FIRST LONG ISLAND INVESTORS, LLC

INVESTORS, LLC ) YEARS OF SERVICE rr L I FIRST LONG ISLAND FIRST LONG ISLAND INVESTORS, LLC One Jericho Plaza, Suite 201 Jericho, NY 11753 516-935-1200 www.fliinvestors.com Form ADV Part 2A — Disclosure Brochure March 29, 2025 This brochure provides information about the qualifications and business practices of First Long Island Investors, LLC, an investment adviser registered with the US Securities and Exchange Commission (the “SEC”). If you have any questions about the contents of this brochure, please contact us at 516-935-1200, or by email at jonathanfliinvestors.com. The information in this brochure has not been approved or verified by the SEC or by any state securities authority. Registration as an investment adviser does not imply a certain level of skill or training. Additional information about First Long Island Investors, LLC is available on the SEC’s website at www.adviserinfo.sec.gov. 1  Item 3. Table of Contents Item 2. Material Changes 3 Item 4. Advisory Business 4 Fees and Compensation Item 5. 5 Item 6. Performance-Based Fees and Side by Side Management 9 Item 7. Types of Clients 11 Item 8. Methods of Analysis, Investment Strategies and Risk of Loss 11 13 Item 9. Disciplinary Information Item 10. Other Financial Industry Activities and Affiliations 15 Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading 15 Item 12. Brokerage Practices 16 Review of Accounts 18 Item 13. 18 Item 14. Client Referrals and Other Compensation Item 15. Custody 18 Item 16. Investment Discretion 19 19 Item 17. Voting Client Securities Item 18. Financial Information 19 2  Item 2. Material Changes This Section describes the material changes to our Brochure since the annual amendment of our Form ADV on March 28, 2024. Item 5 (Fees and Compensation) — This Item has been updated to enhance the readability and comprehension of our disclosures relating to fees, costs, and expenses for separately managed accounts and investment partnerships through the use of more explanatory subheadings, charts with account breakpoints, and examples. In addition, this section further explains how we mitigate potential conflicts of interest relating to idle cash management. Item 6 (Performance-Based Fees and Side-by-Side Manacjement — This Item has been updated to enhance readability and comprehension by consolidating or eliminating repetitive disclosures and using clearer language. In addition, this section now includes enhanced disclosure regarding the potential conflicts of interest that are inherent in side- by-side management of separately managed accounts and private investment funds and how FLII mitigates these potential conflicts. Item 10 (Other Financial Industry Activities and Affiliations) — This Item has been updated to enhance readability and comprehension by consolidating or eliminating repetitive disclosures, using clearer language, and the use of charts to show compensation earned by an affiliate. Item 11 (Code of Ethics, Participation or Interest in Client Transactions and Personal Trading) — This Item now includes broader disclosures relating to our fiduciary duties, ethical obligations, and our review of employees’ personal securities trading. 3  Item 4. Advisory Business FLu First Long Island Investors, LLC (“FLu”) is a boutique wealth management firm that provides sophisticated money management services to high net worth clients. is a limited liability company formed under the laws of the State of New York and is registered as an investment adviser with the U.S. Securities and Exchange Commission. FLII was founded on a service ethic that puts clients at the center of everything we do. FLII traces its origins back more than 40 years, when its principal owners, Robert D. Rosenthal (Chairman, Chief Executive Officer, and Chief Investment Officer) and Ralph F. Palleschi (President and Chief Operating Officer and a member of FLII’s Investment Committee), formally established FLII’s predecessor corporation in 1983. FLII provides a broad range of investment and financial services to clients, such as individuals (including high-net-worth individuals), corporations, pension and profit-sharing plans, pooled investment vehicles, and charitable organizations. Our advice is designed to provide clients with a long-term approach to wealth management that embodies a prudent, individualized asset allocation. Our goal is the preservation and growth of each client’s net worth. We recommend that clients diversify their investments among assets, including (where suitable) equities (in separately managed accounts and through partnerships), in bonds, and in private investments. Equity investments include traditional equity investments and more defensive or hedged equity investments. Our principals invest side-by-side with our clients in every FLII strategy (other than fixed income which is personalized for each client). Where a strategy is offered through different investment vehicles, our principals invest in the vehicle suitable for them, but not in every vehicle available. We tailor our advice to client’s needs, and we only provide advice to clients where our strategies are compatible with what we believe are the client’s needs. Clients may, in limited circumstances, place restrictions on our investments. We have accepted restrictions where clients hold low basis stocks they do not want to sell. FLII has affiliates that serve as the general partners of certain partnerships in which our clients invest as limited partners. We are also a multi-family family office and provide family office services to certain clients. As of December 31, 2024, FLII managed $1,708,156,301 on a discretionary basis and oversaw $437,463,867 in assets on which FLII does not have discretionary authority. 4  Item 5. Fees and Compensation FLu is generally compensated for investment management services as follows: (i) Separately Managed Accounts: If a client’s assets are held in a separately managed brokerage account, the client is charged an annual advisory fee, paid quarterly in advance (an ‘Advisory Fee”). (See below for a description of fees payable with respect to each FL/I strategy.) These fees generally are deducted from the client’s account but may be paid directly. We make pro rata adjustments to the quarterly fee charged in the event a client makes any contributions and/or withdrawals to the account on any day during that quarter that in the aggregate equal or exceed 10% of the account’s value measured as of the last day of the prior quarter. Such fee adjustments will be added to or subtracted from the next quarter’s Advisory Fee. (ii) If a client’s assets are invested in a partnership, (See Item “6”.) Partnerships: that partnership generally pays an annual management fee quarterly in advance (a “Management Fee”). A client’s assets invested in a partnership may also be subject to an incentive allocation. In addition, partners bear their pro rata share of other partnership expenses. (See the subheading “Other Fees, Costs, and Expenses”below.) Management Fees for partnerships are generally not negotiable. FLII waives Advisory Fees and Management Fees for the accounts of its employees and their immediate family members. Fee Breakpoints for Related Clients FLII may, in its sole discretion, aggregate the managed or overseen assets of clients who are family members for the purpose of determining whether such clients meet certain fee breakpoints. Fee breakpoints differ depending on the strategy, as discussed in more detail below. Other Fees, Costs, and Expenses Our Advisory fees and Management fees are exclusive of, and in addition to, any fees, costs and expenses charged by broker-dealers, custodians, and other third parties — all of which will reduce client returns on their investments. Custody Fees Clients are not charged custody fees by broker-dealers we recommend to clients. A client may choose to custody his or her assets at a custodian bank, which may charge custody fees. The qualified custodians that custody assets of certain partnerships we manage charge the partnerships custody fees. Certain of our clients use Pacific Premier Trust (‘Pacific”), a self-directed IRA custodian, to hold interests in partnerships in their retirement accounts. Pacific is a division of Pacific Premier Bank. FLII negotiates the fees that Pacific charges these clients. 