Michael Fendley

PLANNING IS EVERYTHING

At The Fendley Group, our "hands\-on, ears\-open" planning\-based approach is a hallmark of our offering. Refined over decades, it drives everything we do – and everything we advise clients to do. Far from typical, our approach can best be defined by the familial nature of our client relationships, our emotional intelligence and passion for behavioral finance. In frequent and friendly conversations, we listen closely to what clients say (and may not say), when asked: "Why have you come to us, and why now?" "What needs to happen for you to feel more confident and successful, personally and professionally?" "What's the most important thing in your life? Based on a client's answers, we may ask: "Is your estate planning up to date?" "What is your "liquidity event" goal??" "Do you feel like you have the right insurance?" We also ask about clients' health concerns, their family dynamics and issues. By helping clients articulate their visions and values, we gain the insights needed to act as responsible stewards of their wealth and wishes. Just as we ask questions of clients, we answer theirs. Many ask if they can afford to send children to private colleges and graduate schools, purchase a second home, lease an aircraft, retire early (trading a seat in a boardroom for a seat on a golf cart), or travel the world for a year. By reviewing topics of discussion over time, we can help clients achieve what we call, "meaning and metrics" – realistic objectives that reflect clients' heartfelt ambitions for themselves and the people they love. In talking with clients about their families, we remind them that part of our job is helping them leave memories, not just money – finding joy along the way without compromising long\-term goals. *~\*Merrill Life Agency's California License Number 0522776~*

PROFESSIONAL PARTNERS AND C-SUITE EXECUTIVES

At The Fendley Group, we are proud of the clients we serve and the manner in which we serve them. They include active and retired partners of "Big Four" firms, attorneys, Fortune 100 executives and other senior\-level executives in the financial, pharma, biotech and energy industries, as well as physicians and their practices. Diverse in their paths to our door, our clients are as analytical as we are – looking to understand the nuances and details of the strategies we build on their behalf. (Many clients sign annual reports and we feel that they appreciate our skills in scrutinizing them.) • For "Big Four" partners, attorneys and senior executives (active and retired), we help each client navigate through a range of specific restrictions and financial decisions. Depending on their firm, clients may face a complex series of decisions regarding their pensions and other areas. With each retirement and pension structured differently, we help clients satisfy strict investment guidelines, make joint and survivor elections. Each client's strategy is based on a multitude of factors, including their objectives for themselves and their families, risk tolerance, investment timeline, liquidity needs, age, health, pension size, the age of their spouse, and what makes the most sense from a mathematical perspective. For clients with investment restrictions, the diversified portfolio we build may include a blend of several asset classes. • For CFOs and other senior\-level executives at financial, pharma and other publicly traded companies who hold concentrated equity positions, we deliver proactive advice and guidance ahead of deadlines and in accordance with company guidelines. We may suggest that They: –– Hold the Position. With the possibility that their shares have a low\-cost basis and are highly appreciated, we may recommend options strategies to help protect the downside and allow participation in the stock's upside potential. –– Diversify The Position. If a client cannot defer the sale of low\-cost stock or cannot sell due to a restriction. We may recommend entering into a prepaid forward contract (to receive upfront liquidity and maintain ownership). –– Receive Immediate Liquidity. If shares cannot be sold in the public market, we can help client enter into a prepaid forward contract (to receive upfront liquidity and maintain ownership). –– Sell Shares Outright. To exercise discipline in reducing or exiting a position, we can help clients enter into a premium forward sale, which allows them to sell shares at a premium to the current market price, over a set period of time. We also help corporate executives navigate and comply with SEC rules, their company's trading restrictions, and equity reporting requirements – and account for specific stock options, grant dates, and vesting periods. At the end of the day, we never forget that our clients are strapped for time – running companies, auditing them, or taking care of patients. Like them, we make ourselves available days, nights and weekends. We believe that superior wealth management demands nothing less. *\*Options involve risk and are not suitable for all investors. Before engaging in the purchase or sale of options, investors should understand the nature of and extent of their rights and obligations and be aware of the risks involved in investing with options. Prior to buying or selling an option, clients must receive the options disclosure document Characteristics and Risks of Standardized Options. This document is available by contacting your Merrill Financial Advisor.*

WHAT CAN CLIENTS EXPECT?

