Describe your advisory firm, including how long you have been in business. Identify your principal owner(s). IPEX is an independent firm. We are not affiliated with any other entity. We were founded in 1995. IPEX is a sub-chapter S corporation and is 100% owned by Shale P. Lapping, President of the firm. IPEX works primarily with small to mid-sized institutional clients. IPEX is an investment consulting firm, not a money manager. Our focus is not on managing money or researching individual securities, nor do we engage in any custody or brokerage activities. IPEX does not offer products, but customized services. IPEX typically works with clients on an ongoing basis, according to a retainer arrangement. We help our clients structure their overall investment program. Specifically, IPEX assists clients in setting their investment objectives and then in selecting a strategic or long-term asset allocation that is suited to those objectives. As our clients can have very different investment objectives, they also can have very different asset allocations. Regardless of the asset allocation selected, IPEX works with the client to select particular investment products, such as money managers, mutual funds and exchange traded funds, to implement the allocation. Our client portfolios are usually well diversified and will use a number of different investment products. Many accounts use a mix of both active and passive strategies. IPEX has no contractual or proprietary relationship with any of the investment products that we present to our clients. We receive all of our revenue from the payment of consulting fees in hard dollars. All of our compensation comes from our clients, rather than from money managers, mutual funds or third parties. Our firm does not maintain any soft dollar arrangements. IPEX works on either a discretionary or a non-discretionary basis depending upon the client’s preference. Describe the types of advisory services you offer. All of the services that IPEX offers fall under the general heading of investment consulting and can be grouped under these five major categories:  Investment Policy  Asset Allocation  Investment Products  Monitoring  Miscellaneous These five categories of services are described in more detail below. Some clients want IPEX to work with them to restructure all aspects of their investment program and in so doing use all of our services. Other clients are content with their current investment program and are primarily interested in our Monitoring services. IPEX offers all of these services to every client on an as needed basis. All of these services are included as part of our Services Agreement with our full-service retainer clients. All of the services that IPEX provides as a consultant are customized to best suit the needs of individual clients. Investment Policy IPEX helps clients establish their investment policy. Investment policy includes investment objectives, targeted rates of return, risk tolerance as well as appropriate parameters and restrictions for the investment program. Establishing the investment policy is the first step in the restructuring process. IPEX tries to learn as much as we can about the client and its investment program when discussing investment policy. These discussions may include the client completing an IPEX questionnaire, as well as IPEX reviewing any current client documentation and investment policy statements. The goal of the investment policy discussions is for the client to establish sufficiently clear objectives so that we can address asset allocation issues. The investment policy discussions will usually result in IPEX preparing a comprehensive investment policy statement for the client’s review. The investment policy statement will address a broad range of investment and administrative issues regarding the investment program, including objectives, structure, restrictions and standards for evaluation. If the client selects individual money managers among its investment products, who will be handling separate accounts for the client, IPEX will also prepare individual investment policy statements for each of the money managers. Over the course of the client relationship, IPEX will assist the client in periodically reviewing the investment policy statement, and will prepare amendments as necessary. Asset Allocation IPEX helps clients establish a target asset allocation for their investment program. The targeted asset allocation is based on the account’s investment policy. While the asset allocation is reviewed regularly and adjusted periodically, our focus is on strategic or long- term allocation, not on tactical or short-term allocation. The process of helping clients establish a target asset allocation will usually include an asset allocation study. The study is based upon input from the client as to their objectives, time frame, risk tolerance, etc. The study is also based upon historical information regarding the various asset classes represented in the study. The asset allocation study typically will analyze multiple target allocations. IPEX reviews the asset allocation study with the client, focusing on both the expected return and potential risks associated with the various target allocations. IPEX helps the client to select a particular target allocation for their investment program. IPEX also addresses asset allocation issues by helping clients develop and implement a re- balancing policy, as well as deciding how best to handle contributions and distributions without disrupting their investment program. Working to address issues related to asset allocation is a key aspect of the services that we provide to our clients. Investment Products IPEX assists clients in selecting investment products to implement their asset allocation. Investment products include traditional money managers, mutual funds and exchange traded funds, and may also include alternative vehicles such as hedge fund of funds and private equity funds. IPEX recommends both active and passive (indexed) investment products. IPEX will often recommend that a client use a number of different investment products to address the full range of their account’s asset allocation. The investment products that IPEX recommends may include the client’s current investment products, new investment products suggested by the client and new investment products suggested

