Select Equity Group, L.P.

The Firm is a Delaware limited partnership formed in 2013 in connection with the merger of Select Equity Group, Inc. (“SEGI”) and its affiliate, Select Offshore Advisors, LLC (“SOA”), into a single investment advisory entity. The Firm is employee owned. We provide investment management services to separately managed accounts (also referred to as “individual” clients) and private fund clients, and advisory or sub-advisory services to certain Undertakings for Collective Investments in Transferable Securities (“UCITS”) sub-funds, Collective Investment Trusts (“COLs”) and registered investment companies (“1940 Act Funds”). The Firm’s general partner is Select Equity GP, LLC, a Delaware limited liability company (the “General Partner”). George S. Loening is the controlling member of the General Partner. On November 26, 2013, the Firm succeeded to the registrations of SEGI, which was registered with the U.S. Securities and Exchange Commission (the “SEC”) in 1992, and SOA, which was registered with the SEC in 2006. Types of Advisory Services For Our Individual Clients For Our Individual Clients in Our U.S. Long-Only Strategy We offer a long-only equity management program that utilizes fundamental analysis to select stocks, with a view towards capital appreciation. The Firm will generally maintain cash positions for accounts in this strategy when, in its opinion, market conditions limit investment opportunities meeting the standards it has established for investments, however, money market reserves have typically ranged between 0% and 20%, depending on market conditions. Clients may terminate an investment advisory contract and withdraw capital or securities from their accounts at any time subject to any applicable notice provisions. Though client accounts are managed independently, we use a similar investment approach in substantially all our separately managed accounts in this strategy. In addition, we generally limit our portfolio of securities to fewer than forty stocks in each account. We believe this approach allows for the continuous and thorough evaluation of all accounts and all equities held. As a general matter, we do not attempt to “time” the market or to predict overall macro-economic trends. Instead, we seek to make investments in good businesses with strong managements that we believe to be inefficiently valued by the markets. We are focused on owning businesses which are profitable, have growing sales and stable or expanding profit margins and healthy or rapidly improving balance sheets. We may from time to time sell securities in client accounts to capture losses and seek to create tax efficiencies. We offer the foregoing services in conjunction with several fee arrangements at the option of the client. Certain fee arrangements are based on a percentage of assets under management; others include an asset-based fee and a performance-based fee. The performance-based fee arrangements are available only to clients who meet certain financial and/or sophistication requirements, as hereinafter described. The fees charged to such individual clients are discussed in Item 5 below. For Our Individual Clients in Other Strategies We also offer other strategies with different or negotiated fee schedules and other terms, including accounts that are similar in strategy to certain of the Private Funds, as defined below. General In accordance with Rule 3a-4 of the Investment Company Act of 1940, SEG obtains sufficient client information to ensure that accounts are managed on an individualized basis and accepts reasonable restrictions imposed by clients. . For Our “Private Fund” Clients The Firm also serves as investment manager to certain private funds (each a “Private Fund”), which are managed

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in accordance with the applicable investment strategy described below in Item 8 and the methodology described in its confidential private offering memorandum (“Offering Memorandum”). The general partner of each Private Fund that is organized as a limited partnership is an affiliate of the Firm. Furthermore, an affiliate of the Firm serves on the Board of Directors of each Private Fund that is organized as a Cayman Islands exempted company. Private Funds may have multiple classes of limited partnership interests or shares. The classes may differ in terms of fees, liquidity rights or other features as described in the Offering Memorandum for the Private Fund (or any supplement thereto). The Private Funds may, without notice to other investors, enter into (and have entered into) “side letter” agreements with certain prospective or existing investors granting them, among other things, special liquidity rights, performance compensation waivers or reductions, hurdle rate modifications, management fee reductions or modifications, withdrawal or redemption fee waivers or reductions, specialized diligence requests and/or other more favorable investment terms than the terms that are described in the applicable Offering Memorandum. The granting of preferred terms to certain investors is solely at the discretion of the Firm, an affiliate that serves as general partner of the Private Fund or the Board of Directors of the Private Fund, as applicable, and the Private Funds shall have no obligation to offer such differing or additional rights, terms or conditions to all investors. We also offer Private Fund strategies as separately managed accounts to clients who meet certain financial and/or sophistication requirements with different or negotiated fee schedules and other terms. The fees charged to Private Funds are discussed in Item 5 below. Advisory or Sub-Advisory Services to Registered Investment Vehicles We offer advisory or sub-advisory services to certain registered commingled investment vehicles, including UCITS sub-funds, COLs sub-funds and 1940 Act funds (collectively, “Registered Advisory Clients”), certain of which vehicles are sponsored by the Firm (such sponsored Registered Advisory Clients, the “Sponsored Registered Funds”). The investment strategies offered to our Registered Advisory Clients may be the same or similar to our Private Fund strategies; provided that they will be subject to any regulatory requirements applicable to, or other investment restrictions imposed by, such Registered Advisory Clients. The fees charged to Registered Advisory Clients are discussed in Item 5 below. Additional Information The investment terms offered to different clients pursuing the same or similar investment strategies differ in some cases. For example, certain separately managed account clients or Registered Advisory Clients have been offered different liquidity terms than other separately managed account, Registered Advisory Clients and Private Fund clients pursuing the same or similar investment strategy. By way of another example, certain separately managed account clients or Registered Advisory Clients have information sharing terms that are more extensive than other clients. Prospective and existing clients should consider these possible conflicts of interest in making their decision to invest or remain invested. Assets Under Management All individual client accounts (subject to any agreed upon client guidelines or restrictions), Private Funds and Registered Advisory Client accounts are managed on a discretionary basis. As of December 31, 2025, we manage approximately $36,383,791,684 (gross) on a discretionary basis and $0.00 on a non-discretionary basis.

