Advisory Business A. General Description of Advisory Firm Affinity Asset Advisors, LLC (“Affinity”, the “Firm”, and similar terms), a Delaware limited liability company formed in 2017, is an investment adviser to private fund clients. Affinity was founded by Michael Cho and Jonathan Chu. Mr. Cho serves as the Portfolio Manager of Affinity’s clients and has ultimate responsibility for all of Affinity’s management, operations and investment decisions. Mr. Chu serves as Affinity’s Chief Compliance Officer. Affinity has its principal place of business in New York, New York. B. Description of Advisory Services Affinity provides investment advisory services on a discretionary basis to the following private fund clients (the “Funds Clients”):
• Affinity Healthcare Fund, LP, a Delaware limited partnership (the “Master Fund”); and
• Affinity Healthcare Offshore Fund, LTD, a company incorporated under the laws of British Virgin Islands, which invests substantially all of its assets into the Master Fund (the “Feeder Fund”). Affinity Healthcare GP, LLC, a Delaware limited liability company (the “Master Fund General Partner”), is an affiliate of Affinity and serves as the general partner of the Master Fund. The Feeder Fund is governed by its Board of Directors. In providing advisory services to the Fund Clients, Affinity pursues a long/short equity strategy focused on companies in the healthcare sector. Generally, healthcare investments will focus on pharmaceutical and biotechnology companies that develop, discover, and commercialize drug therapies. Certain of the Master Fund’s investments may be illiquid at the time of acquisition or become illiquid, difficult to value, or subject to lock up or non-withdrawal provisions. Such investments may include, without limitation, investments in special purpose vehicles, privately placed unregistered securities such as convertible debt and preferred equity investments in private companies, and other securities that, in the opinion of the Affinity and/or the Master Fund General Partner, either do not have a readily ascertainable market value or which may be valued but are not freely transferable. Affinity and/or Master Fund General Partner may isolate such illiquid investments by creating a “side pocket” within the Master Fund as a sub-account, to which the Affinity and/or the Master Fund General Partner may determine to

allocate or attribute such investments or assets. Please see “Item 8: Methods of Analysis, Investment Strategies, and Risk of Loss” for a description of the Affinity’s investment strategies and certain related risks. Notwithstanding the foregoing, subject to any limitations in the governing documents of the Fund Clients, Affinity is not limited with respect to the types of investment strategies it may employ or the markets or instruments in which it may invest. Affinity may, in the future, advise other clients and private investment funds, including separately managed accounts, special purpose vehicles, co-investment funds, and similar investment vehicles. References throughout this document to “Clients” refer to the Funds Clients listed above and to any other clients Affinity may advise in the future. The securities of the Fund Clients are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended, and other exemptions of similar import under U.S. state laws and the laws of other jurisdictions where any offering may be made. Investors in the Fund Clients must meet the qualifications set forth in the applicable offering documents. Persons reviewing this Brochure should not construe this as, and should understand that this Brochure is not, an offer to sell or solicitation of an offer to buy the securities of any of the Fund Clients described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. C. Tailored Advisory Services for Client Accounts Affinity manages assets in accordance with the stated investment objectives of each Client, as described in any relevant investment management agreement (or similar agreement) or in an offering memorandum or a Client’s organizational documents (collectively, the “Offering Documents”). Investment advice is provided directly to the Clients and not individually to the limited partners, shareholders, and investors in the Clients (the “Investors”). D. Wrap Fee Programs Affinity does not currently participate in wrap fee programs. E. Assets Under Management Affinity manages, on a discretionary basis, approximately $237,621,000 of Client regulatory assets under management. This figure for regulatory assets under management was determined as of December 31, 2022. Affinity does not manage any assets on a non-discretionary basis.