Firm Description Vulcan Value Partners, LLC ("Vulcan") is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Vulcan was founded in 2007 by C.T. Fitzpatrick, who is Vulcan’s principal owner and serves as Chief Investment Officer. Mr. Fitzpatrick, along with McGavock Dunbar, Stephen Simmons, Colin Casey and Taylor Cline manage each of Vulcan's portfolio strategies for separately managed accounts, as well as several pooled investment vehicles. Mr. Fitzpatrick is primarily responsible for the day-to-day operation of, and final decision making for, each Vulcan investment portfolio (other than private funds sponsored by Vulcan’s affiliates) and has served in that capacity since Vulcan's inception. At Vulcan, we are value investors—business analysts with a long-term time horizon primarily focused on purchasing publicly-traded companies that we believe are competitively entrenched and emphasize a margin of safety in terms of price as compared to our estimation of their intrinsic worth. We view equity investments as ownership in a business enterprise and approach investing as long-term partial ownership of businesses. Types of Advisory Services Vulcan provides discretionary and non-discretionary investment advisory services to both individual and institutional clients, including registered investment companies, trusts, estates, charitable organizations, pension and profit-sharing plans, pooled investment vehicles, corporations and other business entities. Vulcan manages its investment strategies through separately managed accounts, mutual funds, UCITS, a Collective Investment Trust, private funds, and as an investment manager in wrap fee programs. Except with respect to certain private funds as described below, day-to-day management of the entire set of Vulcan's portfolios is a team effort, requiring the involvement of our full research staff as well as administrative support. Each member of the research team is encouraged to produce ideas for any portfolio in any industry, limited only by the parameters of Vulcan’s investment criteria. Once an idea is generated, it is reviewed and analyzed by the full research team for qualification under Vulcan’s investment criteria. No investment is approved unless the concerns of the entire team have been addressed. This team approach reinforces Vulcan's disciplines, as it requires each team member to participate in the analysis and evaluation of each potential investment. Once an idea has qualified for investment, the research team implements the investment for discretionary clients and updates non-discretionary model portfolios accordingly. Separately Managed Accounts Vulcan provides investment advisory services through separately managed accounts to high net worth individual and institutional clients. Separately managed accounts are generally managed according to one of Vulcan’s portfolio strategies described in Item 8 but may be tailored to the needs of a particular client. Prior to initial trading for a separately managed account, Vulcan will consult with the prospective client to discuss the available investment strategies and the client’s investment objectives. Investments in certain securities or types of securities may be restricted at the request of a client in consultation with Vulcan. Any such restrictions, as well as the duties, responsibilities, and guidelines applicable to the advisory relationship with Vulcan, will be set forth in the client’s investment advisory agreement. Pooled Investment Vehicles Vulcan serves as the investment adviser to the Vulcan Value Partners Fund and the Vulcan Value Partners Small Cap Fund, affiliated mutual funds organized as non-diversified investment portfolios of Financial Investors Trust, an open-end series management investment company organized as a Delaware statutory trust (each, a "Mutual Fund" and collectively, the "Mutual Funds"). Each Mutual Fund is managed in accordance with its respective investment objectives, strategies, and restrictions as approved by its Board of Trustees and set forth in its investment advisory agreement with Vulcan and the Mutual Fund’s applicable offering documents. In addition, Vulcan serves as the sponsor and/or investment adviser of certain other pooled investment vehicles, including:  Vulcan Global Value Fund Plc, an opened-ended umbrella investment company with variable capital and with segregated liability between sub funds, incorporated and registered in Ireland as an undertaking for collective investment in transferable securities ("UCITS") pursuant to the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations 2011.  Vulcan Value Partners CIF – Large Cap, a Collective Investment Trust (“CIT”) for which Reliance Trust, a trust company organized under the laws of Georgia, serves as trustee. Investment in the CIT is generally limited to certain retirement plans such as 401(k) plans, certain other defined benefit or contribution plans, and certain governmental plans.  Private funds exempted from registration as investment companies under the Investment Company Act of 1940, as amended (the “Investment Company Act”), pursuant to Section 3(c)(1) or Section 3(c)(7) under the Investment Company Act. Interests in such private funds are offered solely to certain eligible investors. From time to time, private funds may enter into “side letters” with certain investors that provide for investment terms that are more favorable than the terms described in the applicable fund’s offering materials. Such terms may include, among other things, differing fee rates and/or the waiver of fees. Vulcan will not enter into any side letter arrangement that is inconsistent with its fiduciary duties to other investors in a private fund.  One or

