UHLMANN INVESTMENT MANAGEMENT, L.L.C.

Item 1 Cover Page Brochure For UHLMANN INVESTMENT MANAGEMENT L.L.C. (“UIM”) Registered Investment Advisor Securities and Exchange Commission Form ADV Part 2A Dated November 5, 2025 5202 Old Orchard Road Suite 250 Skokie, IL 60077 312-264-4400 This brochure provides information about the qualifications and business practices of Uhlmann Investment Management, L.L.C. If you have any questions about the contents of this brochure, please contact us at 312-264-4400. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Registration does not imply a certain level of skill or training. Additional information about Uhlmann Investment Management, L.L.C. also is available on the SEC's website at www.adviserinfo.sec.gov.  Item 2 Material Event Disclosure Since the last update of our Brochure on October 16, 2025, the Firm has not had any material events. Item 3 Table of Contents Item 1 Cover Page ................................................................................................................................................................................ 1 Item 2 Material Event Disclosure .......................................................................................................................................................... 2 item 3 Table of contents ....................................................................................................................................................................... 2 Item 4 Advisory Business ...................................................................................................................................................................... 3 Item 5 Fees and Compensation ............................................................................................................................................................ 5 Item 6 Performance-Based Fees and Side-By-Side Management ......................................................................................................... 6 Item 7 Types of Clients ......................................................................................................................................................................... 6 Item 8 Methods of Analysis, Investment Strategies and Risk of Loss ...................................................................................................... 6 Item 9 Disciplinary Information ............................................................................................................................................................ 7 Item 10 Other Financial Industry Activities and Affiliations ..................................................................................................................... 7 Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................ 7 Item 12 Brokerage Practices and Trading ...............................................................................................................................................8 Item 13 Review of Accounts ...................................................................................................................................................................8 Item 14 Client Referrals and Other Compensation ................................................................................................................................. 8 Item 15 Custody .................................................................................................................................................................................... 9 Item 16 Investment Discretion .............................................................................................................................................................. 9 Item 17 Voting Client Securities - Proxy Voting .......................................................................................................................................9 Item 18 Financial Information................................................................................................................................................................9 Item 19 Principal Executive Officers and Management Persons and advisors ......................................................................................... 