Introduction Armstrong Shaw Associates Inc. (“ASA”) has been providing large cap value equity management to institutions and individuals since 1984. The management team is experienced and tenured, and is led by Jeffrey Shaw, co-founder of the firm and Portfolio Manager/Chief Investment Officer. Our single product approach enables complete focus on our strategy and aligns our interests with our clients. ASA is employee-owned and the investment professionals at the firm have an average of more than 30 years of experience. Investment Philosophy ASA has a disciplined, absolute value approach to the equity market. We believe that investing in high quality businesses with strong cash flow generation run by proven management teams at attractive prices will provide superior returns over time. We seek to provide attractive long term returns by investing in a concentrated portfolio assembled through bottom up, fundamentally driven stock selection. We invest in securities where cash flow or asset value analysis determines that a company's stock is selling at a substantial discount to its intrinsic value. Types of Accounts Managed ASA’s investment advisory services may include the supervision of portfolios of marketable securities either on a discretionary or non-discretionary basis. As of 12/31/22 the firm managed 28 accounts with $109,268,355 on a discretionary basis. ASA may from time to time participate in wrap, SMA (separately managed account), or UMA (unified managed account) programs. ASA receives a portion of the fees paid by the wrap, SMA or UMA clients for the services the firm provides. While ASA does not have an ESG (environmental/social/governance screening) product the firm does include ESG factors in our investment process. In addition, ASA has a long history of managing socially

responsible portfolios for clients who have provided us with a list of restricted securities. For example, we have managed specific client portfolios that exclude companies doing business in the Sudan as well as portfolios that restrict owning stock in companies whose business includes tobacco, abortion, gambling, pornography, alcohol, contraception, defense, nuclear power and/or weapons. We view good corporate governance as ultimately benefiting the shareholders and therefore include it as a factor in our process. Investing in securities involves the possibility of loss and clients should be prepared to bear such loss. History of the Firm ASA, an employee-owned Delaware corporation, was founded in 1984 by Raymond Armstrong and Jeffrey Shaw. The firm’s large capitalization value philosophy comes from the background of the founders. Mr. Armstrong had been on the Board of two venture capital firms, Narragansett Capital and Brentwood Associates, and was involved with 50 private transactions. He was very committed to estimating the value of businesses and generating return by buying at bargain prices. Mr. Shaw had been a commercial lender for the money center bank Manufacturers Hanover Trust (now part of JPMorgan Chase) and estimated the likelihood of companies’ ability to pay back loans using both a cash flow and asset appraisal approach – the same techniques that Mr. Armstrong used in his analysis. This approach to valuing businesses and buying them at prices equal to or less than 70% of intrinsic value has been consistent since the founding of the firm. Monica Grady, Principal & Chief Compliance Officer, has been with the firm since shortly after its formation in 1984. Mr. Armstrong retired from the business in 1996 in his early 70's. Mr. Shaw is the majority shareholder of the firm.