Jay A. Fishman, Ltd. (JAF) began business in April, 1970 (formerly under the name Equity Management and Research, Inc.) with four initial shareholders to provide investment counseling and portfolio management services. Since 1983, Jay A. Fishman, one of the original founders, has been the sole shareholder. The firm is an independent investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. We were incorporated in the State of Michigan in 1970 and are headquartered in Troy, Michigan. As of December 31, 2023, our discretionary client assets tabulated to $959,093,702. The firm’s business is providing fee-based investment counseling services, including portfolio management, to high net worth individuals and families, corporations and charitable institutions. Client portfolios are separately managed and constructed with individually selected securities in accordance with the client’s investment objective which reflects such considerations as growth, income, time horizons, liquidity needs, risk tolerance and tax considerations. We believe that each client has unique investment requirements and therefore we do not invest in packaged products or model portfolios and also do not participate in broker-dealer sponsored wrap fee programs. We generally do not invest in mutual funds unless directed by clients. We believe that the fees and charges associated with these packaged products and mutual funds are often high, and therefore detrimental to long term investment performance. Our portfolio management team consists of Jay A. Fishman, Todd M. Ifkovits, CFA, Eric J. Fishman and Viorica Fuchs. All are Fiduciaries and SEC Registered Investment Advisors (RIAs). These are our supervised persons. Our management team utilizes fundamental research to select each investment. All equity and fixed income securities are analyzed to conform to the client’s investment objective. We believe in intermediate to long term investing and do not engage in short term trading or market timing. We seek to provide a high level of client service and consider tax implications by emphasizing long term capital gains in taxable portfolios. When requested to do so, we can work together with client’s accountants, attorneys and other professional advisers to help provide seamless and comprehensive advice for the client’s benefit. JAF does not serve as an attorney, accountant or insurance agent, and no portion of our investment services should be construed as legal, accounting or insurance services. To the extent requested by a client, we may recommend the services of other professionals for certain non-investment purposes. The client is under no obligation to engage the services of any such recommended professional. The client retains absolute discretion over all such implementation decisions and is free to accept or reject any recommendation from JAF and/or its representatives. Please Note: If the client engages any recommended unaffiliated professional, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from and against the engaged professional. At all times, the engaged licensed professional(s) (i.e. attorney, accountant, insurance agent, etc.), and not JAF, shall be responsible for the quality and competency of the services provided. Please Note: Retirement Rollovers - Potential for Conflict of Interest: A client or prospective client leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If JAF recommends that a client roll over their retirement plan assets into an account to be managed by JAF, such a recommendation may create a conflict of interest if JAF will earn new (or increase its current) compensation as a result of the rollover. When acting in such capacity, JAF serves as a fiduciary under the Employee Retirement Income Security Act (ERISA), or the Internal Revenue Code, or both. No client is under any obligation to rollover retirement plan assets to an account managed by JAF. JAF’s Chief Compliance Officer, Diane Bedenko, remains available to address any questions that a client or prospective client may have regarding the potential for conflict of interest presented by such rollover recommendation. Unaffiliated Private Investment Funds. JAF may also provide investment advice regarding unaffiliated private investment funds. JAF, on a non-discretionary basis, may recommend that certain qualified clients consider an investment in unaffiliated private investment funds. JAF’s role relative to the private investment funds shall be limited to its initial and ongoing due diligence and investment monitoring services. If a client determines to become a private fund investor, the amount of assets invested in the fund(s) shall be included as part of “assets under management” for purposes of JAF determining its investment advisory fee per Item 5 below. JAF’s clients are under absolutely no obligation to consider or make an investment in a private investment fund(s). Please Note: Private investment funds generally involve various risk factors, including, but not limited to, potential for complete loss of principal, liquidity constraints and lack of transparency. A complete discussion of which is set forth in each fund’s offering documents, which will be provided to each client for review and consideration. Unlike liquid investments that a client may own, private investment funds do not provide daily liquidity or pricing. Each prospective client investor will be required to complete a Subscription Agreement, provided by the Fund Sponsor, pursuant to which the client shall establish that he/she is qualified for investment in the fund, and acknowledges and accepts the various risk factors that are associated with such an investment. Please Also Note: Valuation. In the event that JAF references private investment funds owned by the client on any supplemental account reports prepared by JAF, the value(s) for all private investment funds owned by the client shall reflect the most recent independent Fund valuation. If no subsequent valuation post-purchase is provided then the valuation shall