5  Brokerage Fees; Expenses Charged by Different In vestment Vehicles Clients bear the cost to trade securities held in their accounts or held by partnerships in (See Item “12”, Brokerage Practices.) Each of the FLII partnerships which they invest. also bears certain partnership expenses described in the governing documents of such partnerships including legal, accounting, audit and surprise exam fees as applicable. Clients who invest in mutual funds bear the fees and expenses charged by those funds. Fees Paid for Cash Management Clients’ idle cash held at their custodian broker-dealers is generally invested in money market funds via an automatic sweep account option or, from time to time and pursuant in shares of certain higher yield money market funds to consultations with a client, In the latter case, FLll will designed to invest in government money market instruments. issue instructions to the custodian broker-dealer to invest in the securities of these money market funds. All money market funds assess their own management fees. During those periods when client funds are invested in money market funds, clients are paying fees to FLII on the total amount of assets under management and to the investment manager of the money market funds. To avoid potential conflicts of interest, FLII does not (a) retain any of the interest earned by a client on any cash sweep or money market program or (b) receive any separate compensation from, or participate in any revenue sharing arrangements with, the custodian broker-dealers that offer such cash sweep and money market options. Separately Managed Accounts In general, fees imposed on amounts invested in FLII-advised separately managed accounts are structured as a percentage of assets managed within a particular strategy, billed quarterly in advance, and subject to subsequent adjustment for contributions and withdrawals as described above. FLll has, in certain cases, negotiated a flat fee for clients who have substantial assets in accounts separately managed by FLII at the inception of the relationship. Dividend Growth Strategy Annual Advisory Fee (%) for Assets in Dividend Growth Accounts Percentage to be applied 1.0% 0.85% 0.75% Account Breakpoints* First $5 million Next $5 million Next $15 million * Advisory fees for Dividend Growth accounts totaling more than $25 million are negotiable. Thus, a client that has $6 million in an FLII-managed Dividend Growth account would typically pay 0.25% per quarter (1.0% per annum) on the first $5 million in that account and 0.21 25% per quarter (0.85% per annum) on the next $1 million in that account. 6  Core Strategy Annual Advisory Fee (%) for Assets in Core Accounts Percentage to be applied 1.5% 1.2% 1.0% 1.0% Account Breakpoints* First $5 million Next $5 million Next $15 million Donor advised fund (‘DAF”) accounts where the DAF charges an administrative fee in excess of 0.5% annually to the underlying account Advisory fees for core accounts are negotiable for clients with FLII relationships in excess of $30 million. Thus, a client that has $6 million in an FLII-managed Core account would typically pay 0.375% per quarter (1.5% per annum) on the first $5 million in that account and 0.3% per quarter (1.2% per annum) on the next $1 million in that account. Fixed In come For Fixed Income accounts, fees are 0.4% annually (0.3% for amounts in excess of $2.5 million, and negotiable for clients with FLIt relationships in excess of $50 million). Legacy Positions For accounts managed with low-basis legacy positions, fees are generally 1.0% annually or such lower fees as FLII may negotiate in its discretion on a case-by-case basis. Other Fees payable with respect to US Treasury obligations that may be (or previously were) held in Core and Dividend Growth accounts for a client are generally equal to the fee charged for Fixed Income accounts unless otherwise determined by FLII from time to time in its discretion; provided, that such fee will not exceed the highest percentage agreed to in the client’s investment advisory agreement. Partnerships FLII is entitled to receive annual Management Fees which are billed quarterly, in advance, from various partnerships as described below. FL! Select Equity Fund, L.P. (“FLISEF”), FL! Select Equity Fund I!, L.P. (“FLISEF II”), and FL! Partners Fund, L.P. (“FLIP”) Limited partners of FLISEF, FLISEF II, and FLIP each pay to FLII an annual Management Fee of one percent (1.0%) of assets under management. FL! Value Fund, L.P. (‘FLIV”) 7  Limited partners of FLIV who were admitted to the partnership after July 2008 pay to FLII an annual Management Fee as follows: Annual Management Fee Percentage 0.75% 0.65% 0.50%* Aggregate Capital Account Balance Less than $5,000,000 $5,000,000 to $9,999,999 L$i0,000,000 or more *The annual Management Fee is also 0.50% if the limited partner has at least $15,000,000 of assets under management at FLu via managed accounts, via partnerships where FLII serves as the management company (and where an affiliate of FLII serves as general partner), or in strategies where an affiliate of FLII acts as a solicitor. The Management Fee for limited partners who invested in FLIV prior to September 1, 2008 is 0.50% per annum. FL! Growth Fund, L.P. (“FLIG”) Limited partners of FLIG pay to FLII an annual Management Fee as follows: Annual Management Fee Percentage 0.75% 0.65% 0.50%* Aggregate Capital Account Balance Less than $5,000,000 $5,000,000 to $9,999,999 $10,000,000 or more *The annual Management Fee is also 0.50% if the limited partner has at least $1 5,000,000 of assets under management at FLII via managed accounts, via partnerships where FLII serves as the management company (and where an affiliate of FLII serves as general partner), or in strategies where an affiliate of FLII acts as a solicitor. Other Funds respectively, ELI Private Equity Fund I, L.P. and ELI Real Assets Fund, L.P. pay annual fees of to cover the partnerships’ $25,000, and 0.25% of committed capital, overhead expenses. is entitled to receive a percentage of in its corresponding underlying partnership. FLI Sterling Realty Finance, LP, FLI Sterling Realty Finance II, LP, and ELI Sterling Realty Finance III, LP (each, an “FLI Sterling Fund” and collectively, the “FLI Sterling Funds”) do not pay to FLII or any of its affiliates any Management Fees. However, an affiliate of the carried interest distributions and FLII management fees otherwise payable in respect of each such ELI Sterling Fund’s invested (See Item “10” below for more capital information.) With respect to ELI Perosphere Fund, LP (“Perosphere”), FLII is entitled to receive a quarterly fee of 0.25% of unreturned capital contributions for overhead expenses and various services. Each of the ELI partnerships also bears the fees, expenses and incentive allocation (if any) of its underlying managers. However, FLIP and Perosphere do not invest through any underlying managers. 