FIRM DESCRIPTION Global Alpha Capital Management Ltd., (“Global Alpha”) is a discretionary asset manager registered as an investment adviser with the SEC under the U.S. Investment Advisers Act of 1940. Global Alpha was founded in 2004. Registration as an investment adviser does not imply a certain level of skill or training. Global Alpha is strictly a fee-only investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds and limited partnerships.. As of the date of this Brochure, the Adviser renders advisory services to clients both within and outside of the United States. Consistent with prior SEC precedent, the substantive provisions of the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”) generally will not apply to the Adviser’s relationship with its non-U.S. clients, except to the extent otherwise required by applicable law. PRINCIPAL OWNERS Global Alpha is owned 100% by the Global Alpha Capital Management Partnership, which is itself owned by the management team at Global Alpha and the Connor, Clark & Lunn Financial Group LP (“CC&LFG”). CC&LFG is the only partner that holds greater than 25% of the Partnership. TYPES OF ADVISORY SERVICES Global Alpha primarily provides investment advice and management on a discretionary basis to a variety of clients, including pension and profit sharing plans, trusts and endowments, financial institutions, charitable organizations, corporations, or business entities. Global Alpha also provides investment advice to various comingled investment vehicles. The firm specializes in small cap equity investments. As of December 31, 2023, Global Alpha exercises discretion over US $6.5 billion in assets. All assets are managed on a discretionary basis. TAILORED RELATIONSHIPS Global Alpha acts as a discretionary investment adviser to private investment funds, the fund’s investment strategy is not customizable. In addition to managing private funds (the ”Global Alpha Funds”), Global Alpha also offers discretionary advisory services to managed accounts (the “Client Accounts”), which may be owned by private investment funds

sponsored by third party or affiliated advisers or other clients. The goals and objectives for each client are documented in our client relationship management system. The terms, nature and scope of such advisory services may be negotiated by Global Alpha and the applicable client, based on the client’s specific financial and investment objectives, risks and goals. Firm Brochure 6 WRAP FEE PROGRAMS Global Alpha participates as a model portfolio provider to a wrap fee managed account programs sponsored by a third-party financial institution that is not affiliated with Global Alpha. In these cases, Global Alpha provides a model portfolio to third-party financial institutions on a regular basis, and such financial institution will implement the model portfolio for client accounts participating in the program. Global Alpha does not accept discretion over, and is not responsible for executing trades in, the client accounts participating in such wrap fee managed account programs. Global Alpha is compensated for its services to such wrap fee program clients with a fee based on the amount of assets of clients participating in the program that are invested according to the model Global Alpha delivers. TYPES OF AGREEMENTS The following agreements define the typical client relationships. INVESTMENT MANAGEMENT AGREEMENT OR MANAGED ACCOUNT AGREEMENT An Investment Management Agreement or Managed Account Agreement is executed between Global Alpha and its clients. The annual fee for an Investment Management Agreement or Managed Account Agreement is negotiable, and depends on the investment mandate for which Global Alpha is retained. TERMINATION OF AGREEMENT A Client may terminate any of the aforementioned agreements at any time by notifying Global Alpha in writing. If the client made an advance payment, Global Alpha will refund any unearned portion of the advance payment. Global Alpha may terminate any of the aforementioned agreements at any time by notifying the client in writing. If the client made an advance payment, Global Alpha will refund any unearned portion of the advance payment.