Firm Description Cortland Associates is a fee based investment advisory firm that commenced business on February 2, 1989. The firm is owned by two principals: William Carey, President and Chief Investment Officer and Thomas Podlesny, Chief Operating Officer. Advisory Services Cortland Associates manages two types of client investment portfolios-equity and balanced portfolios. Equity accounts are primarily invested in domestic and international publicly traded common stocks, although periodically, equity oriented exchange traded funds and equity mutual funds may be included in equity accounts. The equity portfolio and the equity component of balanced portfolios (on a pro-rata basis) are uniformly managed with the exception of client directed portfolio restrictions. Balanced accounts are accounts that invest in both equity securities and fixed income securities. A balanced account’s asset allocation (equity percentage allocation and fixed income percentage allocation) is customized dependent upon the client’s specific risk tolerance and portfolio income requirements. The fixed income portfolio of taxable balanced accounts may be invested in municipal bonds, U.S. Treasury securities, U.S. government agency securities, corporate fixed income securities, tax-exempt fixed income mutual funds and money market securities. The fixed income portfolio of tax-exempt balanced accounts may be invested in U.S. Treasury securities, U.S. government agency securities, corporate fixed income securities, taxable fixed income mutual funds and money market securities. The allocation of fixed income assets to the aforementioned securities, duration of the fixed income portfolio and aggregate credit quality of the portfolio varies depending on the current investment opportunities available in the fixed income market. Advisory Service Customization If a client prefers to not invest in a specific company or industry, Cortland Associates will exclude those company(s) from their portfolio. In reference to balanced portfolios, the portfolio’s asset allocation and thereby its equity and fixed income percentage allocations are tailored for each client based upon their risk tolerance and income requirements. Wrap Programs or Fee in Lieu Commission Programs Cortland Associates participates in several brokerage firm fee in

lieu of commissions programs or “Wrap Fee Programs.” Cortland Associates does not differentiate the investment management of wrap fee accounts and non-wrap fee accounts. Wrap programs are sponsored by unaffiliated investment advisory or financial planning firms (each a “Sponsor”). Each Sponsor is affiliated with or dually-registered as a broker-dealer and provides execution services to program participants directly or through its affiliates. Under a wrap fee arrangement, the Sponsor may recommend to the client the retention of Cortland Associates as an investment advisor; pay Cortland Associates’ investment advisory fee for services to the client; monitor and evaluate Cortland Associates’ investment performance; execute the client’s portfolio transactions without commissions being assessed; provide custodial services for the client’s assets; or provide a combination of these or other services, all for a single fee paid by the client to the Sponsor. The aggregate wrap fee paid by the client is not the fee paid to Cortland Associates. Cortland Associates receives a portion of the aggregate fee from the Sponsor and this percentage varies by Sponsor. The fees paid to the program Sponsors by participating clients include fees for the execution of client transactions and accordingly, Cortland Associates is directed by the clients in these programs to effect transactions for their accounts through the sponsoring broker-dealer or the Sponsor’s broker-dealer affiliate. In evaluating such an arrangement, a client should recognize that fees for execution are not negotiated by Cortland Associates. Therefore, it is the client’s responsibility to determine that the Sponsor offering the wrap fee arrangement can provide best execution of transactions. The client should also consider that, depending upon the level of the wrap fee assessed by the Sponsor, the amount of portfolio trade activity in the client’s account, the value of custodial and other services which are provided under the arrangement, and other relevant factors, the fee may or may not exceed the aggregate costs of such services if they were to be provided separately. Assets Under Management As of December 31, 2023, Cortland Associates was managing $788,000,000 of assets on a discretionary basis. Cortland Associates does not manage assets on a non-discretionary basis.