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We receive the following types of fees for our advisory services: We, or our affiliates, receive asset-based management fees and/or performance-based compensation, discussed below, for our advisory services. Please note that we reserve the right to enter into alternative fee arrangements with institutional clients or other clients that meet specific minimum size or other characteristics. The following is our fee schedule: For Our Individual Clients For Our Individual Clients in Our U.S. Long-Only Strategy We offer the foregoing services in conjunction with several fee arrangements at the option of the client. Certain fee arrangements are based on a percentage of assets under management; others include an asset-based fee and a performance-based fee. The performance-based fee arrangement is available only to clients who meet certain financial and/or sophistication requirements, as hereinafter described. As discussed in Item 4 above, we often provide asset management services for clients on an asset-based fee basis. We generally charge an annual management fee between 0% (for employees, principals and certain affiliates) and 2% of assets under management paid (on a prorated basis) at the end of every calendar quarter. Fees are based on the fair market value of the portfolio under management, generally at the closing date of each calendar quarter (March 31, June 30, September 30, December 31) after all fees (other than the management fee) and commissions. In the event that the client terminates the managed account between quarterly billing cycles or adds or withdraws funds between quarterly billing cycles, the client is billed on the prorated annual fee rate applicable to its account based on the assets under management as of the termination date or addition or withdrawal date, as appropriate. For individual clients, generally, we will submit to that client or its custodian a bill for management fees each quarter. Where the client’s custodian receives the bill for management fees, such custodian will generally deduct our management fees from those individual clients’ custodial accounts. Certain clients have requested that we send them a bill for management fees each billing cycle and they, in turn, either request that the custodian deduct our fee from their account or otherwise settle the invoices outside of their account. Fees are based on the fair market value of the portfolio under management, generally at the closing date of each calendar quarter (March 31, June 30, September 30, December 31) after all fees (other than the management fee) and commissions. We have agreed and may continue to agree to provide asset management services for clients on a performance fee basis, provided that such clients meet the “qualified client” standards established by the SEC under the Investment Advisers Act of 1940 (the “Advisers Act”). In such cases, the fees may be individually negotiated and will typically involve both a performance-based fee and an asset-based fee. All performance-based fees will comply with Section 205 of the Advisers Act and Rule 205-3 thereunder, as applicable. In certain cases, the performance fees are subject to a 5% performance hurdle. In other cases, the performance fees are subject to the outperformance of a particular index. In such cases, because the performance fee is determined based on the outperformance of an index, it is possible that the performance fee would be payable even if such client’s account had depreciated in value or that the performance fee could exceed the appreciation in the value of such client’s account. For individual clients with performance-based compensation arrangements, the performance compensation is generally assessed at the end of the calendar year based on the portfolio’s fair market value as of the applicable year-end (inclusive of any portfolio contributions within the given period, which are treated as individual tranches), or, as appropriate, the date of portfolio withdrawals or portfolio termination. Typically, we will submit a bill for performance-based fees, if any, annually to the client or its custodian. The client may choose whether to have its custodian deduct our performancebased fees from those individual clients’ custodial accounts or to settle the bill outside of their custodial accounts. If a client’s assets are invested in a money market mutual fund (which in some cases has been selected as a cash management option by the client) or exchange traded funds, such assets will be subject to management and other fees charged by such fund, as well as the advisory fee charged by us. As a result, the client will in effect be paying two advisory fees with respect to the assets invested in the money market fund or exchange traded fund.

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For Our Other Individual Clients The fee schedules described above relate to our U.S. Long-Only Strategy. We manage and offer other strategies with different or negotiated fee schedules and terms, including accounts that are similar in strategy to certain of the Private Funds. Those fee schedules may include an asset-based fee component and/or (provided that the client meets the “qualified client” standards established by the SEC under the Advisers Act) a performance-based fee component and vary based on the relevant account’s strategy in addition to any other terms negotiated with each client. For Our Private Fund Clients Certain Private Fund clients pay a management fee in an amount equal to 0.0% to 2.00% per annum of net asset value. Each Private Fund may have multiple classes of limited partnership interests (“Interests”) or shares (“Shares”). The classes differ in terms of fees, liquidity rights or other features as described in the Offering Memorandum for the Private Fund or applicable supplements thereto. Certain classes of Interests or Shares of the Private Funds are also subject to an incentive allocation or, in the case of the Private Equity strategy, carried interest (“Performance Compensation”) equal to 10% to 20% of net gains; in certain cases, the Performance Compensation is subject to a 5-10% net performance hurdle. In certain cases, Performance Compensation only applies to net gains that bring the investor to a new “high water mark.” In other cases, the Performance Compensation is subject to the outperformance of a particular index. In such cases, because the Performance Compensation is determined based on the outperformance of an index, it is possible that Performance Compensation would apply even if such investor’s capital account or per share net asset value had depreciated in value or that the Performance Compensation could exceed the appreciation in the value of such investor’s Interests or Shares. In the case of the private equity funds, the Performance Compensation is subject to a preferred return. With respect to the Private Equity strategy, the Firm receives monitoring or other fees paid to it by the portfolio companies held by the strategy. Our employees, principals and certain affiliates are generally not charged asset-based fees or Performance Compensation in connection with any investment they may make in the Private Funds. The Firm has the discretion to modify its fees on a case by case basis and has done so in the past. We have offered and expect to continue to offer other strategies with different or negotiated fee schedules and other terms, including managed accounts and/or private funds that are similar in strategy to certain of the Private Funds. For Private Funds, management fees and Performance Compensation are deducted from or charged to the applicable investor’s capital account or shares of the Private Fund. Generally, a Private Fund’s management fee is charged monthly in arrears and Performance Compensation is allocated at the end of the fiscal year based on the portfolio’s fair market value as of the applicable fiscal year-end, or the termination or withdrawal/redemption date, as appropriate. For Our Registered Advisory Clients The UCITS funds we sponsor and sub-advise (the “Sponsored UCITS”) charge asset-based management fees in respect of our investment management services, which are payable quarterly in arrears out of the assets of the Sponsored UCITS. Such management fees differ depending on the sub-fund and share series in which the applicable investor is invested, and additional operating fees and expenses apply. The 1940 Act Fund sponsored and advised by the Firm (the “Sponsored RIC”) charges a 1.00% asset-based fee, accrued daily and payable monthly in arrears based upon the Sponsored RIC’s average daily net assets, subject to a 0.25% waiver through July 1, 2026. Additionally, the Sponsored RIC will pay the Firm a 20.00% incentive fee (provided that such incentive fee only applies to net gains that bring the Sponsored RIC to a new “high water mark”) annually or, if sooner, in connection with repurchase of Sponsored RIC shares or the payment of a dividend or other distribution which is not reinvested in the Sponsored RIC.

