than the interest rate available on other investments with the same maturity and could even be as low as zero. Some, but not all, Structured CDs may have maximum rates of return, Cash Balance Risks: Cash balances, including maintenance cash, in Advisory accounts are subject to the Advisory Account Fee. Depending on prevailing interest rates, it is likely that cash balances held in Advisory accounts will underperform, including resulting in negative returns after application of Advisory Account Fees, as compared to alternative arrangements for holding cash positions. This is particularly true if such cash balances are held through an automatic sweep option, as the return that a Client will earn on cash held through a sweep option will most likely be less than the applicable Advisory Account Fee. For most Clients in our Programs, the applicable sweep option is our insured bank deposit sweep program. Our insured bank deposit sweep programs pay comparable market interest rates to insured bank checking accounts but may have significantly lower rates when compared to unaffiliated money market funds or other cash equivalents that could otherwise be used to hold cash in Client accounts. Under certain market conditions, holding cash results in lower overall account return, such as when riskier assets outperform cash. Moreover, while maintaining Advisory account Page 27 of 48 SF1600-3/25  assets in cash may protect those assets from the risk of loss in the event of a market downturn, holding cash, particularly high cash concentrations for long periods of time, through an Advisory account may result in underperformance given the impact of Advisory Account Fee(s) and the rates of return on maintenance cash and other cash equivalents. “covering” the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss. An account’s investment performance may also suffer if required to close out a short position earlier than initially anticipated. Moreover, under certain market conditions (such as during periods of high volatility), regulators may also limit or otherwise impose significant requirement on short sales, which would have an adverse effect on the strategy and, therefore, the Client’s account. In addition, an account may be subject to expenses related to short sales that are not typically associated with other Advisory accounts in the Program, such as borrowing costs (or short sale charges) or margin account maintenance costs. Prior to enrolling in any Portfolio that engages in these strategies, each Client is urged to carefully consider the impact that engaging in any of these transactions will have on the account’s overall performance. In all cases, each Client has the option to hold cash in a brokerage account at Stifel and/or in deposit accounts through the Affiliated Bank or with other banks, in which case such cash would not be subject to the Advisory Account Fee. Clients also have the option of using (including directing their Financial Advisors to use) other cash equivalents in their accounts; while subject to the Advisory Account Fee, these cash equivalents will likely earn higher interest rates than cash held through our insured bank deposit sweep programs. Clients should compare the terms, interest rates, required minimum amounts, and other features of the automatic sweep option with other cash equivalent investments. More information about our automatic sweep option is available at http://www.stifel.com/agreementanddisclosurebooklet. Information about current interest rates for our insured bank deposit sweep programs is available by contacting your Financial Advisor or through www.stifel.com. Alternative Investments Risks: A number of Portfolios and/or Financial Advisors may invest in a variety of alternative investments. Alternative investments, including (but not limited to) private investment funds (such as hedge funds or private equity funds), alternative mutual funds, non-traditional ETFs, managed futures products, and/or real estate (related) investments may also present unique risks, such as decreased liquidity and transparency and increased complexity. Alternative investments typically use derivative instruments (such as options, futures, or index-based instruments) and/or leveraging strategies. The use of derivative instruments involves multiple risks, as discussed in more detail above. In addition, to the extent that the alternative investment uses commodities (or commodity- based derivatives) as part of its investment strategy, the investment return may also vary as a result of fluctuations in the supply and demand of the underlying commodities. Real estate- related investments will be subject to risks generally related to real estate, including risks specific to geographic areas in which the underlying investments were made. Certain alternative investments may be less tax efficient than others. Each alternative investment is typically subject to internal fees (including, but not limited to, management and/or performance fees), which affect the product’s net asset value and reduce the return that a Client will realize with respect to the investment. Additional risks may include style-specific risk, speculative investment risk, concentration risk, correlation risk, credit risk and lower-quality debt securities risk, equity securities risk, financial services companies’ risk, interest rate risk, non- diversification risk, small- and mid-cap company risk, and special risks of mutual funds and/or ETFs, among others. Derivatives Risks: A number of Portfolios covered in this brochure may engage in derivative transactions, including, but not limited to, hedge funds, options, overlays, and managed futures products, for any purpose consistent with the Client’s investment objective and/or the Portfolio in which the Client account is invested. Generally, a derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. Such transactions may be used for several reasons, including hedging unrealized gains. Hedging strategies, if successful, can reduce the risk of loss by offsetting the negative effect of unfavorable price movements in the investments being hedged. However, hedging strategies can also reduce the opportunity for gain by offsetting the positive effect of favorable price movements in the hedged investments. A Portfolio may also use derivative instruments to, amongst other objectives, obtain market exposure (that is, for speculative purposes rather than hedging) or generate income. A Portfolio may establish a position in the derivatives market as a substitute for buying, selling, or holding certain securities. The use of derivative transactions is a highly specialized activity that involves investment techniques and risks that may be more heightened than those associated with ordinary portfolio securities transactions. Short Selling (or Short Sale Exposure Risks): Certain portfolios in our Programs may engage in short selling. A short sale involves the sale of a security that is borrowed. The short position(s) will lose money when the value of the underlying (borrowed) security rises, a result that is the opposite of traditional strategies. The existence (and volume) of short positions can also lead to more volatile performance of the underlying security, which will in turn affect the performance of the shorting strategy. Short sales expose a Client’s account to the risk that it will be required to acquire, convert, or exchange securities to replace the borrowed securities (also known as Unrelated Business Taxable Income: Unrelated business taxable income (“UBTI”) is income regularly generated by a tax- exempt entity by means of taxable activities. This income is not related to the main function of the entity, but is needed to generate a small portion of income. UBTI is typically associated with income received from investments in limited partnerships and master limited partnerships, which are required to pay out most of their profits. Clients may also be affected if a Fund in their account in turn invests in entities that generate income that qualifies as UBTI for their retirement account. When UBTI of $1,000 or more is received from investments held in a client’s tax-deferred retirement account (such as an IRA), as custodian, Page 28 of 48 SF1600-3/25  Stifel will take the necessary steps to pay the UBTI tax liability from the assets of the retirement account and will use a vendor to prepare and file the required Form 990-T with the IRS. Affected retirement accounts will incur filing fees for each Form 990-T that Stifel files on behalf of the account. Clients with retirement accounts investing directly in such securities, or through Portfolios that invest in such securities, should refer to the Stifel Account Agreement and Disclosure Booklet for additional information about the processing fee charged for these filings. Emerging Markets Securities Risks: Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in, and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets, and as a result, the risks of investing in emerging market countries are magnified in frontier market countries. It is important to note that emerging markets securities are foreign securities and also carry all of the foreign securities risks identified above. Tax-Exempt Securities Risks: Certain Portfolios may seek to invest in tax-exempt securities, including (but not limited to) municipal bonds as well as tax-exempt mutual funds and ETFs. In order to attempt to pay interest that is exempt from federal or state and local income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed to shareholders to be taxable. In addition, income from one or more municipal bonds held in a Portfolio could be declared taxable because of unfavorable changes in tax or other laws, adverse interpretations by the Internal Revenue Service (“IRS”), state, or other tax authorities, or noncompliant conduct of a bond issuer. Changes or proposed changes in federal or state income tax or other laws may also cause the prices of tax-exempt securities to fall. Finally, income from certain municipal bonds may be subject to the alternative minimum tax (“AMT”) and/or state and local taxes, based on the investor’s state of residence. In addition, as discussed in more detail under the section “Cash Sweep Options” below, idle cash in Advisory accounts held at Stifel (including accounts invested in “tax-exempt” Portfolios) is typically swept into one of our insured bank cash sweep programs. Any interest earned by the Client in respect of such cash balances will not be exempt from taxes. American Depositary Receipts (ADRs) Risks: Certain Program assets may also be invested in ADRs stocks listed on a U.S. exchange. An ADR is typically created by a U.S. bank and allows U.S. investors to have a position in the foreign company in the form of an ADR. Each ADR represents one or more shares of a foreign stock or a fraction of a share (often referred to as the “ratio”). The certificate, transfer, and settlement practices for ADRs are identical to those for U.S. securities. Generally, the price of the ADR corresponds to the price of the foreign stock in its home market, adjusted for the ratio of ADRs to foreign company shares. There are investment risks associated with ADRs including, but not limited to, currency exchange-rate, inflationary, and liquidity risks as well as the risk of adverse political, economic, and social developments taking place within the underlying issuer’s home country. In addition, the underlying issuers of certain ADRs are under no obligation to distribute shareholder communications to ADR holders, or to pass through to them any voting rights with respect to the deposited securities. It is important to note that since ADRs are created to allow U.S. investors to have a position in a foreign company, they also carry all of the foreign securities risks identified above. IRS Circular 230 Disclosure: Stifel, its affiliates, agents, and employees are not in the business of providing tax, regulatory, accounting, or legal advice. This brochure and any tax-related statements provided by Stifel are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax adviser. Equity Risks: Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, common stocks, preferred securities, convertible stocks, and warrants. The values of equity securities, such as common stocks and preferred securities, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Equity securities generally rank junior in a company’s capital structure to debt securities and consequently have greater price volatility and entail greater risk of loss than debt securities. Foreign Securities Risks: Advisory accounts may invest in foreign securities, directly or through Funds that hold a portfolio of foreign securities. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, and are typically subject to currency risk. Some foreign securities also may be subject to taxes and other charges imposed by the issuer’s country of residence or citizenship. Certain foreign securities may be subject to additional costs and risks. As set forth elsewhere in this brochure and/or in the Advisory Agreement, such taxes and charges are in addition to (i.e., are not included in) a Client’s account fees. All these factors could affect a client’s realized return on the investment. Frequent Trading and High Portfolio Turnover Rate Risks: The turnover rate within certain discretionary Advisory accounts may be significant. In connection with Portfolios run by Investment Managers that engage in trades away from Stifel, frequent trades may result in high transactions costs, including substantial brokerage commissions, fees, and other transaction costs. In addition, frequent trading (whether or not through Page 29 of 48 SF1600-3/25  trades away from Stifel) is likely to result in short-term capital gains tax treatment. As a result, high turnover and frequent trading in an Advisory account could have an adverse effect on the cost and therefore the return on the Advisory account. Dependence on Key Personnel: Some of the Portfolios covered in this brochure may rely heavily on certain key personnel of our firm, our affiliates, and/or the personnel of certain Managers available on our platform. The departure of any such key personnel or their inability to fulfill their duties may adversely affect the ability of the relevant Portfolio to effectively implement its investment program and, as a result, adversely impact the performance of the Advisory accounts enrolled in such Portfolio. Infrequent Trading/Low Portfolio Turnover Rate Risk: Certain Portfolios (such as fixed income Portfolios) and/or accounts in the Programs covered in this brochure may trade infrequently and experience low (in some cases extremely low) turnover. As set forth elsewhere in this brochure, wrap fees charged are intended to cover various services, including trade execution. We generally assume regular trading when setting the levels of wrap fees that may be charged with respect to the Programs covered in this brochure. If a specific Client experiences low turnover in the Client’s wrap account, the Client likely will not realize the full benefit of the wrap fee paid with respect to such wrap account. Clients are encouraged to discuss the expected and/or historical level of trading with their Financial Advisor when evaluating the cost of a proposed or existing wrap account. Issuer Concentration Risks: From time to time, a Financial Advisor (or a Portfolio) may take a significant position in a particular issuer; for example, a particular Financial Advisor’s Clients may, in the aggregate, own more than 5% of an issuer’s outstanding stock. Even where such position is spread among a number of Client accounts, the affected Clients will be more exposed to the issuer’s specific risk than where our firm’s aggregate position in the issuer is insignificant and/or immaterial. Such large positions may also affect the liquidity of the investment because we may not be able to completely liquidate the position within a desired timeline or at a desired price if we own more than the typical daily trading volume. We are required by applicable regulations to disclose ownership of more than 5% of the total outstanding shares of certain equity securities held in our discretionary accounts. There are no similar disclosure requirements to the extent the positions are held in non-discretionary Client accounts. Clients are therefore encouraged to discuss these risks with their Financial Advisor when considering the Financial Advisor’s investment recommendations. Diversification Risk: Certain Portfolios within our Advisory Programs may have concentration in specific asset classes, sectors, or individual securities, which