OVERVIEW OF ADVISORY BUSINESS Zuckerman Investment Group, LLC, a Delaware limited liability company (“Zuckerman Investment Group” or “we” or the “firm”) was formed in 2005 and is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended. The firm is principally owned by ZIG Holding, LLC, Daniel R. Zuckerman Revocable Trust, and Michael P. Fisherman Revocable Trust. ZIG Holding is beneficially owned by Daniel R. Zuckerman and immediate family members of the Zuckerman Family. Further information on Daniel R. Zuckerman and Michael P. Fisherman, including their biographies, is contained in Zuckerman’s Form ADV Part 2B Brochure Supplement. The firm provides comprehensive family wealth management services to our broad client base. Our ongoing service offering includes customized investment portfolios, investment management, and financial planning on both a discretionary and non-discretionary basis using separately managed accounts. Each client establishes a custodial relationship with an independent bank or brokerage firm and opens an investment account in the client’s name that is managed by Zuckerman Investment Group. As of December 31, 2023, we managed $1,448,495,883.76 in discretionary assets and approximately $93,599,913.79 in non- discretionary assets. INVESTMENT MANAGEMENT The firm’s broader team of advisors and investment professionals meet on a recurring basis to create customized investment strategies that aim to maximize

wealth preservation while taking advantage of wealth creation opportunities. We also use our investment philosophy and internal research team to support our investment decisions. We primarily invest in exchange traded individual equity securities, fixed income securities, exchange traded funds and mutual funds. On a limited basis, we may recommend that our clients invest in alternative assets including private equity funds, real estate funds and other alternative funds. In order to understand our clients’ goals and objectives, we have an initial assessment meeting as well as ongoing communication with the clients. At the onset of a client relationship, we set an asset allocation based on the clients’ objectives. Our separately managed accounts generally follow a model portfolio that invests in the same securities as our other investors. Clients may impose restrictions on investing in certain securities or types of securities or limits on their weightings. ZVS LLC The firm provides investment advice to ZVS LLC, a Delaware limited liability company, which is a privately offered pooled investment vehicle. ZVS LLC invested in a private investment vehicle managed by a third-party investment manager (the “Underlying Fund”). Additional information about ZVS LLC is available in its offering documents (the “Offering Documents”). ZVS LLC is not currently accepting additional subscriptions at this time. Zuckerman Investment Group may provide investment advice to other privately offered pooled investment vehicles in the future.