9 2  Item 4 Advisory Business ADVISORY FIRM DESCRIPTION Uhlmann Investment Management, L.L.C. (“UIM”) was started in November of 1998 as a wholly owned subsidiary of Uhlmann Price Securities, L.L.C., a FINRA and SIPC member introducing broker-dealer. Uhlmann Price Securities, L.L.C. is wholly-owned by UPS Holdings, L.L.C. Ownership of UPS Holdings, L.L.C. is 45.5% owned by James Baer and 45.5% owned by Alan Konn and 9% owned by select employees. James Baer and Alan Konn serve as designated principals and Michael Dunne is a principal for UIM. See “Item 7. Other Financial Industry Activities and Affiliations” of this brochure that further explains the relationship of these companies. ADVISORY SERVICES OFFERED Several types of Advisory services are offered to clients through RBC Clearing & Custody, a division of RBC Capital Markets, LLC and Schwab Advisor Services. • RBC Advisor, client directed, non-discretionary • Consulting Solutions, traded by 3rd party manager, discretionary (manager) • RBC Unified Portfolio, traded by RBC, discretionary (overlay manager, RBC or Envestnet) • UMAS (unbundled managed account solutions), traded by Financial Advisor, discretionary or non-discretionary Third Party Advisor Managed Portfolios. UIM refers clients to third party investment Advisory firms for management services vetted, offered, and arranged by its custodians or by UIM Management. Currently available Third-Party Advisors include: CIBC Private Wealth - F.K.A. - Geneva Advisors, L.L.C. - Advisors of UIM assist the client in determining his/her investment objective for the ac c o u nt and recommend an appropriate portfolio or management style offered by the Third-Party Advisor. The Third-Party Advisor will buy and sell stocks, bonds, mutual funds, ETF’s or other marketable securities in the client’s account on a discretionary basis. UIM shares in the management fee charged to the account as does the Third-Party Advisory firm or firms selected. The Capital Group - Advisors of UIM assist the client in determining his/her investment objective for the ac c o u nt and recommend an appropriate portfolio or management style offered by the Third-Party Advisor. The Third-Party Advisor will buy and sell stocks, bonds, mutual funds, ETF’s or other marketable securities in the client’s account on a discretionary basis. UIM shares in the management fee charged to the account as does the Third-Party Advisory firm or firms selected. UP Broadway Feeder Fund LLC – UIM is the Managing Member of the LLC, which operate as a feeder fund formed for the purpose of purchasing non-voting limited partnership interests of Broadway Strategic Return Fund, LP, a Delaware limited partnership (the “Fund”), on the terms and conditions set forth in the Fund’s Agreement of Limited Partnership dated as of November 11, 2019. UIM is an affiliate of Uhlmann Price Securities LLC, which is the placement agent for the UP Broadway Feeder Fund. UIM Advisor Managed Portfolios. UIM also offers a discretionary investment Advisory program where the UIM Advisor assists the client in determining his/her investment objective for the account and recommends an appropriate customized portfolio or management style with which to manage the account for an investment management fee. The UIM Advisor will buy and sell stocks, bonds, mutual funds, ETF’s or other marketable securities in the client’s account on a discretionary basis. UIM receives the management fee charged to the account net of the transaction or asset-based fees collected by the custodian. This program also offers the flexibility to exclude certain assets from the management fee, and to exclude the UIM Advisor’s discretion from a position or certain positions in the portfolio, or certain accounts in the household. UIM works with clients to select investments suitable to their financial situation to help them accomplish their goals for the future. Beginning with an analysis of long-term objectives, financial position, and risk profile, we seek to achieve an asset allocation and investment program to maximize the investor's return potential commensurate with their risk tolerance. A client portfolio will usually include a customized mix of stocks, bonds, and exchange traded or mutual funds. We strongly believe in asset class diversification and, when appropriate, will recommend adding alternative investments such as 3  commodity indices, managed futures, private equity, and Real Estate Investment Trusts as a portion of the portfolio. CLIENT TAILORED SERVICES AND CLIENT IMPOSED RESTRICTIONS The Investment Objectives with Risk Tolerances (from the client point of view) that are assigned to each account include: Preservation of Principal/Income with Minimal Risk- Focus is on preserving principal and generating current income and I am willing to accept minimal risk, even if that means my investment does not generate significant income or returns and may not keep pace with inflation. Preservation of Principal/Income with Low Risk- Focus is on preserving principal and generating current income and I am willing to accept low risk, including low volatility, and understand I could lose a modest amount of my investment. Balanced Growth with Minimal Risk- Focus