At The Fendley Group, the quality and longevity of our client relationships remind us of the roles we play and the trust we've earned. As our client, you can expect that: • We have specialized knowledge and know\-how in working with professional partners, attorneys, C\-suite executives and physicians. This allows us to deliver guidance that's more beneficial than you may have received in a previous advisory relationship. • We offer the highly personal, customized experience you might expect from a boutique\-like, family office. Our team recognizes clients' voices when they call – and most importantly, our previous discussion. • We will apply our rigorous industry training and decades of experience to deliver a measure wealth management molded to your personal brand of life management – including the people you love and the passions you enjoy. • Investment performance matters to us – like it does to you. Taking strategic direction from our firm's Chief Investment Office and input from our award\-winning analysts, we focus on managing risk and tax consequences. As early adopters of ETFs for their cost\- and tax\-=efficiencies, we formulate client portfolios with a customized blend of ETFs (for access to equities), bonds, mutual funds, real estate and other alternative investments. • We offer easy access to custom mortgage lending, aircraft and marine financing, securities\-based lending and other banking and credit solutions from Bank of America, N.A. •We will serve as your sounding board – as you give consideration to what most excites you. Maybe it's starting a new venture, becoming a consultant, selling your practice, or sharing values with your children. Whatever your intent or interest, we are eager to listen, learn and advance your ambitions. • We are collaborative. Working with you and, with permission, your CPA and attorney, we can deliver more powerful and aligned guidance – for retirement, exit planning, succession planning, tax minimization, legacy planning and philanthropic planning strategies. • We are proactive. Rather than wait for you to encounter challenges or decisions that we can foresee, we stand behind you by getting out in front of situations you may not anticipate. This allows us to present thoughtful recommendations with sufficient time for you to decide how to proceed. • We will try to educate the "next generation" in your family. This can allow for wise financial habits and decisions that bring enduring benefits. *~\*Some or all alternative investment programs may not be in the best interest of certain investors. No assurance can be given that any alternative investment's investment objectives will be achieved.~* *~\*The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., ("Bank of America") and Merrill Lynch, Pierce, Fenner \& Smith Incorporated ("MLPF\&S" or "Merrill"), a registered broker\-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").~* *~\*Extel, formerly Institutional Investor Research, announced BofA Global Research as one of the Top Global Research Firms in 2024 based on surveys held throughout the year. Extel creates rankings of the top research analysts in a wide variety of specializations, drawn from the choices of portfolio managers and other investment professionals. The 2024 Global Research Leaders ranking lists sell\-side research providers by the combined total number of positions earned across Extel's 2024 research team surveys. Results of each survey are published separately throughout the year, beginning in March 2024 with the Japan Research Team and concluding in December 2024 with the Global Fixed Income Research Team. Rankings for each poll are determined strictly by using numerical scores. Extel takes the number of votes awarded to each firm in a sector and weight it in relation to the size of the institution responding and rating it awarded. Firms are designated runners\-up when their scores fall within 35 percent of the third\-place scores. BofA Global Research is research produced by BofA Securities, Inc ("BofAS") and/or one or more of its affiliates. BofAS is a registered broker\-dealer, [Member SIPC](https://www.sipc.org/), and wholly owned subsidiary of Bank of America Corporation. Rankings and recognition from Extel are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.~*

Personalized planning

**Helping you create a personalized plan** At Merrill, we go beyond the traditional role of an advisor. * Your goals, concerns and attitude about investing are the foundation of your plan. * We actively listen and provide personalized advice — ensuring we understand what matters most to you and your family. * We're committed to creating a personalized plan that evolves with you to help you live well today while preparing for the future.

Team and resources

**Giving you access to our teams and solutions** Your advisor is one part of an experienced team dedicated to helping you achieve your goals. Acting as your single point of contact, your advisor provides personalized strategies and connects you with: * Bank of America specialists, such as mortgage or trust professionals * Timely insights from BofA Global Research1 to help you stay informed and navigate ever\-changing markets * A [full suite](https://www.ml.com/solutions/all.html) of Merrill investing and Bank of America banking solutions ^1^~BofA Global Research is research produced by BofA Securities, Inc. ("BofAS") and/or one or more of its affiliates. BofAS is a registered broker\-dealer, [Member SIPC](http://www.sipc.org/), and wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").~

Recognition