Cathay Capital is a federally registered investment adviser that provides investment management and fund administrative services to clients, as further described below. Cathay Capital is a Delaware limited liability company that has been in business since 2015. Cathay Capital’s principal owner is Cathay Capital Private Equity LLC, which owns 75% of the Firm. Cathay Capital Private Equity LLC is wholly-owned by Cathay Capital Europe S.a.r.l. Mr. Mingpo Cai owns 72.4% of Cathay Capital Europe S.a.r.l. Cathay Capital Private Equity LLC provides investment advisory services to other private funds based in Europe. Cathay Capital provides investment advisory services to two Cayman Islands limited partnerships that together form a pooled investment vehicle (the “Cathay Fund”) exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). As the investment adviser of each partnership and the Cathay Fund, Cathay Capital, along with the general partner of the Cathay Fund Cathay Capital North American-Sino Fund GP, LP (the “General Partner”), identifies investment opportunities for, and participates in the acquisition, management, monitoring and disposition of investments of, the Cathay Fund. With respect to the Cathay Fund, Cathay Capital attempts to create value in the companies in which the Cathay Fund invests by seeking to: (i) build out distribution of Western products and services into China, (ii) bring Western technology, product branding, distribution techniques, management disciplines/best practices and governance to entrepreneurial Chinese companies; (iii) identify and helping execute cross-border acquisitions and divestitures and (iv) assist Chinese companies in forming partnerships and joint ventures with Western companies. Cathay Capital’s investments take the form of equity and equity-related interests and, on a select basis, debt securities in small to middle-market companies having their principal place of business or activities mainly in North America and/or China (the "Target Markets") that Cathay Capital believes may have a high potential for growth, strong value creation potential and a capacity for development on an international basis. These investments may also, to a lesser extent, invest in companies

having their principal place of business or activities outside of the Target Markets with a view to accompany the business development of such companies in the Target Markets (or invest in companies having their principal place of business or activities within the Target Markets with a view to accompany their business development outside of the Target Markets). Cathay Capital provides investment advisory services to the Cathay Fund pursuant to an Investment Management Agreement among Cathay Capital, the General Partner, and the Fund (“Advisory Agreement”). Investment advice is provided directly to the Cathay Fund, subject to the direction and control of the General Partner and not individually to the investors in the Cathay Fund. Any restrictions on investments in certain types of securities is established by the General Partner of the Cathay Fund, and set forth in the documentation received by each limited partner prior to investment in the Fund. Once invested in the Cathay Fund, investors cannot impose restrictions on the types of securities in which the Fund may invest. Cathay Capital also provides investment advisory services to the Cathay Morpheus, L.P. (the “Morpheus Fund”), a commingled pooled vehicle exempt from registration under the 1940 Act, whose securities are not registered under the Securities Act. As the investment adviser to the partnership and the Morpheus Fund, Cathay Capital, along with the general partner of the Morpheus Fund, Cathay Morpheus G.P., LLC, participates in the management of a single investment made by the Morpheus Fund. Cathay Capital provides investment advisory services to the Morpheus Fund pursuant to an Investment Management Agreement among Cathay Capital, the General Partner, and the Fund (“Advisory Agreement”). Investment advice is provided directly to the Morpheus Fund, subject to the direction and control of the General Partner and not individually to the investors in the Cathay Fund. Under the Advisory Agreement, Cathay shall (i) act as investment manager to the Morpheus Fund. (ii) manage the Morpheus Fund, and (iii) monitor, supervise, oversee and control all investment advisory services provided with respect to the Morpheus Fund. As of December 31, 2023, Cathay Capital had approximately $124 million in discretionary assets under management. Cathay does not have any non-discretionary assets under management.