Who we are: The Townsend Group (“Townsend”) was founded in 1983 by Terry Ahern and Kevin Lynch. On December 29, 2017, Aon (NYSE: AON) completed its acquisition of The Townsend Group. Townsend is now a wholly- owned subsidiary of Aon, within Aon’s Global Retirement and Investments business segment. Townsend is responsible for Aon’s real asset investments (real estate, timber, agriculture and infrastructure). Aon’s existing real asset teams have joined the Townsend business unit. While the ownership of Townsend changed as a result of this transaction, Townsend’s business relationships and commitments to its clients remain the same. As of May 17, 2022, Terry Ahern retired and was appointed Townsend’s Chairman Emeritus; Anthony Frammartino has assumed leadership of Townsend as President. Townsend provides a core set of investment skills, exclusively focused on global real estate and real asset classes. Townsend is actively engaged in providing investment management services to its discretionary clients, which includes directing, on its clients’ behalf, the investment of client assets. Townsend also provides investment advice to its non-discretionary clients, which allows clients to invest their own assets after studying Townsend’s recommendations or research. Townsend provides these custom investment solutions to help meet the needs and objectives of its clients’ investment programs using primary funds, secondaries, joint ventures and co-investments, among other types of investment solutions. These custom solutions may also include real assets such as timber, agriculture and infrastructure. Townsend employs a full-time, dedicated team responsible for developing and maintaining a global perspective on these sectors and available opportunities. Headquartered in Cleveland, Ohio, the firm has dedicated Townsend offices in San Francisco, London, and Hong Kong. Two Aon designated offices also house Townsend employees in Chicago and Toronto. What we do: Townsend specializes in providing continuous and regular supervisory or management services generally limited to real estate related investment products. Examples of such services include, but are not limited to, the following: 1. Assisting clients in developing investment objectives, strategic and investment plans and investment guidelines and restrictions. 2. Assisting clients in implementing their strategic and investment plans by delivering investment recommendations and research (in the case of non-discretionary clients) and by selecting and directing investments (in the case of discretionary clients); in both instances Townsend may also offer advice and/or implement hedging strategies on behalf of such clients. 3. Working with clients to invest in pooled investment vehicles or creating a separate account mandate. 4. Assisting clients in the selection of other investment advisers or third party service providers. 5. Negotiating with the managers of funds or separate accounts to improve fee structures and other business terms for Townsend's clients. 6. Monitoring investment performance and delivering quarterly reports to clients related to (i) investment activity, (ii)

investment performance, (iii) portfolio composition, (iv) diversification by March 2024 Page 4 property type and by location and (v) other measurements that are relevant to assessing performance and the composition of the client's real estate portfolio. 7. Meeting with clients periodically to discuss performance and strategy. 8. Performing incidental functions and providing other similar services. The exact scope of services provided to each client varies depending upon the terms of Townsend's engagement by that client. Recommendations and investment decisions are based on analysis conducted by Townsend's investment professionals. These decisions are supported by Townsend’s Investment Committee, which includes nine of Townsend’s most senior investment professionals. The Investment Committee reviews and approves all investment decisions at the investment and client-portfolio level. It also conducts formal portfolio reviews on a bi-annual basis. The Committee will review and approve each client investment recommendation for portfolio fit and consistency with strategic goals, and opine on the final deliverable in order to maintain consistency and quality control. In addition, investment recommendations, portfolio strategy decisions, investment planning, portfolio execution, and fund amendments, among other things, will also be reviewed and approved by the Committee prior to a formal recommendation. How we tailor these services to you: Many of Townsend's services are performed by Townsend's investment advisory and portfolio management staff, under the supervision of Townsend's Investment Committee, which is ultimately responsible for all client strategic planning and investment-related decisions. Among the client matters reviewed by the Investment Committee are strategic plans, manager selection, pooled fund selection, direct investments and portfolio construction. Townsend typically works with the client in developing the client’s investment plan, which may include restrictions imposed by the client in certain securities or types of securities. Townsend’s Assets under Management: Townsend provided services on behalf of regulatory assets under management of approximately $22,118,740,672 consisting of $17,601,273,621 in discretionary client assets and $4,517,467,051 in non-discretionary client assets. The contractual arrangements with client accounts comprising the non-discretionary assets under management provide the client with the ability to opt out of or into particular transactions, or provides other ancillary control rights over investment decision-making, depending on the specific client agreement. In each case, should the client continue with the transaction, Townsend is responsible for effecting the purchase or sale. Because Townsend relies on third parties to provide asset valuations, some of these third parties may take more than 90 days after the quarter end to provide such valuations. As a result, the figure above has been calculated using September 30, 2023 figures. If the figure changes materially from September 30, 2023 to December 31, 2023, Townsend will update this brochure.