8  If a limited partner is permitted to withdraw from an ELI partnership on a day other than the last day of a fiscal quarter, a pro rata portion of the Management Fee will be allocated or distributed to the withdrawing limited partner. Other Fee Arrangements FLII receives retainers relating to services rendered which encompass continuous advice on investment, asset allocation, tax, estate planning, and other family office services. FLII also is compensated with respect to assets managed by other investment managers as described in Item “10” below. Item 6. Performance-Based Fees and Side-by-Side Management Performance-Based Fees In addition to Management Fees, the limited partners of certain partnerships are subject to a form of performance-based compensation in which a percentage of the gains (or net capital appreciation) in each limited partner’s capital account is reallocated to the general partner of that partnership (the “Incentive Allocation”), as further described below. FLISEF and FLISEF II The amount of the Incentive Allocation reallocated to the general partners of FLISEF and FLISEF II, respectively, is equal to fifteen percent (15%) per annum of any net capital appreciation in excess of a non-cumulative threshold return rate that differs depending on the date of initial investment in either partnership, as described below. Threshold Annual Return Rates for ELISEE and FLISEF II Date of Initial Investment After 10/1/2003 Between 3/31/1 998 and 10/1/2003 On or before January 1998 Threshold Return Rate 8% 10% 12% Adjustments are made to account for intra-year withdrawals and capital contributions to ensure that the amounts paid to the general partners of each fund are properly pro-rated. FLIP The amount of the Incentive Allocation reallocated to the capital account of the general partner of FLIP is equal to twenty percent (20%) per annum of any net capital appreciation allocated to a Limited Partner’s capital account, subject to a high water mark. FLIV and FLIG The Incentive Allocation calculation for FLIV and FLIG are the same. The amount of the Incentive Allocation reallocated to the capital account of the general partners of FLIV and FLIG, respectively, is equal to ten percent (10%) of the net capital appreciation allocated to a limited partner’s capital account in excess of a non-cumulative annual rate of return 9  of seven percent (7%); provided, however, that the Incentive Allocation with respect to any limited partner will never exceed 0.75% of the value of such limited partner’s capital account at the beginning of the fiscal year for which such Incentive Allocation relates. For FLIV and FLIG, adjustments are made to account for intra-year withdrawals and capital contributions to ensure that the amounts paid to the general partner are properly pro rated. Perosphere The General Partner of Perosphere is entitled to be allocated a 20% carried interest, subject to a 6% per annum cumulative preferred return, compounded annually, and the return of partners’ capital contributions. Side-by-Side Management In addition, As noted above, affiliates of FLII receive an Incentive Allocation from partnerships that FLII advises. FLII also charges Advisory Fees on separately managed accounts based on a percentage of assets under management. As described in Item “5”, the Advisory Fees charged to a client in separately managed accounts differ depending on a number the Incentive Allocation allocable to an FLII affiliate from a of factors. partnership may be greater or less than the Advisory Fee paid to FLII by separately managed accounts. As a result of the differing fees and Incentive Allocations payable or allocable across separately managed accounts and partnerships, a client may pay higher fees than In addition, either a partnership or a separately another client in the same strategy. managed account can generate higher compensation to FLu depending on various factors such as timing of investment and market conditions. FLII has a conflict of interest in that there is an incentive to favor strategies that can generate higher compensation for FLll or its affiliates (for example, where an Incentive Allocation is greater than an Advisory Fee would generate, or vice versa). Another conflict exists where FLII or its affiliates are entitled to receive performance-based compensation, since this form of compensation creates an incentive for FLII to recommend an investment that may carry a higher degree of risk to clients. investment risk/return ratios, As an example of a potential conflict, FLIP (an FLII partnership that provides for an Incentive Allocation to its general partner) may purchase certain securities at about the same time that the same securities are purchased by separately managed accounts that charge an Advisory Fee. We address such a conflict by reviewing trades for FLIP versus separately managed accounts that are charged an Advisory Fee to ensure that no pattern exists to favor either FLIP or the Advisory Fee-paying accounts. FLII has also implemented policies and procedures to ensure that, whenever FLu determines that a particular investment opportunity would be appropriate for more than one strategy, FLII will seek to allocate such opportunity among client accounts in a manner that it deems fair and equitable under the circumstances existing at such time, taking into account restrictions, various factors such as available capital, liquidity, tax considerations, and overall portfolio composition of each client account. 10  Item 7. Types of Clients profit-sharing plans, investment vehicles, and We provide advice to individuals (including high-net-worth individuals), corporations, pension and pooled charitable organizations. Clients generally must have a minimum of $5,000,000 in assets under management at the inception of the relationship. Item 8. Methods of Analysis, Investment Strategies and Risk of Loss Clients’ assets are generally invested in separately managed accounts or in partnerships. Separately managed accounts invest in equities or fixed income and, in rare cases typically involving ‘legacy” or low-basis securities, options. Equities managed internally are invested in what we call a “Core” strategy and a “Dividend Growth” strategy. The assets of some clients are invested in separately managed accounts advised by an outside investment manager. The Core strategy is a traditional long-only equity investment strategy that generally holds 20-30 large-cap growth and value companies. Companies included in the portfolio are identified by a sub-committee of our investment committee through internal and third- party research, as well as insights from economic consultants, respected investment managers, and SEC 13-F filings. The Dividend Growth strategy generally holds 20-30 large-cap companies that are diversified by industry, financially sound (based upon ratings by ratings providers and our judgment), pay an average dividend of approximately 2.2% per year (as of the date of this brochure), and have generally raised their dividends at least once in the last two years. Our research is done internally using published research materials. Bonds are purchased at the discretion of a fixed income subcommittee of our investment committee based on guidelines established by the investment committee. Some of our partnerships invest with or through other investment managers or funds of funds. These partnerships will divide their assets into separate portfolios, each of which is principally invested in managed accounts advised by other investment managers pursuant to an investment advisory agreement and traded in accordance with that investment manager’s proprietary investment strategy. We evaluate all investment managers that our partnerships invest with. When our partnerships invest in funds of funds, we vet the fund of funds manager and review its underlying managers. (See Item “10” regarding strategies managed by third parties to which clients are referred.) Our internally managed partnership, FLIP, invests in large and mid-cap growth stocks and sells calls on these positions. Companies included in the portfolio are identified by a sub committee of our investment committee through internal and third-party research, as well as insights from economic consultants, respected investment managers, and SEC filings. Perosphere was formed to invest in a single private company. 