Since 1988, Hirtle Callaghan has provided discretionary investment advisory services to individuals, families, trusts, estates, pension plans, charitable organizations, endowments, foundations and similar institutions. Acting as the "Chief Investment Office" for our investment advisory clients (“Advisory Clients”), we employ a fundamentally based, valuation-driven investment process that allocates client capital to asset classes, investment strategies and independent specialist managers (“Specialist Managers”) in a manner designed to maximize the potential return on capital within specific, client defined, risk tolerances and guidelines. Our Chief Investment Officer Solution (“CIO Solution”) is our principal line of business and has four key components:
• Planning – Our CIO Solution begins with a detailed consultation with an Advisory Client to develop investment objectives within appropriate risk/reward parameters relative to the client's financial circumstances. The result is the development of an appropriate asset allocation.
• Implementation – We engage independent specialist managers (“Specialist Managers”) to oversee and execute the selection of specific investments consistent with the overall asset allocation, alpha generation and risk mitigation strategies we develop. Specialist Managers are selected based on a number of qualitative and quantitative factors, including the due diligence and decision-making process employed by the organization, performance against selected benchmarks, how each Specialist Manager in a designated asset class complements the other selected Specialist Manager(s) within the class, and the current attractiveness of such Specialist Manager’s investment style or strategy.
• Supervision – We closely monitor the performance of the Specialist Managers to ensure they perform in line with our expectations. As part of the monitoring process, we have in person meetings or phone/video calls with the Specialist Managers on a regular basis, as well as use quantitative tools to understand performance drivers, disaggregate systematic and idiosyncratic risks and ensure adherence to investment style.
• Reporting – Regular reports are made available to each Advisory Client no less than quarterly and include an account summary, asset allocation report, changes in portfolio value and performance information. Advisory Clients may request additional periodic or custom reporting and may also access account information via the Hirtle Callaghan client portal, which is updated on a daily basis. In addition, each Hirtle Callaghan Advisory Client receives a transaction statement no less than quarterly from the client’s independent custodian. Hirtle Callaghan’s fundamentally based, valuation-driven investment process allows us to develop globally diversified, risk-managed portfolios that are custom designed to address each Advisory Client’s specific investment objectives. While Hirtle Callaghan engages with various Specialist Managers in order to implement particular strategies on behalf of our Advisory Clients, and therefore may be described as a manager of managers, our primary focus is on deriving value and optimal performance through strategic capital allocation across various asset classes in respect of each Advisory Client portfolio. This active and strategic capital allocation investment thesis, coupled with our comprehensive Specialist Manager selection process, provides each Advisory Client with an integrated, customized, opportunistic and cost-effective investment solution. Hirtle Callaghan Advisory Clients primarily utilize pooled investment vehicles, including HC Capital Trust, in order to access the Specialist Managers we select. HC Capital Trust was organized in 1995 to enhance our ability

to acquire the services of such managers in a cost-efficient manner. Each of HC Capital Trust’s portfolios is designed to focus on a particular asset class (or sub-asset class) and, in most cases, the assets of each portfolio are managed in separate accounts by two or more Specialist Managers under the supervision of Hirtle Callaghan and with a view toward combining complementary investment styles within the designated asset class. As an open-ended investment company registered under the Investment Company Act of 1940 (the “Investment Company Act”), HC Capital Trust invests primarily in liquid securities, and its shares are offered and sold each market day. Overall investment advisory services are provided to HC Capital Trust by HC Capital Solutions, a division of Hirtle Callaghan. Shares in the portfolios of HC Capital Trust are generally not accessible to the public or transferable to other institutions. Therefore, when an Advisory Client’s relationship with Hirtle Callaghan ends, the client will generally be required to dispose of its HC Capital Trust holdings. Hirtle Callaghan has also established several private investment vehicles (each, an “HC Private Vehicle”), for which we or a related person serves as general partner and/or investment manager. HC Private Vehicles are generally limited partnerships or private companies which are not registered under the Investment Company Act and therefore may only be offered to investors who satisfy the qualifications specified in the offering documents relating to the relevant HC Private Vehicle, and for whom we believe the investment is appropriate based on the client’s risk profile. HC Private Vehicles are primarily designed to invest in equity, hedge, long-only, private equity and private credit funds that are managed by Specialist Managers identified and monitored by Hirtle Callaghan ("Underlying Private Funds"), but HC Private Vehicles may also seek out and take advantage of opportunistic investments, whether managed by a Specialist Manager or Hirtle Callaghan directly. Generally, the liquidity profile of an HC Private Vehicle will match that of the underlying asset class in which it invests. Other than certain HC Private Vehicles which invest in private equity (as discussed below), investments in HC Private Vehicles are not generally accessible to the public, and as such, when an Advisory Client’s relationship with Hirtle Callaghan ends, the client will generally be required to dispose of its HC Private Vehicle positions. However, for certain HC Private Vehicles, the Advisory Client will be required to remain invested until such investment may be disposed of or liquated, in accordance with its legal terms. Investors in any HC Private Vehicle will receive all relevant Page 5 of 16 governing documents, including a private placement memorandum, in connection with the investment. In combination with the use of our pooled investment vehicles, Hirtle Callaghan Advisory Clients may also be afforded access to certain Specialist Managers directly through the client’s own separate account with such manager, as well as obtain passive market exposure through the use of exchange traded funds (“ETFs”), third-party mutual funds or similar instruments. In addition to our CIO Solution, Hirtle Callaghan or a related person also offers interests in certain HC Private Vehicles that invest in private equity funds (with a focus on buyout, growth and venture capital), to persons that are not Advisory Clients (“Private Equity Clients”). As of December 31, 2022, Hirtle Callaghan managed approximately $18,108,704,692 on a discretionary basis and approximately $3,656,497 on a non-discretionary basis. Jonathan Hirtle is the principal shareholder of Hirtle Callaghan Holdings, Inc., which is the principal member of Hirtle Callaghan.