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We use fundamental analysis to select investments for our clients’ portfolios. Please note that investing in securities involves risk of loss that you should be prepared to bear. We employ fourteen principal investment strategies. Assets under management are predominantly (typically over 85%) equities, though this may vary from strategy to strategy. Our investment strategies are generally driven by a research-intensive, fundamental bottom-up process and draw upon a centralized research department that reviews and analyzes quantitative, qualitative and certain alternative data. Certain strategies may not be available to new clients or new investors in Private Funds from time to time. The following is brief description of each strategy: U.S. Long-Only: Our U.S. Long-Only strategy invests primarily in U.S.-based small and mid cap companies, defined as those companies whose market capitalizations fall within the range of market capitalizations represented in the Russell Midcap® Index (in each case as measured at the time of the strategy’s initial purchase). The U.S. Long-Only strategy generally has 25-40 long positions which are typically held for a multi-year time frame. U.S. Core Strategy: This is a long-only equity portfolio which can invest globally across the market capitalization spectrum, but has primarily invested in the U.S. As with our other strategies, this investment strategy is driven by a research intensive, fundamental bottom-up selection of individual equities (typically between 40-60 positions) generally with a multi-year investment horizon. Concentrated Opportunistic Long-Only Strategy: This is a long-only, concentrated global equity strategy focused on identifying high-quality businesses. The strategy has historically held approximately 10-20 positions. U.S. Long/Short Strategy: This is a long-biased long/short portfolio without geographic or market capitalization restrictions and which primarily invests in equities (typically between 50-80 long positions and 80-110 short positions); the strategy’s investment team employs a fundamental research process to identify what we believe to be high-quality businesses on the long side and companies with deteriorating fundamentals on the short side. International Long/Short Strategy: This is a long-biased long/short portfolio which primarily invests in international equities. International Long-Only Strategy: This is a long-only portfolio which primarily invests in international equities across the market capitalization spectrum (generally between 30-60 positions). Private Equity Strategy: This is a private equity strategy that pursues North American buyout investments in lower middle market private companies (for example, businesses with sub $250 million enterprise values). International Long-Only Large Cap Strategy: This is a long-only portfolio which primarily invests in international equities of companies with market capitalizations in excess of $12.5 billion at the time of the strategy’s initial investment (generally between 30-60 positions). Global Long-Only Large Cap Strategy: This is a long-only, global portfolio which primarily invests in equities of companies with market capitalizations in excess of $12.5 billion at the time of the strategy’s initial investment (generally between 30-60 positions). Global Long/Short Large Cap Strategy: This is a long/short global equity strategy which invests primarily in companies with market capitalizations in excess of $15.0 billion at the time of the strategy’s initial investment. Investment in this strategy is offered to Firm employees only. U.S. Small Cap Strategy: This is a long-only U.S. small cap equity strategy that invests primarily in small cap equity securities (generally, the equity securities of companies whose market capitalizations fall within the range of market capitalizations represented in the Russell 2000® Index, in each case as measured at the time of the strategy’s initial purchase (generally between 35-65 positions). Concentrated Long/Short Strategy: This is a concentrated long/short equity strategy that invests in companies

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well-positioned to capitalize on the evolution of Mobility as well as opportunistic special situations. U.S. Mid Cap Biased Long-Only Strategy: This is a long-only equity strategy that invests primarily in companies domiciled, incorporated or listed in the U.S., although the strategy may also invest in non-U.S. securities. The strategy may have a bias toward U.S. small and mid capitalization companies (companies whose market capitalizations fall within the range of market capitalizations represented in the Russell Midcap® Index (in each case as measured at the time of initial purchase)). Equity Market Neutral Strategy: This is a strategy which seeks to generate absolute returns through a marketneutral long/short equity approach, balancing long and short positions to maintain minimal net market exposure. The Firm employs a systematic, research-driven process that aggregates proprietary signals based on recurring business and stock characteristics to construct a portfolio targeting stable, low-correlation returns. We obtain exposure to particular issuers or securities for our Private Funds (and may for certain of our individual clients and Registered Advisory Clients) through various types of derivatives transactions, including, without limitation, swaps and contracts for differences. Additionally, we may hedge exposure to currency fluctuations for foreign securities owned by the Private Funds or certain Registered Advisory Clients by entering into currency forward or option transactions. Risks with respect to such transactions are more fully described under “Material Risks.” We currently advise other customized strategies with different or negotiated fee schedules and other terms, including separately managed accounts, Registered Advisory Clients and/or Private Funds that may be similar in strategy to our fourteen principal investment strategies above. To the extent we believe it is appropriate for a particular investment strategy, we may purchase, on behalf of the Private Funds, Registered Advisory Clients and separately managed accounts in such investment strategy, certain securities that are considered “new issues” under Rule 5130 and Rule 5131 (the “New Issue Rules”) of the Financial Industry Regulatory Authority, Inc. (“FINRA”). “New issues” are equity securities sold in an initial public offering (“New Issues”). Under the New Issue Rules, FINRA member broker-dealers are prohibited from selling New Issues to accounts where the beneficial owners include certain types of investors, including, without limitation, affiliates of broker-dealers and executive officers and directors of any single U.S. public company (or any single non-public company meeting certain size criteria) and persons materially supported by such officers or directors, who collectively own more than 25% of an account. If any client or investor is prohibited from investing in any security by virtue of the New Issue Rules (a “Restricted Person”) and the Firm, on behalf of a Private Fund or Registered Advisory Client, chooses to invest in that security, the Restricted Person may not share in the profits or losses resulting from the Private Fund’s investment in such securities. Notwithstanding the foregoing, the Firm or the Private Fund’s general partner (as applicable), in its sole and absolute discretion, may allocate a de minimis portion (no more than 10%) of the returns associated with New Issues to Restricted Persons, as permitted by Rule 5130. We have provided, and may continue to provide, investment advice with respect to entities organized as publicly traded limited partnerships. This brochure and the material contained herein are not meant to be, nor shall it be construed as, an offer or solicitation of an offer for the purchase or sale of any of the Private Funds described. Material Risks There are a number of risks associated with an investment in our investment products. The following is a nonexhaustive list of some of the risks that a client should consider carefully before investing in any of our investment products. Clients should also review the offering materials, and other literature concerning the Firm or the Private Funds which have additional discussion or detail concerning applicable risks including, but not limited to, those summarized herein. The first section discusses certain risks generally applicable to all our strategies. The subsequent sections discuss specific investment risks of investing in our Private Funds and for Registered Advisory Clients and individual client accounts that may be managed using a strategy similar to that used by a Private Fund.

