Dorsey Asset Management, LLC (hereinafter “Dorsey,” or the “firm”) is a Limited Liability Company organized in the State of Illinois. Dorsey was formed on July 31, 2013, and its principal owner is Patrick W. Dorsey. Overview Dorsey provides investment advisory services to individuals, high-net-worth individuals, charitable organizations and institutions. Dorsey also serves as the investment manager to certain private fund(s). These services are described generally below and in greater detail in the relevant advisory agreement and/or offering documents of the private fund. Separately Managed Accounts Dorsey provides investment advisory services to separately managed accounts (“Separately Managed Accounts”). Prior to providing such services, Dorsey requires each client to enter into a written agreement that sets forth the terms and conditions under which Dorsey will render its services and make investment decisions on behalf of the client (the “advisory agreement”). Dorsey aims to manage the Funds (as defined below) and Separately Managed Accounts (collectively, “clients”) in pari passu fashion. Typically, client accounts follow a long-only concentrated strategy and invest in equities, including but not limited to global equities and American Depository Receipts (“ADRs”). Dorsey generally limits its investment advice to U.S. and non-U.S. equities. Separately Managed Account clients may impose restrictions on investing in certain securities or types of securities in accordance with their values or beliefs. Such requests must be made in writing in the advisory agreement and signed by the client and Dorsey. Clients should inform Dorsey if their investment objectives change after the advisory agreement is executed. Private Funds Dorsey serves as the investment adviser to certain private fund(s), including the Global Moat Fund, LP, the Global Moat Offshore Fund, LP, and the DAM SIF I, LP (each, a “Fund” and collectively, the “Funds”). The Funds are exempt from registration as an investment company under Section 3(c)(7) of the Investment Company Act of 1940, as amended (“Company Act”). Each Fund may have different investment features,

which may include varying levels of fees, withdrawal rights, investment guidelines, investment minimums, investor qualification standards and liquidity terms. Dorsey tailors its investment advisory services for a private fund to the Fund’s overall investment program, and not to the needs of any underlying investor therein. The advisory services Dorsey provides to the Funds are governed by the relevant Fund documents and the investment advisory agreements. Generally, the Funds invest in a concentrated portfolio of companies Dorsey evaluates to have sustainable competitive advantages and the potential to provide above average returns. The Funds expect to maintain investments globally in approximately 10-15 portfolio companies; however, Dorsey may choose to invest in a larger or smaller number of companies. This Brochure should not be considered an offering document for any of the Funds for which Dorsey provides investment advisory services and investors should refer to the respective Fund offering memorandum or organizational documents for a complete description of the relevant Fund, including its strategies, risks, conflicts of interest, fees and expenses. Accordingly, investors should consider whether the Fund meets their investment objectives and risk tolerance prior to investing. Investment Advisory Agreements Dorsey’s investment advisory agreements contain an authorization by which clients grant Dorsey discretion to make purchases and sales for their accounts without requiring Dorsey to obtain their consent or approval prior to each transaction, to select the types and amounts of securities that Dorsey buys or sells for their accounts, the broker or dealer Dorsey uses to effect such transactions and the commission rates paid. As noted above, certain clients may specify their investment objectives and guidelines, direct brokerage, select their portfolio strategy and impose certain restrictions or investment parameters. Assets Under Management As of February 29, 2024, Dorsey managed $1,113,609,479 in assets on a discretionary basis. Dorsey does not currently manage any assets on a non-discretionary basis.