is on generating current income and/or long-term capital growth and I am willing to accept minimal risk, even if that means my investment does not generate significant income or returns and may not keep pace with inflation. Balanced Growth with Low Risk- Focus is on generating current income and/or long-term capital growth and I am willing to accept low risk, including low volatility, and understand I could lose a modest amount of my investment. Balanced Growth with Moderate Risk- Focus is on generating current income and/or long-term capital growth and I am willing to accept moderate risk, including some volatility, to seek higher returns and understand I could lose a portion of my investment. Growth with Low Risk- Focus is on generating long-term capital growth and I am willing to accept low risk, including low volatility, and understand I could lose a modest amount of my investment. Growth with Moderate Risk- Focus is on generating long-term capital growth and I am willing to accept moderate risk, including some volatility, to seek higher returns and understand I could lose a portion of my investment. Growth with High Risk- Focus is on generating long-term capital growth and I am willing to accept high risk, including high volatility, and understand I could lose a substantial amount of my investment. Aggressive Growth/Aggressive Income with Moderate Risk- Focus is on generating growth and/or income at greater than market rates and I am willing to accept moderate risk, including some volatility, to seek higher returns and understand I could lose a portion of my investment. Aggressive Growth/Aggressive Income with High Risk- Focus is on generating growth and/or income at greater than market rates and I am willing to accept high risk, including high volatility, and understand I could lose a substantial amount of my investment. Aggressive Growth/Aggressive Income with Maximum Risk- Focus is on generating growth and/or income at greater than market rates and I am willing to accept maximum risk and understand I could lose all my investment. Speculation with High Risk- Focus is on generating maximum possible returns and I am willing to accept high risk, including high volatility, and understand I could lose a substantial amount of my investment. Speculation with Maximum Risk- Focus is on generating maximum possible returns and I am willing to accept maximum risk and understand I could lose all my investment. CLIENT ASSETS UNDER MANAGEMENT As of September 30, 2025, UIM manages $271.5 million in client assets; $44.1 million on a non-discretionary basis and $227.4 million on a discretionary basis. Additionally, UIM receives fees from various 3rd party managers 4  Item 5 Fees and Compensation METHOD OF COMPENSATION AND FEE SCHEDULE Third Party Advisor Managed Portfolios. When UIM refers clients to third party investment advisory firms for discretionary investment management services, a fee for these investment advisory services is charged and then shared between UIM and the Third-Party Advisory firm or firms selected. Total Annual Fees are reflected in each firm’s ADV2 and/or account opening disclosures. The ADV2 brochures related to the Third-Party Advisory firm or firms will be delivered to clients at the execution of the investment advisory agreement and should be read thoroughly. Most of these Third-Party Advisor Managed Portfolios are considered Wrap accounts that charge a management fee covering all custodial, safekeeping and trading expenses related to the normal offering of the service. Any additional activities that may occur within an account will likely incur additional costs to the client. These activities include but are not limited to transfer requests, trustee appointments, investing in products that have their own management or distribution fees and trading away from the default brokerage services pre-arranged by the Third-Party Advisor. In Illinois unless a client has received the firm’s disclosure brochure at least 48 hours prior to signing the investment advisory contract, the investment advisory contract may be terminated by the client within five (5) business days of signing the contract without incurring any advisory fees. CLIENT PAYMENT OF FEES UIM Advisor Managed Portfolios. UIM provides discretionary and non-discretionary investment advisory services to individuals, high net worth individuals, institutions, and trusts. Fees for investment advisory services are generally based upon the client's assets under management and are billed quarterly in advance. Fees are deducted directly from client’s accounts with their authorization. Annual fees are as follows: First - $2,000,000 1.75% $2,000,001 - $3,000,000 1.50% $3,000,001 - $4,000,000 1.25 % Over $4,000,001 1.00% UIM may, at its