could result in increased exposure to the risks that can be attributed to those specific investments. Additionally, certain Portfolios may invest in a specific investment style. As a result, clients in these Portfolios may not have access to as wide a variety of management styles as clients in other Portfolios. Certain Portfolios also invest in funds of specific sponsors or fund companies, which means that clients in these Portfolios only have access to the management style of that fund company or sponsor. Clients in these Portfolios will be subject to more risk than Clients in more diversified Portfolios and, therefore, are intended to complement other investments. Mid Cap and Small Cap Company Risks: The securities of mid or small cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general. Dividend Reinvestment Risks: Clients that direct dividend reinvestment for their Advisory accounts should note that dividend reinvestment typically leads to the receipt of fractional shares. Stifel is not able to execute fractional share liquidations on an agency basis. Clients should therefore understand that where Stifel liquidates fractional shares, Stifel will purchase the fractional shares into its inventory. The price allocated to the fractional component will depend on whether the fractional shares portion can be processed on the same day as any whole shares that are part of the same liquidation transaction (in which case, the price will be the same as the market price received from the whole shares), or whether the fractional shares are processed on a different day (in which case, the price allocated to the fractional shares will be the previous business day’s closing market price for the security). Stifel may benefit from (or lose money as a result of) implementing fractional share liquidation in Advisory Client accounts. In general, Clients should note that Stifel does not encourage dividend reinvestment in its Advisory accounts. Municipal Securities Risks: Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions (as discussed under Tax-Exempt Securities Risk above), and by uncertainties and public perceptions concerning these and other factors. In recent periods, an increasing number of municipal issuers in the United States have defaulted on obligations and commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. Indirect Investments in Digital Assets: Our Financial Advisors may recommend (and Portfolios on our platform may invest) in Funds and other products that, in turn, invest in, or have exposure to, digital assets (including crypto currencies). The legal and regulatory landscape relating to cryptocurrencies and other digital asset technologies is still in its infancy and is rapidly changing. There is a high likelihood of new and evolving regulations and guidance from various securities, commodities, and banking organizations which may have significant adverse Page 30 of 48 SF1600-3/25  CLIENT CONTACT WITH PORTFOLIO MANAGERS impact on these Funds and other products. Cryptocurrencies also have limited performance histories, can be extremely volatile, and are not subject to many of the regulatory oversights over which other investable assets are subject. We strongly encourage Clients to communicate with their Financial Advisor, rather than the Manager of the Portfolio in which the Client is invested. However, Financial Advisors generally review with the Client the available Portfolios, as well as other information relating to the Manager for such Portfolio, and typically obtain Client consent prior to enrolling a Client in a Program or Portfolio. The information provided to each Client may include, where applicable, an Investment Manager’s Form ADV Part 2A, which includes its name and contact information. In such cases, therefore, Clients have the option of contacting an Investment Manager directly. However, the foregoing does not apply to MBT Portfolios, because Clients in MBT Portfolio currently do not receive the Manager’s Form ADV 2A; we may change this policy at any time. Clients in the Connect Program are direct clients of such Connect Adviser and, therefore, are encouraged to have direct contact with the Connect Adviser. Financial Institution Risk Actual events involving reduced or limited liquidity, defaults, non-performance, or other adverse developments that affect financial institutions or other companies in the financial services industry, including banks and other custodians of an investor’s funds and securities, or impact the financial services industry generally, as well as concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, defaults on financial obligations, non-performance of contractual obligations, and other adverse impacts on these financial institutions, investors that deposit funds and securities at these institutions, lenders and borrowers of these institutions, and other companies in the financial services industry. ADDITIONAL INFORMATION DISCIPLINARY INFORMATION For example, on March 10, 2023, Silicon Valley Bank, was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. Investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult to acquire financing on acceptable terms or at all. 1. On September 24, 2024, in connection with the industry- wide sweep into off-channel communications, the SEC entered an administrative order against Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”). The SEC found that the Firm willfully violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder, as well as Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder, due to recordkeeping failures related to electronic communications. The Firm also failed to reasonably supervise its personnel to prevent or detect aiding and abetting violations of these sections. The SEC ordered Stifel to cease and desist from committing or causing any violations, censured the Firm, and imposed undertakings including retaining an independent compliance consultant. Additionally, a civil money penalty of $35,000,000 was imposed. Any decline in available funding or access to cash and liquidity resources could, among other risks, adversely impact the ability to meet operating expenses, satisfy financial obligations, liquidate portfolio holdings, withdraw capital, or fulfill other obligations, or result in breaches of financial and/or contractual obligations. Any of these impacts, or any other impacts resulting from the factors described above or other related or similar factors not described above, could have material adverse impacts on portfolio holdings, fund performance, or business operations. 2. On September 1, 2020, Stifel entered into a Letter of CLIENT INFORMATION PROVIDED TO PORTFOLIO MANAGERS Acceptance, Waiver, and Consent (“AWC”) with FINRA to settle allegations that, during the period of October 31, 2017 through February 27, 2020, the firm lacked a supervisory system, including written supervisory procedures (WSPs), reasonably designed to detect and prevent Stifel and its registered representatives from executing pre-arranged transactions in violation of Municipal Securities Rulemaking Board (MSRB) Rule G-27. While not admitting or denying the allegations, the firm consented to a censure and monetary fine of $40,000 to settle the allegations. As indicated in the AWC, Stifel updated its supervisory system and WSPs regarding the cited supervisory deficiencies prior to the entry of the AWC. We typically provide information about a Client’s financial condition, investment needs, and/or investment restrictions to Managers serving as Investment Managers on Client accounts. We may also provide annual updates (if any) to the information, or more often as available from the Client. We and/or the Financial Advisor (not the Investment Manager) are responsible for collecting data about Client investment goals and objectives and determining whether a particular Program and/or Portfolio is appropriate for the Client based on the stated goals and objectives. 3. In March 2019, Stifel, along with 78 other investment We generally do not provide particularized Client information to Managers providing model Portfolios to our firm under MBT arrangements. In MBT arrangements, our firm (not the Manager) is responsible for the various aspects of the client relationship. advisers who voluntarily participated in the SEC’s Share Class Selection Disclosure Initiative, consented to the entry of an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k) of the Page 31 of 48 SF1600-3/25  As part of the consent agreement, Stifel agreed to pay the state $18,088.80, to cease and desist from violating securities laws and regulations, to retain at Stifel’s expense a consultant to review the firm’s supervisory and compliance policies and procedures relating to product review of nonconventional investments, and to repurchase certain auction rate securities from the firm’s clients. 7. In June 2017, Stifel entered into an AWC with FINRA to Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (the “Order”) by the SEC instituted pursuant to Sections 203(e) and 203(k) of the Advisers Act without admitting or denying the findings therein except those related to jurisdiction and the subject matter of the proceedings. The Order entered against Stifel alleged that Stifel willfully violated Sections 206(2) and 207 of the Advisers Act as a result of its inadequate disclosure of conflicts of interest related to (a) the selection of mutual fund share classes that charged 12b-1 fees, which are recurring fees deducted from fund’s assets, when an alternative share class was available that did not charge a 12b-1 fee, and (b) the receipt of 12b-1 fees in connection with these investments. The SEC did not impose a civil penalty against Stifel in recognition of the fact that Stifel self-reported the issue to the SEC. However, Stifel was censured and ordered to cease-and-desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act, pay disgorgement and pre-judgment interest in the amount of $6,037,175.98 to affected investors, and comply with several undertakings related to notifying affected investors of the terms of the Order. 4. On January 26, 2018, Stifel entered into a Letter of settle allegations that Stifel did not provide timely disclosures to a municipal issuer in connection with its role as placement agent in a placement of bonds issued by the municipal issuer in accordance with interpretive guidance issued by the Municipal Securities Rulemaking Board (“MSRB”) regarding MSRB Rule G-23. In May 2012, Stifel recommended that the issuer do a placement, in lieu of a public offering, in order to save on debt service costs. The issuer accepted Stifel’s recommendation and agreed that Stifel would serve as placement agent. However, Stifel did not provide the disclosures regarding its role in a timely manner. As a result, the firm was alleged to have violated MSRB Rule G-23 by serving as both financial advisor and placement agent on the same issue. While not admitting or denying the allegations, Stifel agreed to a regulatory censure and a monetary fine of $125,000. Acceptance, Waiver, and Consent (“AWC”) with FINRA to settle allegations that the firm (i) traded ahead of certain customer orders at prices that would have satisfied the customer orders; (ii) did not maintain adequate supervisory controls that were reasonably designed to achieve compliance with FINRA Rule 5320 and Supplementary Material .02 of FINRA Rule 5320; and failed to report an information barrier identifier with its order audit trail system (OATS) submission for certain orders. These allegations were considered to be violations of FINRA Rules 2010, 3110, 7440(b)(19), and NASD Rule 3010. While not admitting or denying the allegations, the firm consented to a censure, monetary fine of $37,500, plus interest of $318.25, restitution payments to affected investors, and an undertaking to revise its written supervisory procedures relating to Rule 5320 and Supplementary Material .02 of FINRA to settle these allegations. 5. On January 26, 2018, Stifel entered into an AWC with 8. In March 2017, Stifel consented to the entry of a Cease and Desist Order (“Order”) by the SEC in which Stifel was found to have violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt or implement adequate policies and procedures to track and disclose the trading away practices of certain Investment Managers in several of Stifel’s discretionary wrap fee programs, including information about additional costs incurred by clients as a result of the Investment Manager’s use of another broker to execute transactions away from Stifel. Stifel neither admitted nor denied the findings contained in the Order, except those related to jurisdiction and the subject matter of the proceeding. Stifel made several undertakings enumerated in the Order related to the trading away practices of third-party managers, including a review and update of its policies and procedures, providing information to financial advisors and clients, and training financial advisors. Stifel was ordered to pay a civil penalty of $300,000 and ordered to cease and desist from violating Section 206(4) and Rule 206(4)-7 thereunder. 9. On January 4, 2017, an Administrative Consent Order FINRA to settle allegations that the firm failed to report to the Trade Reporting and Compliance Engine (“TRACE”) transactions in TRACE-eligible securitized products within the time required by FINRA Rule 6730. While not admitting or denying these allegations, the firm agreed to a censure and a fine of $17,500. 6. On November 3, 2017, Stifel entered into a consent agreement with the State of North Carolina, as part of a multi-state task force agreement, regarding the sale of securities commonly known as Auction Rate Securities (“ARS”). The state regulatory authority claimed that Stifel failed to reasonably supervise the sales of ARS by failing to provide sufficient information and training to its registered representatives and sales and marketing staff regarding ARS and the mechanics of the auction process applicable to ARS. (“Order”) was entered against Stifel and a former registered representative associated with Stifel by the Securities Division of the Mississippi Secretary of State (“Division”) resolving an investigation into certain activities occurring in two branch offices during the period of September 2000 through November 2013. Without admitting or denying the findings in the Order, Stifel agreed to the entry of the Order directing Stifel to cease and desist from violating Rule 5.15 of the Mississippi Securities Act of 2010, a books and records rule, and to pay the Division $49,500 on its behalf as well as $500 on behalf of the former registered representative. Page 32 of 48 SF1600-3/25  10. On December 6, 2016, a final judgment (“Judgment”) was Stifel and the employee (i) failed to adequately supervise the written communication of a registered institutional salesperson who circulated communications about companies that were subject to Stifel research and (ii) failed to implement a supervisory system designed to supervise the distribution, approval, and maintenance of research reports and institutional sales material. These allegations were considered violations of various NASD Rules (including, but not limited to Rule 2711(a)(9), 2210(d)(1), and 3010). While not admitting or denying the allegations, the firm consented to a censure and fine of $200,000. entered against Stifel by the United States District Court for the Eastern District of Wisconsin (Civil Action No. 2:11-cv- 00755) resolving a civil lawsuit filed by the SEC in 2011 involving violations of several antifraud provisions of the federal securities laws in connection with the sale of synthetic collateralized debt obligations (“CDOs”) to five Wisconsin school districts in 2006. As a result of the Order, Stifel is required to cease and desist from committing or causing any violations and any future violations of Section 17(a)(2) and 17(a)(3) of the Securities Act, and Stifel and a former employee are jointly liable to pay disgorgement and prejudgment interest of $2.5 million. Stifel was also required to pay a civil penalty of $22 million. The Judgment also required Stifel to distribute $12.5 million of the ordered disgorgement and civil penalty to the school districts involved in this matter. 15. On October 27, 2015, Stifel was one of many firms to enter into an AWC with FINRA to settle allegations that the firm (i) disadvantaged certain customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge, but were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and (ii) failed to establish and maintain a supervisory system and procedures to ensure that eligible customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. These allegations were considered to be violations of NASD Rule 3010 and FINRA Rules 3110 and 2010. While not admitting or denying the allegations, the firm consented to a censure and to pay $2.9 million in restitution to the eligible customers. 