Emerald Separate Account Management, LLC (EMSAM) is a registered investment adviser investing our client’s assets primarily in U.S. domestic equity securities. Our investment strategies include small, mid and large capitalization stocks. EMSAM has been providing discretionary advisory services to high net worth individuals since it was founded in 2009. EMSAM is a wholly-owned subsidiary of Emerald Asset Management, PA LLC. As of December 31, 2023, EMSAM had approximately $16 million in discretionary assets under management. Advisory Services: For EMSAM’s Small capitalization securities we seek to maximize returns and minimize risks by capitalizing on the inefficiencies inherent in today’s small cap markets. Our Small Cap Growth securities objective is to outperform its Russell Growth Index benchmark by investing in companies with the following attributes: Capitalization less than or equal to the largest in the Russell 2000. Competitive advantages Leadership position Growth rate exceeds peer group Differentiated growth drivers Under-researched by the Street Our Mid Cap Growth securities seek to maximize returns and minimize risks by capitalizing on the inefficiencies inherent in today’s mid-cap markets. Our Mid Cap Growth objective is to outperform its Russell Mid Cap Growth benchmark by investing in companies with the following attributes: Capitalization less than or equal to the largest Russell Mid Cap Growth company Competitive advantages Increasing ROIC Leadership position Growth rate exceeds peer group Differentiated growth drivers Under-researched by the Street Our Multi Cap product seeks long-term capital appreciation, through active portfolio management, by investing in large, mid and small capitalization growth companies. This product strives to own the best investment ideas emanating from the deep research effort of our analyst and portfolio management teams. This product has the flexibility to invest anywhere along the market capitalization spectrum and pick from all corners of the equity growth universe. This product is dedicated to owning a subset of the market’s most rapidly growing and well-run companies, irrespective of market capitalization. The Small cap, Mid cap and Mutli Cap products

will include some form of general economic overview, but will concentrate more heavily on fundamental, bottom-up research to identify unrecognized, under-researched companies and their suitability for our client’s objectives. We will review a company’s annual report, 10-k filings and other published information gained from news sources, brokerage reports and recommendations. Whenever possible we will seek to discuss a particular company with its senior management, employees, customers, competitors and brokerage researchers who specifically follow that company or its industry. In-person visits with company management are desirable whenever possible. Our Private Equity Financial Services Fund seeks to achieve its investment objective through the application of specialized analysis and expertise and intends to invest in a concentrated portfolio of investments that in the view of the adviser represent the most attractive opportunities in the community banking sector. EMSAM may accept client-imposed restrictions in our investment adviser accounts. Certain restrictions such as no tobacco or adherence to MacBride principles are accepted. EMSAM provides continuous and regular investment management services on a discretionary basis to one or more private investment funds (“Funds”) that we have organized. These Funds are available only to accredited investors and only by a private offering memorandum. Under the securities laws, investors are considered “accredited” if they meet certain minimum net worth and/or income requirements. For information about net worth and/or income requirements, see the applicable Funds’ offering documents. While this brochure may include information about the Funds, it does not represent a complete discussion of the features, risks or conflicts associated with the Funds. Additional information regarding each Fund is provided in the private placement memorandum and subscription agreement (the “Offering Documents”) for such Fund. Prospective investors in the Funds are provided with the Offering Documents. This Form ADV Part 2A Brochure is not an offer to sell, or a solicitation of an offer to purchase, partnership interests in any Fund. Such an offer can only occur when the prospective investor receives the Offering Documents.