by IPEX. IPEX has no contractual or proprietary relationship with any of the investment products that we recommend. For a particular portion of a portfolio IPEX may recommend a specific investment product or provide the client with multiple investment products from which to choose. When recommending investment products to the client, IPEX provides the client with a written analysis of the product. The written analysis addresses a range of issues, including return, risk and expenses, and contains comparisons to appropriate indices and peer groups. Over the course of the investment program, IPEX may prepare a detailed analysis of a current investment product to help the client determine whether or not that product should be replaced. Where appropriate, IPEX will arrange for a representative of an investment product to meet with the client, either in person or through a conference call. Monitoring Once an investment program has been restructured, IPEX monitors the program and provides the client with comprehensive quarterly reports. The reports cover a broad range of issues regarding performance, risk, style and cash flow, and include a detailed executive summary in narrative format. The reports also address a number of the factors specified in the investment policy statement and contain comparisons to appropriate indices and peer groups. IPEX meets with clients according to a mutually agreed upon schedule to review the reports and discuss their investment program. Meetings may be in person, but may also include conference calls. As part of the monitoring process, IPEX raises issues regarding the investment program, makes recommendations for change and answers client inquiries. IPEX pro-actively contacts clients between meetings to raise or address any issues that warrant attention. In fulfilling the monitoring function, IPEX serves as an overall investment resource to our clients, with the precise nature of the relationship tailored to each client’s specific needs. Miscellaneous IPEX assists clients in analyzing various administrative or non-investment aspects of their investment programs, often in response to specific client inquiries. These services address a broad range of issues. We have specified some of these issues by way of example. IPEX analyzes the services and fee structures of current trustees, custodians and brokers, as well as potential replacements for these existing firms. We often prepare a comprehensive analysis of an investment program’s fee structure. IPEX also helps clients to address numerous issues related to cash flow, including spending policies, reserve funds and income targets. Many of these issues are addressed at the inception of a client relationship when IPEX is working with the client to restructure an investment program, while others are addressed periodically throughout the course of the investment program. Clients may elect to use IPEX as their “back office” to address a range of administrative issues related to their investment programs that they do have the time or expertise to handle. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. Yes, IPEX tailors its advisory services to the individual needs of our clients. As an investment consultant, our firm is based on providing clients customized services, not standardized products. IPEX, in comparison to many larger organizations that cater to all types of clients, has made a conscious decision to focus our attention and our resources on not for profit organizations, which represent the vast majority of our entire client base. We service primarily endowments and foundations. This focus helps us to better understand our clients’ needs and to tailor our services to them. While IPEX offers a full range of investment consulting services, some clients are only interested in certain of those services. For example, some clients are comfortable with their current investment program, and engage IPEX primarily to monitor their program and provide reporting. Other clients work with IPEX to restructure their entire investment program. Whether IPEX is working with a client to establish investment objectives and write an Investment Policy Statement, conducting an asset allocation study or preparing a manager search, we engage in an interactive process with the client. IPEX believes that it is essential to obtain both input and feedback from the client to ensure that the work product we produce is tailored to each client’s individual needs. Our clients may impose restrictions on investing in certain securities or types of securities. When we are working with a client to develop an Investment Policy Statement, we specifically ask them whether there are any restrictions that they would like to impose on portfolio holdings. IPEX incorporates any such restrictions in the Investment Policy Statement and then helps the client to select investment products that are consistent with those restrictions, to the extent that it is practical to do so. If you participate in wrap fee programs (1) describe the differences and (2) explain that you receive a portion of the wrap fee for your services. IPEX does not participate in any wrap fee programs. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you calculated the amounts. IPEX handles both discretionary and non-discretionary investment consulting clients. In order for IPEX to accept discretionary authority, the IPEX Services Agreement must provide for discretionary authority. In addition, the client must provide the custodian with an executed Limited Power of Attorney. IPEX considers clients as consulting clients when IPEX does not have authority to make investment decisions or to execute trades. In our role as a discretionary consultant, IPEX manages $1,191,685,906 in assets. IPEX manages $833,647,566 in non-discretionary assets. IPEX consults with clients on total assets of $2,025,333,472. These amounts are based upon December 31, 2023 market values for all IPEX clients. FEES AND COMPENSATION