sole discretion and under special circumstances, negotiate its fee. UIM may, at its sole discretion, exclude certain investments from the calculation of assets under management. Such investments may include products that charge a management fee related to the specific investment. If such products are included in the calculation of assets under management, inclusion is done so with the client's approval and acknowledgement that the client's account will pay a management fee to the product sponsor/issuer and a separate fee to UIM for continued advisory services provided by UIM. Some custodians may charge trading fees to the client on transactions executed in these accounts and are separately reported as such on all custodial reporting services (paper, on-line and mobile). ADDITIONAL CLIENT FEES CHARGED Any additional activities that may occur within a UIM account will likely incur additional costs to the client. These activities include but are not limited to transfer requests, trustee appointments, investing in products that have their own management or distribution fees and trading away from the default brokerage services pre-arranged by UIM. PREPAYMENT OF CLIENT FEES Either UIM or the client may terminate the investment advisory agreement upon 30 days’ notice to the other party. The advisory fee will be pro-rated for the quarter in which the termination notice was provided. 5  Item 6 Performance-Based Fees and Side-by-Side Management UIM does not charge performance-based fees nor is it involved in side-by-side management. Item 7 Types of Clients UIM provides discretionary and non-discretionary investment advisory services to individuals, high net worth individuals, institutions and trusts. The minimum asset size for a new account is $100,000 for Individual Accounts and $250,000 for Institutional Accounts. However, at its sole discretion, UIM may accept an account with an asset size less than these levels. Item 8 Methods of Analysis, Investment Strategies and Risk of Loss METHODS OF ANALYSIS AND INVESTMENT STRATEGIES UIM’s advisors use a combination of analytical tools and methods in managing our clients’ portfolios, not the least of which is a constant endeavor to keep in touch with the pulse of the market. To do so we make use of market research provided by independent custodians and third-party research providers. We make use of financial rating services, filings with regulatory agencies and internet-based industry websites and publications. Fundamental analysis is our most commonly used tool. Individual securities are evaluated using such fundamental criterion as price history, earnings and profitability, relative performance versus similar securities, and the general outlook of a securities’ market sector. We also attempt to determine if these factors are historically normal, or if they are an aberration, and if the current status is likely to change, for better or for worse. For example, hypothetically, we may decide that the manufacturing sector overall is due for a rebound, and particularly the auto industry. Further, we may prefer the financial soundness of a Ford Motor or may anticipate that General Motors will have more room for price recovery. Therefore, we could decide to put Ford in our more conservative clients’ portfolios and General Motors in our more aggressive clients’ portfolios. To a lesser extent our advisors may also use technical analysis such as price charting and cycle analysis. INVESTMENT STRATEGY AND METHOD OF ANALYSIS MATERIAL RISKS UIM’s advisors seek to create and maintain portfolios that match our clients’ financial situations, goals, and risk tolerance. The core portfolios are made up of a mix of stocks, bonds, exchange traded or mutual funds, and to a lesser extent, options. The investments in the portfolios can be long or short term, although most investments are held longer term. A key belief of our Investment Advisory practice is in the benefits of portfolio diversification. When appropriate according to a client’s goals, we may recommend adding such diversifying investments as managed futures, commodity indices, and Real Estate Investment Trusts to a client’s overall portfolio. These investments may take the form of private limited partnerships, mutual funds, Exchange Traded Funds (ETFs), Closed End Funds (CEFs), and Exchange Trade Notes (ETNs). Although past performance is not a guarantee of future results, adding these types of investments to a portfolio have historically shown to lower that portfolio’s volatility. These investments are less liquid and can be more volatile than standard stocks and bonds and therefore are only suitable for clients who can understand and assume these risks. SECURITY SPECIFIC MATERIAL RISKS UIM’s advisors believe that there needs to be a balance between the search for return, the risk it takes to get that return and the consistent concern for preserving capital. An integral part of our investment process is our judicious attention to risk management and capital preservation. All individual investments include some risk of loss, with the possible exception of certain fixed income or principal-protected securities held to maturity. Clients should be prepared for the possible loss of principle associated with any specific investment. Our advisors work to educate and inform our clients about the risk factors involved in their investments, and to identify suitable products for their particular risk tolerance. 