16. On June 18, 2015, Stifel, together with 39 other financial 11. On April 8, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm used permissible customer- owned securities as collateral for bank loans procured by the firm. However, on several occasions over a period of years, prior to performing its customer reserve calculation, Stifel substituted those loans with loans secured with firm-owned collateral. The substitution thereby reduced the amount that Stifel was required to deposit into the Customer Reserve Account. FINRA found the practice to be a violation of applicable rules, including Section 15I of the Securities Exchange Act of 1934 and Rule 15c3-3(e)(2) thereunder. Throughout the relevant period, the firm had sufficient resources to fund the Customer Reserve Account even if the substitutions had not occurred. While not admitting or denying the allegations, the firm consented to a censure and fine of $750,000. 12. On March 24, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm executed transactions in a municipal security in an amount that was below the minimum denomination of the issue. The conduct described was deemed to constitute a violation of applicable rules. While not admitting or denying these allegations, the firm agreed to a censure and a fine of $25,000. services firms, consented to the entry of a Cease and Desist Order by the SEC following voluntary participation in the SEC’s Municipalities Continuing Disclosure Cooperative Initiative (“MCDC”). The SEC alleged that each participating firm generally violated federal securities laws and regulations (including certain anti-fraud provisions thereof) in connection with municipal securities offerings in which the firm (i) acted as either senior or sole underwriter and in which the offering documents contained false or misleading statements by the issuer about the issuer’s prior compliance with certain federal securities laws or regulations, (ii) failed to conduct adequate due diligence about the issuer in connection with such offerings, and (iii) as a result, failed to form a reasonable basis for believing the truthfulness of the statements made by the issuers in the offerings, in each case as required by applicable securities laws and regulations. While not admitting or denying the allegations, Stifel consented to a fine of $500,000 and to retain a consultant to conduct a review of its policies and procedures relating to municipal securities underwriting due diligence. 13. On March 3, 2016, Stifel entered into an AWC with FINRA to settle allegations that the firm, among other things, (i) traded ahead of certain customer orders, (ii) failed to mark proprietary orders with required notations, (iii) failed to yield priority, parity, and/or precedence in connection with customer trades submitted with proprietary orders, (iv) failed to disclose required information in writing to affected customers, and (v) failed to reasonably supervise and implement adequate controls in connection with these trades. These allegations were considered to be violations of New York Stock Exchange (“NYSE”) Rules 90, 92, 410(b), and 2010 as well as Section 11(a) of the Exchange Act. While not admitting or denying the allegations, the firm consented to a censure and fine of $275,000. 14. On January 5, 2016, Stifel, along with one of its employees, entered into an AWC with FINRA to settle allegations that 17. On June 10, 2015, Stifel entered into an AWC with FINRA to settle allegations that (i) the firm failed to report the correct symbol indicating whether a transaction was buy, sell, or cross and inaccurately appended a price override modifier to 50,076 last sale reports of transactions that were reported to the FINRA/NASDAQ Trade Reporting Facility and (ii) the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws and regulations as well as FINRA Page 33 of 48 SF1600-3/25  rules concerning trade reporting. These allegations were considered to be violations of FINRA Rule 7230A(d)(6), FINRA Rule 2010, and NASD Rule 3110. While not admitting or denying the allegations, the firm consented to censure and a fine of $40,000. do not pay our Financial Advisors on the basis of recommendations of Affiliated Managers or other affiliated products. In addition, we pay our Affiliated Managers in the same range as Independent Managers (i.e., Product Fees to utilize the services and/or Portfolios of Affiliated Managers is comparable to Product Fees associated with Independent Managers). 18. On June 8, 2015, Stifel entered into a settlement agreement with the Chicago Board of Options Exchange, Incorporated to settle allegations that the firm failed to register individuals, by the required deadline, who were otherwise required to register as proprietary trader principals. While not admitting or denying the allegations, the firm agreed to censure and a fine of $35,000. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS We make our Advisory Programs available to investment advisory Clients sourced by our affiliate, Stifel Independent Advisors, LLC (“Stifel Independent”) – a firm that is dual registered as an investment adviser and broker-dealer. We also provide portfolio management services to some of these clients if the clients enroll in any Program or Portfolio where we maintain discretion. We receive a share of the fees and/or charges paid by these Stifel Independent clients in connection with the services that we provide, and pay a portion to Stifel Independent for its services (including its Financial Advisors’ services). In our capacity as a registered broker-dealer, we also serve as clearing broker and custodian to accounts sourced by our affiliate Stifel Independent, and make a wide range of Advisory services and support resources available to Stifel Independent’s clients. We also provide portfolio management services to some of these clients to the extent they are enrolled in a Program or Portfolio where we maintain discretion. We receive a share of the fees and/or charges paid by Stifel Independent clients in connection with the services that we provide. As set forth above, our firm is dual registered as an investment adviser and a broker-dealer, and is also a licensed insurance agency with various states. We also have a number of affiliates that are registered as investment advisers or broker-dealers (or both). In addition to being registered representatives of Stifel, some of our management persons may be registered representatives of these affiliated broker-dealers. Similarly, some of our management persons may be management persons of our affiliates, including Affiliated Managers. Finally, some of our management persons may be licensed to practice law and/or may be certified accountants in various states. These individuals do not provide legal or tax advisory services to Clients. Our parent company, Stifel Financial Corp., is a publicly traded company (ticker: SF). We generally prohibit our Financial Advisors from recommending the purchase of our parent company securities in Clients’ Advisory accounts. The following affiliates may be involved, directly or indirectly, in the Advisory services provided to Clients in the Programs covered in this brochure: Affiliated Broker-Dealers – We have a number of affiliates that are registered broker-dealers. As a full-service broker-dealer, we self-execute client transaction and, as such, generally do not use the execution services of our affiliated broker-dealers in providing services to our Advisory clients. However, a number of our affiliated broker-dealers may serve as underwriters or otherwise participate in the distribution of securities that end up in our advisory accounts through purchases in the secondary market (NOTE that our wrap accounts do not participate in initial public offerings). Some of our affiliated broker-dealers (for example, Keefe, Bruyette & Woods (“KBW”)) also provide research used by our Financial Advisors in making investment decisions for Clients. As set forth above, we do not use these affiliates (including KBW) to execute Client trades or otherwise provide services directly to Advisory Client accounts. Your Financial Advisor can provide or direct you to a full list of our affiliated broker-dealer, upon request. Affiliated Funds and Other Products – As discussed above in “Additional Information on Fees and Other Compensation,” Stifel and its affiliates receive compensation from Funds and other products. Affiliated Trust Companies and Banks – Our affiliated trust companies, Stifel Trust Company, National Association (“STC”) and Stifel Trust Company Delaware, National Association (“STCD”), each provide personal trust services (including serving as trustee or co-trustee, or custodian) for individuals and organizations. The fees charged by our trust affiliates are structured in a manner that is consistent with fiduciary principles to which such entities are subject. STC’s and STCD’s published fee schedules provide a listing of the services for which each Affiliated Managers – We have a number of arrangements with our Affiliated Managers applicable to Clients enrolled in our Programs. As of the date of this brochure, our Affiliated Managers included 1919 Investment Counsel, EquityCompass Investment Management, LLC, Washington Crossing Advisors, LLC, Stifel Capital Management, LLC, North Atlantic Capital Management, LLC, and InTyce, LLC (aka Stifel Wealth Tracker). Our affiliations with any of the entities set forth above may change and/or we may acquire new affiliates at any time, without prior notice to you. Our Affiliated Managers provide Model Portfolios and/or manage Portfolios on a discretionary basis in a number of our Programs. We have a conflict of interest when our Financial Advisors recommend Affiliated Managers rather than Independent Managers, since any Product Fee received by an Affiliated Manager remains within the Stifel umbrella and may have a positive impact on the performance of our parent company stock (of which the Financial Advisor is likely a shareholder). Moreover, our Financial Advisors sometimes develop close personal relationships with employees and associated persons of our Affiliated Managers and, as a result, could have an incentive to recommend such Affiliated Managers over Independent Managers. To mitigate this risk, we Page 34 of 48 SF1600-3/25  receives payment. A copy of the fee schedule is delivered to each trust client. From time to time, as trustee or co-trustee, these trust affiliates may open an Advisory account in the Programs covered by this brochure, and/or access other advisory services that we offer. In such cases, we generally view our client to be the affiliated trust companies (i.e., STC or STCD), not their underlying trust clients on whose behalf our affiliates are acting (even where, for example, our Financial Advisor may have referred the underlying trust client to the affiliate trust company and, as a result, indirectly shares in the trust fees received). Account Fees with respect to the holdings. If an exception is granted for a Client to purchase and/or hold such Affiliated Private Funds in an Advisory account, depending on the particular Affiliated Private Fund and/or the specific class, series, or type of interest held, Stifel may charge an Advisory Account Fee with respect to such securities held in the Advisory account, which Advisory Account Fee will generally be in lieu of fees charged by the Affiliated Private Funds (but in addition to any fees charged by any underlying investments in which the Affiliated Private Funds invests), or the management fee or placement fee may be waived or reduced. Alternatively, the value of such securities held in the Advisory account will be excluded from the Advisory Account Fee billing. In connection with the insured bank deposit programs offered as cash sweep options for our Client accounts, our affiliates, Stifel Bank, Stifel Bank & Trust, STC, and STCD (each, an “Affiliated Bank” and collectively, “Affiliated Banks”), are either the sole participating deposit institutions, or the top participating deposit institutions into which idle cash swept from eligible Client accounts may be swept. From time to time, Clients may also have a direct relationship with an Affiliated Bank and hold other personal deposit and/or bank accounts at such affiliates, in which case, such Clients are solely responsible for any customary fees that are charged with respect to such deposit or other bank accounts. Stifel Nicolaus Insurance Agency, Incorporated – As set forth above, our firm is licensed as an insurance agency in a number of states and, as such, is able to sell insurance products to clients directly. However, in a few states, insurance products are sold through our affiliate, Stifel Nicolaus Insurance Agency, Incorporated. In such cases, the affiliate, and not our firm, will receive customary commissions paid by the insurance companies issuing Client policies. Financial Advisors who sell insurance products in such states typically are licensed as agents of the affiliate and will receive a portion of the insurance commissions paid. Any insurance is separate from our advisory services and not covered by your advisory fee. * * * * Our affiliations with these entities may change and/or we may acquire new affiliates at any time, without prior notice to you. Furthermore, as set forth under the section “Credit Line Loans” below, our Affiliated Banks may compensate us in connection with Credit Line Loans (based on the outstanding balance) that Clients hold at the bank. Clients should therefore note that the Financial Advisor has an incentive to recommend such Credit Line Loans and, as such, should carefully review the terms of any proposed Credit Line Loan prior to taking out any such Loan. Each Client should note that each relationship set forth above creates a conflict of interest for our firm and/or Financial Advisors. Our firm acts as a fiduciary with respect to all Advisory services. As a fiduciary, we take reasonable steps to ensure that all material conflicts are fully disclosed to our Clients. