General Information Ned Davis Research, Inc. ("NDR", "us", "we", "the firm") was formed in 1980. The firm produces and publishes independent financial research and offers customized research services. NDR markets its research globally, primarily to registered investment advisers, brokerage firms, asset management firms, hedge funds, endowments, pension and profit-sharing plans, and other types of institutional investors. NDR is wholly owned by Delinian Holdings US LLC, a subsidiary of certain private equity funds managed by Epiris LLP, a private equity firm based in London. Our headquarters are in Sarasota, Florida, with offices in Hong Kong, London, and New York. Independent Research Services NDR leverages technology with data to provide evidence based market, micro and macro analysis. We produce a broad range of multidimensional research publications on the economy and financial markets, covering a variety of asset classes, sectors, world economies and investment strategies, including through our proprietary analytical platforms, charts, modeling and other unique financial analysis and indicators. New products are vetted by our Product team and Chief Strategists with input from senior analysts with many years of experience at NDR. A complete list of publications is available upon request and on our website, www.ndr.com. NDR provides subscribers with the opportunity to contact our analysts to discuss published information to which they subscribe. In addition, some of our offerings are interactive, providing subscribers with an investment research interface to navigate NDR's extensive library of unique data and analyses in a way that permits the subscribers to formulate

their own investment ideas. Custom Research Solutions NDR's Custom Research Solutions ("CRS") provides clients with timely, personalized solutions to their investment research challenges. Types of custom research includes: asset allocation, model & indicator development, quantitative analysis, charting, historical studies, portfolio backtesting & selection, interactive tools and materials for clients' marketing presentations. Model Portfolios NDR provides various model investment portfolios to third-party investment programs ("Programs") sponsored by unaffiliated firms. Investment advisers or other financial institutions ("Advisors") participating in the Programs utilize NDR's model portfolios in managing some or all of their clients' accounts. The sponsors of the Programs are responsible for managing and executing trades in participating accounts pursuant to the models. Advisors enrolling clients in the Programs are responsible for explaining the elements of the NDR investment strategies and the applicable fees. They will perform all screening, suitability and compliance processes applicable to such transactions. The model portfolios are not tailored to the specific needs or circumstances of any particular investor. NDR does not have investment discretion over the Programs' assets and does not place trades or vote proxies in Program accounts. NDR has a proprietary account, established for performance tracking, that follows NDR’s models. A third-party advisor is responsible for execution and is contractually obligated to execute trades to reflect changes to NDR’s model in a timely manner for NDR. As of September 30, 2023, the value of this account was $202,484.55.