Our History Penn Davis McFarland, Inc. (PDM) was founded in 1977 by Fred M. Penn, John H. Davis, and John S. McFarland. We offer asset management services through separately managed accounts. Our typical account owners are individuals, retirement and pension plans, trusts, and limited partnerships. PDM has full discretionary investment authority over the vast majority of its client accounts. See Item 16 - Investment Discretion below. PDM invests its client’s assets primarily in publicly traded stocks and bonds; however, we may occasionally purchase and sell other assets for your account, including but not limited to those described below in Item 8-Methods of Analysis, Investment Strategies and Risk of Loss. We generally seek to make investments that provide, in our judgment, a reasonable expected rate of return relative to the risk of loss. We use primarily fundamental analysis when assessing the merits of investment opportunities. As part of our due diligence process to vet potential investments, we review regulatory filings, sell side research reports, newspapers, and other trade journals, as well as rely on our own experiences and conversations with individuals engaged in the particular business we are evaluating, including a company’s customers, suppliers, and competitors. Once we have identified what we deem to be an attractive investment, we then consider each client’s risk tolerances, cash needs, and any other criteria our clients have asked us to consider when determining whether or not that particular investment is appropriate for that specific client. Each client account is managed on the basis of that client’s individual financial situation, investment objectives and instructions. In other words, we tailor our advisory services to the individual needs of our clients, and we allow clients to impose restrictions on investing in certain securities or types of securities. As of January 31, 2024, our discretionary assets under management were $838,444,165. Our total discretionary and non-discretionary assets under management including non-discretionary infrequently priced assets some of our clients hold and we advise them on (such as investments in private partnerships) were $843,202,523. Our Principals R. Van Ogden - Principal - has been with the firm since 1986 and became a partner in 1993. He is a CFA charterholder* and holds a Masters in Business Administration from Southern Methodist University. Prior to joining the firm, Van served as a personal trust officer with a large Dallas Bank, now a part of Bank of America. While at the bank, he gained extensive experience in managing trust, real property, and financial assets, as well as estate and tax planning. Van is President of PDM, and his primary responsibilities are portfolio management, client relations and managing operational aspects of the firm. He is a member of our Investment Committee. Jeffrey (Jeff) W. Helfrich - Principal - joined the firm in May 2010 and became a partner in 2020. He graduated magna cum laude from Harvard University with an A.B. in Economics and is a CFA charterholder*. He has been an equity research analyst with the Janus Capital Group. Prior to joining Penn Davis McFarland, Inc. Jeff was a research analyst for Perot Investments, the private investment company for the Perot family in Dallas. (October 2008 – May 2010). Jeff also worked as a Managing Director at Matador Funds L. P. in Dallas (May 2008 – September 2008) and was a Principal and Senior Research Analyst at Independence Capital Asset Partners, LLC in Denver (August 2005 – March 2008). Jeff is Senior Vice President of PDM, and his primary responsibility is investment research and portfolio management. He is a member of our Investment Committee. Our People Robert E. Felty joined the firm in November 2012. Prior to joining Penn Davis McFarland, Robert worked for over 30 years with Bank of America, serving as a U.S. Trust client relationship manager. He has extensive trust, estate, private foundation, investment, and banking experience. He also held trust department management positions with the bank. He holds both BBA and MBA degrees from Midwestern State University. Robert is Vice President and Chief Compliance Officer of PDM and his primary responsibilities for the firm are client relations and new business development. Charles L. Norton joined the firm in May 2015. Previously, Charles managed multi-asset class portfolios as a senior portfolio manager at Wells Fargo Private Bank, where he also served as a senior analyst on the national equity research team covering consumer stocks. For 11 years prior, Charles was a founding principal of a long/short equity investment management firm, where he was responsible for portfolio management and investment research for all of the company’s managed assets. Previously, he was an analyst at a NYC-based hedge fund firm and a health care investment banker