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS, AND PERSONAL TRADING Finally, our Affiliated Banks may, from time to time, issue brokered certificates of deposit which we may determine to make available for purchase by our clients. With respect to IRAs and Coverdell Education Savings Accounts, Stifel Bank serves as IRA custodian. When acting as IRA custodian, Stifel Bank does not provide and is not responsible for brokerage or advisory services for your account(s). Code of Ethics In addition to Stifel Financial Corp.’s Code of Ethics Policy, which is applicable to all Stifel personnel, our Advisory personnel are also subject to our Investment Advisory Code of Ethics (“IA Code of Ethics”). The IA Code of Ethics applies to activities that our personnel conduct in our firm’s capacity as a registered investment adviser, subject to applicable fiduciary obligations. A copy of the IA Code of Ethics is available upon request. Set forth in the IA Code of Ethics are standards reasonably designed to promote honest and ethical conduct, comply with federal securities laws and governmental rules and regulations, maintain privacy of Client information, protect nonpublic information, and encourage associates to report any known violations. Such standards include placing Client interests first, avoiding any material or potential conflicts of interest, and ensuring that personal securities transactions are conducted appropriately. Compliance periodically reviews the Limited Partnerships and Other Private Funds – Our firm may, directly or through an affiliate, act as general partner, manager, or managing member of various investment partnerships, limited liability companies, and similar entities (collectively referred to as “Affiliated Private Funds”). These Affiliated Private Funds are offered to eligible investors, some of whom may have Advisory accounts with us. Solicitation activities for these securities are typically made via an offering memorandum, circular, or prospectus and may only be made to clients for whom such investments are deemed suitable. Regardless of whether such funds are Affiliated Private Funds or not affiliated with us, investors will indirectly incur various fees and expenses as described in the offering documents for the applicable fund. With limited exceptions, Clients that invest in Affiliated Private Funds at Stifel are required to hold such securities in brokerage accounts. To the extent that Affiliated Funds are held in brokerage accounts, these clients are not charged Advisory Page 35 of 48 SF1600-3/25  IA Code of Ethics to ensure adequacy and effectiveness in complying with applicable regulations. Participation or Interest in Client Transactions To the extent we execute transactions for Client accounts, Advisory transactions are generally executed on an agency basis. However, our firm may trade with Clients and seek to earn a profit for its own account (such trades generally are referred to as “principal transactions”). Principal transactions are executed at prices and commission rates that we believe are competitive and in accordance with industry practice. Although we may be able to provide a more favorable price to a Client if we purchase from or sell to our inventory of securities, we generally are not able to engage in such transactions with Advisory accounts due to regulatory requirements, which require written disclosure and consent on a trade-by-trade basis. Except as set forth below, we do not permit Advisory accounts to purchase securities in syndicated offerings from our firm or our affiliates, unless neither Stifel nor our other affiliates are underwriters for the offering and the transaction can be effected on an agency basis. In limited circumstances, we will act in our capacity as a registered broker-dealer to execute principal trades (including, but not limited to, syndicate transactions) without having to obtain Client consent if the transaction is directed by an Independent Manager for the Client’s wrap account in accordance with applicable law and/or regulatory guidance. Our Financial Advisors may also recommend securities issued by entities that are also clients of our firm, in our firm’s capacity as investment adviser and/or broker-dealer. For example, our Financial Advisors may recommend securities of issuers that our firm has otherwise sponsored or promoted (including serving as underwriter or selling member in initial public offerings and other syndicated offerings). To the extent recommended, those securities will be purchased in the secondary market, and not during the initial or secondary offerings. We do not allow accounts over which we are serving as investment adviser to participate in offerings in which our firm is also a selling member (this limitation may not apply to transactions that are directed by unaffiliated Investment Managers on our platform, to the extent such transactions are permitted by applicable law). Client participation (if any) in such offerings must be effected in brokerage accounts, and solely in the firm’s capacity as broker- dealer. Clients with brokerage accounts that determine to participate in such offerings should note, therefore, that neither Stifel nor the Financial Advisor is, in any way, acting as a fiduciary with respect to any such transactions. As associated persons of a registered broker-dealer, our Financial Advisors are generally prohibited from participating in these offerings. However, some of our affiliates may, for their own accounts or for accounts of their clients, take substantial positions in such securities. In such cases, the affiliate may indirectly benefit from our Financial Advisor’s investment recommendations if (for example) the later purchase by our Client accounts of the securities (i.e., in the secondary market) cause the price of those securities to rise. In general, our policies prohibit Stifel personnel from sharing information relating to investments made for Client accounts with affiliates or other parties, unless such parties need to know such information in order to provide services to any affected client accounts and such disclosure is permitted by law. To the extent that associated persons obtain information relating to investments by Stifel and/or an affiliate, such associated persons are prohibited from (i) passing such information to any other person who does not need to know the information in order to perform required duties and (ii) using such information to benefit a Financial Advisor or Client. When permitted by applicable law and firm policy, we may cause Client accounts to engage in cross and agency cross transactions. A cross transaction occurs when we cause a Client account to buy securities from, or sell securities to, another Client, and our firm does not receive a commission from the transaction. We may (but are under no obligation to) cause Client accounts to engage in cross transactions. An agency cross transaction occurs when our firm acts as broker for a Client account on one side of the transaction and a brokerage account or another Client account on the other side of the transaction in connection with the purchase or sale of securities by the Client account, and our firm receives a commission from the transaction. We will have a potentially conflicting division of loyalties and responsibilities to the parties to cross and agency- cross transactions, including with respect to a decision to enter into such transaction as well as with respect to valuation, pricing, and other terms. We have adopted policies and procedures in relation to such transactions and conflicts. However, there can be no assurance that such transactions will be effected in the manner that is most favorable to a Client account that is a party to any such transaction. Cross transactions may disproportionately benefit some Client accounts as compared to other Client accounts due to the relative amount of market savings obtained by the Client accounts. If effected, cross or agency cross transactions are effected in accordance with fiduciary requirements and applicable law (which may include providing disclosure and obtaining Client consent). To the extent such consent is provided in advance of the cross or agency cross transactions, Clients may revoke the consent at any time by written notice to Stifel or their Financial Advisor, and any such revocation will be effective once we have received and have had a reasonable time to act on it. Our officers and/or employees (including our Financial Advisors) may serve on the boards of companies in Clients’ portfolios. In addition, our firm or affiliates may provide services to such portfolio companies. The portfolio companies may compensate us (or our affiliates) for services with options to purchase stock or other equity interests of the portfolio companies. If an affiliate owns options or other securities issued by portfolio companies, a conflict of interest may arise between the timing of any exercise or sale of these options, and our decisions about the same portfolio securities for Client accounts. We do not solicit such information from any affiliate. Our firm, Financial Advisors, and affiliates frequently have access to non-public information about publicly traded companies. When this occurs, our Financial Advisors (and therefore, their Client accounts) may be prohibited from trading an existing position at a time that would be beneficial to such Clients, resulting in investment losses or the failure to achieve investment gains. In other cases, we may purchase or sell the Page 36 of 48 SF1600-3/25  exceptions, accounts enrolled in the Programs above generally pay a wrap fee that covers Stifel’s advisory custodial, execution, and administrative services, as well as other applicable advisory and portfolio management services by Managers. See “Fees and Compensation” for more details about the wrap fee. securities of an issuer at a time when an affiliate or its employees have material non-public information about such securities or their issuers if the affiliates have not otherwise notified us of their possession of such information. Our affiliates and their respective employees have no duty to make any such information available to us, and we have no duty to obtain such information from the affiliates and do not otherwise solicit such information. Personal Trading Our employees and affiliates may invest in any Advisory Programs that we offer. We have adopted various policies and procedures designed to detect and prevent the misuse of material, non-public information by employees. Our firm and affiliates, directors, officers, stockholders, employees, and members of their families may have positions in and, from time to time, buy or sell securities that we recommend to Advisory accounts. We prohibit transactions in our firm account(s) and accounts of associated persons in any security that is the subject of a recommendation of our Research department until the recommendation has been disseminated to Clients and a reasonable time has elapsed following the dissemination. Our associated persons are prohibited from buying or selling securities for their personal accounts if the decision to do so is substantially derived, in whole or in part, by reason of their employment, unless the information is also available to the investing public or through reasonable inquiry. We maintain and regularly review securities holdings in the accounts of persons who may have access to Advisory recommendations. BROKERAGE PRACTICES Execution of Transactions As set forth above, as wrap sponsor, we expect to self-execute trades for accounts in the Programs covered in this brochure to the extent we have trading discretion and/or if Investment Managers direct trades to our firm. However, we may determine to effect transactions for discretionary Portfolios through other broker- dealers if we determine, in light of all applicable factors, that executing through the other broker-dealer would provide better execution than would be the case if we self-executed. Investment Managers in the Opportunity, Connect, and IMC Programs, have discretion to effect trades on behalf of Clients through broker- dealers other than Stifel. An Investment Manager may trade away if it determines, in its sole discretion, such trade-aways would be in the best interests of its clients, such as to satisfy its best execution obligations. As set forth above, Clients in our Programs pay fees to Stifel and, as applicable, the Investment Manager for services, which include costs related to transactions in Client accounts effected through Stifel. However, for all transactions executed through other broker-dealers, Clients will likely (but may not always) incur additional costs, such as commissions or markups/markdowns embedded in the price of the security, that are in addition to, and not included in, the Advisory Account Fee. As such, Clients are separately responsible for any execution costs incurred in connection with such trades. These additional costs are not reflected on Client account statements; however, if the Investment Manager has provided the appropriate information to us regarding such trades and the related additional costs, the information will be indicated on trade confirmations, or on quarterly transaction confirmation reports provided to those Clients who have elected to suppress immediate trade confirmations.1 1All other information shown does not reflect any additional execution costs resulting from trades executed through other broker-dealers. About Our Broker-Dealer Our firm’s principal business in terms of revenue and personnel is that of a securities broker-dealer. As a broker-dealer, we execute securities transactions per client instructions. As an integral part of the services offered when providing brokerage services, Financial Advisors may provide services and provide advice about securities that are incidental to Stifel’s brokerage services. However, when providing brokerage services, Financial Advisors do not make investment decisions on behalf of clients and do not charge any fees for any incidental advice given. Absent special circumstances, Financial Advisors are not held to fiduciary standards when providing brokerage services. Legal obligations to disclose detailed information about the nature and scope of our business, personnel, commissions charged, material or potential conflicts of interests, and other matters are limited when acting as a broker-dealer. As Managers, Investment Managers have a fiduciary obligation to act in the best interests of their advisory clients and are therefore required to seek to obtain “best execution” in effecting trades on behalf of such clients. Under the Advisers Act, “best execution” generally means executing transactions in a manner such that the client’s total cost or proceeds are the most favorable under the circumstances. Although it is important for Investment Managers to seek the best price for a security in the marketplace and minimize unnecessary brokerage costs in satisfying its obligations, these are not the only factors used to determine whether the Investment Manager has satisfied its obligations. It is not an obligation to get the lowest possible commission cost, or to solicit competitive bids for each transaction, but rather, the Investment Manager determines whether the transaction represents the best qualitative execution for its clients. In selecting a broker-dealer, Investment Managers may consider the full range and quality of services offered by the broker-dealer, including the value of the research provided (if any), execution capability, commission rate charged, the broker- dealer’s financial responsibility, and its responsiveness. Our Responsibilities as a Broker-Dealer As a broker-dealer, Stifel is held to the legal standards of the Securities Act of 1933, the Securities Exchange Act of 1934, FINRA rules, and state laws where applicable. Such standards include fair dealings with clients, reasonable and fair execution prices in light of prevailing market conditions, reasonable commissions and other charges, and reasonable basis for believing that securities recommendations are suitable. Brokerage clients pay commission charges on a per-transaction basis for securities execution services in their brokerage accounts. As set forth elsewhere in this brochure, with limited Page 37 of 48 SF1600-3/25  It is also important to note that Stifel does not monitor, review, or otherwise evaluate whether an Investment Manager is satisfying its best execution obligations to clients. Additional information about an Investment Manager’s brokerage practices, including the factors that the Investment Manager considers in satisfying its best execution obligations, which may vary according to the type(s) of securities traded, is contained in each Investment Manager’s Form ADV Part 2A Brochure. Clients should review each Investment Manager’s trading away practices before selecting, or while reviewing, the Investment Manager’s Portfolios. Types of Securities Traded. Investment Managers whose strategies consist primarily (or substantially) of fixed income securities, foreign securities (including American Depositary Receipts or ordinary shares), ETFs, and/or small cap securities are generally more likely to trade away from Stifel. This means that Clients investing in such strategies are more likely to incur execution costs in addition to the Advisory Account Fee paid to Stifel. Clients should, therefore, take these costs into consideration when selecting and/or deciding to remain invested in the affected strategies. Trade Aggregation. Investment Managers typically manage wrap client accounts for multiple firms using the same strategy, and may also manage other directly sourced accounts side-by- side with Stifel Client accounts. In certain cases, an Investment Manager may decide to aggregate all transactions for clients in its Portfolio(s) into a block trade that is executed through one broker-dealer, rather than separately through each participating firm (such as Stifel). Aggregating transactions into a single block may enable the Investment Manager to obtain a better price or additional investment opportunities for its clients, as well as allow the Investment Manager to exercise more control over the execution, including (for example) potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive, and/or competing client orders. Orders for most Advisory Programs are routed for agency execution. Our firm does not impose commissions (including markups or markdowns) on transactions that we execute for fee- based advisory accounts; however, as agency transactions, the broker on the other side of the transaction may charge a markup or markdown that may be equal to, or greater, than any markup or markdown we would have charged if we executed the trade in a principal capacity). Where permissible by applicable law (for example, in our Opportunity Program where an Independent Manager is directing a trade for non-retirement accounts), we may act as broker for the transaction and, at the same time, purchase and/or sell securities for a Client transaction