11  Risk of Loss • All securities investments risk the loss of capital that clients should be prepared to bear. including, without limitation, • An investment in a partnership involves a high degree of risk, including the risk that the entire amount invested may be lost. No guarantee or representation is its made that a partnership’s investment program, investment objectives, diversification strategies, or risk monitoring goals, will be successful, and investment results may vary substantially over time. Investment losses may occur from time to time and an investor could lose all or a substantial amount of his or her investment. A partnership’s investment methodology should not be considered “conservative,” “safe,” “risk free” or “risk averse.” • Past performance is not a guarantee of future results, and the past performance should not be considered Investment return and principal value of an of any accounts or partnerships managed by FLu indicative of their future performance. investment will fluctuate over time and may be volatile. • The limited partners of each partnership have very limited authority to make decisions or to exercise business discretion on behalf of the partnership. The such decisions is delegated to the general partner and authority for all management company. The success of the partnership therefore is expected to be significantly dependent upon the expertise and efforts of the general partner and management company of the partnership (or, if applicable, the general partner and management company of underlying funds of the partnership). • A partnership’s portfolio does not have to be diversified. Accordingly, a partnership’s portfolio may be subject to higher risk and a more rapid change in value than would be the case if the partnership were required to be diversified. to legal, regulatory and contractual • An investment in a partnership is suitable only for sophisticated investors who have liquidity. There is no public market for any partnership’s no need for current interests and none is expected to develop. An investment in a partnership provides limited liquidity since partnership interests are not freely transferable and limited partners have limited withdrawal rights. A partnership’s investments may also be transfer restrictions. illiquid and subject Therefore, partnership interests should only be acquired by investors able to commit their funds for an extended period of time. • None of our partnerships are registered as an investment company under the Investment Company Act of 1940, as amended, and thus are not subject to the same regulatory requirements as mutual funds. In addition, partnership interests will not be registered under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. 12  • Subject to applicable law, each partnership’s operative documents contain broad indemnification provisions that require the partnership to indemnify the general partner, the management company and others harmless from any losses or costs incurred by them under certain circumstances. • The incentive allocation made to the general partner of investment partnerships may create an incentive for FLu to make partnership investments that are riskier than it would otherwise make, and the expenses, fees and incentive allocation reduce partners’ returns. • The general partner of each partnership or an affiliated entity is the general partner of other affiliated investment funds and is not restricted by any partnership’s limited partnership agreement from forming additional investment funds, from entering into investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the partnership and/or may involve substantial time and resources of the general partner or its affiliates and its principals. • When a partnership writes a covered call option it gives up the opportunity for gain on the underlying security above the exercise price of the option. Investing countries. foreign securities involves • Partnerships’ portfolio managers may invest in securities of foreign corporations certain in and foreign considerations not usually associated with investing in securities of United States companies, including political and economic considerations, such as greater risks of expropriation, nationalization, general social, political and economic instability, the small size of securities markets in such countries, fluctuations in exchange rates and costs of currency conversions, and certain government policies that may restrict the partnership’s investment opportunities. • Certain partnerships and underlying portfolio managers may use borrowings and leverage their investments, which presents opportunities for increasing returns and potentially increasing losses as well. Please refer to the offering memorandum which is provided to prospective partners for a detailed discussion of the risk factors involved with a particular partnership. Item 9. Disciplinary Information Neither FLII, nor its employees, have legal or disciplinary events that are material to a client’s or a prospective client’s evaluation of our business or the integrity of our management. Item 10. Other Financial Industry Activities and Affiliations ELI Investors, LLC (“FLI”), which is an affiliate of FLII, is registered with the U.S. Securities and Exchange Commission as a broker-dealer. Certain ELII employees are registered in 13  capacities (principals, financial and operations principals, registered various representatives, etc.) under this registration. FLII and FLI do not custody securities (but see Item “15” below) and do not execute securities trades for clients. Kudu Investment Management, LLC (“Kudu”), a registered investment adviser, has made a strategic investment in FLII and certain of its affiliates through Kudu Investment US, LLC, a Kudu affiliate. Although this could be deemed a material conflict of interest, FLII believes that any potential conflict is mitigated by the fact that Kudu does not have any input or influence on the management of FLII or its affiliates or the advisory services provided to clients of FLII. in a managed account or a From time to time, FLI refers certain clients to invest partnership or similar investment vehicle managed by other registered investment advisers. The fees our clients pay to such managers (and/or the carried interest attributable to our clients that such managers or their affiliates receive) are not higher than they would otherwise be because of these relationships. ELI is compensated for such referrals pursuant to agreements that conform to applicable law, and such compensation arrangements are disclosed in writing to the prospective referral client. We believe this disclosure addresses any conflicts created by these referral arrangements. The agreements in place today are described below. FLII has entered into agreements with W.P. Stewart & Co., Ltd., which was subsequently acquired by AllianceBernstein (“AB”) (a registered investment adviser), whereby FLII and AB share in the responsibility and fees for investment services provided to clients referred to AB by ELII. The share of fees allocated to FLII is 33.3%. No brokerage commissions are paid to FLII by such client’s accounts. FLII also receives an annual fee equal to 33.3% of the fee paid to AB on assets under management to service accounts referred to AB by FLu’s predecessor registrant, whose business AB acquired. FLII entered into an agreement with W.P. Stewart & Co., Inc. (“WPS Inc.”), a registered investment adviser, subsequently assigned to WPS Inc.’s affiliate, AllianceBernstein L.P. (“ABLP”) whereby FLII is paid 25% of the fees paid to ABLP attributable to assets referred by FLII to AllianceBernstein Concentrated Growth Fund. This agreement is not in effect for new referrals. FLI has entered into agreements with Sterling Stamos Capital Management, L.P. (“SP”) and Sterling Stamos Associates, L.L.C. (“SSP”) (affiliates of Sterling Stamos) whereby ELI is paid 40% of the fees paid to SP by limited partners referred to partnerships of which SP or an affiliate is the management company, including FLI SS Private Equity Fund I, L.P., and ELI SS Real Assets Fund, L.P. A partnership in which an affiliate of FLII is the general partner also receives 40% of any incentive allocations received by SSP attributable to such limited partners. ELI has entered into an agreement with Sandalwood Securities, Inc. (“Sandalwood”) whereby ELI is paid 33 1/3% of the total of the fees and expenses paid to Sandalwood by to partnerships of which Sandalwood is investment limited partners referred by ELI manager. 