more private funds sponsored by Enduring Equity Holdings, LLC (“EEH”), an affiliate under common control with Vulcan. Private funds sponsored by EEH are managed by certain supervised persons of Vulcan pursuant to strategies that differ materially from Vulcan’s other portfolio strategies and do not utilize the team approach described above with respect to those strategies. See Enduring Equity Holdings Strategy in Item 8 for additional information. Sub-Advisory Services Vulcan may from time to time serve as a sub-adviser to unaffiliated mutual funds and other pooled vehicles. When we act as a sub-adviser, our services will be overseen by a third-party fund manager. In such arrangements, the imposition of specific investment restrictions or tailoring of investment strategies will generally be the responsibility of the fund manager. Wrap Fee Programs and Dual Contract Accounts Vulcan participates as an investment manager in discretionary wrap fee programs (“Wrap Programs”) sponsored by other registered investment advisers and broker-dealers (“Sponsors”). The underlying client in a Wrap Program typically receives investment management services through one or more investment advisers (including Vulcan) participating in the Wrap Program, as well as trade execution, custodial, administrative, performance monitoring and reporting services for a single, all-inclusive “wrap fee” charged by the program Sponsor based on the value of the client’s account assets. Vulcan is generally paid a portion of the wrap fee by the Sponsor when participating in a Wrap Program. The Sponsor typically assists the client in defining the client’s investment objectives based on information provided by the client, aids in the selection of one or more investment managers to manage the client’s account and periodically contacts the client to ascertain whether there have been any changes in the client’s financial circumstances or objectives that warrant a change in the arrangement or the manner in which the client’s assets are managed. As such, the Sponsor may select Vulcan based on the appropriateness, in the Sponsor’s judgment, of Vulcan’s investment strategies for the Sponsor’s Wrap Program. In discretionary Wrap Programs, Vulcan has the authority to enter into transactions on behalf of Wrap Program participants, subject to any investment or trading restrictions provided by the Sponsor or Wrap Program participants. Our participation in Wrap Programs may create certain conflicts of interest. For example, we may have an incentive to execute brokerage transactions through a Sponsor, who in turn may recommend our services to Wrap Program participants. Vulcan also manages discretionary “dual contract” separate accounts pursuant to which a participant enters into an investment advisory agreement with Vulcan and a separate agreement with the Sponsor. In such dual contract arrangements, the participant typically pays Vulcan directly for its advisory services pursuant to the terms of the client’s agreement with Vulcan. Vulcan acts only as an investment manager for Wrap Programs and does not act as the Sponsor of any Wrap Program. In all cases, collecting the clients’ investment objectives, determining the strategy best suited for the clients, and communication with the clients will be the responsibility of the Sponsor. Wrap Program participants are encouraged to review the Wrap Program Brochure prepared by their Wrap Program’s Sponsor to understand the specific types of services covered under the participant’s wrap fee, and the roles performed by the Sponsor and the investment manager under the Wrap Program. Model Delivery Services Vulcan also provides model portfolio recommendations to third-party investment advisers or to Sponsors through “Model Delivery” Wrap Programs. In these relationships, Vulcan’s client is the Sponsor (in the case of Model-Delivery Wrap Programs) or investment adviser that receives the model, rather than the underlying client advised by the Sponsor or investment adviser pursuant to the model. Accordingly, Vulcan delivers a model portfolio designed to satisfy investment objectives established by the Sponsor or investment adviser and does not take into consideration or tailor the model portfolios to the investment objectives or risk tolerances of any specific program participant. The Sponsor or third-party investment adviser retains sole discretion to accept, modify or reject these recommendations and is generally responsible for implementing the ultimate investment decisions. Vulcan does not execute transactions for any underlying clients of the Sponsor or investment adviser. In addition, Vulcan typically does not receive or have access to information regarding the underlying participants in Model Delivery Wrap Programs and does not have any contractual arrangement with such participants. In managing these relationships, Vulcan generally uses the same sources of information and investment research personnel as are used to manage discretionary client accounts. Individually Tailored Services and Reasonable Restrictions Clients may place reasonable restrictions on their accounts. However, a restriction request may not be honored if it is fundamentally inconsistent with Vulcan’s investment philosophy, is counter to the applicable strategy’s stated investment objectives, or would prevent the firm from properly servicing client accounts. With respect to the pooled investment vehicles, Vulcan’s management cannot be tailored to the individual needs of any particular investor. As such, fund investors do not have the ability to impose restrictions on Vulcan’s management. Assets Under Management As of February 29, 2024, Vulcan had $7,962,764,822.23 in total client assets of which $$7,878,130,018 is managed on a discretionary basis and approximately $84,634,804 is managed on a model delivery basis.