ADVISORY BUSINESS A. General Description of Advisory Firm Endicott Capital Management, L.L.C. (“ECM”), a Delaware Limited Liability Corporation, formed on May 9, 2019, provides investment advisory services on a discretionary basis to several private equity funds that are 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”) (each a “Fund,” and collectively, the “Funds”). Affiliates of ECM serve as the general partners of the Funds (each a “GP” and collectively, the “GPs”). ECM does business under the trade name “Endicott Capital”. The principal owners of ECM are Michael A. Chinn, Wayne K. Goldstein, Bradley E. Maneely and William Pappas. ECM is not a publicly held company and none of the equity interests of ECM are owned through subsidiaries. B. Description of Advisory Services In providing advisory services to the Funds, ECM manages the portfolio of companies and other investments belonging to the Funds, including the purchase and disposition thereof, in accordance with each Fund’s investment objectives and policies as set forth in the Fund’s offering documents and the investment and other restrictions set forth in the Fund’s governing documents ("Governing Documents"). ECM will, at its discretion, enter into side letters or other similar agreements with certain investors. Such side letters have the effect of establishing rights (including economic or other commercial terms) under, or to alter or supplement, the Governing Documents. Each Fund’s portfolios

include primarily long-term private equity and equity-related investments in companies doing business in the information services sector. ECM’s advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of the Funds, managing and monitoring the performance of such investments and disposing of such investments. Investment advice is provided directly to the Funds and not individually to the investors in the Funds. ECM does not currently participate in any Wrap Fee Programs. The descriptions set forth in this Brochure of specific advisory services that ECM offers to the Funds, and investment strategies pursued and investments made by ECM on behalf of its Funds, should not be understood to limit in any way the ECM’s investment activities. ECM may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that ECM considers appropriate, subject to each Fund's investment objectives and guidelines. The investment strategies ECM pursues are speculative and entail substantial risks. Investors should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Fund will be achieved. C. Assets Under Management As of December 31, 2023, ECM managed a total of $420,594,033 of client assets, which includes the total unfunded committed capital by investors to the Funds and the value of other assets all of which is managed on a discretionary basis.