6  Item 9 Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to a client’s or potential client’s evaluation of the firm or the integrity of the firm’s management. UIM has no such disclosures. Item 10 Other Financial Industry and Affiliations BROKER-DEALER OR REPRESENTATIVE REGISTRATION All UIM advisors are also registered representatives of Uhlmann Price Securities, L.L.C. (UPS), the 100% owner of UIM. Their dual registration allows them to provide similar investment products and services to clients of UIM in a different manner for different costs than those disclosed in this brochure. UIM advisors always place the interests of their clients first and have a duty to act in good faith for the benefit of the client first over any personal benefit they may receive as a dually registered investment professional. MATERIAL RELATIONSHIPS MAINTAINED BY THIS ADVISORY BUSINESS AND CONFLICTS OF INTEREST Neither UIM nor its management have had any legal or disciplinary events, currently or in the past, that are material to an evaluation of the firm’s advisory business or the integrity of the firm’s management RECOMMENDATION OR SELECTION OF OTHER INVESTMENT ADVISERS AND CONFLICTS OF INTEREST UIM Advisors never favor one third-party advisor another because of a third-party advisor affiliation with UIM. Any investment chosen for a client is done with full fiduciary responsibility to the client. Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading CODE OF ETHICS DESCRIPTION To ensure that all Advisors, officers and employees of UIM comply with their fiduciary duties and all other standards imposed by state and federal securities law upon their personal investment activities, UIM has adopted a Code of Ethics (the “Code”). The Code includes specific provisions with which all Advisors, officers and employees must comply, including an annual review and attestation to abide by the Code, UIM’s Compliance Manual, and all UIM policies and procedures. ADVISORY FIRM PURCHASE OF SAME SECURITIES RECOMMENDED TO CLIENTS AND CONFLICTS OF INTEREST Advisors, officers and employees of UIM may not purchase or sell securities held by Client accounts in the same trade or order as that of a Client, unless included in an aggregated trade where all participants receive the same average price upon execution and allocation of the trade. Advisors, officers and employees of UIM are also not allowed to enter into any cross-trading transactions, the simultaneous purchase and sale of the same security at the same time, or principal transactions, the sale of a security to a client from their own account, or the purchase for their own account a security from a client’s account. It is also the policy of UIM that no Advisor may enter an order to purchase or sell any security prior to a transaction being implemented for an advisory account (in accordance with standard “front running” guidelines), and therefore, preventing UIM personnel from benefiting from transactions placed on behalf of advisory accounts. 7  Item 12 Brokerage Practices and Trading FACTORS USED TO SELECT BROKER-DEALERS FOR CLIENT TRANSACTIONS UIM provides investment advisory services on either a discretionary or non-discretionary basis. Where granted discretion, UIM may direct the investment and reinvestment of assets in Client’s accounts with regard to the selection and amount of securities, the broker dealer utilized, and the expenses incurred for executing transactions. The following factors are considered before suggesting a particular broker dealer: products offered, transaction reporting offered, level of services, execution quality, account reporting and communication, and the ability to meet client needs. UIM may use Uhlmann Price Securities (UPS) as its securities broker when RBC Clearing & Custody or Schwab Advisor Services is used as custodian. However, clients are under no obligation to use UPS or maintain their assets with any custodians currently used by UIM clients. AGGREGATING SECURITIES TRANSACTIONS FOR CLIENT ACCOUNTS Trading-Aggregation. UIM’s use of an aggregated order does not mean that