Beck, Mack & Oliver LLC (“BM&O” or the “Firm”) was founded in 1931 by T. Edmund Beck and Lewis Mack, who were joined later that year by R. Grant Oliver. As a SEC- Registered Investment Adviser, the Firm provides asset management services to individual and institutional clients primarily through separately managed accounts. Since inception, BM&O has been led by a team of veteran equity managers that is dedicated to process- driven investment performance and a sound, value-based investment discipline, and strives to achieve competitive risk-adjusted returns. The Firm today is comprised of approximately 20 professionals including the seven members of the Firm (“Members”). As of December 31, 2023, BM&O had approximately $4.7billion in assets under management on behalf of individuals, trusts, tax-exempt institutions, corporations, private funds, and the Beck, Mack & Oliver Partners Fund (BMPEX), all which accounted for approximately 345 client relationships. BM&O has no direct or indirect affiliation with any broker, commercial bank, investment banking house or other organization giving investment advice or soliciting securities orders. The Firm is a limited liability company organized under the laws of New York; Robert C. Beck and John C. Ellis are Co-Managing Members of the Firm. Neither BM&O, nor any of its representatives, serve as an attorney, accountant, or insurance agent. The Firm's central objective is to preserve and grow the purchasing power of client capital. Within the framework of the client's specific requirements, the Firm seeks to fulfill this objective by investing in the securities of corporations with sound, long-term fundamentals. Equity investments are made typically in financially strong companies which appear to have attractive prospects for growth in earnings and dividends. High-quality, fixed-income securities are used to provide a basic return. Portfolios are comprised primarily of publicly traded U.S. domestic securities as well as foreign securities. These securities include: exchange listed shares and shares traded over-the-counter, securities convertible into or exercisable for common stocks, preferred stocks, warrants, fixed, variable and floating rate bonds, U.S. Treasuries, and municipal bonds. Private securities are placed selectively in client portfolios from time to time when such securities are in line with a client’s investment objectives and risk profile. Separate account portfolios are customized for taxable and tax-exempt investors. The structure of each portfolio is determined according to the specific objectives and risk tolerance of the client. BM&O manages the investment and reinvestment of the client’s assets including making decisions with respect to all purchases and sales and other transactions of securities. Most accounts are discretionary. Having full discretion means that the authority to effect transactions without prior client approval is delegated to the Firm. Consequently, particular emphasis is placed on defining and understanding the client’s objectives and needs at the onset of a relationship and thereafter on an ongoing basis. Oliver LLC Investment strategies for each client are developed after completing an examination of the client's financial condition as well as the client's investment objectives. Securities in which an account is invested can be restricted by the client by sector, industry, or company, or by type of security should a client want or need to do so for any reason; such restrictions are either incorporated into the investment policy statement for the account or indicated separately in writing to the Firm. Typically, a taxable account strategy encompasses the purchases of marketable equity securities for long-term holding. Tax-free accounts, while generally seeking to invest for long range appreciation, can and do become involved with marketable equity security purchases of short-term potential. The Firm does not make short sales or utilize margin debt (unless specifically directed by the client), except for Beck Mack Limited Partnership (“BMLP”) and ERB Value Partners LP (“ERBLP”), as discussed below. The Firm does not utilize options in any of its investment strategies except for BMLP and ERBLP. The Firm does not currently employ financial leverage in the management of assets except for BMLP and ERBLP. In as much as the Firm tries to remain current with regard to a client’s financial situation, each client is advised that it remains the client’s responsibility to promptly notify BM&O if there is ever any change in the client’s financial situation or investment objectives for the purpose of reviewing, evaluating, or revising BM&O’s previous recommendations and/or services. BM&O acts as investment adviser to the Beck, Mack & Oliver Partners Fund (the “Partners Fund”). The Partners Fund was established as part of the series of Forum Funds, a registered investment company under the Investment Company Act of 1940, as amended. The Partners Fund was converted from the BMO Partners Fund L.P. in December 2009 and seeks long-term capital appreciation consistent with the preservation of capital. The Partners Fund invests in a portfolio primarily of U.S. common stocks and securities convertible into or exercisable into common stocks, but may also invest in preferred stocks and fixed, variable, and floating rate fixed income securities. The Partners Fund is administered by independent third parties. BM&O acts as investment manager to Beck Mack Limited Partnership (“BMLP”), and ERB Value Partners LP (“ERBLP”), both Delaware limited partnerships,

