ASB Capital Management LLC (“ASBCM”) was originally established in 1983, and is a registered investment adviser with the Securities Exchange Commission, and a Maryland limited liability company with its primary place of business in Bethesda, MD. ASBCM is owned by Chevy Chase Trust Holdings, LLC, and is affiliated with Chevy Chase Trust Company (“CCTC”) that is also an SEC- registered investment adviser. ASBCM provides investment management services to qualified individuals and various types of institutional clients, as well as providing advisory services to pooled investment vehicles (“Funds”) that are exempt from registration under the Investment Company Act of 1940, as amended and whose securities are not registered under the Securities Act of 1933, as amended. Where the context permits, references herein to “ASBCM” shall also refer to subsidiaries of ASB Capital Management LLC that serve as general partners of the Funds. ASBCM’s assets under management for December 31, 2023, were valued at $29,726,275,256, all of which is managed on a discretionary basis. ASBCM is organized into two separate divisions: ASB Investment Management (“ASBIM”) and ASB Real Estate Investments (“ASBREI”). ASBCM’s advisory services encompass discretionary investment advice for strategies in equities, fixed-income securities and real estate investments. ASB Investment Management Division (ASBIM) ASBIM provides investment management services to qualified individual and institutional clients that include Taft-Hartley plans, pension and retirement programs, separate accounts, endowments and foundations, corporations and other types of accounts. ASBIM also provides advisory services to Funds, which can admit investors that are qualified ERISA pension plans or tax-deferred entities. ASBIM works closely with clients to develop an investment program designed to meet their financial needs and objectives. Setting portfolio goals and parameters is the collective effort of the client and portfolio manager and may involve, but is not limited to, assessment of the following factors:
• ERISA and other regulatory requirements;
• Risk tolerance;
• Return requirements;
• Legal constraints;
• Capital preservation;
• Asset/liability flows;
• Income production;
• Liquidity needs; and
• Reporting structure and standards for measuring performance as to both time and relevant indices or comparisons. The client's objectives are documented, and a compatible management strategy is agreed upon. These portfolio guidelines and restrictions provide a reference for the day-to-day management of the account(s) and are also essential to the establishment of restrictions in the portfolio management trade order system by Compliance personnel. Portfolio

guidelines and restrictions are updated periodically to reflect any changes in a client's needs and a corresponding investment strategy shift is initiated, if required.
When ASBCM is hired as the adviser to a Fund, the Fund’s governing document is the guiding document for investment guidelines instead of the investment policy statements of the Fund’s investors. ASB Real Estate Investments Division (ASBREI) ASBREI provides real estate investment management services to Funds and one separate account for certain institutional clients. Investors in the Funds advised by ASBREI include accredited investors that include Taft-Hartley plans, pension and retirement programs, endowments and foundations, corporations and other types of accounts. ASBREI’s advisory services primarily encompass discretionary advice for strategies in real estate investments. ASBCM is adviser to the ASB Allegiance Real Estate Fund, LP and an indirect subsidiary of ASBCM is its general partner. Only accredited investors may purchase interests in the ASB Allegiance Real Estate Fund, LP. ASB Allegiance Real Estate Fund, LP is a core real estate vehicle, investing in premium-quality, income-producing properties diversified by property type, location and lease exposures. ASBREI is adviser to the ASB Allegiance Real Estate Fund, a collective investment fund (the “Group Trust”). CCTC, an affiliate, acts as trustee and custodian to the Group Trust and participation in the Group Trust is limited to qualified ERISA plans. The only investment by the Group Trust is as a limited partner in the ASB Allegiance Real Estate Fund, LP. CCTC, as trustee of the Group Trust, reviews the private placement memorandum of ASB Allegiance Real Estate Fund, LP (the “PPM”) on behalf of the Group Trust. A copy of the PPM is available to participants in the Group Trust upon request. ASBCM is also adviser to the ASB Meridian Fund Series (the “ASB Meridian Real Estate Funds”) and indirect subsidiaries of ASBCM serve as the general partner of each of the ASB Meridian Real Estate Funds. Only accredited investors may purchase interests in one of the ASB Meridian Real Estate Funds. These Funds are focused on value-creation opportunities. Investment advice is provided directly to the Funds, subject to the discretion and control of the applicable general partner or trustee, and not individually to the investors in the Funds. Services are provided to the Funds in accordance with the advisory agreements with the Funds and/or organizational documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally established in the organizational or offering documents of the applicable Fund, advisory agreements and/or side letter agreements negotiated with investors in the applicable Fund.