John W. Bristol & Co., Inc. (“JWB”) is a privately owned, independent investment adviser established in 1937 to advise college and university endowment funds. In addition to endowments, we also serve charitable foundations, trusts, high net worth individuals, partnerships, as well as pension and other institutional clients. Many of our clients have been with us for decades. The firm manages equity, fixed income, and balanced accounts totaling approximately $5.8 billion for 102 clients as of December 31, 2023. The firm is 100% owned by nine of our employees, including our president, seven senior investment professionals and our chief compliance officer. JWB has no subsidiaries, affiliates or related entities. We have deliberately kept the organization of our firm simple so that we can focus on our only line of business: constructing portfolios that deliver superior long-term investment results that enable our clients to meet their objectives. Owners of the Firm As of January 1, 2024, Justin A. Colledge, James A. Engle, Peter W. Frith, Kevin B. McAuley, Stephanie M. Ng each own more than 10% but less than 25% of stock of the firm and combined own approximately 74%. The remaining stock is held by six other employees of the firm. Advisory Services JWB provides investment management services for endowments and foundations, high net worth individuals, companies, partnerships, trusts, our commingled equity fund, and pension plans. Client directed services are provided by JWB on a case-by-case basis. JWB will assist clients with certain portfolio strategies that are unique to the client’s objectives, such as the use of short duration Treasury-only funds. These strategies are at the discretion of the client and not part of JWB’s core portfolio offering. These engagements may have their own fee structure separate from our current fee schedule. We are deemed to be a fiduciary to advisory clients that are employee benefit plans or individual retirement accounts (IRAs) pursuant to the Employee Retirement Income and Securities Act (“ERISA”), and regulations under the Internal Revenue Code of 1986 (the “Code”), respectively. As such, we are subject to specific duties and obligations under ERISA and the Code that include among other things, restrictions concerning certain forms of compensation. Institutional and Individual Clients We invest our portfolios similarly since we believe concentrating our research effort is in the best interest of our clients. We are fundamental, long-term analysts trying to identify companies likely to show above-average earnings growth over a three to four year forecast period. We believe effective portfolio management is enhanced by close client-manager communication. Ongoing communications are provided through regular meetings, written memorandum giving rationale for investment policy and new investments, and monthly

portfolio valuations. We believe that our clients’ understanding of our investment process helps lead to long-term success and long-term relationships. We aim to outperform the markets in which we invest, to outperform our peers, and to produce at least a 5% real rate of return on the portfolio, enabling the client to preserve purchasing power and meet spending needs. We do not expect to outperform these benchmarks every quarter or every year and prefer to be measured over longer periods of time. Investment Philosophy Equity Portfolios Our equity investment philosophy is built upon the recognition that companies with durable competitive advantages generally produce superior earnings growth, and that superior earnings growth leads to above-average returns to shareholders over time. We call companies with these advantages “corporate athletes.” Our investment horizon is long term – typically five to 10 years. We believe the primary driver of our equity returns is the compounding of above- average earnings growth with relatively low turnover. Consequently, we seek to invest in corporate athletes that have durable competitive advantages and can compound these earnings over time. Balanced & Fixed Income Portfolios A balanced portfolio format offers advantages both to the manager and to the client. For the manager, being able to use all three components of the portfolio construction — stock selection, bond selection and asset allocation — allows for flexibility that produces more consistent returns. For the client, such as an endowment, having a balanced manager can add value, because the pivotal asset allocation decision is continuously reviewed by a professional investment organization rather than part time by an investment committee. (The committee can still set a band of strategic asset allocation guidelines). We view the fixed-income portion of a balanced account as a tool to manage overall portfolio volatility and a source of liquidity to meet client needs during times of financial market stress. We construct the fixed-income portfolios based on where interest rates and credit spreads stand versus our longer-term sense of normal. Our overall objective for a balanced portfolio is to deliver at least a 5% real return, so asset allocation is designed to meet this objective over time. John W. Bristol Equity Fund I LLC In 2009, in order to provide investment advisory services to clients who prefer the commingled fund format, or could not meet our preferred minimum for separately managed accounts, we formed the John W. Bristol Equity Fund I LLC (“JWB Equity Fund”). We are the Managing Member of the JWB Equity Fund. The commingled fund’s portfolio is invested similarly and traded at the same time as our separately managed clients’ accounts. All Partners are invested in the JWB Equity Fund. The minimum for investment in our JWB Equity Fund is $2 million.