14  With respect to the ELI Sterling Funds (first described in Item “5” above under the subheading “Other Funds”), ELI has entered into agreements as follows: Fund Name Counterparties FLIs Compensation Realty to Sterling ELI Finance, LP (“FLI SRF Galaxy Realty Capital, LLC (“Galaxy”) and Sterling Sponsor RFI, LLC 33 1/3% of the management fees and 33 1/3% of the carried interest attributable the solely partnership interest held by FLI SRE I in Sterling Realty Finance LP 33 1/3% of the management fees and 33 1/3% of the carried Sterling ELI Realty Finance II, LP (“FLI SRF II”) in Sterling Realty Finance Galaxy and Sterling interest attributable solely to the partnership interest held by ELI Sponsor REI II, LLC SRF II II LP 33 1/3% of the management fees and 33 1/3% of the carried Sterling ELI Realty Finance III, LP (“FLI SRF Ill”) in Sterling Realty Finance Galaxy and Sterling interest attributable solely to the Sponsor REI Ill, LLC partnership interest held by ELI SRF III III LP ELI does not have any material relationship with any insurance company, agency or real estate broker. ELI is licensed as an insurance agent with the New York Department of Financial Services by and through two individual sublicensees who also are registered representatives of ELI. ELI may earn fees in connection with such business from clients, and we disclose that we are acting as an agent in such business to any client where we are compensated for doing such business. Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading is committed to conducting business in accordance with all applicable laws and ELII regulations and in an ethical and professional manner. In addition, ELII has a fiduciary duty to its clients and recognizes that all employees must conduct their business in a manner that enables us to fulfill this fiduciary duty. Accordingly, we have adopted a code of ethics that establishes the standard of business conduct that all employees must follow and is premised on fundamental principles of openness, integrity, honesty, and trust. Our employees must comply with federal securities laws, they must report their personal securities transactions to us for review, and they must report any violations of our code of ethics promptly to our chief compliance officer. 15  Our employees may buy and sell the same securities as our clients at or about the same time as our clients. A conflict of interest exists in such cases, because we have the ability to trade ahead of you and potentially receive more favorable prices than you receive. To mitigate this conflict, we have adopted a general policy that prohibits our employees from (a) trading in securities of any company about which such employee possesses material non-public information or (b) knowingly and intentionally receiving a more favorable execution price on a personal securities transaction than the execution price received by a client. We review employees’ personal trades quarterly to ensure that our employees are not engaged in a pattern of trading in anticipation of client trading. In addition, and as noted above, we recommend that certain clients invest in partnerships is the general partner, and we are compensated by those where an affiliate of FLII partnerships. Our officers and employees also invest in these partnerships. We believe that the partnership structure provides a vehicle that enables clients to obtain access to investment managers that they may not be able to otherwise obtain. Nonetheless, there are various potential conflicts of interest relating to partnership investments, particularly with respect to compensation. We address this conflict by disclosing the costs of investing in a partnership, including our compensation, in any partnership that we recommend to in the offering memoranda and related offering materials pursuant to which clients, interests in these partnerships are offered. Our code of ethics is available to clients and prospective clients upon request. Item 12. Brokerage Practices From time to time, FLII may agree to pay a broker-dealer commissions for effecting client transactions in excess of that which another broker-dealer might have charged for effecting the transaction in recognition of the value of the brokerage and research services provided by the broker-dealer. Accordingly, FLII may be deemed to be paying for research and other services with “soft” or commission dollars. FLII (or the relevant account’s portfolio manager) will effect such transactions, and receive such brokerage and research services, that are of benefit to the accounts. Currently, FLII effects such transactions, and receives such brokerage and research services, only to the extent that they fall within the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934. UBS Financial Services Inc. (‘UBS”) provides FLII with quotation (NYSE and options price reporting) and news services (Bloomberg Finance L.P. and FactSet Research Systems Inc.). Research services furnished by UBS are generally used in servicing all of FLII’s accounts, although not all such services may be used in connection with any particular client account, and not all accounts that benefit from such services pay commissions to UBS. Clients whose brokerage is directed to UBS are paying for soft dollar research that FLII uses to benefit all of its advisory accounts. Using client commissions to obtain research and services provides a benefit to FLII as In addition, we have an we do not have to directly pay for such research and services. 16  incentive to select or recommend the broker we use for trades in client accounts based on our interest in receiving the research and services, rather than on our clients receiving the cheapest or most favorable executions. We have negotiated with UBS an agreement where our clients pay commissions of four cents ($.04) per share on equity trades, and two cents ($.02) per share on option contracts. FLu bunches trades for clients (which can include the First Long Island Investors LLC 401K Profit Sharing Plan and accounts of FLu officers and employees) whose brokerage is directed to UBS. Such practice results in all clients whose trades are executed at the same time receiving the same price, and has no effect on commissions. Prices are averaged which may result in clients receiving a higher or lower price than clients would receive if trades were done individually. FLu believes that, over time, bunching trades is beneficial to clients. The brother of the Chairman, Chief Executive Officer and Chief Investment Officer of FLu is Senior Vice President — Wealth Management at UBS and services the accounts of clients of FLu. Because non-client directed brokerage is directed to UBS, commission rates on trades are not individually negotiated, which may result in clients paying a higher commission on a specific trade than they might otherwise pay except as described above. FLu may pay a brokerage commission in excess of that which another broker might have charged for effecting the same transaction, in recognition of the value of research services provided by the broker. We believe it is more efficient for us and clients to open accounts for clients at one brokerage firm. This reduces the amount of paper received by clients and us and facilitates our placing block trades. Accordingly, we negotiated the commission rates discussed above in this item and the agreement to provide research and services to us with one brokerage firm. We permit clients to direct brokerage. Clients who direct brokerage to specific