DWA was founded in 1999 and is currently owned by its principals and a small group of outside investors. Robert R. Douglass, Jr., John Winthrop, Jr., Lea Paine Highet and Charles T. Howard each own more than 5% (but less than 25%) of the firm. Kudu Investment US, LLC, a Delaware limited liability company, maintains a passive, non- controlling minority stake in DWA. DWA does not believe that this ownership interest presents a material conflict of interest with any client. DWA provides customized investment management services primarily to individuals, high- net-worth individuals, families, trusts, endowments and institutions herein referred to each as a “client” and collectively the “clients.” As a fiduciary, DWA acts in the clients’ best interest and fulfills its obligation by working closely with clients to identify and understand their investment objectives while building a long-term relationship. DWA manages client assets in individually managed accounts. An individually managed account is a dedicated account owned by a client and governed through an investment management agreement (“IMA”) between the client and DWA. DWA works with each client to establish an appropriate investment strategy based on the client’s investment objectives, risk tolerance, time horizon, and liquidity needs. Clients choose from all-equity and balanced strategies, and can impose reasonable restrictions on DWA’s management of their accounts. While DWA has broad discretion to select investments, DWA generally invests client assets in domestic and international stocks. Where appropriate, fixed income allocations typically include investment grade corporate, U.S.

Government and municipal bonds. Equities are typically managed in line with either the DWA Equity Strategy or the DWA Sustainable Equity Strategy. (Item 8 below has a more detailed explanation of the Firm’s investment strategies.) Each client account is managed by a dedicated Portfolio Manager. While equity selection in both strategies is informed by the respective Investment Committee and Portfolio Management Committee of each strategy, the dedicated Portfolio Manager has latitude to stray from the respective list based on each client’s unique circumstance, taking into account a client’s legacy positions, sensitivity to taxes, risk tolerance, investment time horizon and other relevant factors. DWA has an agreement to provide investment model recommendations to portfolio managers of an independent investment adviser for consideration and execution at the discretion of the independent investment adviser. DWA has no authority over such independent advisers’ accounts. In addition, DWA maintains policies and procedures designed to comply with the ERISA fiduciary standards when advising retirement asset rollovers as set forth in the Department of Labor Fiduciary Rule. Clients will receive an investment and fee comparison analysis for approval prior to the investment rollover of retirement assets. DWA does not participate in a wrap program. As of December 31, 2023, DWA had total regulatory assets under management of $5,007,782,691 of which $5,007,276,922 was managed on a discretionary basis on behalf of approximately 1,264 clients and $505,768 was managed on a non-discretionary basis on behalf of 1 client.