SUMMIT ROCK ADVISORS, LP

Summit Rock was co-founded in 2007 by David Dechman, the Chief Executive Officer, and Nancy Donohue, the Chief Investment Strategist. Mr. Dechman and Ms. Donohue remain Summit Rock’s principal owners.

Summit Rock is an independent advisory firm that provides financial advice and portfolio management for a select number of U.S.-based families and charitable institutions (each, a “Client” and collectively, the “Clients”). Clients typically have minimum wealth in excess of $100 million. Currently, the average client size at Summit Rock is approximately $482 million. Summit Rock functions as its Clients’ outsourced investment office providing independent, customized advice.

Although all Clients benefit from shared resources, each situation is unique. Summit Rock’s approach is to work with each Client to understand that Client’s complete financial picture in a holistic manner and then mutually agree with the Client on a portfolio management plan. The investment program is customized for each Client and will incorporate a selection of managers Summit Rock believes are the most talented across a wide universe of choices, encompassing various sectors of the market, geographies, and liquidity spectrums.

Summit Rock creates a structured process which prioritizes and addresses the most important issues for each Client. Summit Rock’s investment philosophy aims to preserve capital, reduce volatility, and increase long-term purchasing power. Summit Rock’s approach includes the following:

• • Asset allocation with broad asset class diversification
• • Access to investment managers
• • Due diligence
• • Liquidity management
• • Investment implementation advice and support
• • Integration of legal, governance, and other factors that impact financial results
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Summit Rock also serves as the investment manager to privately offered pooled investment vehicles (the “SRA Portfolios”) that are generally made available only to Summit Rock Clients. Based on the portfolio management plan designed by Summit Rock and each Client, Summit Rock will advise the Client to invest in one or more of the SRA Portfolios, each of which has a specific investment objective, and Directly Held Assets (as defined below). As a result, a Client will typically be invested through the SRA Portfolios across an array of asset classes with investment management teams that Summit Rock believes are top tier in their sectors. Through the SRA Portfolios, Summit Rock will seek to achieve several important benefits for Clients, including diversification, access to top-tier investment managers, streamlined operations, and consolidated performance, financial, and tax reporting.

As of December 31, 2024, Summit Rock provides investment advice for approximately $23.5 billion of assets under supervision. Of this amount, approximately $13.2 billion of assets were invested in the SRA Portfolios. Summit Rock makes the investment decisions for these assets, and such assets are referred to as being managed on a discretionary basis. Clients typically must establish a Private Equity Reserves Account to fund capital commitments to certain SRA Portfolios. These are also managed on a discretionary basis and total approximately $203 million in assets as of December 31, 2024. Summit Rock also provides non-discretionary investment advice to Clients on approximately $10.1 billion in assets, which are not invested in the SRA Portfolios or the Private Equity Reserves Accounts and are held in a Client’s name (the “Directly Held Assets”). The Clients are solely responsible for acting on any investment advice given by Summit Rock relating to the Directly Held Assets, and such Directly Held Assets are advised on a non-discretionary basis; provided that with respect to certain types of Directly Held Assets, Summit Rock routinely establishes and helps facilitate direct relationships on behalf of a Client with one or more third-party asset managers.