all similar holdings in client accounts will always be aggregated with those in other client accounts. Each portfolio is subject to a custom design based on the unique financial profile of a client and therefore, may not be included in the aggregation. UIM will not aggregate transactions unless aggregation is consistent with its duty to seek best execution and the terms of UIM’s investment advisory agreement with each Client. If the aggregated order is filled in its entirety, it will be allocated with the same (average) price among the participating Clients. If the order is partially filled, it will be allocated with the same price on a pro-rata basis by the percentage of the order represented so that all Client accounts receive fair and equitable treatment. UIM’s books and records separately reflect, for each Client account, all details of the aggregated order as if the order were not aggregated and UIM receives no additional compensation of any kind as a result of any trade aggregation. Trading-Best Execution. As a fiduciary, UIM is required to act in the best interests of its clients and to seek to obtain the best price and execution for securities transaction placed by UIM. The term “best execution” means seeking the best price for a security in the marketplace as well as ensuring that, in executing client transactions, clients do not incur unnecessary brokerage costs and charges. Item 13 Review of Accounts SCHEDULE FOR PERIODIC REVIEW OF CLIENT ACCOUNTS OR FINANCIAL PLANS AND ADVISORY PERSONS INVOLVED All client accounts are monitored on a continual basis by the client advisors. In addition, accounts are reviewed periodically for appropriateness and relative value of investments. Reviews are conducted by a principal of UIM. All transactions, including trading and money movement, are reviewed on a daily basis. . Item 14 Client Referrals and Other Compensation ECONOMIC BENEFITS PROVIDED TO THE ADVISORY FIRM FROM EXTERNAL SOURCES AND CONFLICTS OF INTEREST UIM may enter into referral agreements with other persons where these persons refer clients to UIM, and UIM pays a portion of fees generated from referred accounts to the referring person. This arrangement in no way results in higher fees and costs to the client. Likewise, UIM may refer our clients to other advisors with specific expertise and would share a portion of our fees with that advisor. ADVISORY FIRM PAYMENTS FOR CLIENT REFERRALS For example, UIM may engage CIBC Wealth Management as the primary advisor and pays UIM a referral fee. These fees range from 33% - 50% of the net advisor fees received. This arrangement in no way increases the total fees paid by the client. 8  Item 15 Custody UIM does not take custody of any client assets. UIM also has no right to withdraw or distribute any funds from any client accounts. It is allowed to direct management fees to be debited from client accounts with appropriate client authorization, however, does not take possession of any client securities or cash in the normal operations of the business. No UIM Advisor acts as a Trustee to an account managed by UIM unless it is a family account. Item 16 Investment Discretion UIM accepts clients on a discretionary or non-discretionary basis. For discretionary clients UIM is granted, by the client, limited trading authorization, which allows the advisors to make trading decisions without prior approval from a client but does not allow the advisor to move money out of the account without prior permission. This authorization is part of UIM’s investment management contract. Item 17 Voting Client Securities – Proxy Voting UIM will have no authority or obligation to take any action or render any advice with respect to proxies for securities or to exercise any voting rights attaching to investments in Client’s account. UIM will have no obligation to forward to Client any information or documents for distribution to investors relating to the voting of proxies or the exercise of voting rights (including materials relating to legal proceedings). Item 18 Financial Information BALANCE SHEET UIM does not require or solicit prepayment of more than $500 in fees per client, six months or more in advance. The investment advisor does not have discretionary authority or custody of client funds or securities. UIM has never been the subject of a bankruptcy petition. Item 19 Principal Executive Officers and Advisors James Baer, President YOB: 1942 Education: Cornell University, B.C.E. Civil Engineer Business Background: 01/2001 - Present 01/2001 - Present 1998 - Present • Uhlmann Investment Management, LLC, President • Uhlmann Price Securities, L.L.C., President • Expert Witness, FINRA Arbitration • Exchange Analytics, Founder 1994 - • Chicago Board of Trade, Member and Trader 1979 - • Merrill Lynch, Branch Manager 1976 - • Merrill Lynch, Account Executive 1969 - 2003 1997 1979 1976 Disciplinary Information – Mr. Baer has no disciplinary information to report. Outside Business Activities – Mr. Baer is President of the Firm, and of Uhlmann Price Securities. He is an owner of UPS Holdings, L.L.C., and a FINRA registered representative with Uhlmann Price Securities. Since 4/7/2016 Mr. Baer has been a FINRA Arbitrator. Additional Compensation – Mr. Baer has no additional compensation to report. 