broker- dealers may not receive best price and execution, since under such circumstances, FLII will not be able to bunch such trades with its other trades (which possibly reduce transaction costs), and such trades will be placed after FLu causes its other trades to be executed, and we will not be able to negotiate commissions on those clients’ behalves. Directing brokerage may cost clients more than not directing brokerage. ELlis traders may on occasion experience errors with respect to trades made on our clients’ behalf. There are various types of trade errors including, but not limited to: (a) the wrong security being purchased or sold for an account, (b) the wrong quantity of securities being purchased or sold for an account, (c) pricing errors, (d) timing errors involving the purchase or sale of securities, and (e) trading in the wrong account. FLII endeavors to detect trade errors prior to settlement and correct them in an expeditious manner. FLu’s traders review trading records. When a possible trade error is detected, the traders will notify appropriate personnel, and they will review the applicable trade to determine if in 17  fact an error did occur, the cause of the error, the effect of the error, and whether or not the error can be corrected prior to settlement. FLII will reimburse clients for net losses resulting from trade errors to the extent that FLu In general, FLII will not be liable to is required to do so under the governing agreements. clients, in damages or otherwise, for a trade error, unless such trade error results from FL1I’s gross negligence, misconduct, or violation of applicable laws. Item 13. Review of Accounts All securities transactions are reviewed for investment advisory clients to reconcile FLII’s FLII’s Investment records with the applicable custodian’s records on a daily basis. Committee reviews all client asset allocations to confirm that the accounts are invested in accordance with the client’s needs and directions to FLII on a quarterly basis. We provide clients a statement of assets managed on either a quarterly or monthly basis. These statements provide a summary of the investments we oversee for each client listed by asset class, and show the investment’s value for the current and previous period. Item 14. Client Referrals and Other Compensation FLIt shares with certain persons Advisory Fees we receive from referred clients. These to written agreements in arrangements are disclosed to clients and are pursuant accordance with applicable rules under the Investment Advisers Act of 1940. The fees charged to such clients are not affected by such arrangements, nor are such clients charged any other fees on account of such arrangements. ELI also refers, from time to time, certain clients to invest in a managed account or partnership or similar investment vehicle managed by another registered investment adviser. (See Item “10” for more information.) As ELI is compensated for such referrals, it discloses (in writing) the arrangement to the prospective referral client in accordance with applicable SEC and FINRA rules. This causes a conflict of interest because ELI is compensated for referring assets to others. However, ELI addresses this conflict by making the written disclosure discussed above. Item 15. Custody Although we do not have custody of clients’ assets in the common meaning of “custody”, we are deemed to have custody of client funds or securities with respect to assets in partnerships where we are general partner (or where we have a similar role or where an In these instances, clients either (1) annually receive affiliate is general partner or similar). an audited financial statement of the partnership or (2) the partnership deposits its liquid assets and indicia of ownership of its underlying assets with a qualified custodian who sends statements to partners on at least a quarterly basis. In the latter case, a surprise examination of the partnership’s assets is conducted on an annual basis by an accountant registered with, and subject to inspection by, the Public Company Accounting Oversight Board. 18  FLII’s clients receive a quarterly or monthly statement of assets that lists the values of their investments (including those held in partnerships). Because the assets reported by the custodian represent the partnership’s assets, and not an individual partner’s assets, reports of an individual client’s holdings will not be the same as the custodian’s statements of the partnership’s holdings. Item 16. Investment Discretion We have discretion with respect to all assets we manage. If the assets are invested in a pooled vehicle, the actual management of the assets may be delegated to another entity or entities. We generally do not accept restrictions on our investment discretion. In isolated cases, we have accepted investment restrictions with respect to low basis stock or from an employee of an accounting firm that restricts investments of its employees. Item 17. Voting Client Securities We have authority to vote clients’ securities (except where another investment manager oversees assets, in which case such manager has authority to vote clients’ securities). If a client wishes to vote proxies for assets held in a separately managed account on his or her own behalf, the client may so advise us at any time and we will arrange for direct voting by the client. If a conflict of interest were to exist between us and clients, we will disclose to clients the substance of our interest in the issue and seek from our clients written direction on how to vote on that issue. If we do not timely receive written direction, we will resolve the conflict by voting securities as recommended by the issuer’s management. Clients may request from us information on how we voted their securities and a copy of our proxy voting policies and procedures upon request to Senior Vice President — General Counsel and Chief Compliance Officer, either at our main phone number (516-935-1200) or via email to jonathan(äfliinvestors.com. Item 18. Financial Information We do not require or solicit prepayment of more than $1 ,200 in fees per client, six months or more in advance. There are no financial conditions that are reasonably likely to impair ELlIs ability to meet its contractual commitments to clients. FLII has not been the subject of a bankruptcy petition at any time during the past ten years. 19   INVESTORS, LLC i.i i ) YEARS OF SERVICE rr L I FIRST LONG ISLAND FIRST LONG ISLAND INVESTORS, LLC One Jericho Plaza, Suite 201 Jericho, NY 11753 Telephone: 516-935-1200 Facsimile: 516-935-1274 www.fliinvestors.com March 29, 2025 Form ADV Part 2B Brochure Supplement Jonathan A. Golub, Esq., 516-935-1200, at or by email This brochure supplement provides information about Robert D. Rosenthal that supplements the First Long Island Investors, LLC brochure. You should have received a copy of that brochure. Please contact our General Counsel and Chief Compliance Officer, at jonathancfliinvestors.com, if you did not receive First Long Island Investors, LLC’s brochure or if you have any questions about the contents of this supplement. FLI Narrative Brochure 3128125 [11  ROBERT D. ROSENTHAL BROCHURE SUPPLEMENT (Part 2B of Form ADV) March 29, 2025 This Brochure Supplement provides information about Robert D. Rosenthal that supplements the Brochure of First Long Island Investors, LLC (“FLI”). You should have received a copy of that Brochure. Please contact Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, if you did not receive FLI’s Brochure or if you have any questions about the contents of this supplement. Item 2. Educational Background and Business Experience: Born in 1949, Mr. Rosenthal graduated cum laude from Boston University in 1971 and received a J.D. degree from Hofstra University Law School in 1974. Mr. Rosenthal was admitted to the New York State Bar in 1975. Mr. Rosenthal is Chairman, Chief Executive Officer, and Chief Investment Officer