New China Capital Management Corp. (“NCCM ” or the “Adviser”) provides investment advice to private equity funds. NCCM is directly and indirectly 50% owned by each of Paul S. Wolansky and S. Donald Sussman. NCCM is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). NCCM was formed as a Delaware corporation in 2013. The Adviser, along with its affiliates and predecessors have, since 1992, implemented a core strategy of providing growth capital to middle- market companies in the fast growing private sector of the Chinese economy. NCCM acts as the investment adviser to Cathay Capital Holdings III, L.P. (“CCH III”) and Cathay Opportunity Fund, L.P. (“COF”) (together, the “Cathay Funds”). NCCM Corp. indirectly provides investment advisory services to Cathay Capital Holdings III Corp. Ltd. (which invests substantially all of its assets in CCH III) and Cathay Opportunity Fund Corp, Ltd. (which invests substantially all of its assets in COF) (together, the “Overseas Funds”), The Cathay Funds are pooled investment vehicles that are not registered under the Investment Company Act of 1940, as amended (the “ICA”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). The investors in the Cathay Funds are primarily “qualified purchasers” as defined in the ICA. Investors in the Overseas Funds must be “accredited investors” as defined under Regulation D under the Securities Act, “qualified purchasers” as defined in the ICA and “qualified eligible persons” as defined in regulations promulgated by the U.S. Commodities Futures Trading Commission. An affiliate of NCCM previously acted as the investment adviser to Cathay Capital Holdings, L.P. (“CCH”) and Cathay Capital Holdings II, L.P (“CCH II”). In 2022, CCH was liquidated and the remaining assets of CCH II were transferred to a liquidating trust. As the investment adviser of CCH III, NCCM, along with Cathay Capital III Master GP, Ltd., the

general partner of CCH III (“Cathay Capital III Master GP”), selects and disposes of investments of CCH III. As the investment adviser of COF, NCCM, along with Cathay Capital IV Master GP, Ltd., the general partner of COF (“Cathay Capital IV Master GP”), selects and disposes of investments of COF. Each of Cathay Capital III Master GP and Cathay Capital IV Master GP are referred to herein individually as a “General Partner” and collectively as the “General Partners”. In making decisions for or on behalf of the Cathay Funds, including with respect to the nature or structuring of investments, the General Partners and the Adviser consider the interests of each of the Cathay Funds, as applicable, and not the particular interest of investors individually. Thus, any such decision may be more or less beneficial for one investor than for another investor, in respect of their individual tax situations, investment objectives or otherwise. The Adviser provides investment advisory services to the Cathay Funds pursuant to investment management agreements (each, an “Investment Management Agreement”). The terms of the investment advisory services provided by NCCM to a Cathay Fund, including specific investment guidelines and restrictions, are set forth in each Cathay Fund’s Investment Management Agreement, offering documents and/or governing documents. Such investment guidelines and restrictions limit the focus of the Adviser’s investment advisory activity primarily to the development of a portfolio of direct and other investments in companies operating in or affected by economic activity in the People’s Republic of China (the “PRC”) and securities reasonably related to such investments. Investors in the Cathay Funds cannot impose any additional investment guidelines or restrictions on the Cathay Funds. As of December 31, 2023, NCCM managed a total of approximately $279 million client assets on a discretionary basis. The Adviser does not manage client assets on a non-discretionary basis.