KLCM ADVISORS, INC.

KLCM Advisors, Inc. (KLCM) is an advisory business that provides investment advice to clients. They offer a range of services, including advisory business, fees and compensation, performance-based fees and side-by-side management, types of clients, methods of analysis, investment strategies and risk of loss, disciplinary information, other financial industry activities and affiliates, code of ethics, participation or interest in client transactions and personal trading, brokerage practices, review of accounts, client referrals and other compensation, and custody. KLCM strives to disclose conflicts of interest in a clear manner with sufficient information to allow clients to understand the implications. They receive an economic benefit from Charles Schwab & Co., Inc. ("Schwab") in the form of support products and services made available to other independent investment advisors whose clients maintain their accounts at Schwab and KLCM. The availability of Schwab's products and services is not based on KLCM giving particular investment advice, such as buying specific securities for their clients.

KLCM's primary investment strategy focuses on identifying undervalued companies with limited risk and substantial upside potential over a two to three-year timeframe. They achieve this by focusing on companies that have been overlooked by the market due to short-term disappointments, general neglect, or unpopularity. Their approach involves intensive research, direct management contact, and a focus on cash flow, enterprise value, and identifying catalysts for change. KLCM's investment strategies do not rely on predicting short-term market movements. They emphasize a long-term perspective, looking beyond short-term results and understanding management objectives. Their success depends heavily on the expertise of their management team, and any departure could negatively impact their ability to manage client portfolios.

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