from our inventory. Consistent with applicable regulations, such inventory trades are not considered “principal transactions” to the extent that an Investment Manager (not Stifel) determines that purchasing the securities from Stifel inventory is in the underlying Clients’ best interest. In addition, if an Advisory account holds a position which includes fractional shares, Stifel will accommodate any requests to liquidate for the fractional component by processing the transaction through its principal trading account, while the whole shares are liquidated on an agency basis. Investment Managers’ Historical Trading Away Practices. We maintain a list of Investment Managers with trading discretion over Client accounts that have notified us that they traded away from Stifel during the previous year – the list is typically available no earlier than the second quarter of the following year. The list includes the names of the applicable Portfolios, information about the Investment Manager’s trade- away practices for a particular Portfolio, and the average associated costs (if any) during the applicable year. The information is provided to existing investors in the affected Portfolios, as well as to new Clients seeking to enroll into an affected Portfolio after such information is available. However, the information contained in the list is based solely upon information provided to Stifel by each Investment Manager and is not independently verified by Stifel. As a result, Stifel does not make any representations as to the accuracy of the information presented. The information on the list regarding an Investment Manager’s prior trade-away practices is not a guarantee that a particular Investment Manager will exercise or repeat the same practices in the future and/or with the same frequency. It is possible that an Investment Manager could trade away more or less frequently, or at a higher or lower commission rate, fee, or other expenses, resulting in greater or lesser costs than those indicated. Individual Clients enrolled in the Portfolios noted may experience different results. Similarly, it is possible that an Investment Manager that has not previously, or recently, traded away from Stifel will do so in the future. On the execution end, Advisory account orders are generally treated with the same priority and procedural flow as non- advisory brokerage trades (except, such orders are not routed to our market makers and may be done as a block order, which may have different rules and priorities). We generally use automated systems to route and execute orders for the purchase and sale of securities for most Advisory accounts, unless directed by Clients to do otherwise. We use a reasonable diligence to ascertain the best markets for a security and to buy and sell in such markets so that the resultant price to the customer is as favorable as possible under prevailing market conditions. Certain large orders that require special handling may be routed to a market center for execution via telephone or other electronic means. We periodically monitor existing and potential execution venues and may route orders in exchange-listed or over-the-counter (“OTC”) securities to other venues if it is believed that such routing is consistent with best execution principles. For equity securities, we monitor the performance of competing market centers and generally route orders to those that consistently complete transactions timely and at a reasonable cost and which normally execute at the national best bid or offer. Whenever possible, orders are routed to market centers that offer opportunities for price improvement through automated systems. We execute mutual fund transactions for Advisory accounts through traditional omnibus vendors, or through clearing arrangements with other brokerage firms under so-called super- omnibus arrangements. Page 38 of 48 SF1600-3/25  in higher costs. The Advisory Account Fee for Advisory services does not cover, and Clients are separately responsible for, any brokerage commissions, markups, markdowns, and/or other costs associated with transactions effected through or with other broker-dealer firms. Aggregation of Trades in Advisory Portfolios To the extent possible and where permitted under applicable law, and in order to seek a more advantageous trade price, we may (but are not required to) aggregate orders for the purchase of a security for the Accounts of several discretionary Client accounts for execution in a single transaction (“block trades”). However, Clients in our Solutions Program should be aware that we do not require Financial Advisors who manage Solutions accounts to aggregate orders for Client accounts into block trades. As a result, Clients with Solutions accounts managed by the same Financial Advisor (including, for example, in the same Solutions Portfolio) may receive different execution prices even when trading in the same security on the same day. Order Routing and Payment for Order Flow Stifel receives payment for order flow for directing orders to certain exchanges and other trading venues. The source and nature of any payment received in connection with your particular transaction will be disclosed upon written request. In addition, in order to access a wide variety of execution venues, the firm does participate in the maker/taker model. Certain exchanges and other trading centers to which the firm routes equities and options orders have implemented fee structures under which broker-dealer participants may receive rebates on certain orders. Under these fee structures, participants are charged a fee for orders that take liquidity from the venue and provided a rebate for orders that add liquidity to the venue. Rebates received by the firm from a venue during any time period may or may not exceed the fees paid by the firm to the venue during that time period. Fees and/or rebates from all venues are subject to change. Stifel will provide customers additional information regarding average net fees/rebates paid/received upon written request. For venues from which Stifel receives a rebate, Stifel is considered to be receiving payment for order flow. Additionally, we generally will not aggregate trades across MBT Portfolios even where such MBT Portfolios are trading in the same securities on the same day. Similarly, we generally will not aggregate trades for different accounts where portfolio management decisions for accounts are made separately (e.g., same-day trades for different Programs). Clients should, therefore, understand that discretionary accounts in one or more MBT Portfolios and/or Programs may get different prices even if such accounts trade in the same security on the same day. When used, block trading can allow us to execute equity trades in a timely, equitable manner. The related transaction costs are shared equally at an average price per share and on a pro rata basis between all accounts included in the block trade, and participating accounts receive the same average price for the security. Orders that cannot be filled in the same block trade or at the same average price are assigned to accounts in a manner that seeks to treat Clients fairly and equitably over time. This practice does not ordinarily affect or otherwise reduce fees, commissions, or other costs charged to Clients for these transactions, but may provide price improvement. A partial fill of a block trade may be allocated among Client accounts randomly, pro rata, or by some other equitable procedure. In certain cases, Managers on our Advisory platform may use computer systems that allocate purchase and sale transactions either on a random or pro rata basis. In any case, Clients may pay higher or lower prices for securities than may otherwise have been obtained. Additional information will be provided upon written request, and certain order routing information is available online at www.stifel.com/disclosures/best-execution. On request of a customer and at no fee, Stifel will disclose to such customer the identity of the venue to which such customer’s orders were routed for execution in the six months prior to the request, whether the orders were directed orders or non-directed orders, and the time of the transactions, if any, that resulted from such orders. Orders could be routed and executed internally through Stifel’s trading desk. In such instances, Stifel stands to share in 100% of any compensation received (in the case of orders executed as agent) or profits or losses generated (in the case of orders executed as principal) as a result of internalizing such orders. Customers may mail their inquiries to: Stifel – Attn: Equity Trading Compliance, One South Street, Baltimore, Maryland 21202. Trade Error Correction In the event we make an error that has a financial impact on a client’s account, we will seek to correct the error as soon as possible and in such a manner that the affected client is not disadvantaged and bears no loss. We will evaluate each situation independently. In connection with the handling of block orders, where permitted by law, our firm may engage in hedging, offsetting, liquidating, facilitating, or positioning transactions (“risk-mitigating transactions”) that may occur at the same time or in advance of a client order, and these activities may have impact on market prices. Unless we are informed in writing (“opt out”), we will conclude that all clients with accounts at Stifel understand that we may engage in risk-mitigating transactions in connection with client orders and will conclude that clients have given us (including our affiliates) consent to handle block transactions as described above. Clients can contact their Financial Advisor for instructions on how to opt out. If there is a trade error for which we are responsible, trades will be adjusted or reversed as needed and/or will take such other steps as are necessary in order to put the Client’s account in the position that it would have been in if the error had not occurred. Errors relating to trades that have not yet settled are corrected at no cost to Client accounts by moving the affected securities to our error account and entering correcting trades in the Client’s account such that the Client is made whole. We net the Directed Brokerage We generally do not allow Clients to direct brokerage to other broker-dealers; in limited circumstances, some Managers may allow Clients to direct brokerage to other broker-dealers. When Clients direct brokerage away from Stifel, it generally will result Page 39 of 48 SF1600-3/25  correcting trades when assessing the overall gain or loss associated with the correction, and retain any gains realized as a result of correcting trade errors. In instances where an error occurs such that a trade correction is not available or practicable to implement (such as, for example, where a Client’s account is enrolled into the wrong Portfolio and the error is not identified and corrected promptly), we will typically correct the error by reimbursing the Client the negative performance differential, if any, for the period from the start of the error to the time the correction is made. Clients investing in Investment Manager-traded Portfolios should carefully review the error correction disclosures set forth in each such Investment Manager’s Form ADV Part 2A for an understanding of how that Investment Manager will correct trade and other errors. (or Managers), our Financial Advisors may also obtain research from firms that provide other products and services to us (for example, a Manager may make its research reports available to our Financial Advisors). Clients should be aware that our receipt of these research services may present a conflict of interest by creating an incentive for our firm and/or Financial Advisors to recommend the investment products offered by the research provider firms (or by their affiliates). In general, our policies prohibit our Financial Advisors from basing their recommendations of Managers and/or securities on the research services received from the Manager or issuer, or any of their related persons. Research services are generally used to benefit all client accounts, whether or not such research was generated by the applicable client account. However, not all research services will be used for all client accounts; the type of research used with respect to any one account will depend on, among other things, the types of investments that are deemed suitable for the account. We offer many services and, from time to time, may have other Clients in the same or other Programs trading in opposition to other Clients’ Advisory accounts. To avoid favoring one Client over another Client, we attempt to use objective market data in the correction of any trading errors. Research and Other Benefits Financial Advisors and Clients have access to research published by our firm’s research analysts (“Stifel Research”), the primary source of our research. Subject to certain exceptions, we incorporate the insights and economic perspectives of Stifel Research, where appropriate, into our products and services. Clients should be aware that our firm may have conflicts of interest in connection with research reports published. Stifel and other affiliates may have long or short positions, or deal as principal or agent, in relevant securities, or may provide Advisory or other services to issuers of relevant securities or to companies connected with issuers covered in research reports issued by Stifel Research. Our research analysts’ compensation is not based on investment banking revenues; however, their compensation may relate to revenues or profitability of Stifel business groups as a whole, which may include investment banking, sales, and trading services. Financial Advisors also have access to proprietary models covering various securities, including (but not limited to) equities, fixed income, mutual funds, and municipal securities developed by our firm’s various business areas, and may use these models in connection with managing and/or otherwise providing investment advice to Clients. Our firm may also use research obtained from other financial institutions, including our affiliate, KBW, as well as from other affiliated or unaffiliated broker-dealers and/or investment advisers. In general, we seek third-party research that is in-depth fundamental corporate research to assist in providing advisory services to clients. We do not use commission dollars from Program accounts to pay for research; our Financial Advisors have access to research from other financial institutions provided to our firm under reciprocal arrangements with Stifel Research. Our firm (or particular Financial Advisors) may also pay for independent research using hard dollars. Finally, as set forth in the Training and Education Expenses From Fund Companies Margin and Short Selling We do not allow the use of margin in Advisory accounts except in limited cases. For those Clients that are specifically permitted, the use of margin strategies will be limited to eligible non-retirement Advisory accounts at Stifel. Notwithstanding the foregoing, we generally allow Clients to use the assets held in their Advisory accounts as collateral for margin debits held in non-Advisory accounts. We also allow the use of margin in connection with approved Portfolios that engage in short selling. The use of leverage, or investing with borrowed funds, is generally not recommended in Advisory Programs; however, it may be approved on an exception basis when specifically requested by individual Clients, or for use in specialized Portfolios in our Programs. Certain eligibility requirements must be met, and documentation, in the form of a separate margin agreement (and, in some cases, additional certifications) that must be signed by the Client prior to using leverage or enrolling in these specialized Portfolios. In making the decision to set up margin privileges for an Advisory account (or enrolling in a Portfolio that uses margin or engages in short sales), it is important that Clients understand the risks associated with employing margin and/or short-selling strategies, the impact the use of borrowed funds may have on Advisory accounts, and how investment objectives may be negatively affected. Employing margin and/or engaging in short sales in Advisory accounts is a more aggressive, higher-risk approach to pursuing investment objectives. Clients should carefully consider whether the additional risks are appropriate prior to employing these strategies due to the increased potential for significantly greater losses associated with using these strategies. The use of these strategies also involves higher costs: for example, Clients pay short sale charges