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General Risks Associated with All Our Investment Products Past Performance. There can be no assurance that a strategy will achieve its investment objectives. The past investment performance of a strategy is not necessarily indicative of the future results of such strategy or of an investment in any separate account, Private Fund or Sponsored Registered Fund. Our investment program should be evaluated on the basis that there can be no assurance that our assessments of the short-term or long-term prospects of investments will prove accurate. Overall Investment Risk. All securities investments risk the loss of capital. The nature of the securities to be purchased and traded by a client and the investment techniques and strategies to be employed by the Firm may increase such risk. The identification of investment opportunities is a difficult task, and there can be no assurance that such opportunities will be successfully recognized. While the Firm will devote its best efforts to the management of a client’s portfolio, there can be no assurance that a client will not incur losses. Returns generated from a client’s investments may not adequately compensate the client (or investor in a Private Fund or Sponsored Registered Fund) for the business and financial risks assumed. Clients and investors should be aware that it may lose all or part of its investment in an account, Sponsored Registered Fund or Private Fund. Many unforeseeable events, including actions by various government agencies and domestic and international economic and political developments, may cause sharp market fluctuations which could adversely affect SEG-managed portfolios and their performance. Competition. The varied investment strategies and techniques engaged in by the Firm are not unique and involve a degree of risk. The accounts and investment products managed by the Firm will compete with many firms, including firms which have substantially greater financial resources and research staffs. Market Volatility. The profitability of an account or investment product managed by the Firm depends upon the Firm correctly assessing the future price movements of stocks. There can be no assurance that the Firm will be successful in accurately predicting such price movements. Speculative Investment Program and No Current Income. The investment program of an account or investment products managed by the Firm should be considered speculative, as there can be no assurance that our assessments of the short-term or long-term prospects of various investment strategies or investments will generate a profit. In view of the fact that the accounts and/or investment products managed by the Firm likely will not make distributions, an investment in an account or investment product managed by the Firm is not suitable for investors seeking current income. Illiquidity of Markets. At various times, the markets for securities purchased or sold, although organized and active, may nevertheless be “thin” or illiquid, making the purchase or sale of securities at desired prices or in desired quantities difficult or impossible. Counterparty Creditworthiness. Accounts and investment products managed by the Firm may engage in securities and financial instruments that involve counterparties. Under certain conditions, a counterparty to a transaction could default or the market for certain securities or financial instruments may become illiquid. In any case, the applicable client could experience liquidity problems. Systemic Risk. World events and/or the activities of one or more large participants in the financial markets and/or other events or activities of others could result in a temporary systemic breakdown in the normal operation of financial markets. Such events could result in the accounts and/or investment products managed by the Firm losing substantial value caused predominantly by liquidity and counterparty issues (as noted above) which could result in such accounts or investment products incurring substantial losses. General Economic Conditions. The success of the Firm’s investment activity will be affected by general economic conditions which affect the level and volatility of prices as well as the liquidity of the markets. The prices of many securities and derivative instruments are highly volatile. The price movements of the instruments held or sold short will be influenced by, among other things, interest rates, changing supply and demand relationships, inflation rates, the trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events. Governments from time to time intervene, directly and by regulation, in certain markets, thereby disrupting strategies focusing on these sectors.

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The clients of the Firm include individuals, banking and thrift institutions, pension and profit sharing plans, trusts, estates, charitable organizations, corporations or other business organizations, state or municipal government entities, other investment advisers, sovereign wealth funds and foreign official institutions, and pooled investment vehicles. In addition, the Firm provides advisory or sub-advisory services to certain UCITS sub-funds, COLs subfunds and 1940 Act Funds. Generally, there is a $250,000 minimum for separately managed accounts in our U.S. Long-Only Strategy and between $100,000 and $5,000,000 minimum for investments in our Private Funds (though we reserve the discretion to accept lesser amounts). Managed accounts in strategies other than the U.S. Long-Only Strategy may have higher minimums as determined by the Firm in its sole discretion.

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As discussed above in Item 5, we charge management fees and/or performance-based compensation for certain individual clients, certain Registered Advisory Clients and the Private Funds. You should be aware that performance-based compensation may create an incentive for us to make investments that are riskier or more speculative than would be the case in the absence of such arrangement. Additionally, other conflicts of interest may arise, including that we have an incentive to favor separately managed accounts, Registered Advisory Clients or Private Funds or classes of Interests or Shares in Private Funds that are subject to performance-based compensation. Furthermore, not all classes of Interests or Shares within the same Private Fund are subject to the same performancebased compensation arrangements. Classes of Interests or Shares that are subject to a higher performance-based compensation rate may create an additional incentive for us to take greater risks for the Private Fund as a whole than otherwise would be the case with a Private Fund offering only a single class of Interests or Shares subject to a lower performance-based compensation rate. It is our policy, to the extent practicable, to allocate investment opportunities among our clients, over a period of time, on a fair and equitable basis. We have adopted a Trade Allocation Policy that we believe will realize that objective and mitigate the conflicts discussed above. Additionally, purchases or sales of investments for a particular Private Fund are generally made without regard to class of Interests or Shares unless subject to regulatory or contractual investment limitations. The Firm has adopted policies and procedures that require its employees or certain third-party intermediaries to perform a suitability analysis of each prospective client’s investment objectives, financial circumstances and sophistication, before recommending a sponsored investment strategy.

