Firm Description Bourgeon Capital Management, LLC (“Bourgeon”) was organized as a limited liability company under the laws of the State of Delaware in 1999 and has offices in Darien, Connecticut. Bourgeon is registered as an investment advisor with the Securities and Exchange Commission (the “SEC”). John A. Zaro, III, who founded Bourgeon, is its principal owner. Mr. Zaro serves as the managing member of Bourgeon and its chief compliance officer. Types of Advisory Services Bourgeon is primarily engaged in the business of furnishing investment advisory services to managed accounts owned by individuals, pension and profit-sharing plans, trusts, estates, and charitable organizations. Bourgeon may purchase, sell, redeem, invest, reinvest, and otherwise trade any security, including (unless otherwise specified in the investment policy statement for a particular client) options, financial futures contracts, forwards, swaps, and other derivative products, in the name of, on behalf of, and at the risk of the client who owns the managed account. Based on client suitability and approval, Bourgeon may suggest investments in private real estate, private equity, or private credit. Unless the client so requests in writing, Bourgeon does not participate in initial public offerings. Pursuant to its standard investment management agreement, Bourgeon holds a limited power of attorney to act on a discretionary basis for a managed account. The securities and funds of each client are held either by a brokerage firm or a bank custodian. Bourgeon also offers financial-planning services. We assist clients with budgeting, financial planning, retirement planning, estate planning, and setting goals for charitable giving. Our financial plans utilize state-of-the-art software tools that can model multiple financial scenarios and provide cash-flow analysis to help clients navigate their financial futures. Each financial plan is customized for the client (and, if requested, his or her spouse) based upon our analysis of his or her financial goals, investment objectives, assets and liabilities, and projected earnings. Bourgeon provides advice to some clients with respect to their participation in retirement plans. These services are limited to providing advice and recommendations concerning retirement allocations and investments. Bourgeon does not have investment discretion with respect to retirement-plan assets unless the client has specifically granted discretion in writing. Clients sometime request that Bourgeon provide financial advice that is unrelated to securities. This advice may involve, among other things, long-range income and expense projections, analysis of real estate investments, and advice on private business ventures. Each Bourgeon professional uses his or her financial knowledge and business judgment in providing this advice. Tailored Relationships Our services include the selection and management of investments tailored to the individual needs, investment objectives, and risk tolerance of the client. Bourgeon works closely with each client to understand his or her specific needs and overall

financial profile. Client portfolios are then structured to client priorities through asset allocation that reflects the individual needs of the client. A client is permitted to impose restrictions on our investing in particular securities or types of securities for his or her account. In some circumstances, a position may be held at the specific request of a client. For example, a client may have inherited a position or may own stock in a company in which his or her family is or was involved. We call these positions “unsupervised assets.” Bourgeon does not charge advisory fees on unsupervised assets and does not consider unsupervised assets to be under its supervision. Retirement-Plan Rollovers Investment advisors that provide fiduciary advice in connection with making an individual retirement account (an “IRA”) or other retirement-plan rollover recommendation must comply with prohibited transaction exemption PTE 2020-02 adopted by the U.S. Department of Labor. Bourgeon charges a level investment-management fee, either a fee based on assets under management or a flat fee, that does not vary on the basis of the investment advice provided. Consequently, Bourgeon is not engaging in a prohibited transaction. In addition to other investment advisory services provided, Bourgeon may receive a level investment-management fee from one or more clients in connection with providing advice to roll the assets from (1) a retirement plan into an IRA managed by Bourgeon, (2) a retirement plan to another retirement plan, or (3) an IRA to another IRA. Under any of these scenarios, when providing fiduciary investment advice in the context of a rollover recommendation, Bourgeon must comply with PTE 2020-02. Pursuant to PTE 2020-02, each client or prospective client to whom Bourgeon provides investment advice with respect to his or her retirement plan or IRA will receive information about the a rollover recommendation checklist that the advantages and disadvantages of staying in the existing retirement plan as opposed to taking a cash distribution or transferring the assets to Bourgeon for management, to another IRA, or, if permitted and eligible, to the retirement plan of a new employer. After reviewing this information, Mr. Zaro or Laura Drynan work through a rollover recommendation checklist with the client or prospective client. The client or prospective client will then acknowledge the fiduciary status of Bourgeon, will indicate whether the rollover was solicited by Bourgeon or was unsolicited, and will state his or her rationale for his or her proposed plan of action. Bourgeon will also sign this acknowledgment. Assets Under Management As of December 31, 2023, Bourgeon managed approximately $684,500,000 in client assets on a discretionary basis and approximately $16,300,000 in client assets on a non-discretionary basis. Our total assets under management as of that date were approximately $782,900,000. As of December 31, 2023, there were approximately $46,700,000 in unsupervised assets in Bourgeon managed accounts. Bourgeon is not responsible for arranging or effecting purchases or sales with respect to unsupervised assets or assets held on a non-discretionary basis.