This section of the brochure tells you about our business, including ownership, and a description of the services we offer. Evergreen Capital Management, LLC is a registered investment adviser based in Bellevue Washington. We are organized as a limited liability company ("LLC") under the laws of the state of Washington. We have been providing investment advisory services since 1983 and are indirectly owned by David Hay our Co-Chief Investment Officer. Evergreen Capital Management LLC is referred to in this document as “Evergreen Capital Management”, “Evergreen GaveKal”, “Evergreen”, “the Company”, “us”, “we”, or “our.” In this document we refer to current and prospective clients of Evergreen Capital Management as “you”, “client”, or “your.” Evergreen has two main offices, located in Bellevue, WA and San Francisco, CA, and each of the two main offices has its own Investment Committee. Each Investment Committee is permitted to and typically does recommend different types of investments for clients. Evergreen also has a few other satellite offices that fall under the purview of the Bellevue office. The disclosures throughout this Form ADV apply to the business practices of all locations. Evergreen offers a variety of services, including investment management services, as well as investment consulting services and financial planning upon request. Services are available from both Evergreen locations, although the San Francisco office primarily manages family office clients. Whether a client is managed by the Bellevue or San Francisco office, is typically based on prior relationships with personnel or geographic location. Additional information about Evergreen’s services is provided below. Investment Management Services Most Our clients enter into a written agreement for discretionary investment management services, where Evergreen Capital Management and our investment adviser representatives (“IARs”) manage your assets on a continuous and ongoing basis guided based on your individual needs. We use the information provided by you to develop investment advice that is tailored to your individual situation. We regularly inquire about, and you are responsible for providing, information about your investment goals, time horizon, and risk tolerance. Evergreen’s investment management services are generally not provided to all your holdings or net worth but rather only to assets specifically designated by you and agreed to by us as managed assets. Clients can generally impose restrictions on investing in certain securities or types of securities. As deemed appropriate, Evergreen will elect to use subadvisers for a portion of a client’s account in instances where the subadviser’s expertise in a particular type of investment or investment strategy is needed or use of is considered in the best interest of the client in furtherance of such client’s goals. As the use of a subadviser is determined on a case-by-case basis taking into account all relevant facts and circumstances of the respective client, typically

will enter into a separate agreement with the subadviser although may not be necessary in some instances. Nevertheless, the affected client will be notified in advance and have the opportunity to consent to the use of the subadviser if means client will incur an additional cost for such services. Upon request, we provide some investment management clients with a written financial plan at no additional cost. Financial plan typically include a personal balance sheet and certain projections. Any reports, financial statement projections, and analyses provided by Evergreen are intended exclusively for your use in developing and implementing your financial plan. In view of this limited purpose, the statements should not be considered complete financial statements. Evergreen will not audit, review, or compile financial statements, and accordingly, we will not express an opinion or other form of assurance on them, including the reasonableness of assumptions and other data on which any prospective financial statements are based. Types of Investments Used For our investment management services, we consider many different types of securities when formulating the investment advice we give to you. Although we primarily provide investment advice on publicly traded securities, including registered investment companies, we do recommend interests in private funds for certain clients. If you come to us with existing investments, we evaluate them with respect to your financial goals, risk tolerance, and investment time horizon. Depending upon your situation, we will recommend investments in individual stocks, corporate and/or government bonds, mutual funds, or exchange‐traded funds (“ETFs”). For certain clients, Evergreen also recommends investments in partnership interests in real estate or oil and gas interests, or investments in private funds. Advisory Services to Pooled Investment Vehicles Evergreen is the investment adviser to privately pooled investment vehicles (“Funds”). The objective of the Funds is to provide risk adjusted long-term returns by investing in third-party-managed private pooled investment vehicles that make private equity and venture capital investments. In addition, the Funds may make third-party-sponsored co-investments alongside third-party managed private pooled investments in the Funds. Investment Consulting Services Evergreen does from time‐to‐time provide investment consulting services on topics not involving securities. The fees for this advice are typically included as part of an assets under management billing agreement or a fixed fee agreement described in the written agreement between us. Non‐securities related advice is only provided to you upon specific written request and agreement between us. Not all clients receive this type of advice. Assets Under Management As of December 31, 2023, Evergreen Capital Management managed $4,453,687,296 on a discretionary basis and $96,628,320 on a non‐discretionary basis.