9  Alan Konn, Executive Managing Member YOB: 1959 Education: UCLA, M.B.A. Hamline University, B.A. Psychology Business Background: • Uhlmann Investment Management, LLC, Managing Member 08/2007 - Present • Uhlmann Price Securities, LLC, Managing Member 04/2003 - Present • William Blair & Co., LLC, Investment Executive 06/1985 - 08/2003 Disciplinary Information – Mr. Konn has no disciplinary information to report. Outside Business Activities - Mr. Konn is a Managing Member of ARK Investors, LLC, which holds a direct membership interest in Price Asset Management LLC (less than 10%), which manages 2 small private placements as a commodity pool operator and commodity trading advisor registered with the Commodity Futures Trading Commission. . He is a member of UPS Holdings, L.L.C., which owns Uhlmann Price Securities LLC, a full-service FINRA registered broker-dealer of which he is a registered representative. Alan is also a non-compensated board member of Mereo 4 Holdings, an aircraft maintenance firm and of Hamlet’s House LLC, a children’s theatre company. Additional Compensation – Mr. Konn has no additional compensation to report. Kelley Armour, Investment Advisor YOB: 1955 Education: Menlo College, Menlo Park, CA - BS Business Administration 2007 – Present 2007 – Present Business Background: • Uhlmann Investment Management, L.L.C., Registered Investment Advisor • Uhlmann Price Securities, L.L.C., Senior Financial Consultant • William Blair & Company, Registered Investment Advisor 1991 – • 2007 1990 Chicago Board Options Exchange, Market Maker 1982 – Disciplinary Information – Mr. Armour has no disciplinary information to report. Outside Business Activities – Mr. Armour is a FINRA registered representative with Uhlmann Price Securities. Additional Compensation – Mr. Armour has no additional compensation to report. Michael Dillon, Investment Advisor YOB: 1966 Education: University of Illinois Business Background: • Uhlmann Investment Management, L.L.C, RIA • Uhlmann Price Securities, LLC, FA/Branch Manager • Wells Fargo Advisors FA • AG Edwards FC • David A. Noyes & Co., Principal & Insurance Manager • Skokie Federal Savings/Invest Corp. 2011 - Present 2011 - Present 10/2008 - 12/2011 6/2001 - 10/2008 1993 - 6/2001 1988 -1993 Disciplinary Information – Mr. Dillon has no disciplinary information to report. Outside Business Activities – Mr. Dillon is a FINRA registered representative with Uhlmann Price Securities. Additional Compensation – Mr. Dillon has no additional compensation to report. 10  Larry Doody, Investment Advisor YOB: 1963 Education: Arizona State University, BS Finance Business Background: • Uhlmann Investment Management, LLC, RIA • Uhlmann Price Securities, LLC, Senior Vice President • Kingsbury Capital, LLC, Financial Consultant • Renovate America, Managing Director 9/2013 - Present 9/2013 - Present 11/2010 - 9/2013 1/2010 - 8/2014 Disciplinary Information – Mr. Doody has no disciplinary information to report. Outside Business Activities – Mr. Doody is a FINRA registered representative with Uhlmann Price Securities. Additional Compensation – Mr. Doody has no additional compensation to report. Gordon Fallone, Investment Advisor YOB: 1964 Education: University of Connecticut, BS & Honors Scholar in Finance Degree Business Background: • Uhlmann Investment Management, L.L.C., RIA • Uhlmann Price Securities, L.L.C., Registered Rep 11/2017 - Present 11/2017 - Present • Robertson Stephens Advisors, LLC, Managing Director • Roth Capital Partners LLC, Managing Director • Advanced Equities, Inc, Managing Director 09/2015 - 10/2017 01/2013 - 09/2015 06/2005 - 11/2012 Disciplinary Information – Mr. Fallone has no disciplinary information to report. Outside Business Activities – Mr. Fallone is a FINRA registered representative with Uhlmann Price Securities L.L.C. He is a Managing Partner of OnPoint Analytics Capital Partners. Gordon is a General Partner at Transfusion Associated, LLC, Board Member at Amaze Software, 3-5 hours per month and receives no compensation. He is also board member of Swyft Inc., where he advises on business related issues - .005% common equity – 10 hours per month Additional Compensation – Mr. Fallone currently has no additional compensation to report. Terry Finkel, Investment Advisor YOB: 1958 Education: Arizona State University Business Background: • Uhlmann Investment Management, L.L.C., SVP Financial Advisor 2012 - Present • Uhlmann Price Securities – SVP, Financial Advisor 2012 - Present • AG Edwards/Wells Fargo – Associate VP of Investments, Financial Advisor 1995 - 2012 • Merrill Lynch, Associate VP of Investments, Financial Consultant 1985 - 1995 Disciplinary Information – Mr. Finkel has no disciplinary information to report. Outside Business Activities – Mr. Finkel is a FINRA registered representative with Uhlmann Price Securities. Additional Compensation – Mr. Finkel has no additional compensation to report. 