at Smith Barney. Charles is a CFA charterholder* and has a BSM degree from Tulane University's A.B. Freeman School of Business. Charles’ primary responsibility is investment research and portfolio management and is a member of our Investment Committee. Hope W. Robinson joined the firm in September 2022. Prior to joining Penn Davis McFarland, Hope was a senior financial planner at RGT Wealth Advisors. There, she served affluent individuals and families in various aspects of their financial lives. Before RGT, she worked as a senior associate in the assurance practice at Ernst & Young. Hope graduated magna cum laude from Baylor University with a Bachelor of Business Administration and a Master of Accountancy. She was also a member of the Baylor women’s volleyball team. She is both a Certified Public Accountant and a CERTIFIED FINANCIAL PLANNER™ professional. Hope’s primary responsibility for the firm is client relations. Kenni L. Hamilton joined the firm in March 2005. Prior to joining Penn Davis McFarland, Inc., Kenni was a portfolio administrator for a Dallas investment firm for 9 years. Her primary duties include the ongoing accounting for client portfolios, firm receptionist, administrative support for the principals and client relations. Frances (Fran) D. Jenkins joined the firm in 2004. Fran is a native Dallasite. Prior to joining Penn Davis McFarland, Inc., she was a licensed agency trader for a brokerage firm for seventeen years. Fran’s primary responsibilities include the ongoing accounting for client portfolios. Stacy L. Wulf joined the firm in February 2007. Prior to joining Penn Davis McFarland, Inc., Stacy was the accountant for a family-owned business and worked with special needs children in the Mesquite Independent School District. Stacy oversees the daily accounting needs of the firm’s clients who utilize our “Family Office” services and provides administrative and accounting support for the firm. Arlina Lara joined the firm in November 2023. Prior to joining Penn Davis McFarland, Inc., Arlina led a general merchandise team for Target. She was previously an accounting and financial analyst for a consumer bank. She is a graduate of University of Texas at Arlington with a BBA in Finance and is pursuing her MBA. Arlina’s primary responsibilities include the ongoing accounting for client portfolios. Our Retired Founders Fred M. Penn - Founder – (In Memoriam) was a native Dallasite with a life-long interest in finance and the stock market. Fred graduated from Southern Methodist University where he majored in Banking and Finance. After 17 years at the First National Bank in Dallas, he became one of the founders of Penn Davis McFarland, Inc. In addition to being a retired Commander in the U.S. Naval Reserve, Fred was past President of the Boys and Girls Club of Dallas, the Dallas Summer Musicals, the American Heart Association (Dallas Chapter), and participated in many other civic aspects of the community. Fred passed away in August 2020. He is missed. John H. Davis - Founder - graduated from Texas Christian University with a Bachelor of Arts and Sciences degree in Economics and English. He was subsequently employed by the First National Bank in Dallas, where he served as portfolio manager for a variety of trusts, as well as manager of two pooled equity funds. In 1973, John was a founder of Southland Trust Company and became Head of Investments. He left Southland Trust to form Penn Davis McFarland, Inc. in 1977. John retired January 31, 2020. John S. McFarland - Founder - graduated from Southern Methodist University with a Bachelor of Arts and Business Administration degree. John became a Securities Broker with Goodbody & Co. From there he was a founder of Southland Trust Company and later, Penn Davis McFarland, Inc. John is a lifelong Dallasite and has served on many civic boards, including Bryan’s House, Dallas Mental Health Association, President of the Boys and Girls Clubs of Dallas, the Board of Meadows School of the Arts at Southern Methodist University, and was co-chairman of The SMU Meadows School Capital Campaign. John is a member of Saint Michael and All Angels Episcopal Church. He focused on client relations and operational aspects of the firm. John retired September 30, 2022. *To become a Charted Financial Analyst® (CFA) charterholder, a candidate must satisfy the following requirements: Complete the CFA Program (mastery of the current CFA curriculum and passing three six-hour examinations). Possess a bachelor's degree (or equivalent) from an accredited institution. Have four years of qualified work experience (or a combination of education and work experience acceptable by the CFA Institute). Become a member of the CFA Institute and apply for membership to a local CFA member society. Adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct. Independent of any other requirements for becoming a charterholder, the CFA Program takes an average of four years for candidates to complete.