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Related persons to the Firm serve as general partners and/or members of the Board of Directors of the Private Funds, the Sponsored Registered Funds and other funds in which our clients may be solicited to invest. See response to Items 4 and 8. The Firm may also be the investment adviser to certain accounts or funds of other investment advisers. At times, we may recommend that a separately managed account client consider also investing in a Private Fund or the Sponsored Registered Funds. As stated in response to Items 4 and 8 of this brochure, the Firm or an affiliate of the Firm serves as general partner (or a member of the Board of Directors) and investment manager to each Private Fund and the Sponsored Registered Funds. The Firm or its affiliate will provide the client with a copy of the Offering Memorandum of the Private Fund(s) or the prospectus of the Sponsored Registered Fund(s) in which the client is considering an investment. Each such Offering Memorandum or prospectus discloses the respective fees and Performance Compensation (if any) to which an investor in the Private Funds or Sponsored Registered Funds is subject, and describes such Private Fund’s or Sponsored Registered Fund’s investment methodology and risks, certain conflicts of interest that may arise out of the relationship between the Private Fund or Sponsored Registered Fund, the Firm and/or the Firm’s affiliates, as well as other pertinent information. We will not cause a client’s assets to be used to purchase Private Fund or Sponsored Registered Fund interests unless we have received explicit written instructions signed by the client authorizing and directing the Firm to do so. The Firm and its related persons attempt to resolve any conflicts of interest in a manner that we believe is fair to each party involved. Certain supervised persons of the Firm are registered representatives of a broker-dealer engaged by the Firm in relation to marketing and distribution activities for the Sponsored RIC. The broker-dealer is not affiliated with the Firm. As mentioned in Item 4, we also serve as the sub-adviser to certain Registered Advisory Clients sponsored by other investment advisers, investment banks or private wealth platforms. You should also note that we manage or own (through our employees) certain proprietary accounts, as well as a private foundation for donations to qualified charitable institutions. The Firm, its principals, affiliates or employees have ownership interests in one or more of the Private Funds and we could have positions or interests in securities which are purchased or sold for, or recommended to, clients. In some cases, we give advice and take action with respect to any of our other clients, or for the Firm’s or our principals’, affiliates’ or employees’ own accounts, which differs from advice given or the timing or nature of action taken with respect to a client’s account. It is our policy, to the extent practicable, to allocate investment opportunities among clients and investors, over a period of time, on a fair and equitable basis. We have adopted a Trade Allocation Policy that we believe will realize that objective and mitigate the conflicts discussed above. We do not have any obligation to purchase or sell or to recommend for purchase or sale for a client’s account any security which the Firm, its principals, affiliates or employees may purchase or sell for its or their own accounts or for the account of any other client, if in our opinion such transaction or investment appears unsuitable, impractical or undesirable for a client’s account. Additionally, the Firm, our employees and a private charitable foundation operated by us make donations to charitable organizations. Some of these donations have been given and could be given in the future to organizations that are also clients of ours or investors in the Private Funds or Sponsored Registered Funds we manage. However, please note that the Firm has policies and procedures in place which are reasonably designed to prevent self-dealing behavior. The Firm has (and intends to continue to provide) advisory services to clients, and has accepted (and intends to continue to accept) subscriptions to the Private Funds, Sponsored Registered Funds or Affiliated Group Accounts (as defined below) from clients or investors who also provide services to the Private Funds, Sponsored Registered Funds or the Firm or who are affiliated with service providers to the Private Funds, Sponsored Registered Funds or the Firm. Certain of such clients or investors also may have other business, personal, political, financial or other relationships with the Firm, our affiliates, Affiliated Group Accounts and/or organizations with which our senior investment professionals have been affiliated. Such service providers additionally may be investors in a Private Fund, Sponsored Registered Fund or an Affiliated Group Account (and/or their respective portfolio companies), our affiliates, sources of investment opportunities or co-investors or counterparties therewith. Relationships such as these could be viewed as creating a conflict of interest. In certain circumstances, service providers or their

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affiliates, charge different rates or have different arrangements for services provided to the Firm, our affiliates, or Affiliated Group Accounts, Private Funds and/or their portfolio companies. There can be no guarantee that any Private Fund, any Affiliated Group Account or any of their portfolio companies will receive the most beneficial terms offered by any particular service provider. Investments by advisors or service providers, service providers’ existing relationships, and favorable terms offered by service providers all may influence the Firm in deciding whether to select or recommend such a provider to perform services for the Private Funds, Sponsored Registered Funds, any Affiliated Group Account or any portfolio company of any Private Fund, Sponsored Registered Fund or Affiliated Group Account. The Firm requires its employees to act in the best interests of the Private Funds, Sponsored Registered Funds and Affiliated Group Accounts when engaging service providers on their behalf. The Firm provides investment advisory services from time to time to clients whose ownership structure is comprised of publicly traded securities, or to clients who hold senior positions at companies with publicly traded securities. Clients should be aware that the Firm may recommend (and has recommended) the purchase or sale of securities that are issued by another one of its advisory clients, by companies with which another advisory client is affiliated, or by companies for which one or more of the Firm’s advisory clients serve as senior personnel. We recognize our fiduciary duty to act in the best interests of all clients and will take steps necessary to ensure that any investment recommendation does not inappropriately favor one client over another. The Firm, its principals, and any of its employees or affiliates (collectively, the “Affiliated Group”) are not prohibited from engaging in, acquiring or possessing an interest in, directly or indirectly, any other present or future business ventures or investments, of any nature whatsoever for its or his own account or for the account of others (each, an “Affiliated Group Account”). For example, the members of the Affiliated Group are not precluded from acquiring or possessing an interest or engaging, directly or indirectly, in any other present or future business ventures or investments which would be permissible or desirable business ventures or investments for a Private Fund, Sponsored Registered Fund and/or separately managed account or are currently held or owned by a Private Fund, Sponsored Registered Fund and/or separately managed account, acting as investment adviser to other clients, acting as a broker, finder or director, officer or employee of, or consultant to any corporation, a trustee to any trust, a limited partner or general partner in any partnership, an administrative official of any business entity, or from receiving compensation for services as an adviser with respect to, or participating in, profits derived from the investments of any such corporation, trust, partnership or other business entity. No client will have any right to participate, in any manner whatsoever, in, or to require an accounting for, any profits or income earned or derived by the Affiliated Group members in their conduct of any business. Subject to applicable law, the Affiliated Group may also enter into transactions with one or more portfolio companies held by a Private Fund, Sponsored Registered Fund and/or separately managed account for clients in an Affiliated Group Account, which transactions may present additional conflicts of interest. Because the Firm manages multiple clients, conflicts of interest arise in allocating management time, services or functions of the Firm. In addition, the Firm, its portfolio manager(s) or its affiliates have and expect to continue to form and/or advise additional registered or private investment funds and/or accounts (whether with similar or different investment mandates, return objectives, redemption/withdrawal, notice and/or other terms, risk profiles, fee structures and characteristics), enter into other investment advisory relationships and engage in other business activities, even though such activities could be in competition with an existing Private Fund, Registered Advisory Client and/or separately managed account and/or involve substantial time and resources of the Firm, its portfolio manager(s) or its affiliates. The Affiliated Group owes a fiduciary duty to each Private Fund, Registered Advisory Client, separately managed account or other Affiliated Group Account for which it serves as investment adviser. Affiliated Group Accounts will not be required to take any action or withhold from taking any action to mitigate losses by any other Affiliated Group Account. It may be the case where such actual or potential conflicts of interest arise that the Affiliated Group’s financial incentives (including because of potentially disparate financial interests in each of the funds or accounts) will be in favor of only certain Affiliated Group Accounts. Furthermore, the Firm employs professionals who research and trade securities of companies for other Affiliated Group Accounts and/or who provide middle- and back-office services for other such Affiliated Group Accounts. Such professionals will from time to time receive information related to certain issuers in which the Firm has invested or is considering making an investment on behalf of an Affiliated Group Account. In cases where this information is material and non-public, the Firm will be restricted from making any new investments, or liquidating current investments, in the relevant securities on behalf of the Affiliated Group Accounts. The Firm’s Code of Conduct sets forth a standard

