Firm Description NBW Capital LLC, located in Boston, Massachusetts, was founded in 1991 doing business as Taylor Investment Associates. In January 2008, Taylor Investment Associates changed its legal business name to Taylor Investment Counselors, and in October 2014, Taylor Investment Counselors changed its legal business name to NBW Capital LLC. Principal Owners NBW Capital is owned by four investment management professionals, Christopher M. Blakely, Michael T. Whitney, Bernard E. Niedermeyer and Sean P. Fitzgibbon. NBW Capital is 100% employee owned. NBW Capital is a registered investment adviser with the United States Securities and Exchange Commission and is organized as a limited liability company under the laws of the Commonwealth of Massachusetts. NBW Capital’s registration with the SEC does not imply any certain level of skill or training. Types of Advisory Services NBW Capital has been providing discretionary asset management services to individuals, families, trusts, estates and institutions, such as, but not limited to, corporations, ERISA plans and not-for-profit organizations for over 30 years. NBW Capital has four investment professionals servicing our clients with over 125 years of combined investment management experience. We manage separate accounts and we are long only managers. We invest primarily in publicly traded stocks, bonds, MLPs, exchange traded notes or funds and options. We offer five core portfolio products, which can be referred to as 1) our Growth and Income strategy, 2) our Core Equity strategy, 3) our Balanced strategy, 4) our Core Balanced strategy, and 5) our Master Limited Partnership (“MLP”) strategy. All products are only available as separate account portfolios and generally have a minimum investment of $500,000. The Growth and Income strategy uses a blend of indexes (70% S&P 500 and 30% Alerian Total

Return Index) as its performance benchmark, the Core Equity strategy uses the S&P 500 as its performance benchmark, the Balanced strategy uses a blend of indexes (56% S&P 500, 24% Alerian Total Return Index and 20% Bloomberg Barclays U.S. Aggregate Bond) as its performance benchmark, the Core Balanced strategy uses a blend of indexes (80% S&P 500, 20% Bloomberg Barclays U.S. Aggregate Bond) as its performance benchmark, and the Master Limited Partnership (“MLP”) strategies use the Alerian Total Return Index as its performance benchmark. NBW Capital offers financial planning services, including advice on retirement, tax and estate planning, charitable giving, budgeting and liquidity. From time to time, NBW Capital may recommend a competent tax, accounting or legal professional to its current clients. NBW Capital employees are neither attorneys nor accountants, do not have any affiliation with the professionals they recommend or receive any compensation for the recommendation. Tailored Relationships NBW Capital clients retain us on a discretionary basis to determine and execute portfolio transactions consistent with their specified investment objectives. On a discretionary basis means that portfolio transactions are executed without prior consultation with the client. To confirm this discretion, upon commencement of our relationship, every client signs an Investment Management Agreement with NBW Capital, as well as a custodial application/agreement with the custodian. Under certain circumstances, NBW Capital allows clients to adjust their portfolio holdings according to their individual needs or desires. Wrap Fee Programs NBW Capital does not participate in wrap fee programs. Assets Under Management As of December 31, 2023, assets under management total $525,323,747 in discretionary assets. Currently, we do not manage any non-discretionary assets.