at FLI, which he co-founded in 1983. Mr. Rosenthal was Executive Vice President and Chief Operating Officer of Entenmann’s Inc., Co-Chairman and Co-Chief Executive Officer of the New York Islanders Hockey Club, L.P. from 1992 to 1997, and a member of the Board of Directors of W.P. Stewart & Co., Inc. from 1993 through 1998 and Chairman and Chief Executive Officer of W.P. Stewart Asset Management (NA), Inc., and Deputy Managing Director of Stewart from 1998 to 2003. W.P. Stewart & Co., Ltd. was a New York Stock Exchange — listed global investment advisory business which Mr. Rosenthal helped take public in 2000. Stewart was purchased by AllianceBernstein L.P. in 2013. Item 3. Disciplinary Information: None. Item 4. Other Business Activities: As a registered representative of FLI’s broker-dealer affiliate, FLI Investors, LLC (“FLu”), Mr. Rosenthal is registered as a General Securities Principal, General Securities Representative, Investment Banking Principal and Representative, and as a Uniform Securities Agent. Mr. Rosenthal does not receive commissions, bonuses, or other compensation based on the sale of securities or other investment products in connection with his being a registered representative of FLu. Mr. Rosenthal receives commissions for serving as the trustee or co-trustee of trusts for the benefit of certain wealth management clients of FLI and serves as trustee of certain trusts for the benefit of his own family members. Mr. Rosenthal’s trusteeships and related commissions are independent of the investment advisory and brokerage businesses of FLI and FLII, respectively. its Bob is a member of the Board of Advisors of Northwell Health, as well as a trustee and Treasurer of Investment the Northwell Health System and Co-Chairman of Committee. He is also Chairman of the Advisory Board of North Shore University In addition, Bob serves as lead director of Hospital, the largest hospital in the system. Global Industrial (formerly Systemax, Inc.), a NYSE company. He is also a past trustee and vice chair of the Board of Trustees at Hofstra University and former Chairman of its Endowment Committee. FLI Narralive Brochure 3128125 [21  Item 5. Additional Compensation: None. Item 6. Supervision: The Investment Committee and the Compliance Department of First Long Island Investors, LLC, supervises and reviews the advice Mr. Rosenthal provides to clients, both of whom may be reached through Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, at 516-935-1200. FLI Narrative Brochure [3J 3128125   _____________________ INVESTORS, LLC I.1’ 1;i4I) YEARS OF SERVICE I FIRST LONG ISLAND FIRST LONG ISLAND INVESTORS, LLC One Jericho Plaza, Suite 201 Jericho, NY 11753 Telephone: 516-935-1200 Facsimile: 516-935-1274 www.fliinvestors.com March 29, 2025 Form ADV Part 2B Brochure Supplement Esq., Jonathan A. Golub, at 516-935-1200, or email by This brochure supplement provides information about Ralph F. Palleschi that supplements the First Long Island Investors, LLC brochure. You should have received a copy of that brochure. Please contact our General Counsel and Chief Compliance Officer, at jonathanfliinvestors.com, if you did not receive First Long Island Investors, LLC’s brochure or if you have any questions about the contents of this supplement. FLI Narrative Brochure 3128125 [11  RALPH F. PALLESCHI BROCHURE SUPPLEMENT (Part 2B of Form ADV) March 29, 2025 information about Ralph F. Palleschi that This Brochure Supplement provides supplements the Brochure of First Long Island Investors, LLC (“FLI”). You should have received a copy of that Brochure. Please contact Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, if you did not receive FLI’s Brochure or if you have any questions about the contents of this supplement. Item 2. Educational Background and Business Experience: Born in 1946, Mr. Palleschi graduated from St. John’s University in 1968 and became a Certified Public Accountant in 1971. Mr. Palleschi is President and Chief Operating Officer at FLI and a member of FLI’s Investment Committee. He was Manager of Peat, Marwick, Mitchell & Co., and Vice President - Finance and Chief Financial Officer of Entenmann’s, Inc. Mr. Palleschi was Chief Operating Officer of the New York Islanders Hockey Club, L.P. from 1993-1 997 and President of W. P. Stewart Asset Management (NA), Inc. from 1998 to 2003. Item 3. Disciplinary Information: None. Item 4. Other Business Activities: As a registered representative of FLI’s broker-dealer affiliate, FLI Investors, LLC (“FLII”), Mr. Palleschi is registered as a General Securities Principal, Financial and Operations Principal, General Securities Representative, Investment Banking Principal and Representative, and as a Uniform Securities Agent. Mr. Palleschi does not receive commissions, bonuses, or other compensation based on the sale of securities or other investment products in connection with his being a registered representative of FLII. Mr. Palleschi receives commissions for serving as the trustee or co-trustee of trusts for the benefit of certain wealth management clients of FLI. Mr. Palleschi’s trusteeships and related commissions are independent of the investment advisory and brokerage businesses of FLI and FLII, respectively. Mr. Palleschi was the non-executive Chairman of Astoria Financial Corporation from 2012 until 2017, when it was acquired by Sterling Bancorp (NYSE: STL), the parent company of Sterling National Bank. Mr. Palleschi is Director of The Viscardi Center as well as chairman of its Investment Committee, and Vice Chairman of the Board of Trustees of Variety Child Learning Center. Item 5. Additional Compensation: None. Item 6. Supervision: Robert D. Rosenthal, Chairman and Chief Executive Officer, and the Compliance Department of First Long Island Investors, LLC, supervises and reviews 3128125 [2] FLI Narrative Brochure  the advice Mr. Palleschi provides to clients, both of whom may be reached through Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, at 516-935-1200. FLI Narratve Brochure 3128125 [31   ___________________ INVESTORS, LLC )_YEARS OF SERVICE I.1’ 1:w4I rr L I FIRST LONG ISLAND FIRST LONG ISLAND INVESTORS, LLC One Jericho Plaza, Suite 201 Jericho, NY 11753 Telephone: 516-935-1200 Facsimile: 516-935-1274 www.fliinvestors.com March 29, 2025 Form ADV Part 2B Brochure Supplement at A. Golub, Esq., 516-935-1200, Jonathan or by email This brochure supplement provides information about Philip W. Malakoff that supplements the First Long Island Investors, LLC brochure. You should have received a copy of that brochure. Please contact our General Counsel and Chief Compliance Officer, at ionathanfliinvestors.com, if you did not receive First Long Island Investors, LLC’s brochure or if you have any questions about the contents of this supplement. FLI Narrative Brochure LII 3128125  PHILIP W. MALAKOFF BROCHURE SUPPLEMENT (Part 2B of Form ADV) March 29, 2025 information about Philip W. Malakoff This Brochure Supplement provides that supplements the Brochure of First Long Island Investors, LLC (“FLI”). You should have received a copy of that Brochure. Please contact Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, if you did not receive FLI’s Brochure or if you have any questions about the contents of this supplement. Item 2. Educational Background and Business Experience: Born in 1964, Mr. Malakoff received a BBA from Emory University in 1986 and earned an MBA in finance from the Wharton School at the University of Pennsylvania in 1990. Mr. Malakoff is Executive Managing Director and Director of Research at FLI and a member of FLI’s Investment Committee. Prior to joining FLI, Mr. Malakoff provided equity and fixed income investment research, and asset allocation services, at Westport Resources Management, Inc., a boutique brokerage and investment management firm. Investment Officer of Metropolis Capital Mr. Malakoff was President and Chief Management, a hedge fund, and held various positions