ADVISORY BUSINESS Timucuan Asset Management, Inc. ("Timucuan," the "Adviser," or the “Firm”) was established in 1988 to meet demand for asset management services from high net worth individuals, family offices and institutional investors. Timucuan has been registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") since 1990 and is owned by Russell B. Newton, III, who also serves as the Adviser's Chairman. Timucuan generally has discretionary investment authority with respect to client accounts, but some accounts also include certain equity, bond or other security positions that the particular client does not want to sell and that are not subject to Adviser discretionary trading authority. Clients may impose restrictions on investing in certain securities or types of securities in their accounts. Timucuan provides advice exclusively on the investable assets entrusted to its care and does not normally advise clients with respect to their overall asset portfolio. As a result, the Adviser's core investment management services are appropriate only with respect to that specific portion of a client's overall asset portfolio. Clients are responsible for determining that portion of their investable assets to allocate to Timucuan for management. Timucuan seeks to achieve maximum long-term capital growth for its clients through the ownership of outstanding business enterprises. Central to Timucuan's investment strategy is the belief of investing in businesses, not the market. The management team of a company under analysis must demonstrate a history of integrity in aligning their interests with those of their shareholders, while making intelligent capital allocation decisions. Timucuan then assesses the underlying strength of the franchise and its competitive advantages. The firm seeks to own such

a business only if it may be purchased at a market price that represents a substantial discount to its intrinsic value. The Adviser also manages wrap fee accounts and acts as a sub-advisor or dual manager through third party platforms using the same approach. The Adviser's discretionary separate client accounts typically target a concentrated portfolio of 12 to 18 businesses, with expected average holding periods of three to five years. Some client accounts also include an allocation to government, corporate or municipal bonds. As of the date of this Brochure, the Adviser managed approximately 504 separate client accounts as well as two private investment funds (each a "Fund" and together the "Funds"). Timucuan Fund, L.P. ("Timucuan Fund") and its predecessor fund have operated since September 1990. TAM Ortho Series A of Timucuan Private Capital Investors, LLC was formed to make a collective investment in a single company during 2013. Timucuan has complete discretion to direct the ongoing investment of Timucuan Fund assets subject to the investment authority, objectives and strategies outlined in the Limited Partnership Agreement, Private Offering Memorandum and Subscription Package of the Timucuan Fund (collectively, the "Offering Documents"). Timucuan or a Timucuan affiliate serves as the general partner or manager of each Fund. Nothing in this Brochure constitutes an offer to sell or the solicitation of an offer to purchase Timucuan Fund limited partnership interests. Such an offer may be made only by means of the respective Fund's Offering Documents addressed to the intended recipient. As of December 31, 2023, Timucuan had approximately $3,308.2 million of assets under management in 593 client accounts and the Funds, including approximately $3,107.4 million managed on a discretionary basis.