EMC is a fee-based SEC-registered investment adviser with its principal place of business located in New York, NY. We have been in business since 1995, with Paul Elliot, Lauren Elliot and James H. Elliot as the principal owners. Paul Elliot is the Managing Member of EMC, Lauren Elliot is a Member and James H. Elliot is a Member and Chief Compliance Officer. ELCO Partners, LLC (“EP”) a “relying adviser” under the ABA no-action letter dated January 18, 2012, and general partner of the and ELCO Select Fund, LP is also principally owned by Paul E. Elliot and James H. Elliot. FUNDS EMC provides continuous advice to a client and makes investments for a client based on the individual needs of the client. EMC provides this service to two investment limited partnership. EP acts as a General Partner to the Fund. EMC provides investment supervisory services to the following Fund: 1. ELCO Select Fund, L.P. (Long/Short) The Fund is not required to register as an investment company under the Investment Company Act of 1940 in reliance upon an exemption available to funds whose securities are not publicly offered. We manage the Fund on a discretionary basis only in accordance with the terms and conditions of the Fund’s offering and organizational documents. The Fund is organized to invest and actively trade in equities and fixed income securities, principally of companies, both in the United States or overseas that are likely to become significant beneficiaries from the growth of energy consumption and production. The Fund’s investments generally center in on the following energy sub-sectors: oil services and drillers, exploration and production, alternatives and unconventional energy plays such as LNG (liquefied natural gas) and coal-bed methane, electrical equipment, natural gas and oil infrastructure and technology, energy merchants, Master Limited Partnerships (“MLPs”), oil and gas royalty trusts, and electric and gas utilities. The Fund will also seek out beneficiaries of the anticipated consolidation and restructuring currently taking place in the energy space. The Fund’s primary investment objective is capital appreciation. In addition to producing high capital appreciation, the Fund has a secondary goal of preservation of capital and will do so by raising cash when appropriate, and utilizing options, leverage and short selling, unless otherwise restricted. Additional information about the fees related to such investments is included in the offering documents provided to prospective investors. Because these types of investments involve certain additional degrees of risk, they will only be recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. SEPARATELY MANAGED ACCOUNT PROGRAMS (“SMAs”) Financial Services Separately Managed Account Program (FS SMAP) EMC has contracted with Mendon Capital Advisors, Corp.,(Mendon) a registered investment advisor, to provide day-to-day portfolio management services for our financial SMAs (SMAs), subject to EMC's oversight. Mendon will serve as sub-advisor on SMAs with a "financial services" focus. In that capacity, Mendon will select investment broker-dealers to execute transactions for the SMAs. EMC has authority to grant the sub-advisor Mendon Capital (“Mendon”) complete and sole investment discretion and authority to manage these accounts and will share all fees with respect to the Accounts equally with the Sub-Advisor. Life Sciences Separately Managed Account Program (LS SMAP) EMC has contracted with

LifeSci Fund Management, LLC, (LSFM) a registered investment advisor, to provide day-to-day portfolio management services for our SMAs (SMAs) invested in the life sciences sector, subject to EMC's oversight. LSFM will serve as sub-advisor on SMAs with a "life sciences" focus. EMC has authority to grant the sub-advisor LifeSci Fund Management, LLC (“LSFM”) complete and sole investment discretion and authority to manage these accounts and will share all fees with respect to the Accounts equally with the Sub-Advisor. Water Opportunities Separately Managed Account Program (WO SMAP) EMC has contracted with Water Asset Management, LLC, (WAM) a registered investment advisor, to provide day-to-day portfolio management services for our SMAs (SMAs) invested in the water industry, subject to EMC's oversight. WAM will serve as sub-advisor on SMAs with a "water and water related" focus. In that capacity, WAM will select investment broker-dealers to execute transactions for the SMAs. EMC has authority to grant the sub-advisor Water Asset Management, LLC (“WAM”) complete and sole investment discretion and authority to manage these accounts and will share all fees with respect to the Accounts equally with the Sub-Advisor. Infrastructure Income Separately Managed Account Program (II SMAP) EMC has contracted with Siegel Asset Management, LLC, (SAM) a registered investment advisor, to provide day-to-day portfolio management services for our SMAs (SMAs) invested in the energy infrastructure sector, subject to EMC's oversight. SAM will serve as sub-advisor on SMAs with an “infrastructure and income" focus (II SMAP). EMC has authority to grant the sub-advisor Siegel Asset Management, LLC (“SAM”) complete and sole investment discretion and authority to manage these accounts and will share all fees with respect to the Accounts with the Sub-Advisor. From time to time the Adviser or Sub-Adviser for the ELCO Select Fund, FS SMAP and WO SMAP only, may participate in Initial Public Offerings (“IPO”) deemed appropriate by accounts/strategies in which internal procedures are in place to determine client eligibility. Accounts advised within these strategies are eligible to participate in IPOs as they are setup as prime brokerage accounts (for the ability to trade away) and directly pay brokerage commissions. EMC pre-determines clients within these programs that qualify to participate in IPOs and allocation of shares are based on an account’s overall participation in the Fund or SMAPs listed above. Please see Item 12 (Brokerage Practices) for more information on allocation practices. EMCs other programs do not include prime brokerage arrangements, pay no separate commissions, do not have the ability to “trade away”, and do not have procedures in place to determine client eligibility, and are therefore not eligible to participate in IPOs. Non-Sub-advisory Programs: In addition, EMC has established SMAs that do not concentrate in the Financial Industry, Water Industry, Energy Infrastructure, Life Sciences (NFSMAs) and these will not be managed by Mendon, WAM, SAM or LSFM, respectively. These accounts will be invested in securities deemed appropriate by EMC. EMC offers a separately managed account program, or wrap fee program, which includes the costs of brokerage commissions and certain other fees, including the account advisory fee, all of which is paid to EMC. This program is described in EMC’s Form ADV Part2A Appendix 1 disclosure brochure. ASSETS UNDER MANAGEMENT As of December 2023, discretionary assets under our firm’s management were $213,921,051 and $0 on a non-discretionary basis.