Evolutionary Tree is an investment management firm headquartered in Alexandria, VA and registered with the U.S. Securities and Exchange Commission as an investment adviser. The Firm, structured as a Delaware limited liability company, was founded in late 2017 by Thomas Ricketts, CFA, the Firm’s President, Chief Investment Officer, and Portfolio Manager. A trust established by Mr. Ricketts is the principal owner of the Firm. Evolutionary Tree is an investment manager that specializes in innovation-focused, concentrated- growth investing using a long-term approach. The Firm builds concentrated portfolios of high-quality, sustainable growth companies using a disciplined set of criteria for evaluating investments. Our dual mission is to 1) connect clients to portfolios of leading innovative businesses with the potential to drive wealth creation over the long term and 2) provide long-term perspective, thought leadership, and beyond-the-call-of-duty service. We offer discretionary portfolio and investment management services to individual and institutional clients with separately managed accounts (“SMA”), including both taxable and tax-exempt accounts, and investment management services to registered investment companies and pooled investment vehicles. The Firm advises and manages the investments of the Evolutionary Tree Innovators Fund, a non-diversified series of Ultimus Managers Trust. While the Firm does not provide financial planning services, it can accommodate clients that wish to have the Firm manage balanced accounts, which may include both equity and fixed income securities. In addition, while the Firm typically uses a model portfolio for each strategy to manage client accounts, we also accommodate client-specific restrictions or guidelines, if in our judgment it does not significantly affect our ability to manage the strategy effectively. Clients may impose restrictions on investing in certain securities or certain types of securities. As part of the Firm’s investment advisory services, we may recommend that you roll assets

from your employer’s retirement plan, such as a 401(k), 457, or ERISA 403(b) account (collectively, a “Plan Account”), to an individual retirement account, such as a SIMPLE IRA, SEP IRA, Traditional IRA, or Roth IRA (collectively, an “IRA Account”) that we will manage on your behalf. We may also recommend rollovers from IRA Accounts to Plan Accounts, from Plan Accounts to Plan Accounts, and from IRA Accounts to IRA Accounts. When we provide investment advice to a client regarding a retirement plan account or individual retirement account, we are a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act (ERISA) and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in the best interest of the client and not put our interest ahead of the client’s interest. Pursuant to these regulations, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put the Firm’s financial interests ahead of the client’s financial interests when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interests, fees and investments;
• Follow policies and procedures designed to ensure that Firm gives advice that is in the best interest of the client;
• Charge no more than is reasonable for services provided; and
• Give the client basic information about conflicts of interest. We are not financial planners, tax accountants, insurance professionals, or estate attorneys, and thus encourage our clients to seek advice for these services from external professionals and service providers of their choosing. We may coordinate with these providers at a client’s direction, when appropriate. As of February 29, 2024, the Firm managed $103.5 million in assets under management, all of which are managed on a discretionary basis.