11  Michael D Herrmann, Investment Advisor YOB: 1960 Education: Lenoir Rhyne University Business Background: • Uhlmann Investment Management, L.L.C., Senior VP, Financial Advisor 2020 - Present • Uhlmann Price Securities – Senior CP, Financial Advisor 2020 - Present • Wells Fargo/AG Edwards & Sons Inc –VP of Investments, Financial Advisor 1991 - 2020 Disciplinary Information – Mr. Herrmann has no disciplinary information to report. Outside Business Activities – Mr. Herrmann is a FINRA registered representative with Uhlmann Price Securities. Additional Compensation – Mr. Herrmann has no additional compensation to report. James Kozak, Investment Advisor YOB: 1970 Education: Ripon College, BA Business Management Business Background: • Uhlmann Investment Management, L.L.C., RIA • Uhlmann Price Securities, LLC, Registered Rep • Robertson Stephens Securities LLC, Managing Director • Roth Capital Partners LLC, Managing Director • Advanced Equities, Inc, Managing Director 11/2017 - Present 11/2017 - Present 09/2015 - 10/2017 01/2013 - 09/2015 06/2005 - 11/2012 Disciplinary Information – Mr. Kozak has no disciplinary information to report. Outside Business Activities – Mr. Kozak is a FINRA registered representative with Uhlmann Price Securities LLC, he is a Managing Partner of OnPoint Analytics Capital Partners. and Kozak Capital Group. Mr. Kozak also provides referrals to Kovitz Investment Group, Chicago, IL Additional Compensation – Mr. Kozak currently has no additional compensation to report. 12  William Lillwitz, Investment Advisor YOB: 1960 Education: Quincy College, BA Accounting Certified Financial Planner Business Background: 01/2021 - Present 01/2021 – Present 09/2016 - 01/2021 08/2016 - 12/2019 07/2016 - 08/2016 08/2013 - 06/2016 04/2013 - 07/2013 07/2012 - 03/2013 01/2010 - 07/2012 09/2009 - 07/2012 08/2007 - 07/2009 03/2005 - 08/2007 01/2004 - 08/2007 • Uhlmann Investment Management, L.L.C., RIA • Uhlmann Price Securities, LLC, Financial Consultant • Avellino Financial Advisors, Inc, Advisor • Forest Securities, Inc., SVP • Unemployed • TradeStation Securities, Inc., Account Executive • Unemployed • Oxford Financial Group, Client Services Manager • Chicago River Capital, Hedge Fund Manager • Chicago River Capital, COO • Edward Jones, Inc., Insurance Services • LaSalle Capital, LLC, President • Commonwealth Financial, LLC, Class B Member • Melvin Securities, LLC, Class B Member, Principal of Equity Specialist Division Invest Financial Corporation, Registered Rep • Melvin Securities LLC, COO • LaSalle Specialists, LLC, Member • Hinsdale Federal Bank for Savings; Insurance Agency/Manager • • Met Life Securities, Inc., Registered Rep • Metropolitan Life Insurance Co, Financial Planning & A/C Executive 08/1995 - 03/2005 09/1995 - 03/2005 12/2001 - 10/2002 01/1994 - 08/1995 01/1994 - 07/1995 06/1988 - 01/1994 05/1988 - 01/1994 Disciplinary Information – Mr. Lillwitz has no disciplinary information to report. Outside Business Activities – Mr. Lillwitz is a FINRA registered representative with Uhlmann Price Securities William has been a FINRA Arbitrator since 01/2016. He is also the President of Lillwitz Financial and devotes about 1 hour a month on this activity. Additional Compensation – Mr. Lillwitz has no additional compensation to report. 13  Maureen Mackowski – Investment Advisor YOB 1956 Education: Pennsylvania State University, B.S. Economics Business Background: • Uhlmann Price Investments Management • Uhlmann Price Securities, LLC • Purshe Kaplan Sterling Investments • C2C Wealth Management • Lincoln Financial Advisors • Paine Weber Inc • Dean Witter/Morgan Stanley 10/2025- Present 09/2022- Present 11/2016- Present 11/2016- 01/2024 02/2003-11/2016 07/2000- 02/2003 08/1977- 07/2000 Disciplinary Information- Ms. Mackowski has no disciplinary information to report. Outside Business Activity LS Biopath, Board Member. The company has developed and manufactures a medical device used it the treatment of breast cancer. Ms. Mackowski helps to manage cash flow for the company. Additional Compensation- Ms. Mackowski has no additional compensation to report. 14