in connection with each short sale transaction in the account. Moreover, if the account carries an outstanding margin loan, the Client will also pay interest to our firm on the outstanding loan balance. These fees are in addition to the agreed-upon Advisory Account Fee. Furthermore, Advisory Account Fees are calculated as a percentage of the total “billable” value of assets in the account; the amount/value of the margin loan or short positions is not deducted from the total value of the investments when determining billable value. Therefore, employing margin to buy securities or otherwise engaging in short sales in Advisory accounts generally increases Page 40 of 48 SF1600-3/25  Credit Line Loans In some circumstances, Clients are able to use Advisory account assets as collateral for variable or fixed rate credit lines (“Credit Line Loans”) offered by an Affiliated Bank. the billable value of the account and, ultimately, our total compensation on the account(s). Clients that use (or otherwise enroll in strategies that use) margin or short selling may lose more than their original investments. A positive or negative performance, net of interest charges and fees, is magnified; gains or losses are greater than would be the case in accounts that do not employ margin strategies. A number of the risks discussed above apply even in cases where the margin debit is held or associated to a non-Advisory account, and Advisory assets are being used to cross-collateralize the margin loan in the brokerage account. Credit Line Loans in General. Clients repay the principal balance and interest on outstanding balances to Stifel Bank & Trust and/or other Affiliated Bank(s). For variable-rate loans, clients have the option to repay the principal at any time without prepayment fees. If interest rates rise, your borrowing cost will also rise. For fixed-rate loans, clients may be subject to prepayment fees (as described in the loan documents) if the loan is repaid before the end of the fixed- rate contract. The proceeds of these Credit Line Loans may not be used for the purpose of (a) purchasing, carrying, or trading in securities, (b) repaying or retiring any indebtedness incurred to purchase, carry, or trade in securities, or (c) repaying or retiring any debt, and/or otherwise purchase any product or service. For Portfolios that use margin or engage in short selling, we may, at our discretion, choose to cover all existing short positions when you terminate from the applicable Portfolio. To the extent that a maintenance call is triggered in connection with a margined account and we are forced to sell any assets used as collateral for the margin loan, or if we determine to liquidate any or all of your short positions in connection with a termination from a specialized Portfolio, we will act solely in our capacity as a registered broker-dealer (and not as an investment adviser or other fiduciary). Moreover, if selling such assets, we will seek to maximize our interest, and will not prioritize a Client’s interest. Clients generally will not benefit from employing margin or short-selling strategies if the performance of the account does not exceed the total costs incurred (i.e., the Advisory Account Fee plus all other applicable fees and expenses). REFERRAL PROGRAMS If Advisory account assets are used to collateralize Credit Line Loans, the accounts are pledged to support any Credit Line Loans extended and Clients are not permitted to withdraw funds or other assets unless sufficient amounts of collateral remain to continue supporting the Credit Line Loans (as determined by the applicable Affiliated Bank, in its sole discretion). Clients may still terminate their Advisory relationship with Stifel at any time, at which time these funds or assets will be maintained in a brokerage account at Stifel. Clients pay interest to the Affiliated Bank on Credit Line Loans at customary interest rates. Certain eligibility requirements must be met and loan documentation must be completed prior to applying for Credit Line Loans. We generally do not act as investment adviser when making the referrals described in this section. You should consider the referral compensation Stifel and/or your Stifel Financial Advisor may be eligible to receive when evaluating your relationship with us and the reasonability of any fees or other charges you pay us. Referrals for Trust Services Our parent company, Stifel Financial Corp., along with the Firm (together the “Service Providers”), have entered into Referral, Operating and Service agreements with our affiliated trust companies – Stifel Trust Company, National Association (“STC”) and Stifel Trust Company Delaware, National Association (“STCD”) (STC and STCD, individually and collectively, sometimes referred to hereafter as the “trust companies”). Pursuant to these agreements, STC and STCD pay the Service Providers for providing services, referral services and client services. The Service Providers receive, on a quarterly basis, 20% of the net fiduciary fees received by STC and STCD. Specifically, the Firm pays its Financial Advisors a portion of net fees on a monthly basis for the life of the account. Fees shall not be payable with respect to those accounts for which the Service Providers do not provide the referral services or the client services. These payments create an incentive for Financial Advisors to refer you to STC and STCD. Credit Line Loans extended by an Affiliated Bank are typically demand loans that are subject to collateral maintenance requirements. The Affiliated Bank may demand repayment at any time. If the required collateral value is not maintained, the Affiliated Bank may require additional collateral, or partial or entire repayment of any Credit Line Loans extended. Clients may need to deposit additional cash or securities as collateral on short notice or repay a partial or entire amount of the funds borrowed if the value of their portfolio declines below the required loan-to-value ratio. An Affiliated Bank may refuse to fund any advance request due to insufficient collateral. An Affiliated Bank may increase your collateral maintenance requirement at any time without notice, and may call your Credit Line Loan at any time and for any reason. Because each Affiliated Bank assigns different release rates to different asset types, in some cases, Clients may also be able to satisfy such requirements by selling securities with a low release rate and investing and/or holding the proceeds in assets that have a higher release rate for the loan. In each case, failure to promptly meet requests for additional collateral or repayment, or other circumstances including a rapidly declining market, may cause our banking affiliate to instruct us to liquidate some or all of the collateral supporting any Credit Line Loan in order to meet collateral maintenance requirements without needing your prior approval. You will not be entitled to choose the securities that will be sold. Depending on market circumstances, the prices obtained for the securities may be less than favorable. Any required liquidations may interrupt the account’s investment There may be an interim period between the time a referral is made and the time the trust companies begin to provide services. Page 41 of 48 SF1600-3/25  strategy and may result in adverse tax consequences or additional fees being assessed. The Affiliated Banks typically pay us a fee of up to 0.25% per annum, on a quarterly basis, of the outstanding SPA (Stifel Pledged Asset) Loan balance, a portion of which is paid to your Financial Advisor. In addition, the Affiliated Banks pay Stifel up to $50, which Stifel will then make a one-time payment to the Financial Advisor’s Client Service Associate (“CSA”) for the CSA’s assistance to the borrower in completing the related application. Neither we nor Stifel Financial Advisors currently receive payment on other credit line loans, which is subject to change. Other Important Considerations Relating to the Use of Margin or Credit Line Loans in Connection With Advisory Accounts. Margin and Credit Line Loans involve risk and may not be appropriate for all borrowers. The return on your Advisory accounts must be higher than your financing cost in order for you to generate a positive return in your Advisory account. The market value of your Advisory account may decline, which may result in the value of that collateral no longer covering an outstanding loan amount. None of the Stifel, our Affiliated Banks, or our Financial Advisors provide legal or tax advice. Clients should consult legal counsel and tax advisors before using borrowed funds as collateral for loans. Neither our firm nor our affiliates act as investment adviser with respect to the liquidation of securities held in Advisory accounts to meet margin calls or Credit Line Loan demands, and as creditors, our firm and our affiliates may have interests that are adverse to Clients. There are substantial risks associated with the use of borrowed funds for investment purposes and the use of securities as collateral for loans. Additional limitations and availability may vary by state. These payments are in addition to any Advisory Account Fees charged with respect to the Advisory assets used to collateralize the Credit Line Loan. As such, these payments present a conflict of interest for us in that they create a financial incentive for your Stifel Financial Advisor to make recommendations based on the additional compensation to be received rather than solely based on your financial needs. For example, a Financial Advisor could recommend that you open a Credit Line Loan rather than withdraw money from your Advisory accounts in order to retain the Advisory Account Fee that such assets are otherwise generating and to receive the additional compensation from the banking affiliate with respect to any outstanding Credit Line Loan balance that you maintain. Investment Banking Financial Advisors are able to introduce clients and others to Stifel’s Investment Banking area. Investment Banking helps corporations with raising capital, structuring mergers and acquisitions and navigating other complex financial issues. If Investment Banking receives any investment banking business resulting from such introductions, on the first three transactions with the client, Stifel’s Private Client Group currently receives a portion of the net fees earned by Investment Banking, a percentage of which will then be paid to the Financial Advisor. It is a benefit to your Financial Advisor, and a potential conflict, to make these introductions. Where appropriate to meet the needs of a client who may not meet the minimum threshold required, Stifel’s Investment Banking department may make an introduction to an unaffiliated partner firm. In these instances, the Financial Advisor making the original introduction would be paid a portion of the fees earned on each transaction. Mortgage Lending Residential mortgage loans are loans that are used to purchase a home, refinance an existing mortgage, or to take cash out for other purposes. These loans are secured by residential real estate and, in certain cases, brokerage account assets are used to collateralize the loan. Clients repay the principal amount borrowed to the appropriate Affiliated Bank, plus interest. These loans may have origination fees, application fees, and certain other fees and costs which are disclosed before the loan is made. Similarly, a Financial Advisor may recommend the continued maintenance of such Credit Line Loan to retain such payments. Finally, a Financial Advisor may recommend that you invest or hold your Advisory account assets in positions that have been assigned high release rates/low release rates by the applicable Affiliated Bank for the Credit Line Loan (but which positions ultimately generate low investment returns for your Advisory account) in order to avoid maintenance calls on the Credit Line Loan which would require loan repayment and/or the liquidation of Advisory assets. Depending on your specific circumstances, including the intended use of the proceeds from the Credit Line Loan and the return on your Advisory account, over the long term, it may cost you more to take out the Credit Line Loan than if you had withdrawn the money from your Advisory account. Clients are therefore encouraged to carefully consider the total cost of taking out any Credit Line Loan, and any additional compensation that the Financial Advisor will receive, when determining to take out and/or maintain Credit Line Loans. Finally, to the extent that a maintenance call is triggered in connection with a Credit Line Loan and we are obligated to liquidate assets in your Advisory account that have been used as collateral for such Credit Line Loan, we will act solely in our capacity as a broker-dealer (and not as an investment adviser or other fiduciary), even where such collateral is held in an Advisory account. Moreover, if selling such assets, we will seek to maximize our interest (and/or those of our Affiliated Banks), and will not prioritize a Client’s interest. For more information, please refer to the applicable Affiliated Bank credit line agreement. Mortgage loans are originated by Stifel Bank & Trust, Equal Housing Lender, NMLS #375103. Your Stifel Financial Advisor, however, does not offer residential mortgage products and is unable to accept any residential mortgage loan applications or to offer or negotiate terms of any such loan. Financial Advisors may refer current clients of Stifel to Stifel Bank & Trust for a mortgage loan. Page 42 of 48 SF1600-3/25  Where permissible by law, the Firm compensates Stifel Financial Advisors in connection with the origination of any mortgage loan. Compensation is paid after the loan is fully closed and funded. Affiliated Banks benefit from the use of cash swept from your account(s). The Affiliated Banks receive substantial deposits at a price that may be less than other alternative funding sources available to them. Deposits in deposit accounts provide a stable source of funds for the Affiliated Banks. Stifel Pledged Asset (“SPA”) Loan The SPA Loan Account is a pledged securities line of credit, made available to Stifel clients through Stifel Bank & Trust. With a SPA Loan Account, you may borrow against the value of securities or other assets in your securities account(s) for purposes other than to purchase, carry, or trade in securities. The SPA Loan Account is subject to application and credit approval by Stifel Bank & Trust. Please refer to the terms and conditions outlined in the Stifel Pledged Asset Loan Account Agreement, which is provided separately to applicants by Stifel Bank & Trust. CASH SWEEP OPTIONS Cash holdings in the applicable sweep option, including maintenance cash, constitute an indirect cost of the Program and result in additional compensation to Stifel and affiliates. If we (and our affiliates) did not receive this additional compensation, you should expect that we would charge higher fees or other amounts to you for the services we provide. Under certain market conditions, holding cash results in lower overall account return, such as when riskier assets outperform cash. Moreover, while maintaining Advisory account assets in cash may protect those assets from the risk of loss in the event of a market downturn, holding cash, particularly high cash concentrations for long periods of time, through an Advisory account may result in underperformance given the impact of Advisory Account Fee(s) and the rates of return on maintenance cash and other cash equivalents. As custodian, we offer one or more cash sweep options, depending on the type of account that you have or are establishing (i.e., retirement versus non-retirement), for available cash balances in your accounts to be swept into bank accounts with participating banks (of which our Affiliated Banks are top or sole participating banks, as discussed below) insured by the FDIC. The interest rates on deposit accounts are determined by the amount the participating banks are willing to pay minus the fees and compensation paid to us or our affiliates (discussed below). Participating banks do not have to offer the highest rates available or rates comparable to money market mutual fund yields. By comparison, money market mutual funds generally seek to achieve the highest rate of return consistent with their investment objectives, which can be found in their prospectuses. An eligible Advisory account may earn an “Enhanced Advisory Yield” on certain sweep program balances. Available sweep program deposit account balances up to a defined percentage, the “Maintenance Cash Percentage,” of the total value of an eligible Advisory account, determined account by account, that