Coho Partners, Ltd. (the “Firm”) is an SEC-registered investment adviser with its principal place of business located in Pennsylvania. The Firm began conducting business in 1999. Principal shareholders owning more than 25% of our Firm include:  Peter Adamson Thompson, Partner, Chief Investment Officer As used in this brochure, the words “we,” “our,” and “us” refer to Coho Partners, Ltd. and the words “you,” “your,” and “client” refer to you as either a client or prospective client of our Firm. INVESTMENT SUPERVISORY SERVICES Our Firm provides continuous investment advice and investment management services to, among others, institutional and individual clients. A more detailed list of client types we work with can be found in Item 7 of this brochure. Our Firm has developed a proprietary investment process. We have several variations of this strategy, including an ESG (environmental, social, governance) option. Each variation of the strategy attempts to protect principal in “down” markets while capturing a large percentage of the gains in “up” markets. Unless otherwise requested by you and accepted by us, we will generally manage your assets provided to us using one of the aforementioned variations. While the strategies represent our primary investment process, if requested, we are able to manage your assets to other styles. Those styles are most often geared toward individual investors and are based on your objectives, time horizons, risk tolerance, and liquidity needs. For all investors, we will work with you to ascertain your investment parameters for your assets we manage. This is accomplished through discussions with you and/or your representatives. We will manage your portfolio based on the agreed upon mandate for your assets. Specifically, for individuals, we may, from time-to-time, recommend changes to your policy based on our research and opinions regarding specific investments or the markets in general. You may disagree with our assessments and direct us to leave the policy as is, or to make broader changes to the policy. At your discretion, you may contact us and request changes to your investment policy. As part of our ongoing responsibility to you, we may request additional information from you and will render our opinion on your requested changes. If we feel that your request is not in your best interests, we will inform you of that opinion. If either you or we feel that we can no longer provide the level of service you require, the investment management agreement can be terminated with notice, as detailed in your individual investment management agreement. Additionally, to the extent requested by a client, financial planning services are provided that involve preparing a financial plan or rendering a specific financial consultation based on the client’s financial goals and objectives. This planning or consulting may encompass one or more areas of FORM ADV PART 2A PAGE | 5 need, including but not limited to, investment planning, retirement planning, personal savings, education savings, and other areas of a client’s financial situation. For all clients with assets managed to one of our strategies, we continuously monitor the underlying securities and when necessary we may add, trim, or remove a specific security from the portfolio. We generally manage all portfolios on a discretionary basis. This allows us to buy and sell various investments on your behalf without your prior approval. You may revoke this discretionary authority at any time with written notification. We monitor your account based on your stated objectives. These objectives may include, but are not limited to, items such as:  Maximum capital appreciation  Growth  Growth and income  Tax considerations You may put reasonable restrictions on how your assets are invested. These restrictions may

include, for example, your request that we do not make investments in specific companies, types of securities, or industry sectors. You may also include “legacy” securities, which are securities transferred to us when you established your account and which you wish to continue to hold. In addition to our strategies, other investment recommendations are not limited to any specific product or service. Our primary focus is on individual stocks; however, we can also invest on your behalf in fixed income, mutual funds, Exchange Traded Funds (“ETFs”), and government securities. We may also provide you with advice about other types of investments not mentioned here. To ensure our initial evaluation of your portfolio remains suitable, and we continue to manage your account in a manner consistent with your financial circumstances, we will:  Rely on you to inform us of changes that may impact management of your account; and  Be reasonably available to consult with you. Most investments involve some risk. Investments will only be implemented or recommended when consistent with your investment objectives, tolerance for risk, liquidity, and suitability. MODEL PORTFOLIO ADVICE & WRAP PROGRAM ACCOUNTS From time-to-time, our Firm may enter into agreements with another investment advisory firm (“Other Advisor”) to provide our Model Portfolio and possibly our instructions related to the Model Portfolio for use directly with their clients. Depending on the requirements of the Other Advisor, we may provide the Model Portfolio daily or on a less frequent basis. In turn, the Other Advisor may use this information to “mirror” our Model Portfolio on behalf of their clients. These accounts are often referred to as UMA accounts (“Unified Managed Account”) and the Other Advisor may FORM ADV PART 2A PAGE | 6 be, but is not always, referred to as a Sponsor or Overlay Manager (collectively, “Sponsor”). When we provide the Model Portfolio to the Other Advisor, we do not exercise investment discretion or trade on their behalf. We do not provide individually tailored advice or have a contract directly with clients of the Other Advisor. In return for providing the Other Advisor our Model Portfolio, we receive a fee based on a percentage of total assets invested by their clients into the strategy for which our Model Portfolio is used. The fee paid to us may be calculated on a monthly or quarterly basis by the Other Advisor. This type of arrangement constitutes a product offered by our Firm as opposed to actual investment management services. Under no circumstance will our Firm accept an advisor-client relationship with any client of the Other Advisor using our Model Portfolio. This type of relationship may result in potential conflicts of interest of which you should be aware:  The minimum account size required by the Other Advisor utilizing our Model Portfolio may be less than the minimum account size we require should you directly use our Firm for the investment of your assets in our strategy, although generally the account size is far greater.  The management fee that you may be charged directly by the Other Advisor using our Model Portfolio may be lower than the management fee charged by our Firm for the same level of assets under management. AMOUNT OF MANAGED ASSETS As of 12/31/2023, our Firm actively manages approximately $4,558,200,000 of client assets on a discretionary basis. We generally do not manage non-discretionary assets. As of 12/31/2023, our Firm provides our portfolio holdings and transaction activity to model accounts representing approximately $2,919,278,120. As of 12/31/2023, our Firm actively manages on a discretionary basis and/or provides our portfolio holdings and transaction activity to model accounts representing a total of approximately $7,487,478,120.