Stone Run Capital, LLC (“We,” “Us,” “Our,” or “SRC”) is an investment firm headquartered in New York, NY, and with a number of satellite offices. SRC’s principals, Robert Hoerle and Jeff Hoerle, founded the business in 2009. The business of SRC consists of investment advisory services relating primarily to equity and fixed income assets on a discretionary basis to individual clients in separately managed accounts (the “Managed Accounts”). We also advise pooled investment vehicles in the form of limited partnerships. SRC’s investment philosophy is oriented toward the preservation of capital and long-term appreciation. We focus on companies we believe are secular growth businesses and possess leadership positions in niche markets. We strive to invest in these businesses when we think they trade at a discount to our view of intrinsic worth as determined by asset replacement cost and future growth in revenues and cash flows. To attain this objective, SRC’s portfolio managers and analysts focus on three elements: 1. Asset Allocation: We align each client’s specific needs and risk profile with our view of an appropriate asset allocation. 2. Fundamental Research: We pursue in-depth intensive fundamental research focusing on small and mid-capitalization companies. We believe this work provides proprietary insights to equity selection and the timing of buy and sell decisions. 3. Macroeconomic Analysis: We track and follow global economic data in order to assess our view of risk in the overall equity and fixed income markets. We describe these three elements below. Asset Allocation SRC offers a number of financial products through which we work to align a specific asset allocation framework with the client’s risk profile. These products include two pooled investment vehicles, Alpha Associates, L.P. (“Alpha”) and Stone Run Capital Partners, L.P. (“SRCP” and together with “Alpha”, the “Funds”), which are actively managed equity funds with an emphasis on tax-efficient long-term capital appreciation. We principally manage Alpha and SRCP as long-only investment vehicles and adjust equity exposure through the percentage of assets allocated to cash. Typically, the Funds have 5% to 15% of assets in cash, though we may choose to increase this percentage based on our assessment of market risk as well as individual equity risk. We also advise individually managed equity portfolios. These follow similar guidelines and procedures as with Alpha and SRCP above. Equity selection and allocation may differ slightly based upon a specific client’s financial risk profile. Finally, we advise individually managed investment portfolios comprised of both equity securities and fixed income. Typically, these portfolios are more focused on investment yield and dividend income. The equity selection follows the same approach with respect to investment research as the Funds and individually managed equity portfolios that we advise, while the fixed income investments may comprise a larger portion of the client portfolio. Fundamental Research SRC’s investment team pursues a disciplined approach in finding and researching investment opportunities. We often develop our understanding of a company over a period of years

before choosing to invest in the business. Our key investment criteria are: - Market share leadership in specific niche markets - High or improving returns on capital - Strong cash generation - A proven leadership team with a history of success in capital allocation Our process incorporates the following: - We pursue broad investment themes based upon our judgment of long-term secular growth opportunities. This helps focus the research challenge. - Once we select a company for research, we pursue and integrate an approach that is both qualitative and quantitative. o Our qualitative assessment includes in-depth review of a company’s products, industry, and competitors; meetings with senior management; and thorough review of three to five years of SEC filings, conference calls, and presentations. o Our quantitative assessment includes financial analysis of the company’s historic balance sheets, cash flow statements, and income statements. In conjunction with analysis of the financial results of competing companies, we develop proprietary financial models to refine our views of a company’s financial outlook and opportunity. - We complete a written report on the company that lays out the investment opportunities and risks. This report and accompanying financial statements spur discussion and debate on the merits of an investment. Macroeconomic Analysis We incorporate analysis of global economic, political, and social trends in both assessing potential investment opportunities and reviewing existing investment selections. Our pursuit of macroeconomic issues emphasizes: - Analysis of financial data including GDP growth; private and public debt; and unemployment in the United States, developed world, and emerging economies - Following trends in inflation, commodity prices, foreign currency exchange rates, and global securities markets - Reviewing key political events and their myriad ramifications to local and global economic growth - Understanding major events and their impact on the investment challenge SRC’s pooled investment vehicles (“Funds”) Alpha Associates, L.P. – The investment objective of Alpha is to generate attractive, tax-efficient returns over the course of a business cycle by investing primarily in United States equities. Alpha seeks to invest in growth companies at a reasonable price. Robert Hoerle and Jeff Hoerle are the Portfolio Managers of Alpha. Additional information on Alpha can be found in the Offering Memorandum for Alpha. SRC serves as general partner of Alpha. Stone Run Capital Partners, L.P. – The investment objective of SRCP is to generate attractive, tax- efficient returns over the course of a business cycle by investing primarily in United States equities. SRCP seeks to invest in growth companies at a reasonable price. Jeff Hoerle is the Portfolio Manager of SRCP. Additional information on SRCP can be found in the Offering Memorandum for SRCP. SRC serves as general partner of SRCP. Assets Under Management The Managed Accounts and the Funds are managed on a discretionary basis. As of December 31, 2023, SRC had approximately $309,560,188 in regulatory assets under management, all of which was managed on a discretionary basis.