is used to calculate Stifel’s advisory wrap fee is referred to as “Maintenance Cash” and will receive interest at standard interest rates as discussed in detail in the Stifel Account Agreement and Disclosure Booklet. Sweep program deposit account balances in an eligible Advisory account in excess of Maintenance Cash will earn the Enhanced Advisory Yield. For more information about the Enhanced Advisory Yield, please contact your Financial Advisor or visit www.stifel.com/docs/pdf/Disclosures/AgreementAndDisclosure Booklet.pdf. We act as your agent and custodian and engage Stifel Bank & Trust as a sub-custodian in establishing and maintaining a deposit account at each participating bank. Although the deposit accounts are obligations of the participating banks and not us, you will not have a direct relationship with the participating banks. All deposits and withdrawals will be made by us on your behalf. You may also establish direct relationships with a participating bank, open separate deposit and/or savings accounts, and obtain certificates of deposit to which higher rates might apply, but will not be provided the same level of services as those offered through our cash sweep arrangements. You are responsible for monitoring the total amount of your deposits at any one participating bank for purposes of ensuring FDIC coverage for your funds, particularly since you may have other deposits at a participating bank of which we are unaware. In all cases, Client has the option to hold cash in a brokerage account at Stifel and/or in deposit accounts through the Affiliated Bank or with other banks, in which case such cash would not be subject to the Advisory Account Fee. Clients also have the option of using (including directing their Financial Advisors to use) other cash equivalents in their accounts; while subject to the Advisory Account Fee, these cash equivalents will likely earn higher interest rates than cash held through our insured bank deposit sweep programs. Clients should compare the terms, interest rates, required minimum amounts, and other features of the automatic sweep option with other cash equivalent investments. More information about our automatic sweep option is available at www.stifel.com/docs/pdf/Disclosures/AgreementAndDisclosure Booklet.pdf. Information about current interest rates on our insured bank deposit sweep programs are available by contacting your Financial Advisor or through www.stifel.com. All participating banks, except Affiliated Banks, pay Stifel Bank & Trust a fee equal to a percentage (which may be as much as 7.00 percent annually) of the average daily deposit balance in your deposit accounts. The amount of fee received by Stifel Bank & Trust will decrease the interest rate that you will receive in connection with your deposit account balances. Stifel Bank & Trust reserves the right to increase, decrease, or waive all or part of its fees at any time. The offering of the cash sweep arrangements poses conflicts of interest because the fees and benefits received by Stifel and our Affiliated Banks is an important source of our revenues. Our affiliate determines how much of the interest it keeps as its fee, Page 43 of 48 SF1600-3/25  information, refer to Stifel’s website at www.stifel.com/disclosures/sweep- choices/insured-deposit- account. Stifel and affiliates typically receive more fees when your cash is swept into the cash sweep arrangements than when you purchase a money market fund, and our Affiliated Banks benefit from the use of cash swept from your account(s). We seek to mitigate this conflict through disclosure in this brochure and, at least as a matter of current practice which is subject to possible change, by not sharing these fees with our Financial Advisors. Stifel Insured Bank Deposit Program If your account participates in the Stifel Insured Bank Deposit Program (the “SIBDP”) as your sweep option, then available cash balances in your brokerage account will be deposited into interest-bearing deposit accounts at one or more Affiliated Banks or unaffiliated banks (each a “Bank”). Risks Associated With the SIBDP and SIBDPRA Deposits are insured up to applicable FDIC limits. Any deposits (including deposit balances maintained through the Stifel Insured Bank Deposit Program, Stifel Insured Bank Deposit Program for Retirement Accounts, or certificates of deposit) that you maintain in the same insurable capacity directly with an Affiliated Bank or through an intermediary (such as Stifel or another broker) will be aggregated with funds in deposit accounts at the respective bank(s) for purposes of the FDIC insurance limits. You are responsible for monitoring the total amount of deposits that you have with each bank in order to determine the extent of FDIC insurance coverage available to you. All banks participating in the SIBDP, except Affiliated Banks, will pay Stifel Bank & Trust fees as discussed above. In its discretion, Stifel Bank & Trust may reduce its fee and may vary the amount of the reductions between clients. The fee may vary from bank to bank. The amount of the fee received by Stifel Bank & Trust will reduce the interest rate paid by a Bank on your deposit accounts. Neither Stifel nor its affiliates, including Affiliated Banks, monitor the amount of your deposited funds to determine whether those amounts exceed the FDIC insurance limits applicable to your deposits at a bank, and they are not responsible for any insured or uninsured portion of the deposit accounts at any bank. The SIBDPRA is offered by Stifel as a broker-dealer and not Stifel Bank as your IRA Custodian or otherwise. Additional information about the SIBDP and SIBDPRA is available on Stifel’s website at www.stifel.com/ disclosures/sweep-choices/insured-deposit-account. Moreover, Stifel Bank & Trust also receives additional financial benefits (i.e., additional deposits) and regulatory benefits (i.e., diversification of depositors) under reciprocal deposit arrangements with certain banks (including Affiliated Banks). Under these arrangements, Stifel Bank & Trust is entitled to receive and accept deposits from customers of such other banks in amounts similar or equal to amounts added to deposits accounts under the Program. Stifel receives an aggregate, annual fee of up to $100 from the Affiliated Banks on a per-account basis in connection with accounts that participate in the SIBDP. For additional information on benefits received by Stifel and its affiliates, refer to Stifel’s website at www.stifel.com/disclosures/sweepchoices/insured-deposit- account. You should review the sections “The Stifel Automatic Cash Investment Service” and “Disclosure Documents for Automatic Cash Investment” of the Stifel Account Agreement and Disclosure Booklet for the terms, conditions, and other important information relating to the applicable sweep options, including a discussion of the various conflicts that we may have in connection with such options as well as how we seek to mitigate such conflicts. You may access the Stifel Account Agreement and Disclosure Booklet, as amended from time to time, here: https://www.stifel.com/docs/pdf/Disclosures/AgreementAndDis closureBooklet.pdf, or you may request a copy from your Financial Advisor. REVIEW OF ACCOUNTS Stifel Insured Bank Deposit Program for Retirement Accounts If your account participates in the Stifel Insured Bank Deposit Program for Retirement Accounts (the “SIBDPRA”) as your sweep option, available cash balances in your brokerage account will be deposited into interest-bearing deposit accounts at one or more Affiliated Banks which include Stifel Bank, Stifel Bank & Trust, Stifel Trust Company, National Association, and Stifel Trust Company Delaware, National Association (the “Banks”). Account Review Each new account enrolled in a Program is reviewed by the applicable Financial Advisor’s supervisor prior to account opening. Thereafter, Financial Advisors periodically perform account reviews. Portfolio Review Clients in the Programs covered in this brochure may request periodic analyses of their portfolio, including performance and/or other relevant characteristics and metrics (“Reports”) from their Financial Advisor(s). The information included in these Reports is verified by Stifel’s Operations staff who perform daily transaction reconciliation and performance return Stifel receives an aggregate, annual fee of up to $100 from the Banks on a per-Securities account basis in connection with accounts that participate in the SIBDPRA. For both the SIBDP and SIBDPRA programs, your Financial Advisor is currently not receiving a fee. Stifel reserves the right to pay a fee to your Financial Advisor in connection with the SIBDPRA Retirement Accounts at any time without prior notice. Upon request, Stifel will provide you with information about Stifel’s compensation arrangements with respect to its sweep investments. Stifel and the Banks receive certain additional benefits in connection with the Program. For additional Page 44 of 48 SF1600-3/25  evaluations to identify and address the cause of any material unusual variations or inaccuracies. Transaction Statements Clients with discretionary accounts held at Stifel typically receive monthly (but in no event less than quarterly) statements that identify buys, sells, dividends, interest, deposits, and disbursements in their accounts during the previous month, as well as the overall market value of the portfolio at month’s end. A summary of portfolio holdings as of the end of each reported quarter is also listed. Clients may not waive receipt of account statements. Clients whose accounts are held away from Stifel, with a qualified custodian (but who trade through Stifel), will receive a statement with respect to each month in which a transaction is effected in their Stifel account. However, if no transactions are effected in accounts held away from Stifel, such Clients may receive their statements on a quarterly basis. All other Clients utilizing an unaffiliated, third-party custodian will receive statements from their applicable custodian based on the custodian’s own delivery schedule. Realized Gain/Loss Summary Custodial statements from Stifel include annual listings of all closed transactions in their accounts during each calendar year, as well as the offsetting cost of each transaction and, thus, the realized gains/losses for each closing transaction. Performance Information When displaying performance, our primary reporting systems typically reflect a daily Time-Weighted Return (“TWR”) calculation methodology, but where specifically identified, may also present an Internal Rate of Return (“IRR”). TWR measures the performance of investments, without distorting daily values or growth rates based on the cash added or removed from an investment. IRR, on the other hand, considers the effect of all cash inflows and outflows in its calculation and is often used to measure the absolute growth of an investment over a certain period of time. In certain limited cases, we may calculate performance returns using one of our secondary reporting systems. Our secondary reporting systems generally calculate performance returns using a monthly Modified Dietz Method, which is a time-weighted method that also identifies and accounts for the timing of cash flows in the account over the period. If the date of a cash flow is not known, the systems assume a mid-month date for cash flows. Regardless of the system from which performance is calculated, a sampling of the performance returns is reviewed to confirm accuracy or compliance with presentation standards. Year-End Tax Report With respect to those accounts for which our firms acts as custodian, we provide such Clients 1099 statements for the previous tax year. 1099 statements include both reportable and non-reportable information, cost basis for securities that have been sold, and additional information to assist with tax preparation. Transaction Confirmations Clients with discretionary accounts may elect to receive trade confirmations immediately upon execution in their accounts, or defer confirmations until the end of each quarter. Clients with eligible accounts who elect to defer confirmations receive summary reports at the end of each quarter outlining the transactions posted to their accounts during the most recent calendar quarter. The election to receive confirmations immediately or quarterly may be changed at any time upon the Client’s written notice. Clients are not eligible to defer confirmations for non-discretionary Program accounts. Clients that have signed up for online access to their Advisory accounts may review their transaction confirmations through the online portal. We rely on publicly recorded information, use various vendor systems, and/or rely on valuations provided by third-party custodians holding assets and/or accounts that are part of your relationship with us in determining the values used in our Reports. Depending on the primary reporting system, your Reports may or may not include unsupervised assets. The inclusion of unsupervised assets will distort the performance of our Advisory services. As a result, the performance on those Reports may differ from the performance shown for the same account(s) in a report that is limited to Advisory services. If you hold alternative investments where we receive periodic valuations (actual or estimated) from the associated management, administrators, and/or sponsors you should note that we may receive delayed valuations monthly, quarterly, or less frequently. As a result, those investments may show a historic or, in certain cases, an estimated value. The actual value, once determined, may differ from the value previously reported to you and, as a result, you may not be able to realize a previously shown value upon sale or redemption. We update actual values upon receipt but will not amend previously issue Reports due to such changes. CLIENT REFERRALS AND OTHER COMPENSATION In certain circumstances, you may notice a difference in the values displayed on custodial statements versus Reports for the same account. For example, our Reports generally include any income that is earned (accrued) but has not yet been paid by the issuer and base the figure on trade date rather than settlement date. Regardless of the system where your Report was generated, you should carefully review the accompanying disclosure for definitions of relevant terms and calculations used, as well as other important information you should consider in your review. You should contact your Financial Advisors with any questions regarding the information in any Report that you receive. In general, we require that all solicitation or referral arrangements under which our firm is acting as investment adviser (i.e., referrals to us) to comply with applicable regulatory requirements, including, but not limited to, disclosures to Clients about the referral arrangement as well as any fees received (or paid) in connection with such referral at the time of the referral or execution of the Advisory Agreement. We have policies and procedures designed to deliver proper disclosures to Clients at the time of solicitation and/or account opening, which include disclosures of the solicitation arrangement, as well as the fee paid by Stifel to such solicitor (or received by Stifel) in respect of the solicitation. We require each solicitor to deliver these Page 45 of 48 SF1600-3/25  disclosures to each prospective Client. We also have procedures designed to confirm that all such prospective Clients sign disclosure delivery receipts, where appropriate. which is to obtain the auditor’s report on our internal controls designed to safeguard clients’ assets held at our firm. Our firm also undergoes an annual surprise audit by an independent registered accounting firm that is designed to verify the Clients’ assets. At the conclusion of the annual surprise audit, the independent auditor files a report with the SEC attesting to, among other things, our compliance with regulatory requirements. Our firm may also enter into referral arrangements with other Managers, for us to act as solicitor for that Manager. Referrals made by our Financial Advisors under these arrangements are made in our capacity as a registered broker-dealer, and not as a registered investment adviser. In addition to the arrangements set forth above, our firm also participates in the following solicitation or referral arrangements applicable to our Advisory services covered in this brochure: Certain of our affiliates may also serve as qualified custodians of our Client assets. In such cases, consistent with applicable regulations, we receive a report issued by an independent registered public accountant relating to the