Marshfield Associates, Inc. (“Marshfield”) is a Washington, D.C.-based registered investment adviser offering professional investment advisory services to a broad range of institutional and retail clients since 1989. We are privately owned by seven individual principals; Christopher Niemczewski is the only principal who owns more than 25% of the firm. As of December 31, 2023, Marshfield manages approximately $6.40 billion in client assets ($6.36 billion on a discretionary basis and $40 million on a non-discretionary basis). Marshfield is a long-only, value investor. Our goals are (1) capital preservation and (2) outperformance of the S&P 500 Index over time. Our core value equity strategy (the “Core Value Equity Strategy”) consists of a concentrated portfolio that, when fully invested, holds approximately 16 to 20 individual stocks. We also offer a balanced strategy (the “Balanced Strategy”) for clients who request to augment our Core Value Equity Strategy with an allocation to fixed income securities. See Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for additional information about our strategies. Separately Managed Accounts We provide discretionary investment advisory services through separately managed accounts (“SMAs”) to a variety of institutional and individual clients, including business organizations, public and private pension plans, foundations, trusts, charitable organizations, high net worth individuals, and others. Marshfield typically does not tailor its advisory services to the individual needs of a client, but a client may, with Marshfield’s consent, impose limited restrictions on investments in certain securities or types of securities in its account. These limitations or restrictions are negotiated individually with each client at the time the investment advisory agreement is signed and may be modified by the client by notifying Marshfield in writing. Marshfield may be unable to accommodate certain investment limitations or restrictions sought by a client. Wrap Fee Programs Marshfield provides discretionary investment management services through wrap fee programs sponsored by unaffiliated broker-dealers, investment advisers, or other financial institutions. Marshfield is not a sponsor of any wrap fee program. These programs vary by sponsor and may be set up as a single contract or dual contract program. Under a single contract program, wrap program clients enter into an investment advisory

agreement with the program sponsor and not with Marshfield, and the program sponsor engages Marshfield to provide portfolio management services to the wrap program clients via a separate agreement. Under a dual contract program, wrap program clients enter into separate advisory agreements with the program sponsor and with Marshfield. Fees and features of wrap fee programs vary, and clients participating in these programs should carefully review the sponsor’s wrap fee program brochure for the specific fees and features applicable to its program. Marshfield generally has the authority to enter into transactions on behalf of the wrap fee programs in which it participates, subject to any investment or trading restrictions provided by the program sponsor or program participants. See Item 12 – Brokerage Practices below for additional information about trade execution under a wrap fee program. Model Portfolios Marshfield provides non-discretionary investment advice through model portfolio delivery programs sponsored by unaffiliated broker-dealers, investment advisers or other financial institutions. Under such arrangements, Marshfield provides the model program sponsor with a model portfolio, and the model program sponsor retains complete discretion to implement, reject, or adjust the model provided and, if appropriate, execute any corresponding transactions on behalf of its underlying clients. Marshfield does not execute transactions for the model program sponsor or its underlying clients, and Marshfield does not consider the underlying clients of the model program sponsor to be clients of Marshfield. Marshfield Concentrated Opportunity Fund Marshfield is the investment adviser to the Marshfield Concentrated Opportunity Fund (the “Fund”), which is a separate series of Ultimus Managers Trust, an open-end management investment company registered under the Investment Company Act of 1940. Marshfield has overall supervisory responsibility for the management and investment of the Fund’s securities portfolio, and the Fund is managed according to the same investment philosophy and discipline as our Core Value Equity Strategy discussed in Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss below. Additional information about the Fund is available in the Fund’s current Prospectus and Statement of Additional Information (“SAI”), which may be downloaded from the Fund’s website at www.marshfieldfunds.com.