Advisory Firm PSG is part of the Focus Financial Partners, LLC (“Focus LLC”) partnership. Specifically, PSG is a wholly-owned indirect subsidiary of Focus LLC. Ferdinand FFP Acquisition, LLC is the sole managing member of Focus LLC. Ultimate governance of Focus LLC is conducted through the board of directors at Ferdinand FFP Ultimate Holdings, LP. Focus LLC is majority-owned, indirectly and collectively, by investment vehicles affiliated with Clayton, Dubilier & Rice, LLC (“CD&R”). Investment vehicles affiliated with Stone Point Capital LLC (“Stone Point”) are indirect owners of Focus LLC. Because PSG is an indirect, wholly-owned subsidiary of Focus LLC, CD&R and Stone Point investment vehicles are indirect owners of PSG. Focus LLC also owns other registered investment advisers, broker-dealers, pension consultants, insurance firms, business managers and other firms (the “Focus Partners”), most of which provide wealth management, benefit consulting and investment consulting services to individuals, families, employers, and institutions. Some Focus Partners also manage or advise limited partnerships, private funds, or investment companies as disclosed on their respective Form ADVs. We help our clients obtain certain insurance solutions from unaffiliated, third-party insurance brokers by introducing clients to our affiliate, Focus Risk Solutions, LLC (“FRS”), a wholly owned subsidiary of our parent company, Focus Financial Partners, LLC. Please see Items 5 and 10 for a fuller discussion of this service and other important information. We offer clients the option of obtaining certain financial solutions from unaffiliated third-party financial institutions through UPTIQ Treasury & Credit Solutions, LLC (together with UPTIQ, Inc. and its affiliates, “UPTIQ”). Please see Items 5 and 10 for a fuller discussion of these services and other important information. Types of Advisory Services Separately Managed Accounts PSG provides discretionary investment management services to approximately 400 client relationships, the majority of whom have more than $2 million under PSG’s management. PSG designs and implements proprietary investment strategies which are designed to meet a range of client investment objectives. PSG implements its strategies through a combination of individual security selection and the selection and monitoring of external investment managers. PSG is a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) with respect to investment management services and investment advice provided to ERISA plans and ERISA plan participants. PSG is also a fiduciary under section 4975 of the Internal Revenue Code of 1986, as amended (the “IRC”) with respect to investment management services and investment advice provided to individual retirement accounts (“IRAs”), ERISA plans, and ERISA plan participants. As such, PSG is subject to specific duties and obligations under ERISA and the IRC,

as applicable, that include, among other things, prohibited transaction rules which are intended to prohibit fiduciaries from acting on conflicts of interest. When a fiduciary gives advice, the fiduciary must either avoid certain conflicts of interest or rely upon an applicable prohibited transaction exemption (a “PTE”). As a fiduciary, we have duties of care and of loyalty to you and are subject to obligations imposed on us by the federal and state securities laws. As a result, you have certain rights that you cannot waive or limit by contract. Nothing in our agreement with you should be interpreted as a limitation of our obligations under the federal and state securities laws or as a waiver of any unwaivable rights you possess. Funds of Hedge Funds, Hedge Funds and Other Pooled Investment Vehicles PSG acts as the Investment Manager and Adviser to The PSG Fund, LLC, (the "PSG Fund") and The PSG Offshore Fund, Ltd. (the "Offshore Fund") (together, the PSG Fund and the Offshore Fund are the "Client Funds"). The PSG Fund is a Delaware limited liability company. The Offshore Fund is an international business company incorporated with limited liability in the British Virgin Islands. The Offshore Fund invests substantially all of its assets in the PSG Fund. Each of the Client Funds is a fund of hedge funds and therefore each fund invests substantially all of its assets in other pooled investment vehicles such as hedge funds and private funds. PSG may in the future form and provide investment advisory services to other pooled investment vehicles. PSG also has a business arrangement with SCS Capital Management LLC (“SCS”), who is an indirect, wholly-owned subsidiary of Focus LLC and Focus Inc. This arrangement allows certain PSG clients the option of investing in certain private investment vehicles managed by SCS. PSG is an affiliate of SCS by virtue of being under common control with it. Please see Items 5 and 10 of this Brochure for further details. Tailored Investment Advisory Services PSG tailors its investment advice based on the individual needs of its Clients. Clients may impose restrictions on the types of investments in their accounts, including: (i) on the types of securities PSG may invest in and (ii) limitations on the total amount or percentage of assets that may be invested in particular asset classes or investment types. A prospective client may impose such restrictions when the investment adviser and client relationship is established or at any time upon written notice to PSG. The Client Funds have not imposed any restrictions on the types of investments that PSG may make, and PSG has wide discretion to invest the assets of any Client Funds. Such discretion is limited, however, by the investment objectives and strategy of each Client Fund. W rap Fee Programs PSG does not participate in wrap fee programs. Assets Under Management PSG has approximately $2.2 billion in Client assets under management on a discretionary basis, as of December 31, 2023.