affiliate’s internal controls in connection with its custody services. VOTING CLIENT SECURITIES Stifel Alliance Program Under the Stifel Alliance Program (“Alliance”), we are able to compensate individuals or companies, either directly or indirectly, for Client referrals by sharing a portion of the fees charged by our firm. Our policies prohibit our Financial Advisors from up-charging any Client to make up for the portion paid to or otherwise expended in connection with an Alliance solicitor. We and/or our associated persons may pay for registration costs (if any) relating to the solicitor to facilitate the solicitor’s state registration (if required). As a result, such solicitors may have incentive to refer clients to Stifel over other firms. You can appoint Stifel or, if applicable, the Manager with trading discretion over your account or Portfolio to vote appropriate proxies on your behalf. You can change your proxy voting election at any time. Requests to revoke proxy voting delegation to Stifel or change any vote already cast must be in writing. We request 30 days to allow the Firm sufficient time to process the revocation and implement the changes with respect to any pending votes with our vendors. We will make reasonable attempts to implement your request but cannot assure that it will occur in time for a particular vote. It is important to note that Stifel does NOT vote proxies for foreign ordinary shares or ADRs. Voting of those proxies will remain your responsibility. Compensation for Client Referrals As set forth above, our firm has entered into referral arrangements with certain of other Managers, pursuant to which we (or our Financial Advisors) receive compensation for client referrals made to each such Manager. Referred clients should be aware that our Financial Advisors could have an incentive to refer the client to Affiliated Managers over Independent Managers, as the Affiliated Manager’s receipt of additional revenues for services not otherwise available through our Advisory platform would have a positive impact on our affiliated group. As of the date of this brochure, our firm had entered into referral arrangements with the following Affiliated Managers in which we have agreed to act as solicitor: 1919 Investment Counsel and Stifel Capital Management, LLC. In voting proxies, we have a fiduciary responsibility to make investment decisions that are in the best interest of our Clients and vote all Client securities accordingly. As required by applicable regulations, we have adopted policies and procedures to govern the proxy voting process for our Client accounts. We have retained a third-party proxy voting service (“Proxy Voting Agent”) to provide independent, objective research and voting recommendations based on its standard proxy voting guidelines, and to vote proxies in your account(s) on our behalf (other than foreign ordinary shares and ADRs). If the Proxy Voting Agent is unable to provide a voting recommendation, Stifel will not vote your shares. In addition, our Financial Advisors are able to receive compensation for referring clients to our other affiliates for services including, but not limited to, Affiliated Banks. You may request a copy of our Proxy Voting Policies and Procedures as well as the Proxy Voting Agent’s standard proxy voting guidelines at any time, including a record of the proxies voted in respect of your account(s). Other Compensation As set forth above under “Fees and Compensation,” we have the ability to receive Revenue Sharing from some private fund sponsors or managers to whom we refer Clients for investments. We may similarly receive payments from mutual funds in which Clients invest. CUSTODY Please note if you have a margin balance in your account, it may reduce the number of shares in which you are eligible to vote. For additional details, you should carefully review the provisions concerning margin in the Stifel Account Agreement and Disclosure Booklet located at www.stifel.com/disclosures. If your account is invested in a Manager-Traded Portfolio and you choose to delegate proxy voting authority, the Manager will typically vote proxies related to the securities in the account or Portfolio. For this reason, you should carefully review the proxy voting discussion in each such Manager’s Form ADV 2A Unless agreed upon otherwise, we maintain custody of our Client assets. We have adopted policies and procedures that are designed to mitigate risks involved in being a self-custodial firm (with the exception of IRA assets) in an effort to ensure that our clients’ assets are protected. Among other things, we undergo a separate examination by an independent auditor, the purpose of Page 46 of 48 SF1600-3/25  above. Non-discretionary services are provided directly by your Financial Advisor. More detailed information about these services and Programs is provided in, and each Plan Client should review, the section above entitled “Wrap Fee Programs Offered by Stifel.” provided to you at the time you enroll into the Manager’s Portfolio. You should understand the Manager’s proxy voting process and guidelines, as well as the related risks prior to granting proxy voting authority to a Manager. If a Manager with trading authority over Clients’ account is unwilling to accept proxy voting delegation, our firm will step in and direct proxies in the affected Client accounts to the Client for voting recommendations as well as actual voting. Our Status When providing discretionary and non-discretionary advisory services through a Program, Stifel acts as a registered investment adviser under the Advisers Act. For a description of Stifel’s status as a “fiduciary” under ERISA, please refer to the section titled “ERISA” in the applicable Advisory Agreement. We generally do not vote proxies for Clients whose custodial accounts are held by third-party custodians. In addition, if you are enrolled in the Connect Program, you should note that the Connect Adviser may or may not vote proxies for your account. You should therefore carefully review your separate agreement with the Connect Adviser to determine its proxy voting policy. If a Connect Adviser does not vote proxies on behalf of its clients, you will be responsible for voting proxies in your Connect Program account. FINANCIAL INFORMATION We do not have any adverse financial conditions to disclose under this Item. General Description of Compensation Paid to Stifel Advisory Fees. Our firm accepts direct compensation in the form of fees paid pursuant to the Advisory Agreement entered into with the Plan at the time of account opening. Plan Clients should refer to the applicable Advisory Agreement for the fee calculation formula specific to the Plan account. For information about the manner in which these fees are paid, please see the sections “The Stifel Fee,” “Deduction of Advisory Account Fees,” and “Other Excluded Fees and Expenses” of this brochure and the section entitled “Fees and Billing” in the applicable Advisory Agreement. ERISA RULE 408(b)(2) DISCLOSURE INFORMATION FOR QUALIFIED RETIREMENT PLANS This section generally describes the fiduciary status of investment advisory services provided by and compensation paid to Stifel with respect to ERISA qualified retirement plans (each, a “Plan”). Private Fund Fees. In limited circumstances and in connection with certain Plan investments in private funds (including, but not limited to, hedge funds and private equity funds), we may receive placement fees or other compensation indirectly from a private fund and/or its related persons in lieu of advisory fees paid directly by the Plan with respect to such investment. Where applicable, such placement fees or other compensation are disclosed in the subscription documents or other documents that you execute in connection with the Plan’s investment in the private fund, and are equal to the Advisory fee otherwise applicable to your Account. See the section of this brochure titled “Revenue Sharing and Other Compensation Arrangements With Private Investment Funds or Their Sponsors” for more information. General Description of Status and Services Provided by Stifel to Plans As set forth above in the section titled “Wrap Fee Programs Offered by Stifel” of this brochure, we offer and provide a variety of investment advisory Programs that are intended to assist responsible Plan fiduciaries with their prudent investment duties under ERISA. A thorough description of the services provided to a specific Plan is set forth in the applicable Advisory Agreement and may include investment management, trading, and/or custody services, as well as participant education and guidance. Trade Errors. As set forth above under “Trade Error Correction,” our policy is to put a Client’s account in the position that it would have been in if an error had not occurred. As a result, to the extent a trade error correction results in a gain, Stifel will retain the resulting gain, to the extent permitted under applicable law. Pursuant to applicable guidelines, such gains may be deemed additional compensation. We maintain a record of any losses and/or gains resulting from trade error corrections in a Client account and will provide such information upon request. Discretionary Investment Management Services – We offer and provide discretionary ERISA fiduciary investment advisory services through a variety of Programs covered in this brochure. These Programs are as follows: Fundamentals, Solutions, Opportunity, Investment Management Consulting, Connect, and Custom Advisory Portfolio. Depending on the Program, discretionary portfolio management services may be provided directly through a Stifel Financial Advisor, by our home office personnel, or we may provide the Plan access to an Independent or Affiliated Manager that provides such discretionary investment management services. ADR Pass-Through Fees. Plan accounts that invest in ADRs may also incur pass-through fees, which are typically charged by the sponsors of certain ADRs as custody-related expenses. When applicable, Stifel collects ADR pass-through fees from applicable Plan assets, then forwards all such ADR pass-through fees to the Depository Trust Company (or other applicable central securities depository). Non-Discretionary Advisory Services – We also offer and provide non-discretionary investment advisory and ERISA fiduciary services through the Horizon Program, as detailed Page 47 of 48 SF1600-3/25  Compensation From Funds and Other Products. For a description of the credits you may be eligible for in connection with investments in Funds and other products that pay 12b-1 fees and other types of compensation, please see the sections titled “Compensation From Funds” and “Compensation From Other Products” above. Brokerage Practices. For a description of compensation we receive in connection with our brokerage practices, please see the section titled “Brokerage Practices” above. Training and Education Expense Contributions. For information about payments we receive from investment companies and/or their affiliates in connection with training and achievement seminars offered to our Financial Advisors, please see the section in this brochure titled “Training and Education Expense Contributions.” Sponsorship amounts generally vary by vendor and cannot be reasonably allocated to any particular Plan Client. For additional information on other compensation received by Stifel (as well as its affiliates, including Stifel Independent Advisors) from various product sponsors, please refer to the information located at: https://www.stifel.com/disclosures/mutual-funds/other- compensation-stifel Non-Cash Compensation. Please see the section of this brochure titled “Non-Cash Compensation” for information about certain gifts and gratuities we may receive. Based on historic trends, we do not expect to receive non-cash compensation in excess of the de minimis threshold under DOL regulations with respect to a Plan Client. Sweep. See the sections “The Stifel Automatic Cash Investment Service” and “Disclosure Documents for Automatic Cash Investment” of the Stifel Account Agreement and Disclosure Booklet for information about sweep services. Our cash sweep programs create a conflict of interest for us because we have an incentive for you to maintain and direct otherwise uninvested cash in your account to deposits of our affiliated banks, which they can use to generate additional revenue. We also receive revenue for sending your cash deposits to third-party banks that participate in our sweep programs. This creates an incentive for us to recommend or direct investments that result in cash being invested through our sweep programs. For additional information, please see https://www.stifel.com/disclosures/sweep-choices/sweep- choices-disclosure. Termination fees. See the section above titled “Compensation in Connection With the Termination of a Client’s Relationship With Stifel” for information about fees that may apply if you transfer assets in your Account upon termination of your Advisory Agreement. Plans are directed to the section “Fees and Compensation” in the brochure for additional details about the various other types of indirect compensation that we may receive in connection with Plan assets and, to the extent applicable, the steps that we take to mitigate the conflicts that may be raised by the receipt of such indirect compensation. Deposits in one of our affiliated banks or trust companies (each an “Affiliate Bank”) will bear a reasonable rate of interest as required by 29 C.F.R. Section 2550.408b-4(b)(2). By participating in a sweep service, you authorize deposits in each Affiliate Bank and acknowledge the benefits that Stifel, the Affiliate Bank, and your Financial Advisor derive from the arrangement. Please contact your Financial Advisor for additional information. Financial Advisor Compensation. For information about how we compensate your Financial Advisor, please see the section “Compensation to Financial Advisors” in this brochure. Float. In general, under ERISA, a service provider, such as a custodian may retain the benefit of the use of any funds on hand that are incidental to the normal operation of the plan and that constitute earnings on funds that are (i) awaiting investment or (ii) transferred to a disbursement account for distribution from the plan. The DOL has issued guidance that requires financial institutions to make specific disclosures to employee benefit plans, such as the Plan, regarding the circumstances under which the institution has use of, or may derive benefit from, un-invested cash pending investment or distribution (“float”). As discussed in the section of this brochure titled “Additional Information on Fees and Other Compensation,” if Stifel serves as custodian of a Plan Client account, we will earn float on cash/funds received after the close of the NYSE (or on a day that the NYSE was closed) for the benefit of Client account, until such cash/funds are swept into the Client’s selected sweep option, typically the end of the second business day. Similarly, to the extent we issue a check to a Client or the Client withdraws funds through an ACH payment, we earn float on the funds covered by the check until the Client cashes the check or the ACH payment settles. In general, the amount of float earned is equivalent to the effective Federal Funds rate on the date earned. Accounts Managed by Third-Party Managers Plan accounts enrolled in our Opportunity, IMC, and/or Connect Programs may utilize the services of a Manager (which, for purposes of this section, will encompass Investment Managers and Connect Managers, as defined above) that is engaged to provide discretionary investment management services to the Plan. As the Manager for the Plan, such Manager is a fiduciary to the Plan for purposes of ERISA and a registered investment adviser for purposes of the Advisers Act. For our Opportunity Program, the Manager’s direct compensation is part of the total fee that the Client pays under the applicable Advisory Agreement with Stifel; in our Connect Program, the Connect Manager’s fee is separate from (and in addition to) the Stifel fee. In addition to the management fee, a Manager may also receive indirect compensation, often referred to as “soft dollars” or other benefits, from other brokerage firms with which the Manager executes trades for its client accounts. These benefits may or may not relate to trades effected for the Plan account. Plan Clients should refer to the applicable Manager’s separate ERISA Section 408(b)(2) disclosure statement or Form ADV Part 2A for information about whether or not the Manager receives soft dollars or similar benefits and, if so, the specific benefits received. Page 48 of 48 SF1600-3/25