On November 17, 2021, the U.S. Conference of Catholic Bishops (USCCB) approved new Socially
Responsible Investment Guidelines, the first update since 2003. While the Guidelines are intended
to direct the USCCB’s investments and other activities related to corporate responsibility, they serve
as an inspiration that helps inform the investment decisions of many religious communities, dioceses,
universities, healthcare organizations, and Catholic foundations, at their discretion.

In this update, CBIS provides our investors with a progress report on CBIS’ alignment with the USCCB
Socially Responsible Investment Guidelines…

Unifying Faith and Finance in a Single Structure

At CBIS, our Investment Team recognizes experienced money managers and carefully integrates
their unique capabilities into a single fund in order to produce competitive risk-adjusted returns
for our investors.

For months now, we’ve been warning of some kind of market correction. While investors have been somewhat spoiled by the market’s resiliency over the last couple of years, here in a post-COVID world, a unique combination of supply issues, rising energy and food prices, and steadily increasing interest rates have led to meaningful economic headwinds. Meanwhile, businesses are beginning to consider the impacts of a trend towards deglobalization.

CBIS’ mission is to serve Catholic investors looking to transform the world. In pursuit of this
mission, the firm’s Catholic Responsible Investments (“CRI”) approach manages portfolios with
an eye toward two bottom lines — one that tallies financial gains and another that measures the
social and ethical behavior of portfolio companies.