BUSINESS AND OWNER Eldred Rock Partners, LLC (referred to as “Eldred Rock”, “we”, “us”, “our”, “Firm” or “Investment Manager”) is a Texas limited liability company with offices in San Antonio, Texas. It was founded in August 2021 by Stefan F. Gräter, Jonathan H. Lewis, and W. Ryan Scott. ADVISORY SERVICES Eldred Rock offers investment management services pursuant to three public equity strategies (U.S. Value, International Value, and the Eldred Rock Beacon Fund, LP). All three value-oriented strategies share a common investment philosophy and process. PRIVATE FUND Eldred Rock is the Investment Manager to the Eldred Rock Beacon Fund, LP (the “Partnership”), a Delaware limited partnership, whose general partner is Eldred Rock GP, LLC (the “General Partner”), a Delaware limited liability company. The Partnership is value-oriented, seeking to invest in global, publicly listed, quality businesses, managed by owner-operators, that will deliver valuation-leveraged, compounding returns. The concentrated portfolio seeks investment opportunities without restrictions on geography, market capitalization or security type. See Item 8: Methods of Analysis, Investment Strategies and Risk of Loss for more information, as well as the Partnership’s Private Placement Memorandum, Limited Partnership Agreement and Subscription Booklet (the “Offering Materials”). The Partnership is offering Interests for investment to investors that meet the appropriate minimum requirement as “accredited investors” as defined in Rule 501(a) under the Securities Act of 1933, as amended (the “33 Act”), and as “qualified clients” as defined under Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Each Limited Partner will be required to provide certain representations, warranties, and assurances in its Subscription Agreement. SEPARATELY MANAGED ACCOUNTS We also offer our services to separate account holders. For separately managed accounts, Eldred Rock will focus on the U.S. Value and International Value strategies which are concentrated portfolios that seek to own 15 to 25 securities. Buying companies below a conservative estimate of fair value can provide the investor with a margin of safety and may reduce the risk of permanent loss of capital. These low turnover strategies are tax efficient and tend to have lower volatility. See Item 7: Types of Clients for more information and Item 8: Methods of Analysis, Investment Strategies and

Risk of Loss. SUB-ADVISORY SERVICES Eldred Rock offers sub-advised investment management services to unaffiliated registered investment advisers. MODEL PROVIDER SERVICES Eldred Rock offers model portfolio services to unaffiliated registered investment advisers. CLIENT NEEDS AND RESTRICTIONS Our investment advice is tailored to the Partnership in accordance with the investment objectives and strategy descriptions set forth in the Partnership’s Offering Materials. Eldred Rock does not tailor its advisory services to the individual needs of investors in the Partnership (“Investors” or “Limited Partners”) nor accepts Investor-imposed investment restrictions with respect to the Partnership. For separate account holders, the investment portfolios are managed consistent with our investment philosophy, process, and strategy. Eldred Rock and the client will execute an Investment Management Agreement which defines the services to be performed by Eldred Rock and the fees. Eldred Rock allows clients to impose reasonable restrictions on the management of the account. Reasonable restrictions, including special instructions and limitations, regarding the investment management of the account must be provided in writing. Clients are responsible for notifying us of any updates regarding their financial situation, investment objectives, or risk tolerance and whether they wish to impose or modify any existing investment restrictions. SUB-ADVISORY SERVICES Eldred Rock offers sub-advised investment management services to unaffiliated registered investment advisers. Services are tailored to the needs of the unaffiliated registered investment advisers. MODEL PROVIDER SERVICES Eldred Rock offers model portfolios to unaffiliated registered investment advisers (“unaffiliated advisers”). These unaffiliated advisers make their own independent decisions whether and when to effect transactions for their clients with respect to the Firm’s model portfolio recommendations. The Firm receives a fee from the unaffiliated advisers based on the assets invested in the model portfolio. Services are tailored to the needs of the unaffiliated advisers. WRAP FEE PROGRAMS Eldred Rock does not participate in any wrap fee programs. ASSETS UNDER MANAGEMENT As of December 31, 2023, the firm had approximately $1,626,698,000 in total assets under advisement (AUA), which includes model provider services and $337,918,740 in direct discretionary assets under management (AUM).