whose general partner is Beck Mack GP, LLC and ERB Value Partners GP, LP respectively. The investment objective of BMLP and ERBLP is to preserve capital and achieve attractive absolute returns by employing a long-biased investment strategy primarily composed of the common stock of a limited number of U.S. companies. Unlike most of the Firm’s separately managed accounts and the Partners Fund, BMLP’s and ERBLP’s portfolios are concentrated with a limited number of large positions. BMLP and ERBLP employ leverage on a selective basis. Additional information on both BMLP and ERBLP can be found in each LP’s Private Placement Memorandum. BM&O also acts as investment manager to Beck Mack Offshore Fund Ltd., (“BMLP Offshore”) a Cayman Islands exempted company with unlimited duration incorporated under the Companies Act (revised) of the Cayman Islands on December 6, 2021. BMLP Offshore commenced operations on January 1, 2022 and invests substantially all of its assets through a “master” fund structure in Beck Mack Limited Partnership, a Delaware, limited partnership that commenced operations in January 2015 (the “Master Fund or BMLP”). Notwithstanding the foregoing, the Fund is authorized to invest outside of the Master Fund, but does not presently or intend to do so. Generally, each investment vehicle, including BMLP Offshore, that invests in the Master Fund will indirectly share the administrative and other expenses of the Master Fund pro rata based on its interest in the Master Fund (which expenses may include expenses of the Fund and other investment vehicles that invest in the Master Fund). BM&O acts as investment manager for various general partnerships formed pursuant to the Uniform Partnership Act of West Virginia, Chapter 47, Article 8A, West Virginia Code of 1931, as amended, whose assets are invested in unaffiliated private investment vehicles including private equity funds (“general partnerships”). The general partnerships are each established solely for the purpose of investing in a specific unaffiliated private investment vehicle. These general partnerships are illiquid and have investment time horizons over many years. At least one BM&O Member is a general partner and a direct investor in each of these general partnerships. If a client is: (1) a participant or beneficiary of a Plan subject to Title I of ERISA or described in section 4975(e)(1)(A) of the Internal Revenue Code, with authority to direct the investment of assets in his or her Plan account or to take a distribution; (2) the beneficial owner of an IRA acting on behalf of the IRA; or, (3) a Retail Fiduciary with respect to a plan subject to Title I of ERISA or described in section 4975(e)(1)(A) of the Code, then BM&O represents that it and its investment adviser representatives are fiduciaries under ERISA or the Code, or both, with respect to any investment advice provided by BM&O or its investment adviser representatives or with respect to any investment recommendations regarding a Plan or participant or beneficiary account. A BM&O Member sits on the board of two publicly traded companies whose securities are held and traded in client accounts and held and traded in BM&O Member accounts. Due to this board service causing a conflict of interest and due to insider trading rules, these situations require additional compliance oversight. As a result of the BM&O Member’s board service, firm-wide trading for clients and BM&O Members and employees in these two securities are subject to restrictions, and black-out periods for those securities are enforced. Additional approvals are required to trade these securities outside of designated black-out periods. As of December 31, 2023, a BM&O Member held board positions at Enstar Group LTD (ESGR), and AgroFresh Solutions, Inc. (AGFS) until March 31, 2023 when AgroFresh completed the closing on the go-private transaction. BM&O evaluates initial public offering investments in the same manner it assesses other equity investments – portfolio managers look for attractively priced shares of companies with high quality management, finances, and business prospects. Shares in initial public offerings are allocated to client accounts with regard to first, each client's risk tolerance, second, the appropriateness of the investment in a portfolio, and third, the availability of funds to purchase shares in the equity portion of the account. Client relationships may be terminated upon receipt by the Firm of written notification from the client. Any fees that have been pre-paid are refunded for the period beyond the date of termination. As an investment adviser, the Firm has a duty to protect the privacy of client information. Confidential client information will not be disclosed to third parties except as necessary to provide the services that the client has requested or authorized. A copy of the Firm’s privacy policy is available upon request. Beck, Mack & Oliver LLC BM&O understands the need for business continuity planning and the seriousness of business interruptions. Taking into account that business interruptions can occur in many forms, the Firm has designed a business continuity program that is flexible and robust enough to recover all of our key business functions on a timely basis. BM&O’s data is backed-up daily at a third-party storage facility located in another state. In addition, the Firm maintains a business continuity program which includes (i) a strategic recovery plan, an incident response plan, (iii) a business recovery plan, and (iv) email availability services. The program is comprehensive and includes specific instructions for each segment of the business.