NEPC is an independent, full-service investment consulting firm. NEPC has been providing financial consulting services as its sole line of business since 1986, based on three main principles: maintain independence, provide proactive advice to help our clients meet or exceed their goals and objectives, and service our clients with seasoned professionals. Our Mission Statement is simple: “We help our clients achieve their goals.” NEPC is owned and controlled by its active partners. NEPC’s founder and Chairman Emeritus, Mr. Richard M. Charlton, retired from active involvement on January 1, 2016. NEPC provides advice on both traditional and alternative assets. Services generally include the following:
• The development and/or refinement of investment policies, objectives and guidelines and their periodic review
• Asset-based asset allocation studies
• Liability-based asset allocation studies every three to five years
• Manager and custodian searches
• Quarterly investment performance reports and accompanying executive summaries
• Monthly flash reports
• Invitation to our annual investment conference In general, NEPC does not provide investment management services in the context of managing a portfolio of individual stocks, bonds or other instruments; rather, NEPC provides customized investment advice, which often includes recommendations of specific third-party investment managers. For most clients, NEPC serves as a fiduciary under Section 3(21) of the Employee Retirement Income Security Act of 1974 (“ERISA”). NEPC does not serve as an attorney, accountant, tax adviser or insurance agent. In addition to traditional advisory consulting services, NEPC provides some clients with discretionary or “OCIO” consulting services, which typically include the services listed above along

with additional discretionary services described in Item 16 in this brochure. For discretionary clients subject to ERISA, NEPC serves as a fiduciary under Section 3(21) as well as an investment manager under Section 3(38) of ERISA. NEPC has created investment funds called Access Vehicles to allow discretionary clients to benefit from our scale through potentially lower investment manager fees and administrative costs. Because we aggregate assets from multiple discretionary clients, these clients can potentially pay lower fees to the underlying managers. They may also qualify for vehicles that have a higher minimum asset requirement than these clients would have on their own. And because these vehicles do not directly generate revenue for NEPC, we are not incented to use them except to benefit clients. We outsource administration, custody and annual audits to third party service providers, but NEPC acts as the investment adviser to each Access Vehicle in a discretionary capacity. In the Fall of 2023, NEPC, U.K. LTD was established and headquartered in London. The main purpose of this office is for certain members of NEPC, LLC’s research team to facilitate their research predominantly into United Kingdom- and Continental Europe-based fund management firms and those firms’ fund products. NEPC, U.K. LTD is an affiliate of NECP, LLC, its United States parent company. NEPC U.K. LTD is an Appointed Representative of Robert Quinn Advisory LLP, which is authorized and regulated by the UK Financial Conduct Authority. NEPC provides its consulting services to 426 retainer clients with total assets of $1,607,563,414,2471 which consist of $1,517,796,408,373 in advisory assets and $89,767,005,874 in discretionary assets (or $95,392,808,194 including the Access Vehicles). 1 As of 12/31/2023