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Read the rest in the brochure

We have adopted a Code of Conduct (the “Code”) setting forth a standard of business conduct expected of all our employees (including compliance with federal securities laws). The Code is predicated on the principle that we owe a fiduciary duty to our clients. Accordingly, under the Code, employees should not place their own interests ahead of those of the Firm’s advisory clients and contact the Firm’s Chief Compliance Officer (or its designee) in the event they believe there could be a conflict of interest with a client. The Code includes our Personal Investment Policy relating to personal securities transactions by employees, their spouses and each of their immediate family members sharing their household (“household members”). (The policy does not apply to fully discretionary accounts managed by an unaffiliated investment manager that have been disclosed and exempted from coverage by the Chief Compliance Officer.) All employees, their spouses and each household member must, with certain limited exceptions, receive prior written approval before engaging in transactions in covered securities (open-end mutual funds are not covered securities) and employees are generally not permitted to trade single name securities or derivatives on single name securities. All purchases of covered securities by our employees and their household members are subject to a 30 calendar day holding period. The Code also sets forth policies and procedures to prevent the misuse of material nonpublic information by employees. The Firm or related persons of the Firm, from time to time, obtain or are deemed to have obtained, material nonpublic information about a portfolio company or other issuer that cannot be divulged or acted upon for our clients. This means that we are at times precluded from buying or selling a particular security on behalf of a client. Under the Code, our employees are generally discouraged from serving as directors, officers or trustees of publicly traded companies, unless acting on behalf of the Firm, and must receive approval from the Firm’s Chief Compliance Officer or its designee to do so. In addition, we seek to eliminate any potential conflict of interest by requesting that all employees not accept any personal gifts valued at over $100 from vendors or business associates without providing reimbursement. Where possible, employees are advised that gifts should be accepted on behalf of the Firm and shared with all employees. Clients, prospective clients, investors or prospective investors may obtain a copy of the Code by contacting us at Select Equity Group, L.P., 380 Lafayette Street, New York, NY 10003 or (212) 475-8335. Please see the disclosure regarding our Code of Ethics and compliance procedures presented in Item 10 “Other Financial Industry Activities and Affiliations” above for further information.

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We are authorized to select brokers and dealers to execute securities transactions for our clients. Pursuant to such authority, as a general matter in executing portfolio transactions, we employ or deal with such brokers or dealers as may, in our best judgment, provide prompt and reliable execution of the transaction at favorable security prices and reasonable commission rates. In selecting or recommending brokers or dealers, we will consider all relevant factors, including the price (including the applicable brokerage commission or dealer spread), size of the order, financing costs, nature of the market for security, timing of the transaction, the reputation, experience and financial stability of the broker-dealer, the quality of service, difficulty of execution and operational facilities of the firm involved, the ability to effect the transaction where a large block or other complicating factors are involved, and the availability of the broker to stand ready to execute possible difficult transactions in the future. We have no obligation to deal with any broker or group of brokers in the execution of portfolio transactions. We allocate brokerage to broker-dealers that provide us with research and other services, including pursuant to certain third-party soft dollar arrangements, even though such broker dealers may charge commissions which exceed those other broker-dealers may have charged for the same transactions. In general, allocations to any such broker-dealers are permitted to the extent that we view the commissions as reasonable in relation to the value of the brokerage and/or research services provided by the broker-dealer (or soft dollar credits in respect thereof), viewed in terms of either the particular transaction or our overall responsibilities with respect to the accounts as to which we exercise investment discretion, without any requirement to demonstrate that any such factor is of a direct benefit to a particular client. Brokerage and/or research products or services furnished by brokers in connection with securities transactions effected for particular client can (and are expected to) be used by us in advising other clients, including clients who did not pay commissions to the broker-dealer relating to such products or services or whose accounts are not party to any such third-party soft dollar arrangements. Accordingly, any one client will not necessarily, in any particular instance, be the direct or indirect beneficiary of the research or brokerage services or products provided. While we endeavor to use such additional benefits to service all of our clients’ accounts equitably, you should note that such arrangements provide an incentive for us to select or recommend a brokerdealer based on an interest in receiving the research or other products or services, rather than on the clients’ interest in receiving most favorable execution. For example, when the Firm uses brokerage commissions generated by certain of our trading activities to obtain research or other products or services, we receive a benefit as we do not have to pay for such products or services and can use such products or services to inform our management of other Affiliated Group Accounts. This gives rise to conflicts of interest in allocating brokerage business and benefits received from such allocation, including an incentive to cause the Affiliated Group Accounts to effect more transactions than they might otherwise do to obtain those benefits. We do not believe that we are “paying up” for such brokerage and/or research services or product currently, however such arrangements may nevertheless cause clients to pay commissions (or markups or markdowns) higher than those charged by other broker-dealers in return for such benefits in the future. In addition, we are authorized to direct commissions to certain brokers who direct or refer investment opportunities or introduce investors to the Private Funds or the Sponsored Registered Funds (although there is no obligation to do so). The Firm’s prime brokers, Morgan Stanley & Co. LLC, UBS Securities LLC and Goldman Sachs & Co., provide a variety of services to the clients of the Firm, which include clearance and settlement of securities transactions, custody of the clients’ securities and cash, extending margin credit to the client, arranging for stock loans to implement short sales, lending of the clients’ portfolio securities to third parties, and capital introduction services whereby the Firm may be afforded the opportunity to make a presentation regarding its services to certain qualified investors by the prime broker. While the prime broker generally provides capital introduction services to the Firm at no additional cost to the Firm, the Firm and not the client will be the principal or sole beneficiary of those services, thus presenting a potential conflict of interest between the client and the Firm, which is responsible for selecting the prime broker and negotiating such person’s brokerage, margin and other fees. Investment decisions are made for the Private Funds, the Registered Advisory Clients, other clients of the Firm and our affiliates, and proprietary accounts in light of relevant investment considerations. In certain instances, simultaneous transactions will occur. In the event that orders for the same security for more than one client are placed with the same broker, we often aggregate or “bunch” such orders. Purchases and sales are then allocated so that no account will be treated less favorably than another over time. Our Trade Allocation Policy provides that trade orders made prior to May 1, 2026 on behalf of accounts and Private Funds managed in the U.S. Long-Only