reflect the initial purchase price (and/or a value as of a previous date), or the current value(s) (either the initial purchase price and/or the most recent valuation provided). If the valuation reflects initial purchase price (and/or a value as of a previous date), the current value(s) (to the extent ascertainable) could be significantly more or less than original purchase price. The client’s advisory fee shall be based upon reflected fund value(s). As discussed below at Item 12, when requested to recommend a broker-dealer/custodian for client accounts, JAF generally recommends that Schwab Advisor Services serve as the broker- dealer/custodian for client investment management assets. Broker-dealers may charge brokerage commissions and/or transaction fees for effecting securities transactions. In addition to JAF’s investment advisory fee, brokerage commissions and/or transaction fees, clients will also incur, relative to all mutual fund and exchange traded fund purchases, charges imposed at the fund level (e.g. management fees and other fund expenses). The fees charged by Schwab Advisor Services or any broker-dealer/custodian directed by the client, as well as the charges imposed at the mutual fund and exchange traded fund level, are in addition to JAF’s advisory fee referenced in Item 5 below. Portfolio Activity. JAF has a fiduciary duty to provide services consistent with the client’s best interest. As part of its investment advisory services, JAF will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including, but not limited to, investment performance, market and economic conditions, account additions/withdrawals, and/or a change in the client’s investment objective. Based upon these factors, there may be extended periods of time when JAF determines that changes to a client’s portfolio are neither necessary nor prudent. Advisory fees remain payable during periods of account inactivity. Of course, as indicated below, there can be no assurance that investment decisions made by JAF will be profitable or equal any specific performance level(s). Client Obligations. In performing our services, JAF shall not be required to verify any information received from the client or from the client’s other professionals, and is expressly authorized to rely thereon. Moreover, each client is advised that it remains his/her/its responsibility to promptly notify JAF if there is ever any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Please Note: Investment Risk. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by JAF) will be profitable or equal any specific performance level(s). Portfolio Managers Jay A. Fishman/President - Before forming Jay A. Fishman, Ltd. in 1970, Mr. Fishman (age 79) was an Investment Analyst with the National Bank of Detroit’s (now JP Morgan Chase & Co.) Trust Investment Division. Prior to that time, he was an Instructor of Finance with the School of Business at Western Michigan University, from which he had previously attained Bachelor (1966) and Master (1967) of Business Administration degrees. During this period, Mr. Fishman also co- authored the book “Corporations In Conflict: The Tender Offer” and several related articles. Mr. Fishman was a founder of Jay A. Fishman, Ltd (formerly Equity Management and Research, Inc.) in April 1970. In the 1970 to present period, Mr. Fishman’s activities include investment research, portfolio management and client relations. Mr. Fishman is currently a member of the Metropolitan Club of New York, the Detroit Athletic Club and the Grosse Pointe Yacht Club. He served as a founding Director of the Western Michigan University Foundation from its inception in 1976 until 2004. In addition, Mr. Fishman was an organizer of Valley Commerce Bank in Phoenix, Arizona in 1994 and served as Chairman of the Board of Directors and Executive Committee until he led the Bank’s sale in April, 2005. He has also served on three other community banks' Board of Directors. Todd M. Ifkovits CFA/Senior Portfolio Manager - Mr. Ifkovits (age 57) commenced employment with Jay A. Fishman, Ltd. in November 1997. Prior to joining the firm, he was employed as a Vice President and Portfolio Manager with Comerica Bank in Detroit, Michigan where he spent seven years managing individual stock and bond portfolios for high-net worth individuals and tax-exempt foundations. Mr. Ifkovits received a Master of Business Administration (1993) from the University of Detroit and a Bachelor of Arts (1989) in Financial Administration from Michigan State University. He received the Chartered Financial Analyst (CFA) designation in 1997. Mr. Ifkovits is a member of the CFA Institute, the CFA Society of Detroit, the Detroit Athletic Club and the Lochmoor Club. Eric J. Fishman, Portfolio Manager/Investment Analyst - Eric J. Fishman (age 27) is a Portfolio Manager/Investment Analyst with Jay A. Fishman, Ltd. Prior to his employment, Eric spent several summers as an analytical intern with the company. Eric attended Upper Canada College in Toronto, Canada, and received an International Baccalaureate Diploma. He then studied at the University of Michigan and received a Bachelor of Arts Degree, With Distinction, and majored in Economics. Following graduation from the University of Michigan, Eric was employed by Aspirant in Los Angeles in their Wealth Management department. Eric is a member of the Detroit Athletic Club and the Grosse Pointe Yacht Club. Viorica Fuchs, Portfolio Manager/Investment Analyst - Ms. Fuchs, (age 59) commenced employment with Jay A. Fishman, Ltd. in February 2001. Ms. Fuchs has been extensively involved in all operational and administrative activities of the firm including portfolio administration, trading and client and broker services. Ms. Fuchs received a Master of Business Administration with specialization in Finance from Walsh College (2015) and a Bachelor of Business Administration, with a concentration in finance and accounting, from Walsh College of Business in 2009. Ms. Fuchs is a member of the Economic Club of Detroit.