in asset management and research at Ladenburg Thalmann & Co. Item 3. Disciplinary Information: None. Item 4. Other Business Activities: Mr. Malakoff is a member of the Board of Advisors at the TilIes Center for the Performing Arts. He also serves on the Board of Governors of Fresh Meadow Country Club. Mr. Malakoff’s past philanthropic activities include serving on the Executive Committee of the Friends of the Israel Defense Force (FIDF), Long Island Division. He also previously served as Secretary of the Board of Trustees and an Executive Committee Member of the Long Island Children’s Museum, as a Board Member and Head of Fundraising for New Destiny Housing Corp., and as a member of the Investment Committee of the Grace Church School, located in New York City. Mr. Malakoff’s community affiliations have included serving as a member of the Lake Success Park Commission, and as an original member of the Lake Success Traffic Safety Committee. As a registered representative of FLI’s broker-dealer affiliate, FLI Investors, LLC (“FLII”), Mr. Malakoff is registered as a General Securities Representative, Investment Banking Representative, and as a Uniform Securities Agent, and has passed the National Commodity Futures Examination. Mr. Malakoff does not receive commissions, bonuses, or other compensation based on the sale of securities or other investment products in connection with his being a registered representative of FLII. Mr. Malakoff may receive commissions for serving as the trustee or co-trustee of trusts for the benefit of certain wealth management clients of FLI, but such commissions would be independent of the investment advisory and brokerage businesses of FLI and FLII, respectively. [2] 3128125 FLI Narrative Brochure  Item 5. Additional Compensation: None. Item 6. Supervision: Robert D. Rosenthal, Chairman and Chief Executive Officer, and the Compliance Department of First Long Island Investors, LLC, supervises and reviews the advice Mr. Malakoff provides to clients, both of whom may be reached through Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, at 516-935-1200. FLI Narrative Brochure [3] 3128125   INVESTORS, LLC I.I’A i ) YEARS OF SERVICE rr L I FIRST LONG ISLAND FIRST LONG ISLAND INVESTORS, LLC One Jericho Plaza, Suite 201 Jericho, NY 11753 Telephone: 516-935-1200 Facsimile: 516-935-1274 www.fliinvestors.com March 29, 2025 Form ADV Part 2B Brochure Supplement Jonathan A. Golub, Esq. at 516-935-1200, or by email This brochure supplement provides information about Edward C. Palleschi that supplements the First Long Island Investors, LLC brochure. You should have received a copy of that brochure. Please contact our General Counsel and Chief Compliance Officer, at jonathanfliinvestors.com, if you did not receive First Long Island Investors, LLC’s brochure or if you have any questions about the contents of this supplement. [1] FLI Narrative Brochure 3128125  EDWARD C. PALLESCHI BROCHURE SUPPLEMENT (Part 2B of Form ADV) March 29, 2025 This Brochure Supplement provides information about Edward C. Palleschi that supplements the Brochure of First Long Island Investors, LLC (“FLI”). You should have received a copy of that Brochure. Please contact Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, if you did not receive FLI’s Brochure or if you have any questions about the contents of this supplement. Item 2. Educational Background and Business Experience: Born in 1975, Mr. Palleschi graduated from Hofstra University with a double concentration in Marketing and Finance, and received an executive MBA from Hofstra and was selected as a member of the international honor society Beta Gamma Sigma. Mr. Palleschi is Executive Managing Director at FLI and a member of FLI’s Investment Committee. Mr. Palleschi began his career at Lazard Asset Management LLC, a subsidiary of Lazard Freres & Co., where he spent three years in the areas of marketing, client service, and investment research. Item 3. Disciplinary Information: None. Item 4. Other Business Activities: Mr. Palleschi serves on the Board of Advisers of The New York Community Trust — Long Island, one of the country’s oldest and largest is a member of its Young Professionals community foundations. Mr. Palleschi Committee. As a registered representative of FLI’s broker-dealer affiliate, FLI Investors, LLC (“FLII”), Mr. Palleschi is registered as a General Securities Representative. Mr. Palleschi does not receive commissions, bonuses, or other compensation based on the sale of securities or other investment products in connection with his being a registered representative of FLII. Mr. Palleschi may receive commissions for serving as the trustee or co-trustee of trusts for the benefit of certain wealth management clients of FLI, but such commissions would be independent of the investment advisory and brokerage businesses of FLI and FLII, respectively. Item 5. Additional Compensation: None. Item 6. Supervision: Robert 0. Rosenthal, Chairman and Chief Executive Officer, and the Compliance Department of First Long Island Investors, LLC supervises and reviews the advice Mr. Palleschi provides to clients, both of whom may be reached through Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, at 516-935-1200. 3128125 FLI Narrative Brochure [21  INVESTORS, LLC i ) YEARS OF SERVICE I L I FIRST LONG ISLAND FIRST LONG ISLAND INVESTORS, LLC One Jericho Plaza, Suite 201 Jericho, NY 11753 Telephone: 516-935-1200 Facsimile: 516-935-1274 www.fliinvestors.com March 29, 2025 Form ADV Part 2B Brochure Supplement This brochure supplement provides information about Brian Gamble that supplements the First Long Island Investors, LLC brochure. You should have received a copy of that brochure. Please contact our General Counsel and Chief Compliance Officer, Jonathan A. Golub, Esq., at 516-935-1200, or by email at ionathan@fliinvestors.com, if you did not receive First Long Island Investors, LLC’s brochure or if you have any questions about the contents of this supplement. [1] FLI Narrative Brochure 3128125  BRIAN GAMBLE BROCHURE SUPPLEMENT (Part 28 of Form ADV) March 29, 2025 This Brochure Supplement provides information about Brian Gamble that supplements the Brochure of First Long Island Investors, LLC (“FLI”). You should have received a copy of that Brochure. Please contact Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, if you did not receive FLI’s Brochure or if you have any questions about the contents of this supplement. Item 2. Educational Background and Business Experience: Born in 1985, Mr. Gamble received a BBA from Hofstra University in 2007 and is a graduate of the Hofstra University Honors College. He obtained his CFP® certification in 2016. The CERTIFIED FINANCIAL PLANNERTM certification is obtained after meeting certain minimum educational and experience requirements as well as passing an examination and meeting an ethics requirement. Mr. Gamble is Senior Vice President — Private Wealth Management at FLI and a member of FLI’s Investment Committee. He started his career with FLI in 2006. Item 3. Disciplinary Information: None. Item 4. Other Business Activities: Mr. Gamble serves on the Board of Trustees of the Boys and Girls Club of Oyster Bay — East Norwich. Mr. Gamble is a member of its Investment Committee and Golf Committee. Mr. Gamble is a registered New York State investment adviser representative for FLI. Mr. Gamble does not receive commissions, bonuses, or other forms of compensation in connection with his being a registered investment adviser representative. Item 5. Additional Compensation: None. Item 6. Supervision: Robert D. Rosenthal, Chairman and Chief Executive Officer, and the Compliance Department of First Long Island Investors, LLC, supervises and reviews the advice Mr. Gamble provides to clients, both of whom may be reached through Jonathan A. Golub, Esq., Senior Vice President, General Counsel and Chief Compliance Officer, at 516-935-1200. 3128125 FLI Narratve Brochure [21