CINCINNATI, OHIO – May 28, 2025 Ultimus Fund Solutions^® (“Ultimus”), a leading independent provider of full-service, technology-enhanced fund administration, accounting, and investor solutions, is pleased to announce the expansion of its relationship with First Manhattan, a privately held investment advisory firm with over $34 billion in assets under management and a 60-year history of long-term investing.

Ultimus now supports both First Manhattan’s private fund structures and exchange-traded funds (ETFs), following the Firm’s transition of five private fund structures from a previous service provider in Q1—totaling nearly $635 million in net assets. Ultimus also provides full servicing support for First Manhattan’s non-transparent ETFs, FM Focus Equity ETF (ticker: FMCX) and FM Compounders Equity ETF (ticker: FMCE).

This expanded engagement highlights Ultimus’ ability to provide a broad range of private and registered fund administration services, including accounting, customized client reporting, enhanced transparency, and comprehensive ETF support. The funds invest across U.S. and foreign equities and swaps, requiring sophisticated accounting services and daily reporting, including investor allocations.

“We are pleased to continue deepening our partnership with First Manhattan by expanding our services across their private funds and additional ETF,” said Gary Tenkman, CEO of Ultimus Fund Solutions. “Our ability to support complex fund structures in both registered and private fund products allows wealth managers like First Manhattan to operate efficiently and focus on delivering results.”

First Manhattan’s private funds officially went live with Ultimus in early January. In addition, the Firm leveraged Ultimus’ experienced team to support the transfer of assets of 12 separately managed accounts through a 351 exchange to seed FMCE, which launched late last year.

“Partnering with Ultimus has allowed us to streamline our fund operations and enhance reporting capabilities across multiple investment vehicles,” said Alvaro Spinola, Partner, Chief Financial Officer, and Chief Operating Officer at First Manhattan. “Their servicing support has been instrumental in the successful transition of our private funds and in continuing to build a flexible platform to serve our clients through vehicles like FMCX and FMCE.”

This engagement demonstrates Ultimus’s ability to act as a comprehensive fund servicing provider across public and private funds.

About Ultimus

Ultimus is a leading provider of full-service tech-enhanced fund administration, accounting, middle office, and investor solutions to support the servicing of registered funds, alternative investment funds, such as interval and tender offer funds, private funds, and public plans. The company also offers customized structures designed for the unique needs of pensions, endowments, foundations, and other large institutions. Ultimus’ service offering comes with a deep commitment to excellence, achieved through continuous investments in both talent and technology, with a focus on our consultative approach and boutique service culture.

Headquartered in Cincinnati, Ohio, with offices in other major cities such as New York, Denver, and Philadelphia, Ultimus employs more than 1,100 seasoned accountants, attorneys, paralegals, application developers, fund administrators, compliance specialists, and many others with years of experience in the financial services industry. Servicing over 2,100 total traditional and alternative funds, Ultimus helps investment managers and fund families flourish in today’s increasingly sophisticated and dynamic investment landscape. For more information, visit www.ultimusfundsolutions.com.

About First Manhattan

First Manhattan is a $34B+ AUM investment advisory firm with six decades of experience compounding wealth over the long term. The Firm seeks to deliver strong financial returns, customized wealth planning, and personalized client service.

At the center of First Manhattan’s approach is a deep commitment to independent research. Portfolio construction across First Manhattan is supported by the work of a dedicated research team consisting of senior analysts who focus on fundamental work to evaluate businesses from the bottom up, with the goal of creating a portfolio of companies believed to have the highest potential of generating outperformance over the long term.

Since its founding in 1964, First Manhattan has remained independently owned and operated. The Firm and its principals were original investors in the entity that became known as Berkshire Hathaway. For more information, visit www.firstmanhattan.com.

All content is for information purposes only and should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents where the firm is not appropriately registered, excluded or exempted from registration or where otherwise legally permitted. It is also not intended to provide any tax or legal advice. Nor is it intended to be a projection of current or future performance or indication of future results. Moreover, this material has been derived from sources we believe to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed.

Important Risk Considerations:

Northern Lights Distributors, LLC is not affiliated with First Manhattan. Investing involves risk, including loss of principal. There is no guarantee that the Fund will achieve its investment objective. The Adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund’s performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark. Investing in a limited number of companies, such as the Fund does, carries more risk than might be the case if the portfolio were more diversified because changes in the value of a single company may have a more significant effect, either negative or positive on the Fund’s value. The Fund is a new ETF with a limited history of operation for investor evaluate. Unlike traditional ETFs, the Fund does not tell the public what assets it holds each day. Instead, the Fund provides a Verified Intra-day Indicative Value, calculated and disseminated every second throughout the trading day.

Investors should consider the investment objective, risks, and charges and expenses of the Fund(s) before investing. The prospectus contains this and other information about the Fund(s) and should be read carefully before investing. The prospectus may be obtained at 888.530.2448 or www.fmexcelsioretfs.com.

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