Founded in 1986, IPS is an independent, employee-owned, investment consulting firm, providing advice to institutional clients, including jointly trusteed benefit plans, public plans, endowments and foundations, and corporations throughout the United States, as well as high net worth individual clients. Headquartered in Savannah, Georgia, with a regional office in metropolitan Philadelphia, Pennsylvania, IPS is principally owned by two of its consultants: Mitchell Green and Richard Sichel, Jr. IPS provides various levels of consulting services that address core aspects of the investment process. These include: a. General Consulting Services [GCS]. This basic package of services may include the following, as selected by the client: i. Investment Guidelines and Policy Development A statement of investment policy and investment objectives is one of the basic working documents between a fund and its investment managers. IPS utilizes an established process in the review and development of the current policies and guidelines reflecting the client's actuarial, liquidity and funding requirements. IPS's thorough analysis and presentation of findings assists trustees and fund professionals to develop investment policies that reflect their sensitivities and to document suitable alternatives for their fund. ii. Asset Allocation Review This process begins with the development of alternative portfolios based upon different risk and return assumptions, taking into consideration the actuarial and financial condition of the client’s portfolio. IPS employs dynamic optimization software which uses projected return and risk statistics to calculate what is referred to as the "efficient frontier" of investment mix options. This analytical tool allows risk to be modeled under various conditions. IPS's asset allocation analysis may give a client’s fund trustees and similar authorized parties insight into the steps required to achieve the client's minimum objectives and requirements. iii. Third Party Investment Manager Search IPS may be engaged to provide reviews of unaffiliated third-party investment manager candidates for a new asset class or to replace a current investment manager. IPS uses third-party and proprietary databases to track current manager performance and to identify new managers to add to its search list. IPS develops a list of qualified candidates for each asset class and investment style. Once the research staff identifies investment managers, comprehensive due diligence is conducted on each manager and a written analysis of each manager is prepared for review by the IPS Investment Committee. The Investment Committee approves all investment managers on the IPS "Approved Managers List”. iv. Custodian Searches IPS may be engaged to review the services and capabilities of custodian banks. In this regard, we conduct searches for qualified candidates that mirror the due diligence process we undertake for screening investment managers. Our in-house analytical staff typically has daily or weekly contact with many nationally or regionally known custodians as part of the performance measurement services described below. This extensive contact enables us to assess the accuracy and competence of the custodians’ products and client services. Although IPS may review custodians on behalf of clients, IPS does not recommend, request or require that clients use one or more specified qualified custodians in connection with consulting services provided by IPS. v. Searches for Other Third-Party Service Providers IPS may be engaged to provide reviews of commission recapture and transition management providers. The key to these special services is finding the best possible providers and negotiating the lowest possible fee for the service provided. IPS has developed a Request for Proposal (RFP) to be used in this process, and employs both subjective and quantitative criteria in evaluating these firms. vi. Performance Evaluation and Reporting IPS provides clients with an objective review of their investment

portfolio and performance results. The IPS approach is designed to assist fund trustees or similar authorized parties in fulfilling their fiduciary duties and to present the results in a manner that facilitates the client’s decision-making process. Our performance evaluation report follows a logical sequence of analysis, moving from total fund to investment managers to asset classes. vii. Other Services IPS strives to serve as an educational resource for clients. In this regard, IPS produces quarterly market commentary, customized educational materials and white papers on a range of topics, including trustee responsibilities, basic investing, and global/economic factors affecting the markets. IPS also may attend quarterly board of trustee meetings or participate via conference call. b. Master Consulting Services [MCS]. In addition to the services offered in the General Consulting Services, under MCS, IPS makes active, written recommendations regarding asset allocation and portfolio rebalancing. The services may include monitoring investment managers’ holdings on a quarterly or daily basis for compliance with a fund’s investment policy. In conducting daily monitoring, IPS receives trade confirms at the time of purchase and reviews the investment purchase transactions of a fund’s investment managers to confirm that these transactions in separately managed portfolios are consistent with the client’s investment guidelines. Any deviations from the managers’ investment policy guidelines are communicated to the person designated by the trustees and to the affected investment managers themselves for corrective action. On a quarterly basis, IPS provides a summary report of transactions that were found not to be in compliance with applicable investment policy guidelines. This report details the specifics of each non-compliant transaction, as well as the manager’s final disposition. c. Expanded Master Consulting Services [Ex-MCS]. This service includes all services provided under IPS’s Master Consulting Services. In addition, IPS makes more specific third-party investment manager recommendations and may make rebalancing recommendations on a more frequent basis. All manager-specific recommendations must be approved by a client’s investment committee or their designee before implementation. d. Discretionary Consulting Services [DCS]. Sometimes referred to as Outsourced Chief Investment Officer (“OCIO”) services, this service offers all services described in Ex-MCS above, with certain variations. For example, instead of simply recommending the hiring and firing of specific investment managers, including managers of mutual funds, ETFs and other pooled investment vehicles, with DCS, IPS generally has the discretion to make such decisions, as well as the authority to direct the rebalancing of assets within pre-determined ranges, without seeking the prior consent of fund trustees or similar authorized parties. This authority is expressly stated in the client contract and IPS does not otherwise have discretionary authority to manage securities accounts on clients’ behalf or engage in trading activities. IPS provides a written executive summary of all its decisions and actions to the fund trustees or similar authorized parties. e. Oversight Consulting Services [OCS]. Under OCS, IPS provides independent third-party monitoring and oversight of the actions taken by other discretionary consultants/OCIOs regarding plan assets. IPS also reports total plan and manager- level performance and peer ranking. Depending on a particular client’s arrangement, other OCS services may include review of investment policy and guidelines, quarterly manager checklist (RFI), trustee education and attendance at board of trustee meetings. For more information about these services, please refer to Items 8 and 13 below. IPS provides the consulting services described above to clients whose total assets are approximately $57.8 billion. Of this amount, IPS has approximately $617,900,000 million in discretionary Regulatory Assets Under Management as of December 31, 2023.