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Strategy (including the proprietary accounts discussed in Item 10 above) will be allocated based on available cash in the accounts and Private Funds managed in this strategy. This sometimes results in certain Private Funds and accounts (including the proprietary accounts discussed in Item 4 above) receiving more advantageous pricing than other accounts or Private Funds with respect to a trade order. Trades for accounts, Private Funds and Registered Advisory Clients managed in our other strategies –and effective as of May 1, 2026, trade orders on behalf of accounts and Private Funds managed in accordance with our U.S. Long-Only Strategy—will be allocated pro rata based on the size of the order. While in some cases the aggregation of orders could have a detrimental effect upon the price or value of a security for a particular account, or upon its ability to complete an entire order, in other cases coordination and the ability to participate in volume transactions will be beneficial to the account. We will not be required or deemed to have the duty to obtain the lowest brokerage or commission rates or combine or arrange orders to obtain the lowest brokerage commission rates. As a result of changes in investment allocations due to cash flows (e.g., subscriptions, withdrawals/redemptions or contributions) in a Private Fund, Registered Advisory Clients or managed account and/or differences in investment strategies and the risk profiles associated with such strategies, we sometimes acquire or dispose of securities on behalf of certain clients at different times and at different prices and/or trading parameters than transactions in the same securities are effected on behalf of other clients. Trades placed at different times may be executed at different prices. Securities traded on an exchange or over-the-counter are traded through brokers who generally charge a stated commission for their service; however, in certain cases we effect transactions in securities for advisory clients through a broker on a principal basis, i.e. subject to an undisclosed dealer spread. Certain agency transactions are subject to both commissions and an undisclosed dealer spread. Certain orders placed for some clients that have accounts at Charles Schwab & Co., Inc. (“Schwab”) will be aggregated by Schwab through a master account in our name. We must inform Schwab of which clients are participating in each order and their respective interests in such order. Schwab will withdraw or deposit funds from or into each such client’s brokerage account at Schwab and allocate the securities purchased or sold to such accounts in accordance with instructions delivered by the Firm after the order is placed. Schwab has advised us that no client funds or securities are moved, transferred or delivered to our master account with Schwab. In addition, only advisory clients’ transactions will be aggregated through the master account; individual investment advice and treatment will be accorded to each advisory client’s account; and client funds and securities will at all times be maintained in brokerage accounts at Schwab in the name of their respective owners. We are permitted to place concurrent buy/sell orders for the same security when we have determined, in accordance with our fiduciary obligations, that it is appropriate for one or more of our clients to buy the same security that one or more other clients are selling (for example, as a part of monthly rebalancing or to effect concurrent subscriptions/withdrawals/redemptions/strategy trades). In such situations, purchase orders will generally be traded at a different broker than the sales transactions for the opposing accounts and/or funds (and vice-versa), but may in certain circumstances - subject in all cases to applicable law and regulation (including the Employee Retirement Income Security Act of 1974, as amended), as well as our policies prohibiting cross-trades involving our principal accounts or the accounts of our registered investment company clients – be placed with the same broker.

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Generally, each Private Fund and Sponsored Registered Fund compensates the Firm for serving as such Private Fund’s or Sponsored Registered Fund’s investment adviser. We have entered into, and may continue to enter into, arrangements whereby the Firm (or an affiliate) will pay referral fees, commission or other payment, directly or indirectly, to an individual or firm for referring advisory clients. One such placement agent is the spouse of a Firm employee and has an indirect interest through such spouse in the Private Fund they market. We also have entered into written agreements with a third party to perform certain marketing and distribution services outside the U.S. for the Sponsored UCITS. You should be aware that these practices may lead to a potential conflict of interest for the referring party who may have an incentive to recommend investment products based on the compensation received, rather than on a client’s needs. Any referral fee commission or other payment made in connection with the referral of advisory clients or solicitation of investors will comply with Rule 206(4)-1 of the Advisers Act, wherever and as is applicable. Please see also the disclosures with respect to certain brokers discussed in Item 12 above. A subsidiary of the Firm currently owns Venrex, an investment management firm based in the United Kingdom. Under the Firm’s arrangement with Venrex, the Firm and certain of its affiliates and partners are entitled to receive a portion of the investment advisory fees, incentive compensation and other fees received by Venrex for the services it provides to the funds or accounts it manages (the “Venrex Funds”). Certain of our investors may also invest, directly or indirectly, in the Venrex Funds (and the Firm has established certain vehicles to invest in Venrex Funds), and the Firm and certain of its affiliates and partners will receive a portion of the investment advisory fees, incentive compensation and other fees paid by such investors, directly or indirectly, in respect of the Venrex Funds, including any administration fees, transaction fees, management fees, commissions and performance fees or carried interest allocations. Consequently, the Firm faces a potential conflict of interest with respect to its relationship with Venrex insofar as the Firm will benefit if their investors are introduced to, or directly or indirectly invest in, the Venrex Funds. Currently the investment strategies of the Venrex Funds do not overlap with our investment strategies.

