LCG ASSOCIATES, INC.

LCG Associates, Inc. (“LCG”) was founded in May 1973 and is headquartered in Atlanta, Georgia with offices in Dallas, Texas and Seattle, Washington. LCG is a full-service investment consulting firm. As an independent and employee-owned firm, LCG provides objective advice to a select number of clients. LCG’s clients are corporations, utilities, non-profits, family offices, and other investors. LCG is committed to providing strategic solutions for each client.

LCG is 100% employee-owned. LCG does not receive “finder’s fees,” commissions, soft dollars, or rebates from any investment management firm. LCG does not sell performance data to investment managers nor does LCG charge investment managers to have their information in LCG’s proprietary database. Because 100% of LCG’s revenues are from clients, LCG provides objective and independent recommendations.

LCG recognizes and accepts in writing the role and responsibilities of a fiduciary to client assets. LCG believes its role is to also provide non-discretionary clients with recommendations and assist these clients to make effective decisions.

Additionally, LCG provides Outsourced Chief Investment Officer (“OCIO”) services to clients. OCIO clients remain responsible for certain decisions including, but not limited to, developing the asset allocation and investment policy as well as selecting service providers with assistance from LCG on a non-discretionary basis. Operating within the OCIO client’s written investment policy and other terms outlined in the investment consulting agreement, LCG has the authority to select, retain, and terminate investment managers and rebalance portfolio assets.

Principle Owners

LCG is a wholly-owned subsidiary of LCG Holdings, Inc. The owners of LCG Holdings, Inc. are 33 active, full-time employees of LCG. The principal owners are:

James J. Challen, CFA, CAIA Chief Executive Officer / Board Member

Anthony M. Daniel, Jr., CFA Senior Vice President / Board Member

David R. Emerson, CFA, CAIA Senior Vice President / Board Member

Brian J. Falco Senior Vice President / Board Member

Scott M. Freeman Senior Vice President / Board Member

Michael T. Lubin, CFA Senior Vice President / Board Member

James C. McElroy, CFA, CAIA Senior Vice President / Board Member

David D. Ritter, CFA Senior Vice President / Board Member

No employee owns more than 25% of LCG’s stock.

Types of Advisory Services

LCG provides various levels of services to clients including OCIO and non-discretionary consulting services.

Outsourced Chief Investment Officer (“OCIO”) Services

LCG provides OCIO services to clients. The scope of services LCG offers to OCIO clients may include, but is not limited to:

• Governance and investment policy design recommendations

• Asset allocation advice and portfolio implementation

• On-going portfolio positioning and rebalancing

• Investment manager due diligence, search, selection, and implementation

• Investment manager fee analysis and negotiation

• On-going risk management and portfolio monitoring

• Custodian analysis, search, and recommendations

OCIO clients remain responsible for certain decisions including, but not limited to, asset allocation, investment policy development, and service provider selection using LCG’s non-discretionary assistance.

As of December 31, 2024, LCG has approximately $2,317,322,000 in OCIO assets under management.

Non-discretionary Consulting Services

LCG provides non-discretionary consulting services to clients. The scope of services LCG offers to non-discretionary clients may include, but is not limited to:

• Investment policy development

• 401(k)/403(b) strategies

• Investment manager guidelines

• Performance measurement and evaluation

• Asset allocation modeling

• Performance attribution analysis

• Asset class research, analysis, and recommendations

• Fee analysis and negotiation

• Traditional and Alternative manager search

• Custodian analysis and search

• Spending policy modeling and development

• Audit assistance

A client that uses LCG’s non-discretionary consulting services receives advice and recommendations and is ultimately responsible for all decision making. Typically, in a non-discretionary relationship, LCG does not have the authority to execute decisions on the client’s behalf.

As of December 31, 2024, LCG has approximately $94,416,675,000 in non-discretionary assets under management.

Tailored Relationships

Functioning in a non-discretionary capacity, LCG works with each client to understand its unique needs and customizes its portfolio’s asset allocation to maximize return while minimizing risks as well as volatility. Before LCG can enhance a client portfolio, an examination of the existing portfolio is conducted. This process starts with a review of all current and relevant policies as well as guidelines associated with the portfolio. Included in this process are educational sessions on the portfolio’s history, a risk assessment to evaluate views on risk/return, and meetings to formulate a strategy.

From there, LCG collaborates in a non-discretionary role with the client to evaluate asset mixes and develops an optimal investment structure. Upon the client’s approval of the optimal investment structure and investment policy statement, LCG will be responsible for implementing as well as monitoring and rebalancing the portfolio. Clients may impose restrictions on investing in certain asset classes or types of investment vehicles in accordance with their values or beliefs. LCG believes each client organization is unique and, therefore, should develop an investment program that specifically addresses its distinct characteristics.