Independent Investors, Inc. is an investment advisory firm founded by Patrick N. Moloney in 1983 after 23 years of employment at Chemical Bank. Patrick N. Moloney passed away on May 14, 2014, and his wife, Elizabeth, became the sole owner of Independent Investors, Inc. As explained to clients in a letter dated May 22, 2014, Margaret Moloney, who joined the firm in 1991, assumed the role of President and will guide the firm going forward. In addition to her role as President, Ms. Moloney serves as a portfolio manager. Vice President and portfolio manager Kevin Moloney joined the firm in 2004. Independent Investors, Inc. provides portfolio management services, primarily on a discretionary basis, and, to a lesser extent, on a non-discretionary basis, to individuals, high-net-worth individuals, trusts, charitable foundations and corporations. As of December 31, 2023, Independent Investors, Inc. managed $476,440,751, of which $429,456,027 was on a discretionary basis and $46,984,724 was on a non-discretionary basis. We believe the independent structure of our firm provides us with the capability to tailor our advisory services to the individual needs, risk tolerances and investment objectives of each client. We strive to provide customized portfolios and work with clients regarding their preferences of asset type, sector distribution and even specific company restrictions. Privacy Policy Independent Investors, Inc. is committed to maintaining the privacy of our current, former and prospective clients. We recognize that you entrust us with important personal financial information, and we assure you that protecting and safeguarding

that information is one of our highest priorities. In the course of providing products and services, we collect nonpublic personal information about our clients. This information may be obtained from applications, forms, questionnaires, agreements or other sources during the course of establishing a customer relationship. This information may include your name, address, e-mail address, social security number, financial situation and other personal information. We request such information in order to handle your account properly, and to provide you with the highest level of service possible. We do not disclose any nonpublic personal information about our clients, prospective clients or former clients to any nonaffiliated parties, except as necessary to service our clients or as required by law. For example, on occasion, we may be required to provide information about you and your accounts and transactions to governmental agencies and self-regulatory organizations in order to fulfill legal and regulatory requirements. We must and will comply with these laws, to the extent we are required to do so. We do not disclose any nonpublic personal information about our clients, former clients or prospective clients to any outside organization for marketing purposes. We restrict access to nonpublic personal information about you to those employees, agents and other parties who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic information. For questions regarding this policy, please contact Margaret E. Moloney at (800) 237-9044.