Our Owners Stairway Partners, LLC was founded in May 2004. James Jackson, Stewart Rallis, and Kevin Terhaar are Managing Principals and equity owners of Stairway. Our principal owners are James (Jamie) Jackson and Stewart (Stew) Rallis who each own 25% or more of the firm. Our Services Discretionary Portfolio Management Services Stairway Partners (“Stairway”) provides comprehensive portfolio management solutions to clients on a fully discretionary basis. This is our core business. Our mission is to provide clients with a low-cost, institutional investment capability that emphasizes global asset allocation and risk management. Our investment approach is based on long-term asset allocation strategies using liquid global markets. Our process is grounded in the fundamental principle that asset allocation is the single most important determinant of success in any investment plan, and that the vast majority of risk and return in a diversified portfolio can be attributed to its asset class mix, rather than to the selection of individual investments. This concept is a central tenet of the Stairway Partners investment philosophy and has been a guiding principle since the firm’s inception. Stairway provides discretionary portfolio management services primarily to institutional investors, including employee benefit plans, charitable organizations, and foundations. We also provide these services to high-net-worth individuals. For clients that are ERISA-governed employee benefit plans, Stairway explicitly acknowledges its role as fiduciary as defined under ERISA Section 3(38). Pursuant to an Investment Advisory Agreement, Stairway works with each client to construct an investment policy that most appropriately suits the client’s investment objectives. Utilizing an expected risk and return framework, we establish a portfolio benchmark or “policy index” for each client portfolio using long-term high-level estimates of future returns, volatilities, and correlations of returns across global capital markets. Within explicit guidelines,

clients grant Stairway the discretionary authority to supervise and direct the investment of their assets in accordance with their investment policy. We employ proprietary valuation models based on fundamental valuation metrics and current market prices, which are used to estimate returns over a shorter time horizon. Stairway adjusts portfolio exposures across and within asset classes based on current market conditions. Custody of all client assets is maintained at unaffiliated qualified custodians. Clients pay a fee to Stairway for providing discretionary investment advisory services (see Item 5). As of June 30, 2023, Stairway managed $1,192,277,376 of client assets on a discretionary basis. Non-Discretionary Institutional Advisory Services Stairway may also provide non-discretionary advisory services to certain institutional clients. For clients that have exposures to non-liquid alternative investments, Stairway will work closely with trustees and investment boards on strategic planning that includes addressing the risks in their portfolio, considering their short-term and long-term policy objectives. In concert with our discretionary investment advisory services, we may offer institutional clients a complementary suite of services which are designed to provide trustees and boards with the tools necessary to effectively manage their fiduciary obligations. These may include:
• Strategic planning and investment policy guidance.
• Asset allocation modeling based on the Plan’s specific liability structure, liquidity needs, risk parameters and return hurdles.
• Streamlined portfolio implementation.
• Ongoing oversight and risk management.
• Comprehensive performance reporting and portfolio-level attribution analysis.
• Regular independent investment research and trustee education. As of June 30, 2023 Stairway was providing non-discretionary institutional advisory services to clients with assets totaling approximately $1,800,000,000 including the assets managed by Stairway on a discretionary basis.