A. The firm McInroy & Wood Limited (MWL or the firm) is an independent investment manager providing discretionary management to, primarily, private clients with an emphasis on personal service. The firm is owned by employees, with a controlling interest held by the founding family. This ownership structure provides institutional stability and ensures a consistency of personnel, approach and culture. Broad employee ownership also encourages a collegiate and collaborative approach to managing and administering client portfolios. MWL believes that its ownership structure, culture and strategy provide a very stable framework that allows it to service and develop client relationships over the long-term. Clients can be confident that responsibility for management of their investments is assumed by the firm, without over-reliance on any one individual, and that there is clear alignment of interests in achieving their desired objectives. MWL has relied on its reputation and referrals from satisfied clients and professionals for growth over the 35 years since its foundation in 1986. The firm is committed to continuing with this sustainable organic growth approach. As of 30th April 2023, total assets under management amounted to US$2.688 billion. McInroy & Wood Portfolios Ltd (MWP) is a wholly owned subsidiary of MWL and was originally established to provide 4 pooled funds (MWP funds) to MWL’s discretionary clients. MWL is the Investment Advisor to the MWP funds. All client portfolios are managed with sustainable and responsible objectives over realistic time horizons. MWL’s approach combines active asset allocation and stock selection with the aim of preserving and growing clients’ capital and income in real terms over time. MWL is headquartered in Haddington, Scotland, United Kingdom, with offices in London and Harrogate, England, United Kingdom. B. Advisory services MWL provides a discretionary investment management service for, primarily, private clients and charities. This includes taking

responsibility for the management of a client’s investments, as well as taking care of all administrative matters, including oversight of custody. MWL’s discretionary management service is provided through one of two parallel formats: either on a segregated basis via a portfolio of individual securities; or on a “pooled” basis via a holding in one or more of the MWP funds. Where the MWP funds are used, the client benefits from the same investment approach and thinking that is applied to the management of segregated portfolios. For most US clients a segregated portfolio is likely to be the preferred format. The firm does not:
• provide advice in respect of financial planning including, for example, pensions and insurance; or
• manage assets on a non-discretionary basis. C. Tailoring services to client needs For most portfolios, preservation of the real value of clients’ capital and its purchasing power over time is a common primary objective. For such portfolios, the aim is to achieve the best total return consistent with the avoidance of undue risk, balancing clients’ capital and income requirements. The approach to managing portfolios is always guided by a sound strategic framework agreed at the outset with the client depending on their needs and attitude to risk. It seeks to ensure that objectives are realistic, particularly the time horizon over which they can be achieved. For these clients MWL constructs portfolios based on an asset allocation model which typically, but not necessarily, includes an allocation to equities, bonds, gold and cash. For clients with a higher risk appetite, portfolios may be constructed which are fully invested in equities, or with a reduced allocation to bonds and gold. See Item 8 below for a detailed explanation of MWL’s investment approach. D. Wrap fee programs: MWL does not participate in any Wrap fee programs. E. Assets under management: As of 30th April 2023, MWL had a total of US$2,688,456,844 of assets under management.