Pritzker Private Capital and its advisory affiliates provide investment advisory services to investment funds privately offered to qualified investors in the United States and elsewhere. Based in Chicago, Illinois, and with an office in Los Angeles, California, Pritzker Private Capital takes a long-term approach to building middle market companies within the manufactured products and services sectors. Pritzker Private Capital commenced advisory operations on January 1, 2018. PPC Fund GP II LP, PPC GP III LP and PPC GP IV LP (each, a “General Partner” and, together with Pritzker Private Capital and their affiliated advisory entities, “PPC”) are affiliated with Pritzker Private Capital and are subject to the Advisers Act pursuant to Pritzker Private Capital’s registration in accordance with SEC guidance. The General Partners operate together with Pritzker Private Capital as a single advisory business. The applicable General Partner retains investment discretion and investors in the Funds (as defined below) do not participate in the control or management of the Funds. While the General Partners maintain ultimate authority over their respective Funds, PPC has been designated as investment adviser to the Funds. PPC’s clients include the following investment vehicles:
• PPC Fund II LP (the “Main Fund II”);
• PPC Fund II-A LP (the “Blocker Fund II”);
• PPC Fund II-B LP (the “AI Fund II” and, together with Main Fund II and Blocker Fund II, “Fund II”);
• PPC III LP (the “Main Fund III”);
• PPC III-A LP (the “Blocker Fund III”);
• PPC III-B LP (the “AI Fund III” and, together with Main Fund III and Blocker Fund III, “Fund III”);
• PPC IV LP (the “Main Fund IV”);
• PPC IV-A LP (the “Blocker Fund IV”); and
• PPC IV-B LP (the “AI Fund IV” and, together with Main Fund IV and Blocker Fund IV, “Fund IV” and, together with Fund II, Fund III and any future private investment fund or investment vehicle to which PPC provides investment advisory services, the “Funds”). The Funds are private equity funds that invest through negotiated transactions in operating entities, generally referred to herein as “PPC Companies.” PPC’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Although investments are made predominantly in non-public companies, investments in public companies are permitted. Each PPC Company has its own independent management team responsible for managing its day-to-day operations, although PPC typically designates representatives (including senior principals of PPC, other PPC personnel and third parties appointed by PPC) to serve on the PPC Companies’ respective boards of directors or similar governing bodies or otherwise act to influence control over management of the PPC Companies in which the Funds have invested. In addition, in some cases, PPC will more directly influence the day-to-day management of the PPC Companies by installing certain individuals in various leadership roles, such as chief executive officer, chief operating officer, chief financial officer and other similar roles. PPC’s advisory services to the Funds are detailed in and governed by the relevant private placement memoranda or other offering documents (each, a “Memorandum”), limited partnership or other operating agreements or governing documents (each, a “Partnership Agreement”) and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors determine the suitability of an investment in a Fund based on, among other things, these documents. Investment advice and authority for each Fund is tailored to the investment objectives of that Fund. PPC does not tailor its investment advisory services to the individual needs of investors in any given Fund. Investors in a Fund participate in the overall investment program for the applicable Fund, but are permitted in certain circumstances to be excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the relevant Partnership Agreement. In accordance with industry common practice, the Funds and/or PPC have entered into side letters or other similar agreements (“Side Letters”) with certain investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing the terms of, the relevant Partnership Agreement with respect to such investors. These rights, benefits or privileges are not always made available to all investors, consistent with the Memorandum and general market practice. PPC will comply with all investor consent and disclosure requirements, including with respect to the treatment of Side Letters, in accordance with the private fund adviser rules adopted by the SEC under the Advisers Act.

Side Letters typically are negotiated at the time of a Fund’s formation and once invested in a Fund, investors generally cannot impose investment guidelines or restrictions on such Fund. There can be no assurance that the Side Letter rights granted to one or more investors will not in certain cases disadvantage other investors. Prior to the formation of PPC, certain members of the PPC investment team were part of Pritzker Group Private Capital (“PGPC”), an investment division of Pritzker Group. Pritzker Group was founded in 2002 for the purpose of investing proprietary Pritzker family capital across private capital, venture capital and public market debt and equity strategies. Historically, PGPC oversaw the investment of proprietary capital in middle-market private companies on behalf of Pritzker Group. In addition to providing discretionary investment advice to the above-referenced PPC Funds, PPC also provides non-discretionary investment sub-advisory services to the manager of certain investment vehicles, trusts and other estate planning vehicles through which the proprietary capital of Pritzker Group (or related persons thereof) historically has been deployed. Such investment vehicles, trusts and other estate planning vehicles generally are referred to herein collectively as the “Pritzker Investors.” As described in the relevant Partnership Agreement, certain Pritzker Investors have the contractual right (and obligation) to co-invest alongside the Funds in each PPC Company pro rata with such Funds (based on the Funds’ and such Pritzker Investors’ respective shares of total commitments for investment and co-investment, respectively, in the applicable PPC Company), subject to certain variations and limitations further described in the relevant Partnership Agreement. Additionally (and as described in the relevant Partnership Agreement and Memorandum), to the extent PPC determines in its discretion that the amount of an investment opportunity exceeds the amount appropriate for a Fund, PPC expects to provide co-investment opportunities to certain investors or other persons, including other sponsors, market participants, finders, Senior Advisors (as defined below), consultants and other service providers, PPC personnel, certain other persons associated with PPC and the Pritzker Investors (any such amounts would be in addition to the amount co-invested by the Pritzker Investors on a committed basis pursuant to the preceding sentence). Such co-investments typically involve investment and disposal of interests in the applicable PPC Company at the same time and on the same terms as the Fund making the investment. However, from time to time, for strategic and other reasons, a co-investor or co-investment holding vehicle purchases a portion of an investment from one or more Funds after such Funds have consummated their investment in the PPC Company (also known as a post-closing sell-down or transfer), which generally will have been funded through Fund investor capital contributions and/or use of a Fund credit facility. Any such purchase from a Fund by a co-investor or co-investment holding vehicle generally occurs shortly after such Fund’s completion of the investment to avoid any changes in valuation of the investment; however, in certain instances, a post-closing sell-down or transfer could occur well after the Fund’s initial purchase. Where appropriate, and in PPC’s sole discretion, PPC reserves the right to charge interest on the purchase to the co-investor or co-investment holding vehicle (or otherwise equitably to adjust the purchase price under certain conditions) and to seek reimbursement to the relevant Fund for related costs. However, to the extent such amounts are not so charged or reimbursed, they generally will be borne by the relevant Fund. As of December 31, 2023, PPC managed approximately $7,661,270,527 in assets from advisory clients and committed co-investors, all managed on a discretionary basis, and provided advice with respect to $1,412,915,975 in assets on behalf of the Pritzker Investors (and other co- investors participating in such investments) and PPC IDF I LP Series of the SALI Multi-Services Fund LP, an insurance dedicated fund (the “IDF”), each on a non-discretionary basis. Advice provided to the Pritzker Investors on a non-discretionary basis relates to a portfolio of legacy operating company assets owned by the Pritzker Investors and is described in more detail herein. Assets for which PPC provides non-discretionary advice and related investment and management services are not included in the regulatory assets under management disclosed in PPC’s Form ADV Part 1. PPC Management LLC, a Delaware limited liability company, acts as the general partner of Pritzker Private Capital. PPC is managed by Anthony N. Pritzker, Michael L. Nelson and David A. Gau and owned by certain trusts and PPC professionals as described in more detail in PPC’s Form ADV Part 1, Schedules A and B.