Structure, History and Ownership Based in Greenwich, Connecticut, Night Owl Capital Management, LLC (“Night Owl Capital” or “we”), is an independent, privately-held Delaware limited liability company that has been an SEC-registered investment advisor since 1993. Night Owl Capital changed its name from Southfield Investment Management, LLC in October of 2011. The principal owners of the Night Owl Capital are John Kim (the “Portfolio Manager”) and Eileen Ohnell. Types of Advisory Services We provide investment management services to both separately managed accounts and private investment funds (e.g., hedge funds). Separately Managed Accounts We provide investment management services for high net worth individuals and institutions, using our specific investment philosophy and strategy to manage a portion of a client’s assets on a separate account basis. Our investment philosophy and strategy, which are based upon making concentrated, long-term public equity investments in growing companies, are described in Item 8 below (Methods of Analysis, Investment Strategies and Risk of Loss). While most client portfolios will match our “model” portfolio, some portfolios may differ depending on the individual circumstances of a client. For example, some clients may request a fixed income allocation as part of their portfolios. We will also at times manage investment accounts on a non-discretionary basis. We do not provide general wealth management or financial planning services to clients. We provide our investment advisory services to such portion of a client’s assets as the client determines to allocate to our investment strategy. Private Investment Funds Night Owl Capital is also the investment manager of Night Owl Partners, LP (the “Fund”). Please see Item 8 below for additional information regarding the investment objectives, types of investments and risk exposures of the Fund. The Fund has a similar investment strategy as the separately managed accounts (see Item 8 below), but may at times employ strategies and pursue investment opportunities that we deem unsuitable for the separately managed accounts. These strategies may include, but are not limited to, higher portfolio concentration, illiquid securities, short positions, leverage, “special situations” and derivatives. Important Note: Private investment funds advised by Night Owl Capital are not offered or sold to the public. They are accessible only to investors who are “Accredited Investors” as defined in Regulation D under the Securities Act of 1933 (the “Securities Act”), who receive a confidential private placement memorandum issued by the Fund and who ultimately become parties to the limited partnership agreement governing the operation of the Fund. Investment Team The Night Owl Capital investment team consists of the following professionals: John S. Kim Portfolio Manager Mr. Kim graduated from Yale University magna cum laude with a BA in Ethics, Politics and Economics in 1995. Mr. Kim also received his J.D. from Yale Law School in 2000. Mr. Kim has served as Managing Director of Night Owl Capital since 2003. Prior to that, Mr. Kim was an Associate in the Mergers & Acquisitions Department of Morgan Stanley from 2000 to 2003. He also served as an Equity Analyst at J. Bush & Co. from 1999 to 2000 and as a consultant at Mercer Management Consulting from 1995 to 1997. Mr. Kim is married to Eileen Ohnell. Charlie Gao Senior Analyst Mr. Gao graduated from the University of Pennsylvania with a B.S.

in Electrical Engineering, magna cum laude. Mr. Gao has been an Analyst at Night Owl Capital since 2014. Prior to joining the firm, Mr. Gao worked at The Blackstone Group as an Analyst in their alternative asset management group. Andrew Sherlock Senior Analyst Mr. Sherlock graduated from Yale University with a B.S. in Mathematics and Economics. Mr. Sherlock has been an Analyst at Night Owl Capital since 2017. Prior to joining the firm, Mr. Sherlock was a Summer Analyst at Goldman Sachs in their options research group and Rockefeller & Co. in their global healthcare strategies group. Akshat Piprottar Analyst Mr. Piprottar graduated from Cornell University with a B.S. in Hotel Administration and a concentration in Finance, Accounting, and Real Estate, cum laude. Mr. Piprottar has been an Analyst at Night Owl Capital since 2022. Prior to joining the firm, Mr. Piprottar was a Summer Analyst at Bank of America in their Real Estate Investment Trust group. Eileen Ohnell President and Chief Compliance Officer Ms. Ohnell graduated from Princeton University in 1995 with an A.B. in history, cum laude, and is a CFA charterholder. Ms. Ohnell has served as President and Chief Compliance Officer of Night Owl Capital since 2019. Immediately prior to joining the firm, Ms. Ohnell was the Director of Research and a Managing Director at Ionic Capital Management, which she joined at launch in 2006. From 2000-2005, Ms. Ohnell was a Vice President and senior analyst at Highbridge Capital Management working with the team that started Ionic. Ms. Ohnell’s previous experience includes working as an equity analyst at Night Owl Capital (when it was called Southfield), writing research for Renaissance Capital and as a consultant at Mercer Management Consulting (now Oliver Wyman). Ms. Ohnell is married to John Kim. Client Tailored Services and Client Imposed Restrictions Separately Managed Accounts Clients may request adjustments to our primary investment strategy to reflect the particular needs of the client, subject to our agreement in our sole discretion. For example, some clients may request a fixed income allocation as part of their portfolios. Since we do not provide general wealth management or financial planning services, while we may accommodate variations from our investment strategy that are requested by a client, we do not make client-specific recommendations based upon an analysis of a client’s financial situation. Generally, we will seek to accommodate reasonable restrictions imposed by clients on investing in certain securities or types of securities in their advisory accounts, provided, however, that some restrictions may not be accommodated when utilizing exchange traded funds (“ETFs”) or mutual funds. In addition, a restriction request may not be honored if it is fundamentally inconsistent with our investment philosophy, runs counter to the client’s stated investment objectives, or would prevent us from properly servicing client accounts. Whether clients will be able to place reasonable restrictions on the types of investments to be made on the client's behalf is at our sole discretion. Private Investment Fund Because of the “pooled” nature of private investment funds, clients may not impose restrictions on investments in certain securities or types of securities by the Fund. Assets Under Management As of December 31, 2023, the total amount of client assets managed by Night Owl Capital is approximately $652,700,000 all on a discretionary basis.