Route One is a Delaware limited partnership that has been in business since 2010. Although Route One may manage additional client accounts in the future, currently it serves exclusively as the investment adviser to three investment funds that have substantially the same investment strategy: Route One Fund I, L.P. and Route One Fund II, L.P., each a Delaware limited partnership, and Route One Offshore Master Fund, L.P., a Cayman Islands exempted limited partnership. These funds are referred to in this brochure as the “Route One Funds.” Route One Fund I, L.P. is a U.S. fund available only to “qualified purchasers” so that it can be excluded from the definition of an “investment company” (a so-called mutual fund) under section 3(c)(7) of the Investment Company Act of 1940, as amended (the “ICA”). Route One Fund I, L.P. may admit more than 100 investors under that exclusion. Route One Offshore Master Fund, L.P. is a “master fund” whose primary limited partner is Route One Offshore Fund, Ltd., a Cayman Islands exempted company. Route One Offshore Fund, Ltd. is available for investment by non-U.S. investors and U.S. tax-exempt investors that are “qualified purchasers” so that it also can be excluded from the definition of an “investment company” under section 3(c)(7) of the ICA. Route One Fund II, L.P. is a U.S. fund that is excluded from the definition of an “investment company” under section 3(c)(1) of the ICA, which, among other things, limits the number of investors in that fund to 100. Although the Route One Funds have substantially the same investment strategy, their performance is expected to differ over time due principally to tax related differences in trading, the different timing of subscriptions to and redemptions or withdrawals from each fund, and various legal or regulatory

restrictions that may apply to one or more of the funds. Route One is primarily owned by William F. Duhamel, Jr. and Jason E. Moment, and certain entities established for the benefit of them and their families. Its portfolio managers are William F. Duhamel, Jr., & Jason E. Moment. A Route One affiliate, ROIC, LLC, is a Delaware limited liability company that serves as Route One’s general partner. ROIC LLC’s managers are William F. Duhamel, Jr., Jason E. Moment, Ashish H. Pant and Richard H. Voon (together, the “Principals”). As of December 31, 2023, Route One had total discretionary assets under management of approximately $3,568,768,574. This number differs from Route One’s “regulatory assets under management” shown on Part 1A of the Form ADV because it reflects the net value of the assets under management. “Regulatory assets under management” is a gross assets measurement approach adopted by the SEC that does not allow deduction for liabilities associated with borrowing securities to effect a short sale. Route One did not adopt this convention for purposes of this Item 4 because it believes that its approach better reflects the amount of assets that it actually manages. Route One only manages assets on a discretionary basis. Route One invests principally, but not solely, in equity, equity-related and credit securities and commodities that are traded publicly and privately in U.S. and non-U.S. markets on behalf of its clients, but it is authorized to enter into any type of investment transaction that it deems appropriate, pursuant to the terms of the client’s partnership or other account agreement. The investors in the Route One Funds have no opportunity to select or evaluate any fund investments or strategies. Route One selects all fund investments and strategies.