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We have no material legal or disciplinary events to disclose.

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Accounts are reviewed on several different levels. Every transaction and position for a client account is reconciled through an electronic system by our outsourcing provider and is monitored by a number of full-time analysts in our Portfolio Administration group. The reconciliation generally takes place on a daily basis. Investment and trading personnel will review the Firm’s discretionary client accounts daily, specifically looking for irregularities and for unusual positions. Any issues will be resolved by the investment personnel or trading staff, as appropriate. In addition, performance of individual securities is compared to expectations regarding the security on a daily basis by the senior investment staff. Individually managed clients receive a statement (no less frequently than quarterly) from the custodians they elect to use showing the securities held, cash balance, total value, and a description of all transactions during the month. In certain cases (e.g., where agreed or required), we furnish clients with individual accounts a quarterly report showing opening and closing balances and performance comparisons with the relevant benchmark indices (in each case, index performance is total return with dividends included). After the end of each calendar year, investors in the Private Funds to which the Firm serves as investment adviser will be provided with financial statements audited by the Private Funds’ independent accountants via an electronic portal. Each Private Fund investor will, in addition, be furnished (either in hard copy or via an electronic portal) information necessary for the preparation of its respective tax returns (if applicable). Each investor will also receive a monthly report setting forth the value of its capital account or shareholdings, as the case may be, from a third party administrator via an electronic portal. Each Private Fund investor will also receive such periodic performance reports as the general partner or investment manager may deem appropriate. Investors in the Sponsored Registered Funds will receive regular written reports in accordance with the principles established in the relevant UCITS directives or U.S. federal securities laws (as applicable).

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The Firm arranges, where required by law or contract, for each Private Fund’s financial statements to be prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and audited at least annually by an independent public accountant that is registered with, and subject to regular inspection as of the commencement of the professional engagement period, and as of each calendar year-end, by, the Public Company Accounting Oversight Board in accordance with its rules. The Firm, where required by law or contract, makes those audited financial statements available to all investors in the Private Funds within 120 days of the end of the Private Funds’ fiscal year. Investors should carefully review those financial statements. Upon liquidation of a Private Fund, the Firm, where required by law or contract, will distribute its audited financial statements prepared in accordance with GAAP to all investors in the Private Fund promptly after the completion of such audit. For any separately managed accounts that are not registered investment companies for which the Firm is deemed to have custody pursuant to Rule 206(4)-2 under the Advisers Act (other than separately managed accounts where the Firm is deemed to have custody solely as a consequence of its authority to make withdrawals from the account to pay fees), the Firm will arrange for a surprise examination of such accounts. For separately managed account over which the Firm is deemed to have custody solely because we automatically deduct fees, we will get a certification that clients receive quarterly account statements from the Qualified Custodians for their accounts. Clients should carefully review such account statements and compare them to those received from the Firm. For those client accounts where we submit to the client or its custodian a bill for management fees (discussed above), we have a reasonable belief, after due inquiry, that the qualified custodians of those accounts send account statements to such clients no less frequently than on a quarterly basis.

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We have full discretionary authority pursuant to investment management, investment advisory or sub-advisory agreements to manage each Private Fund, the Sponsored RIC and (subject to any agreed upon client guidelines or restrictions) separately managed accounts. The Firm’s investment management agreements and investment advisory or sub-advisory agreements, as applicable, will provide for discretionary authority, and limits, if any, on such authority that the Firm will have over the account.

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As a general matter, we ask that clients grant us the authority to vote the client securities that we manage. Clients generally may not direct our vote in any particular solicitation. However, certain of our clients have requested that they retain the authority to vote proxies. Those clients receive proxy voting materials directly from their custodian. We have adopted general proxy voting policies with respect to the election of directors, appointment of auditors, changes in the capital structure of an issuer, restructurings, mergers and acquisitions, corporate governance, antitakeover measures, executive compensation and environmental and social proposals. Our policy is to vote clients’ proxies in the interest of maximizing shareholder value - voting proxies in such a manner as to cause the issue to increase the most or decline the least - considering both the short and long term implications of the proposal to be voted. If an analyst determines that they or the Firm are facing a material conflict of interest in voting a client’s proxy, and the proposed vote is in conflict with our stated guidelines or policies on a particular issue, our procedures provide for a Proxy Voting Committee to determine the appropriate vote. The Firm’s policy on voting proxies can differ for certain clients can differ based on their investment strategy. Our written proxy voting policy and procedures are available for clients’ review. In addition, our complete proxy voting record is available. A copy of the policies and the proxy voting record relating to the respective client may be obtained by contacting us at Select Equity Group, L.P., 380 Lafayette Street, New York, NY 10003 or (212) 4758335. Separately managed account clients that engage in securities lending are responsible for ensuring that any securities out on loan are recalled or the Firm will not be able to vote the shares out on loan. Separately managed account clients also should ensure that all required power-of-attorney documents are on file with their custodians to permit the Firm to vote shares in the non-U.S. jurisdictions where such documentation is required. We are not authorized to provide advice with respect to, or participate on behalf of our separately managed account clients in, legal matters, including class action settlement and bankruptcies. We may, however, where we deem appropriate in our sole discretion, elect to participate in a class action settlement or other litigation on behalf of our Private Fund clients or the Sponsored RIC where we have the requisite authority to take such action.

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The Firm has no financial conditions that are likely to impair its ability to meet contractual commitments to clients.

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