A. Our Firm River Road is a registered investment adviser formed in April 2005. The firm’s founders are R. Andrew Beck (Chief Executive Officer & Senior Portfolio Manager), Henry W. Sanders III, CFA (Executive Advisor), and James C. Shircliff, CFA (Executive Advisor). Affiliated Managers Group, Inc. (AMG) indirectly holds a majority equity interest in River Road. River Road’s executive team and senior professionals hold the remaining equity interests in the firm. River Road’s management team retains autonomy in both the operation of the company and the management of the firm’s investment portfolios. AMG is a publicly listed (NYSE: AMG) asset management company that holds equity interests in boutique investment management firms around the globe (“AMG Affiliates”). Further information on both AMG and AMG’s Affiliates is provided in Item 10. B. Advisory Services Offered River Road provides discretionary equity investment management services to U.S. and non-U.S. institutional and private clients and sub-advisory services to several registered investment companies and other U.S. and non-U.S. commingled funds. River Road also acts as a non-discretionary model portfolio provider as more fully described in Item 4.D. River Road offers several investment strategies. Each strategy adheres to River Road’s general investment philosophy, which is implemented through adherence to River Road’s investment process and guidelines for the respective strategy. Please see Item 8.A for more information. C. Ability to Tailor Advisory Services River Road tailors its advisory services to the individual needs of clients within the framework of the established strategy investment guidelines. If a client requests River Road follow their written investment guidelines or investment policy statement, River Road adheres to the client’s guidelines if River Road has accepted them

in writing as part of the investment management agreement and they do not materially deviate from the established strategy investment guidelines or are otherwise acceptable (both as determined at the discretion of River Road). D. Model Portfolio Provider River Road does not participate in wrap fee programs by providing portfolio management services. However, River Road is a model portfolio provider to various investment advisers, program sponsors, and platforms of wrap fee programs (“Wrap Program”). Under the terms of the agreement between River Road and the Wrap Program, River Road is responsible for providing a model portfolio but not the investment advice provided by the Wrap Program to their end clients. River Road has no discretion over the Wrap Program accounts or whether the Wrap Program follows the model. River Road considers these client assets as advisory-only assets. River Road updates and communicates the models as part of its trading process, and for some strategies this means the model will be part of River Road’s directed accounts trade rotation. Please see Item 12.C for a description of River Road’s relevant trade processes and the consequences of being a directed account. River Road receives a portion of the wrap fee for providing the model portfolio. Please see Item 5.A for more details. E. Client Assets As of December 31, 2023, River Road had $7,678,048,654 in discretionary client assets under management. Additionally, as of December 31, 2023, River Road had approximately $1,877,103,648 in advisory-only assets (no control over implementation of investment decisions and no trading authority). We report model portfolio assets in this section but do not consider such assets as non-discretionary “regulatory assets under management” for purposes of Item 5.F of ADV Part 1A. RIVER ROAD FORM ADV PART 2A - FIRM BROCHURE I PAGE 6